American Assets Trust reported Q4 net income available to common stockholders of $3.1 million, or $0.05 per diluted share, and full-year net income of $55.6 million, or $0.92 per diluted share. Fourth-quarter FFO came in at $0.47 per diluted share, down from $0.55 a year ago and missing the consensus estimate by $0.01, while full-year FFO totaled $2.00 per diluted share versus $2.58 in 2024. Same-store cash NOI was flat in the quarter and rose 0.5% year-over-year for the twelve months, reflecting resilience in operating fundamentals despite headwinds from lease termination fees and lower litigation income compared to the prior year.

During Q4 the company leased 193,000 square feet of office space (135,000 comparable) with average straight-line rent increases of 11.5% and cash-basis increases of 6.6%, alongside 43,000 square feet of retail (29,000 comparable) generating straight-line rent gains of 24.3% and cash-basis gains of 0.3%. Office occupancy stood at 83.1% (85.6% same-store), retail at 97.7%, multifamily at 93.7%, mixed-use retail at 96.2% and hotel at 82.3%. Renewals accounted for 92% of comparable office and retail leases and 58% of residential renewals, underpinning steady portfolio performance.

As of December 31, 2025, American Assets Trust held $3.8 billion in gross real estate assets and maintained liquidity of $529.4 million, comprised of $129.4 million in cash and a fully undrawn $400 million credit facility. The company exercised a six-month extension on the facility, shifting the maturity to July 5, 2026, to optimize refinancing timing. Only 1 of 31 assets remains mortgaged, highlighting a low leverage profile and ample financial flexibility.

Management introduced 2026 FFO guidance with a midpoint of $2.03 per diluted share and a range of $1.96 to $2.10, reflecting moderate growth expectations. The board declared a Q4 dividend of $0.340 per common share, marking the 233rd consecutive quarterly distribution and reinforcing the company’s commitment to delivering stable income to shareholders.