American Assets Trust

AAT · NYSE · Real Estate · Financials, fiscal 2016 to 2025

AAT · Last close · November 6, 2026

$21.53

American Assets Trust's revenue fell 4.7% to $436 million in fiscal 2025. Its operating margin was 33.5%, up from 28.2% a year earlier. Free cash flow was $95 million, down 30.7%. It paid out $105 million in dividends and buybacks, 111% of free cash flow. The diluted share count rose 0.3%.

AMERICAN ASSETS TRUST, INC. Latest fiscal year ended December 31, 2025 10-K filed February 6, 2026 · 0001500217-26-000008 Updated November 5, 2026

Revenue

$436M

4.7%

Operating margin

33.5%

5.2 pts

Net income

$71M

2.0%

Free cash flow

$95M

30.7%

Return on capital

5.4%

0.7 pts

Market cap

$1.7B

Nov 6 close

P/E

74.2x

On $0.29 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What American Assets Trust does

American Assets Trust is a real estate investment trust, or REIT: a company that owns property and pays out most of its rental income to shareholders. It owns, operates and develops office, retail and multifamily (apartment) properties, plus one mixed-use property that combines a hotel and a shopping center. Its properties are in Southern California, Northern California, Washington, Oregon, Texas and Hawaii.

It earns money mainly from rent paid by office and retail tenants and by apartment residents, and from the hotel's room and related revenue. Its core markets include San Diego, the San Francisco Bay Area, Bellevue, Portland and Oahu. It also owns land at two properties that it holds for development.

The company is led by its executive chairman and a management team that it describes as experienced in office, retail and apartment real estate. It carries out its business through an operating partnership, in which the company holds the controlling interest, and it uses debt and outside capital to buy, redevelop and build properties.

Its biggest risks, as it describes them

Its properties are concentrated in a few regions, so local economic conditions and natural disasters weigh heavily.
Weak demand for office space could hurt its office properties.
Its large debt could lead to default, and refinancing may be hard or costly.
Dependence on a few large office tenants and on anchor stores at its shopping centers.
Trouble renewing leases or re-letting vacant space as leases end.

From American Assets Trust's annual report on Form 10-K, filed February 6, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 2.8% a year and net income 9.1% a year, as new shares raised the share count by 21% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	140	50	83	426	129
Debt incl. finance leases	1,661	1,625	1,700	2,025	1,700
Net debt (negative means net cash)	1,522	1,575	1,617	1,599	1,571
Net debt to EBITDA	7.0x	6.6x	6.7x	6.3x	5.8x
Debt to equity	1.3x	1.3x	1.4x	1.7x	1.5x
Interest coverage	1.7x	2.0x	2.0x	2.0x	1.8x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project American Assets Trust's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open American Assets Trust's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $36.1 million of American Assets Trust shares on the open market, and none sold any.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 14, 2026	Ernest S RadyExecutive Chairman, Director, 10% owner	Bought	50,000	$21.65	$1.1 million	Form 4
Sep 2, 2026	Ernest S RadyExecutive Chairman, Director, 10% owner	Bought	96,636	$22.50	$2.2 million	Form 4
Sep 1, 2026	Ernest S RadyExecutive Chairman, Director, 10% owner	Bought	50,000	$22.40	$1.1 million	Form 4
Aug 31, 2026	Ernest S RadyExecutive Chairman, Director, 10% owner	Bought	20,000	$22.33	$446,600	Form 4
Aug 28, 2026	Ernest S RadyExecutive Chairman, Director, 10% owner	Bought	50,000	$22.52	$1.1 million	Form 4
Aug 27, 2026	Ernest S RadyExecutive Chairman, Director, 10% owner	Bought	50,000	$22.56	$1.1 million	Form 4
Aug 26, 2026	Ernest S RadyExecutive Chairman, Director, 10% owner	Bought	50,000	$22.89	$1.1 million	Form 4
Aug 24, 2026	Ernest S RadyExecutive Chairman, Director, 10% owner	Bought	29,729	$22.74	$676,037	Form 4
Aug 21, 2026	Ernest S RadyExecutive Chairman, Director, 10% owner	Bought	50,000	$22.75	$1.1 million	Form 4
Aug 19, 2026	Ernest S RadyExecutive Chairman, Director, 10% owner	Bought	10,000	$22.77	$227,700	Form 4
Aug 18, 2026	Ernest S RadyExecutive Chairman, Director, 10% owner	Bought	3,586	$22.69	$81,366	Form 4
Aug 17, 2026	Ernest S RadyExecutive Chairman, Director, 10% owner	Bought	50,000	$22.55	$1.1 million	Form 4

The latest 12 of 43 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	28.4%	33.7%	17.0%
Altman Z''	—	—	—
Accruals ratio	−4.2%	−4.3%	−3.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put American Assets Trust side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
American Assets Trust	FY25	−4.7%	33.5%	21.8%	5.4%	5.8x	—
Global Net Lease	FY25	−13.1%	22.4%	38.2%	5.0%	−0.6x	—	Compare
Lexington Realty Trust	FY25	−2.3%	—	—	5.4%	3.1x	—	Compare
Essential Properties Realty Trust	FY25	24.8%	64.1%	—	5.8%	4.9x	—	Compare
W. P. Carey	FY25	8.4%	—	—	4.6%	6.5x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	295	315	331	367	345	376	423	441	458	436
Revenue growth	7.1%	6.7%	5.0%	10.8%	−6.0%	9.1%	12.5%	4.4%	3.8%	−4.7%
Gross profit	187	198	209	235	224	246	270	277	290	267
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	98	94	80	114	89	100	115	122	129	146
Net income	33	29	20	46	28	37	56	65	73	71
Diluted EPS (US$)	0.72	0.62	0.42	0.84	0.46	0.47	0.72	0.84	0.94	0.92
Diluted shares (millions)	63	64	64	71	76	76	76	76	76	77
Cash flow
Cash from operations	121	146	136	154	127	168	179	189	207	167
Capital expenditure	60	48	54	88	64	105	114	83	70	72
Free cash flow	61	98	82	65	64	64	65	106	137	95
Dividends paid	64	68	70	81	76	89	98	102	103	105
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	2	5	3	4	6	8	9	9	7	7
Balance sheet at fiscal year end
Cash and short-term investments	45	83	48	99	137	140	50	83	426	129
Debt incl. finance leases	1,047	1,330	1,233	1,362	1,311	1,661	1,625	1,700	2,025	1,700
Total assets	1,987	2,260	2,198	2,790	2,817	3,018	2,988	2,985	3,273	2,921
Total liabilities	1,148	1,416	1,396	1,497	1,564	1,808	1,802	1,831	2,149	1,830
Shareholders' equity	810	834	803	1,314	1,271	1,239	1,221	1,198	1,176	1,151
Margins and ratios
Gross margin	63.4%	63.0%	63.3%	64.0%	64.8%	65.5%	63.9%	62.8%	63.4%	61.1%
Operating margin	33.2%	29.7%	24.0%	31.0%	25.7%	26.6%	27.1%	27.6%	28.2%	33.5%
Net margin	11.0%	9.2%	6.0%	12.5%	8.0%	9.7%	13.2%	14.7%	15.9%	16.4%
Free cash flow margin	20.7%	31.2%	24.8%	17.9%	18.4%	17.0%	15.4%	24.0%	29.9%	21.8%
Rule of 40 (growth + FCF margin)	27.8%	38.0%	29.9%	28.7%	12.4%	26.0%	27.9%	28.4%	33.7%	17.0%
Return on capital	5.3%	4.7%	3.8%	4.9%	3.6%	3.8%	4.1%	4.3%	4.7%	5.4%
Return on equity	4.0%	3.5%	2.4%	4.3%	2.1%	2.9%	4.5%	5.3%	6.1%	6.1%
Return on assets	1.6%	1.4%	0.9%	1.8%	1.0%	1.2%	1.9%	2.2%	2.3%	2.3%
Net debt to EBITDA	5.9x	7.0x	6.3x	6.0x	6.0x	7.0x	6.6x	6.7x	6.3x	5.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: American Assets Trust's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with American Assets Trust.