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American Assets Trust, Inc. (AAT) stock

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NYSE: AAT NYSE Retail REITs Next results ~February 2, 2027

C Fundamentals grade

American Assets Trust, Inc. is a US-listed company in the retail REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$41

Valuation models combined (2)

Base case. Range ~$31–$46. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

American Assets Trust, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 0 selling48 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds120 adding, 96 cuttingOf 33 active managers that changed their stake, 21 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter American Assets Trust files

10-Q filed October 30: American Assets Trust

Revenue for the twelve months to September 2026 was $444m, up 1.1% on a year earlier, against a decline of 2.9% a quarter earlier. That puts it 19 of 23 for growth among the retail reits companies we cover. Its fundamentals grade moves from D to C.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where American Assets Trust stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $440m, down 2.9% on a year earlier, a smaller fall than the 3.9% decline a quarter earlier. That puts it 18 of 19 for growth among the retail reits companies we cover.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 2, 2027 (estimated)

American Assets Trust, Inc.'s trailing-twelve-month revenue grew 1.1% year on year, with a free-cash-flow margin of 16.9%. Where it stands out: change in growth rate of +4.0pp ranks 4 of 24 retail reits companies we cover. Where it lags: net margin of 4.8% ranks 22 of 24 retail reits companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 19.5% while net income fell 65.5%: a 46pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 4.0 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Margins narrowing. Operating margin is down 11.2 points on a year ago.
  • High earnings multiple. The shares trade at 79 times the last 12 months' earnings, so expectations are demanding.
  • Below peers: net margin. Net margin of 4.8% ranks 22 of 24 retail reits companies we cover (median 29.8%).
  • Below peers: operating margin. Operating margin of 23.6% ranks 13 of 16 retail reits companies we cover (median 47.7%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 17.8% over 90 days.

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$0.13 against an average estimate of $0.09: beat by 44.4%
Revenue
$114m, up 4.3% on a year earlier
Share reaction
+1.0% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
FFO per diluted share $2.04 to $2.1 (2026)
Next report
October 27, 2026

American Assets Trust's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.1%
  • 1 week+2.2%
  • 1 month+1.6%
  • This year+21.2%
  • 1 year+22.2%
  • 5 years-25.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$444M
Operating margin
23.6%
Net margin
4.8%
EPS (TTM, diluted)
$0.28

Growth

Revenue growth
+1.1%
Change in growth rate
+4.0 pts
Share count change
+0.2%

Earnings

Last results
October 27, 2026
Next results (est.)
February 2, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Insider trade
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Insider trade
  10. Insider trade
  11. Insider trade
  12. Insider trade
  13. Insider trade
  14. Insider trade
  15. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

American Assets Trust, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value American Assets Trust, Inc. as an equity reit, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.72 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$46 ~$39–$56 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$0.9 ~$21–$43 Left out: out of range vs price (0.04x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$31 ~$26–$38 Included
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$41 ~$31–$46 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare American Assets Trust, Inc. with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

76 /100

Strong moat

How hard American Assets Trust's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.4% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 63.3%, moving by 1.2 percentage points (standard deviation) across 10 years.

  • Durability 19 / 20

    Operating margin has been a median 27.8%; its worst year was 23.6%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 21.3% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 0.9% over five years; stock-based pay has been a median 1.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.35 −62% $443m +2%
Next $0.37 +6% $459m +4%

Next year's EPS estimate has moved −17.8% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −23.9% on 90 days ago. In the last 30 days, 0 analysts raised American Assets Trust, Inc.'s forecast and 1 cut it.

Consensus EPS forecast American Assets Trust, Inc., last 90 days
$0.30 $0.35 $0.40 $0.45 $0.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.46 Current fiscal year, 60 days ago: $0.39 Current fiscal year, 30 days ago: $0.39 Current fiscal year, 7 days ago: $0.39 Current fiscal year, Now: $0.35 $0.35 Next fiscal year, 90 days ago: $0.45 Next fiscal year, 60 days ago: $0.37 Next fiscal year, 30 days ago: $0.37 Next fiscal year, 7 days ago: $0.37 Next fiscal year, Now: $0.37 $0.37

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.46$0.45
60 days ago $0.39$0.37
30 days ago $0.39$0.37
7 days ago $0.39$0.37
Now $0.35$0.37

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.09 $0.13 +44.4%
Jun 2026 $0.10 $0.09 −10.0%
Mar 2026 $0.11 $0.08 −27.3%
Dec 2025 $0.08 $0.05 −37.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • FFO per diluted share 2026 $2.04 to $2.10 Non-GAAP Raised
    “The company increased its 2026 FFO per diluted share guidance to a range of $2.04 to $2.10 per share, an increase of $0.04 at midpoint from the prior 2026 FFO per diluted share guidance range of $1.96 to $2.10 per share.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

3 analysts, Oct 2026
Buy00%
Hold267%
Sell133%

Monthly trend

  1. Oct 2026213
  2. Sep 2026213
  3. Aug 2026213
  4. Jul 2026213

Counts of recommendations published by analysts covering American Assets Trust, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.6%
of tradable shares
Days to cover
3.73
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.8%
of shares
Employees
232
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +22.2%

$17.91 on October 31, 2025 to $21.89

ThenNowEffect
Revenue (last 12 months) $453m $440m −2.9%
Net margin 16.3% 4.1% −74.9%
P/E multiple 18.6x 93.6x +402.1%
Share count 77m 77m −0.2%

Biggest factor: p/e multiple.

Last 3 years +32.0%

$16.58 on November 3, 2023 to $21.89

ThenNowEffect
Revenue (last 12 months) $434m $440m +1.2%
Net margin 11.6% 4.1% −64.9%
P/E multiple 25.0x 93.6x +273.8%
Share count 76m 77m −0.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AAT+34%−26%−10%+23%−23%+21%
Industry peers (median)+51%−11%+7%+15%−3%+11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AAT67%42%50%58%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AAT−16%−36%−44%−13%−33%−20%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 62% from October 31, 2019 to March 23, 2023. Getting back needed a 162% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$16.94 – $25.46
From 52-week high
−14.0%
vs 50-day average
+1.1%
vs 200-day average
+4.2%
Volatility (1 year)
22%
Beta vs S&P 500
0.33

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±3.3%
After a week
3 up, 8 down
typical move ±3.1%
After a month
6 up, 5 down
typical move ±6.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +1.0% +0.9% — —
July 28, 2026 −2.5% −1.3% −4.8% −6.5%
April 28, 2026 −3.5% −0.5% −1.6% +10.3%
February 3, 2026 +4.2% −1.3% +5.6% +10.6%
October 28, 2025 −5.6% +0.3% −5.5% −3.1%
July 29, 2025 −4.6% −0.4% −3.9% +3.8%
April 29, 2025 −1.5% +0.7% −0.5% +6.0%
February 4, 2025 −7.0% +1.1% −6.8% −9.9%
October 29, 2024 +1.2% −0.1% −0.5% +4.2%
July 30, 2024 +6.7% +1.1% +2.6% +8.4%
April 30, 2024 −1.2% −1.9% +1.4% −2.8%
February 6, 2024 −0.3% +1.1% −1.0% −1.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

American Assets Trust, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) American Assets Trust, Inc.
$430M $440M $450M $460M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $441.2M Revenue (TTM), FY24 Q1: $444.1M Revenue (TTM), FY24 Q2: $445.3M Revenue (TTM), FY24 Q3: $456.9M Revenue (TTM), FY24 Q4: $457.9M Revenue (TTM), FY25 Q1: $455.8M Revenue (TTM), FY25 Q2: $452.8M Revenue (TTM), FY25 Q3: $439.6M Revenue (TTM), FY25 Q4: $436.2M Revenue (TTM), FY26 Q1: $438.2M Revenue (TTM), FY26 Q2: $439.7M Revenue (TTM), FY26 Q3: $444.4M $444.4M

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $441.2M
FY24 Q1 $444.1M
FY24 Q2 $445.3M
FY24 Q3 $456.9M
FY24 Q4 $457.9M
FY25 Q1 $455.8M
FY25 Q2 $452.8M
FY25 Q3 $439.6M
FY25 Q4 $436.2M
FY26 Q1 $438.2M
FY26 Q2 $439.7M
FY26 Q3 $444.4M
Revenue growth, TTM YoY American Assets Trust, Inc.
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 4.4% Revenue growth, TTM YoY, FY24 Q1: 3.5% Revenue growth, TTM YoY, FY24 Q2: 2.5% Revenue growth, TTM YoY, FY24 Q3: 5.1% Revenue growth, TTM YoY, FY24 Q4: 3.8% Revenue growth, TTM YoY, FY25 Q1: 2.6% Revenue growth, TTM YoY, FY25 Q2: 1.7% Revenue growth, TTM YoY, FY25 Q3: -3.8% Revenue growth, TTM YoY, FY25 Q4: -4.7% Revenue growth, TTM YoY, FY26 Q1: -3.9% Revenue growth, TTM YoY, FY26 Q2: -2.9% Revenue growth, TTM YoY, FY26 Q3: 1.1% 1.1%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 4.4%
FY24 Q1 3.5%
FY24 Q2 2.5%
FY24 Q3 5.1%
FY24 Q4 3.8%
FY25 Q1 2.6%
FY25 Q2 1.7%
FY25 Q3 -3.8%
FY25 Q4 -4.7%
FY26 Q1 -3.9%
FY26 Q2 -2.9%
FY26 Q3 1.1%
Operating margin (TTM) American Assets Trust, Inc.
20% 25% 30% 35% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 27.6% Operating margin (TTM), FY24 Q1: 27.6% Operating margin (TTM), FY24 Q2: 27.4% Operating margin (TTM), FY24 Q3: 28.1% Operating margin (TTM), FY24 Q4: 28.2% Operating margin (TTM), FY25 Q1: 37.4% Operating margin (TTM), FY25 Q2: 36.6% Operating margin (TTM), FY25 Q3: 34.8% Operating margin (TTM), FY25 Q4: 33.5% Operating margin (TTM), FY26 Q1: 22.8% Operating margin (TTM), FY26 Q2: 22.8% Operating margin (TTM), FY26 Q3: 23.6% 23.6%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 27.6%
FY24 Q1 27.6%
FY24 Q2 27.4%
FY24 Q3 28.1%
FY24 Q4 28.2%
FY25 Q1 37.4%
FY25 Q2 36.6%
FY25 Q3 34.8%
FY25 Q4 33.5%
FY26 Q1 22.8%
FY26 Q2 22.8%
FY26 Q3 23.6%
FCF margin (TTM) American Assets Trust, Inc.
15% 20% 25% 30% 35% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 24.0% FCF margin (TTM), FY24 Q1: 27.5% FCF margin (TTM), FY24 Q2: 31.3% FCF margin (TTM), FY24 Q3: 29.7% FCF margin (TTM), FY24 Q4: 29.9% FCF margin (TTM), FY25 Q1: 24.9% FCF margin (TTM), FY25 Q2: 21.7% FCF margin (TTM), FY25 Q3: 21.2% FCF margin (TTM), FY25 Q4: 21.7% FCF margin (TTM), FY26 Q1: 21.1% FCF margin (TTM), FY26 Q2: 20.2% FCF margin (TTM), FY26 Q3: 16.9% 16.9%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 24.0%
FY24 Q1 27.5%
FY24 Q2 31.3%
FY24 Q3 29.7%
FY24 Q4 29.9%
FY25 Q1 24.9%
FY25 Q2 21.7%
FY25 Q3 21.2%
FY25 Q4 21.7%
FY26 Q1 21.1%
FY26 Q2 20.2%
FY26 Q3 16.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 113 118 203 235 255 260 276 295 315 331 367 345 376 423 441 458 436 444
Gross profit — — 126 149 165 169 178 187 198 209 235 223 246 270 277 290 267 271
EBITDA 78 77 112 134 148 150 158 169 177 187 210 197 216 238 241 255 273 235
Operating income 50 42 56 72 81 84 94 98 94 80 114 89 100 115 122 129 146 105
Net income 5 2 3 35 15 22 39 33 29 20 46 28 28 44 50 57 56 21
Diluted EPS — — $0.08 $0.90 $0.38 $0.51 $0.86 $0.72 $0.62 $0.42 $0.84 $0.46 $0.47 $0.72 $0.84 $0.94 $0.92 $0.28
Growth (year on year)
Revenue — +4.6% +72.2% +16.1% +8.3% +1.9% +6.0% +7.1% +6.7% +5.0% +10.8% −6.0% +9.1% +12.5% +4.4% +3.8% −4.7% +1.1%
EBITDA — −1.8% +46.1% +19.1% +10.6% +1.6% +4.9% +7.4% +4.5% +5.5% +12.5% −6.2% +9.8% +10.1% +1.3% +5.6% +7.3% −15.7%
Operating income — −14.7% +32.8% +27.6% +12.8% +3.2% +12.5% +4.0% −4.4% −15.1% +42.9% −22.1% +12.7% +14.9% +6.1% +6.1% +13.0% −31.4%
Net income — −58.5% — — −56.4% +42.9% +77.0% −15.4% −10.8% −32.3% +132.2% −39.5% +2.6% +53.3% +15.8% +12.7% −2.0% −65.5%
Diluted EPS — — — — −57.8% +34.2% +68.6% −16.3% −13.9% −32.3% +100.0% −45.2% +2.2% +53.2% +16.7% +11.9% −2.1% −65.6%
Margins
Gross margin — — 62.1% 63.4% 64.7% 64.9% 64.4% 63.4% 63.0% 63.3% 64.0% 64.8% 65.5% 63.9% 62.8% 63.4% 61.1% 61.1%
EBITDA margin 69.5% 65.3% 55.4% 56.8% 58.0% 57.8% 57.2% 57.4% 56.2% 56.4% 57.2% 57.1% 57.5% 56.3% 54.7% 55.6% 62.6% 52.8%
Operating margin 44.2% 36.0% 27.8% 30.5% 31.8% 32.2% 34.2% 33.2% 29.7% 24.0% 31.0% 25.7% 26.6% 27.1% 27.6% 28.2% 33.5% 23.6%
Net margin 4.7% 1.8% 1.4% 14.8% 6.0% 8.4% 14.0% 11.0% 9.2% 5.9% 12.5% 8.0% 7.6% 10.3% 11.4% 12.4% 12.8% 4.8%
Free-cash-flow margin 36.6% 37.7% 26.9% 17.6% 14.5% −15.0% −8.6% 20.7% 31.2% 24.8% 17.9% 18.4% 17.0% 15.4% 24.0% 29.9% 21.7% 16.9%
Cash flow
Cash from operations 48 48 65 76 93 106 110 121 146 137 154 127 168 179 189 207 167 170
Capital spending 6 4 11 35 56 145 134 60 47 54 88 63 105 114 83 70 72 95
Free cash flow 41 44 55 41 37 −39 −24 61 98 82 65 63 64 65 106 137 95 75
Stock-based pay — — 3 3 3 4 3 2 5 3 4 6 8 9 9 7 7 7
Free cash flow after stock pay — — 52 39 34 −43 −27 59 94 79 61 57 55 57 97 130 87 68
Balance sheet
Cash 24 42 113 42 49 59 40 45 83 48 99 137 140 50 83 426 129 90
Total debt 0 867 943 1,045 952 1,070 1,034 1,047 1,330 1,233 1,362 1,311 1,661 1,625 1,700 2,025 1,700 1,689
Net debt (negative = net cash) −24 825 831 1,002 903 1,011 994 1,002 1,247 1,185 1,263 1,174 1,521 1,575 1,617 1,599 1,571 1,599
Diluted shares — — 54m 57m 58m 60m 62m 63m 64m 64m 71m 76m 76m 76m 76m 77m 77m 77m
Returned to shareholders
Dividends — — 46 48 50 54 59 64 68 70 81 77 89 98 102 103 105 106
Total returned — — 46 48 50 54 59 64 68 70 81 77 89 98 102 103 105 106

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Dividends (TTM)
$106M
Returned to shareholders
140%
of free cash flow
Diluted share count
+0.2%
year over year
Total shareholder yield
7.8%
dividends 7.8% + buybacks 0.0% of market value
Dividend payout ratio
498%
of net income paid out

Competitors: side by side with peers

Closest by revenue in retail reits
Last 12 months unless stated AAT AKR CBL IVT FCPT EPRT Median
Revenue, last 12 months $444m $398m $588m $330m $316m $639m $516m
Revenue growth, last 12 months 1.1% −0.3% 9.0% 12.6% 10.2% 20.4% 8.5%
Revenue growth, 3-year average 0.7% 6.1% 2.1% 9.2% 9.2% 23.9% 8.2%
Revenue growth, latest quarter 4.3% −6.0% 4.0% 17.0% 12.9% 16.4% 7.1%
Operating margin 23.6% 53.3% 20.9% −7.7% — 60.6% 44.2%
Operating margin, 3-year average 28.8% 27.2% 20.9% 0.3% — 62.1% 35.7%
Net margin 4.8% 11.5% 37.0% 8.7% 37.5% 41.0% 26.8%
Cash from operations / revenue 38.3% 43.8% 48.1% 49.8% 65.5% 67.8% 48.6%
Free-cash-flow margin 16.9% 6.0% 21.9% 37.7% 44.4% 41.4% 20.3%
Free-cash-flow margin, 3-year average 22.6% 3.2% 20.5% 36.7% 40.4% 42.2% 20.1%
Stock pay / revenue 1.6% 4.0% 2.3% 3.4% 2.9% 2.3% 1.7%
Change in share count 0.2% 6.3% 0.8% 0.1% 8.1% 10.1% 2.6%

Median of all 24 companies we cover in retail reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

24 retail reits companies
Measure Company Peer median Rank
Revenue growth Growth 1.1% 8.7% 19 of 24
Change in growth rate Growth +4.0pp -0.3pp 4 of 24
Operating margin Profitability 23.6% 47.7% 13 of 16
Net margin Profitability 4.8% 29.8% 22 of 24
Stock pay as % of revenue Cash generation 1.6% 1.8% 10 of 21
Long-term debt as % of assets Balance sheet 58.2% 46.6% 16 of 20
Change in share count Balance sheet 0.2% 4.1% 6 of 22

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Office $206M 47.2% ▼ 4.5%
Retail $95.1M 21.8% ▼ 12.8%
Multifamily $69M 15.8% ▲ 5.5%
Mixed Use $66.1M 15.1% ▼ 2.3%

From American Assets Trust, Inc.'s 10-K filed February 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.4B
Institutions reporting
242
Shares held vs prior quarter
▼ 1.7%
Positions opened / closed
28 / 19

Top buyers and sellers, Q2 2026: 120 institutions bought and 96 sold ; the biggest buyer was Fuller & Thaler Asset Management, Inc (+424K shares) and the biggest seller Senvest Management, LLC (−926K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $226M 9.2M 16.0% ▼ 3.1%
American Assets Inc $182M 7.4M 12.9% 0.0%
Vanguard Portfolio Management LLC $135M 5.5M 9.6% ▲ 1.4%
State Street Corp $69.1M 2.8M 4.9% ▼ 1.6%
Senvest Management, LLC $65.5M 2.7M 4.6% ▼ 25.9%
LSV Asset Management $54.6M 2.2M 3.9% ▲ 11.9%
Vanguard Capital Management LLC $50.7M 2.1M 3.6% ▼ 3.1%
American Assets Investment Management, LLC $36.5M 1.5M 2.6% 0.0%
Geode Capital Management, LLC $34.4M 1.4M 2.4% ▲ 4.3%
Charles Schwab Investment Management Inc $31.6M 1.3M 2.2% ▲ 1.5%
Ameriprise Financial Inc $25.7M 1.0M 1.8% ▲ 9.4%
Arrowstreet Capital, Limited Partnership $25.5M 1.0M 1.8% ▲ 7.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not American Assets Trust, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $37.7M 48 trades by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $37.7M net buying
Insider Date Trade Shares Price Value
Rady Ernest S Executive Chairman September 14, 2026 Buy 50,000 $21.65 $1.1M
Rady Ernest S Executive Chairman September 2, 2026 Buy 96,636 $22.50 $2.2M
Rady Ernest S Executive Chairman September 1, 2026 Buy 50,000 $22.40 $1.1M
Rady Ernest S Executive Chairman August 31, 2026 Buy 20,000 $22.33 $446,600
Rady Ernest S Executive Chairman August 28, 2026 Buy 50,000 $22.52 $1.1M
Rady Ernest S Executive Chairman August 27, 2026 Buy 50,000 $22.56 $1.1M
Rady Ernest S Executive Chairman August 26, 2026 Buy 50,000 $22.89 $1.1M
Rady Ernest S Executive Chairman August 24, 2026 Buy 29,729 $22.74 $676,037
Rady Ernest S Executive Chairman August 21, 2026 Buy 50,000 $22.75 $1.1M
Rady Ernest S Executive Chairman August 19, 2026 Buy 10,000 $22.77 $227,700
Rady Ernest S Executive Chairman August 18, 2026 Buy 3,586 $22.69 $81,366
Rady Ernest S Executive Chairman August 17, 2026 Buy 50,000 $22.55 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in American Assets Trust, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded April 10, 2023, filed May 19, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • February 3, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on American Assets Trust, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

American Assets Trust, Inc. in brief

What does American Assets Trust, Inc. do?
American Assets Trust, Inc. is a US-listed company in the retail REITs industry. Its financial year ends in December.
What is American Assets Trust, Inc.'s stock ticker?
American Assets Trust, Inc. trades under the ticker AAT on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is American Assets Trust, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, American Assets Trust, Inc. reported revenue of $444M, 1.1% higher than a year earlier, according to its SEC filings.
What is American Assets Trust, Inc.'s free cash flow?
American Assets Trust, Inc.'s free-cash-flow margin is 16.9% of revenue over the trailing twelve months.
Who are American Assets Trust, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., American Assets Inc and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is American Assets Trust, Inc.'s market cap?
On November 2, 2026, American Assets Trust, Inc.'s market capitalisation was about $1.7B, with a price-to-earnings ratio of 79.4 and net debt of $1.6B. Market figures come from third-party market data and may be delayed.
Does American Assets Trust, Inc. pay a dividend?
Yes: American Assets Trust, Inc. paid $106M in dividends over the trailing twelve months, a dividend yield of 7.85% and a payout ratio of 498.1%.
Who are American Assets Trust, Inc.'s competitors?
In our Retail REITs peer group, the companies closest to American Assets Trust, Inc. are Acadia Realty Trust, CBL & Associates Properties Inc, Inventrust Properties Corp., Four Corners Property Trust, Inc. and Essential Properties Realty Trust, Inc. The side-by-side comparison below sets their revenue, margins and growth against American Assets Trust, Inc.'s.
Are insiders buying or selling American Assets Trust, Inc. stock?
Over the last 12 months, American Assets Trust, Inc.'s directors and officers reported 48 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is American Assets Trust, Inc.'s next earnings date?
Around February 2, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — American Assets Trust, Inc. announces its own schedule.