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- **Q2 Results**: FFO $0.52, flat Q/Q, with office, retail, and multifamily NOI mixed. Hotel underperformed due to tourism headwinds.
- **Leasing Momentum**: Bellevue assets (14 Acres, Timber Spring) leased 81% new deals despite negative absorption. Office pipeline sees 20-60k sq ft deals.
- **Retail Strength**: 4.5% NOI growth, 220k sq ft leased with +7% cash spreads. Backfilled high-margin retail space.
- **Multifamily Challenges**: Portland supply and San Diego costs weigh on NOI. Blended rent +6%, but occupancy pressure.
- **Guidance Update**: FFO raised to $1.95 midpoint, with upside from office/rail and hotel recovery risks.
- **Strategic Moves**: $0.34 dividend declared, $544M liquidity. Focused on office pipeline and balance sheet strength.

**【CEO Summary Section】**
- **Q2 2025 Performance**: FFO per diluted share of $0.52, with same-store cash NOI flat for the quarter and up 1.4% year-to-date. Office portfolio leased at 82%, retail at 98%, and multifamily at 94%.
- **Office Portfolio**: Same-store NOI flat Q/Q, 2% Y/Y. 102,000 sq ft leased with -2% cash rent spread but +10% straight-line. Leasing momentum in Bellevue (14 Acres, Timber Spring) despite negative absorption.
- **Retail Strength**: 4.5% NOI growth, 220,000 sq ft leased with +7% cash and +22% straight-line spreads. Backfilled Party City space at 30% higher rent.
- **Multifamily Challenges**: 3.9% NOI decline due to Portland supply and San Diego costs. Blended rent +6%, but occupancy pressure at Pacific Ridge (student turnover).
- **Waikiki Hotel**: NOI down 5% due to -15% hotel RevPAR, though leading competitive set. Viewed as temporary with long-term recovery potential.
- **Dividend & Sustainability**: Q3 dividend of $0.34 declared, 2024 sustainability report published.

**【CFO Financial Commentary】**
- **Q2 Financials**: FFO $0.52 (flat Q/Q), net income $0.09. Excluding $0.01 lease termination fees, FFO down $0.01 vs Q1. Liquidity $544M (cash $144M, revolver $400M), net debt/EBITDA 6.3x.
- **Segment NOI**: Office flat, retail +4.5%, multifamily -3.9%, mixed-use -5%. Hotel ADR down 3% but outperforming peers.
- **2025 Guidance Update**: FFO raised to $1.89-$2.01 (midpoint $1.95 vs $1.94). Risks include tenant credit reserves ($0.02 FFO impact), multifamily underperformance, and tourism recovery.

**【Q&A Highlights】**
- **Guidance Adjustments**: CEO expects office/rail to outperform, hotel to underperform. CFO reaffirms on-track for updated FFO.
- **Leasing Pipeline**: Bellevue assets (14 Acres, Timber Spring) seeing 20-60k sq ft deals despite 44% vacancy. One Beach and La Jolla Commons III tours up, with spec suites ready for quick leasing.
- **Multifamily Spread Gap**: Renewal +7%, new lease +4% due to San Diego supply. Portland struggling with excess inventory.
- **Hawaii Tourism**: Yen weakness (-147 vs pre-COVID 108) dampening demand. Expect recovery next year, but cautious on 2025.
- **Acquisition Strategy**: $0.30 FFO upside in office pipeline (La Jolla III, One Beach). No immediate plans beyond balance sheet strength.


American Assets Trust, Inc. (AAT) Q2 2025 Earnings Conference Call Transcript

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