American Assets Trust, Inc. (AAT) 10-Year Financial Performance & Capital Metrics

AAT • • REIT / Real Estate

Real EstateDiversified REITsMulti-Property Diversified REITsRegional Diversified Property Owners

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 $458M +3.8%
FFO $198M +7.6%
FFO/Share 2.59 +7.4%
FFO Payout 52.13% -5.5%
FFO per Share 2.59 +7.4%
NOI Margin 63.37% +0.8%
FFO Margin 43.31% +3.7%
ROE 6.39% +15.6%
ROA 2.33% +7.4%
Debt/Assets 62.05% +8.1%
Net Debt/EBITDA 6.30 -6.7%
Book Value/Share 14.69 -2.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Sustainable FFO payout ratio of 52.1%
✓High NOI margin of 63.4%
✓Trading at only 1.3x book value

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.82%

5Y4.54%

3Y6.8%

TTM-3.79%

Profit (Net Income) CAGR

10Y8.86%

5Y3.88%

3Y25.78%

TTM-14.24%

EPS CAGR

10Y6.1%

5Y2.28%

3Y25.99%

TTM2.97%

ROCE

10Y Avg4.27%

5Y Avg3.93%

3Y Avg4.24%

Latest4.49%

Peer Comparison

Regional Diversified Property Owners

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MDRRMedalist Diversified REIT, Inc.	14.09M	12.67	521.19	-5.23%	-21.2%	-8.56%	6.34%	2.38
UEUrban Edge Properties	2.35B	18.66	31.10	6.73%	24.12%	8.16%	6.52%	1.24
AHHArmada Hoffler Properties, Inc.	565.08M	7.05	29.38	6.19%	5.7%	3.07%	19.82%	1.60
ALEXAlexander & Baldwin, Inc.	1.51B	20.83	25.10	13.31%	33.62%	7.25%	3.12%	0.47
ESRTEmpire State Realty Trust, Inc.	1.08B	6.40	22.86	3.19%	5.81%	2.5%	24.09%	1.39
AATAmerican Assets Trust, Inc.	1.14B	18.69	19.88	3.78%	14.58%	5.75%	11.98%	1.81
MKZRMacKenzie Realty Capital, Inc.	8.07M	4.36	-0.23	40.19%	-130.46%	-24.47%		1.47
FVRFrontView REIT, Inc.	354.9M	16.39	-11.15	24.14%	-4.13%	-0.54%	5.78%	0.54

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	275.62M	295.09M	314.98M	330.87M	366.74M	344.57M	375.83M	422.65M	441.16M	457.85M
Revenue Growth %	0.06%	0.07%	0.07%	0.05%	0.11%	-0.06%	0.09%	0.12%	0.04%	0.04%
Property Operating Expenses	98.01M	107.93M	116.68M	121.45M	131.98M	121.12M	129.77M	152.43M	163.96M	167.73M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	83.47M	89.22M	104.66M	129.88M	121.08M	134.87M	146.19M	155.48M	155.46M	160.93M
G&A Expenses	22.18M	20.01M	23.43M	24.89M	24.87M	26.58M	29.88M	32.14M	35.96M	35.47M
EBITDA+	157.54M	374.64M	398.99M	417.35M	209.89M	196.87M	216.18M	238.07M	241.25M	254.66M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	63.39M	276.7M	305.34M	337.81M	96.2M	108.29M	116.31M	123.34M	119.5M	125.46M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	94.15M	97.94M	93.65M	79.53M	113.69M	88.58M	99.87M	114.73M	121.75M	129.2M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	47.26M	51.94M	53.85M	52.25M	54.01M	53.44M	58.59M	58.23M	64.71M	74.53M
Interest Coverage	1.99x	1.89x	1.74x	1.52x	2.10x	1.66x	1.70x	1.97x	1.88x	1.73x
Non-Operating Income	-7.32M	-198K	-548K	-242K	-1.33M	-438K	3.95M	-225K	-8.69M	-19.03M
Pretax Income+	53.91M	45.64M	40.13M	27.2M	61.01M	35.58M	37.33M	56.73M	65.73M	73.7M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	295K	566K	214K	327K	819K	-9K	738K	850K	1.04M	886K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	53.91M	45.64M	40.13M	27.2M	60.19M	35.59M	36.59M	55.88M	64.69M	72.82M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.73%	-0.15%	-0.12%	-0.32%	1.21%	-0.41%	0.03%	0.53%	0.16%	0.13%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.2%	1.75%	0.07%	0.06%	-0.57%	-0.08%	0.06%	0.17%	0.03%	0.08%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.86	0.72	0.63	0.42	0.84	0.46	0.47	0.72	0.84	0.94
EPS Growth %	0.65%	-0.16%	-0.13%	-0.33%	1%	-0.45%	0.02%	0.53%	0.17%	0.12%
EPS (Basic)	1.21	1.01	0.86	0.42	0.84	0.46	0.47	0.72	1.06	0.94
Diluted Shares Outstanding	62.34M	63.23M	64.09M	64.14M	75.94M	76.12M	76.17M	76.23M	76.34M	76.52M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.98B	1.99B	2.26B	2.2B	2.79B	2.82B	3.02B	2.99B	2.98B	3.27B
Asset Growth %	0.02%	0%	0.14%	-0.03%	0.27%	0.01%	0.07%	-0.01%	-0%	0.1%
Real Estate & Other Assets+	47.4M	1.89B	2.13B	2.09B	2.57B	2.53B	2.72B	2.78B	2.69B	2.62B
PP&E (Net)	1.83B	1.83B	2.08B	2.04B	4.86M	29.35M	26.25M	23.92M	21.5M	18.99M
Investment Securities	0	-1000K	-1000K	-1000K	0	0	0	0	0	0
Total Current Assets+	59.07M	64.08M	101.82M	66.56M	180.86M	227.16M	238.83M	153.89M	251.59M	598.14M
Cash & Equivalents	39.92M	44.8M	82.61M	47.96M	99.3M	137.33M	139.52M	49.57M	82.89M	425.66M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	9.34M	9.32M	10.15M	1.72M	0	0	63.77M	77.52M
Intangible Assets	37.09M	30.26M	30.41M	38.59M	34.3M	28.89M	31.68M	25.8M	20.47M	15.6M
Total Liabilities	1.15B	1.15B	1.42B	1.4B	1.5B	1.56B	1.81B	1.8B	1.83B	2.15B
Total Debt+	1.06B	1.06B	1.33B	1.29B	1.36B	1.44B	1.68B	1.67B	1.71B	2.03B
Net Debt	1.02B	1.02B	1.24B	1.24B	1.26B	1.3B	1.54B	1.62B	1.63B	1.61B
Long-Term Debt	1.06B	894.39M	1.33B	1.23B	1.36B	1.31B	1.65B	1.61B	1.69B	1.69B
Short-Term Borrowings	0	1000K	0	1000K	0	1000K	0	1000K	0	1000K
Capital Lease Obligations	38.17M	0	0	0	5.38M	30.06M	27.92M	25.68M	23.25M	20.64M
Total Current Liabilities+	67.78M	58.52M	44.64M	117.8M	104.76M	197.57M	102.97M	139.47M	99.04M	397.62M
Accounts Payable	31.82M	32.4M	38.07M	46.62M	62.58M	59.26M	64.53M	65.99M	60.96M	63.69M
Deferred Revenue	10.52M	10.75M	12.86M	19.03M	33.87M	32.57M	30.58M	30.72M	27.4M	25.1M
Other Liabilities	47.23M	184.46M	33.08M	30.43M	-5.35M	-4.46M	26.75M	22.33M	18.3M	16.07M
Total Equity+	828.93M	838.55M	844.14M	802.47M	1.29B	1.25B	1.21B	1.19B	1.15B	1.12B
Equity Growth %	0.08%	0.01%	0.01%	-0.05%	0.61%	-0.03%	-0.03%	-0.02%	-0.03%	-0.03%
Shareholders Equity	799.56M	809.56M	833.71M	802.98M	1.31B	1.27B	1.24B	1.22B	1.2B	1.18B
Minority Interest	29.36M	29M	10.43M	-506K	-20.25M	-18.04M	-28.84M	-35.74M	-44.18M	-51.58M
Common Stock	454K	457K	473K	474K	601K	605K	605K	607K	609K	611K
Additional Paid-in Capital	863.43M	874.6M	919.07M	920.66M	1.45B	1.45B	1.45B	1.46B	1.47B	1.47B
Retained Earnings	-64.07M	-77.3M	-97.28M	-128.78M	-144.38M	-176.56M	-217.78M	-251.17M	-280.24M	-304.34M
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.03%	0.02%	0.02%	0.01%	0.02%	0.01%	0.01%	0.02%	0.02%	0.02%
Return on Equity (ROE)	0.07%	0.05%	0.05%	0.03%	0.06%	0.03%	0.03%	0.05%	0.06%	0.06%
Debt / Assets	0.54%	0.53%	0.59%	0.59%	0.49%	0.51%	0.56%	0.56%	0.57%	0.62%
Debt / Equity	1.28x	1.27x	1.57x	1.61x	1.05x	1.15x	1.39x	1.41x	1.48x	1.81x
Net Debt / EBITDA	6.47x	2.71x	3.11x	2.98x	6.02x	6.60x	7.11x	6.82x	6.76x	6.30x
Book Value per Share	13.30	13.26	13.17	12.51	17.03	16.47	15.89	15.55	15.11	14.69

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	110.72M	122.66M	145.85M	136.51M	153.82M	126.98M	168.33M	179.07M	188.75M	207.11M
Operating CF Growth %	0.05%	0.11%	0.19%	-0.06%	0.13%	-0.17%	0.33%	0.06%	0.05%	0.1%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	53.91M	45.64M	40.13M	27.2M	60.19M	35.59M	36.59M	55.88M	64.69M	72.82M
Depreciation & Amortization	63.39M	71.32M	83.28M	107.09M	96.2M	108.29M	116.31M	123.34M	119.5M	125.46M
Stock-Based Compensation	2.88M	2.41M	4.74M	3.04M	4.48M	6.31M	8.49M	8.69M	8.84M	7.11M
Other Non-Cash Items	-726K	836K	298K	-523K	-4.84M	-31.79M	-14.66M	-8.3M	-3.29M	-1.17M
Working Capital Changes	-1.61M	2.46M	6.74M	-304K	-2.09M	-9.84M	19.62M	-530K	-982K	2.89M
Cash from Investing+	-127.27M	-63.51M	-330.56M	-64.35M	-599.18M	-69.08M	-312.28M	-166.32M	-89.89M	-77.41M
Acquisitions (Net)	0	0	0	0	499.59M	0	104.59M	0	0	0
Purchase of Investments	0	-309K	-278.14M	0	-507.78M	0	-47.76M	-45.17M	0	0
Sale of Investments	1000K	0	0	0	1000K	0	1000K	0	0	0
Other Investing	6.91M	-3.88M	-283.07M	-9.94M	-510.86M	-5.59M	-312.24M	-7.37M	-6.91M	-7.2M
Cash from Financing+	-2.89M	-54.27M	221.91M	-106.84M	497.55M	-28.31M	144.42M	-102.7M	-65.55M	213.07M
Dividends Paid	-42.45M	-64.08M	-67.54M	-51.49M	-80.61M	-76.51M	-88.94M	-77.54M	-80.21M	-103.37M
Common Dividends	-59.41M	-64.08M	-67.54M	-70.23M	-80.61M	-76.51M	-88.94M	-98.25M	-101.57M	-103.37M
Debt Issuance (Net)	-1000K	1000K	1000K	-1000K	1000K	1000K	1000K	-1000K	1000K	1000K
Share Repurchases	0	0	0	0	0	-672K	-865K	-759K	-831K	-1.45M
Other Financing	-10.28M	-2.86M	-3.28M	-3.25M	-2.44M	-125K	-5.08M	-20.71M	-23.5M	-5.39M
Net Change in Cash+	-19.43M	4.88M	37.2M	-34.68M	52.18M	29.6M	475K	-89.95M	33.32M	342.77M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	59.36M	39.92M	54.75M	91.95M	57.27M	109.45M	139.05M	139.52M	49.57M	82.89M
Cash at End	39.92M	44.8M	91.95M	57.27M	109.45M	139.05M	139.52M	49.57M	82.89M	425.66M
Free Cash Flow+	-23.45M	63.03M	98.36M	82.1M	65.49M	63.5M	63.74M	65.29M	105.77M	136.9M
FCF Growth %	0.4%	3.69%	0.56%	-0.17%	-0.2%	-0.03%	0%	0.02%	0.62%	0.29%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.88	5.1	5.39	5.69	2.06	1.89	2.01	2.35	2.41	2.59
FFO Payout Ratio	50.65%	19.88%	19.55%	19.24%	51.54%	53.18%	58.17%	54.82%	55.14%	52.13%
NOI Margin	64.44%	63.42%	62.96%	63.29%	64.01%	64.85%	65.47%	63.93%	62.84%	63.37%
Net Debt / EBITDA	6.47x	2.71x	3.11x	2.98x	6.02x	6.60x	7.11x	6.82x	6.76x	6.30x
Debt / Assets	53.57%	53.43%	58.63%	58.72%	48.85%	51%	55.57%	56.02%	57.39%	62.05%
Interest Coverage	1.99x	1.89x	1.74x	1.52x	2.10x	1.66x	1.70x	1.97x	1.88x	1.73x
Book Value / Share	13.3	13.26	13.17	12.51	17.03	16.47	15.89	15.55	15.11	14.69
Revenue Growth	6.01%	7.06%	6.74%	5.04%	10.84%	-6.04%	9.07%	12.46%	4.38%	3.78%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Office	184.78M	193.53M	198.82M	112.36M	144.68M	177.55M	186.37M	203.39M	207.86M	215.78M
Office Growth	-	4.74%	2.73%	-43.49%	28.77%	22.72%	4.96%	9.14%	2.20%	3.81%
Retail	171.79M	175.03M	180.17M	105.55M	107.6M	88.28M	94.66M	100.91M	104.77M	109.04M
Retail Growth	-	1.88%	2.93%	-41.42%	1.94%	-17.96%	7.23%	6.60%	3.82%	4.08%
Mixed Use	70.03M	72.28M	72.35M	62.33M	63.39M	28.41M	42.48M	60.21M	66.71M	67.67M
Mixed Use Growth	-	3.21%	0.10%	-13.86%	1.70%	-55.18%	49.53%	41.71%	10.80%	1.43%
Multifamily	37.59M	56.15M	83.75M	50.63M	51.07M	50.33M	52.31M	58.14M	61.83M	65.37M
Multifamily Growth	-	49.37%	49.15%	-39.55%	0.87%	-1.45%	3.95%	11.13%	6.35%	5.73%

Frequently Asked Questions

Valuation & Price

American Assets Trust, Inc. (AAT) has a price-to-earnings (P/E) ratio of 19.9x. This is roughly in line with market averages.

Growth & Financials

American Assets Trust, Inc. (AAT) reported $439.6M in revenue for fiscal year 2024. This represents a 109% increase from $209.8M in 2011.

American Assets Trust, Inc. (AAT) grew revenue by 3.8% over the past year. Growth has been modest.

Yes, American Assets Trust, Inc. (AAT) is profitable, generating $64.1M in net income for fiscal year 2024 (15.9% net margin).

Dividend & Returns

Yes, American Assets Trust, Inc. (AAT) pays a dividend with a yield of 7.23%. 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 $190.1M in the trailing twelve months. FFO is the primary profitability metric for REITs.

American Assets Trust, Inc. (AAT) offers a 7.23% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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