Quarterly ResultApr 28, 2026, 04:22 PM
AAT Q1 FFO/Unit $0.51; Same-Store Cash NOI Flat; Debt Extended
AI Summary
American Assets Trust, Inc. reported Q1 2026 FFO per diluted share/unit of $0.51, a slight decrease from $0.52 in Q1 2025. Net income attributable to stockholders significantly decreased to $5.1 million from $42.5 million year-over-year, primarily due to a gain on real estate sale in the prior year. Same-store cash net operating income remained flat at $66.4 million. The company also extended the maturity dates for its Term Loan A and Unsecured Line of Credit to April 2030, enhancing financial flexibility.
Key Highlights
- Q1 2026 FFO per diluted share/unit was $0.51, a slight decrease from $0.52 in Q1 2025.
- Net income attributable to stockholders decreased to $5.1 million from $42.5 million YoY.
- Same-store cash net operating income remained flat at $66.4 million for Q1 2026.
- Term Loan A maturity extended from January 2027 to April 2030.
- Unsecured Line of Credit capacity increased to $500 million, maturity extended to April 2030.
- Office portfolio 84.5% leased with annualized base rent of $56.64 per square foot.
- Retail portfolio 97.7% leased with annualized base rent of $30.04 per square foot.
- Multifamily portfolio 94.7% occupied with average monthly base rent of $2,783 per unit.