📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust.

Key Ratios Snapshot

📈 Growth Pattern

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⭐ Superinvestors Holding AAT

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	65.0K	$1.2M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🎙 Management Tone Mixed ↓ Deteriorating 3 quarters Full tone analysis in Intelligence →

📊 MIXED American Assets Trust Q1 2026 FFO $0.51; office 84.5% leased, retail 98% leased.

Revenue & Profitability

First quarter 2026 FFO per share was $0.51, and net income attributable to common stockholders was $0.08 per share. Same-store cash NOI by segment: office essentially flat, retail down 0.7%, multifamily up 3%, and mixed-use down 2.7%. Net debt to EBITDA was 6.9x on a trailing twelve-month basis. The quarterly dividend payout ratio was approximately 111%.

Outlook

Management views the macro backdrop as uneven but notes tenants are generally well capitalized and markets benefit from diversified economies and strong demographics. Office demand concentrates at the top of the market for well-located, amenitized buildings. Multifamily is seen as a stabilization year with competitive supply in San Diego and Portland. Waikiki tourism recovery remains slower than anticipated due to affordability pressures and international demand softness (e.g., Japanese yen).

Growth Drivers

Key growth levers include office leasing momentum: 237,000 sq ft of office leases executed in Q1, with comparable cash leasing spreads of 4.8% and 244,000 sq ft of signed but not commenced leases. The Spec Suite program is converting demand, and La Jolla Commons Tower III has proposals out on 30% of the building beyond the current 49% leased. Retail achieved record average base rents of $30 per sq ft. Multifamily same-store NOI grew 3%, driven by higher occupancy at Pacific Ridge and Hassalo on Eighth.

Balance Sheet & CapEx

Not discussed in detail on this call. However, management noted that the elevated dividend payout ratio (111%) was driven by leasing-related capital expenditures including tenant improvements, leasing commissions, and the Spec Suite program. The company is also investing in technology for work order management, preventative maintenance analytics, and building a data foundation for AI capabilities.

Margins

Margin trajectory was not explicitly discussed, but management highlighted lower G&A expense and lower operating expenses at La Jolla Commons as boosting FFO sequentially. The dividend payout ratio is expected to moderate to the low to mid 90% range for the remaining three quarters of 2026, with a full year payout ratio in the upper 90% range. Long-term target payout ratio is 65-85%. No specific margin percentages were provided.

Key Risks

Risks flagged include: the expected vacate of Genentech (67,000 sq ft) in Q4, which pressures the office lease rate target to the lower end of the 85-88% range. Waikiki performance is sensitive to tourism, particularly Japanese demand, and was impacted by severe Kona rainstorms in March. Bad debt reserves on retail tenants are being monitored; some reserved tenants continue to pay. Management also noted the potential for office lease commencements to occur later than expected, which could affect cash flow.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-29

Q2 2026 FFO reached $0.51 per diluted share, with strong leasing momentum and record base rents across office, retail, and multifamily. Guidance for full-year FFO is reaffirmed at $1.96-$2.10 per share, supported by robust liquidity and a stable portfolio.

Q1 2026 Q1 2026 2026-04-29

Q1 2026 FFO per share was $0.51, up sequentially, with strong leasing in office and retail, and stable multifamily performance. Guidance for 2026 FFO is reaffirmed at $1.96–$2.10 per share, and the dividend remains at $0.34 per share.

Q4 2025 Q4 2025 2026-02-04

2025 FFO per share exceeded expectations at $2.00, with office and retail segments showing strong leasing and occupancy. 2026 guidance calls for modest FFO and NOI growth, continued capital discipline, and a stable dividend, while multifamily and hotel segments face ongoing supply and demand challenges.

Q3 2025 Q3 2025 2025-10-29

Q3 2025 FFO was $0.49 per share, with stable revenue and strong leasing momentum in office and retail. Full-year FFO guidance was raised, and liquidity remains robust, though multifamily and Hawaii hotel segments face near-term headwinds.

Q2 2025 Q2 2025 2025-07-30

Q2 2025 results were steady, with FFO per share at $0.52 and same-store NOI flat year-over-year. Retail and office segments showed resilience, while multifamily and hotel faced headwinds. Full-year FFO guidance was raised, supported by strong liquidity and disciplined operations.

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