AAT Q2 FFO $0.51 vs $0.60 YoY; Raises 2025 FFO guidance to $1.89-$2.01

American Assets Trust, Inc.

2025-Q2 EPS reported $0.79 revenue$216,540,000

Net income $5.5M ($0.09/diluted share); FFO ex-items $0.51/diluted share vs $0.60 in Q2 2024.
Same-store cash NOI decreased 0.3% in Q2; office occupancy fell to 82.0% from 86.6% YoY.
Raised 2025 FFO guidance midpoint to $1.95 (+1% from prior); retail leasing spreads +7.4% cash basis.
Q3 dividend $0.340/share payable Sept 18, 2025; liquidity $543.7M at June 30.
Net interest expense up $3.5M due to $525M 6.15% senior notes; sold Del Monte Center for $44.5M gain.

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