On October 27, 2026, American Assets Trust, Inc. reported its financial results for the third quarter ended September 30, 2026. The company reported net income of $7.7 million for the quarter, or $0.13 per diluted share, and $18.0 million, or $0.30 per diluted share, for the nine months ended September 30, 2026.
Funds From Operations (FFO) for the three months ended September 30, 2026, was $0.56 per diluted share, compared to $0.49 per diluted share in the prior year. For the nine-month period, FFO was $1.57 per diluted share, up from $1.53 per diluted share in the prior year. The company noted that same-store cash Net Operating Income (NOI) increased 8.3% for the quarter and 2.3% for the nine months ended September 30, 2026, compared to the same periods in 2025.
In terms of leasing, the company signed 43 leases for approximately 231,800 square feet of office and retail space, along with 635 multifamily apartment leases. The company achieved record average rental rates across its retail and multifamily segments during the third quarter. The company also reported that office and retail leasing spreads increased on a comparable basis during the quarter.
Regarding its balance sheet, as of September 30, 2026, the company had gross real estate assets of $3.8 billion and liquidity of $589.6 million, comprised of cash and cash equivalents of $89.6 million and $500.0 million of availability on its line of credit. The company declared dividends of $0.34 per share for the third quarter of 2026, which were paid on September 17, 2026, and declared a dividend of $0.34 per share for the fourth quarter of 2026, payable on December 17, 2026.
Guidance for 2026 FFO per diluted share was increased to a range of $2.04 to $2.10 per share, with a midpoint of $2.07. This represents an increase of $0.04 at the midpoint from the prior guidance range of $1.96 to $2.10 per share. The company will hold a conference call to discuss the results on Wednesday, October 28, 2026, at 8:00 a.m. Pacific Time.
