American Assets Trust, Inc. AAT

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

Unless otherwise indicated or unless the context requires otherwise, references to "we," "our," "us" and "our company" refer to American Assets Trust, Inc., a Maryland corporation, together with our consolidated subsidiaries, including American Assets Trust, L.P., a Maryland limited partnership, of which we are the sole general partner and which we refer to in this report as our Operating Partnership. In statements regarding qualification as a REIT, such terms refer solely to American Assets Trust, Inc.

We are a full service, vertically integrated and self-administered real estate investment trust, or REIT, that owns, operates, acquires and develops high quality office, retail, multifamily and mixed-use properties in attractive, high-barrier-to-entry markets in Southern California, Northern California, Washington, Oregon, Texas and Hawaii. As of December 31, 2025, our portfolio is comprised of twelve office properties; eleven retail shopping centers; a mixed-use property consisting of a 369-room all-suite hotel and a retail shopping center; and seven multifamily properties. Additionally, as of December 31, 2025, we owned land at two of our properties that we classified as held for development and construction in progress. Our core markets include San Diego, California; the San Francisco Bay Area, California; Bellevue, Washington; Portland, Oregon and Oahu, Hawaii.

Last close 21.36 2026-10-23
Market cap $1.31B 2026-03-31 share count
52-week range 17.72 - 25.97

Valuation FY2025 figures against the last close

P/S32.9x
P/E23.2x
P/FCF13.8x
EV/EBITDA10.5x
Dividend yield8.0%
Diluted EPS0.92

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $39.9M$43.0M$42.9M$38.1M$24.9M$17.2M$40.3M$40.0M$39.5M$39.4M
Gross profit $266.6M$290.1M$277.2M$270.2M$246.1M$223.5M$234.8M$209.4M$198.3M$187.2M
SG&A $37.8M$35.5M$36.0M$32.1M$29.9M$26.6M$24.9M$22.8M$21.4M$17.9M
Total operating expenses $334.7M$328.7M$319.4M$307.9M$276.0M$256.0M$253.1M$251.3M$221.3M$197.1M
Operating income $145.9M$129.2M$121.7M$114.7M$99.9M$88.6M$113.7M$79.5M$93.6M$97.9M
Interest expense ————$58.6M$53.4M$54.0M$52.2M$53.8M$51.9M
Pre-tax income $72.1M$73.7M$65.7M$56.7M$37.3M$35.6M$61.0M$20.0M$29.3M$33.2M
Income tax $770.0K$886.0K$1.0M$850.0K$738.0K$9.0K$819.0K$327.0K$214.0K$566.0K
Net income $71.4M$72.8M$64.7M$55.9M$36.6M$35.6M$60.2M$19.7M$29.1M$32.6M
EPS, basic 0.920.940.840.720.470.460.840.420.620.72
EPS, diluted 0.920.940.840.720.470.460.840.420.620.72
Shares, diluted (wtd. avg.) 76.7M76.5M76.3M76.2M76.2M76.1M70.8M64.1M64.1M63.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $129.4M$425.7M$82.9M$49.6M$139.5M$139.0M$109.5M$57.3M$92.0M$54.8M
Other intangibles $10.2M$14.0M$18.7M$23.6M$29.2M—————
Total assets $2.92B$3.27B$2.98B$2.99B$3.02B$2.82B$2.79B$2.20B$2.26B$1.99B
Long-term debt $1.70B$2.02B$1.70B$1.62B$1.66B$1.31B$1.36B$1.23B$1.33B$1.05B
Total liabilities $1.83B$2.15B$1.83B$1.80B$1.81B$1.56B$1.50B$1.40B$1.42B$1.15B
Retained earnings -$331.1M-$304.3M-$280.2M-$251.2M-$217.8M-$176.6M-$144.4M-$128.8M-$97.3M-$77.3M
Total equity $1.15B$1.18B$1.15B$1.19B$1.21B$1.25B$1.29B$802.5M$844.1M$838.6M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $167.1M$207.1M$188.8M$179.1M$168.3M$127.0M$153.8M$136.5M$145.9M$120.7M
Depreciation and amortisation $127.3M$125.5M$119.5M$123.3M$116.3M$108.3M$96.2M$107.1M$83.3M$71.3M
Stock-based compensation $7.4M$7.1M$8.8M$8.7M$8.5M$6.3M$4.5M$3.0M$4.7M$2.4M
Capital expenditure $72.3M$70.2M$83.0M$113.8M$104.6M$63.5M$88.3M$54.4M$47.5M$59.6M
Investing cash flow -$30.5M-$77.4M-$89.9M-$166.3M-$312.3M-$69.1M-$599.2M-$64.3M-$330.6M-$63.2M
Financing cash flow -$432.9M$213.1M-$65.5M-$102.7M$144.4M-$28.3M$497.5M-$106.8M$221.9M-$54.3M
Dividends paid $105.3M$103.4M$101.6M$98.2M$88.9M$76.5M$80.6M$70.2M$67.5M$64.1M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001500217-26-000023.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 100M 200M 300M Revenue, FY2016: 39.4M Gross profit, FY2016: 187.2M Net income, FY2016: 32.6M Revenue, FY2017: 39.5M Gross profit, FY2017: 198.3M Net income, FY2017: 29.1M Revenue, FY2018: 40M Gross profit, FY2018: 209.4M Net income, FY2018: 19.7M Revenue, FY2019: 40.3M Gross profit, FY2019: 234.8M Net income, FY2019: 60.2M Revenue, FY2020: 17.2M Gross profit, FY2020: 223.5M Net income, FY2020: 35.6M Revenue, FY2021: 24.9M Gross profit, FY2021: 246.1M Net income, FY2021: 36.6M Revenue, FY2022: 38.1M Gross profit, FY2022: 270.2M Net income, FY2022: 55.9M Revenue, FY2023: 42.9M Gross profit, FY2023: 277.2M Net income, FY2023: 64.7M Revenue, FY2024: 43M Gross profit, FY2024: 290.1M Net income, FY2024: 72.8M Revenue, FY2025: 39.9M Gross profit, FY2025: 266.6M Net income, FY2025: 71.4M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $39.4M $39.5M $40.0M $40.3M $17.2M $24.9M $38.1M $42.9M $43.0M $39.9M
Gross profit $187.2M $198.3M $209.4M $234.8M $223.5M $246.1M $270.2M $277.2M $290.1M $266.6M
Net income $32.6M $29.1M $19.7M $60.2M $35.6M $36.6M $55.9M $64.7M $72.8M $71.4M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Material agreement signed Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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