Like most all REITs, AAT is also facing higher interest rates, and this affects the bottom line, as reflected by the 2% YoY FFO/share growth in the last reported quarter, sitting below the aforementioned 7.7% same-property NOI growth.

Source: https://seekingalpha.com/article/4633156-american-assets-undervalued-with-upside-potential?source=feed_all_articles

The same-property cash NOI coming from the multifamily portfolio has experienced a lot of growth.

Source: https://seekingalpha.com/article/4659387-veris-residential-turnaround-in-process?source=feed_all_articles

Turning to our outlook for normalized FFO and same-property cash basis NOI expectations in the first quarter of 2023.

Source: https://seekingalpha.com/article/4579153-office-properties-income-trust-opi-q4-2022-earnings-call-transcript?source=feed_all_articles

We expect same-property cash basis NOI to be down 5% to 7% as compared to the second quarter of 2022, mainly driven by 2 full building vacates since the beginning of the prior-year period and increased inflationary pressure on operating expenses.

Source: https://seekingalpha.com/article/4597367-office-properties-income-trust-opi-q1-2023-earnings-call-transcript?source=feed_all_articles

We're now forecasting same-property NOI to exceed 5% compared to our original target of 3% to 5%.

Source: https://seekingalpha.com/article/4600993-killam-apartment-reit-kmmpf-q1-2023-earnings-call-transcript?source=feed_all_articles