AAT earnings analysis
What we found in AAT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
American Assets Trust, Inc. reported Q1 2026 revenues of $110.6 million, slightly exceeding consensus estimates, and an EPS of $0.51, reflecting an increase of 2% in total revenues and a significant drop in net income compared to the previous year. The company reaffirmed its full-year guidance for FFO despite challenges in some segments, particularly retail, which saw revenue declines.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Slightly Exceeds Estimates
- Q1 2026 revenue reached $110.6 million, higher than the estimated $109.6 million.
- EPS Above Consensus
- Reported EPS of $0.51 beat the estimate of $0.50 by 2%.
- Growth in Multifamily Segment
- Multifamily rental revenue increased by $1.1 million, or 7%, due to acquisitions.
- Stable FFO Guidance
- The company affirmed its FFO guidance for 2026 at $1.96 to $2.10 per share.
- Increase in Rental Revenue
- Overall rental revenue increased $1.5 million, or 1%, across the portfolio.
- Strong Property Occupancy
- Office segment occupancy at 84.5%, slightly down from 85.5% last year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Dramatic Decline in Net Income
- Net income plummeted 88% to $6.7 million from $54.1 million in the prior year.
- Retail Revenue Decline
- Retail rental revenue dropped $1.3 million, or 6%, compared to last year.
- Increasing Real Estate Taxes
- Total property expenses rose by 6% to $43.7 million, driven by higher taxes.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.51
- Segment
- Office
- Segment
- Retail
- Segment
- Multifamily
- Segment
- Mixed-Use
What they said about what is next.
Affirmed full-year 2026 FFO guidance of $1.96 to $2.10 per share.
The filing reads about the same as the one before it.
What came before.
- 10-Q · October 31, 2025
- Q3 2025 results show revenue of $109,578 (in thousands) and diluted EPS of $0.07, with operating income of $24,767 (in thousands). Quarter-over-quarter and year-over-year operating results weakened (revenue down from…
- 10-Q · May 2, 2025
- Q1 2025 results were boosted by a one-time gain on sale of Del Monte Center, producing revenue of $108,607 (in thousands) and diluted EPS of $0.70, up from $110,695 and $0.32 in Q1 2024. Operating income rose to $71,972…
- 10-Q · August 2, 2024
- Q2 2024 results were broadly stable: total revenue was $110,890 (in thousands), up $1,169 from $109,721 in Q2 2023, while diluted EPS remained $0.20. Operating income slipped to $30,794 (in thousands) from $31,492 a…
- 10-Q · May 3, 2024
- American Assets Trust reported modest top-line growth with total revenue of $110,695,000 (Q1 2024) versus $107,754,000 (Q1 2023) and operating income essentially flat at $30,549,000. Net income rose to $24,623,000 and…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing AAT makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever