American Assets Trust, Inc. (AAT) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the American Assets Trust Inc's fourth quarter and year-end 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. I would now like to turn the conference over to Meliana Leverton, Associate General Counsel of American Assets Trust. Please go ahead. Thank you and good morning. The statements made on this earnings call include forward-looking statements based on current expectations, which statements are subject to risks and uncertainties discussed in the company's filings with the SEC. We are cautioned not to place undue reliance on these forward-looking statements as actual events could cause the company's results to differ materially from these forward-looking statements. Yesterday afternoon, American Assets Trust earnings release and supplemental information were furnished to the SEC on Form 8K. Both are now available on the investor section of its website, AmericanAssetsTrust.com. It is now my pleasure to turn the call over to Adam Weill, President and CEO of American Assets Trust. Good morning, everyone, and thank you for joining us to review our fourth quarter and full year 2025 results, as well as our outlook for 2026. For the full year, we earned $2 of FFO per share, about 3% above our initial expectations. As we discussed coming into the year, we positioned 2025 as a reset, reflecting several known offsets for 2024, including the roll-off of one-time revenue items and the end of capitalized interest on certain projects. At the same time, we continued to invest in office leasing at our development and redevelopment projects and recycled capital into a high-quality San Diego multifamily acquisition that has ...