NYSE : AAT
American Assets Trust, Inc. — Financial statements
Real Estate · REIT - Diversified · United States
Last price 21.86 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.70B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 419.62M | 410.49M | 423.61M | 419.37M | 402.51M | 360.21M |
| Other Revenue | 20.41M | 21.37M | 29.73M | 17.40M | 16.06M | 12.83M |
| Total Revenue | 440.03M | 431.87M | 453.34M | 436.78M | 418.57M | 373.04M |
| Property Expenses | 166.12M | 162.71M | 160.16M | 156.09M | 145.97M | 125.20M |
| Selling, General & Administrative | 39.04M | 40.39M | 38.52M | 39.45M | 34.52M | 31.66M |
| Depreciation & Amortization | 130.07M | 127.31M | 125.46M | 119.50M | 123.34M | 116.31M |
| Total Operating Expenses | 335.24M | 330.41M | 324.14M | 315.03M | 303.83M | 273.17M |
| Operating Income | 104.79M | 101.46M | 129.20M | 121.75M | 114.73M | 99.87M |
| Interest Expense | -79.39M | -78.12M | -74.53M | -64.71M | -58.23M | -58.59M |
| Interest & Investment Income | 2.85M | 4.33M | 9.03M | 2.17M | 225.00K | 324.00K |
| Other Non-Operating Income | 10.00M | 6.51M | -4.00K | |||
| EBT Excluding Unusual Items | 28.25M | 27.66M | 73.70M | 65.73M | 56.73M | 41.60M |
| Gain (Loss) on Sale of Assets | 44.48M | |||||
| Other Unusual Items | -4.27M | |||||
| Pretax Income | 28.25M | 72.14M | 73.70M | 65.73M | 56.73M | 37.33M |
| Income Tax Expense | 482.00K | 770.00K | 886.00K | 1.04M | 850.00K | 738.00K |
| Earnings From Continuing Operations | 27.77M | 71.37M | 72.82M | 64.69M | 55.88M | 36.59M |
| Minority Interest in Earnings | -6.58M | -15.72M | -16.02M | -14.31M | -12.37M | -8.22M |
| Net Income | 21.18M | 55.65M | 56.80M | 50.38M | 43.51M | 28.38M |
| Net Income to Common | 21.18M | 55.65M | 56.80M | 50.38M | 43.51M | 28.38M |
| Basic Shares Outstanding | 60.68M | 60.56M | 60.33M | 60.16M | 60.05M | 59.99M |
| Diluted Shares Outstanding | 76.86M | 76.74M | 76.51M | 76.34M | 76.23M | 76.17M |
| EPS (Basic) | 0.35 | 0.92 | 0.94 | 0.84 | 0.72 | 0.47 |
| EPS (Diluted) | 0.35 | 0.92 | 0.94 | 0.84 | 0.72 | 0.47 |
| Dividend Per Share | 1.36 | 1.36 | 1.34 | 1.32 | 1.28 | 1.16 |
| Operating Margin | 23.82% | 23.49% | 28.50% | 27.87% | 27.41% | 26.77% |
| Profit Margin | 4.81% | 12.88% | 12.53% | 11.53% | 10.39% | 7.61% |
| EBITDA | 233.14M | 226.64M | 251.98M | 238.16M | 234.76M | 212.94M |
| EBITDA Margin | 52.98% | 52.48% | 55.58% | 54.53% | 56.09% | 57.08% |
| D&A For Ebitda | 128.35M | 125.19M | 122.78M | 116.41M | 120.03M | 113.07M |
| EBIT | 104.79M | 101.46M | 129.20M | 121.75M | 114.73M | 99.87M |
| EBIT Margin | 23.82% | 23.49% | 28.50% | 27.87% | 27.41% | 26.77% |
| Funds From Operations (FFO) | 156.98M | 153.45M | 197.53M | 183.44M | 178.57M | 152.34M |
| FFO Per Share | 2.04 | 2.00 | 2.58 | 2.40 | 2.34 | 2.00 |
| Adjusted Funds From Operations (AFFO) | 93.73M | 98.26M | 132.16M | 183.44M | 178.57M | 152.34M |
| AFFO Per Share | 1.22 | 1.28 | 1.73 | 2.40 | 2.34 | 2.00 |
| FFO Payout Ratio | 53.19% | 54.25% | 41.35% | 43.73% | 43.42% | 46.06% |
| Effective Tax Rate | 1.71% | 1.07% | 1.20% | 1.58% | 1.50% | 1.98% |
| Revenue as Reported | 444.44M | 436.20M | 457.86M | 441.16M | 422.65M | 375.83M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 2.62B | 2.64B | 2.61B | 2.66B | 2.76B | 2.71B |
| Cash & Equivalents | 89.61M | 129.36M | 425.66M | 82.89M | 49.57M | 139.52M |
| Accounts Receivable | 91.69M | 92.05M | 94.96M | 94.48M | 95.04M | 90.17M |
| Other Intangible Assets | 8.88M | 11.70M | 15.60M | 20.47M | 25.80M | 31.68M |
| Other Current Assets | 12.62M | 10.96M | 88.17M | 84.59M | 9.28M | 9.14M |
| Trading Asset Securities | 703.00K | 2.01M | 5.21M | 7.96M | 9.99M | |
| Deferred Long-Term Charges | 43.80M | 38.58M | 37.27M | 38.73M | 39.73M | 39.18M |
| Total Assets | 2.87B | 2.92B | 3.27B | 2.98B | 2.99B | 3.02B |
| Current Portion of Long-Term Debt | 250.00M | 325.00M | 100.00M | |||
| Current Portion of Leases | 896.00K | 3.58M | ||||
| Long-Term Debt | 1.44B | 1.69B | 1.69B | 1.59B | 1.65B | 1.65B |
| Long-Term Leases | 15.68M | 15.19M | 20.64M | 23.25M | 25.68M | 27.92M |
| Accounts Payable | 70.77M | 71.09M | 63.69M | 60.96M | 65.99M | 64.53M |
| Other Current Liabilities | 1.56M | 3.35M | 1.90M | |||
| Long-Term Unearned Revenue | 26.37M | 27.55M | 25.10M | 27.40M | 30.72M | 16.31M |
| Long-Term Deferred Tax Liabilities | 638.00K | 638.00K | 781.00K | 784.00K | 852.00K | 967.00K |
| Other Long-Term Liabilities | 24.69M | 22.85M | 24.96M | 27.08M | 30.84M | 47.07M |
| Total Liabilities | 1.83B | 1.83B | 2.15B | 1.83B | 1.80B | 1.81B |
| Common Stock | 614.00K | 614.00K | 611.00K | 609.00K | 607.00K | 605.00K |
| Additional Paid-In Capital | 1.48B | 1.48B | 1.47B | 1.47B | 1.46B | 1.45B |
| Distributions in Excess of Earnings | -374.98M | -331.09M | -304.34M | -280.24M | -251.17M | -217.78M |
| Comprehensive Income & Other | -223.00K | 1.42M | 4.76M | 8.28M | 10.62M | 2.87M |
| Total Common Equity | 1.11B | 1.15B | 1.18B | 1.20B | 1.22B | 1.24B |
| Minority Interest | -71.75M | -59.61M | -51.58M | -44.18M | -35.74M | -28.84M |
| Shareholders' Equity | 1.04B | 1.09B | 1.12B | 1.15B | 1.19B | 1.21B |
| Total Liabilities & Equity | 2.87B | 2.92B | 3.27B | 2.98B | 2.99B | 3.02B |
| Total Debt | 1.71B | 1.71B | 2.03B | 1.71B | 1.67B | 1.68B |
| Net Cash (Debt) | -1.61B | -1.58B | -1.60B | -1.62B | -1.61B | -1.54B |
| Net Cash Per Share | -21.01 | -20.52 | -20.91 | -21.25 | -21.18 | -20.21 |
| Filing Date Shares Outstanding | 61.40M | 61.39M | 61.14M | 60.90M | 60.72M | 60.52M |
| Total Common Shares Outstanding | 61.40M | 61.39M | 61.14M | 60.90M | 60.72M | 60.53M |
| Book Value Per Share | 18.08 | 18.75 | 19.23 | 19.67 | 20.11 | 20.47 |
| Tangible Book Value | 1.10B | 1.14B | 1.16B | 1.18B | 1.20B | 1.21B |
| Tangible Book Value Per Share | 17.94 | 18.56 | 18.98 | 19.33 | 19.69 | 19.95 |
| Land | 701.27M | 674.15M | 674.15M | 701.33M | 687.58M | |
| Buildings | 2.55B | 2.39B | 2.30B | 2.37B | 2.32B | |
| Construction In Progress | 92.66M | 50.85M | 138.34M | 199.95M | 163.86M | 99.31M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 21.18M | 55.65M | 56.80M | 50.38M | 43.51M | 28.38M |
| Depreciation & Amortization | 128.35M | 125.19M | 122.78M | 116.41M | 120.03M | 113.07M |
| Other Amortization | 3.06M | 2.89M | 3.65M | 3.39M | 2.58M | 2.75M |
| Gain (Loss) on Sale of Assets | -44.48M | |||||
| Stock-Based Compensation | 7.29M | 7.40M | 7.11M | 8.84M | 8.69M | 8.49M |
| Change in Accounts Receivable | 463.00K | 726.00K | -1.79M | -870.00K | -404.00K | 2.27M |
| Change in Accounts Payable | 2.30M | -1.16M | 5.58M | 765.00K | -1.24M | 15.33M |
| Change in Other Net Operating Assets | 636.00K | -607.00K | -901.00K | -877.00K | 1.11M | 2.02M |
| Other Operating Activities | 6.54M | 20.97M | 12.36M | 9.28M | 2.46M | -1.69M |
| Operating Cash Flow | 170.38M | 167.12M | 207.11M | 188.75M | 179.07M | 168.33M |
| Acquisition of Real Estate Assets | -95.23M | -140.13M | -70.20M | -82.98M | -158.95M | -309.10M |
| Sale of Real Estate Assets | 117.78M | |||||
| Net Sale / Acq. of Real Estate Assets | -95.23M | -22.35M | -70.20M | -82.98M | -158.95M | -309.10M |
| Investment in Marketable & Equity Securities | -37.00K | |||||
| Investing Cash Flow | -106.61M | -30.52M | -77.41M | -89.89M | -166.32M | -312.28M |
| Long-Term Debt Issued | 623.27M | 225.00M | 111.00M | 494.68M | ||
| Long-Term Debt Repaid | -325.00M | -300.00M | -186.00M | -111.00M | -255.38M | |
| Net Debt Issued (Repaid) | -325.00M | 323.27M | 39.00M | 239.30M | ||
| Repurchase of Common Stock | -2.39M | -2.39M | -1.45M | -831.00K | -759.00K | -865.00K |
| Common Dividends Paid | -83.50M | -83.25M | -81.69M | -80.21M | -77.54M | -70.17M |
| Other Financing Activities | -26.98M | -22.26M | -27.07M | -23.50M | -24.41M | -23.85M |
| Net Cash Flow | -49.10M | -296.30M | 342.77M | 33.32M | -89.95M | 475.00K |
| Levered Free Cash Flow | 61.58M | 163.54M | 97.62M | 3.43M | 49.28M | 41.32M |
| Unlevered Free Cash Flow | 108.14M | 209.48M | 140.55M | 40.48M | 83.10M | 75.19M |
| Cash Interest Paid | 77.35M | 79.27M | 64.41M | 62.00M | 56.06M | 50.97M |
| Cash Income Tax Paid | 943.00K | 934.00K | 1.25M | 1.43M | 865.00K | 356.00K |
| Change in Working Capital | 3.40M | -1.04M | 2.89M | -982.00K | -530.00K | 19.62M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.71B | 1.16B | 1.60B | 1.37B | 1.60B | 2.27B |
| Enterprise Value | 3.33B | 2.67B | 3.14B | 2.94B | 3.17B | 3.75B |
| Last Close Price | 21.86 | 18.06 | 23.44 | 19.01 | 21.02 | 28.54 |
| Price/FFO Ratio | 10.41 | 9.03 | 9.08 | 7.92 | 8.98 | 14.27 |
| Price/AFFO Ratio | 17.44 | 14.10 | 13.57 | 7.91 | 8.97 | 14.27 |
| PE Ratio | 63.24 | 20.80 | 28.16 | 27.21 | 36.87 | 79.98 |
| PS Ratio | 3.86 | 2.68 | 3.53 | 3.14 | 3.83 | 6.08 |
| PB Ratio | 1.21 | 1.06 | 1.42 | 1.19 | 1.35 | 1.88 |
| P/OCF Ratio | 9.96 | 6.93 | 7.72 | 7.26 | 8.96 | 13.48 |
| EV/Sales Ratio | 7.53 | 6.18 | 6.93 | 6.73 | 7.57 | 10.06 |
| EV/EBITDA Ratio | 14.20 | 11.77 | 12.48 | 12.35 | 13.50 | 17.62 |
| EV/EBIT Ratio | 31.60 | 26.30 | 24.33 | 24.15 | 27.63 | 37.56 |
| Debt / Equity Ratio | 1.64 | 1.56 | 1.81 | 1.49 | 1.41 | 1.39 |
| Debt / EBITDA Ratio | 7.31 | 7.52 | 8.05 | 7.19 | 7.12 | 7.87 |
| Net Debt / Equity Ratio | 1.55 | 1.44 | 1.42 | 1.41 | 1.36 | 1.27 |
| Net Debt / EBITDA Ratio | 6.93 | 6.95 | 6.35 | 6.81 | 6.88 | 7.23 |
| Asset Turnover | 0.15 | 0.14 | 0.14 | 0.15 | 0.14 | 0.13 |
| Quick Ratio | 0.57 | 2.93 | 1.34 | 1.14 | 2.34 | 3.56 |
| Current Ratio | 0.60 | 3.07 | 1.57 | 1.66 | 2.48 | 3.70 |
| Return on Equity (ROE) | 2.58% | 6.44% | 6.39% | 5.53% | 4.67% | 2.97% |
| Return on Assets (ROA) | 2.25% | 2.05% | 2.58% | 2.55% | 2.39% | 2.14% |
| Return on Invested Capital (ROIC) | 3.74% | 3.37% | 4.24% | 4.18% | 3.93% | 3.51% |
| Earnings Yield | 1.58% | 4.81% | 3.55% | 3.67% | 2.71% | 1.25% |
| Dividend Yield | 6.17% | 7.21% | 5.12% | 5.86% | 4.84% | 3.09% |
| Payout Ratio | 389.63% | 149.60% | 143.82% | 159.22% | 178.22% | 247.27% |
| Buyback Yield / Dilution | -0.23% | -0.29% | -0.23% | -0.14% | -0.08% | -0.07% |
| Total Shareholder Return | 5.97% | 6.92% | 4.90% | 5.72% | 4.77% | 3.02% |