Core Insights - American Assets Trust, Inc. reported a net income of $4.5 million for Q3 2025, down from $16.7 million in Q3 2024, and a net income of $52.5 million for the nine months ended September 30, 2025, compared to $47.8 million for the same period in 2024 [4][5][26] - Funds from Operations (FFO) per diluted share were $0.49 for Q3 2025 and $1.53 for the nine months ended September 30, 2025, compared to $0.71 and $2.03 for the same periods in 2024 [5][27] - The company increased its 2025 FFO per diluted share guidance to a range of $1.93 to $2.01, reflecting a $0.02 increase over prior guidance [5][18] Financial Results - Total revenue for Q3 2025 was $109.6 million, down from $122.8 million in Q3 2024, while total revenue for the nine months ended September 30, 2025, was $326.1 million, compared to $344.4 million in the same period in 2024 [26] - The company recognized a $44.5 million gain on the sale of Del Monte Center, contributing to the increase in net income for the nine months ended September 30, 2025 [4][6] - Same-store cash Net Operating Income (NOI) decreased by 0.8% for Q3 2025 but increased by 0.6% for the nine months ended September 30, 2025, compared to the same periods in 2024 [5][13] Leasing Activity - The company leased 181,000 square feet of office space and 125,000 square feet of retail space during Q3 2025, with average straight-line and cash-basis contractual rent increases of 19% and 9% for office, and 21% and 4% for retail, respectively [5][9] - The total portfolio leased status as of September 30, 2025, was 81.9% for office, 97.9% for retail, and 89.7% for multifamily properties [9][10] Balance Sheet and Liquidity - As of September 30, 2025, the company had gross real estate assets of $3.7 billion and liquidity of $538.7 million, consisting of $138.7 million in cash and cash equivalents and $400 million available on its line of credit [16] - The company had only 1 out of 31 assets encumbered by a mortgage as of the reporting date [16] Dividends - The company declared dividends of $0.340 per share for both Q3 and Q4 2025, with the Q4 dividend scheduled to be paid on December 18, 2025 [17]

Core Viewpoint - American Assets Trust, Inc. reported its financial results for the second quarter ended June 30, 2025, showing a decrease in net income and funds from operations (FFO) compared to the same periods in 2024, while providing an updated guidance for FFO per diluted share for 2025 [2][4][18]. Financial Results - Net income available to common stockholders was $5.5 million for the three months and $48.0 million for the six months ended June 30, 2025, translating to $0.09 and $0.79 per diluted share, respectively [5][24]. - FFO excluding lease termination fees and litigation income was $0.51 and $1.03 per diluted share for the three and six months ended June 30, 2025, compared to $0.60 and $1.19 for the same periods in 2024 [5][26]. - The company reported a $21.3 million increase in net income for the six months ended June 30, 2025, primarily due to a $44.5 million gain on the sale of Del Monte Center [4][7]. Leasing Activity - The company leased approximately 69,000 office square feet with an average straight-line rent increase of 10% and a cash-basis rent decrease of 2% during the second quarter [5][10]. - For retail, approximately 213,000 square feet were leased with a straight-line rent increase of 22% and a cash-basis increase of 7% [5][10]. - The portfolio leased status as of June 30, 2025, showed office occupancy at 82.0%, retail at 97.7%, and multifamily at 88.1% [9]. Guidance - The company increased its 2025 FFO per diluted share guidance to a range of $1.89 to $2.01, with a midpoint of $1.95, reflecting an approximate 1% increase over prior guidance [2][18]. Balance Sheet and Liquidity - As of June 30, 2025, the company had gross real estate assets of $3.7 billion and liquidity of $543.7 million, consisting of $143.7 million in cash and $400.0 million available on its line of credit [16][23]. Dividends - The company declared dividends of $0.340 per share for the second quarter of 2025, with a similar dividend declared for the third quarter to be paid on September 18, 2025 [17].