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

Operator

Good day, and welcome to the American Assets Trust, Inc. Fourth Quarter and Year-End 2025 Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to Meleana Leaverton, Associate General Counsel of American Assets Trust. Please go ahead.

Meleana Leaverton

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. You 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’s earnings release and supplemental information were furnished to the SEC on Form 8-K. Both are now available on the Investors section of its website, americanassetstrust.com.

It is now my pleasure to turn the call over to Adam Wyll, President and CEO of American Assets Trust.

Adam Wyll
CEO, President & Secretary

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 versus 2024, including the roll-off of onetime revenue items and the end