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Mar 31, 2025
American Assets Trust Q1 2025 Earnings Report
Reported first quarter 2025 financial results.
Key Takeaways
American Assets Trust reported net income of $42.5 million for the first quarter of 2025, a significant increase from the prior year due to a gain on sale of real estate. FFO per diluted share, excluding certain items, decreased 10% year-over-year. Same-store cash NOI saw a modest increase.
Net income available to common stockholders was $42.5 million, or $0.70 per diluted share.
FFO per diluted share excluding lease termination fees and litigation income was $0.52, a 10% decrease year-over-year.
Same-store cash Net Operating Income increased 3.1% year-over-year.
The company completed the sale of Del Monte Center for $123.5 million and acquired Genesee Park for $67.9 million during the quarter.
Forward Guidance
The company affirmed its full year 2025 FFO per diluted share guidance.
Positive Outlook
- Affirmed full year 2025 FFO per diluted share guidance range of $1.87 to $2.01.
- Midpoint of full year FFO guidance is $1.94.
- Guidance reflects management's view of current and future market conditions.
- Assumptions include leasing activity, rental rates, and occupancy levels.
- Assumptions also include interest rates, credit spreads, and the amount/timing of acquisition and development activities.
Challenges Ahead
- Guidance excludes any impact from future acquisitions.
- Guidance excludes any impact from future dispositions.
- Guidance excludes any impact from future equity issuances or repurchases.
- Guidance excludes any impact from future debt financings or repayments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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