The in-line FFO results and maintained guidance offer no immediate catalyst. The stock's recent run-up to $24.69 from $18.41 in Q1 may already price in the operational stability. Watch for leasing momentum at La Jolla Commons III and the impact of the one-time reserve at Coastal Collection at Torrey Reserve on future same-store NOI.
Price Chart
Executive Summary
American Assets Trust reported Q2 2026 FFO of $0.51 per diluted share, in line with the $0.51 consensus, and total revenue of $109.5M, slightly below the $110.9M estimate. Same-store cash NOI grew a modest 0.3% YoY, with record leasing spreads in office (9.1% cash basis) and retail (20.2% straight-line basis). The company affirmed its full-year 2026 FFO guidance of $1.96-$2.10 per share, providing stability but no upside catalyst for the stock.
Key Financial Metrics
Key Facts
- Q2 2026 FFO per diluted share of $0.51, in line with consensus of $0.51.
- Total revenue of $109.5M, slightly below the $110.9M consensus estimate.
- Same-store cash NOI increased 0.3% YoY for Q2 2026.
- Office comparable leasing spreads of 9.1% on a cash basis and 10.2% on a straight-line basis.
- Retail comparable leasing spreads of 3.0% on a cash basis and 20.2% on a straight-line basis.
- Full-year 2026 FFO guidance affirmed at $1.96 to $2.10 per diluted share.
- Credit facility amended and restated on April 1, 2026, increasing borrowing capacity to $600M and extending maturity to April 1, 2030.
- Liquidity of $609.7M at quarter end, comprising $109.7M cash and $500M available on the line of credit.
- Dividend maintained at $0.34 per share for Q2 and declared for Q3 2026.
Financial Impact
FFO per share flat YoY at $0.51 vs $0.52; same-store cash NOI growth of 0.3% is modest but positive; guidance maintained.
Risk Factors
- Office occupancy declined slightly to 84.4% from 84.5% QoQ.
- Multifamily occupancy dropped to 88.4% from 94.7% QoQ, driven by Pacific Ridge Apartments (77.3% occupied).
- Interest expense increased to $19.9M from $19.8M YoY due to higher debt and ceased capitalization.
- One-time reserve for receivables at Coastal Collection at Torrey Reserve negatively impacted office same-store cash NOI by ~2.0%.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001500217-26-000043 |
| Document: a2q26earningsrelease.htm | 0001500217-26-000043 |
| Document: aat-20260728.htm | 0001500217-26-000043 |
| Document: 0001500217-26-000043-index-headers.html | 0001500217-26-000043 |
| Document: 0001500217-26-000043-index.html | 0001500217-26-000043 |
| Document: 0001500217-26-000043.txt | 0001500217-26-000043 |
| 8-K Data (Synthetic) | 0001500217-26-000043 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | Press Release | $21.39 $21.61 | ▲ +1.03% | ▼ −0.27% | $21.41 (+0.09%) |
Sep 16, 2026 5w ago | Insider Buy | $22.13 $21.49 | ▼ −2.89% | ▼ −3.49% | $21.41 (−3.25%) |
Sep 2, 2026 7w ago | Insider Buy | $22.16 $21.50 | ▼ −2.98% | ▼ −1.83% | $21.41 (−3.38%) |
Aug 28, 2026 8w ago | Insider Buy | $22.46 $21.83 | ▼ −2.81% | ▼ −2.66% | $21.41 (−4.67%) |
Aug 26, 2026 8w ago | Insider Buy | $22.50 $22.16 | ▼ −1.51% | ▼ −1.78% | $21.41 (−4.84%) |
Aug 21, 2026 9w ago | Insider Buy | $23.00 $22.46 | ▼ −2.35% | ▼ −2.82% | $21.41 (−6.91%) |
Aug 19, 2026 9w ago | Insider Buy | $22.83 $22.50 | ▼ −1.45% | ▼ −2.56% | $21.41 (−6.22%) |
Aug 14, 2026 10w ago | Insider Buy | $22.65 $23.00 | ▲ +1.55% | ▲ +2.74% | $21.41 (−5.47%) |
Aug 12, 2026 10w ago | Insider Buy | $22.96 $22.83 | ▼ −0.57% | ▲ +1.40% | $21.41 (−6.75%) |
Aug 12, 2026 10w ago | Institutional Cluster | $22.56 $22.80 | ▲ +1.06% | ▲ +1.51% | $21.41 (−5.10%) |
US Market Status
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