AAT · American Assets Trust Q2 FY2026 earnings call record财报电话会记录

“At midyear, our current outlook supports the midpoint of our full-year FFO guidance range, with potential to move into the upper half if several operating variables develop favorably.”

“While we monitor consumer health and retailer profitability carefully, the fundamental backdrop for our portfolio is favorable.”

“In San Diego, our communities ended the quarter 96% leased, and renewal rents grew 5%, while new lease rents declined 2%, resulting in blended growth of 3%.”

“In Portland, Hassalo on Eighth ended the quarter 88% leased, and renewal rents grew 2%, while new lease rents grew 1%, resulting in blended growth of 2%.”

“At Waikiki Beach Walk, retail strength and bad debt collections offset rate pressure at the hotel.”

“As we have discussed, we expect dividend coverage to improve over time as signed office leases commence and our leasing and redevelopment investments, including the office spec suite program, contribute more meaningfully to cash flow.”

“As always, we will continue to evaluate the dividend and all capital allocation decisions prudently.”

“Our mixed-use same-store NOI increased 0.6% as a 14% increase in retail NOI resulting from a bad debt collection, which was offset by lower ADR and higher operating expenses at Embassy Suites Waikiki.”

“Net debt to EBITDA was 6.7x on a quarterly annualized basis and 6.9x on a trailing 12-month basis.”

“Coming into the year, I think you laid out a path from around 83% lease, expecting 300-400 basis points of occupancy from no move-outs, then back up to the mid-80s by year-end.”

“Large tenant demand is increasing, including an RFP that we expect to get for 100,000 to 120,000 feet, which could figure not into Tower 3, but actually Tower 1 activity.”

“We typically spec suites below 10,000 ft, and of the 207,000 ft of new leasing, below 10,000 ft, 12 of the 17 deals were 71% by deal, 62% by square footage, were done as a result of that spec suite initiative.”