NYSE$AAT

American Assets Trust Inc · Q3 2025 earnings

Q3 2025 earnings · · After market close · Investor relations

Briefing

American Assets Trust reported Q3 2025 net income of $67.1M.

For Q3 2025, American Assets Trust reported net income was $67.1M. Management discusses segment trends, liquidity, and outlook in the quarterly filing.

  • Net income $67.1M.
  • MD&A highlights operating priorities, capital, and sector risks.
  • MD&A highlights operating priorities, capital, and sector risks.

Headline financials

Total Revenue

$110M

Previous: $123M-10.8%
EPS (adj)

$0.49

Previous: $0.28+75.0%
Office Leasing Spread (Cash Basis)

9.3%

No prior period
Retail Leasing Spread (Cash Basis)

4.4%

No prior period
Average Monthly Base Rent per Occupied Unit

$2.73K

No prior period
Same-Store Cash NOI Growth

-0.8%

No prior period
Office Leased Percentage

81.9%

Previous: 87.0%-5.9%
Retail Leased Percentage

97.9%

Previous: 94.5%+3.6%
Multifamily Leased Percentage

89.7%

Previous: 90.3%-0.7%
Mixed-Use Retail Leased Percentage

95.0%

Previous: 96.3%-1.3%
Hotel Leased Percentage

82.9%

Previous: 86.7%-4.4%
Office Leasing Spread (Straight-Line Basis)

18.6%

No prior period
Retail Leasing Spread (Straight-Line Basis)

21.0%

No prior period
Office Weighted Average Portfolio Rent

$56.59

No prior period
Retail Weighted Average Portfolio Rent

$29.57

No prior period
Same-Store Office Cash NOI Growth

3.6%

No prior period
Same-Store Retail Cash NOI Growth

-2.6%

No prior period
Same-Store Multifamily Cash NOI Growth

-8.3%

No prior period
Same-Store Mixed-Use Cash NOI Growth

-10.1%

No prior period
Capital Expenditures

-$123M

Previous: -$51.1M-140.1%
Net Income

$5.92M

Previous: $21.3M-72.2%
Operating Income

$24.8M

Previous: $37.8M-34.5%

Revenue & EPS history

American Assets Trust · Revenue · Quarterly

$110M

Q3 2025-10.8%vs Q3 2024
Beat estimate in 11 of 15 quarters(73%)
ActualEstimate

Revenue by segment

American Assets Trust · $104M total across 2 segments · Q2 2022

  • Rental Income
    $99M+13.0%
  • Other Property Income
    $5.14M

Forward guidance

REIT outlook focuses on occupancy, rent growth, financing costs, and capital recycling.

Tailwinds

  • Portfolio cash flows and same-store trends support dividends.
  • Development and acquisition pipelines add growth optionality.

Headwinds

  • Interest rates and cap rates affect NAV and refinancing.
  • New supply can pressure rent growth in select markets.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q3 2025

Historical avgQ3 2025

+0.2%

Avg return

Earnings day

-0.3%

Avg return

5 days after

+0.5%

Avg return

30 days after

56%

34 / 61 earnings

Positive

+7.2%

Q2 2011

Best reaction

-11.2%

Q3 2020

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-5.5%-4.7%+8.0%
Q4 2025+3.9%+4.1%+5.6%
Q3 2025-6.0%-5.7%-3.0%
Q1 2025+1.1%+2.8%+7.7%
Q4 2024-6.7%-6.2%-11.2%
Q3 2024+1.2%-3.0%+4.2%
Q2 2024+6.7%+3.5%+8.9%
Q1 2024-1.2%-1.0%-2.8%
Q4 2023-0.3%+2.7%-3.2%
Q3 2023-0.5%+0.7%+6.7%
Q2 2023+0.4%-0.0%-6.6%
Q1 2023+0.2%+2.0%+5.6%
Q4 2022-4.4%-6.6%-24.5%
Q3 2022+3.4%+2.7%+4.5%
Q2 2022-0.3%+0.9%-3.2%
Q1 2022+1.8%+0.1%-9.0%
Q4 2021+1.2%+0.6%+4.4%
Q3 2021-2.8%-3.8%-3.1%
Q2 2021+1.3%+0.7%+3.8%
Q1 2021+0.6%+1.6%+4.3%
Q4 2020+1.0%+2.9%+18.7%
Q3 2020-11.2%-11.6%+28.8%
Q2 2020+5.0%+5.0%+0.5%
Q1 2020+6.6%-0.8%-1.6%
Q4 2019+0.1%+1.1%-34.1%
Q3 2019+3.4%+4.1%-0.0%
Q2 2019-1.3%-0.4%-0.5%
Q1 2019+0.0%+0.0%-2.3%
Q4 2018-0.6%-0.4%+4.3%
Q3 2018+1.3%+0.2%+7.7%
Q2 2018+1.9%+3.7%+4.4%
Q1 2018-1.6%+1.8%+8.3%
Q4 2017-1.9%-0.3%+0.9%
Q3 2017-0.7%-1.7%+0.8%
Q2 2017-0.4%-0.5%+0.0%
Q1 2017-3.8%-3.8%-8.2%
Q4 2016-1.2%-1.0%-2.3%
Q3 2016-3.8%-3.3%-1.2%
Q2 2016-1.6%+1.0%-1.7%
Q1 2016+4.2%
Q4 2015+3.1%
Q3 2015-4.1%
Q2 2015-0.2%
Q1 2015-2.2%
Q4 2014+1.6%
Q3 2014+0.2%
Q2 2014-2.3%
Q1 2014+0.7%
Q4 2013+0.8%
Q3 2013-0.8%
Q2 2013+0.8%
Q1 2013+0.4%
Q4 2012+1.0%
Q3 2012+2.6%
Q2 2012+4.6%
Q1 2011-0.4%
Q1 2012+3.2%
Q4 2011+0.2%
Q3 2011+3.3%
Q2 2011+7.2%
Q4 2010+0.0%

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