American Assets Trust, Inc. (NYSE: AAT) will announce its third quarter 2026 earnings in a press release after market close on Tuesday, October 27, 2026. Senior management will host a conference call the following day to discuss the results.

Conference Call Details

The earnings conference call is scheduled for Wednesday, October 28, 2026, at 8:00 am Pacific Time. Investors can access the live audio webcast via the Investor Relations section of the company's website. A replay webcast will be available approximately one hour after the conclusion of the call.

To participate via telephone, dial 1 (833) 816-1162 and request to join the American Assets Trust, Inc. Conference Call.

Company Profile

American Assets Trust is a vertically integrated real estate investment trust headquartered in San Diego, California. The company manages a portfolio of office, retail, and residential properties across high-barrier-to-entry markets in Southern California, Northern California, Washington, Oregon, Texas, and Hawaii.

The company was formed in 2011 to succeed the real estate business of American Assets, Inc., which was founded in 1967. This history provides the trust with over 55 years of experience in acquiring, developing, and managing premier properties.

American Assets Trust, Inc. has narrowed its full-year 2026 Funds From Operations (FFO) guidance from a previous range of $1.96 to $2.10 per diluted share to a precise $2.03. This updated midpoint aligns exactly with the $2.03 analyst estimate, signaling management’s refined confidence in its operational trajectory despite recent headwinds in occupancy and interest expenses.

The adjustment comes after the real estate investment trust reported second-quarter FFO of $0.51 per diluted share, a slight decline from $0.52 in the same period of 2025. Net income available to common stockholders fell to $5.2 million from $5.5 million year-over-year, largely influenced by the absence of the $44.5 million gain on the sale of Del Monte Center recognized in the first half of 2025.

Financial Performance Highlights

For the three months ended June 30, 2026, American Assets Trust reported net income attributable to common stockholders of $5,175, compared to $5,456 in the prior year quarter. For the six-month period ending June 30, 2026, this figure stood at $10,309, a sharp decline from $47,991 in the same period of 2025 due to the one-time gain exclusion.

FFO attributable to common stock and units totaled $39,286 for the quarter, slightly down from $39,723 in Q2 2025. On a per-share basis, diluted FFO was $0.51 for the quarter and $1.02 for the half-year, compared to $0.52 and $1.04, respectively, in the prior year periods.

Leasing Activity and Occupancy

Leasing activity remained robust in the second quarter, with the company signing 34 leases for approximately 248,700 square feet of office and retail space, along with 575 multifamily apartment leases. Comparable office leases saw an average straight-line basis rent increase of 10.2%, while comparable retail leases commanded a straight-line rent increase of 20.2%.

Portfolio occupancy rates as of June 30, 2026, showed mixed trends. Office occupancy remained steady at 84.4%, and retail occupancy improved slightly to 97.9%. However, multifamily occupancy declined to 88.4% from 94.7% at the end of the previous quarter, though it remains close to the 88.8% level seen in June 2025. Mixed-use retail occupancy dropped to 92.2% from 96.2%.

Balance Sheet and Liquidity

As of June 30, 2026, American Assets Trust held gross real estate assets of $3.8 billion. The company’s liquidity position stands at $609.7 million, comprising $109.7 million in cash and cash equivalents and $500.0 million in availability on its revolving line of credit. Only one out of 31 assets is encumbered by a mortgage.

On April 1, 2026, the company amended and restated its credit facility, increasing borrowing capacity to $600 million. This consists of a $500 million revolving line of credit and a $100 million term loan, with maturity dates extended to April 1, 2030. As of the end of the second quarter, the only outstanding amount under this facility was the $100 million term loan.

Dividends and Guidance

The company declared a dividend of $0.34 per share for the second quarter of 2026, paid on June 18, 2026. A third-quarter dividend of $0.34 per share has been declared, payable on September 17, 2026, to stockholders of record as of September 3, 2026.

Management’s narrowed FY26 FFO guidance of $2.03 excludes impacts from future acquisitions, dispositions, equity issuances, or debt financing activities. The estimates reflect assumptions regarding leasing activity, rental rates, occupancy levels, and interest rates.

What the Numbers Show

A notable divergence exists between the reported GAAP net income and the underlying operational metrics. While GAAP net income for the first half of 2026 appears drastically lower than the prior year due to the absence of the Del Monte Center sale gain, the FFO metric reveals a much more stable operational reality, with only a marginal decline of $0.02 per share. This suggests that the core business performance is resilient despite headwinds in specific property occupancies. Furthermore, the strong rent spreads in both office (10.2% straight-line increase) and retail (20.2% straight-line increase) indicate that new leasing activity is contributing positively to future revenue streams, potentially offsetting the current occupancy softness in multifamily and mixed-use segments.