American Assets Trust, Inc. reported property operating income of $71.1 million for the three months ended September 30, 2026, up $4.9 million from $66.3 million for the three months ended September 30, 2025.
AAT · American Assets Trust, Inc.
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American Assets Trust reported third-quarter FFO of 56 cents per diluted share, raised full-year 2026 FFO guidance to $2.04 to $2.10, reported 8.3% same-store cash NOI growth, and declared a $0.34 per share quarterly dividend.
American Assets Trust, Inc. reported third-quarter net income available to common stockholders of $7.7 million and FFO of $0.56 per diluted share, with same-store cash NOI up 8.3%; it increased 2026 FFO guidance to $2.04 to $2.10 per share from $1.96 to $2.10.
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AI Brief
Q3 FY26 earnings call · Oct 28, 2026TL;DR. AAT reported stronger Q3 FFO and same-store cash NOI, raised 2026 FFO guidance, and improved office occupancy, though refinancing costs, leverage, weaker dividend coverage, and unexecuted office leasing remain risks. Nine-month net income declined, while the hotel benefited from higher occupancy amid a softer tourism environment.
- + Q3 FFO increased to $0.56 per diluted share from $0.49 in the prior-year quarter. new
- + Management raised 2026 FFO guidance to $2.04-$2.10 per diluted share, increasing the midpoint by $0.04. new
- + Same-store cash NOI increased 8.3% in Q3 and 2.3% year to date, with underlying Q3 growth of 5.1%. new
- + Office leased status improved to 85.8% from 81.9% a year earlier, and Q3 comparable office leases generated 2.1% cash and 8.2% straight-line rent spreads. new
- + Retail leasing generated 7.4% cash and 16.8% straight-line comparable rent spreads, and retail and multifamily achieved record average rental rates. new
- − Borrowing costs are expected to increase as the March 2027 maturity is refinanced and the term-loan swap expires in January. new
- − Net debt to EBITDA remained above the company’s target at 6.4 times on a quarterly annualized basis and 6.9 times on a trailing 12-month basis.
- − The hotel faced a softer tourism environment, uneven visitor demand, and rate competition. new
- − Nine-month net income declined by $43.6 million, primarily due to the prior-year property-sale gain, higher interest expense, lower occupancy, and increased rental expenses. new
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
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Guidance & track record
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Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Capital Expenditures (total) | 26.44M | the three months ended June 30, 2026 filing | — |
| Capital Expenditures - Office | 22.64M | the three months ended June 30, 2026 filing | — |
| FFO attributable to common stock and units non-GAAP | 39.29M | the three months ended June 30, 2026 filing | — |
| FFO per diluted share/unit non-GAAP | $0.51 | the three months ended June 30, 2026 filing | — |
| Funds from operations non-GAAP | 39.5M | the three months ended June 30, 2026 filing | — |
| Hotel average occupancy | 90.5% | the three months ended June 30, 2026 filing | — |
| Hotel revenue per available room | $308 | the three months ended June 30, 2026 filing | — |
| Multifamily average monthly base rent | $2,796 | the three months ended June 30, 2026 filing | — |
| Multifamily average occupancy | 89.3% | the three months ended June 30, 2026 filing | — |
| Net operating income non-GAAP | 67.92M | the three months ended June 30, 2026 filing | — |
| Office average rental rate increase on comparable leases - cash basis | 9.1% | the three months ended June 30, 2026 filing | — |
| Office average rental rate increase on comparable leases - GAAP basis | 10.2% | the three months ended June 30, 2026 filing | — |
| Office comparable space leases square feet | 75,416 | the three months ended June 30, 2026 filing | — |
| Office leased square feet signed | 109,715 | the three months ended June 30, 2026 filing | — |
| Office leases signed | 14 | the three months ended June 30, 2026 filing | — |
| Retail average rental rate increase on comparable leases - cash basis | 3% | the three months ended June 30, 2026 filing | — |
| Retail average rental rate increase on comparable leases - GAAP basis | 20.2% | the three months ended June 30, 2026 filing | — |
| Retail leased square feet signed | 138,993 | the three months ended June 30, 2026 filing | — |
| Retail leases signed | 20 | the three months ended June 30, 2026 filing | — |
| Same-Store properties | 31 | the three months ended June 30, 2026 filing | — |
| Total segments’ profit | 67.92M | the three months ended June 30, 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Diversified — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
AAT
this stock
American Assets Trust, Inc.
|
$1.33B | +14.6% | -4.7% | 62.0 | 2.3% |
|
VICI
Vici Properties Inc.
|
$27.54B | -11.1% | +4.1% | 11.5 | 2.7% |
|
WPC
W. P. Carey Inc.
|
$15.11B | +2.0% | +8.4% | 23.2 | 3.9% |
|
BNL
Broadstone Net Lease, Inc.
|
$3.38B | +1.3% | +5.2% | 23.2 | 10.6% |
|
GNL
Global Net Lease, Inc.
|
$1.47B | -23.5% | -13.1% | — | 6.5% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Oct 30, 2026
- This year
- 15
American Assets Trust, Inc. reported property operating income of $71.1 million for the three months ended September 30, 2026, up $4.9 million from $66.3 million for the three months ended September 30, 2025.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| AAT | +0.8% | +2.0% | -3.1% | -0.7% | +14.6% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -1.8% | +3.1% | -3.6% | -0.6% | +4.0% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.