Key Highlights

  • Consensus revenue of USD 111.87 million compares with total revenue of USD 109,483 thousand reported in the second quarter.
  • Consensus EPS of 0.09 matches the diluted EPS of 0.09 reported for both the second quarter of 2026 and 2025.
  • The company signed 14 office leases and 20 retail leases in the second quarter, totaling 109,715 and 138,993 square feet.
  • Operating income was USD 26,299 thousand against USD 25,978 thousand a year earlier, with dividends declared of 0.340 per share.

American Assets Trust (NYSE:AAT) reports third-quarter results on Tuesday, Oct. 27, after the market closes. Consensus stands at EPS of 0.09 on revenue of USD 111.87 million, and the company has a market capitalization of USD 1.31 billion.

American Assets Trust is a REIT that owns retail, office, multifamily and mixed-use properties in Southern California, Northern California, Washington, Oregon, Texas and Hawaii. As of June 30, 2026, its operating portfolio comprised 31 properties with approximately 6.8 million rentable square feet of office and retail space and 2,302 residential units.

Estimates Against the Last Reported Quarter

The revenue estimate of USD 111.87 million is above the USD 109,483 thousand of total revenue reported for the second quarter, which compared with USD 107,933 thousand a year earlier. The EPS estimate of 0.09 matches the diluted EPS reported in the second quarters of both 2026 and 2025.

Operating income was USD 26,299 thousand, against USD 25,978 thousand. Net income was USD 6,790 thousand against USD 7,121 thousand, and net income attributable to stockholders was USD 5,175 thousand against USD 5,456 thousand.

For the first half, total revenue was USD 220,075 thousand against USD 216,540 thousand. Net income was USD 13,529 thousand against USD 61,228 thousand, and the earlier period included a gain on sale of real estate of USD 44,476 thousand.

Rental Income and Leasing Activity

Rental income was USD 103,115 thousand against USD 101,070 thousand, while other property income was USD 6,368 thousand against USD 6,863 thousand. The filing reports rental revenue up USD 2.0 million, or 2%, to USD 103.1 million.

In office, the company signed 14 leases covering 109,715 square feet, including 75,416 square feet of comparable space at average rental rate increases of 9.1% on a cash basis and 10.2% on a GAAP basis. Office rental revenue rose USD 0.5 million, which the filing ties to new tenant leases at La Jolla Commons III, City Center Bellevue, Timber Ridge and One Beach Street, partly offset by lower occupancy at 14Acres and a one-time reserve for certain receivables related to an office tenant at Coastal Collection at Torrey Reserve.

In retail, the company signed 20 leases covering 138,993 square feet, including 133,828 square feet of comparable space at average rental rate increases of 3.0% on a cash basis and 20.2% on a GAAP basis. Retail rental revenue rose USD 0.7 million, including a USD 0.4 million increase from new tenant leases at Alamo Quarry Market, Lomas Santa Fe Plaza, Carmel Country Plaza and Waikele Center and a USD 0.3 million increase in cost recoveries.

Interest Costs and Shareholder Payout

Net interest expense was USD 19,931 thousand against USD 19,784 thousand. Dividends declared were 0.340 per common share in both the second quarter of 2026 and the second quarter of 2025, and basic and diluted EPS were 0.09 in each period.

Figures to Follow in the Release

Total revenue against USD 111.87 million and diluted EPS against 0.09 are the headline comparisons. Other markers are rental income, the split of leasing activity between office and retail, comparable rental rate changes and net interest expense.