Anthony (AJ) Peak's questions to American Assets Trust (AAT) leadership • Q2 2025
Question
Anthony (AJ) Peak of KeyBanc Capital Markets inquired about potential changes to the same-store NOI growth outlook, the leasing pipeline and interest levels for the La Jolla Commons 3 and 1 Beach properties, and the drivers behind the recent occupancy increase at the 14 acres asset.
Answer
EVP & CFO Robert Barton and President & CEO Adam Wyll confirmed the company is on track with its NOI guidance, noting some segments might outperform while others underperform. SVP of Office Properties Steve Center detailed the increasing tour activity and spec suite development at 1 Beach and La Jolla Commons III, driven by larger deal sizes and upcoming amenity completions. Center also explained that the renovation completion and a proactive spec suite program at 14 acres have driven significant leasing activity despite a weak submarket.