American Assets Trust, Inc. (AAT) Revenue History
Annual and quarterly revenue from 2008 to present
AAT Revenue Over Time (2008–2025)
AAT Revenue Growth History
14 of 17 years with positive growth- FY2008 revenue growth
- N/A
- FY2009 revenue growth
- -3.2%
- FY2010 revenue growth
- +10.2%
- FY2011 revenue growth
- +62.7%
- FY2012 revenue growth
- +12.2%
- FY2013 revenue growth
- +8.3%
- FY2014 revenue growth
- +1.9%
- FY2015 revenue growth
- +6.0%
- FY2016 revenue growth
- +7.1%
- FY2017 revenue growth
- +6.7%
- FY2018 revenue growth
- +5.0%
- FY2019 revenue growth
- +10.8%
- FY2020 revenue growth
- -6.0%
- FY2021 revenue growth
- +9.1%
- FY2022 revenue growth
- +12.5%
- FY2023 revenue growth
- +4.4%
- FY2024 revenue growth
- +3.8%
- FY2025 revenue growth
- -4.7%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $110.6M | +1.8% |
| Q4 2025 | $110.1M | -3.0% |
| Q3 2025 | $109.6M | -10.8% |
| Q2 2025 | $107.9M | -2.7% |
| Q1 2025 | $108.6M | -1.9% |
| Q4 2024 | $113.5M | +0.9% |
| Q3 2024 | $122.8M | +10.4% |
| Q2 2024 | $110.9M | +1.1% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
AAT's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
AAT Revenue Analysis (2008–2025)
Current Revenue & Growth
As of June 28, 2026, American Assets Trust, Inc. (AAT) generated trailing twelve-month (TTM) revenue of $438.2 million, reflecting modest growth of +1.8% year-over-year. The most recent quarter (Q1 2026) recorded $110.6 million in revenue, up 0.5% sequentially.
Historical Growth Trajectory
AAT's 5-year compound annual growth rate (CAGR) stands at +4.8%, indicating moderate growth over time. The 3-year CAGR of +1.1% is below the 5-year average, signalling a growth deceleration in recent years. American Assets Trust, Inc.'s highest annual revenue of $457.9 million was recorded in 2024.
Revenue by Segment
AAT's revenue is primarily driven by Office Segment (47%), Retail Segment (22%), and Multifamily Segment (16%). The diversified mix across segments reduces dependence on any single product line, which can support more resilient revenue in downturns.
Peer Comparison
Compared to Real Estate sector peers — including ESRT (+1.5% YoY), UE (+7.3% YoY), and PECO (+8.9% YoY) — AAT has underperformed the peer group in revenue growth. Compare AAT vs ESRT →
AAT Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| AATCurrent | $438M | +1.8% | +4.8% | 33.5% | |
 ESRT | $768M | +1.5% | +4.7% | 17.7% | |
 UE | $472M | +7.3% | +7.4% | 26.8% | |
 PECO | $732M | +8.9% | +8.0% | 27.2% | |
 WHLR | $99M | -3.5% | +10.3% | 31.9% | |
 NXRT | $251M | -0.7% | +4.2% | 11.1% |
AAT Historical Revenue Data (2008–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $436.2M | -4.7% | $266.6M | 61.1% | $145.9M | 33.5% |
| 2024 | $457.9M | +3.8% | $290.1M | 63.4% | $129.2M | 28.2% |
| 2023 | $441.2M | +4.4% | $277.2M | 62.8% | $121.7M | 27.6% |
| 2022 | $422.6M | +12.5% | $270.2M | 63.9% | $114.7M | 27.1% |
| 2021 | $375.8M | +9.1% | $246.1M | 65.5% | $99.9M | 26.6% |
| 2020 | $344.6M | -6.0% | $223.5M | 64.8% | $88.6M | 25.7% |
| 2019 | $366.7M | +10.8% | $234.8M | 64.0% | $113.7M | 31.0% |
| 2018 | $330.9M | +5.0% | $209.4M | 63.3% | $79.5M | 24.0% |
| 2017 | $315.0M | +6.7% | $198.3M | 63.0% | $93.6M | 29.7% |
| 2016 | $295.1M | +7.1% | $187.2M | 63.4% | $97.9M | 33.2% |
| 2015 | $275.6M | +6.0% | $177.6M | 64.4% | $94.2M | 34.2% |
| 2014 | $260.0M | +1.9% | $168.8M | 64.9% | $83.7M | 32.2% |
| 2013 | $255.1M | +8.3% | $165.1M | 64.7% | $81.1M | 31.8% |
| 2012 | $235.5M | +12.2% | $149.4M | 63.4% | $71.9M | 30.5% |
| 2011 | $209.8M | +62.7% | $149.9M | 71.4% | $58.8M | 28.0% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
18+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
AAT — Frequently Asked Questions
Quick answers to the most common questions about buying AAT stock.
Is AAT's revenue growth accelerating or slowing?
AAT revenue growth is slowing. TTM revenue is $438M, up +1.8% year-over-year — below the 5-year CAGR of +4.8%. The deceleration suggests maturing end-markets or increased competition.
What is AAT's revenue history from 2008 to 2026?
American Assets Trust, Inc. (AAT) revenue history spans 2008 to 2026. TTM revenue as of 2026 is $438M, growing at +1.8% YoY. The 5-year CAGR is +4.8%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is AAT's long-term revenue growth rate (CAGR)?
American Assets Trust, Inc.'s 5-year revenue CAGR of +4.8% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of +1.8% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for AAT.
Why does AAT's quarterly revenue fluctuate?
AAT quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. American Assets Trust, Inc.'s revenue data from 2008 to 2026 shows full historical quarterly detail on this page.
How is AAT's revenue distributed by segment?
AAT reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does AAT's revenue compare to industry peers?
American Assets Trust, Inc. (AAT) with TTM revenue of $438M and +1.8% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.