The company maintains a debt-to-equity ratio of 1.59 as of 2026Q1, though total assets have contracted by approximately $500 million since 2024Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Total Assets | 2.9B | 2.92B | 3.27B | 2.98B | 2.99B | 3.02B | 2.82B | 2.79B | 2.2B | 2.26B | 1.99B | 1.98B | 1.94B | 1.83B | 1.83B | 1.71B | 1.12B | 938.99M | 971.12M |
| Asset Growth % | -27.64% | -10.76% | 9.67% | -0.11% | -1% | 7.12% | 0.97% | 26.93% | -2.73% | 13.74% | 0.43% | 1.89% | 5.97% | 0.27% | 6.92% | 52.98% | 19% | -3.31% | - |
| Real Estate & Other Assets | 2.66B | 2.67B | 2.64B | 2.69B | 2.78B | 2.72B | 2.53B | 2.57B | 2.09B | 2.13B | 1.89B | 47.4M | 45.61M | 39.54M | 56.31M | 76.28M | 2.23M | 2.4M | 2.47M |
| PP&E (Net) | 16.54M | 17.25M | 18.99M | 21.5M | 23.92M | 26.25M | 29.35M | 4.86M | 2.04B | 2.08B | 1.83B | 1.83B | 1.78B | 1.68B | 1.67B | 1.45B | 943.1M | 774.21M | 793.24M |
| Investment Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1000K | -1000K | -1000K | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K |
| Total Current Assets | 209.4M | 221.41M | 598.14M | 251.59M | 153.89M | 238.83M | 227.16M | 180.86M | 66.56M | 101.82M | 64.08M | 59.07M | 77.08M | 65.41M | 56.34M | 180.31M | 132.21M | 104.57M | 105.44M |
| Cash & Equivalents | 118.34M | 129.36M | 425.66M | 82.89M | 49.57M | 139.52M | 137.33M | 99.3M | 47.96M | 82.61M | 44.8M | 39.92M | 59.36M | 48.99M | 42.48M | 112.72M | 41.95M | 24.19M | 18.98M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 0 | 77.52M | 63.77M | 0 | 0 | 1.72M | 10.15M | 9.32M | 9.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.64M | 4.53M |
| Intangible Assets | 10.77M | 11.7M | 15.6M | 20.47M | 25.8M | 31.68M | 28.89M | 34.3M | 38.59M | 30.41M | 30.26M | 37.09M | 43.67M | 50.66M | 46.75M | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.83B | 1.83B | 2.15B | 1.83B | 1.8B | 1.81B | 1.56B | 1.5B | 1.4B | 1.42B | 1.15B | 1.15B | 1.18B | 1.15B | 1.14B | 1.03B | 962.24M | 768.03M | 781.94M |
| Total Debt | 1.71B | 1.71B | 2.03B | 1.71B | 1.67B | 1.68B | 1.44B | 1.36B | 1.29B | 1.33B | 1.06B | 1.06B | 1.06B | 1.05B | 1.04B | 943.48M | 894.83M | 744.45M | 755.19M |
| Net Debt | 1.59B | 1.58B | 1.61B | 1.63B | 1.62B | 1.54B | 1.3B | 1.26B | 1.24B | 1.24B | 1.02B | 1.02B | 1B | 996.19M | 1B | 830.76M | 852.87M | 720.26M | 736.21M |
| Long-Term Debt | 1.69B | 1.69B | 2.01B | 1.69B | 1.61B | 1.65B | 1.31B | 1.36B | 1.23B | 1.33B | 894.39M | 1.06B | 1.06B | 952.17M | 1.04B | 943.48M | 894.83M | 744.45M | 755.19M |
| Short-Term Borrowings | 0 | 0 | 0 | 0 | 34.06M | 0 | 99.15M | 0 | 62.34M | 0 | 167.14M | 0 | 0 | 93M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 75.58M | 18.77M | 20.64M | 23.25M | 25.68M | 27.92M | 30.06M | 5.38M | -71.18M | -6.57M | -26.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 107.11M | 108.71M | 101.04M | 99.04M | 139.47M | 102.97M | 197.57M | 104.76M | 117.8M | 44.64M | 58.52M | 67.78M | 56.38M | 135.23M | 34.37M | 30.27M | 14.29M | 9.55M | 11.4M |
| Accounts Payable | 68.9M | 71.09M | 63.69M | 60.96M | 65.99M | 64.53M | 59.26M | 62.58M | 46.62M | 38.07M | 32.4M | 31.82M | 50.86M | 37.06M | 29.51M | 24.8M | 13.79M | 0 | 0 |
| Deferred Revenue | 27.71M | 27.55M | 25.1M | 27.4M | 30.72M | 30.58M | 32.57M | 33.87M | 19.03M | 12.86M | 10.75M | 10.52M | 9.82M | 8.65M | 6.45M | 0 | 0 | 0 | 0 |
| Other Liabilities | 13.88M | 14.34M | 16.07M | 18.3M | 22.33M | 26.75M | -4.46M | -5.35M | 30.43M | 33.08M | 184.46M | 47.23M | 55.77M | 58.23M | 62.49M | 55.81M | 53.12M | 14.02M | 15.36M |
| Total Equity | 1.07B | 1.09B | 1.12B | 1.15B | 1.19B | 1.21B | 1.25B | 1.29B | 802.47M | 844.14M | 838.55M | 828.93M | 766.58M | 686.58M | 685.73M | 679.73M | 155.12M | 170.96M | 189.17M |
| Equity Growth % | -12.96% | -2.95% | -2.54% | -2.69% | -2.03% | -3.45% | -3.11% | 61.21% | -4.94% | 0.67% | 1.16% | 8.13% | 11.65% | 0.12% | 0.88% | 338.19% | -9.27% | -9.63% | - |
| Shareholders Equity | 1.14B | 1.15B | 1.18B | 1.2B | 1.22B | 1.24B | 1.27B | 1.31B | 802.98M | 833.71M | 809.56M | 799.56M | 735.3M | 648.51M | 638.36M | 626.03M | 121.87M | 133.17M | 148.86M |
| Minority Interest | -63.86M | -59.61M | -51.58M | -44.18M | -35.74M | -28.84M | -18.04M | -20.25M | -506K | 10.43M | 29M | 29.36M | 31.27M | 38.07M | 47.37M | 53.7M | 33.25M | 37.79M | 40.31M |
| Common Stock | 614K | 614K | 611K | 609K | 607K | 605K | 605K | 601K | 474K | 473K | 457K | 454K | 437K | 405K | 397K | 393K | 0 | 0 | 0 |
| Additional Paid-in Capital | 1.48B | 1.48B | 1.47B | 1.47B | 1.46B | 1.45B | 1.45B | 1.45B | 920.66M | 919.07M | 874.6M | 863.43M | 795.07M | 692.2M | 663.59M | 653.64M | 0 | 0 | 0 |
| Retained Earnings | -346.59M | -331.09M | -304.34M | -280.24M | -251.17M | -217.78M | -176.56M | -144.38M | -128.78M | -97.28M | -77.3M | -64.07M | -60.29M | -44.09M | -25.63M | -28.01M | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 44.09M | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 0.76% | 2.3% | 2.33% | 2.17% | 1.86% | 1.25% | 1.27% | 2.41% | 1.22% | 1.89% | 2.3% | 2.75% | 1.65% | 1.23% | 2.92% | 0.21% | 0.43% | 0.67% | -0.72% |
| Return on Equity (ROE) | 2.03% | 6.44% | 6.39% | 5.53% | 4.66% | 2.97% | 2.79% | 5.74% | 3.3% | 4.77% | 5.47% | 6.76% | 4.29% | 3.29% | 7.56% | 0.7% | 2.69% | 3.58% | -3.71% |
| Debt / Assets | 58.82% | 58.41% | 62.05% | 57.39% | 56.02% | 55.57% | 51% | 48.85% | 58.72% | 58.63% | 53.43% | 53.57% | 54.73% | 57.04% | 57.16% | 55.2% | 80.08% | 79.28% | 77.76% |
| Debt / Equity | 1.59x | 1.56x | 1.81x | 1.48x | 1.41x | 1.39x | 1.15x | 1.05x | 1.61x | 1.57x | 1.27x | 1.28x | 1.39x | 1.52x | 1.52x | 1.39x | 5.77x | 4.35x | 3.99x |
| Net Debt / EBITDA | 6.94x | 5.77x | 6.30x | 6.76x | 6.82x | 7.11x | 6.60x | 6.02x | 2.98x | 3.11x | 2.71x | 6.47x | 6.68x | 6.74x | 7.49x | 7.14x | 10.09x | 8.81x | 9.24x |
| Book Value per Share | 13.95 | 14.22 | 14.69 | 15.11 | 15.55 | 15.89 | 16.47 | 17.03 | 12.51 | 13.17 | 13.26 | 13.30 | 12.79 | 11.94 | 12.02 | 12.54 | 2.81 | 3.21 | 3.56 |
West Coast office exposure
Based on reported financial statements, AAT's total assets have declined from $3.4 billion in 2024Q3 to $2.9 billion in 2026Q1, suggesting a strategic pivot toward portfolio rationalization rather than aggressive expansion, which may be intended to preserve balance sheet flexibility in a challenging interest rate environment.
The reduction in total asset value appears to reflect a disciplined approach to capital allocation, potentially shedding non-core assets to mitigate exposure to softening West Coast office valuations. Investors should monitor whether this contraction is a precursor to further deleveraging or if it signals a lack of accretive investment opportunities in the current market.
As reported in recent filings, AAT maintains a debt-to-equity ratio of approximately 1.59 as of 2026Q1, which, while appearing stable relative to historical levels, warrants careful scrutiny given the broader industry context of rising interest costs and the potential for valuation adjustments in the office segment.
The consistency of the debt load at $1.7 billion over the last several quarters suggests a management preference for maintaining a steady leverage profile rather than aggressive refinancing. However, the reliance on property-level financing means that any future maturity walls could expose the company to higher interest rates, potentially impacting future FFO growth.
According to the company's quarterly balance sheet data, cash reserves have fluctuated significantly, dropping from a peak of $533 million in 2024Q3 to $118.3 million in 2026Q1, which may indicate the deployment of capital for debt reduction or necessary property-level capital expenditures.
The rapid drawdown of cash reserves suggests that the company is actively managing its liquidity to meet operational demands and capital commitments. Analysts should investigate whether this lower cash position limits the company's ability to fund future tenant improvements or pursue opportunistic acquisitions in its core coastal markets.
Based on the provided financial data, the persistent capitalization of property-level costs, evidenced by the net PPE figures, suggests that AAT may be masking significant recurring maintenance requirements that could otherwise weigh on reported FFO and long-term cash flow sustainability for institutional investors.
The ongoing investment in property-level assets appears necessary to maintain the competitive positioning of the portfolio, yet this creates a persistent drag on distributable cash. This strategy may be essential for asset retention, but it implies that the true cost of maintaining the portfolio is higher than headline earnings might suggest.
Quick answers to the most common questions about buying AAT stock.
As of 2025, American Assets Trust, Inc. (AAT) had total assets of $2.92B including $221.4M in current assets.
American Assets Trust, Inc. (AAT) carries total debt of $1.71B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
American Assets Trust, Inc. (AAT) has total shareholders' equity (book value) of $1.15B ($14.22 book value per share). Book value represents the net worth of the company belonging to common stock holders.
American Assets Trust, Inc. (AAT) reported a current ratio of 2.04x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.