American Assets Trust Stock Earnings Reports

American Assets Trust reported Q1 2026 FFO per diluted share of $0.51 and net income attributable to common stockholders of $0.08 per share. The company highlighted progress across its portfolio: office leasing momentum with 237,000 sq ft executed in Q1 and a pipeline of signed but not commenced leases (~244,000 sq ft) plus additional proposals; retail remained highly leased at ~98% with record average base rents of $30/sq ft; multifamily showed +3% same-store cash NOI and strong occupancy (San Diego ~98%, Portland Hassalo ~93%); Waikiki Beach Walk retail performed well while the hotel remains under pressure from softer ADR despite improved occupancy. A key balance sheet accomplishment was the April 1 recast and upsized unsecured facility (revolver increased to $500M and term loan $100M extended to April 1, 2030) giving $600M total unsecured capacity and no maturities until 2027. The Board approved a quarterly dividend of $0.34/share; Q1 payout ratio was ~111% (driven by leasing-related capital tied to signed leases and spec suite program), and management expects payout to moderate to the low–mid 90% range for the remaining three quarters, with full-year likely in the upper 90% range. Management reaffirmed 2026 FFO guidance of $1.96–$2.10 per share (midpoint $2.03) and reiterated priorities: advance office leasing, protect retail and multifamily cash flow, and disciplined capital allocation. Net debt-to-EBITDA was 6.9x (target <=5.5x) with liquidity of ~$518M at quarter-end.