American Assets Trust公布2026年二季度业绩，FFO小幅下滑、同店NOI基本持平

American Assets Trust, Inc.
(NYSE: AAT) (the “company”) today reported financial results for its second quarter ended
June 30, 2026
.
Second Quarter Highlights
Net income available to common stockholders of
$5.2 million
and
$10.3 million
for the
three and six months ended
June 30, 2026
, respectively, or
$0.09
and
$0.17
per diluted share, respectively.
FFO of
$0.51
and
$1.02
per diluted share for the
three and six months ended
June 30, 2026
, respectively, compared to
$0.52
and
$1.04
per diluted share for the same periods in 2025.
Same-store cash Net Operating Income (
“
NOI”)
increased 0.3% and decreased 0.1%
for the
three and six months ended
June 30, 2026
, respectively, compared to the same periods in 2025.
Achieved record average rental rates across our office, retail, and multifamily segments during the second quarter of 2026.
Leased
110,000
of office square feet, of which approximately
75,000
is comparable at an average straight-line basis and cash-basis contractual rent
increase
of
10.2%
and
9.1%
, respectively, during the
second
quarter.
Leased
139,000
of retail square feet, of which approximately
134,000
is comparable at an average straight-line basis and cash-basis contractual rent
increase of 20.2% and 3.0%
, respectively, during the
second
quarter.
Amended and Restated Credit Facility
On
April 1, 2026
, the credit facility was amended and restated to, among other things, increase the borrowing capacity to
$600 million
, consisting of a
$500 million
revolving line of credit and a
$100 million
term loan, and extend the maturity date to
April 1, 2030
. As of
June 30, 2026
, the only amount outstanding under the credit facility was the
$100 million
term loan.
Financial Results
(Unaudited, amounts in thousands, except per share data)
Three Months Ended
June 30
,
Six Months Ended
June 30
,
2026
2025
2026
2025
Net income
$
6,790
$
7,121
$
13,529
$
61,228
Basic and diluted income attributable to common stockholders per share
$
0.09
$
0.09
$
0.17
$
0.79
FFO attributable to common stock and common units
$
39,286
$
39,723
$
78,120
$
79,668
FFO per diluted share and unit
$
0.51
$
0.52
$
1.02
$
1.04
Net income attributable to common stockholders decreased
$47.7 million
for the six months ended
June 30, 2026
compared to the same period in 2025, primarily driven by the gain on sale of Del Monte Center recognized in 2025, higher interest expense as we ceased capitalization of interest related to La Jolla Commons III being placed into service, decrease in occupancy at First & Main and 14Acres and overall increase in rental expenses across all segments.
FFO decreased
$1.5 million
for the six months ended
June 30, 2026
compared to the same period in 2025, primarily due to the items described above. Gain on sale of Del Monte Center is excluded from FFO computations.
FFO is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance. A reconciliation of net income to FFO is attached to this press release.
Leasing
The portfolio leased status as of the end of the indicated quarter was as follows:
June 30, 2026
March 31, 2026
June 30, 2025
Total Portfolio
Office
84.4%
84.5%
82.0%
Retail
97.9%
97.7%
97.7%
Multifamily
(1) (2)
88.4%
94.7%
88.8%
Mixed-Use:
Retail
92.2%
96.2%
95.0%
Hotel
91.2%
91.9%
85.3%
Same-Store Portfolio
(3)
Office
84.4%
84.5%
82.0%
Retail
97.9%
97.7%
97.7%
Multifamily
(1) (2)
88.4%
94.7%
88.8%
Mixed-Use:
Retail
92.2%
96.2%
95.0%
Hotel
91.2%
91.9%
85.3%
(1) Percentage leased for our multifamily properties includes total units rented and occupied as of each of the applicable dates.
(2)
Santa Fe Park RV Resort
is excluded from the multifamily presentation above to reflect traditional multifamily performance. Including Santa Fe Park RV Resort, multifamily occupancy would be 87.7%, 92.1% and 88.1% as of
June 30, 2026
,
March 31, 2026
and
June 30, 2025
, respectively.
(3) Same-store portfolio excludes land held for development.
During the second quarter of 2026, the company signed 34 leases for approximately 248,700 square feet of office and retail space, as well as 575 multifamily apartment leases. Renewals accounted for 67% of the comparable office leases, 100% of the comparable retail leases, and 77% of the residential leases.
Office and Retail
The annualized base rent per leased square foot as of the end of the indicated quarter was as follows:
3rd Quarter 2025
4th Quarter 2025
1st Quarter 2026
2nd Quarter 2026
Office
Weighted Average Portfolio
$56.59
$56.69
$56.64
$57.83
Retail
Weighted Average Portfolio
$29.57
$29.72
$30.04
$30.12
On a comparable basis (i.e., leases for which there was a former tenant in the past six-months) our office and retail leasing spreads as of the end of the indicated quarter are shown below:
3rd Quarter 2025
4th Quarter 2025
1st Quarter 2026
2nd Quarter 2026
Office
Cash Basis % Change Over
Prior Rent
9.3%
6.6%
4.8%
9.1%
Straight-Line Basis % Change Over
Prior Rent
18.6%
11.5%
10.6%
10.2%
Retail
Cash Basis % Change Over
Prior Rent
4.4%
0.3%
(2.0)%
3.0%
Straight-Line Basis % Change Over
Prior Rent
21.0%
24.3%
1.3%
20.2%
On a comparable basis (i.e., leases for which there was a former tenant in the past six months) during the three and six months ended
June 30, 2026
our office and retail leasing spreads are shown below:
Number of Leases Signed
Comparable Leased Sq. Ft.
Average Cash Basis % Change Over
Prior Rent
Average Cash Contractual Rent Per Sq. Ft.
Straight-Line Basis % Change Over
Prior Rent
Office
Q2 2026
12
75,416
9.1%
$61.75
10.2%
YTD Q2 2026
27
183,872
6.6%
$59.93
10.4%
Retail
Q2 2026
19
133,828
3.0%
$39.18
20.2%
YTD Q2 2026
32
171,421
1.7%
$40.61
15.3%
Multifamily
The average monthly base rent per occupied unit as of the end of the indicated quarter was as follows:
3rd Quarter 2025
4th Quarter 2025
1st Quarter 2026
2nd Quarter 2026
Average Monthly Base Rent per Occupied Unit
$
2,730
$
2,684
$
2,756
$
2,776
Same-Store Cash Net Operating Income
For the three and six months ended
June 30, 2026
, same-store cash NOI increased 0.3% and decreased 0.1%, respectively, compared to the three and six months ended
June 30, 2025
. The same-store cash NOI by segment was as follows (in thousands):
Three Months Ended
(1)
Six Months Ended
(
2
)
June 30
,
June 30
,
2026
2025
Change
2026
2025
Change
Cash Basis:
Office
(3)
$
34,575
$
34,426
0.4
%
$
70,230
$
70,344
(0.2
)%
Retail
16,818
16,891
(0.4
)
33,087
33,274
(0.6
)
Multifamily
9,390
9,307
0.9
18,671
18,444
1.2
Mixed-Use
5,718
5,681
0.7
10,937
11,045
(1.0
)
Same-store Cash NOI
(
3
)
(4)
$
66,501
$
66,305
0.3
%
$
132,925
$
133,107
(0.1
)%
(1) For the three months ended
June 30, 2026
, the same-store portfolio includes: (i)
Genesee Park
(multifamily), which was acquired on
February 28, 2025
, and (ii) La Jolla Commons III (office), which was placed into service on
April 1, 2025
. The same-store portfolio excludes land held for development.
(2) For the six months ended
June 30, 2026
, the same-store portfolio excludes: (i) Del Monte Center (retail), which was sold on
February 25, 2025
, (ii)
Genesee Park
(multifamily), which was acquired on
February 28, 2025
, (iii) La Jolla Commons III (office), which was placed into service on
April 1, 2025
and (iv) land held for development.
(3) Office same-store cash NOI and total same-store cash NOI include the impact of a one-time reserve for certain receivables related to an office tenant at Coastal Collection at Torrey Reserve. The company continues to pursue recovery of the outstanding amounts. Excluding this reserve, office same-store cash NOI would have increased 2.4% and 0.8% for the three and six months ended
June 30, 2026
, respectively, and total same-store cash NOI would have increased 1.3% and 0.4% for the respective periods, each compared to the corresponding periods in 2025.
(4) Lease termination fees and tenant improvement reimbursements are excluded from same-store cash NOI to provide a mor