AAT

This article first appeared on GuruFocus. Release Date: April 29, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. American Assets Trust Inc (NYSE:AAT) successfully completed the recast and upsize of its unsecured credit facility, increasing the revolving line of credit from $400 million to $500 million and extending the maturity to 2030, providing enhanced financial flexibility. The office portfolio showed strong leasing activity, with approximately 237,000 square feet of office leases executed, and a proposal pipeline of over 200,000 square feet. Retail assets remained highly leased at 98%, with average base rents reaching a new portfolio record of $30 per square foot. Multifamily portfolio ended the quarter 96% leased, with a 3% year-over-year increase in same-store cash NOI, indicating solid performance despite a competitive supply landscape. The company maintained a quarterly dividend of $0.34 per share, reflecting confidence in the long-term cash flow profile of the portfolio. The office portfolio faced challenges with Genentech vacating approximately 67,000 square feet in Q4, impacting the year-end leasing target. Retail same-store cash NOI was modestly below the prior-year period due to temporary vacancies from former Party City and Discount Tire spaces. Mixed-use NOI declined 2.7% due to lower ADR and higher operating expenses at Embassy Suites Waikiki, despite improved occupancy. The payout ratio remained elevated at approximately 111%, driven by leasing-related capital expenditures, though expected to moderate. Tourism demand at Waikiki Beachwalk was impacted by external factors such as significant rainstorms and a strong Japanese yen, affecting hotel performance. Warning! GuruFocus has detected 7 Warning Signs with AAT. Is AAT fairly valued? Test your thesis with our free DCF calculator. Q: You previously discussed some known move-outs in the office portfolio. Have any tenant decisions shifted or changed since year-end, and could you remind us what's embedded in guidance for the office portfolio's year-end lease rate? A: As Adam mentioned, Genentech will vacate in Q4. On the positive side, we have three known move-outs in lease documentation at City Center Bellevue. We are tracking 173,000 feet with 17 deals, including expansions. We are targeting mid-80% occupancy by year-end, which is ach...

Management completed an upsized unsecured credit facility, increasing revolver capacity to $500M (total $600M unsecured capacity) and extending maturities to April 1, 2030, leaving roughly $518M of liquidity and no debt maturities until 2027 while net debt/EBITDA stood at 6.9x (target 5.5x). Office leasing showed momentum with about 237,000 sq ft executed and the office portfolio 84.5% leased, but Genentech’s planned 67,000‑sq‑ft vacate in Q4 shifts management to the lower end of its year‑end 85–88% leasing target. The board maintained the quarterly dividend at $0.34 despite a Q1 payout ratio near 111% due to leasing-related capital and Spec Suite spending, and the company reaffirmed 2026 FFO guidance of $1.96–$2.10 per share while expecting the payout ratio to moderate over the year. Interested in American Assets Trust, Inc.? Here are five stocks we like better. American Assets Trust (NYSE:AAT) reported first-quarter 2026 funds from operations (FFO) of $0.51 per diluted share and net income attributable to common stockholders of $0.08 per share, as management pointed to steady performance across its diversified portfolio and increased leasing momentum in office. President and CEO Adam Wyll said the company “started 2026 in line with our expectations,” highlighting encouraging office leasing activity, high retail occupancy, and “steady results” at Waikiki Beach Walk amid what he described as a “still mixed tourism backdrop.” → Palantir Is Down 30%: Noise? Or a Signal to Accumulate? Wyll said the company completed a recast and upsize of its unsecured credit facility on April 1, increasing the revolving line of credit from $400 million to $500 million and extending the maturity of both the revolver and a $100 million term loan to April 1, 2030. “Altogether, this facility provides us with $600 million of total unsecured borrowing capacity,” Wyll said, adding that the expanded facility provides “enhanced financial flexibility and runway” with “no debt maturities until 2027.” EVP and CFO Robert Barton said the company ended the quarter with approximately $518 million of liquidity, including $118 million of cash and $400 million available under the revolving credit facility (prior to the April 1 upsizing). Barton reported net debt to EBITDA of 6.9x on a trailing 12-month basis, noting the company’s long-term target remains 5.5x or below. Interest and fixed charge...

Image source: The Motley Fool. Wednesday, April 29, 2026 at 11 a.m. ET President and Chief Executive Officer — Adam Wyll Executive Vice President, Chief Financial Officer, and Treasurer — Robert F. Barton Need a quote from a Motley Fool analyst? Email [email protected] Adam Wyll: Good morning, everyone, and thank you for joining us today. At American Assets Trust, Inc., we continue to approach this market with the same mindset that has guided us across cycles: patient, disciplined, and with a long-term focus. That mindset, combined with the quality of our assets and our platform, guides how we allocate capital, manage risk, and run our business. We started 2026 in line with our expectations, generating $0.51 of FFO per diluted share and continuing to make progress against the priorities we laid out last quarter. Across the portfolio, we saw encouraging activity, most notably in office leasing, while our retail assets remained highly leased and consistent. Our multifamily teams operated well in a competitive supply environment, and Waikiki Beach Walk delivered steady results against a still mixed tourism backdrop. Before turning to the portfolio, I want to highlight a significant balance sheet accomplishment. On April 1, we successfully completed the recast and upsize of our unsecured credit facility. We increased our revolving line of credit from $400 million to $500 million and extended the maturity of the revolver and our $100 million term loan to April 1, 2030. Altogether, this facility provides us with $600 million of total unsecured borrowing capacity. This outcome reflects the quality of our portfolio, the strength of our banking relationships, and the confidence our lender group has in our credit. Importantly, it gives us enhanced financial flexibility and runway as we execute our leasing and operating objectives, now with no debt maturities until 2027. That added capacity is particularly valuable in the current market. While the macro backdrop remains uneven, our tenants are generally well capitalized, and the markets where we operate continue to benefit from diversified economies, strong demographics, and meaningful barriers to new supply. Those structural advantages matter, particularly during periods when the broader landscape is less predictable. One topic that has generated considerable discussion in our office segment is artificial intelligence. AI i...

Management attributes steady performance to the structural advantages of coastal markets, characterized by high barriers to entry and diversified economies that mitigate macro uncertainty. Office leasing momentum is being driven by a flight-to-quality, with demand concentrating in well-amenitized buildings and the company's spec suite program successfully converting prospects into tenants. The retail portfolio achieved record average base rents of $30 per square foot, supported by affluent demographics and limited new competition in supply-constrained trade areas. Multifamily performance reflects a strategic focus on protecting occupancy over aggressive rent growth during a period described as a stabilization year rather than a recovery year. Operational efficiency is being targeted through new investments in a data foundation for future AI capabilities, aimed at improving tenant experience and operating margins. The Waikiki Beach Walk asset continues to face headwinds from a mixed tourism backdrop, specifically the slow recovery of Japanese tourism and currency-related affordability pressures. Full-year 2026 FFO guidance assumes stability across the diversified portfolio, with potential upside if retail bad debt reserves are not utilized and office commencements accelerate. Office occupancy targets for year-end were revised to the lower end of the 85%–90% range following an unexpected 67,000 square foot vacancy notice from Genentech in Portland. The dividend payout ratio, which peaked at 111% due to front-loaded leasing capital, is expected to moderate to the low-to-mid 90% range for the remainder of the year, with the full-year payout ratio likely landing in the upper-90% range as signed leases convert to cash rent. Management expects approximately $0.07 per share of FFO contribution in 2026 from the portion of the quarter-million square foot office leasing pipeline hitting this year, noting that 100,000 square feet of that pipeline will not hit meaningfully until next year. Strategic focus for the remainder of 2026 remains on stabilizing La Jolla Commons Tower 3 and 1 Beach Street while maintaining high occupancy in the retail and multifamily segments. Successfully upsized and recast the unsecured credit facility to $600 million, extending maturities to 2030 and clearing the debt maturity ladder until 2027. Identified a 67,000 square foot upcoming vacancy...

Image source: The Motley Fool. Wednesday, October 29, 2025 at 11 a.m. ET President and Chief Executive Officer — Adam Wyll Chief Financial Officer — Robert Barton Chief Operating Officer — Steve Center Senior Vice President, Residential — Abigail Rex Adam Wyll: Thank you. Good morning, everyone, and thank you for joining us today. At American Assets Trust, we remain focused on executing with discipline and consistency. Our vertically integrated platform, high-quality coastal portfolio and thoughtful approach to capital allocation continue to provide resilience and opportunity. As always, we remain focused on creating long-term value for shareholders across cycles. For the third quarter, funds from operations came in at $0.49 per diluted share, just ahead of our internal projections, supported by continued leasing progress, disciplined expense management and minimal utilization of our bad debt reserve. Portfolio-wide same-store NOI was slightly down for Q3 and is up almost 1% year-to-date, which candidly is tracking with what we've characterized as a transition year. Collections remain strong, and our teams continue to execute to the best of our abilities across all asset classes. The broader economic backdrop remains mixed. Interest rates have shown signs of stabilizing after 2 years of volatility, inflation has moderated but remains above long-term targets and consumer confidence has softened, perhaps less than some had feared. At the same time, capital markets activity remains relatively subdued for commercial real estate. Against this backdrop, our strategy of owning irreplaceable coastal assets, maintaining a strong balance sheet and operating through a fully integrated platform continues to serve us well, underscoring the durability of our long-term approach. Turning to portfolio updates. The office sector remains selective, and we remain very part of that select set. Tenants are focused on well-located, amenitized and institutionally managed assets, and our portfolio is designed to meet those demands. Our office portfolio ended the quarter 82% leased with our same-store office portfolio 87% leased and 5% of the office portfolio includes signed leases that have not commenced paying cash rents. Same-store office NOI increased positively for the quarter, ahead of expectations despite almost 160,000 square feet of known move-outs at First & Main, Torrey Re...

SAN DIEGO, April 28, 2026 (GLOBE NEWSWIRE) -- American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its first quarter ended March 31, 2026. First Quarter Highlights Net income available to common stockholders of $5.1 million for the first quarter, or $0.08 per diluted share. FFO of $0.51 per diluted share for the first quarter, compared to $0.52 per diluted share for the same period in 2025. Same-store cash Net Operating Income (“NOI”) remained flat for the first quarter, compared to the same period in 2025. Leased 237,000 of office square feet, of which approximately 108,000 is comparable at an average straight-line basis and cash-basis contractual rent increase of 10.6% and 4.8%, respectively, during the first quarter. Leased 39,000 of retail square feet, of which approximately 38,000 is comparable at an average straight-line basis increase of 1.3% and cash-basis contractual rent decrease of 2.0%, respectively, during the first quarter. Amended and Restated Credit Facility On April 1, 2026, the credit facility was amended and restated to, among other things, increase the borrowing capacity to $600 million, consisting of a $500 million revolving line of credit and a $100 million term loan, and extend the maturity date to April 1, 2030. Financial Results Net income attributable to common stockholders decreased $47.4 million for the three months ended March 31, 2026 compared to the same period in 2025, primarily driven by the gain on sale of Del Monte Center recognized in 2025, higher interest expense as we stopped capitalizing interest related to La Jolla Commons III being placed into service, decrease in occupancy at First & Main and overall increase in rental expenses across all segments. FFO decreased $1.1 million for the three months ended March 31, 2026 compared to the same period in 2025, primarily due to the items described above. Gain on sale of Del Monte Center is excluded from FFO computations. FFO is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance. A reconciliation of net income to FFO is attached to this press release. Leasing The portfolio leased status as of the end of the indicated quarter was as follows: (1) Percentage leased for our multifamily properties includes total units rented and occupied as of each of the applicable dates. (2...

American Assets Trust (AAT) reported $110.59 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 1.8%. EPS of $0.51 for the same period compares to $0.70 a year ago. The reported revenue represents a surprise of +1.6% over the Zacks Consensus Estimate of $108.86 million. With the consensus EPS estimate being $0.51, the EPS surprise was +0.99%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how American Assets Trust performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Revenue- Other property income: $6.17 million compared to the $6.37 million average estimate based on two analysts. The reported number represents a change of +9.1% year over year. Revenue- Rental income: $104.42 million versus the two-analyst average estimate of $101.73 million. The reported number represents a year-over-year change of +1.4%. Net income (loss) per share-Diluted: $0.08 compared to the $0.10 average estimate based on two analysts. View all Key Company Metrics for American Assets Trust here>>> Shares of American Assets Trust have returned +15.4% over the past month versus the Zacks S&P 500 composite's +12.8% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report American Assets Trust, Inc. (AAT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

SAN DIEGO (AP) — SAN DIEGO (AP) — American Assets Trust Inc. (AAT) on Tuesday reported a key measure of profitability in its first quarter. The San Diego-based real estate investment trust said it had funds from operations of $38.8 million, or 51 cents per share, in the period. Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization. The company said it had net income of $5.1 million, or 8 cents per share. The real estate investment trust posted revenue of $110.6 million in the period. The company's shares have increased 14% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $21.57, an increase of 13% in the last 12 months. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AAT at https://www.zacks.com/ap/AAT

SAN DIEGO, April 02, 2026 (GLOBE NEWSWIRE) -- American Assets Trust, Inc. (NYSE:AAT) (the “Company”) will announce its first quarter 2026 earnings in a press release to be issued after the market closes on Tuesday, April 28, 2026. Senior management will hold a conference call for its first quarter 2026 earnings on Wednesday, April 29, 2026 at 8:00 a.m. Pacific Time (“PT”). To access the conference call, please dial 1 (833) 816-1162 and ask to join the American Assets Trust, Inc. Conference Call. A live on-demand audio webcast of the conference call will be available on the “Investor Relations” section of the Company’s website at www.americanassetstrust.com. A replay webcast will be available on the Company’s website approximately one hour after the conclusion of the conference call. About American Assets Trust, Inc. American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California. The Company has over 55 years of experience in acquiring, improving, developing and managing premier office, retail and residential properties throughout the United States in some of the nation’s most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Washington, Oregon, Texas and Hawaii. The Company's office portfolio comprises approximately 4.3 million square feet, and its retail portfolio comprises approximately 2.4 million rentable square feet. In addition, the Company owns one mixed-use property (including approximately 94,000 rentable square feet of retail space and a 369-room all-suite hotel) and 2,302 multifamily units. In 2011, the Company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes. For additional information, please visit www.americanassetstrust.com. Forward Looking Statements This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs,...

American Assets Trust, Inc. recently reported past fourth quarter and full-year 2025 results, showing revenue of US$110.09 million for the quarter and US$436.20 million for the year, alongside lower net income and earnings per share compared with the prior year. Despite softer headline earnings, the REIT underscored strong office and retail leasing momentum, high retail occupancy, and affirmed a US$0.340 first-quarter 2026 dividend, highlighting management’s confidence in cash flow stability. We’ll now explore how resilient leasing metrics and affirmed dividends shape American Assets Trust’s investment narrative following these mixed 2025 results. AI is about to change healthcare. These 26 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. To own American Assets Trust, you need to be comfortable with a slow‑growing, income‑focused REIT that is leaning on leasing strength to offset softer headline earnings. The latest results reinforced that trade‑off: 2025 revenue and net income edged lower, and earnings quality is clouded by prior one‑off gains, yet management is keeping the US$0.340 quarterly dividend intact and pointing to firm office and retail leasing spreads with retail 98% leased. That combination supports the near‑term catalyst around cash flow resilience, even as consensus still expects earnings pressure and interest costs are not well covered by current earnings. With the share price roughly flat over three months and still below some fair value estimates, the print feels more like a confirmation of existing risks and catalysts than a real reset. However, the gap between the dividend and underlying cash coverage is something investors should not ignore. American Assets Trust's shares have been on the rise but are still potentially undervalued by 20%. Find out what it's worth. Investors in the Simply Wall St Community currently cluster around a single US$18 fair value, yet recent results highlighted weaker earnings coverage of interest and dividends that could influence how you weigh those opinions. Explore another fair value estimate on American Assets Trust - why the stock might be worth as much as $18.00! Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from f...

FFO results and outlook: management called 2025 a "reset" year but delivered FFO of $2.00 per share (about 3% above initial expectations) and Q4 FFO of $0.47; 2026 FFO guidance is $1.96–$2.10 per share (midpoint $2.03), a slight increase over 2025. Portfolio trends: same-store cash NOI rose 0.5% for 2025 driven by office (+2.3%) and retail (+1.2%) while multifamily (-3.2%) and mixed-use/Waikiki (-6.7%) lagged; office leasing momentum picked up late in the year with rising occupancy, positive leasing spreads, and leasing/development progress at La Jolla Commons III and One Beach Street targeting 86–88% office occupancy by year-end. Balance sheet and shareholder policy: liquidity is about $529 million with net debt/EBITDA ~6.9x (long-term target ≤5.5x), the board declared a $0.34 quarterly dividend to be maintained, and management expects payout ratio improvement to ~89% in 2026 with a longer-term goal near 85%. Interested in American Assets Trust, Inc.? Here are five stocks we like better. American Assets Trust (NYSE:AAT) reported fourth-quarter and full-year 2025 results that management described as a “reset” year, reflecting known offsets such as the roll-off of one-time revenue items and the end of capitalized interest on certain projects. President and CEO Adam Wyll said the company generated funds from operations (FFO) of $2.00 per share for the full year, about 3% above initial expectations, supported by strong collections and disciplined expense management. For the fourth quarter, the company reported FFO of $0.47 per share and net income attributable to common shareholders of $0.05 per share, according to CFO Bob. Full-year net income attributable to common shareholders was $0.92 per share. Bob noted fourth-quarter FFO declined by about $0.02 from the third quarter, primarily due to termination fees recognized in Q3 that did not recur in Q4. → AMD’s Post-Earnings Dip Looks Like the Buying Window Bulls Wanted On a same-store cash NOI basis, the company reported 0.5% growth for the full year 2025 versus 2024. Management attributed results to gains in office and retail that offset declines in multifamily and mixed-use, including softer hotel demand in Waikiki. Office: Same-store cash NOI increased 2.3% for the year, driven by higher base rent and improved expense recoveries, including contributions from the Databricks expansion and new leasing at City Ce...