American Assets Trust posts Q1 net income of $5.1M, ups credit line to $600M
American Assets Trust posted Q1 net income of $5.1 million, or $0.08 per diluted share, versus $54.1 million a year earlier, and FFO fell to $0.51 per share from $0.52. Same-store cash NOI held flat and the company increased its credit facility to $600 million.
1. Q1 Financial Results
In the quarter ended March 31, 2026, American Assets Trust reported net income available to common stockholders of $5.1 million, or $0.08 per diluted share, down from $54.1 million and $0.70 per share in Q1 2025. FFO declined to $0.51 per diluted share from $0.52, while same-store cash NOI remained flat year-over-year.
2. Leasing Activity
During Q1, the company leased 237,000 square feet of office space—including 108,000 square feet of comparable space with a 10.6% straight-line rent increase and a 4.8% cash-basis rise—and 39,000 square feet of retail space with a 1.3% straight-line gain. It signed 43 office and retail leases totaling 275,300 square feet and executed 337 multifamily apartment leases, driven primarily by renewals.
3. Credit Facility Amendment
On April 1, 2026, the credit facility was amended and restated to boost borrowing capacity to $600 million, comprising a $500 million revolving line of credit and a $100 million term loan, and to extend the maturity date to April 1, 2030.