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Sep 30, 2025
American Assets Trust Q3 2025 Earnings Report
American Assets Trust, Inc. reported its financial results for the third quarter ended September 30, 2025, with a decrease in net income and FFO compared to the prior year, but an increase in its 2025 FFO per diluted share guidance.
Key Takeaways
American Assets Trust, Inc. experienced a decline in net income and FFO for the third quarter of 2025 compared to the same period in 2024. However, the company increased its full-year 2025 FFO per diluted share guidance, reflecting a positive outlook despite some segment-specific challenges.
Net income available to common stockholders for Q3 2025 was $4.5 million, a significant decrease from $16.657 million in Q3 2024.
Funds from Operations (FFO) per diluted share was $0.49 for Q3 2025, down from $0.71 in Q3 2024.
The company increased its 2025 FFO per diluted share guidance to a range of $1.93 to $2.01, with a midpoint of $1.97, a $0.02 increase over prior guidance.
Same-store cash Net Operating Income (NOI) decreased by 0.8% year-over-year for the third quarter of 2025.
Revenue by Segment
Forward Guidance
American Assets Trust, Inc. increased its 2025 FFO per diluted share guidance, indicating a positive outlook for the remainder of the year, despite some operational headwinds.
Positive Outlook
- Increased 2025 FFO per diluted share guidance to a range of $1.93 to $2.01, with a midpoint of $1.97.
- The guidance midpoint represents a $0.02 increase over prior guidance.
- The company continues to execute on leasing, signing 306,500 square feet of office and retail space and 593 multifamily apartment leases.
- Office comparable leasing spreads (cash basis) showed a strong 9.3% increase over prior rent.
- Retail comparable leasing spreads (straight-line basis) showed a robust 21.0% increase over prior rent.
Challenges Ahead
- The revised guidance excludes any impact from future acquisitions, dispositions, equity issuances or repurchases, debt financing or repayments.
- Actual results may differ materially from these estimates due to various market conditions and operational factors.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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