REITResearch

American Assets Trust, Inc. AAT

Listed / Traded Diversified NYSE Mgmt:

American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust ("REIT"), headquartered in San Diego, California. The company has over 55 years of experience in acquiring, improving, developing and managing premier office, retail, and residential properties throughout the United States in some of the nation's most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Washington, Oregon, Texas and Hawaii. The company's office portfolio comprises approximately 4.3 million rentable square feet, and its retail portfolio comprises approximately 2.4 million rentable square feet. In addition, the company owns one mixed-use property (including approximately 94,000 rentable square feet of retail space and a 369-room all-suite hotel) and 2,302 multifamily units. In 2011, the company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes.

Snapshot

Price
$23.85
Market cap
$1.46B
Enterprise value
$3.05B
Dividend yieldi
5.70%
Annual dividendi
$1.36
Frequency
Quarterly
FFO / sharei
$0.51 · Q1 2026
AFFO / sharei
Not reported in latest 8-K
Net debt / EBITDAi
6.80x · Adj. EBITDA
Op. cash flow / sharei
$2.18
Price / OCFi
10.95
Payout (% of OCF)i
62.45%
Debt / book capitali
60.02%
Premium / disc. to NAVi
No free consensus-NAV source
Credit ratingi
No free ratings feed

Reported FFO / AFFO / leverage are from the Q1 2026 earnings release (filed 2026-04-28) — 8-K, EX-99.1.

Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.

Balance sheet (latest FY: 2025)

Total debt
$1.71B
Cash
$129.36M
Net debt / EBITDAi
6.83x
Debt / book capitali
60.02%
Total assets
$2.92B
Total equity
$1.15B
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Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.

Financial history

FYRevenueNet incomeD&A EBITDAOp. cash flow
2025 $436.20M $71.37M $127.31M $277.57M $167.12M
2024 $457.85M $72.82M $125.46M $273.69M $207.11M
2023 $441.16M $64.69M $119.50M $249.94M $188.75M
2022 $422.65M $55.88M $123.34M $238.30M $179.07M
2021 $375.83M $36.59M $116.31M $212.22M $168.33M
2020 $344.57M $35.59M $108.29M $197.31M $126.98M

Dividends

Ex-dateRecordPaymentDeclaredAmountFreq.
2026-06-042026-06-042026-06-18 2026-04-23$0.34Quarterly
2026-03-052026-03-052026-03-19 2026-02-03$0.34Quarterly
2025-12-042025-12-042025-12-18 2025-10-28$0.34Quarterly
2025-09-042025-09-042025-09-18 2025-07-29$0.34Quarterly
2025-06-052025-06-052025-06-19 2025-04-29$0.34Quarterly
2025-03-062025-03-062025-03-20 2025-02-04$0.34Quarterly
2024-12-052024-12-052024-12-19 2024-10-29$0.34Quarterly
2024-09-052024-09-052024-09-19 2024-07-30$0.34Quarterly
2024-06-062024-06-062024-06-20 2024-04-30$0.34Quarterly
2024-03-062024-03-072024-03-21 2024-02-06$0.34Quarterly
2023-12-062023-12-072023-12-21 2023-10-24$0.33Quarterly
2023-09-062023-09-072023-09-21 2023-07-25$0.33Quarterly
2023-06-072023-06-082023-06-22 2023-04-25$0.33Quarterly
2023-03-082023-03-092023-03-23 2023-02-07$0.33Quarterly
2022-12-072022-12-082022-12-22 2022-10-25$0.32Quarterly
2022-09-072022-09-082022-09-22 2022-07-26$0.32Quarterly
2022-06-082022-06-092022-06-23 2022-04-26$0.32Quarterly
2022-03-092022-03-102022-03-24 2022-02-08$0.32Quarterly
2021-12-082021-12-092021-12-23 2021-10-26$0.30Quarterly
2021-09-082021-09-092021-09-23 2021-07-27$0.30Quarterly
2021-06-092021-06-102021-06-24 2021-04-27$0.28Quarterly
2021-03-102021-03-112021-03-25 2021-02-09$0.28Quarterly
2020-12-092020-12-102020-12-24 2020-10-27$0.25Quarterly
2020-09-092020-09-102020-09-24 2020-07-28$0.25Quarterly

Coverage (payout of operating cash flow): 62.45%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).

Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.