Q1 2026 American Assets Trust Inc Earnings Call Transcript

Apr 29, 2026 / 03:00 PM GMT

Release Date Price: $20.45 (-5.19%)

Transcript 10-Q8-K

Key Points

Positve

American Assets Trust Inc (AAT) successfully completed the recast and upsize of its unsecured credit facility, increasing the revolving line of credit from $400 million to $500 million and extending the maturity to 2030, providing enhanced financial flexibility.
The office portfolio showed strong leasing activity, with approximately 237,000 square feet of office leases executed, and a proposal pipeline of over 200,000 square feet.
Retail assets remained highly leased at 98%, with average base rents reaching a new portfolio record of $30 per square foot.
Multifamily portfolio ended the quarter 96% leased, with a 3% year-over-year increase in same-store cash NOI, indicating solid performance despite a competitive supply landscape.
The company maintained a quarterly dividend of $0.34 per share, reflecting confidence in the long-term cash flow profile of the portfolio.

Negative

The office portfolio faced challenges with Genentech vacating approximately 67,000 square feet in Q4, impacting the year-end leasing target.
Retail same-store cash NOI was modestly below the prior-year period due to temporary vacancies from former Party City and Discount Tire spaces.
Mixed-use NOI declined 2.7% due to lower ADR and higher operating expenses at Embassy Suites Waikiki, despite improved occupancy.
The payout ratio remained elevated at approximately 111%, driven by leasing-related capital expenditures, though expected to moderate.
Tourism demand at Waikiki Beachwalk was impacted by external factors such as significant rainstorms and a strong Japanese yen, affecting hotel performance.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

AAT.N - American Assets Trust Inc
Q1 2026 American Assets Trust Inc Earnings Call
Apr 29, 2026 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, and welcome to the American Assets Trust First Quarter 2026 Earnings Call. All participants will be in a listen-only mode.

Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

After today's presentation, there will be an opportunity to ask questions.

To ask a question, you may press then one on your touchtone phone. To withdraw your questions, please press then two.

Please note this event is being recorded. I would now like to turn the call over to Meliana Leverton, Associate General Counsel of American Assets Trust. Please go ahead.

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