AAT on NYSE
American Assets Trust, Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
668.0%Gross margin3
365.6%Operating margin3
178.8%Net margin3
-7.2%Revenue growth, 20253
6.2%Return on equity3
1.48×Debt to equity3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Office brought in 47% of the revenue American Assets Trust, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Office | $207.9M | $215.8M | $206.0M |
| Retail | $104.8M | $109.0M | $95.1M |
| Multifamily | $61.8M | $65.4M | $69.0M |
| Mixed Use | $66.7M | $67.7M | $66.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Income tax1¢$770.0K
- Profit99¢$71.4M
Out of $39.9M in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Dividends paid63¢$105.3M
- Kept or used elsewhere37¢$61.9M
Out of $167.1M of cash from operations.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Rental income | $410.5M | $423.6M | $419.4M |
| Other property income | $25.7M | $34.2M | $21.8M |
| Total revenue | $436.2M | $457.9M | $441.2M |
| Rental expenses | $124.6M | $123.5M | $118.8M |
| Real estate taxes | $45.0M | $44.2M | $45.2M |
| General and administrative | $37.8M | $35.5M | $36.0M |
| Depreciation and amortization | $127.3M | $125.5M | $119.5M |
| Total operating expenses | $334.7M | $328.7M | $319.4M |
| Gain on sale of real estate | $44.5M | $0 | $0 |
| OPERATING INCOME | $145.9M | $129.2M | $121.7M |
| Interest expense, net | -$78.1M | -$74.5M | -$64.7M |
| Other income, net | $3.6M | $18.1M | $7.6M |
| NET INCOME | $71.4M | $72.8M | $64.7M |
| Net income attributable to restricted shares | -$852.0K | -$787.0K | -$761.0K |
| Net income attributable to unitholders in the Operating Partnership | -$14.9M | -$15.2M | -$13.6M |
| NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS | $55.6M | $56.8M | $50.4M |
| Basic income attributable to common stockholders per share (in USD per share) | $0.92 | $0.94 | $0.84 |
| Weighted average shares of common stock outstanding - basic (in shares) | 60.6M shares | 60.3M shares | 60.2M shares |
| Diluted income attributable to common stockholders per share (in USD per share) | $0.92 | $0.94 | $0.84 |
| Weighted average shares of common stock outstanding - diluted (in shares) | 76.7M shares | 76.5M shares | 76.3M shares |
| Other comprehensive loss - unrealized loss | -$3.2M | -$1.8M | |
| Reclassification of amortization of forward-starting swaps included in interest expense, net | -$1.0M | -$377.0K | -$1.1M |
| Comprehensive income | $67.1M | $68.3M | $61.7M |
| Comprehensive income attributable to noncontrolling interest | -$14.0M | -$14.3M | -$12.9M |
| Comprehensive income attributable to American Assets Trust, Inc. | $53.2M | $54.1M | $48.8M |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Operating real estate | $3.7B | $3.4B | |
| Construction in progress | $68.9M | $176.9M | |
| Held for development | $487.0K | $487.0K | |
| Total real estate, at cost | $3.8B | $3.6B | |
| Accumulated depreciation | -$1.1B | -$1.0B | |
| Net real estate | $2.6B | $2.6B | |
| Cash and cash equivalents | $129.4M | $425.7M | |
| Accounts receivable, net | $7.4M | $6.9M | |
| Deferred rent receivables, net | $84.6M | $88.1M | |
| Other assets, net | $80.5M | $87.7M | |
| Real estate assets held for sale | $0 | $77.5M | |
| TOTAL ASSETS | $2.9B | $3.3B | |
| Secured notes payable, net | $74.8M | $74.8M | |
| Unsecured notes payable, net | $1.6B | $1.9B | |
| Accounts payable and accrued expenses | $71.1M | $63.7M | |
| Security deposits payable | $10.1M | $8.9M | |
| Other liabilities and deferred credits | $61.3M | $62.6M | |
| Liabilities related to real estate assets held for sale | $0 | $3.4M | |
| Total liabilities | $1.8B | $2.1B | |
| Common stock, $0.01 par value, 490,000,000 shares authorized, 61,390,936 and 61,138,238 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $614.0K | $611.0K | |
| Additional paid-in capital | $1.5B | $1.5B | |
| Accumulated dividends in excess of net income | -$331.1M | -$304.3M | |
| Accumulated other comprehensive income | $1.4M | $4.8M | |
| Total American Assets Trust, Inc. stockholders' equity | $1.2B | $1.2B | |
| Noncontrolling interests | -$59.6M | -$51.6M | |
| Total equity | $1.1B | $1.1B | $1.2B |
| TOTAL LIABILITIES AND EQUITY | $2.9B | $3.3B | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, shares authorized (in shares) | 490.0M shares | 490.0M shares | |
| Common stock, shares issued (in shares) | 61.4M shares | 61.1M shares | |
| Common stock, shares outstanding (in shares) | 61.4M shares | 61.1M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $71.4M | $72.8M | $64.7M |
| Deferred rent revenue and amortization of lease intangibles | $920.0K | -$5.8M | -$7.2M |
| Depreciation and amortization | $127.3M | $125.5M | $119.5M |
| Amortization of debt issuance costs and debt discounts | $2.9M | $3.7M | $3.4M |
| Provision for uncollectable rental income | $540.0K | $1.5M | $1.4M |
| Gain on sale of real estate | -$44.5M | $0 | $0 |
| Stock-based compensation expense | $7.4M | $7.1M | $8.8M |
| Settlement of treasury locks | $0 | -$1.3M | $0 |
| Other noncash interest expense, net | -$1.0M | -$377.0K | -$1.1M |
| Other, net | $3.2M | $1.2M | $266.0K |
| Change in accounts receivable | $726.0K | -$1.8M | -$870.0K |
| Change in other assets | -$1.2M | -$1.3M | -$1.1M |
| Change in accounts payable and accrued expenses | -$1.2M | $5.6M | $765.0K |
| Change in security deposits payable | $931.0K | $140.0K | $181.0K |
| Change in other liabilities and deferred credits | -$313.0K | $225.0K | $83.0K |
| Net cash provided by operating activities | $167.1M | $207.1M | $188.8M |
| Acquisition of real estate, net | -$67.9M | $0 | $0 |
| Capital expenditures | -$72.3M | -$70.2M | -$83.0M |
| Proceeds from sale of real estate, net of selling costs | $117.8M | $0 | $0 |
| Leasing commissions | -$8.2M | -$7.2M | -$6.9M |
| Net cash used in investing activities | -$30.5M | -$77.4M | -$89.9M |
| Proceeds from unsecured line of credit | $0 | $100.0M | $0 |
| Repayment of unsecured line of credit | $0 | -$100.0M | -$36.0M |
| Proceeds from unsecured term loan | $0 | $0 | $225.0M |
| Repayment of unsecured term loan | -$225.0M | $0 | -$150.0M |
| Proceeds from unsecured notes payable | $0 | $523.3M | $0 |
| Repayment of unsecured notes payable | -$100.0M | -$200.0M | $0 |
| Debt issuance costs | -$250.0K | -$5.4M | -$2.1M |
| Dividends paid to common stock and unitholders | -$105.3M | -$103.4M | -$101.6M |
| Shares withheld for employee taxes | -$2.4M | -$1.4M | -$831.0K |
| Net cash (used in) provided by financing activities | -$432.9M | $213.1M | -$65.5M |
| Net (decrease) increase in cash, cash equivalents | -$296.3M | $342.8M | $33.3M |
Recent filings
- Sep 16, 20264
- Sep 2, 20264
- Aug 28, 20264
- Aug 26, 20264
- Aug 26, 2026SCHEDULE 13D/A
- Aug 21, 20264
- Aug 19, 20264
- Aug 14, 20264
- Aug 12, 20264
- Aug 7, 20264
- Jul 28, 20268-K
- Jun 24, 2026144
- Jun 15, 20264
- Jun 12, 20264
- Jun 3, 20268-K
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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