American Assets Trust (AAT) Company Report

Adamas Trust, Inc. reported net income attributable to common stockholders of $32.7 million, or $0.36 per basic common share, and Earnings Available for Distribution (EAD) of $22.0 million, or $0.24 per common share, for the third quarter ended September 30, 2025.
The company increased its common stock dividend declared in September 2025 to $0.23 per common share.
Investment activities for the quarter included the acquisition of approximately $1.8 billion of Agency investments and $525.7 million in residential loans, which the CEO noted as the highest level of quarterly investment activity since inception.
Financing activities included the issuance of $115.0 million in aggregate principal amount of 9.875% Senior Notes and two residential loan securitizations that generated approximately $619.2 million in net proceeds.
Book value per common share stood at $9.20 as of September 30, 2025.

Oct 29, 2025, 7:51 PM

Press Release

American Assets Trust Reports Q3 2025 Earnings and Raises Full-Year FFO Guidance

AAT

Earnings

Guidance Update

Dividends

American Assets Trust reported Funds From Operations (FFO) of $0.49 per diluted share and net income of $0.07 per diluted share for Q3 2025, with total revenue reaching $110 million.
The company raised its full-year 2025 FFO guidance to a range of $1.93-$2.01 per share, with a midpoint of $1.97, representing a $0.02 increase from previous guidance.
Portfolio-wide same-store Net Operating Income (NOI) decreased by 0.8% in Q3 2025 compared to Q3 2024, with Office NOI increasing by 3.6% but Retail, Multifamily, and Mixed-use NOIs declining.
The Office portfolio ended the quarter 82% leased, completing approximately 180,000 sq ft of leasing with comparable cash rent spreads increasing 9%; the Retail portfolio was 98% leased with cash rent spreads increasing over 4%.
The Board approved a quarterly dividend of $0.34 per share for Q4 2025, payable on December 18 to shareholders of record as of December 4.

Oct 29, 2025, 3:00 PM

Transcript

American Assets Trust Reports Q3 2025 Results and Raises Full-Year FFO Guidance

AAT

Earnings

Guidance Update

Dividends

American Assets Trust reported Funds From Operations (FFO) of $0.49 per diluted share and net income attributable to common stockholders of $0.07 per diluted share for Q3 2025, with total revenue at $110 million.
The company raised its full-year 2025 FFO guidance range to $1.93 to $2.01 per share, with a midpoint of $1.97 per share, an increase of $0.02 from prior guidance.
Portfolio-wide same-store cash Net Operating Income (NOI) decreased by 0.8% in Q3 2025 compared to the same period in 2024, with office NOI increasing by 3.6%, while retail, multifamily, and mixed-use NOIs declined by 2.6%, 8.3%, and 10%, respectively.
The office portfolio ended the quarter 82% leased, with 180,000 square feet of office leasing completed and comparable rent spreads increasing 9% on a cash basis. The retail portfolio was 98% leased, with spreads increasing over 4% on a cash basis.
The Board approved a quarterly dividend of $0.34 per share for Q4, payable on December 18, 2025. The company's net debt to EBITDA ratio was 6.7 times on a trailing 12-month basis, with a long-term target of 5.5 times or lower.

Oct 29, 2025, 3:00 PM

Transcript

American Assets Trust Reports Q3 2025 Results and Raises Full-Year FFO Guidance

AAT

Earnings

Guidance Update

Dividends

American Assets Trust reported Funds From Operations (FFO) of $0.49 per diluted share and net income of $0.07 per diluted share for Q3 2025, with total revenue reaching $110 million.
The company raised its full-year 2025 FFO guidance to a range of $1.93 to $2.01 per share, with a midpoint of $1.97 per share, an increase of $0.02 from prior guidance.
Portfolio-wide same-store cash Net Operating Income (NOI) decreased by 0.8% in Q3 2025 compared to Q3 2024, although office same-store NOI increased by 3.6%.
The board approved a quarterly dividend of $0.34 per share for Q4, and the company maintained total liquidity of approximately $539 million, with a net debt to EBITDA ratio of 6.7 times on a trailing 12-month basis.

Oct 29, 2025, 3:00 PM

Transcript

American Assets Trust Reports Third Quarter 2025 Financial Results

AAT

Earnings

Guidance Update

Dividends

American Assets Trust reported net income available to common stockholders of $4.5 million, or $0.07 per diluted share, and Funds from Operations (FFO) per diluted share of $0.49 for the third quarter ended September 30, 2025.
The company increased its 2025 FFO per diluted share guidance to a range of $1.93 to $2.01, with a midpoint of $1.97, a $0.02 increase over prior guidance.
Same-store cash Net Operating Income (NOI) decreased 0.8% year-over-year for the three months ended September 30, 2025, but increased 0.6% for the nine months ended September 30, 2025.
Dividends of $0.340 per share were declared for both the third and fourth quarters of 2025.

Oct 28, 2025, 8:19 PM

8-K

American Assets Trust Reports Third Quarter 2025 Financial Results

AAT

Earnings

Guidance Update

American Assets Trust reported net income available to common stockholders of $4.5 million or $0.07 per diluted share for the third quarter ended September 30, 2025.
Funds from Operations (FFO) per diluted share was $0.49 for the third quarter and $1.53 for the nine months ended September 30, 2025.
The company increased its 2025 FFO per diluted share guidance to a range of $1.93 to $2.01, with a midpoint of $1.97, representing a $0.02 increase over prior guidance.
Same-store cash Net Operating Income (NOI) decreased 0.8% year-over-year for the three months ended September 30, 2025, and increased 0.6% year-over-year for the nine months ended September 30, 2025.

Oct 28, 2025, 8:15 PM

Press Release

Banc of California, Inc. Reports Third Quarter 2025 Financial Results

AAT

Earnings

Share Buyback

Banc of California, Inc. reported diluted earnings per share of $0.38 for the third quarter of 2025, a significant increase from $0.12 in the second quarter of 2025.
Total revenue increased over 5% to $287.7 million and pre-tax pre-provision income increased 17% to $102.0 million from the second quarter of 2025.
The company repurchased 2.2 million shares of common stock for $35.5 million during the third quarter of 2025.
Book value per share grew 3% to $19.09 and tangible book value per share increased 3% to $16.99 compared to the second quarter of 2025.

Oct 22, 2025, 8:15 PM

Press Release

AmTrust Financial Services and Blackstone Credit & Insurance Announce Strategic Transaction

AAT

M&A

Management Change

New Projects/Investments

AmTrust Financial Services and Blackstone Credit & Insurance (BXCI) have announced a definitive agreement to spin off certain Managing General Agencies (MGAs) and fee businesses from AmTrust in the US, UK, and Continental Europe into a new, independent company.
The transaction involves seven AmTrust subsidiaries (ANV, Risico, Collegiate, AmTrust Nordic, Arc Legal, Qualis, and Abacus) and is expected to result in the new company employing over 700 people.
Adam Karkowsky, AmTrust's current President, will leave AmTrust to become Chairman and CEO of the new multinational MGA platform.
AmTrust will enter into a ten-year capacity agreement with the new company, remaining the insurer for the existing insurance portfolio offered by the MGAs, and will retain a significant stake in the new entity.
The transaction has been approved by AmTrust's board and is expected to close by end of 2025, subject to customary closing conditions and regulatory approvals.

Sep 15, 2025, 10:12 PM

Press Release

AIP Realty Trust Announces Second Quarter 2025 Results and Financing Initiatives

AAT

Earnings

Convertible Preferred Issuance

M&A

AIP Realty Trust reported a net loss of $1,229,155 for the three months ended June 30, 2025, an improvement from a loss of $1,427,343 in the same period in 2024. Concurrently, investment property net rental income increased by 5% to $104,087 for Q2 2025.
The Trust announced a fifth tranche of its non-brokered private placement, aiming to issue up to 14,000,000 Preferred Units – Series B Convertible at US$0.50 per unit, targeting aggregate gross proceeds of up to US$7,000,000.
AIP Realty Trust has engaged Desjardins Capital Markets for a best efforts fully marketed offering of approximately US$100,000,000 in securities, with proceeds intended to support the proposed AllTrades Transaction and for general working capital.
The proposed AllTrades Transaction, a business combination with 2024 ATIP, Inc. for the purchase of six industrial facilities, is anticipated to close by the end of the third quarter 2025.

Aug 28, 2025, 8:48 PM

Press Release

American Assets Trust Reports Q4 and Full-Year 2024 Results, Issues 2025 FFO Guidance

AAT

Earnings

Guidance Update

M&A

American Assets Trust reported Q4 2024 FFO per share of $0.55 and full-year 2024 FFO per share of $2.58, marking its highest FFO per share since its IPO more than 14 years ago. Net income attributable to common stockholders per share was $0.15 for Q4 2024 and $0.94 for the full year 2024.
The company provided 2025 FFO per share guidance of $1.87-$2.01, with a midpoint of $1.94, which is an approximate 24% decrease from 2024 actuals. This decrease is primarily attributed to non-recurring termination fees ($0.15 per FFO share) and litigation income ($0.13 per FFO share) in 2024 that are not expected to reoccur in 2025, along with increased interest expense and the discontinuation of capitalized interest.
For 2024, same-store cash NOI for all sectors combined grew 2.6% year-over-year for the fourth quarter and 1.4% for the full year. The retail segment achieved 5% same-store NOI growth in 2024, and the multifamily segment realized same-store cash NOI growth of over 6%.
AAT has entered into an agreement to sell its Del Monte Center in Monterey, California, a decision reflecting a strategy to focus on markets with greater economies of scale and operational efficiencies. The proceeds from this sale are intended to be recycled into opportunities, including a multifamily acquisition.
The office portfolio closed 2024 at 85% leased, reflecting a 200 basis point decrease from the prior quarter due to remeasurement and tenant attrition. Q4 office leasing activity saw an approximate 2% increase on a cash basis and an 11% increase on a straight-line basis.