From The Motley Fool · Motley Fool Transcribing · · 2m
American Assets Trust Q3 2026 Earnings Results
American Assets Trust reports $0.56 FFO per share for Q3 2026 with 85.8% office occupancy.
In brief
American Assets Trust reports $0.56 FFO per share for Q3 2026 with 85.8% office occupancy. American Assets Trust raised full-year FFO guidance to $2.04-$2.10 per share after strong Q3 performance. Originally reported by The Motley Fool.
Q3 Performance
American Assets Trust reported $0.56 FFO per diluted share for Q3 2026, a $0.05 increase from Q2 2026.
Office Occupancy
Office portfolio ended Q3 2026 at 85.8% leased, up 400 basis points year over year.
Retail Portfolio
Retail portfolio ended Q3 2026 at 98.3% leased with strong tenant health and rental performance.
Multifamily Performance
San Diego multifamily occupancy rebounded to 97% with 4% rent growth and improved occupancy.
Embassy Suites
Embassy Suites RevPAR increased 13.3% to $337 with 88.5% occupancy year over year.
FFO Guidance
Raised full-year 2026 FFO guidance to $2.04-$2.10 per share, a 2% increase at $2.07 midpoint.
Leasing Activity
Completed 124,000 sq ft office leases with 2.1% cash rent spreads in Q3 2026.
Spec Suite Performance
75% of spec suite square footage leased within six months of construction completion.
Dividend Declaration
Declared $0.34 per share dividend for Q4 2026, payable Dec 17, 2026.
Liquidity Position
Total liquidity of $590 million, including $90 million cash and $500 million credit facility.
Net Debt to EBITDA
Net debt to EBITDA ratio at 6.4x quarterly annualized, above long-term target of 5.5x.
Pacific Ridge
Pacific Ridge occupancy rebounded from 77% to 97% in Q3 2026 with 4% rent growth.
Portland Activity
Portland office lease closed at 710 renovation project for 17,000 sq ft.
Lease Pipeline
$12 million annualized base rent from 210,000 sq ft of signed but not commenced leases.
Genentech Space
Genentech space of 70,000 sq ft moves out at end of Q3 2026 creating near-term vacancy.
Q4 Outlook
Company expects to convert lease pipeline into cash flow with 35% of leases starting in Q4 2026.
The big picture
American Assets Trust raised full-year FFO guidance to $2.04-$2.10 per share after strong Q3 performance.
