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NYSE · Real Estate

American Assets Trust, Inc. (AAT)

As-reported financials and SEC filings for American Assets Trust, Inc. The latest annual period is FY2025. The latest reported quarter is Q1 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About American Assets Trust, Inc.

American Assets Trust, Inc. is a real estate investment trust that owns, operates, acquires, and develops office, retail, multifamily, and mixed-use properties. Its portfolio includes office buildings, retail shopping centers, multifamily residences, and a mixed-use property with a hotel, primarily located in Southern California, Northern California, Washington, Oregon, Texas, and Hawaii. The company serves institutional investors and manages properties in high-barrier-to-entry markets with a focus on growth through acquisitions, development, and property management.

Snapshot

Revenue
$436.2M
Revenue growth (YoY)
-4.7%
Net income
$71.4M
Diluted EPS
$0.92
Gross margin
—
Operating margin
33.5%
Net margin
16.4%
FCF margin
—
ROE
6.5%
net income / fiscal-year-end equity
P/E
74.0×
trailing when available, otherwise FY EPS
Market cap
$1.66B
Long-term debt / equity
1.56×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at American Assets Trust

  • Revenue fell 4.7% to $436M in FY2025, slower than the 3.8% the year before.
  • Operating margin is 33.5% in FY2025, +6.9 pp against 26.6% in FY2021.
  • Most recent quarter Q1 FY2026: revenue $111M, up 1.8% from Q1 FY2025.
  • Net income fell 2.0% to $71M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where American Assets Trust’s fundamentals sit among the 165 REITs. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin33.5%
59th percentile of 82
Net margin16.4%
62nd percentile of 157
Revenue growth (YoY)-4.7%
20th percentile of 161
ROE6.5%
64th percentile of 142
P/E74.0×
84th percentile of 105
Long-term debt / equity1.56×
68th percentile of 100
Short interest3.30d
35th percentile of 154

18 reported insider purchases (code P) totaling $20.1M in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 5 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.

Conviction investors
0
+5 quant / multi-strat
Initiated / added
4
0 new, 4 added
Reduced / exited
1
1 trimmed, 0 exited
Combined position
$35.1M
reported long value
InvestorAs ofPosition valueSharesChange
Two Sigma InvestmentsquantQ2 2026$15.3M618.3KAdded
AQR Capital ManagementquantQ2 2026$9.1M368.3KAdded
Citadel AdvisorsquantQ2 2026$7.3M296.7KAdded
Millennium ManagementquantQ2 2026$1.8M71.1KReduced
Renaissance TechnologiesquantQ2 2026$1.6M66.2KAdded

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
18
1 insider
Bought (90d)
$20.1M
code P value
Sells (90d)
0
—
Reported activity
Net buying
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-09-14
filed 2026-09-16
Ernest S. RadyExecutive ChairmanBuy50.0K$21.65$1.1M
2026-09-02
Ernest S. RadyExecutive ChairmanBuy96.6K$22.50$2.2M
2026-09-01
filed 2026-09-02
Ernest S. RadyExecutive ChairmanBuy50.0K$22.40$1.1M
2026-08-31
filed 2026-09-02
Ernest S. RadyExecutive ChairmanBuy20.0K$22.33$447K
2026-08-28
Ernest S. RadyExecutive ChairmanBuy50.0K$22.52$1.1M
2026-08-27
filed 2026-08-28
Ernest S. RadyExecutive ChairmanBuy50.0K$22.56$1.1M
2026-08-26
Ernest S. RadyExecutive ChairmanBuy50.0K$22.89$1.1M
2026-08-24
filed 2026-08-26
Ernest S. RadyExecutive ChairmanBuy29.7K$22.74$676K
2026-08-21
Ernest S. RadyExecutive ChairmanBuy50.0K$22.75$1.1M
2026-08-19
Ernest S. RadyExecutive ChairmanBuy10.0K$22.77$228K
2026-08-18
filed 2026-08-19
Ernest S. RadyExecutive ChairmanBuy3.6K$22.69$81K
2026-08-17
filed 2026-08-19
Ernest S. RadyExecutive ChairmanBuy50.0K$22.55$1.1M

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
1.8M
settled 2026-09-30
Change vs prior
-6.8%
vs previous settlement
Days to cover
3.30
at avg daily volume
Avg daily volume
538.7K
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-301.8M-6.8%3.30
2026-09-151.9M+15.9%4.09
2026-08-311.6M+31.8%3.83
2026-08-141.2M+11.1%3.09
2026-07-311.1M-21.0%2.65
2026-07-151.4M-1.1%4.26
2026-06-301.4M-8.0%2.63
2026-06-151.6M-9.2%3.31

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$436.2M$457.9M$441.2M$422.6M$375.8M
Gross profit—————
Operating income$145.9M$129.2M$121.7M$114.7M$99.9M
Net income$71.4M$72.8M$64.7M$55.9M$36.6M
Diluted EPS$0.92$0.94$0.84$0.72$0.47

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$129.4M$425.7M$82.9M$49.6M$139.5M
Current assets—————
Total assets$2.92B$3.27B$2.98B$2.99B$3.02B
Current liabilities—————
Long-term debt$1.70B$2.02B$1.70B$1.63B$1.66B
Total liabilities$1.83B$2.15B$1.83B$1.80B$1.81B
Total equity$1.09B$1.12B$1.15B$1.19B$1.21B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$167.1M$207.1M$188.8M$179.1M$168.3M
Capital expenditure—————
Free cash flow—————

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q1 FY2026$110.6M1.8%$6.7M$0.08
Q4 FY2025-3.0%
Q3 FY2025$109.6M-10.8%$4.5M$0.07
Q2 FY2025$107.9M-2.7%$5.5M$0.09
Q1 FY2025$108.6M-1.9%$42.5M$0.70
Q4 FY20240.9%
Q3 FY2024$122.8M10.4%$16.7M$0.28
Q2 FY2024$110.9M1.1%$11.9M$0.20

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorReal Estate
SIC industryReal Estate Investment Trusts
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ1 FY2026 (ended March 31, 2026)
Oldest indexed filing2010
SEC CIK1500217

Selected SEC filings

10-K2026-02-06
View on EDGAR →
10-Q2026-07-31
View on EDGAR →
10-Q2026-05-01
View on EDGAR →
10-Q2025-10-31
View on EDGAR →
10-Q2025-08-01
View on EDGAR →
8-K2026-07-28
View on EDGAR →
8-K2026-06-03
View on EDGAR →
8-K2026-06-01
View on EDGAR →

Largest reit peers

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.