American Assets Trust (AAT) Q3 2026 Earnings Call: FFO Guidance Raised
Source Tradingkey
Key Takeaways
- American Assets Trust reported Q3 2026 FFO of $0.56 per diluted share, approximately $0.05 above its internal projection. Excluding one-time items, FFO was $0.53 per share.
- Portfolio-wide same-store cash NOI increased 8.3% year over year. Excluding property tax refunds and a previously reserved office receivable, growth was 5.1%.
- The company raised full-year 2026 FFO guidance to $2.04-$2.10 per diluted share, with the midpoint increasing 2% to $2.07.
- Office leasing improved to approximately 86%, up nearly 400 basis points year over year and 140 basis points sequentially. Executed but not yet commenced office leases represented about $12 million of annualized base rent.
- Retail remained 98% leased, while San Diego multifamily properties excluding the RV Park were 97% leased and 95% occupied.
- Management expects borrowing costs to rise when the March 2027 debt maturity is refinanced and the term loan swap expires in January, although the company ended Q3 with approximately $590 million of liquidity.
Core Financial Data
| Metric | Q3 2026 result | Change or context |
|---|---|---|
| FFO per diluted share | $0.56 | Approximately $0.05 above internal projections |
| FFO excluding one-time items | $0.53 | Excludes primarily property tax refunds and collection of a reserved office receivable |
| Net income per diluted share | $0.13 | Attributable to common stockholders |
| Same-store cash NOI growth | 8.3% | 5.1% excluding one-time items |
| Office same-store cash NOI growth | 7.9% | 4.8% excluding the reserved receivable collection and tax refunds |
| Retail same-store cash NOI growth | 9.6% | 6.3% excluding tax refunds |
| Multifamily same-store cash NOI growth | 10.2% | 10.8% excluding the RV Park; 4.9% excluding tax refunds |
| Mixed-use same-store cash NOI growth | 3.9% | Embassy Suites hotel NOI rose to approximately $3.1 million from $2.6 million |
| Total liquidity | Approximately $590 million | $90 million in cash and $500 million available under the revolving credit facility |
| Net debt to EBITDA | 6.4x | Quarterly annualized; 6.9x on a trailing 12-month basis |
| Interest and fixed-charge coverage | 3.3x | Quarterly annualized; 3.1x on a trailing 12-month basis |
| Quarterly dividend | $0.34 per share | Payable December 17 to shareholders of record December 10 |
Business and Operating Performance
Office
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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