American Assets Trust, Inc. (AAT) reported its third‑quarter 2025 financial results, covering the nine‑month period ended September 30, 2025. The company posted net income attributable to common stockholders of $52.5 million for the nine months, up $4.7 million from the $47.8 million reported for the same period in 2024. For the quarter, net income was $4.5 million, compared with $16.7 million in Q3 2024.
Funds from operations (FFO) were $1.53 per diluted share for the nine‑month period and $0.49 per diluted share for the quarter, down from $0.71 per diluted share in Q3 2024. Revenue for the quarter was $109.6 million, slightly below the $122.8 million recorded in Q3 2024 but above consensus estimates of $105.7 million.
Management raised its 2025 FFO per diluted share guidance to a range of $1.93 to $2.01, with a midpoint of $1.97, an increase of $0.02 over the prior guidance. The company cited stronger leasing activity in its office and retail portfolios and a $44.5 million gain on the sale of Del Monte Center as key drivers of the improved outlook.
The sale of Del Monte Center, a 1.2‑million‑square‑foot mixed‑use property in San Diego, closed for $123.5 million. The transaction generated a $44.5 million gain, contributing to the rise in net income. The buyer was a joint venture between a private equity firm and a local developer, and the closing was completed in the first quarter of 2026.
AAT also announced the acquisition of Genesee Park Apartments, a 200‑unit multifamily complex in San Francisco, for $67.9 million. The purchase is part of the company’s capital‑recycling strategy, aimed at consolidating its presence in high‑barrier coastal markets and adding value through rent growth and operational efficiencies. Closing is expected in the second quarter of 2026.
The company maintained its quarterly dividend of $0.34 per share, the same level paid in the third quarter of 2025 and the fourth quarter of 2024. Management noted that the dividend is supported by strong cash flow generation and a disciplined debt‑management plan, with no debt maturities until 2027.
CEO Adam Wyll, who assumed the role in 2023, led the earnings call alongside CFO Robert Barton. The company emphasized its focus on high‑barrier coastal markets, disciplined capital allocation, and the ability to navigate rising interest rates and evolving tenant demands.
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