American Assets Trust Raises 2026 FFO Guidance Midpoint

The Tip Desk · November 8, 2026 · 3 min read

Same-store cash NOI growth accelerated to 8.3% in the third quarter, and the company lifted full-year FFO guidance to a $2.04–$2.10 range.

American Assets Trust, Inc. (AAT), a San Diego real estate investment trust, reported that same-store cash net operating income rose 8.3% in the three months ended September 30, 2026, compared with the same period a year earlier, after 0.3% growth in the second quarter and a flat first quarter.

The acceleration in property-level cash NOI was the quarter’s defining turn. Funds from operations attributable to common stock and common units were $0.56 a share, up from $0.51 in the second quarter and above the $0.49 recorded a year earlier. Net income available to common stockholders was $7.7 million, or $0.13 a share, versus $5.2 million, or $0.09 a share, in the prior quarter.

The company said it achieved record average rental rates across its retail and multifamily segments in the third quarter. Office occupancy stood at 85.8% at September 30, 2026, up from 84.4% at June 30. Multifamily occupancy, excluding Santa Fe Park RV Resort, was 94.2%, up from 88.4%. Retail occupancy was 98.3%. Mixed-use retail was 93.7% and hotel year-to-date occupancy 90.3%.

Same-store cash NOI by segment for the three months ended September 30, 2026, compared with the year-ago quarter, was $36.9 million in office, up 7.9%; $17.9 million in retail, up 9.6%; $9.0 million in multifamily, up 10.2%; and $5.9 million in mixed-use, up 3.9%. Total same-store cash NOI was $69.8 million. The same-store portfolio for the quarter included Genesee Park, acquired in February 2025, and La Jolla Commons III, placed into service in April 2025.

Leasing activity in the third quarter included 43 leases covering about 231,800 square feet of office and retail space and 635 multifamily apartment leases. Renewals accounted for 88% of comparable office leases, 86% of comparable retail leases and 50% of residential leases. Office comparable leasing of about 47,000 square feet carried an average cash-basis contractual rent increase of 2.1% and a straight-line increase of 8.2%. Retail comparable leasing of about 94,000 square feet carried a cash-basis increase of 7.4% and a straight-line increase of 16.8%.

Office cash-basis leasing spreads narrowed from 9.1% in the second quarter, and straight-line spreads fell to 8.2% from 10.2%. Retail cash-basis spreads widened to 7.4% from 3.0%. Weighted-average annualized base rent per leased office square foot was $57.64 at September 30, down from $57.83 at June 30. Retail weighted-average annualized base rent was $30.30. Average monthly base rent per occupied multifamily unit was $2,816, up from $2,776.

The company increased 2026 FFO per diluted share guidance to a range of $2.04 to $2.10, with a midpoint of $2.07, a $0.04 increase at the midpoint from the prior range of $1.96 to $2.10. Guidance excludes future acquisitions, dispositions, equity issuances or repurchases, debt financing or repayments.

At September 30, 2026, gross real estate assets were $3.8 billion and liquidity was $589.6 million, including $89.6 million of cash and $500.0 million of availability on the line of credit. Only one of 31 assets was encumbered by a mortgage. The company declared a $0.34 a share dividend for the fourth quarter of 2026, payable December 17, 2026.