American Assets Trust (AAT)
Market Price (2/28/2026): $19.54 | Market Cap: $1.2 BilSector: Real Estate | Industry: Diversified REITs
American Assets Trust (AAT)
Market Price (2/28/2026): $19.54Market Cap: $1.2 BilSector: Real EstateIndustry: Diversified REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 8.0% | Weak multi-year price returns2Y Excs Rtn is -33%, 3Y Excs Rtn is -81% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 133% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.7%, Rev Chg QQuarterly Revenue Change % is -3.0% | |
| Low stock price volatilityVol 12M is 27% | Key risksAAT key risks include [1] the declining performance of its office portfolio, Show more. | |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Experiential Retail, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 8.0% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22% |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Experiential Retail, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -33%, 3Y Excs Rtn is -81% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 133% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.7%, Rev Chg QQuarterly Revenue Change % is -3.0% |
| Key risksAAT key risks include [1] the declining performance of its office portfolio, Show more. |
Qualitative Assessment
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American Assets Trust (AAT) stock has remained largely at the same level since 11/30/2025 because of the following key factors:
1. American Assets Trust experienced mixed Q4 2025 financial results, with revenue surpassing expectations but earnings per share missing forecasts, coupled with modest 2026 FFO guidance. The company reported fourth-quarter 2025 revenue of $110.09 million, exceeding analyst expectations of $106.9 million by nearly 3%. However, earnings per share came in at $0.05, a 50% miss against the forecasted $0.10. Funds From Operations (FFO) were $0.47 per diluted share, a decline from $0.55 in Q4 2024. For the full year 2026, AAT introduced FFO per diluted share guidance of $1.96 to $2.10, with a midpoint of $2.03, representing an approximate 1.5% increase over the 2025 actual FFO of $2.00 per share. This combination of a revenue beat, an EPS miss, and conservative FFO growth guidance contributed to a neutral sentiment that kept the stock largely stable.
2. The contrasting performance of its core property segments, with ongoing challenges in office largely offset by the stability and strength of retail, balanced overall stock movement. As of December 31, 2025, office properties constituted 51% of American Assets Trust's cash Net Operating Income (NOI) and had an occupancy rate of 83.1%. While the company aims to increase office portfolio occupancy to 86-88% by the end of 2026 and expects office same-store cash NOI to increase by approximately 3.3% in 2026, the broader office REIT sector remained deeply challenged, declining 14.3% in 2025 year-to-date. Conversely, retail properties, representing 26% of portfolio NOI, maintained a high occupancy rate of 97.7% and demonstrated positive cash and GAAP leasing spreads in Q4 2025, with an expected same-store cash NOI increase of approximately 1.7% in 2026. This divergent performance across its major asset classes created a balancing effect on the stock price.
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1. American Assets Trust experienced mixed Q4 2025 financial results, with revenue surpassing expectations but earnings per share missing forecasts, coupled with modest 2026 FFO guidance. The company reported fourth-quarter 2025 revenue of $110.09 million, exceeding analyst expectations of $106.9 million by nearly 3%. However, earnings per share came in at $0.05, a 50% miss against the forecasted $0.10. Funds From Operations (FFO) were $0.47 per diluted share, a decline from $0.55 in Q4 2024. For the full year 2026, AAT introduced FFO per diluted share guidance of $1.96 to $2.10, with a midpoint of $2.03, representing an approximate 1.5% increase over the 2025 actual FFO of $2.00 per share. This combination of a revenue beat, an EPS miss, and conservative FFO growth guidance contributed to a neutral sentiment that kept the stock largely stable.
2. The contrasting performance of its core property segments, with ongoing challenges in office largely offset by the stability and strength of retail, balanced overall stock movement. As of December 31, 2025, office properties constituted 51% of American Assets Trust's cash Net Operating Income (NOI) and had an occupancy rate of 83.1%. While the company aims to increase office portfolio occupancy to 86-88% by the end of 2026 and expects office same-store cash NOI to increase by approximately 3.3% in 2026, the broader office REIT sector remained deeply challenged, declining 14.3% in 2025 year-to-date. Conversely, retail properties, representing 26% of portfolio NOI, maintained a high occupancy rate of 97.7% and demonstrated positive cash and GAAP leasing spreads in Q4 2025, with an expected same-store cash NOI increase of approximately 1.7% in 2026. This divergent performance across its major asset classes created a balancing effect on the stock price.
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Stock Movement Drivers
Fundamental Drivers
The 0.2% change in AAT stock from 11/30/2025 to 2/28/2026 was primarily driven by a 10.6% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 2282026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.50 | 19.54 | 0.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 440 | 436 | -0.8% |
| Net Income Margin (%) | 17.9% | 16.4% | -8.6% |
| P/E Multiple | 15.0 | 16.6 | 10.6% |
| Shares Outstanding (Mil) | 61 | 61 | -0.1% |
| Cumulative Contribution | 0.2% |
Market Drivers
11/30/2025 to 2/28/2026| Return | Correlation | |
|---|---|---|
| AAT | 0.1% | |
| Market (SPY) | 0.4% | 1.6% |
| Sector (XLRE) | 5.2% | 18.6% |
Fundamental Drivers
The -3.3% change in AAT stock from 8/31/2025 to 2/28/2026 was primarily driven by a -21.3% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 2282026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.20 | 19.54 | -3.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 453 | 436 | -3.7% |
| Net Income Margin (%) | 20.8% | 16.4% | -21.3% |
| P/E Multiple | 13.0 | 16.6 | 27.7% |
| Shares Outstanding (Mil) | 61 | 61 | -0.1% |
| Cumulative Contribution | -3.3% |
Market Drivers
8/31/2025 to 2/28/2026| Return | Correlation | |
|---|---|---|
| AAT | -3.4% | |
| Market (SPY) | 6.6% | 18.7% |
| Sector (XLRE) | 4.4% | 46.6% |
Fundamental Drivers
The -7.0% change in AAT stock from 2/28/2025 to 2/28/2026 was primarily driven by a -4.8% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 2282026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.02 | 19.54 | -7.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 458 | 436 | -4.7% |
| Net Income Margin (%) | 15.9% | 16.4% | 2.9% |
| P/E Multiple | 17.4 | 16.6 | -4.8% |
| Shares Outstanding (Mil) | 60 | 61 | -0.3% |
| Cumulative Contribution | -7.0% |
Market Drivers
2/28/2025 to 2/28/2026| Return | Correlation | |
|---|---|---|
| AAT | -7.1% | |
| Market (SPY) | 16.5% | 50.3% |
| Sector (XLRE) | 4.0% | 64.7% |
Fundamental Drivers
The -6.9% change in AAT stock from 2/28/2023 to 2/28/2026 was primarily driven by a -26.4% change in the company's P/E Multiple.| (LTM values as of) | 2282023 | 2282026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.98 | 19.54 | -6.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 423 | 436 | 3.2% |
| Net Income Margin (%) | 13.2% | 16.4% | 23.8% |
| P/E Multiple | 22.6 | 16.6 | -26.4% |
| Shares Outstanding (Mil) | 60 | 61 | -0.9% |
| Cumulative Contribution | -6.9% |
Market Drivers
2/28/2023 to 2/28/2026| Return | Correlation | |
|---|---|---|
| AAT | -7.0% | |
| Market (SPY) | 79.6% | 44.3% |
| Sector (XLRE) | 25.9% | 67.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AAT Return | 34% | -26% | -10% | 23% | -23% | 6% | -10% |
| Peers Return | 52% | -15% | 4% | 14% | 6% | 10% | 81% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 84% |
Monthly Win Rates [3] | |||||||
| AAT Win Rate | 67% | 42% | 50% | 58% | 33% | 50% | |
| Peers Win Rate | 67% | 42% | 48% | 60% | 55% | 90% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AAT Max Drawdown | -5% | -34% | -37% | -8% | -33% | -6% | |
| Peers Max Drawdown | -5% | -25% | -16% | -11% | -12% | -1% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WPC, ALEX, CTO, OLP, EPRT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/27/2026 (YTD)
How Low Can It Go
| Event | AAT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -59.2% | -25.4% |
| % Gain to Breakeven | 145.2% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -56.3% | -33.9% |
| % Gain to Breakeven | 128.9% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -28.8% | -19.8% |
| % Gain to Breakeven | 40.4% | 24.7% |
| Time to Breakeven | 371 days | 120 days |
Compare to WPC, ALEX, CTO, OLP, EPRT
In The Past
American Assets Trust's stock fell -59.2% during the 2022 Inflation Shock from a high on 9/7/2021. A -59.2% loss requires a 145.2% gain to breakeven.
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About American Assets Trust (AAT)
American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California. The company has over 50 years of experience in acquiring, improving, developing and managing premier office, retail, and residential properties throughout the United States in some of the nation's most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Oregon, Washington, Texas and Hawaii. The company's office portfolio comprises approximately 3.4 million rentable square feet, and its retail portfolio comprises approximately 3.1 million square feet. In addition, the company owns one mixed-use property (including approximately 97,000 rentable square feet of retail space and a 369-room all-suite hotel) and 2,112 multifamily units. In 2011, the company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes.
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Here are 1-2 brief analogies for American Assets Trust (AAT):
Imagine a real estate-focused Berkshire Hathaway, owning a diverse portfolio of West Coast retail, office, and residential properties.
It's like a publicly traded, West Coast-focused version of Blackstone's real estate investments, operating a mix of retail, office, and apartment buildings.
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- Retail Property Leasing: Offering commercial spaces in shopping centers and lifestyle centers to retail businesses.
- Office Property Leasing: Providing professional office spaces for various businesses and organizations.
- Multifamily Residential Leasing: Renting apartment units and residential dwellings to individuals and families.
- Hotel Operations: Managing and operating hotel properties, providing lodging and hospitality services to guests.
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American Assets Trust (AAT) primarily sells to other companies. While the company does derive a portion of its revenue from multifamily properties (leasing to individuals), its retail and office segments, which lease space to businesses, collectively account for the majority of its rental revenue.
Based on their 2023 annual report (10-K), AAT's major corporate customers (tenants in their retail segment) include:
- The Kroger Co. (NYSE: KR)
- Whole Foods Market, Inc. (a subsidiary of Amazon.com, Inc. - NASDAQ: AMZN)
- Best Buy Stores, L.P. (a subsidiary of Best Buy Co., Inc. - NYSE: BBY)
- CVS Pharmacy, Inc. (a subsidiary of CVS Health Corporation - NYSE: CVS)
- Trader Joe's Company (Private Company)
- Vons Companies, Inc. (a subsidiary of Albertsons Companies, Inc. - NYSE: ACI)
- Amazon.com Services, LLC (NASDAQ: AMZN)
- Target Corporation (NYSE: TGT)
- Safeway, Inc. (a subsidiary of Albertsons Companies, Inc. - NYSE: ACI)
- T.J. Maxx (a subsidiary of The TJX Companies, Inc. - NYSE: TJX)
These top ten retail tenants collectively accounted for approximately 20.9% of AAT's total annual minimum rent as of December 31, 2023. No single office tenant accounted for 5% or more of their total annual minimum rent.
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Ernest Rady, Executive Chairman
Ernest Rady founded American Assets, Inc., the predecessor to American Assets Trust, Inc., in 1967. He also founded Insurance Company of the West (ICW) in 1971, where he continues to serve as chairman. In the same year, he founded Westcorp, a financial services company, serving as its chairman and CEO from 1973 until its merger with Wachovia Bank in 2006. Mr. Rady also served as a director of WFS Financial Inc., an automobile finance company, from 1988 to 2006, and as chairman from 1995 to 2006.
Adam Wyll, President and Chief Executive Officer
Adam Wyll assumed the role of President and Chief Executive Officer on January 1, 2025. Prior to this, he served as President and Chief Operating Officer from July 2021 to December 2024, Executive Vice President and Chief Operating Officer from November 2019 to June 2021, and Senior Vice President and General Counsel from the company's IPO in January 2011 to October 2019. Before the IPO, Mr. Wyll was Vice President of Private Equity and Vice President of Legal and Business Affairs at American Assets, Inc., the company's predecessor, where his responsibilities included structuring and managing complex real estate and private equity transactions. He also worked as an attorney specializing in representing institutional lenders in finance and real estate transactions.
Robert F. Barton, Executive Vice President and Chief Financial Officer
Robert F. Barton has been the Executive Vice President and Chief Financial Officer since American Assets Trust's initial public offering in January 2011. Before the IPO, from 1998, he served as Executive Vice President and Chief Financial Officer of American Assets, Inc., the predecessor entity. From 1986 to 1996, Mr. Barton was Senior Vice President and Chief Financial Officer of RCI Asset Management Group, a privately held real estate developer whose capital partners included Melvin Simon & Associates, the predecessor to Simon Property Group. He also served as executive director of real estate and finance for Flour Daniel, a Fortune 500 engineering and construction company, from 1996 to 1998. Mr. Barton began his career as an auditor with Arthur Young & Co. in 1980 and later was a senior audit manager at Kenneth Leventhal & Company, where he served private and publicly traded real estate developers.
Jerry Gammieri, Senior Vice President of Construction and Development
Jerry Gammieri serves as the Senior Vice President of Construction and Development for American Assets Trust, Inc. He has been Vice President of Construction and Development at the company.
Steve Center, Senior Vice President of Office Properties
Steve Center is the Senior Vice President of Office Properties. He previously served as Assistant Vice President at MONY Real Estate/ARES and as an agency leasing broker for Cushman & Wakefield in the South Bay/Los Angeles office from 1990 to 1992. Mr. Center was also president of the San Diego chapter of the NAIOP in 2008 and served on its Board for several years.
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The key risks to American Assets Trust (AAT) primarily revolve around the challenges within its real estate portfolio, the broader economic environment, and its financial performance projections.
- Declining Performance of the Office Portfolio: American Assets Trust faces significant challenges from declining rental income and lower occupancy rates within its office portfolio. This has been a persistent issue, impacting overall revenue generation and Funds From Operations (FFO). For example, office occupancy declined from 85.0% in Q4 2024 to 82% by Q2 2025. The struggles in the broader office sector, marked by high vacancy rates nationally, directly affect AAT's office properties.
- Impact of High Interest Rates: The sustained high interest rate environment continues to negatively affect AAT, contributing to a substantial increase in interest expense. For instance, interest expenses increased by 21% from Q2 2024 to Q2 2025. While debt markets are anticipated to become more favorable with potentially declining interest rates in 2025, the current elevated rates pose a significant headwind to profitability and cash flow.
- Projected Decline in Future Profits: Analysts are forecasting a significant decline in American Assets Trust's earnings, with projections indicating a drop of 173.5% per year over the next three years. This sharp contrast between modest revenue growth and a swing to negative profitability is attributed to shrinking profit margins, which could negate gains from rent escalations and acquisitions. This outlook suggests that structural headwinds may overwhelm positive catalysts such as tourism recovery and strategic property deals.
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The structural shift towards remote and hybrid work models represents a clear emerging threat for American Assets Trust, particularly impacting its significant office property segment. This trend, accelerated by recent global events and enabled by technology, fundamentally alters the demand for traditional office space. Companies are re-evaluating their physical footprint, leading to potential long-term reductions in leased square footage, increased vacancy rates, and pressure on rental income and property valuations within AAT's office portfolio.
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American Assets Trust (AAT) operates across four primary business segments in the United States: Retail Properties, Office Properties, Residential Properties (Multifamily), and Mixed-Use Properties. These properties are predominantly located in Southern California, Northern California, Oregon, Washington, and Hawaii.
The addressable markets for these services are sized as follows:
- Retail Properties: The U.S. commercial real estate market size, which includes retail, reached $1.2 trillion in revenue in 2022. As of Q4 2022, shopping centers under construction in the U.S. reached 10.6 million square feet. The retail sector's transaction volume in Q2 2025 contracted by 14.2% to $17.6 billion. The retail availability rate is expected to reach a record-low 4.6% in 2024 due to a lack of new supply.
- Office Properties: The U.S. Office Real Estate Market size is estimated at $369.58 billion in 2025 and is expected to reach $436.81 billion by 2030, growing at a CAGR of 3.40%. Another source valued the US Office Real Estate Market at $1.2 trillion in 2024, projected to reach $1.8 trillion by 2032 with a CAGR of 4.6% from 2025 to 2032. Office transactions totaled $16.7 billion in Q2 2025, up 11.8% year-over-year.
- Residential Properties (Multifamily): The United States multifamily market size was valued at $265 billion in 2022 and is expected to reach $466 billion in 2030, with a CAGR of 7.31% for the forecast period between 2023 and 2030. Multifamily transaction volume surged 39.5% year-over-year to $34.1 billion in Q2 2025. Nationally, multifamily sales rose almost 20 percent year-over-year, from $29.2 billion in the first half of 2024 to $35 billion during the same time frame of 2025.
- Mixed-Use Properties: The commercial general and mixed-use category transaction volume grew 11.3% year-over-year to $8.2 billion in Q2 2025. The United States commercial real estate market, which includes mixed-use developments, reached $718.2 billion in 2024 and is expected to reach $991.7 billion by 2033, exhibiting a growth rate (CAGR) of 3.35% during 2025-2033.
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American Assets Trust (AAT) is expected to drive future revenue growth over the next 2-3 years through several key strategies across its diversified portfolio. Here are 3-5 expected drivers of future revenue growth: * **Increased Occupancy and Rental Rates in Office and Retail Properties:** American Assets Trust anticipates continued revenue growth from its office and retail segments by focusing on positive leasing momentum and achieving higher rent spreads. In the fourth quarter of 2024, comparable office leases saw an average straight-line rent increase of 11%, and comparable retail leases experienced a significant 31% increase. The company's office portfolio was 82% leased in Q3 2025, with positive leasing momentum driven by demand for well-located, amenitized properties. The retail portfolio also demonstrated resilience, ending Q3 2025 at 98% leased, supported by strong consumer spending and limited new construction. * **Improving Occupancy and Rent Growth in Multifamily Assets:** Despite facing headwinds from new supply in the San Diego market, American Assets Trust is focused on enhancing the performance of its multifamily portfolio. Management has reported improving occupancy rates, with San Diego communities reaching approximately 94% leased by the end of Q3 2025 and subsequently improving to around 95%. Blended rent increases for renewals and new leases in the multifamily segment were approximately 4% in Q3 2025, indicating a continued effort to drive long-term rent growth. * **Recovery of the Hawaii Hotel Market:** While the Embassy Suites Waikiki mixed-use property experienced softer tourism and rate pressures in Q3 2025, American Assets Trust views these as near-term macroeconomic challenges. The company remains confident in the long-term performance of its Hawaii hotel, anticipating improvements in global travel trends and a recovery in Japanese tourism, which is expected to boost occupancy and revenue per available room (RevPAR). * **Strategic Redevelopment and Value-Add Projects:** American Assets Trust engages in value-added growth opportunities and re-developments to enhance its portfolio quality and generate higher rents. The company's disciplined approach to capital allocation, including the strategic sale of assets and investments in property improvements, is aimed at optimizing its portfolio for better returns. An example of such a project is the new live music venue near Hassalo on Eight, which is expected to drive demand and vibrancy in the area, contributing to future revenue.AI Analysis | Feedback
Share Repurchases
American Assets Trust has not reported any significant share repurchases over the last 3-5 years. The company's guidance and capital allocation discussions consistently exclude the impact of future share repurchases. The cash flow statements for fiscal years 2020 through 2024 also show zero for the issuance (repurchase) of capital stock.Share Issuance
American Assets Trust has shown a modest increase in its outstanding common stock over the past few years.- As of December 31, 2022, there were 60,718,653 shares issued and outstanding.
- By December 31, 2023, this increased to 60,895,786 shares.
- As of December 31, 2024, the number of issued and outstanding shares was 61,138,238.
Inbound Investments
American Assets Trust has utilized debt offerings to manage its capital structure and liquidity.- In 2020, the company completed a $500 million public bond offering with a 3.375% interest rate due in 2031. A portion of these proceeds was used to repay $150 million in senior notes.
- More recently, around late 2024 and early 2025, a $525 million bond was issued, which contributed to increased liquidity and improved financial flexibility. Concurrently, $225 million outstanding on Term Loan B and Term Loan C were repaid in early 2025.
Outbound Investments
The company has engaged in strategic property recycling.- In the third quarter of 2025, American Assets Trust sold the Del Monte Center for $123.5 million, realizing net proceeds of $117.8 million.
- Capital from the Del Monte Center sale was redeployed to acquire the 192-unit Genesee Park for $67.9 million in the third quarter of 2025.
Capital Expenditures
American Assets Trust consistently allocates capital for property-related improvements and maintenance.- Cash outflows for investments, which include capital expenditures, were approximately $63.49 million in 2020, $104.63 million in 2021, $113.78 million in 2022, $82.98 million in 2023, and $70.21 million in 2024.
- The company maintains a proactive leasing and capital improvement program.
- Long-term liquidity needs primarily involve funding for property acquisitions, tenant improvements, and capital improvements.
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| 12122025 | LINE | Lineage | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 11.5% | 11.5% | -7.3% |
| 11302025 | OHI | Omega Healthcare Investors | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 5.0% | 5.0% | -6.0% |
| 10312025 | ADC | Agree Realty | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 10.1% | 10.1% | -2.8% |
| 08312025 | RHP | Ryman Hospitality Properties | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 5.1% | 5.1% | -11.9% |
| 05312023 | AAT | American Assets Trust | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 7.4% | 18.2% | -5.1% |
| 05312022 | AAT | American Assets Trust | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -14.7% | -41.4% | -49.3% |
| 08312021 | AAT | American Assets Trust | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -7.5% | -27.9% | -27.9% |
| 12312020 | AAT | American Assets Trust | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 32.2% | 34.0% | -5.2% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 22.12 |
| Mkt Cap | 1.3 |
| Rev LTM | 327 |
| Op Inc LTM | 86 |
| FCF LTM | 88 |
| FCF 3Y Avg | 89 |
| CFO LTM | 129 |
| CFO 3Y Avg | 137 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.1% |
| Rev Chg 3Y Avg | 9.3% |
| Rev Chg Q | 8.2% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | 34.0% |
| Op Mgn 3Y Avg | 35.1% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 50.8% |
| CFO/Rev 3Y Avg | 49.3% |
| FCF/Rev LTM | 50.8% |
| FCF/Rev 3Y Avg | 49.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.3 |
| P/S | 6.0 |
| P/EBIT | 12.1 |
| P/E | 18.6 |
| P/CFO | 11.9 |
| Total Yield | 7.4% |
| Dividend Yield | 6.2% |
| FCF Yield 3Y Avg | 8.7% |
| D/E | 0.7 |
| Net D/E | 0.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 9.6% |
| 3M Rtn | 11.2% |
| 6M Rtn | 10.6% |
| 12M Rtn | 9.5% |
| 3Y Rtn | 30.8% |
| 1M Excs Rtn | 12.4% |
| 3M Excs Rtn | 10.0% |
| 6M Excs Rtn | 4.5% |
| 12M Excs Rtn | -4.4% |
| 3Y Excs Rtn | -42.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Office | 208 | 203 | 186 | 178 | 145 |
| Retail | 105 | 101 | 95 | 88 | 108 |
| Mixed-use | 67 | 60 | 42 | 28 | 63 |
| Multifamily | 62 | 58 | 52 | 50 | 51 |
| Total | 441 | 423 | 376 | 345 | 367 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Office | 147 | 146 | 136 | 130 | 102 |
| Retail | 73 | 71 | 67 | 61 | 77 |
| Multifamily | 34 | 32 | 29 | 28 | 30 |
| Mixed-use | 24 | 22 | 14 | 4 | 25 |
| General and administrative | -36 | -32 | -30 | -27 | -25 |
| Depreciation and amortization | -120 | -123 | -116 | -108 | -96 |
| Total | 122 | 115 | 100 | 89 | 114 |
Price Behavior
Price Behavior
| Market Price | $19.52 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 01/13/2011 | |
| Distance from 52W High | -7.1% | |
| 50 Days | 200 Days | |
| DMA Price | $18.70 | $19.17 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 4.4% | 1.8% |
| 3M | 1YR | |
| Volatility | 23.7% | 26.7% |
| Downside Capture | 13.91 | 76.12 |
| Upside Capture | 14.17 | 56.67 |
| Correlation (SPY) | 1.4% | 50.2% |
AAT Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.04 | 0.06 | 0.04 | 0.40 | 0.69 | 0.86 |
| Up Beta | -0.89 | -0.24 | 0.10 | 0.70 | 0.71 | 0.78 |
| Down Beta | 0.03 | -0.57 | -0.19 | 0.56 | 0.70 | 0.93 |
| Up Capture | 102% | 54% | 13% | 15% | 44% | 48% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 13 | 21 | 29 | 64 | 125 | 372 |
| Down Capture | -50% | 35% | 15% | 35% | 83% | 100% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 8 | 20 | 31 | 58 | 122 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AAT | |
|---|---|---|---|---|
| AAT | -4.7% | 26.7% | -0.20 | - |
| Sector ETF (XLRE) | 5.2% | 16.6% | 0.13 | 64.6% |
| Equity (SPY) | 16.5% | 19.4% | 0.66 | 49.0% |
| Gold (GLD) | 81.3% | 25.7% | 2.29 | 0.2% |
| Commodities (DBC) | 13.4% | 16.9% | 0.58 | 18.8% |
| Real Estate (VNQ) | 7.3% | 16.6% | 0.25 | 69.9% |
| Bitcoin (BTCUSD) | -22.0% | 44.9% | -0.42 | 20.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AAT | |
|---|---|---|---|---|
| AAT | -3.7% | 28.5% | -0.11 | - |
| Sector ETF (XLRE) | 6.0% | 19.1% | 0.22 | 66.1% |
| Equity (SPY) | 13.6% | 17.0% | 0.63 | 48.4% |
| Gold (GLD) | 23.5% | 17.1% | 1.12 | 7.8% |
| Commodities (DBC) | 10.6% | 19.0% | 0.44 | 16.3% |
| Real Estate (VNQ) | 5.1% | 18.8% | 0.18 | 71.4% |
| Bitcoin (BTCUSD) | 4.0% | 57.0% | 0.29 | 17.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AAT | |
|---|---|---|---|---|
| AAT | -2.2% | 31.0% | -0.00 | - |
| Sector ETF (XLRE) | 7.9% | 20.4% | 0.34 | 71.8% |
| Equity (SPY) | 15.4% | 17.9% | 0.74 | 53.9% |
| Gold (GLD) | 15.3% | 15.6% | 0.82 | 5.7% |
| Commodities (DBC) | 8.7% | 17.6% | 0.41 | 21.1% |
| Real Estate (VNQ) | 6.6% | 20.7% | 0.28 | 77.3% |
| Bitcoin (BTCUSD) | 65.8% | 66.8% | 1.05 | 13.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/3/2026 | |||
| 10/28/2025 | -5.8% | -5.6% | -3.2% |
| 7/29/2025 | -6.6% | -5.8% | 1.7% |
| 4/29/2025 | 1.1% | 2.1% | 8.8% |
| 2/4/2025 | -6.7% | -6.4% | -9.6% |
| 10/29/2024 | 1.6% | -0.1% | 4.6% |
| 7/30/2024 | 2.7% | -1.2% | 4.4% |
| 4/30/2024 | 0.5% | 3.2% | -1.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 10 | 12 |
| # Negative | 8 | 14 | 12 |
| Median Positive | 0.9% | 1.5% | 4.5% |
| Median Negative | -5.1% | -1.8% | -5.9% |
| Max Positive | 3.8% | 3.2% | 36.1% |
| Max Negative | -6.7% | -6.7% | -33.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/06/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Rady, Ernest S | Executive Chairman | ERT | Buy | 2192026 | 18.53 | 1,968 | 36,467 | 145,766,856 | Form |
| 2 | Rady, Ernest S | Executive Chairman | ERT | Buy | 2192026 | 18.81 | 100,000 | 1,881,000 | 149,850,486 | Form |
| 3 | Rady, Ernest S | Executive Chairman | ERT | Buy | 2192026 | 18.83 | 57,898 | 1,090,219 | 151,100,036 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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