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AAT

American Assets Trust, Inc.

AAT

American Assets Trust, Inc. • NYSE
$19.50 ▲ 0.21% (+0.04)
Market Cap $1.19 B
52w High $28.88
52w Low $16.69
Dividend Yield 1.35%
P/E 19.12
Volume 203.95K
Outstanding Shares 61.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $109.578M ▲ $41.514M ▼ $4.509M ▼ 4.115% ▼ $0.074 ▼ $56.296M ▼
Q2-2025 $107.933M ▼ $41.632M ▲ $5.456M ▼ 5.055% ▼ $0.09 ▼ $58.76M ▲
Q1-2025 $108.607M ▼ $-4.67M ▼ $42.535M ▲ 39.164% ▲ $0.7 ▲ $57.99M ▼
Q4-2024 $113.459M ▼ $39.524M ▼ $11.583M ▼ 10.209% ▼ $0.15 ▼ $66.231M ▼
Q3-2024 $122.81M $42.597M $21.318M 17.359% $0.28 $73.311M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $138.714M ▼ $2.942B ▼ $1.828B ▲ $1.169B ▼
Q2-2025 $143.736M ▼ $2.956B ▼ $1.822B ▲ $1.184B ▼
Q1-2025 $143.915M ▼ $2.968B ▼ $1.815B ▼ $1.198B ▲
Q4-2024 $425.659M ▼ $3.273B ▼ $2.149B ▼ $1.176B ▼
Q3-2024 $533.004M $3.396B $2.258B $1.187B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.921M ▼ $40.505M ▼ $-19.233M ▲ $-26.294M $-5.022M ▼ $23.077M ▼
Q2-2025 $7.121M ▼ $49.171M ▲ $-23.056M ▼ $-26.294M ▲ $-179K ▲ $28.357M ▲
Q1-2025 $42.535M ▲ $36.869M ▼ $32.675M ▲ $-351.288M ▼ $-281.744M ▼ $20.424M ▼
Q4-2024 $11.584M ▼ $40.642M ▼ $-20.644M ▲ $-127.343M ▼ $-107.345M ▼ $21.488M ▼
Q3-2024 $21.318M $52.404M $-26.339M $392.059M $418.124M $27.969M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Mixed Use Segment
Mixed Use Segment
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Multifamily Segment
Multifamily Segment
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Office Segment
Office Segment
 $50.00M ▲$50.00M ▲$50.00M ▲$50.00M ▲
Retail Segment
Retail Segment
 $30.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement American Assets Trust shows a pattern of steady, almost step‑by‑step growth in revenue and profitability over the past five years. Revenue has risen each year, and operating profits have grown alongside it, which suggests the portfolio is both expanding and being managed efficiently. Profit margins have been fairly stable and gradually improving, not explosive but consistently better over time. Importantly, the company moved from a loss in the early pandemic period back to solid profitability, with earnings per share climbing every year since. For a diversified REIT, this points to a business that is benefiting from higher rents and reasonably strong occupancy, while keeping operating costs under control.

Balance Sheet

Balance Sheet The balance sheet shows a larger asset base today than five years ago, reflecting continued investment in properties. Debt has increased meaningfully over this period and is growing faster than shareholder equity, which signals higher leverage and more reliance on borrowing to fund growth. Equity has been roughly flat to slightly down, suggesting that value has not been building in the balance sheet as quickly as properties and debt have been added. Cash levels recently jumped to a much more comfortable cushion after several years of relatively thin liquidity, which may provide more flexibility but also raises questions about how and when that cash will be deployed or used to manage debt. Overall, it is a classic REIT balance sheet: asset‑heavy, debt‑funded, with leverage that needs to be watched, especially in a higher interest‑rate environment.

Cash Flow

Cash Flow Cash flow from operations has grown steadily over the period, which is a positive sign that rental income and underlying property performance are improving in a durable way. Free cash flow has been consistently positive and has trended upward, even after accounting for spending on new development and improvements. Capital spending has been significant but appears to have peaked and then moderated slightly, indicating a more selective or better‑timed investment cycle. For a REIT, this combination—rising operating cash, positive free cash flow, and still‑meaningful investment—suggests the portfolio is both supporting current obligations and funding future growth, though the balance between reinvestment, debt service, and shareholder distributions remains an important sensitivity.

Competitive Edge

Competitive Edge American Assets Trust competes primarily through location quality, asset mix, and execution rather than through technology. Its properties are concentrated in high‑barrier, supply‑constrained coastal markets—places where it is difficult and expensive for new competitors to build. That geographic focus, combined with decades of local experience, creates a meaningful moat. The company is vertically integrated, handling acquisition, development, leasing, and management in‑house, which can improve responsiveness and cost control. Its mix of office, retail, and multifamily gives it some cushion when one segment weakens, though office exposure in particular remains a structural risk in the current environment. Regional concentration on the West Coast and Hawaii ties performance closely to those local economies and regulatory climates, which can be both a strength and a vulnerability.

Innovation and R&D

Innovation and R&D The company’s “innovation” is practical and property‑focused rather than technology‑heavy. It emphasizes upgrading buildings with better amenities, healthier environments, and sustainability features—things like water‑saving systems, energy‑efficient equipment, and improved air filtration. These efforts are aimed at making properties more attractive to tenants and supporting higher occupancy and rents, rather than reinventing the business model. Internally, the adoption of modern software for lease management, payables, HR, and collaboration suggests a push for operational efficiency but not a radical digital transformation. Future upside could come from deeper use of smart‑building technologies and tenant‑facing digital tools in new developments, but those are more potential directions than clearly defined programs today.

Summary

Overall, American Assets Trust looks like a steady, location‑driven REIT that has translated prime coastal assets into gradually improving financial performance. Income and cash flow trends are favorable, with a clear recovery from pandemic‑era weakness and a pattern of slow, consistent growth rather than volatility. At the same time, the balance sheet leans more heavily on debt than in the past, which increases sensitivity to interest rates and credit conditions. The competitive position is anchored by difficult‑to‑replicate markets and a diversified portfolio, partially offset by exposure to challenged office segments and geographic concentration. Innovation is incremental and tenant‑experience‑oriented, supporting the moat rather than redefining it. The key watch points are leverage, interest‑rate pressures, office demand in core markets, and how effectively the company continues to enhance and reposition its properties to keep them among the most desirable in their regions.

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