8-K Announcements
6Apr 28, 2026·SEC
Apr 1, 2026·SEC
Feb 3, 2026·SEC
American Assets Trust, Inc. (AAT) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
American Assets Trust, Inc. (AAT) stock price & volume — 10-year historical chart
American Assets Trust, Inc. (AAT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
American Assets Trust, Inc. (AAT) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 28, 2026 | $0.08vs $0.11-23.1% | $111Mvs $110M+0.7% |
| Q1 2026 | Feb 3, 2026 | $0.47vs $0.48-2.1% | $110Mvs $109M+1.3% |
| Q4 2025 | Oct 28, 2025 | $0.49vs $0.49+0.0% | $110Mvs $107M+2.5% |
| Q3 2025 | Jul 29, 2025 | $0.52vs $0.49+6.1% | $108Mvs $109M-1.4% |
American Assets Trust, Inc. (AAT) competitors in Diversified Multi-Property Equity REITs — business model, growth, and fundamentals comparison
American Assets Trust, Inc. (AAT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
American Assets Trust, Inc. (AAT) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 314.98M | 330.87M | 366.74M | 344.57M | 375.83M | 422.65M | 441.16M | 457.85M | 436.2M |
| Revenue Growth % | 6.74% | 5.04% | 10.84% | -6.04% | 9.07% | 12.46% | 4.38% | 3.78% | -4.73% |
| Property Operating Expenses | 116.68M | 121.45M | 131.98M | 121.12M | 129.77M | 152.43M | 163.96M | 167.73M | 169.59M |
| 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 Expenses | 104.66M | 129.88M | 121.08M | 134.87M | 146.19M | 155.48M | 155.46M | 160.93M | 120.68M |
| G&A Expenses | 23.43M | 24.89M | 24.87M | 26.58M | 29.88M | 32.14M | 35.96M | 35.47M | 37.84M |
| EBITDA | 398.99M | 417.35M | 209.89M | 196.87M | 216.18M | 238.07M | 241.25M | 254.66M | 273.24M |
| EBITDA Margin % | 126.67% | 126.14% | 57.23% | 57.14% | 57.52% | 56.33% | 54.68% | 55.62% | 62.64% |
| Depreciation & Amortization | 305.34M | 337.81M | 96.2M | 108.29M | 116.31M | 123.34M | 119.5M | 125.46M | 127.31M |
| 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 Expense | 53.85M | 52.25M | 54.01M | 53.44M | 58.59M | 58.23M | 64.71M | 74.53M | 78.12M |
| Interest Coverage | 1.75x | 1.53x | 2.13x | 1.67x | 1.64x | 1.97x | 2.02x | 1.99x | 1.92x |
| Non-Operating Income | -548K | -242K | -1.33M | -438K | 3.95M | -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 Tax | 214K | 327K | 819K | -9K | 738K | 850K | 1.04M | 886K | 770K |
| 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 Share | 5.39 | 5.69 | 2.06 | 1.89 | 2.01 | 2.35 | 2.41 | 2.59 | 2.59 |
| 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) | 0.86 | 0.42 | 0.84 | 0.46 | 0.47 | 0.72 | 1.06 | 0.94 | 0.92 |
| Diluted Shares Outstanding | 64.09M | 64.14M | 75.94M | 76.12M | 76.17M | 76.23M | 76.34M | 76.52M | 76.74M |
American Assets Trust, Inc. (AAT) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Total Assets | 2.26B | 2.2B | 2.79B | 2.82B | 3.02B | 2.99B | 2.98B | 3.27B | 2.92B |
| Asset Growth % | 13.74% | -2.73% | 26.93% | 0.97% | 7.12% | -1% | -0.11% | 9.67% | -10.76% |
| Real Estate & Other Assets | 2.13B | 2.09B | 2.57B | 2.53B | 2.72B | 2.78B | 2.69B | 2.64B | 2.67B |
| PP&E (Net) | 2.08B | 2.04B | 4.86M | 29.35M | 26.25M | 23.92M | 21.5M | 18.99M | 17.25M |
| Investment Securities | -1000K | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 101.82M | 66.56M | 180.86M | 227.16M | 238.83M | 153.89M | 251.59M | 598.14M | 221.41M |
| Cash & Equivalents | 82.61M | 47.96M | 99.3M | 137.33M | 139.52M | 49.57M | 82.89M | 425.66M | 129.36M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 9.34M | 9.32M | 10.15M | 1.72M | 0 | 0 | 63.77M | 77.52M | 0 |
| Intangible Assets | 30.41M | 38.59M | 34.3M | 28.89M | 31.68M | 25.8M | 20.47M | 15.6M | 11.7M |
| Total Liabilities | 1.42B | 1.4B | 1.5B | 1.56B | 1.81B | 1.8B | 1.83B | 2.15B | 1.83B |
| Total Debt | 1.33B | 1.29B | 1.36B | 1.44B | 1.68B | 1.67B | 1.71B | 2.03B | 1.71B |
| Net Debt | 1.24B | 1.24B | 1.26B | 1.3B | 1.54B | 1.62B | 1.63B | 1.61B | 1.58B |
| Long-Term Debt | 1.33B | 1.23B | 1.36B | 1.31B | 1.65B | 1.61B | 1.69B | 2.01B | 1.69B |
| Short-Term Borrowings | 0 | 62.34M | 0 | 99.15M | 0 | 34.06M | 0 | 0 | 0 |
| Capital Lease Obligations | -6.57M | -71.18M | 5.38M | 30.06M | 27.92M | 25.68M | 23.25M | 20.64M | 18.77M |
| Total Current Liabilities | 44.64M | 117.8M | 104.76M | 197.57M | 102.97M | 139.47M | 99.04M | 101.04M | 108.71M |
| Accounts Payable | 38.07M | 46.62M | 62.58M | 59.26M | 64.53M | 65.99M | 60.96M | 63.69M | 71.09M |
| Deferred Revenue | 12.86M | 19.03M | 33.87M | 32.57M | 30.58M | 30.72M | 27.4M | 25.1M | 27.55M |
| Other Liabilities | 33.08M | 30.43M | -5.35M | -4.46M | 26.75M | 22.33M | 18.3M | 16.07M | 14.34M |
| 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 Equity | 833.71M | 802.98M | 1.31B | 1.27B | 1.24B | 1.22B | 1.2B | 1.18B | 1.15B |
| Minority Interest | 10.43M | -506K | -20.25M | -18.04M | -28.84M | -35.74M | -44.18M | -51.58M | -59.61M |
| Common Stock | 473K | 474K | 601K | 605K | 605K | 607K | 609K | 611K | 614K |
| Additional Paid-in Capital | 919.07M | 920.66M | 1.45B | 1.45B | 1.45B | 1.46B | 1.47B | 1.47B | 1.48B |
| Retained Earnings | -97.28M | -128.78M | -144.38M | -176.56M | -217.78M | -251.17M | -280.24M | -304.34M | -331.09M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 / Assets | 58.63% | 58.72% | 48.85% | 51% | 55.57% | 56.02% | 57.39% | 62.05% | 58.41% |
| Debt / Equity | 1.57x | 1.61x | 1.05x | 1.15x | 1.39x | 1.41x | 1.48x | 1.81x | 1.56x |
| Net Debt / EBITDA | 3.11x | 2.98x | 6.02x | 6.60x | 7.11x | 6.82x | 6.76x | 6.30x | 5.77x |
| Book Value per Share | 13.17 | 12.51 | 17.03 | 16.47 | 15.89 | 15.55 | 15.11 | 14.69 | 14.22 |
American Assets Trust, Inc. (AAT) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 145.85M | 136.51M | 153.82M | 126.98M | 168.33M | 179.07M | 188.75M | 207.11M | 167.12M |
| 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 Income | 40.13M | 27.2M | 60.19M | 35.59M | 36.59M | 55.88M | 64.69M | 72.82M | 71.37M |
| Depreciation & Amortization | 83.28M | 107.09M | 96.2M | 108.29M | 116.31M | 123.34M | 119.5M | 125.46M | 127.31M |
| Stock-Based Compensation | 4.74M | 3.04M | 4.48M | 6.31M | 8.49M | 8.69M | 8.84M | 7.11M | 7.4M |
| Other Non-Cash Items | 298K | -523K | -4.84M | -31.79M | -12.68M | -8.3M | -3.29M | -1.17M | -37.92M |
| Working Capital Changes | 6.74M | -304K | -2.09M | -9.84M | 19.62M | -530K | -982K | 2.89M | -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) | 0 | 0 | 499.59M | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -278.14M | 0 | -507.78M | 0 | -47.76M | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 8.19M | 0 | 47.72M | 0 | 0 | 0 | 0 |
| Other Investing | -283.07M | -9.94M | -510.86M | -5.59M | -207.65M | -52.54M | -6.91M | -7.2M | 41.74M |
| Cash from Financing | 221.91M | -106.84M | 497.55M | -28.31M | 144.42M | -102.7M | -65.55M | 213.07M | -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 | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K |
| Share Repurchases | 0 | 0 | 0 | -672K | -865K | 0 | -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 Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 54.75M | 91.95M | 57.27M | 109.45M | 139.05M | 139.52M | 49.57M | 82.89M | 425.66M |
| Cash at End | 91.95M | 57.27M | 109.45M | 139.05M | 139.52M | 49.57M | 82.89M | 425.66M | 129.36M |
| 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% |
American Assets Trust, Inc. (AAT) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FFO per Share | 5.1 | 5.39 | 5.69 | 2.06 | 1.89 | 2.01 | 2.35 | 2.41 | 2.59 | 2.59 |
| FFO Payout Ratio | 19.88% | 19.55% | 19.24% | 51.54% | 53.18% | 58.17% | 54.82% | 55.14% | 52.13% | 52.98% |
| NOI Margin | 63.42% | 62.96% | 63.29% | 64.01% | 64.85% | 65.47% | 63.93% | 62.84% | 63.37% | 61.12% |
| Net Debt / EBITDA | 2.71x | 3.11x | 2.98x | 6.02x | 6.60x | 7.11x | 6.82x | 6.76x | 6.30x | 5.77x |
| Debt / Assets | 53.43% | 58.63% | 58.72% | 48.85% | 51% | 55.57% | 56.02% | 57.39% | 62.05% | 58.41% |
| Interest Coverage | 1.89x | 1.75x | 1.53x | 2.13x | 1.67x | 1.64x | 1.97x | 2.02x | 1.99x | 1.92x |
| Book Value / Share | 13.26 | 13.17 | 12.51 | 17.03 | 16.47 | 15.89 | 15.55 | 15.11 | 14.69 | 14.22 |
| Revenue Growth | 7.06% | 6.74% | 5.04% | 10.84% | -6.04% | 9.07% | 12.46% | 4.38% | 3.78% | -4.73% |
American Assets Trust, Inc. (AAT) SEC filings — annual & quarterly reports (10-K, 10-Q)
Apr 28, 2026·SEC
Apr 1, 2026·SEC
Feb 3, 2026·SEC
American Assets Trust, Inc. (AAT) stock FAQ — growth, dividends, profitability & financials explained
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).
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.
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.
American Assets Trust, Inc. (AAT) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates