American Assets Trust Q3 FFO rises on higher rental rates; lifts outlook

Overview

• U.S. REIT's Q3 net income and FFO per share increased yr/yr

• Same-store cash NOI grew 8.3% in Q3

Outlook

• Company raises 2026 FFO per diluted share guidance to $2.04-$2.10 from $1.96-$2.10

• Guidance excludes impact from future acquisitions, dispositions, or capital market activities

Result Drivers

• RENTAL RATE GROWTH - Co achieved record average rental rates in retail and multifamily segments in Q3

• LEASING SPREADS - Office and retail leases signed in Q3 saw average rent increases, with retail cash-basis rents up 7.4% and office up 2.1% on comparable leases

• SAME-STORE NOI - Same-store cash NOI rose 8.3% in Q3, reflecting higher rental income and occupancy

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the diversified reits peer group is "buy."

• Wall Street's median 12-month price target for American Assets Trust, Inc. is $23.50, about 9.8% above its October 26 closing price of $21.41

• The stock recently traded at 57 times the next 12-month earnings vs. a P/E of 54 three months ago

Reuters Recommended Reads

• Oct 26 - Piedmont Realty Trust Q3 core FFO per share rises as rental rates grew, new leases started

• Oct 26 - Welltower Q3 normalized FFO per share rises 25%, guidance raised

• Oct 26 - Public Storage Q3 Core FFO company lifts 2026 outlook as portfolio expands

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)