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AAT logoAmerican Assets Trust, Inc.(AAT)Earnings, Financials & Key Ratios

AAT•NYSE•REIT / Real Estate
$21.13
$1.3B mkt cap·23.0× P/E·Price updated May 6, 2026
SectorReal EstateIndustryDiversified REITsSub-IndustryDiversified Multi-Property Equity REITs
AboutAmerican Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California. The company has over 50 years of experience in acquiring, improving, developing and managing premier office, retail, and residential properties throughout the United States in some of the nation's most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Oregon, Washington, Texas and Hawaii. The company's office portfolio comprises approximately 3.4 million rentable square feet, and its retail portfolio comprises approximately 3.1 million square feet. In addition, the company owns one mixed-use property (including approximately 97,000 rentable square feet of retail space and a 369-room all-suite hotel) and 2,112 multifamily units. In 2011, the company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes.Show more
  • Revenue$436M-4.7%
  • FFO$199M+0.2%
  • FFO/Share2.59
  • FFO Payout52.98%+1.6%
  • FFO per Share2.59
  • NOI Margin61.12%-3.5%
  • FFO Margin45.55%+5.2%
  • ROE6.44%+0.8%
  • ROA2.3%-1.0%
  • Debt/Assets58.41%-5.9%
  • Net Debt/EBITDA5.77-8.5%
  • Book Value/Share14.22-3.2%
Technical→

AAT Key Insights

American Assets Trust, Inc. (AAT) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Sustainable FFO payout ratio of 53.0%
  • ✓High NOI margin of 61.1%
  • ✓Trading near 52-week high
  • ✓Trading at only 1.5x book value

✗Weaknesses

  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

AAT Price & Volume

American Assets Trust, Inc. (AAT) stock price & volume — 10-year historical chart

Loading chart...

AAT Growth Metrics

American Assets Trust, Inc. (AAT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years4.7%
5 Years4.83%
3 Years1.06%
TTM-4.73%

Profit CAGR

10 Years2.84%
5 Years14.93%
3 Years8.5%
TTM-1.99%

EPS CAGR

10 Years0.68%
5 Years14.87%
3 Years8.51%
TTM-4.01%

Return on Capital

10 Years4.24%
5 Years4.2%
3 Years4.46%
Last Year4.88%

AAT Recent Earnings

American Assets Trust, Inc. (AAT) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
Apr 28, 2026
EPS
$0.08
Est $0.11
-23.1%
Revenue
$111M
Est $110M
+0.7%
Q1 2026
Feb 3, 2026
EPS
$0.47
Est $0.48
-2.1%
Revenue
$110M
Est $109M
+1.3%
Q4 2025
Oct 28, 2025
EPS
$0.49
Est $0.49
+0.0%
Revenue
$110M
Est $107M
+2.5%
Q3 2025
Jul 29, 2025
EPS
$0.52
Est $0.49
+6.1%
Revenue
$108M
Est $109M
-1.4%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 28, 2026
$0.08vs $0.11-23.1%
$111Mvs $110M+0.7%
Q1 2026Feb 3, 2026
$0.47vs $0.48-2.1%
$110Mvs $109M+1.3%
Q4 2025Oct 28, 2025
$0.49vs $0.49+0.0%
$110Mvs $107M+2.5%
Q3 2025Jul 29, 2025
$0.52vs $0.49+6.1%
$108Mvs $109M-1.4%
Based on last 12 quarters of dataView full earnings history →

AAT Peer Comparison

American Assets Trust, Inc. (AAT) competitors in Diversified Multi-Property Equity REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ESRT logoESRTEmpire State Realty Trust, Inc.Direct Competitor964.38M5.6731.500.67%6.2%2.65%1.34
UE logoUEUrban Edge PropertiesDirect Competitor2.78B22.0529.806.06%22.2%7.8%1.21
PECO logoPECOPhillips Edison & Company, Inc.Direct Competitor5.07B40.2845.2610.72%15.61%4.46%0.96
WHLR logoWHLRWheeler Real Estate Investment Trust, Inc.Direct Competitor127.21M1.19-0.03-4.02%11.86%12.47%5.11
NXRT logoNXRTNexPoint Residential Trust, Inc.Direct Competitor757.54M29.85-23.69-3.24%-12.67%-10.13%5.18
REG logoREGRegency Centers CorporationProduct Competitor14.48B79.0828.043.39%37.4%9%0.83
KIM logoKIMKimco Realty CorporationProduct Competitor16.05B23.8028.675.06%28.51%5.81%0.82
BXP logoBXPBXP, Inc.Product Competitor9.5B59.8434.392.19%7.95%3.58%2.26

Compare AAT vs Peers

American Assets Trust, Inc. (AAT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ESRT

Most directly comparable listed peer for AAT.

Scale Benchmark

vs O

Larger-name benchmark to compare AAT against a more recognizable public peer.

Peer Set

Compare Top 5

vs ESRT, UE, PECO, WHLR

AAT Income Statement

American Assets Trust, Inc. (AAT) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue314.98M330.87M366.74M344.57M375.83M422.65M441.16M457.85M436.2M
Revenue Growth %6.74%5.04%10.84%-6.04%9.07%12.46%4.38%3.78%-4.73%
Property Operating Expenses116.68M121.45M131.98M121.12M129.77M152.43M163.96M167.73M169.59M
Net Operating Income (NOI)
198.31M▲ 0%
209.41M▲ 5.6%
234.76M▲ 12.1%
223.45M▼ 4.8%
246.05M▲ 10.1%
270.21M▲ 9.8%
277.21M▲ 2.6%
290.13M▲ 4.7%
266.61M▼ 8.1%
NOI Margin %62.96%63.29%64.01%64.85%65.47%63.93%62.84%63.37%61.12%
Operating Expenses104.66M129.88M121.08M134.87M146.19M155.48M155.46M160.93M120.68M
G&A Expenses23.43M24.89M24.87M26.58M29.88M32.14M35.96M35.47M37.84M
EBITDA398.99M417.35M209.89M196.87M216.18M238.07M241.25M254.66M273.24M
EBITDA Margin %126.67%126.14%57.23%57.14%57.52%56.33%54.68%55.62%62.64%
Depreciation & Amortization305.34M337.81M96.2M108.29M116.31M123.34M119.5M125.46M127.31M
D&A / Revenue %96.94%102.1%26.23%31.43%30.95%29.18%27.09%27.4%29.19%
Operating Income
93.65M▲ 0%
79.53M▼ 15.1%
113.69M▲ 42.9%
88.58M▼ 22.1%
99.87M▲ 12.7%
114.73M▲ 14.9%
121.75M▲ 6.1%
129.2M▲ 6.1%
145.93M▲ 13.0%
Operating Margin %29.73%24.04%31%25.71%26.57%27.15%27.6%28.22%33.45%
Interest Expense53.85M52.25M54.01M53.44M58.59M58.23M64.71M74.53M78.12M
Interest Coverage1.75x1.53x2.13x1.67x1.64x1.97x2.02x1.99x1.92x
Non-Operating Income-548K-242K-1.33M-438K3.95M-225K-8.69M-19.03M-4.33M
Pretax Income
40.13M▲ 0%
27.2M▼ 32.2%
61.01M▲ 124.3%
35.58M▼ 41.7%
37.33M▲ 4.9%
56.73M▲ 52.0%
65.73M▲ 15.9%
73.7M▲ 12.1%
72.14M▼ 2.1%
Pretax Margin %12.74%8.22%16.63%10.33%9.93%13.42%14.9%16.1%16.54%
Income Tax214K327K819K-9K738K850K1.04M886K770K
Effective Tax Rate %0.53%1.2%1.34%-0.03%1.98%1.5%1.58%1.2%1.07%
Net Income
40.13M▲ 0%
27.2M▼ 32.2%
60.19M▲ 121.3%
35.59M▼ 40.9%
36.59M▲ 2.8%
55.88M▲ 52.7%
64.69M▲ 15.8%
72.82M▲ 12.6%
71.37M▼ 2.0%
Net Margin %12.74%8.22%16.41%10.33%9.74%13.22%14.66%15.9%16.36%
Net Income Growth %-12.06%-32.22%121.26%-40.87%2.82%52.7%15.77%12.56%-1.99%
Funds From Operations (FFO)
345.48M▲ 0%
365.02M▲ 5.7%
156.39M▼ 57.2%
143.88M▼ 8.0%
152.9M▲ 6.3%
179.22M▲ 17.2%
184.19M▲ 2.8%
198.28M▲ 7.6%
198.68M▲ 0.2%
FFO Margin %109.68%110.32%42.64%41.76%40.68%42.4%41.75%43.31%45.55%
FFO Growth %7.18%5.66%-57.15%-8%6.27%17.21%2.78%7.65%0.2%
FFO per Share5.395.692.061.892.012.352.412.592.59
FFO Payout Ratio %19.55%19.24%51.54%53.18%58.17%54.82%55.14%52.13%52.98%
EPS (Diluted)
0.63▲ 0%
0.42▼ 33.3%
0.84▲ 100.0%
0.46▼ 45.2%
0.47▲ 2.2%
0.72▲ 53.2%
0.84▲ 16.7%
0.94▲ 11.9%
0.92▼ 2.1%
EPS Growth %-12.5%-33.33%100%-45.24%2.17%53.19%16.67%11.9%-2.13%
EPS (Basic)0.860.420.840.460.470.721.060.940.92
Diluted Shares Outstanding64.09M64.14M75.94M76.12M76.17M76.23M76.34M76.52M76.74M

AAT Balance Sheet

American Assets Trust, Inc. (AAT) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets2.26B2.2B2.79B2.82B3.02B2.99B2.98B3.27B2.92B
Asset Growth %13.74%-2.73%26.93%0.97%7.12%-1%-0.11%9.67%-10.76%
Real Estate & Other Assets2.13B2.09B2.57B2.53B2.72B2.78B2.69B2.64B2.67B
PP&E (Net)2.08B2.04B4.86M29.35M26.25M23.92M21.5M18.99M17.25M
Investment Securities-1000K-1000K0000000
Total Current Assets101.82M66.56M180.86M227.16M238.83M153.89M251.59M598.14M221.41M
Cash & Equivalents82.61M47.96M99.3M137.33M139.52M49.57M82.89M425.66M129.36M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets9.34M9.32M10.15M1.72M0063.77M77.52M0
Intangible Assets30.41M38.59M34.3M28.89M31.68M25.8M20.47M15.6M11.7M
Total Liabilities1.42B1.4B1.5B1.56B1.81B1.8B1.83B2.15B1.83B
Total Debt1.33B1.29B1.36B1.44B1.68B1.67B1.71B2.03B1.71B
Net Debt1.24B1.24B1.26B1.3B1.54B1.62B1.63B1.61B1.58B
Long-Term Debt1.33B1.23B1.36B1.31B1.65B1.61B1.69B2.01B1.69B
Short-Term Borrowings062.34M099.15M034.06M000
Capital Lease Obligations-6.57M-71.18M5.38M30.06M27.92M25.68M23.25M20.64M18.77M
Total Current Liabilities44.64M117.8M104.76M197.57M102.97M139.47M99.04M101.04M108.71M
Accounts Payable38.07M46.62M62.58M59.26M64.53M65.99M60.96M63.69M71.09M
Deferred Revenue12.86M19.03M33.87M32.57M30.58M30.72M27.4M25.1M27.55M
Other Liabilities33.08M30.43M-5.35M-4.46M26.75M22.33M18.3M16.07M14.34M
Total Equity
844.14M▲ 0%
802.47M▼ 4.9%
1.29B▲ 61.2%
1.25B▼ 3.1%
1.21B▼ 3.5%
1.19B▼ 2.0%
1.15B▼ 2.7%
1.12B▼ 2.5%
1.09B▼ 2.9%
Equity Growth %0.67%-4.94%61.21%-3.11%-3.45%-2.03%-2.69%-2.54%-2.95%
Shareholders Equity833.71M802.98M1.31B1.27B1.24B1.22B1.2B1.18B1.15B
Minority Interest10.43M-506K-20.25M-18.04M-28.84M-35.74M-44.18M-51.58M-59.61M
Common Stock473K474K601K605K605K607K609K611K614K
Additional Paid-in Capital919.07M920.66M1.45B1.45B1.45B1.46B1.47B1.47B1.48B
Retained Earnings-97.28M-128.78M-144.38M-176.56M-217.78M-251.17M-280.24M-304.34M-331.09M
Preferred Stock000000000
Return on Assets (ROA)1.89%1.22%2.41%1.27%1.25%1.86%2.17%2.33%2.3%
Return on Equity (ROE)4.77%3.3%5.74%2.79%2.97%4.66%5.53%6.39%6.44%
Debt / Assets58.63%58.72%48.85%51%55.57%56.02%57.39%62.05%58.41%
Debt / Equity1.57x1.61x1.05x1.15x1.39x1.41x1.48x1.81x1.56x
Net Debt / EBITDA3.11x2.98x6.02x6.60x7.11x6.82x6.76x6.30x5.77x
Book Value per Share13.1712.5117.0316.4715.8915.5515.1114.6914.22

AAT Cash Flow Statement

American Assets Trust, Inc. (AAT) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations145.85M136.51M153.82M126.98M168.33M179.07M188.75M207.11M167.12M
Operating CF Growth %18.91%-6.41%12.68%-17.44%32.56%6.38%5.41%9.72%-19.31%
Operating CF / Revenue %46.31%41.26%41.94%36.85%44.79%42.37%42.78%45.23%38.31%
Net Income40.13M27.2M60.19M35.59M36.59M55.88M64.69M72.82M71.37M
Depreciation & Amortization83.28M107.09M96.2M108.29M116.31M123.34M119.5M125.46M127.31M
Stock-Based Compensation4.74M3.04M4.48M6.31M8.49M8.69M8.84M7.11M7.4M
Other Non-Cash Items298K-523K-4.84M-31.79M-12.68M-8.3M-3.29M-1.17M-37.92M
Working Capital Changes6.74M-304K-2.09M-9.84M19.62M-530K-982K2.89M-1.04M
Cash from Investing-330.56M-64.35M-599.18M-69.08M-312.28M-166.32M-89.89M-77.41M-30.52M
Acquisitions (Net)00499.59M000000
Purchase of Investments-278.14M0-507.78M0-47.76M0000
Sale of Investments008.19M047.72M0000
Other Investing-283.07M-9.94M-510.86M-5.59M-207.65M-52.54M-6.91M-7.2M41.74M
Cash from Financing221.91M-106.84M497.55M-28.31M144.42M-102.7M-65.55M213.07M-432.9M
Dividends Paid-67.54M-51.49M-80.61M-76.51M-88.94M-77.54M-80.21M-103.37M-105.25M
Common Dividends-67.54M-70.23M-80.61M-76.51M-88.94M-98.25M-101.57M-103.37M-105.25M
Debt Issuance (Net)1000K-1000K1000K1000K1000K-1000K1000K1000K-1000K
Share Repurchases000-672K-865K0-831K-1.45M-2.39M
Other Financing-3.28M-3.25M-2.44M-125K-5.08M-21.47M-23.5M-5.39M-250K
Net Change in Cash
37.2M▲ 0%
-34.68M▼ 193.2%
52.18M▲ 250.4%
29.6M▼ 43.3%
475K▼ 98.4%
-89.95M▼ 19037.5%
33.32M▲ 137.0%
342.77M▲ 928.8%
-296.3M▼ 186.4%
Exchange Rate Effect000000000
Cash at Beginning54.75M91.95M57.27M109.45M139.05M139.52M49.57M82.89M425.66M
Cash at End91.95M57.27M109.45M139.05M139.52M49.57M82.89M425.66M129.36M
Free Cash Flow
98.36M▲ 0%
82.1M▼ 16.5%
65.49M▼ 20.2%
63.5M▼ 3.0%
63.74M▲ 0.4%
65.29M▲ 2.4%
105.77M▲ 62.0%
136.9M▲ 29.4%
94.86M▼ 30.7%
FCF Growth %56.05%-16.53%-20.23%-3.04%0.38%2.43%62%29.43%-30.71%
FCF / Revenue %31.23%24.81%17.86%18.43%16.96%15.45%23.98%29.9%21.75%

AAT Key Ratios

American Assets Trust, Inc. (AAT) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
FFO per Share5.15.395.692.061.892.012.352.412.592.59
FFO Payout Ratio19.88%19.55%19.24%51.54%53.18%58.17%54.82%55.14%52.13%52.98%
NOI Margin63.42%62.96%63.29%64.01%64.85%65.47%63.93%62.84%63.37%61.12%
Net Debt / EBITDA2.71x3.11x2.98x6.02x6.60x7.11x6.82x6.76x6.30x5.77x
Debt / Assets53.43%58.63%58.72%48.85%51%55.57%56.02%57.39%62.05%58.41%
Interest Coverage1.89x1.75x1.53x2.13x1.67x1.64x1.97x2.02x1.99x1.92x
Book Value / Share13.2613.1712.5117.0316.4715.8915.5515.1114.6914.22
Revenue Growth7.06%6.74%5.04%10.84%-6.04%9.07%12.46%4.38%3.78%-4.73%

AAT SEC Filings & Documents

American Assets Trust, Inc. (AAT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 28, 2026·SEC

Material company update

Apr 1, 2026·SEC

Material company update

Feb 3, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 6, 2026·SEC

FY 2025

Feb 12, 2025·SEC

FY 2024

Feb 14, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Oct 31, 2025·SEC

FY 2025

Aug 1, 2025·SEC

FY 2025

May 2, 2025·SEC

AAT Frequently Asked Questions

American Assets Trust, Inc. (AAT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

American Assets Trust, Inc. (AAT) reported $436.2M in revenue for fiscal year 2025. This represents a 261% increase from $120.9M in 2008.

American Assets Trust, Inc. (AAT) saw revenue decline by 4.7% over the past year.

Yes, American Assets Trust, Inc. (AAT) is profitable, generating $71.4M in net income for fiscal year 2025 (16.4% net margin).

Dividend & Returns

Yes, American Assets Trust, Inc. (AAT) pays a dividend with a yield of 6.49%. This makes it attractive for income-focused investors.

American Assets Trust, Inc. (AAT) has a return on equity (ROE) of 6.4%. This is below average, suggesting room for improvement.

Industry Metrics

American Assets Trust, Inc. (AAT) generated Funds From Operations (FFO) of $198.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.

American Assets Trust, Inc. (AAT) offers a 6.49% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More AAT

American Assets Trust, Inc. (AAT) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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