Portfolio Composition - As of December 31, 2025, the portfolio includes 12 office properties, 11 retail shopping centers, 1 mixed-use property, and 7 multifamily properties[34]. - As of December 31, 2025, the operating portfolio consists of 31 properties with approximately 6.8 million rentable square feet of office and retail space, 2,302 residential units, and a 369-room hotel[183]. - The office portfolio included approximately 4.3 million rentable square feet, with an occupancy rate of 83.1% as of December 31, 2025, contributing 47.2% of total revenue[231]. - The multifamily portfolio has a total of 2,302 units, with an overall occupancy rate of 92.8% and an average monthly base rent of $2,684[186]. - The retail properties have a weighted average leased percentage of 97.7% and an annualized base rent totaling $70,277,527[184]. Financial Performance - The company aims to increase operating cash flows and maximize stockholder value through strategic acquisitions and property redevelopment[38]. - The company reported that LPL Holdings, Inc. accounted for approximately 13.1%, 12.3%, and 13.2% of total office segment revenues for the years ended December 31, 2025, 2024, and 2023, respectively[50]. - Google LLC accounted for approximately 13.3%, 12.3%, and 10.4% of total office segment revenues for the years ended December 31, 2025, 2024, and 2023, respectively[50]. - The total weighted average annualized base rent for the retail and office portfolio is $271,612,776, with an average rent per square foot of $45.90[184]. - The annualized base rent per leased square foot for the total portfolio is $47.23, indicating a strong rental performance[187]. Growth Strategy - The company intends to pursue growth through acquisitions in high-barrier-to-entry markets, focusing on properties with strong supply and demand characteristics[42]. - The company aims to grow earnings and cash flows through same-store portfolio growth, property development, and acquisitions in high-barrier-to-entry markets[223]. - The company evaluates properties continuously to identify redevelopment opportunities that enhance operating performance[223]. - The company plans to pursue redevelopment opportunities at Waikele Center and multifamily developments at various existing properties, contingent on market conditions[224]. Tenant and Lease Information - As of December 31, 2025, the three largest tenants in the office portfolio represented approximately 31% of the total annualized base rent, with Google LLC at 13.7%, LPL Holdings, Inc. at 10.5%, and Autodesk, Inc. at 6.8%[60]. - The largest anchor tenants in the retail portfolio as of December 31, 2025, were Lowe's, Sprouts Farmers Market, and Marshalls, collectively representing about 11.7% of total annualized base rent[64]. - The company operates 24 properties with a total net rentable square footage of 6,787,569, with Southern California accounting for 46.0% of the total[196]. - The operating portfolio includes approximately 735 leases with office and retail tenants, with only one tenant accounting for more than 9.8% of the annualized base rent[192]. Risks and Challenges - The company faces competition from other developers and operators, which may impact its ability to lease properties and achieve desired financial outcomes[47]. - The company faces risks related to economic conditions in California, Washington, Oregon, Texas, and Hawaii, which could adversely affect financial performance[56]. - The company may encounter challenges in identifying and completing property acquisitions that meet its growth criteria, potentially impeding growth[66]. - The company is susceptible to trends in office real estate, including the shift towards remote work, which may reduce demand for office space[57]. - The company faces risks associated with joint ventures, including lack of decision-making authority and potential disputes with co-venturers[114]. Capital and Financing - Total debt outstanding as of February 6, 2026, was $1.70 billion, excluding debt issuance costs, with a credit facility capacity of $500 million[58]. - The company may face challenges in obtaining additional capital due to unfavorable economic conditions, which could hinder growth strategies and refinancing efforts[70]. - High mortgage rates may limit the company's ability to finance or refinance properties, potentially reducing net income and cash distributions[71]. - The company may need to borrow funds during unfavorable market conditions to meet distribution requirements, potentially affecting its financial condition[164]. Regulatory and Compliance - The company is committed to maintaining its REIT status by distributing at least 90% of its net taxable income to stockholders annually[41]. - The company is subject to various data privacy and security regulations, and any failure to comply could result in significant penalties and reputational damage[121]. - Legislative changes affecting REITs could negatively impact the company's ability to maintain its REIT status and the tax consequences for investors[169]. - The company may incur significant costs complying with various federal, state, and local laws, which could adversely impact its financial condition and results of operations[135]. Cybersecurity and Technology - The company has not identified any material cybersecurity incidents affecting operations or financial condition as of December 31, 2025[174]. - The cybersecurity risk management program includes a response team responsible for managing cybersecurity risks and incidents[180]. - The company utilizes AI technologies, which involve risks related to implementation, data quality, and potential legal liabilities[122]. - The company faces risks related to the evolving regulatory framework for AI Technologies, which may impact its ability to use and commercialize these technologies in the future[123]. Shareholder and Governance - The company has a substantial beneficial interest held by Ernest S. Rady and his affiliates, who own approximately 16.5% of the outstanding common stock, potentially influencing corporate decisions[137]. - Conflicts of interest may arise between the interests of stockholders and the interests of holders of units in the Operating Partnership, which could impede beneficial business decisions[138]. - The company's charter restricts ownership of common stock to a maximum of 7.275% for any individual, with exceptions granted to specific entities allowing ownership up to 19.9% and 10%[141]. - The board of directors can increase the number of authorized shares without stockholder approval, potentially leading to changes in control that may not favor existing shareholders[142].

Core Viewpoint - The equity market serves as a significant mechanism for wealth creation or destruction over the long term, with Pacifica Yield focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1] Group 1 - Pacifica Yield aims to pursue long-term wealth creation [1] - The strategy includes a focus on undervalued yet high-growth companies [1] - High-dividend tickers, REITs, and green energy firms are also key areas of interest [1]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported FFO per share of $2.00, which is approximately 3% above initial expectations [3] - Fourth quarter FFO per share was $0.47, a decrease of approximately $0.02 compared to Q3 2025, primarily due to non-recurrence of termination fees recognized in Q3 [20][21] - Same-store cash NOI for the full year increased by 0.5% compared to 2024, with office segment increasing by 2.3% and retail by 1.2%, while multifamily declined by 3.2% [21][22] Business Line Data and Key Metrics Changes - The office segment showed continued progress with same-store office NOI increasing just over 1% for the quarter and nearly 2.5% for the full year [8][21] - Retail segment ended the year at 98% leased, with fourth quarter leasing totaling 43,000 sq ft and positive cash and GAAP leasing spreads [11] - Multifamily segment ended the year 95.5% leased, achieving approximately 1% net effective rent growth year over year, despite competitive leasing conditions [12][13] Market Data and Key Metrics Changes - In West Coast office markets, signs of stabilization and gradual improvement in leasing activity were noted, particularly in San Diego and San Francisco [5][6] - The overall office portfolio ended the quarter 83% leased, with same-store office portfolio at 86%, up about 150 basis points from Q3 [7][11] - Retail availability is expected to remain near record lows nationally, supporting asking rents [12] Company Strategy and Development Direction - The company aims to drive office leasing by converting prospect activity into signed leases and maintaining retail momentum by managing expirations and focusing on tenant quality [18] - The strategy includes managing through the multifamily supply cycle with disciplined revenue management and cost control [18] - The company is focused on maintaining a strong balance sheet and improving valuation over time [17][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macro uncertainty but believes coastal infill locations and high-quality real estate position the company to capture demand as it materializes [5] - The outlook for 2026 includes a FFO guidance range of $1.96-$2.10 per share, with a midpoint of $2.03, reflecting a conservative approach to leasing velocity and market conditions [25][32] - Management expressed frustration with the current share price, indicating that the public market valuation does not reflect the intrinsic value of the company's assets [16] Other Important Information - The company declared a quarterly dividend of $0.34 per share for the first quarter, with expectations to maintain the dividend at current levels [17] - Liquidity at the end of the fourth quarter was approximately $529 million, with a leverage ratio of 6.9x on a trailing twelve-month basis [23][24] Q&A Session Summary Question: Inquiry about elevated TIs for renewals and demand environment - Management acknowledged that higher capital burdens for office leasing are expected to moderate as occupancy improves and availability tightens [36] Question: Timeline to achieve target leverage of 5.5x - Management indicated that leasing up La Jolla Commons 3 and One Beach would help achieve the target leverage [40] Question: Potential strategic asset sales to improve stock valuation - Management stated they would consider asset sales at favorable prices but would not sell at a discount just to check a box [42][43] Question: Guidance assumptions for office segment lease rates - Management reported that 68,000 sq ft has been signed in 11 deals year-to-date, with a significant pipeline of additional leasing activity [48] Question: Credit reserves and tenant health - Management clarified that the credit reserves are a conservative measure and not indicative of specific tenant concerns [84]

American Assets Trust (NYSE:AAT) Q4 2025 Earnings call February 04, 2026 11:00 AM ET Company ParticipantsAdam Wyll - CEOMeliana Leverton - Associate General CounselRobert Barton - CFOSteve Center - EVPConference Call ParticipantsDylan Burzinski - Senior AnalystHaendel St. Juste - Managing Director & Senior Equity Research AnalystTodd Thomas - Managing Director & Senior Equity Research AnalystNone - AnalystOperatorAnd welcome to the American Assets Trust, Inc.'s fourth quarter and year-end 2025 earnings conf ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported FFO per share of $2.00, which is about 3% above initial expectations [3] - Same-store cash NOI increased by 0.5% compared to 2024 [18] - Fourth quarter FFO per share was $0.47, a decrease of approximately $0.02 compared to Q3 2025 [18] Business Line Data and Key Metrics Changes - Office segment same-store NOI increased by 2.3% for the year, driven by higher base rent and improved expense recoveries [19] - Retail segment same-store NOI increased by 1.2% for the year, reflecting strong growth in the first half of 2025 [19] - Multifamily segment declined by 3.2% for the year due to flat to modestly lower rents and elevated concessions [20] - Mixed-use segment declined by 6.7% in 2025, impacted by softer hotel demand in Waikiki [20] Market Data and Key Metrics Changes - The office portfolio ended the quarter 83% leased, with same-store office portfolio at 86% leased, up about 150 basis points from Q3 [6] - Retail segment ended the year at 98% leased, with positive cash and GAAP leasing spreads [10] - Multifamily ended the year 95.5% leased, with approximately 1% net effective rent growth year over year [11] Company Strategy and Development Direction - The company aims to drive office leasing by converting prospect activity into signed leases and commenced revenue [16] - Retail momentum will be maintained by keeping centers full and managing expirations [16] - The company plans to manage through the multifamily supply cycle with disciplined revenue management and cost control [16] - The focus will be on prudent hotel operations while responding to market demand [16] Management's Comments on Operating Environment and Future Outlook - Management believes that coastal infill locations and high-quality real estate position the company to capture demand as it materializes [5] - The company views 2026 as an opportunity to build upon the progress made in 2025, with a focus on operational execution and long-term value creation [15][16] - Management expressed frustration with the current share price, indicating that it does not reflect the intrinsic value of the company's assets [14] Other Important Information - The company declared a quarterly dividend of $0.34 per share for the first quarter, with expectations to maintain the dividend at current levels [15] - Liquidity at the end of the fourth quarter was approximately $529 million, with a leverage ratio of 6.9x on a trailing twelve-month basis [22][23] Q&A Session Summary Question: Regarding elevated TIs for office renewals - Management acknowledged that higher capital burdens for office leasing are expected to moderate over time as occupancy improves [35][36] Question: Timeline to achieve target leverage of 5.5x - Management indicated that leasing up La Jolla Commons 3 and One Beach will help achieve the target leverage [40] Question: Steps to reinvigorate stock price - Management is open to strategic asset sales if they reflect long-term value but will not sell at a discount [42][43] Question: Guidance assumptions for office segment lease rates - Management reported that 68,000 sq ft has been signed year-to-date, with a significant pipeline of leasing activity [49] Question: Credit reserves in guidance - Management clarified that credit reserves are a conservative measure and not indicative of specific tenant concerns [84]

FOURTH QUARTER 2025 Supplemental Information Investor and Media Contact American Assets Trust, Inc. Robert F. Barton Executive Vice President and Chief Financial Officer 858-350-2607 with favorable supply/demand characteristics Office Retail Multifamily Mixed-Use Market Square Feet Square Feet Units Square Feet Suites San Diego 1,802,809 1,322,200 1,645 (1) — — Bellevue 1,028,470 — — — — Portland 930,903 44,236 657 — — San Antonio — 588,148 — — — San Francisco 511,493 35,097 — — — Oahu — 430,288 — 93,925 36 ...

分组1 - American Assets Trust (AAT) reported quarterly funds from operations (FFO) of $0.47 per share, missing the Zacks Consensus Estimate of $0.48 per share, and down from $0.55 per share a year ago, representing an FFO surprise of -2.08% [1] - The company posted revenues of $110.09 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 3.50%, but down from year-ago revenues of $113.46 million [2] - Over the last four quarters, American Assets Trust has surpassed consensus FFO estimates two times and topped consensus revenue estimates two times [2] 分组2 - The stock has underperformed the market, losing about 4.8% since the beginning of the year compared to the S&P 500's gain of 1.9% [3] - The current consensus FFO estimate for the coming quarter is $0.51 on revenues of $110.04 million, and for the current fiscal year, it is $2.00 on revenues of $437.45 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Retail is currently in the top 34% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Performance - Total revenue for Q4 2025 was $110.086 million, a decrease of 3.2% from $113.460 million in Q4 2024[15] - Net income attributable to American Assets Trust, Inc. stockholders for Q4 2025 was $3.148 million, down 64.9% from $8.977 million in Q4 2024[15] - Funds from Operations (FFO) for Q4 2025 was $36.027 million, a decrease of 14.5% compared to $42.110 million in Q4 2024[16] - FFO per diluted share for Q4 2025 was $0.47, down from $0.55 in Q4 2024[16] - Total assets as of December 31, 2025, were $2.921 billion, a decrease from $3.273 billion as of December 31, 2024[14] - Total liabilities decreased to $1.830 billion in Q4 2025 from $2.149 billion in Q4 2024[14] - Cash and cash equivalents decreased significantly to $129.362 million from $425.659 million year-over-year[14] - The company reported a net income of $4,221,000 for Q4 2025, down from $11,584,000 in Q4 2024[126] - EBITDA for the year ended December 31, 2025, was $228,768,000, compared to $264,662,000 for the previous year[126] - For the year ended December 31, 2025, net income was $71,370, a slight decrease of 2.0% from $72,819 in 2024[130] Funds from Operations and Cash Flow - Funds from Operations (FFO) for Q4 2025 decreased to $36,243,000 from $42,288,000 in Q4 2024, representing a decline of 14.4%[18] - Funds Available for Distribution (FAD) for Q4 2025 was $23,841,000, down from $26,795,000 in Q4 2024, a decrease of 7.2%[18] - Total Cash NOI for Q4 2025 was $65,334, down 4.8% from $68,669 in Q4 2024[132] - Same-Store Cash NOI for Q4 2025 was $66,104, slightly up from $66,083 in Q4 2024, indicating stable performance[134] Real Estate Portfolio - The portfolio consists of 6.7 million square feet, with 64% in office and 36% in retail[6] - The company operates in high-barrier-to-entry markets, which are expected to have favorable supply/demand characteristics[5] - Same-store Net Operating Income (NOI) for Q4 2025 was $65,992,000, compared to $66,083,000 in Q4 2024, showing a slight increase of 0.5%[36] - The company reported a total of $429,627,000 in same-store real estate rental revenue for the year ended December 31, 2025[31] Capital Expenditures and Debt - Capital expenditures for Q4 2025 totaled $15,792,000, compared to $17,439,000 in Q4 2024, reflecting a decrease of 9.4%[18] - The company reported outstanding debt of $1,625,000,000 as of December 31, 2025, with a weighted average interest rate of 4.46%[57] - The total debt amounts to $1.7 billion, representing 53.7% of total capitalization and 55.9% of total enterprise value[65] - The company has a market capitalization of approximately $1.468 billion, with a total enterprise value of $3.039 billion after accounting for cash on hand[65] - The weighted average fixed interest rate for the company's debt is 4.5%, with a weighted average term to maturity of 5.1 years[68] Leasing Activity - In Q4 2025, the total number of comparable leases signed was 13, with a net rentable area of 135,024 square feet and a contractual rent per square foot of $74.14, reflecting an annual rent change of $621,549 or 6.6%[88] - The total number of leases signed for the entire year was 46, with a total net rentable area of 370,619 square feet and an average contractual rent per square foot of $58.51, showing an annual change in rent of $1,297,712 or 6.4%[88] - The total number of retail leases signed in Q4 2025 was 12, with a net rentable area of 29,004 square feet and a contractual rent per square foot of $56.85, indicating an annual change of $5,658 or 0.3%[91] - The total number of renewal leases for retail in Q4 2025 was 11, with a net rentable area of 26,286 square feet and a contractual rent per square foot of $59.81, resulting in an annual change of $(34,842) or (2.2%) compared to prior rent[91] Market Expansion and Development - The company plans to continue its market expansion and repositioning initiatives, particularly in the office and retail segments[55] - The company is exploring multiple development opportunities, including high-density mixed-use urban villages in Portland, OR, with potential for over 3 million square feet of development[72] - The company is developing a 120,000 square foot retail building at Waikele Center in Honolulu, HI, as part of its development pipeline[72] Tenant Information - The top ten office tenants account for 31.4% of total rentable square feet, contributing $92,638,487 in annualized base rent[113] - The largest tenant, Google LLC, occupies 253,198 sq. ft. and contributes $27,659,898 in annualized base rent[113] - The total area occupied by the top 10 retail tenants is 679,727 square feet, representing 28.3% of total retail space[118] - The annualized base rent from the top 10 retail tenants amounts to $17,744,330, which is 25.3% of total retail rent[118]

SAN DIEGO, Feb. 03, 2026 (GLOBE NEWSWIRE) -- American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its fourth quarter and year ended December 31, 2025. Fourth Quarter Highlights Net income available to common stockholders of $3.1 million and $55.6 million for the three months and year ended December 31, 2025, respectively, or $0.05 and $0.92 per diluted share, respectively.FFO of $0.47 and $2.00 per diluted share for the three months and year ended December 31, 2025, r ...

Core Viewpoint - Investors should closely monitor American Assets Trust, Inc. (AAT) due to significant movements in the options market, particularly the high implied volatility of the Jul 17, 2026 $2.5 Call option [1] Company Analysis - American Assets Trust currently holds a Zacks Rank of 4 (Sell) within the REIT and Equity Trust – Retail industry, which is positioned in the top 41% of the Zacks Industry Rank [3] - Over the past 30 days, no analysts have raised their earnings estimates for the current quarter, while one analyst has lowered the estimate, resulting in a decrease of the Zacks Consensus Estimate from 49 cents per share to 48 cents [3] Options Market Insights - The high implied volatility suggests that options traders are anticipating a significant price movement for American Assets Trust shares, indicating potential upcoming events that could lead to a major rally or sell-off [2][3] - Options traders often seek to sell premium on options with high implied volatility, aiming to benefit from the decay of the option's value if the underlying stock does not move as much as expected by expiration [4]