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American Assets Trust, Inc.

AAT

Real Estate Reit Diversified

American Assets Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $436.2 million, down 4.73% from fiscal 2024.

Revenue
+4.29%
EPS
+135.7%
Free cash flow
−58.5%
Total debt
+0.21%

Quarter to September 2026, against a year earlier

21.53 0.15 −0.69%
Market cap
$1.3B
P/E
55.9×
Fwd P/E
61.5×
Dividend yield
6.32%
F-score
4/9
ROIC
2.47%
Net debt / EBITDA
5.7×
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Net bought
$37.7M
Trades
0 sells · 21 buys
Ownership
24.4%

Capital & Financial Ratios $m

Size
Market Cap 1,320
Revenue ttm 444
Net income ttm 28
Free cash flow ttm 75
Net debt Q 1,610
Valuation
P/E 55.9 (above 35: high)
Forward P/E 61.5 (above 35: high)
Price / sales 2.9
Forward P/S Powerpack
Price / FCF 17.4
Price / book 1.3
Financial health
Current ratio Q 2.6
Debt / equity Q 1.6
Interest coverage Q 1.5
Growth
Revenue growth Q +4.3% (above 0%: growing)
Operating income growth Q +18.9% (above 0%: growing)
EPS, this year −62.0% (below 0%: weak)
EPS, next year A +5.7%
Revenue, next year A +1.5%
EPS, past 5 yrs +14.9%
EPS, next 5 yrs A −21.2% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.6×, against a ten-year median of 8.7×; over the ten years it ranged from 5.9× in 2025 to 11.8× in 2019.
P/E against its own 10 years 55.28%
10-year low 10-year high
P/S against its own 10 years 20.23%
10-year low 10-year high
P/B against its own 10 years 30.17%
10-year low 10-year high
EV/Sales against its own 10 years 20.05%
10-year low 10-year high
EV/FCF against its own 10 years 56.22%
10-year low 10-year high

Dividends raised 5 years running

Yield
6.32%
Annual rate
1.36
Payout ratio
388.2%
Growth, 2017–25
+3.29%/yr
  1. 1.05 ’17
  2. 1.09 ’18 +4
  3. 1.14 ’19 +5
  4. 1.00 ’20 −12
  5. 1.16 ’21 +16
  6. 1.28 ’22 +10
  7. 1.32 ’23 +3
  8. 1.34 ’24 +2
  9. 1.36 ’25 +1
  10. 1.36 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 83 426 129 90
Receivables 94 95 92 92
Inventory — — — —
Other — — — —
177 521 221 181
2023 2024 2025 Q'26
Payables 61 64 71 71
ST’ Debt — — — —
Other — — — —
61 64 71 71

Compound Annual Growth %

10y 5y 3y
Sales 4.70% 4.83% 1.06%
Cash Flow 4.23% 5.65% (2.28%)
Earnings 3.75% 15.01% 8.55%
Book Value 2.79% (2.73%) (2.73%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.50 Actual 0.56

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.48 0.47 Miss by 0.01
Q1 FY26 0.51 0.51 Met by 0.00
Q2 FY26 0.51 0.51 Met by 0.00
Q3 FY26 0.50 0.56 Beat by 0.06
Q4 FY26 0.52 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.08 0.09 0.13 — —
’25 0.70 0.09 0.07 0.05 0.92
’24 0.32 0.20 0.28 0.15 0.94
’23 0.27 0.20 0.20 0.17 0.84
’22 0.18 0.18 0.21 0.16 0.72
’21 0.02 0.15 0.17 0.14 0.47
’20 0.20 0.13 0.08 0.05 0.46
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 111 109 114 — —
’25 109 108 110 110 436
’24 111 111 123 113 458
’23 108 110 111 112 441
’22 101 104 111 106 423
’21 84 92 98 102 376
’20 97 82 84 81 345
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 39 49 42 — —
’25 37 49 41 41 167
’24 55 59 52 41 207
’23 52 46 52 39 189
’22 39 47 55 38 179
’21 43 34 53 39 168
’20 45 24 40 18 127
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 18 24 10 — —
’25 138 28 23 23 213
’24 44 44 28 21 137
’23 27 26 32 20 106
’22 9 14 30 13 65
’21 31 10 32 (9) 64
’20 25 9 27 3 63
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 295 315 331 367 345 376 423 441 458 436 444 +4.4% 443 459 453 +1.3%
Gross margin, % 73.04 73.33 73.86 74.92 77.02 76.86 74.53 73.07 73.03 71.44 70.76 (1.6) pt
EBT 46 40 27 60 36 37 56 65 73 71 28 +5.1%
EBT margin, % 15.47 12.74 8.22 16.41 10.33 9.74 13.22 14.66 15.90 16.36 6.25 +0.9 pt
Net income 46 40 27 60 36 37 56 65 73 71 28 +5.1%
Per share, $
Per share, $ Revenue 6.51 6.74 7.05 6.78 5.76 6.26 7.04 7.33 7.59 7.20 7.32 +1.1%
Earnings 0.72 0.62 0.42 0.84 0.46 0.47 0.72 0.84 0.94 0.92 0.39 +2.8%
Cash flow 2.66 3.12 2.91 2.84 2.12 2.81 2.98 3.14 3.43 2.76 2.81 +0.4%
Capex (1.32) (1.02) (1.16) (1.48) (1.06) (1.74) (1.89) (1.38) (1.16) 0.75 (1.57) n/m
Free cash flow 1.35 2.11 1.75 1.36 1.06 1.06 1.09 1.76 2.27 3.51 1.24 +11.2%
Book value 18.50 18.07 17.09 23.91 20.96 20.17 19.74 19.18 18.64 18.02 17.11 (0.3%)
Shares, m 45 47 47 54 60 60 60 60 60 61 61 +3.3%
Valuation, ×
Valuation, × P/E 59.78 61.55 96.73 53.37 62.78 78.19 36.32 27.31 27.64 20.80 55.92 52.4
P/S 6.61 5.66 5.70 6.77 5.01 5.99 3.77 3.13 3.46 2.63 2.94 4.9
P/B 2.33 2.11 2.35 1.92 1.38 1.86 1.34 1.20 1.41 1.05 1.26 1.7
EV/Sales 10.04 9.60 9.46 10.20 8.71 10.03 7.57 6.79 6.94 6.22 6.56 8.6
EV/FCF 48.55 30.73 38.11 50.76 47.27 59.13 49.00 28.32 23.21 12.77 38.82 38.8
Cash, $m
Cash, $m Operating cash flow 121 146 137 154 127 168 179 189 207 167 170 +3.7%
Capex (60) (47) (54) (80) (63) (105) (114) (83) (70) 46 (95) n/m
Free cash flow 61 98 82 74 63 64 65 106 137 213 75 +14.9%
Balance, $m
Balance, $m Working capital 70 103 60 111 159 165 79 116 457 150 111 +8.8%
Net debt 1,013 1,240 1,242 1,257 1,274 1,518 1,607 1,616 1,594 1,568 1,610 +5.0%
Shareholders’ equity 839 844 802 1,294 1,253 1,210 1,186 1,154 1,124 1,091 1,039 +3.0%
Returns, %
Returns, % ROA 1.65 1.37 0.88 1.83 0.99 0.97 1.45 1.69 1.82 1.80 0.73 +0.1 pt
ROIC 3.31 2.81 2.43 2.79 2.19 2.29 2.57 2.75 2.97 3.43 2.47 +0.1 pt
ROE 3.91 3.46 2.39 4.36 2.17 2.30 3.63 4.31 4.99 5.02 1.97 +1.1 pt
People
People Employees 164 194 189 206 189 208 216 228 226 232 — +3.9%
Revenue/emp, $m 1.80 1.62 1.75 1.78 1.82 1.81 1.96 1.93 2.03 1.88 — +0.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

American Assets Trust, Inc. vs peers in Reit Diversified (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BNL Broadstone Net Lease, Inc. $3.4B 22.8× 22.7× +6.74% (above 0%: growing) +5.36% (above 0%: growing) −35.28% (below 0%: shrinking) 93.98% 42.25% Compare
GNL Global Net Lease, Inc. $1.6B — (loss-making) — (loss-making) −6.73% (below 0%: shrinking) n/m −35.65% (below 0%: shrinking) 87.30% (22.30%) Compare
AAT American Assets Trust, Inc. $1.3B 55.9× 61.5× +4.29% (above 0%: growing) +135.71% (above 0%: growing) −58.53% (below 0%: shrinking) 70.60% 25.77%
JBGS JBG SMITH Properties $928.3M — (loss-making) — (loss-making) +6.90% (above 0%: growing) n/m +189.45% (above 0%: growing) 62.02% 5.73% Compare
ESRT Empire State Realty Trust, Inc. $919.3M 177× 110× +2.95% (above 0%: growing) n/m +42.29% (above 0%: growing) 74.97% (70.45%) Compare
CTO CTO Realty Growth, Inc. $783.0M 16.9× 50.5× +24.25% (above 0%: growing) n/m −258.74% (below 0%: shrinking) 75.31% 24.66% Compare
SAFE Safehold Inc. $741.2M 6.4× 6.7× +23.42% (above 0%: growing) +7.90% (above 0%: growing) +130.83% (above 0%: growing) 86.92% 71.85% Compare
AHRT AH Realty Trust Inc $629.5M — (loss-making) — (loss-making) −1.48% (below 0%: shrinking) n/m +3,441.15% (above 0%: growing) 67.15% 22.41% Compare
FVR FrontView REIT, Inc. $609.1M — (loss-making) 12,713× +10.86% (above 0%: growing) −57.89% (below 0%: shrinking) +23.47% (above 0%: growing) 0.00% 0.00% Compare
Median of peers $851.1M 19.9× 50.5× +6.82% +5.36% +32.88% 75.14% 14.07%

All 16 Reit Diversified stocks →

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.81m 2.98m 84.84
2024 3.37m 3.04m 71.58
2023 3.34m 2.40m 58.01
2022 5.08m 3.90m 64.19
2021 5.06m 2.73m 87.17

Ownership

Directors and executive officers, together 37.25%
Ernest S. Rady 35.92%
Ernest Rady Trust U/D/T March 34.40%
BlackRock, Inc. 11.18%
AAI 9.51%
Senvest Management, LLC 3.98%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

American Assets Trust, Inc. (AAT) Latest News

28 Oct

Impact 3 · · MarketBeat
Impact 3 · · Associated Press earnings
Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby transcript

27 Oct

Impact 3 · · Zacks earnings
Impact 3 · · Zacks
Impact 3 · · GlobeNewswire earnings

5 Oct

Impact 3 · · Zacks

26 Sep

Impact 3 · · Simply Wall St.

25 Sep

Impact 3 · · The Motley Fool

3 Sep

Impact 3 · · The Motley Fool

29 Jul

Impact 3 · · MarketBeat transcript

28 Jul

Impact 3 ·

30 Apr

Impact 4 · · GuruFocus.com

29 Apr

Impact 4 · · Simply Wall St.
Impact 4 · · The Motley Fool transcript
Impact 3 · · MarketBeat
Impact 3 · · Moby

28 Apr

Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · GlobeNewswire

1 Apr

Impact 4 · · GlobeNewswire

8 Feb

Impact 3 · · Simply Wall St.

4 Feb

Impact 4 · · MarketBeat transcript
Impact 4 · · GuruFocus.com transcript

3 Feb

Impact 4 · · Associated Press Finance
Impact 4 · · GlobeNewswire
Impact 3 · · ZacksZacksAssociated Press FinanceBarchartZacksZacksBarchartZacks

22 Jan

Impact 3 · · Zacks

29 Dec

Impact 3 · · Simply Wall St.
stockrow.com/AAT · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com