Revenue declined 4.7% year-over-year to $109.5M in Q2 2026, yet NOI margin improved to 62.0% from 61.3%, reflecting cost controls that partially offset occupancy losses.
American Assets Trust, Inc. (AAT) annual income statement — 18-year revenue, gross profit & net income history
| 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 | 439.74M | 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 % | -2.89% | -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 | 173.19M | 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) | 266.55M | 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 % | 60.61% | 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 | 166.43M | 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 | 37.37M | 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 | 229.17M | 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 % | 52.12% | 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 | 129.06M | 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 % | 29.35% | 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 | 100.11M | 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 | -2.99M | -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 | 22.3M | 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 % | 5.07% | 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 | 235K | 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 % | 1.05% | 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 | 20.69M | 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 % | 4.7% | 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 % | -78.02% | -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) | 149.75M | 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 % | 34.05% | 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 % | -105.33% | 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 | 1.95 | 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 % | 59.38% | 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) | 0.27 | 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 % | -77.93% | -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 |
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.
Key Metrics
Top Statement Risk
West Coast office exposure
Metrics are mathematically derived from official filings.
Revenue Decline Amidst Portfolio Pressures
Revenue fell 4.7% year-over-year to $109.5M in Q2 2026, reflecting occupancy losses and possible dispositions, as reported in the latest quarterly filing.
The revenue decline is driven by a combination of lower occupancy and potential asset sales, with the office segment likely the primary drag. The sequential stabilization from Q1 2026 suggests the decline may be moderating, but the lack of organic growth indicates that new leasing activity is not yet offsetting losses. Investors should monitor whether this trend reflects structural portfolio shrinkage or temporary leasing frictions.
NOI Margin Resilience Despite Revenue Drop
NOI margin improved to 62.0% in Q2 2026 from 61.3% a year earlier, as reported in the financial statements, indicating cost controls are offsetting revenue pressure.
The margin expansion suggests that operating expenses are being managed effectively, possibly through lower property taxes or reduced maintenance costs. However, the improvement is modest and may not be sustainable if revenue continues to decline. The high fixed-cost structure of the portfolio means that any further occupancy losses could compress margins, particularly in the office segment.
FFO Per Share Deterioration Raises Concerns
FFO per share dropped to $0.50 in Q2 2026 from $0.52 a year ago, a 4.5% decline, based on reported figures, signaling weakening core earnings.
The decline in FFO per share is more pronounced than the revenue drop, indicating that operating costs or interest expenses are rising. The gap between FFO and AFFO is widening, with AFFO at $13.6M versus FFO of $38.1M, suggesting significant non-cash adjustments or higher capital expenditures. This divergence warrants investigation into the quality of earnings and the sustainability of the dividend.
Depreciation Distortions Mask Cash Flow
Depreciation charges are substantial, with net income of $5.4M versus FFO of $38.1M in Q2 2026, as per the income statement, highlighting the non-cash nature of real estate depreciation.
The large gap between net income and FFO underscores the importance of using FFO as the primary earnings metric for REITs. The depreciation charge appears to be in line with the company's asset base, but the recurring capital expenditures (TIs and LCs) are not fully captured in FFO, making AFFO a more accurate measure of distributable cash flow. The low AFFO relative to FFO suggests that maintenance capex is consuming a significant portion of cash flow.
Same-Store NOI Growth Remains Elusive
Same-store NOI growth is negative, with overall NOI down 3.6% year-over-year in Q2 2026, as reported in the quarterly data, indicating organic portfolio contraction.
The decline in NOI is driven by occupancy losses, particularly in the office segment, and possibly lower rental rates on renewals. The retail and multifamily segments may be providing some offset, but the overall trend is concerning. The leased vs. occupied spread, if positive, could signal future improvement, but the current data does not indicate a near-term turnaround.
Earnings Quality Under Scrutiny
The gap between FFO and AFFO widened to $24.5M in Q2 2026, as per the financial statements, suggesting elevated capital expenditures or non-cash adjustments that may not be sustainable.
The significant difference between FFO and AFFO indicates that the company is spending heavily on tenant improvements and leasing commissions to maintain occupancy, which may not be fully reflected in FFO. Additionally, straight-line rent adjustments could be inflating revenue, masking the true cash collection. Investors should scrutinize the sustainability of the dividend, as AFFO coverage appears thin.