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American Assets Trust, Inc. AAT

Listed / Traded Diversified NYSE Mgmt:

American Assets Trust, Inc. (AAT) operates as a fully integrated and internally managed real estate investment trust (REIT), headquartered in San Diego, California. The company boasts an extensive history spanning more than 50 years, specializing in the acquisition, improvement, development, and active management of premium office, retail, and residential properties. AAT strategically targets dynamic, high-barrier-to-entry markets throughout the United States, with a particular concentration in Southern and Northern California, Oregon, Washington, Texas, and Hawaii. Its substantial portfolio features approximately 3.4 million rentable square feet dedicated to office properties and about 3.1 million square feet in its retail holdings. Furthermore, AAT owns a notable mixed-use asset comprising roughly 97,000 rentable square feet of retail space alongside a 369-room all-suite hotel, in addition to 2,112 multifamily residential units. Established in 2011 as the successor to American Assets, Inc., a private entity founded in 1967, the company leverages this long-standing lineage to its advantage, possessing profound experience, robust relationships, and an unparalleled understanding of its primary markets, submarkets, and various asset classes.

Business overview written from the company's own Form 10-K (Item 1), filed 2026-02-06 — refreshed whenever it files a new one. The figures above are current; see its SEC filings. ✓ From the 10-K

Plain-English: the Snapshot is the quick read — what it pays you (yield, dividend), how its cash flow looks (FFO/AFFO, Price/OCF) and how much debt it carries. Switch to Expert in the header to hide these explanations.

Snapshot

Price
$25.26
Market cap
$1.55B
Enterprise value
$3.14B
Dividend yieldi
5.38%
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
11.60
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 ✓ Verified to filing.

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.

$10,000 invested

395shares (~$25.26 each)
$538est. dividends / year
$45≈ per month
5.38%current yield

Illustrative income only, at today's price and latest declared dividend — it excludes price changes, dividend cuts and taxes. Not a forecast.

Model AAT yourself — any amount, shares, per-payment & a multi-year DRIP projection →

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
Sponsored
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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

Recent regular dividends per share (special distributions excluded), oldest → newest.

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).

Recent news — AAT

Headlines via Financial Modeling Prep; links open the original publisher in a new tab. Not an endorsement or investment advice.

Other Diversified REITs

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.

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