Revenue growth remains under pressure with a 1.8% increase in 2026Q1 failing to offset broader portfolio headwinds, while NOI margins have fluctuated around 60.5%.
| 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 |
|---|
| Revenue | 438.19M | 436.2M | 457.85M | 441.16M | 422.65M | 375.83M | 344.57M | 366.74M | 330.87M | 314.98M | 295.09M | 275.62M | 260M | 255.06M | 235.47M | 209.82M | 128.95M | 117.04M | 120.94M |
| Revenue Growth % | -3.86% | -4.73% | 3.78% | 4.38% | 12.46% | 9.07% | -6.04% | 10.84% | 5.04% | 6.74% | 7.06% | 6.01% | 1.94% | 8.32% | 12.22% | 62.72% | 10.17% | -3.22% | - |
| Property Operating Expenses | 171.96M | 169.59M | 167.73M | 163.96M | 152.43M | 129.77M | 121.12M | 131.98M | 121.45M | 116.68M | 107.93M | 98.01M | 91.23M | 89.99M | 86.11M | 59.94M | 35.96M | 28.64M | 32.92M |
| Net Operating Income (NOI) | 266.23M | 266.61M | 290.13M | 277.21M | 270.21M | 246.05M | 223.45M | 234.76M | 209.41M | 198.31M | 187.16M | 177.62M | 168.77M | 165.07M | 149.35M | 149.89M | 92.99M | 88.4M | 88.02M |
| NOI Margin % | 60.76% | 61.12% | 63.37% | 62.84% | 63.93% | 65.47% | 64.85% | 64.01% | 63.29% | 62.96% | 63.42% | 64.44% | 64.91% | 64.72% | 63.43% | 71.43% | 72.11% | 75.53% | 72.78% |
| Operating Expenses | 166.44M | 120.68M | 160.93M | 155.46M | 155.48M | 146.19M | 134.87M | 121.08M | 129.88M | 104.66M | 89.22M | 83.47M | 85.1M | 83.97M | 77.45M | 91.11M | 46.45M | 36.92M | 39.78M |
| G&A Expenses | 37.31M | 37.84M | 35.47M | 35.96M | 32.14M | 29.88M | 26.58M | 24.87M | 24.89M | 23.43M | 20.01M | 22.18M | 20.16M | 18.74M | 16.86M | 13.92M | 8.81M | 7.06M | 8.69M |
| EBITDA | 228.92M | 273.24M | 254.66M | 241.25M | 238.07M | 216.18M | 196.87M | 209.89M | 417.35M | 398.99M | 374.64M | 157.54M | 150.24M | 147.88M | 133.76M | 116.42M | 84.55M | 81.71M | 79.7M |
| EBITDA Margin % | 52.24% | 62.64% | 55.62% | 54.68% | 56.33% | 57.52% | 57.14% | 57.23% | 126.14% | 126.67% | 126.96% | 57.16% | 57.78% | 57.98% | 56.81% | 55.48% | 65.57% | 69.81% | 65.9% |
| Depreciation & Amortization | 129.13M | 127.31M | 125.46M | 119.5M | 123.34M | 116.31M | 108.29M | 96.2M | 337.81M | 305.34M | 276.7M | 63.39M | 66.57M | 66.78M | 61.85M | 57.64M | 38.01M | 30.23M | 31.46M |
| D&A / Revenue % | 29.47% | 29.19% | 27.4% | 27.09% | 29.18% | 30.95% | 31.43% | 26.23% | 102.1% | 96.94% | 93.77% | 23% | 25.6% | 26.18% | 26.27% | 27.47% | 29.48% | 25.83% | 26.01% |
| Operating Income | 99.79M | 145.93M | 129.2M | 121.75M | 114.73M | 99.87M | 88.58M | 113.69M | 79.53M | 93.65M | 97.94M | 94.15M | 83.67M | 81.1M | 71.91M | 58.78M | 46.53M | 51.48M | 48.24M |
| Operating Margin % | 22.77% | 33.45% | 28.22% | 27.6% | 27.15% | 26.57% | 25.71% | 31% | 24.04% | 29.73% | 33.19% | 34.16% | 32.18% | 31.8% | 30.54% | 28.01% | 36.09% | 43.99% | 39.89% |
| Interest Expense | 4M | 78.12M | 74.53M | 64.71M | 58.23M | 58.59M | 53.44M | 54.01M | 52.25M | 53.85M | 51.94M | 47.26M | 52.97M | 58.02M | 57.33M | 56.49M | 46.81M | 43.29M | 43.74M |
| Interest Coverage | - | 1.92x | 1.99x | 2.02x | 1.97x | 1.64x | 1.67x | 2.13x | 1.53x | 1.75x | 1.89x | 2.15x | 1.60x | 1.40x | 1.26x | 1.22x | 0.96x | 1.19x | 1.10x |
| Non-Operating Income | -3.61M | -4.33M | -19.03M | -8.69M | -225K | 3.95M | -438K | -1.33M | -242K | -548K | -198K | -7.32M | -901K | -158K | -387K | -10.31M | -2.45M | 0 | 0 |
| Pretax Income | 22.75M | 72.14M | 73.7M | 65.73M | 56.73M | 37.33M | 35.58M | 61.01M | 27.2M | 40.13M | 45.64M | 53.91M | 31.14M | 22.59M | 13.95M | 14.24M | 4.38M | 48.36M | 30.51M |
| Pretax Margin % | 5.19% | 16.54% | 16.1% | 14.9% | 13.42% | 9.93% | 10.33% | 16.63% | 8.22% | 12.74% | 15.47% | 19.56% | 11.98% | 8.86% | 5.92% | 6.79% | 3.4% | 41.31% | 25.23% |
| Income Tax | 353K | 770K | 886K | 1.04M | 850K | 738K | -9K | 819K | 327K | 214K | 566K | 295K | 460K | 645K | 1.02M | 67.81M | 42.05M | 45.04M | 55.26M |
| Effective Tax Rate % | 1.55% | 1.07% | 1.2% | 1.58% | 1.5% | 1.98% | -0.03% | 1.34% | 1.2% | 0.53% | 1.24% | 0.55% | 1.48% | 2.85% | 7.28% | 476.09% | 960.2% | 93.14% | 181.12% |
| Net Income | 22.4M | 71.37M | 72.82M | 64.69M | 55.88M | 36.59M | 35.59M | 60.19M | 27.2M | 40.13M | 45.64M | 53.91M | 31.14M | 22.59M | 51.6M | 2.92M | 4.38M | 6.44M | -7.02M |
| Net Margin % | 5.11% | 16.36% | 15.9% | 14.66% | 13.22% | 9.74% | 10.33% | 16.41% | 8.22% | 12.74% | 15.47% | 19.56% | 11.98% | 8.86% | 21.91% | 1.39% | 3.4% | 5.51% | -5.8% |
| Net Income Growth % | -78.11% | -1.99% | 12.56% | 15.77% | 52.7% | 2.82% | -40.87% | 121.26% | -32.22% | -12.06% | -15.35% | 73.11% | 37.85% | -56.21% | 1668.97% | -33.39% | -32.05% | 191.83% | - |
| Funds From Operations (FFO) | 151.53M | 198.68M | 198.28M | 184.19M | 179.22M | 152.9M | 143.88M | 156.39M | 365.02M | 345.48M | 322.34M | 117.31M | 97.71M | 89.37M | 113.45M | 60.56M | 42.39M | 36.67M | 24.44M |
| FFO Margin % | 34.58% | 45.55% | 43.31% | 41.75% | 42.4% | 40.68% | 41.76% | 42.64% | 110.32% | 109.68% | 109.23% | 42.56% | 37.58% | 35.04% | 48.18% | 28.86% | 32.87% | 31.33% | 20.21% |
| FFO Growth % | -114.69% | 0.2% | 7.65% | 2.78% | 17.21% | 6.27% | -8% | -57.15% | 5.66% | 7.18% | 174.78% | 20.05% | 9.34% | -21.23% | 87.35% | 42.85% | 15.6% | 50.04% | - |
| FFO per Share | 1.97 | 2.59 | 2.59 | 2.41 | 2.35 | 2.01 | 1.89 | 2.06 | 5.69 | 5.39 | 5.10 | 1.88 | 1.63 | 1.55 | 1.99 | 1.12 | 0.77 | 0.69 | 0.46 |
| FFO Payout Ratio % | 58.63% | 52.98% | 52.13% | 55.14% | 54.82% | 58.17% | 53.18% | 51.54% | 19.24% | 19.55% | 19.88% | 50.65% | 55.58% | 55.39% | 42.71% | 76.17% | 0% | 63.54% | 263.04% |
| EPS (Diluted) | 0.29 | 0.92 | 0.94 | 0.84 | 0.72 | 0.47 | 0.46 | 0.84 | 0.42 | 0.63 | 0.72 | 0.86 | 0.52 | 0.39 | 0.90 | 0.05 | 0.08 | 0.12 | -0.13 |
| EPS Growth % | -78.05% | -2.13% | 11.9% | 16.67% | 53.19% | 2.17% | -45.24% | 100% | -33.33% | -12.5% | -16.28% | 65.38% | 33.33% | -56.67% | 1572.86% | -32.33% | -33.75% | 192.31% | - |
| EPS (Basic) | - | 0.92 | 0.94 | 1.06 | 0.72 | 0.47 | 0.46 | 0.84 | 0.42 | 0.86 | 1.01 | 1.21 | 0.74 | 0.57 | 1.33 | 0.08 | 0.12 | 0.19 | -0.20 |
| Diluted Shares Outstanding | 76.88M | 76.74M | 76.52M | 76.34M | 76.23M | 76.17M | 76.12M | 75.94M | 64.14M | 64.09M | 63.23M | 62.34M | 59.95M | 57.52M | 57.05M | 54.22M | 55.12M | 53.18M | 53.18M |
West Coast office exposure
As reported in recent financial statements, AAT experienced a revenue contraction of 4.73% year-over-year, suggesting that the company's core office and retail segments are struggling to offset the impact of broader economic shifts and potential strategic asset dispositions within its high-barrier coastal submarkets.
The persistent revenue decline indicates that organic growth drivers are currently insufficient to overcome the headwinds facing the office portfolio. Investors should monitor whether the recent revenue volatility reflects a structural loss of occupancy or a temporary lull in leasing activity across the San Diego and Hawaii footprints.
According to the company's quarterly filings, FFO per share has exhibited significant fluctuations, ranging from a low of $0.47 in 2025Q4 to a spike of $1.10 in 2025Q1, which complicates the assessment of sustainable dividend coverage and long-term earnings growth for institutional shareholders.
The extreme variance in FFO suggests that non-recurring items or accounting adjustments may be distorting the headline earnings figures. A deeper look at the recurring FFO trajectory is necessary to determine if the dividend remains adequately supported by cash flow or if the payout ratio is becoming increasingly sensitive to operational volatility.
Based on the provided income statement data, the wide gap between Net Income and FFO highlights the significant impact of non-cash depreciation charges, which consistently mask the actual cash-generating capacity of the company's high-quality, long-term real estate assets in coastal California and Hawaii.
Because GAAP net income is heavily burdened by depreciation, it serves as a poor proxy for the company's economic health. Analysts should focus on the relationship between FFO and AFFO to better understand the true impact of recurring maintenance capital expenditures on the company's distributable cash flow.
Financial data indicates that the spread between FFO and AFFO remains wide, suggesting that significant capital is being reinvested into the portfolio, likely for tenant improvements and leasing commissions required to maintain occupancy in a challenging office environment, which may limit near-term cash distributions.
The persistent gap between FFO and AFFO warrants further investigation into whether these capital outlays are truly maintenance-related or if they represent aggressive spending to retain tenants in a softening market. This suggests that the quality of earnings may be lower than the headline FFO figures imply.
Quick answers to the most common questions about buying AAT stock.
For fiscal year 2025, American Assets Trust, Inc. (AAT) reported total revenue of $436.2M. This represents a 260.7% increase compared to $120.9M in 2008.
American Assets Trust, Inc. (AAT) is profitable, generating $71.4M in net income for the fiscal year ending 2025 with a net profit margin of 16.4%.
American Assets Trust, Inc. (AAT) reported an operating income of $145.9M, resulting in an operating profit margin of 33.5%. This margin reflects the operational efficiency of the business before interest and taxes.
American Assets Trust, Inc. (AAT) generated $266.6M in gross profit for the year, representing a gross profit margin of 61.1%. This demonstrates the company's core pricing power and production efficiency.