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American Assets Trust (AAT) Financials

American Assets Trust logo
$24.40 +0.37 (+1.54%)
Closing price 06/9/2026 03:59 PM Eastern
Extended Trading
$24.42 +0.02 (+0.09%)
As of 09:04 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for American Assets Trust

Annual Income Statements for American Assets Trust

This table shows American Assets Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 39 33 29 47 46 28 28 44 50 57 56
Consolidated Net Income / (Loss)		 54 46 40 54 60 36 37 56 65 73 71
Net Income / (Loss) Continuing Operations		 47 46 40 54 60 36 37 56 65 73 71
Total Pre-Tax Income 		94 98 40 55 60 89 100 115 122 129 146
Total Revenue		 276 295 261 557 313 345 376 423 441 458 481
Net Interest Income / (Expense)		 0.00 0.00 -54 -104 -54 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 54 104 54 0.00 0.00 0.00 0.00 0.00 0.00
Total Non-Interest Income		 276 295 315 662 367 345 376 423 441 458 481
Other Service Charges		 14 16 16 43 23 14 16 20 22 34 26
Net Realized & Unrealized Capital Gains on Investments		 - - 0.00 0.00 0.63 - - - 0.00 0.00 44
Other Non-Interest Income		 262 279 299 619 344 330 360 403 419 424 410
Total Non-Interest Expense		 181 197 221 503 253 256 276 308 319 329 335
Net Occupancy & Equipment Expense		 - 80 84 173 92 79 87 108 119 124 125
Other Operating Expenses		 118 46 54 116 65 69 73 77 81 80 83
Depreciation Expense		 63 71 83 214 96 108 116 123 120 125 127
Other Gains / (Losses), net		 -47 -52 0.33 -0.17 - -53 -63 -59 -57 -56 -75
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.17 0.19 0.24 0.62 0.38 0.38 0.56 0.65 0.76 0.79 0.85
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)		 15 13 11 7.21 14 7.55 7.65 12 14 15 15
Basic Earnings per Share		 $0.87 $0.72 $0.62 $0.84 $0.84 $0.46 $0.47 $0.72 $0.84 $0.94 $0.92
Weighted Average Basic Shares Outstanding		 44.44M 45.33M 46.72M 111.09M 54.11M 59.81M 59.99M 60.05M 60.16M 60.33M 60.56M
Diluted Earnings per Share		 $0.86 $0.72 $0.62 $0.84 $0.84 $0.46 $0.47 $0.72 $0.84 $0.94 $0.92
Weighted Average Diluted Shares Outstanding		 62.34M 63.23M 64.09M 128.27M 70.79M 76.12M 76.17M 76.23M 76.34M 76.51M 76.74M
Weighted Average Basic & Diluted Shares Outstanding		 44.80M 45.30M 46.90M 46.90M 60.07M 60.47M 60.52M 60.72M 60.90M 61.14M 61.39M
Cash Dividends to Common per Share		 - $1.01 $1.05 $1.09 $1.14 $1.00 $1.16 $1.28 $1.32 $1.34 $1.36

Quarterly Income Statements for American Assets Trust

This table shows American Assets Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 12 10 19 12 17 8.98 43 5.46 4.51 3.15 5.13
Consolidated Net Income / (Loss)		 15 13 25 15 21 12 54 7.12 5.92 4.22 6.74
Net Income / (Loss) Continuing Operations		 15 13 25 15 21 12 54 7.12 5.92 4.22 6.74
Total Pre-Tax Income 		31 29 31 31 38 30 72 26 25 23 26
Total Revenue		 111 112 111 111 123 113 153 108 110 110 111
Net Interest Income / (Expense)		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 111 112 111 111 123 113 153 108 110 110 111
Other Service Charges		 5.70 5.22 5.67 5.80 17 5.51 5.66 6.86 7.36 5.84 6.17
Net Realized & Unrealized Capital Gains on Investments		 - - 0.00 0.00 0.00 - 44 0.00 0.00 - 0.00
Other Non-Interest Income		 105 107 105 105 106 108 103 101 102 104 104
Total Non-Interest Expense		 80 83 80 80 85 83 81 82 85 87 85
Net Occupancy & Equipment Expense		 30 33 30 30 31 33 30 30 32 33 32
Other Operating Expenses		 20 21 20 20 20 20 20 19 21 22 21
Depreciation Expense		 30 30 30 31 34 31 30 33 32 32 32
Other Gains / (Losses), net		 -16 -16 -5.93 -16 -16 -18 -18 -19 -19 -19 -19
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.19 0.19 0.20 0.20 0.19 0.20 0.20 0.21 0.21 0.24 0.24
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)		 3.17 2.82 5.17 3.20 4.47 2.41 11 1.46 1.21 0.84 1.37
Basic Earnings per Share		 $0.20 $0.17 $0.32 $0.20 $0.28 $0.14 $0.70 $0.09 $0.07 $0.06 $0.08
Weighted Average Basic Shares Outstanding		 60.15M 60.16M 60.31M 60.31M 60.32M 60.33M 60.54M 60.54M 60.55M 60.56M 60.70M
Diluted Earnings per Share		 $0.20 $0.17 $0.32 $0.20 $0.28 $0.14 $0.70 $0.09 $0.07 $0.06 $0.08
Weighted Average Diluted Shares Outstanding		 76.33M 76.34M 76.49M 76.49M 76.50M 76.51M 76.72M 76.72M 76.73M 76.74M 76.88M
Weighted Average Basic & Diluted Shares Outstanding		 60.72M 60.90M 60.89M 60.90M 60.90M 61.14M 61.13M 61.15M 61.15M 61.39M 61.39M
Cash Dividends to Common per Share		 $0.33 - $0.34 $0.34 $0.34 - $0.34 $0.34 $0.34 - $0.34

Annual Cash Flow Statements for American Assets Trust

This table details how cash moves in and out of American Assets Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -19 3.20 37 -35 52 30 0.48 -90 33 343 -296
Net Cash From Operating Activities		 110 121 146 137 154 127 168 179 189 207 167
Net Cash From Continuing Operating Activities		 110 121 146 137 152 127 168 179 189 207 167
Net Income / (Loss) Continuing Operations		 54 46 40 27 60 36 37 56 65 73 71
Consolidated Net Income / (Loss)		 54 46 40 27 60 36 37 56 65 73 71
Provision For Loan Losses		 - - - 0.79 0.00 18 -2.29 2.33 1.44 1.52 0.54
Depreciation Expense		 63 71 83 107 96 108 116 123 120 125 127
Amortization Expense		 -1.37 1.84 0.51 0.37 -5.52 -30 -15 -8.91 -3.85 -2.13 3.81
Non-Cash Adjustments to Reconcile Net Income		 -3.60 1.41 15 1.35 3.28 4.28 13 6.96 7.96 6.55 -35
Changes in Operating Assets and Liabilities, net		 -1.88 0.48 6.74 -0.30 -2.09 -9.84 20 -0.53 -0.98 2.89 -1.04
Net Cash From Investing Activities		 -126 -63 -331 -64 -599 -69 -312 -166 -90 -77 -31
Net Cash From Continuing Investing Activities		 -126 -63 -331 -64 -599 -69 -312 -166 -90 -77 -31
Purchase of Property, Leasehold Improvements and Equipment		 -134 -60 -47 -54 -88 -63 -105 -114 -83 -70 -72
Purchase of Investment Securities		 0.00 0.00 -278 0.00 -508 0.00 -252 -45 0.00 0.00 -68
Sale and/or Maturity of Investments		 12 - 0.00 0.00 8.19 0.00 48 - 0.00 0.00 118
Other Investing Activities, net		 -4.46 -3.57 -4.93 -9.94 -11 -5.59 -3.14 -7.37 -6.91 -7.20 -8.17
Net Cash From Financing Activities		 -2.89 -54 222 -107 498 -28 144 -103 -66 213 -433
Net Cash From Continuing Financing Activities		 -2.89 -54 222 -107 498 -28 144 -103 -66 213 -433
Issuance of Debt		 265 184 623 84 209 100 495 111 225 623 0.00
Repayment of Debt		 -274 -183 -363 -120 -145 -51 -260 -115 -188 -305 -325
Payment of Dividends		 -59 -64 -68 -70 -81 -77 -89 -98 -102 -103 -105
Other Financing Activities, Net		 -7.40 -0.81 -0.88 -0.29 -1.34 -0.67 -0.87 -0.76 -0.83 -1.45 -2.39

Quarterly Cash Flow Statements for American Assets Trust

This table details how cash moves in and out of American Assets Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 5.26 -7.08 16 16 418 -107 -282 -0.18 -5.02 -9.35 -11
Net Cash From Operating Activities		 52 39 55 59 52 41 37 49 41 41 39
Net Cash From Continuing Operating Activities		 52 39 55 59 52 41 37 49 41 41 39
Net Income / (Loss) Continuing Operations		 15 13 25 15 21 12 54 7.12 5.92 4.22 6.74
Consolidated Net Income / (Loss)		 15 13 25 15 21 12 54 7.12 5.92 4.22 6.74
Provision For Loan Losses		 0.35 0.35 0.42 0.07 0.61 0.42 -0.01 0.19 0.21 0.15 0.32
Depreciation Expense		 30 30 30 31 34 31 30 33 32 32 32
Amortization Expense		 -0.38 -0.24 -2.32 -0.01 -0.44 0.64 0.84 0.24 1.09 1.64 0.03
Non-Cash Adjustments to Reconcile Net Income		 0.99 3.34 0.96 13 -9.35 1.54 -42 1.33 2.98 3.15 1.69
Changes in Operating Assets and Liabilities, net		 5.83 -8.01 0.87 -0.48 6.75 -4.25 -6.23 7.51 -1.70 -0.62 -2.49
Net Cash From Investing Activities		 -21 -20 -13 -17 -26 -21 33 -23 -19 -21 -23
Net Cash From Continuing Investing Activities		 -21 -20 -13 -17 -26 -21 33 -23 -19 -21 -23
Purchase of Property, Leasehold Improvements and Equipment		 -20 -19 -11 -16 -24 -19 -16 -21 -17 -18 -20
Purchase of Investment Securities		 - - 0.00 - - - -68 - - - 0.00
Sale and/or Maturity of Investments		 - - 0.00 - - - 118 - - - 0.00
Other Investing Activities, net		 -1.32 -0.91 -2.35 -1.46 -1.90 -1.49 -0.79 -2.24 -1.81 -3.33 -2.81
Net Cash From Financing Activities		 -25 -26 -26 -26 392 -127 -351 -26 -26 -29 -26
Net Cash From Continuing Financing Activities		 -25 -26 -26 -26 392 -127 -351 -26 -26 -29 -26
Repayment of Debt		 -0.01 - 0.00 - -205 -100 -325 - - -0.25 0.00
Payment of Dividends		 -25 -25 -26 -26 -26 -26 -26 -26 -26 -26 -26

Annual Balance Sheets for American Assets Trust

This table presents American Assets Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 1,974 1,987 2,260 2,198 2,790 2,817 3,018 2,988 2,985 3,273 2,921
Cash and Due from Banks		 40 45 83 48 99 137 140 50 83 426 129
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 1,762 1,781 2,008 1,969 2,432 2,402 2,543 2,532 2,396 2,411 2,550
Other Assets		 161 151 159 172 249 277 336 406 506 437 241
Total Liabilities & Shareholders' Equity		 1,974 1,987 2,260 2,198 2,790 2,817 3,018 2,988 2,985 3,273 2,921
Total Liabilities		 1,145 1,148 1,416 1,396 1,497 1,564 1,808 1,802 1,831 2,149 1,830
Non-Interest Bearing Deposits		 5.96 6.11 6.57 8.84 8.32 6.59 7.86 8.70 8.78 8.90 10
Long-Term Debt		 1,026 1,042 1,325 1,228 1,358 1,308 1,649 1,614 1,690 2,011 1,688
Other Long-Term Liabilities		 52 48 46 50 131 151 151 146 133 130 132
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 829 839 2,532 802 1,294 1,253 1,210 1,186 1,154 1,124 1,091
Total Preferred & Common Equity		 800 810 834 803 1,314 1,271 1,239 1,221 1,198 1,176 1,151
Total Common Equity		 800 810 2,522 803 1,316 1,253 1,239 1,221 1,198 1,176 1,151
Common Stock		 864 875 926 921 1,453 1,427 1,454 1,462 1,470 1,475 1,480
Retained Earnings		 -64 -77 -97 -129 -144 -177 -218 -251 -280 -304 -331
Accumulated Other Comprehensive Income / (Loss)		 -0.26 12 27 11 5.68 1.75 2.87 11 8.28 4.76 1.42
Noncontrolling Interest		 29 29 10 -0.51 -20 -18 -29 -36 -44 -52 -60

Quarterly Balance Sheets for American Assets Trust

This table presents American Assets Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 3,009 3,020 3,012 3,011 2,988 2,993 3,396 2,968 2,956 2,942 2,901
Cash and Due from Banks		 63 87 85 90 99 115 533 144 144 139 118
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 2,541 2,515 2,501 2,482 2,455 2,437 2,467 2,457 2,566 2,553 2,536
Other Assets		 404 418 426 439 434 441 397 367 246 250 246
Total Liabilities & Shareholders' Equity		 3,009 3,020 3,012 3,011 2,988 2,993 3,396 2,968 2,956 2,942 2,901
Total Liabilities		 1,811 1,840 1,836 1,842 1,833 1,847 2,258 1,815 1,822 1,828 1,828
Non-Interest Bearing Deposits		 8.82 8.84 8.68 8.95 8.86 8.95 9.11 8.91 9.21 9.32 11
Long-Term Debt		 1,614 1,688 1,688 1,689 1,690 1,691 2,110 1,686 1,687 1,687 1,688
Other Long-Term Liabilities		 155 144 139 144 134 147 140 120 59 131 129
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,198 1,180 1,176 1,169 1,155 1,146 1,138 1,152 1,134 1,114 1,073
Total Preferred & Common Equity		 1,230 1,217 1,215 1,209 1,200 1,192 1,187 1,198 1,184 1,169 1,137
Total Common Equity		 1,230 1,217 1,215 1,209 1,200 1,192 1,187 1,198 1,184 1,169 1,137
Common Stock		 1,459 1,464 1,466 1,468 1,471 1,473 1,475 1,477 1,479 1,481 1,482
Retained Earnings		 -242 -255 -263 -271 -281 -289 -293 -282 -298 -314 -347
Accumulated Other Comprehensive Income / (Loss)		 13 8.17 12 12 9.30 8.56 4.48 3.62 2.81 2.11 1.00
Noncontrolling Interest		 -33 -37 -39 -41 -44 -47 -49 -46 -50 -55 -64

Annual Metrics And Ratios for American Assets Trust

This table displays calculated financial ratios and metrics derived from American Assets Trust's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.87 $0.72 $0.62 $0.42 $0.84 $0.92 $0.47 $0.72 $0.84 $0.94 $0.92
Adjusted Weighted Average Basic Shares Outstanding		 44.44M 45.33M 46.72M 46.95M 54.11M 135.93M 59.99M 60.05M 60.16M 60.33M 60.56M
Adjusted Diluted Earnings per Share		 $0.86 $0.72 $0.62 $0.42 $0.84 $0.92 $0.47 $0.72 $0.84 $0.94 $0.92
Adjusted Weighted Average Diluted Shares Outstanding		 62.34M 63.23M 64.09M 64.14M 70.79M 152.24M 76.17M 76.23M 76.34M 76.51M 76.74M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.84 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 45.41M 46.43M 47.20M 47.33M 60.07M 60.47M 60.52M 60.72M 60.90M 61.14M 61.39M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for American Assets Trust

This table displays calculated financial ratios and metrics derived from American Assets Trust's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 61,390,936.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 61,390,936.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.11
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.16% 6.12% 2.73% 1.07% 10.44% 0.86% 38.29% -2.67% -10.77% - -27.76%
EBITDA Growth		 0.97% 7.19% 1.93% 2.38% 16.94% 3.93% 76.75% -4.53% -18.37% - -43.69%
EBIT Growth		 0.44% 8.60% 2.80% -2.22% 21.42% 2.20% 135.60% -15.64% -34.49% - -64.11%
NOPAT Growth		 0.44% 8.60% 2.80% -2.22% 21.42% 2.20% 135.60% -15.64% -34.49% - -64.11%
Net Income Growth		 -7.54% 8.75% 19.15% -0.67% 40.85% -14.14% 119.74% -53.44% -72.23% - -87.55%
EPS Growth		 -4.76% 13.33% 18.52% 0.00% 40.00% -17.65% 118.75% -55.00% -75.00% - -88.57%
Operating Cash Flow Growth		 -5.56% 1.74% 5.41% 28.45% 1.19% 4.62% -32.69% -17.06% -22.71% - 4.68%
Free Cash Flow Firm Growth		 -64.90% -62.66% 201.93% 253.60% -1,983.55% -1,426.60% 51.75% -28.07% 233.72% - 30.51%
Invested Capital Growth		 0.44% 0.34% -0.76% -0.97% 13.65% 10.25% -0.25% -0.57% -13.74% - -2.73%
Revenue Q/Q Growth		 1.35% 1.16% -1.60% 0.18% 10.75% -7.61% 34.92% -29.49% 1.52% - 0.46%
EBITDA Q/Q Growth		 0.45% -2.56% -1.05% 5.72% 14.73% -13.40% 68.27% -42.90% -1.90% - 2.27%
EBIT Q/Q Growth		 -1.12% -5.58% 3.91% 0.80% 22.78% -20.52% 139.52% -63.91% -4.66% - 11.27%
NOPAT Q/Q Growth		 -1.12% -5.58% 3.91% 0.80% 22.78% -20.52% 139.52% -63.91% -4.66% - 11.27%
Net Income Q/Q Growth		 -1.70% -10.86% 82.50% -37.89% 39.39% -45.66% 367.08% -86.84% -16.85% - 59.65%
EPS Q/Q Growth		 0.00% -15.00% 88.24% -37.50% 40.00% -50.00% 400.00% -87.14% -22.22% - 33.33%
Operating Cash Flow Q/Q Growth		 12.21% -24.99% 41.01% 8.22% -11.60% -22.44% -9.28% 33.37% -17.62% - -4.87%
Free Cash Flow Firm Q/Q Growth		 12.87% 5.43% 164.84% 12.19% -701.24% 25.74% 130.30% -46.82% 1,017.66% - -72.74%
Invested Capital Q/Q Growth		 -0.24% -0.50% 0.08% -0.32% 14.49% -3.47% -9.45% -0.63% -0.67% - -0.65%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 54.52% 52.51% 52.80% 55.72% 57.73% 54.11% 67.49% 54.66% 52.81% - 52.60%
EBIT Margin		 28.00% 26.14% 27.60% 27.77% 30.79% 26.48% 47.02% 24.07% 22.60% - 23.36%
Profit (Net Income) Margin		 13.61% 11.99% 22.24% 13.79% 17.36% 10.21% 35.34% 6.60% 5.40% - 6.09%
Tax Burden Percent		 48.60% 45.89% 80.60% 49.67% 56.38% 38.55% 75.18% 27.41% 23.91% - 26.09%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 4.27% 4.06% 4.29% 4.34% 4.61% 4.06% 8.28% 4.23% 3.62% - 3.66%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.31% 3.11% 3.94% 3.42% 3.74% 3.06% 7.22% 3.11% 2.62% - 2.52%
Return on Net Nonoperating Assets (RNNOA)		 4.67% 4.44% 5.70% 4.98% 6.16% 4.97% 10.56% 4.62% 4.42% - 3.83%
Return on Equity (ROE)		 8.94% 8.50% 9.99% 9.32% 10.77% 9.02% 18.83% 8.85% 8.04% - 7.48%
Cash Return on Invested Capital (CROIC)		 3.75% 3.95% 5.05% 5.25% -8.56% -5.43% 6.26% 6.43% 19.80% - 6.33%
Operating Return on Assets (OROA)		 4.04% 3.86% 4.08% 4.12% 4.39% 3.88% 7.90% 4.02% 3.45% - 3.49%
Return on Assets (ROA)		 1.97% 1.77% 3.29% 2.05% 2.48% 1.49% 5.94% 1.10% 0.83% - 0.91%
Return on Common Equity (ROCE)		 9.21% 8.79% 10.34% 9.66% 11.18% 9.40% 19.57% 9.22% 8.41% - 7.85%
Return on Equity Simple (ROE_SIMPLE)		 5.26% 0.00% 5.72% 5.75% 6.30% 0.00% 8.54% 7.95% 6.73% - 2.11%
Net Operating Profit after Tax (NOPAT)		 31 29 31 31 38 30 72 26 25 - 26
NOPAT Margin		 28.00% 26.14% 27.60% 27.77% 30.79% 26.48% 47.02% 24.07% 22.60% - 23.36%
Net Nonoperating Expense Percent (NNEP)		 0.96% 0.95% 0.35% 0.92% 0.87% 1.00% 1.06% 1.12% 0.99% - 1.13%
SG&A Expenses to Revenue		 26.90% 29.04% 26.96% 26.61% 25.54% 28.91% 19.79% 27.50% 28.99% - 28.68%
Operating Expenses to Revenue		 72.00% 73.86% 72.40% 72.23% 69.21% 73.52% 52.99% 75.93% 77.40% - 76.64%
Earnings before Interest and Taxes (EBIT)		 31 29 31 31 38 30 72 26 25 - 26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 61 59 58 62 71 61 103 59 58 - 58
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.92 1.08 1.05 1.14 1.37 1.36 1.03 1.02 1.06 - 0.99
Price to Tangible Book Value (P/TBV)		 0.92 1.08 1.05 1.14 1.37 1.36 1.03 1.02 1.06 - 0.99
Price to Revenue (P/Rev)		 2.56 2.93 2.83 3.06 3.56 3.49 2.46 2.43 2.57 - 2.58
Price to Earnings (P/E)		 22.48 25.67 23.53 25.51 27.91 28.16 15.38 16.40 20.21 - 61.94
Dividend Yield		 7.15% 6.20% 6.39% 5.94% 5.00% 5.10% 6.68% 6.84% 6.67% - 7.39%
Earnings Yield		 4.45% 3.90% 4.25% 3.92% 3.58% 3.55% 6.50% 6.10% 4.95% - 1.61%
Enterprise Value to Invested Capital (EV/IC)		 0.93 1.00 0.99 1.02 0.97 1.00 0.96 0.96 0.98 - 0.95
Enterprise Value to Revenue (EV/Rev)		 6.15 6.47 6.32 6.50 6.91 6.84 5.45 5.43 5.65 - 6.02
Enterprise Value to EBITDA (EV/EBITDA)		 11.44 12.03 11.77 12.05 12.61 12.40 9.17 9.17 9.72 - 11.37
Enterprise Value to EBIT (EV/EBIT)		 22.37 23.46 22.89 23.73 24.54 24.25 15.99 16.28 17.91 - 26.42
Enterprise Value to NOPAT (EV/NOPAT)		 22.37 23.46 22.89 23.73 24.54 24.25 15.99 16.28 17.91 - 26.42
Enterprise Value to Operating Cash Flow (EV/OCF)		 14.20 15.13 14.65 14.13 15.37 15.13 14.42 15.08 16.37 - 15.61
Enterprise Value to Free Cash Flow (EV/FCFF)		 24.97 25.48 19.46 19.33 0.00 0.00 15.33 14.84 4.57 - 14.86
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.45 1.46 1.46 1.48 1.85 1.79 1.46 1.49 1.51 - 1.57
Long-Term Debt to Equity		 1.45 1.46 1.46 1.48 1.85 1.79 1.46 1.49 1.51 - 1.57
Financial Leverage		 1.41 1.43 1.45 1.46 1.65 1.62 1.46 1.48 1.69 - 1.52
Leverage Ratio		 2.54 2.55 2.57 2.59 2.78 2.75 2.58 2.61 2.81 - 2.64
Compound Leverage Factor		 2.54 2.55 2.57 2.59 2.78 2.75 2.58 2.61 2.81 - 2.64
Debt to Total Capital		 59.10% 59.42% 59.40% 59.61% 64.96% 64.13% 59.40% 59.80% 60.22% - 61.15%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 59.10% 59.42% 59.40% 59.61% 64.96% 64.13% 59.40% 59.80% 60.22% - 61.15%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 -1.42% -1.55% -1.55% -1.64% -1.50% -1.65% -1.62% -1.78% -1.95% - -2.31%
Common Equity to Total Capital		 42.32% 42.13% 42.15% 42.03% 36.54% 37.51% 42.22% 41.98% 41.73% - 41.17%
Debt to EBITDA		 7.24 7.12 7.09 7.05 8.43 7.96 5.67 5.73 5.99 - 7.28
Net Debt to EBITDA		 6.85 6.77 6.67 6.57 6.30 6.28 5.19 5.24 5.50 - 6.77
Long-Term Debt to EBITDA		 7.24 7.12 7.09 7.05 8.43 7.96 5.67 5.73 5.99 - 7.28
Debt to NOPAT		 14.14 13.88 13.79 13.87 16.41 15.56 9.88 10.17 11.04 - 16.92
Net Debt to NOPAT		 13.39 13.20 12.99 12.93 12.26 12.27 9.04 9.31 10.14 - 15.73
Long-Term Debt to NOPAT		 14.14 13.88 13.79 13.87 16.41 15.56 9.88 10.17 11.04 - 16.92
Noncontrolling Interest Sharing Ratio		 -3.10% -3.42% -3.49% -3.67% -3.87% -4.20% -3.91% -4.25% -4.59% - -4.94%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 19 20 52 59 -352 -261 79 42 471 - 103
Operating Cash Flow to CapEx		 261.31% 207.17% 500.76% 378.15% 214.46% 212.19% 224.20% 236.24% 232.41% - 188.87%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.14 0.15 0.15 0.15 0.14 0.15 0.17 0.17 0.15 - 0.15
Fixed Asset Turnover		 0.17 0.18 0.18 0.18 0.18 0.19 0.20 0.20 0.19 - 0.18
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,858 2,843 2,846 2,837 3,248 3,135 2,838 2,820 2,801 - 2,761
Invested Capital Turnover		 0.15 0.16 0.16 0.16 0.15 0.15 0.18 0.18 0.16 - 0.16
Increase / (Decrease) in Invested Capital		 12 9.69 -22 -28 390 292 -7.25 -16 -446 - -78
Enterprise Value (EV)		 2,671 2,856 2,806 2,892 3,155 3,133 2,727 2,700 2,736 - 2,636
Market Capitalization		 1,113 1,293 1,259 1,363 1,627 1,599 1,231 1,207 1,243 - 1,130
Book Value per Share		 $19.91 $19.73 $19.89 $19.58 $19.48 $19.31 $19.60 $19.37 $19.12 - $18.51
Tangible Book Value per Share		 $19.91 $19.73 $19.89 $19.58 $19.48 $19.31 $19.60 $19.37 $19.12 - $18.51
Total Capital		 2,858 2,843 2,846 2,837 3,248 3,135 2,838 2,820 2,801 - 2,761
Total Debt		 1,689 1,690 1,690 1,691 2,110 2,011 1,686 1,687 1,687 - 1,688
Total Long-Term Debt		 1,689 1,690 1,690 1,691 2,110 2,011 1,686 1,687 1,687 - 1,688
Net Debt		 1,599 1,607 1,592 1,576 1,577 1,585 1,542 1,543 1,548 - 1,570
Capital Expenditures (CapEx)		 20 19 11 16 24 19 16 21 17 - 20
Net Nonoperating Expense (NNE)		 16 16 5.93 16 16 18 18 19 19 - 19
Net Nonoperating Obligations (NNO)		 1,689 1,690 1,690 1,691 2,110 2,011 1,686 1,687 1,687 - 1,688
Total Depreciation and Amortization (D&A)		 29 30 28 31 33 31 31 33 33 - 32
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.20 $0.17 $0.32 $0.20 $0.28 $0.14 $0.70 $0.09 $0.07 $0.06 $0.08
Adjusted Weighted Average Basic Shares Outstanding		 60.15M 60.16M 60.31M 60.31M 60.32M 60.33M 60.54M 60.54M 60.55M 60.56M 60.70M
Adjusted Diluted Earnings per Share		 $0.20 $0.17 $0.32 $0.20 $0.28 $0.14 $0.70 $0.09 $0.07 $0.06 $0.08
Adjusted Weighted Average Diluted Shares Outstanding		 76.33M 76.34M 76.49M 76.49M 76.50M 76.51M 76.72M 76.72M 76.73M 76.74M 76.88M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 60.72M 60.90M 60.89M 60.90M 60.90M 61.14M 61.13M 61.15M 61.15M 61.39M 61.39M
Normalized Net Operating Profit after Tax (NOPAT)		 22 21 21 22 26 21 50 18 17 - 18
Normalized NOPAT Margin		 19.60% 18.29% 19.32% 19.44% 21.55% 18.54% 32.91% 16.85% 15.82% - 16.35%
Pre Tax Income Margin		 28.00% 26.14% 27.60% 27.77% 30.79% 26.48% 47.02% 24.07% 22.60% - 23.36%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 158.39% 157.01% 148.61% 149.48% 137.70% 141.95% 101.50% 110.81% 133.08% - 438.88%
Augmented Payout Ratio		 158.39% 157.01% 148.61% 149.48% 137.70% 141.95% 101.50% 110.81% 133.08% - 438.88%

Financials Breakdown Chart

Key Financial Trends

American Assets Trust (NYSE: AAT) showed a modest improvement in quarterly profitability in Q1 2026, but the broader trend over the last four years remains mixed. Revenue was essentially flat year over year, while margins improved slightly and operating cash flow stayed strong. At the same time, the company continues to carry a meaningful debt load and pays out a large portion of cash flow in dividends, which limits financial flexibility.

  • Operating cash flow was solid. AAT generated $38.6 million in cash from operating activities in Q1 2026, up from $40.6 million in Q4 2025 and similar to prior quarters, showing the core business still produces healthy cash.
  • Quarterly net income improved sequentially. Net income attributable to common shareholders rose to $5.1 million in Q1 2026 from $3.1 million in Q4 2025.
  • Pre-tax income held up well. Q1 2026 pre-tax income was $25.8 million, compared with $23.2 million in Q4 2025, suggesting operating performance remained stable.
  • Revenue was stable year over year. Q1 2026 total revenue of $110.6 million was slightly above Q1 2025’s $110.7 million, indicating a relatively steady top line.
  • Cash balance remained adequate. AAT ended Q1 2026 with $118.3 million in cash and equivalents, which provides some liquidity support.
  • Depreciation remains a major expense. Depreciation was $32.3 million in Q1 2026, similar to recent quarters, and continues to weigh on reported earnings.
  • Non-interest income is the main revenue engine. Like prior periods, essentially all of AAT’s revenue came from non-interest income rather than interest-based operations.
  • Shares outstanding were fairly steady. Basic weighted average shares were 60.7 million in Q1 2026, with little change over the last year.
  • Dividend payouts consume a large share of cash flow. AAT paid $26.4 million in dividends in Q1 2026, which was larger than quarterly net income and reduced cash on hand.
  • Leverage remains elevated. Long-term debt stood at $1.69 billion in Q1 2026, versus total common equity of $1.14 billion, leaving the balance sheet meaningfully levered.
  • Equity has declined from prior levels. Total common equity fell to $1.14 billion in Q1 2026 from $1.17 billion in Q3 2025 and $1.20 billion in early 2025.
  • Net income has been volatile over the last four years. Quarterly common-share earnings swung from $42.5 million in Q1 2025 to just $5.1 million in Q1 2026, highlighting inconsistency in bottom-line performance.

Bottom line: AAT continues to generate respectable operating cash flow, but earnings remain uneven and the dividend plus debt burden limit room for error. For retail investors, this looks like a steady cash-producing real estate name, but not one with a lot of balance-sheet flexibility if operating conditions weaken.

06/10/26 09:10 AM ETAI Generated. May Contain Errors.

American Assets Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, American Assets Trust's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

American Assets Trust's net income appears to be on an upward trend, with a most recent value of $71.37 million in 2025, rising from $53.92 million in 2015. The previous period was $72.82 million in 2024. See American Assets Trust's forecast for analyst expectations on what's next for the company.

Over the last 10 years, American Assets Trust's total revenue changed from $275.62 million in 2015 to $480.68 million in 2025, a change of 74.4%.

American Assets Trust's total liabilities were at $1.83 billion at the end of 2025, a 14.8% decrease from 2024, and a 59.8% increase since 2015.

In the past 10 years, American Assets Trust's cash and equivalents has ranged from $39.93 million in 2015 to $425.66 million in 2024, and is currently $129.36 million as of their latest financial filing in 2025.


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Financial statements for NYSE:AAT last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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