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].