American Assets Trust

Recurring rent streams and diversified segments favor stability, but office accounts for roughly 51 percent of Q4 2025 cash NOI. At year‑end 2025 leased rates were 83.1 percent for office, leaving re‑leasing risk in San Francisco and parts of Portland.

Retail at 97.7 percent and multifamily at 93.7 percent add steadier ballast. 2025 same‑store cash NOI was approximately flat and 2026 FFO guidance is narrowly bracketed, which supports moderate visibility, yet secular uncertainties in office keep predictability below top‑tier toll‑like REITs.