American Assets Trust Earnings Call Transcripts
Fiscal Year 2026
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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.
Fiscal Year 2025
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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.
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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.
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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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Q1 2025 results met guidance, with FFO per share at $0.52 and strong leasing across office, retail, and multifamily segments. Liquidity remains robust, guidance is reaffirmed, and capital recycling continues, despite mixed-use softness and macroeconomic uncertainty.
Fiscal Year 2024
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Record FFO per share, revenue, and NOI were achieved in 2024, with strong performance across office, retail, and multifamily segments. 2025 guidance anticipates a 24% FFO decrease due to non-recurring 2024 items and higher interest expense, but core operational momentum remains positive.
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Q3 2024 FFO rose to $0.71 per share, driven by a large lease termination fee, while same-store NOI increased across most segments. The company raised 2024 FFO guidance and strengthened liquidity with a $525 million bond, but flagged macroeconomic uncertainty and higher 2025 interest expense.
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Q2 2024 saw strong operating results across all segments, prompting a raised full-year FFO guidance by nearly 10%. Office and retail outperformed, multifamily achieved record rents, and liquidity remains robust. Leadership transition to a new CEO is planned for January 2025.