American Assets Trust, Inc.
- Open
- 22.51
- Day high
- 22.60
- Day low
- 22.32
- Prev close
- 22.41
- Volume
- 559K
- Mkt cap
- $1.4B
- P/E (TTM)
- 76.7
- EPS (TTM)
- $0.29
- P/B
- 1.2
- P/S
- 3.1
- Yield
- 6.07%
- Per share
- $1.36
- ▲Insiders net buying $14.8M over the last 3 months (17 open-market buys, 0 sales)
- 🏛Institutions accumulating (13F)
American Assets Trust, Inc. (AAT) is a Real Estate company listed on NYSE. The stock is up 8% over the past year. Over the trailing 3 months, insiders filed 17 open-market buys and 0 sales (SEC Form 4). Drillr has 1 published research article covering AAT.
American Assets Trust, Inc. (AAT) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AAT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $0.10 | $0.09 | -10.0% | $109M | -1.0% |
| Apr 29, 2026 | $0.51 | $0.51 | +0.0% | $111M | +0.7% |
| Feb 3, 2026 | $0.48 | $0.47 | -2.1% | $110M | +1.3% |
| Jul 29, 2025 | $0.49 | $0.52 | +6.1% | $108M | -1.4% |
| Feb 4, 2025 | $0.14 | $0.55 | +292.9% | $113M | -1.0% |
| Feb 6, 2024 | $0.56 | $0.57 | +1.8% | $112M | +5.8% |
| Jul 25, 2023 | $0.54 | $0.59 | +9.3% | $110M | +3.7% |
| Feb 7, 2023 | $0.55 | $0.56 | +1.8% | $106M | -0.7% |
| Jul 26, 2022 | $0.54 | $0.58 | +7.4% | $104M | +8.2% |
| Feb 8, 2022 | $0.47 | $0.54 | +14.9% | $102M | +11.3% |
| Jul 27, 2021 | $0.43 | $0.51 | +18.6% | $92M | +0.2% |
| Feb 9, 2021 | $0.45 | $0.41 | -8.9% | $81M | -3.6% |
AAT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 28, 2026 | RADY ERNEST Sdirector, 10 percent owner, officer: Executive Chairman | Buy | 50,000 | $22.56 |
| Aug 26, 2026 | RADY ERNEST Sdirector, 10 percent owner, officer: Executive Chairman | Buy | 50,000 | $22.89 |
| Aug 26, 2026 | RADY ERNEST Sdirector, 10 percent owner, officer: Executive Chairman | Buy | 29,729 | $22.74 |
| Aug 21, 2026 | RADY ERNEST Sdirector, 10 percent owner, officer: Executive Chairman | Buy | 50,000 | $22.75 |
| Aug 19, 2026 | RADY ERNEST Sdirector, 10 percent owner, officer: Executive Chairman | Buy | 3,586 | $22.69 |
| Aug 19, 2026 | RADY ERNEST Sdirector, 10 percent owner, officer: Executive Chairman | Buy | 50,000 | $22.55 |
| Aug 19, 2026 | RADY ERNEST Sdirector, 10 percent owner, officer: Executive Chairman | Buy | 10,000 | $22.77 |
| Aug 14, 2026 | RADY ERNEST Sdirector, 10 percent owner, officer: Executive Chairman | Buy | 50,000 | $22.79 |
| Aug 14, 2026 | RADY ERNEST Sdirector, 10 percent owner, officer: Executive Chairman | Buy | 100,000 | $22.86 |
| Aug 12, 2026 | RADY ERNEST Sdirector, 10 percent owner, officer: Executive Chairman | Buy | 93,243 | $22.45 |
| Aug 12, 2026 | RADY ERNEST Sdirector, 10 percent owner, officer: Executive Chairman | Buy | 100,000 | $22.52 |
| Aug 7, 2026 | RADY ERNEST Sdirector, 10 percent owner, officer: Executive Chairman | Buy | 3,000 | $23.04 |
| Aug 7, 2026 | RADY ERNEST Sdirector, 10 percent owner, officer: Executive Chairman | Buy | 32,763 | $22.82 |
| Jun 15, 2026 | RADY ERNEST Sdirector, 10 percent owner, officer: Executive Chairman | Buy | 10,000 | $24.21 |
| Jun 12, 2026 | RADY ERNEST Sdirector, 10 percent owner, officer: Executive Chairman | Buy | 8,000 | $24.62 |
Source: AAT SEC Form 4 filings, latest Aug 28, 2026. For informational purposes only — not investment advice.
See the full AAT insider & 13F page →AAT research & analysis
American Assets Trust, Inc. company profile
Overview
American Assets Trust, Inc. (NYSE:AAT) is a full-service, vertically integrated real estate investment trust (REIT) headquartered in San Diego, California. Founded in 2011 as the successor to American Assets, Inc., a privately held corporation established in 1967, the company has over 50 years of experience in acquiring, improving, developing and managing premier commercial and residential properties. The REIT focuses on high-barrier-to-entry markets primarily across Southern California, Northern California, Oregon, Washington, Texas and Hawaii, operating a diversified portfolio that includes office buildings, retail centers, multifamily residential properties, and mixed-use developments.
Business
American Assets Trust operates as a diversified REIT in the commercial real estate industry, which involves owning, leasing, and managing income-producing properties. REITs are companies that own or finance income-generating real estate across various property sectors, and they are required to distribute at least 90% of their taxable income to shareholders as dividends. The company's portfolio is divided into four primary segments: 1. Office Portfolio (~40-45% of revenue): Comprises approximately 3.4 million rentable square feet of Class A office buildings located in premium markets. These properties house corporate tenants ranging from technology companies to life sciences firms, particularly concentrated in markets like San Diego's UTC submarket and Bellevue, Washington. 2. Retail Portfolio (~25-30% of revenue): Encompasses approximately 3.1 million square feet of retail space, including shopping centers and street-level retail in high-traffic, affluent areas. These properties are leased to a mix of national retailers, restaurants, and service providers. 3. Multifamily Portfolio (~20-25% of revenue): Consists of 2,112 apartment units across multiple properties, primarily in supply-constrained coastal markets like San Diego and Portland. These are rental apartment communities targeting middle to upper-income residents. 4. Mixed-Use Portfolio (~5-10% of revenue): Includes one significant mixed-use property, the Waikiki Beach Walk in Hawaii, which combines approximately 97,000 square feet of retail space with a 369-room all-suite Embassy Suites hotel. The company's strategy focuses on owning irreplaceable, high-quality properties in markets with strong demographic trends, limited new supply, and high barriers to entry due to regulatory constraints or geographic limitations.
Revenue model
American Assets Trust generates revenue primarily through rental income from leasing space to tenants across its four property types. The business model operates on long-term lease agreements with tenants who pay base rent plus additional charges for property taxes, insurance, and maintenance (known as triple-net leases in retail, and gross leases with expense recoveries in office properties). Revenue streams include: base rental income from lease agreements, percentage rent from retail tenants based on sales performance, parking income, and hotel revenue from the Embassy Suites property. The company's paying customers are diverse: corporate tenants for office space, national and local retailers for retail space, individual residents for multifamily units, and hotel guests for the mixed-use property. The REIT's profitability is influenced by several key factors that can increase or decrease margins. Positive margin drivers include: rental rate escalations built into lease agreements (typically 2-3% annually), successful lease renewals at higher rates, improved occupancy rates, and operational efficiencies from scale. The company benefits from being in supply-constrained coastal markets where new construction is limited by zoning restrictions and high development costs. Margin pressures come from: rising interest rates that increase borrowing costs, property tax increases, higher operating expenses including utilities and maintenance, tenant defaults or bankruptcies, and competitive pressure from new supply. The office segment faces particular challenges from changing work patterns and reduced demand for office space post-COVID, while the retail segment must compete with e-commerce trends. Economic downturns can impact all segments through reduced tenant demand and potential rent concessions. The company's vertically integrated structure, where it self-manages properties rather than outsourcing to third parties, provides cost control advantages but requires maintaining in-house expertise across multiple property types and markets.
Competitive moat
American Assets Trust possesses a moderate to strong economic moat primarily derived from its strategic location advantages and high barriers to entry in its target markets. The company's properties are concentrated in supply-constrained coastal markets where new development faces significant regulatory hurdles, zoning restrictions, and high land costs. This creates a natural barrier that protects existing properties from new competition. The REIT's moat is strengthened by its focus on "irreplaceable" assets in prime locations such as San Diego's UTC submarket, Bellevue's city center, and Waikiki Beach. These locations benefit from strong demographic trends, high household incomes, and limited available land for competing developments. The company's 50+ years of market knowledge and established relationships with tenants, brokers, and local authorities provide additional competitive advantages. However, the moat faces several challenges. The office segment is particularly vulnerable to structural disruption from remote work trends and changing space utilization patterns, which could permanently reduce demand regardless of location quality. The retail segment faces ongoing pressure from e-commerce, though the company's focus on experiential retail and service-oriented tenants provides some protection. Competition comes from other REITs, private equity real estate funds, and institutional investors who can bid for similar high-quality properties. Rising interest rates can erode the company's cost of capital advantage, while new supply in adjacent markets or alternative property types (such as flexible office space) could draw tenants away. The company's vertically integrated platform and local market expertise provide operational advantages, but these are not insurmountable barriers. Overall, while AAT benefits from location-based moats in supply-constrained markets, the durability of these advantages depends on continued population and job growth in its target markets and the company's ability to adapt to evolving tenant preferences.
Risks & safety
American Assets Trust demonstrates a moderate margin of safety with strong liquidity but elevated leverage levels that warrant attention. **Cash and Liquidity Position:** - Strong cash position of $426 million as of Q4 2024 - Current ratio of 5.9x indicates excellent short-term liquidity - No debt maturities until 2027, providing refinancing flexibility - Operating cash flow of $207 million annually supports dividend coverage **Debt and Solvency Metrics:** - Debt-to-equity ratio of 1.73x represents moderate leverage for a REIT - Net debt-to-EBITDA of 6.4x (targeting reduction to 5.5x or below) - Interest coverage appears adequate based on EBITDA levels - Fixed-rate debt structure provides protection against rate volatility **Valuation Considerations:** - P/E ratio of 27.9x appears elevated relative to current earnings - Price-to-book ratio of 1.35x suggests modest premium to asset values - EV/EBITDA of 11.7x is reasonable for a diversified REIT - Dividend yield provides income support for total returns **Other Risk Factors:** - Office portfolio occupancy at 85% creates leasing risk and potential cash flow volatility - Concentration in coastal markets provides quality but limits geographic diversification - Interest rate sensitivity given debt levels and refinancing needs beyond 2027
Recent development
Over the past few years, American Assets Trust has undertaken several strategic initiatives to strengthen its portfolio and adapt to changing market conditions. The company has been actively repositioning its asset mix, most notably through the sale of the Del Monte Center in Monterey, California, and the acquisition of multifamily properties in San Diego, signaling a strategic shift toward residential assets in its core markets. A significant leadership transition occurred with Adam Wyll becoming CEO in January 2025, while founder Ernest Rady transitioned to Executive Chairman, representing a planned succession after decades of leadership. This change emphasizes continuity while bringing fresh perspective to the organization. The company has invested heavily in office property improvements and amenitization to attract tenants in a challenging post-COVID environment. Key developments include the completion of La Jolla Commons III and ongoing work at One Beach Street, both designed as Class A office properties with premium amenities to capture the "flight to quality" trend among office tenants. Financial strategy has focused on balance sheet strengthening, including the issuance of a $525 million 10-year bond at 6.15% in 2024 to improve debt maturity profiles. The company has maintained its dividend while building cash reserves, reaching over $400 million in liquidity by early 2025. In response to market conditions, AAT has pivoted toward multifamily and selective retail acquisitions while stepping back from office acquisitions. This strategic shift reflects management's view that residential properties in supply-constrained coastal markets offer better risk-adjusted returns than office properties in the current environment. The retail portfolio has been optimized through tenant mix improvements and lease restructuring, while the multifamily segment has achieved strong rent growth, particularly in San Diego where the company has deep market knowledge and operational expertise.
AAT company profile · for informational purposes only — not investment advice.
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