American Assets Trust, Inc. AAT
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
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
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)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. 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-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-09-03 | 2026-09-03 | 2026-09-17 | 2026-07-23 | $0.34 | Quarterly |
| 2026-06-04 | 2026-06-04 | 2026-06-18 | 2026-04-23 | $0.34 | Quarterly |
| 2026-03-05 | 2026-03-05 | 2026-03-19 | 2026-02-03 | $0.34 | Quarterly |
| 2025-12-04 | 2025-12-04 | 2025-12-18 | 2025-10-28 | $0.34 | Quarterly |
| 2025-09-04 | 2025-09-04 | 2025-09-18 | 2025-07-29 | $0.34 | Quarterly |
| 2025-06-05 | 2025-06-05 | 2025-06-19 | 2025-04-29 | $0.34 | Quarterly |
| 2025-03-06 | 2025-03-06 | 2025-03-20 | 2025-02-04 | $0.34 | Quarterly |
| 2024-12-05 | 2024-12-05 | 2024-12-19 | 2024-10-29 | $0.34 | Quarterly |
| 2024-09-05 | 2024-09-05 | 2024-09-19 | 2024-07-30 | $0.34 | Quarterly |
| 2024-06-06 | 2024-06-06 | 2024-06-20 | 2024-04-30 | $0.34 | Quarterly |
| 2024-03-06 | 2024-03-07 | 2024-03-21 | 2024-02-06 | $0.34 | Quarterly |
| 2023-12-06 | 2023-12-07 | 2023-12-21 | 2023-10-24 | $0.33 | Quarterly |
| 2023-09-06 | 2023-09-07 | 2023-09-21 | 2023-07-25 | $0.33 | Quarterly |
| 2023-06-07 | 2023-06-08 | 2023-06-22 | 2023-04-25 | $0.33 | Quarterly |
| 2023-03-08 | 2023-03-09 | 2023-03-23 | 2023-02-07 | $0.33 | Quarterly |
| 2022-12-07 | 2022-12-08 | 2022-12-22 | 2022-10-25 | $0.32 | Quarterly |
| 2022-09-07 | 2022-09-08 | 2022-09-22 | 2022-07-26 | $0.32 | Quarterly |
| 2022-06-08 | 2022-06-09 | 2022-06-23 | 2022-04-26 | $0.32 | Quarterly |
| 2022-03-09 | 2022-03-10 | 2022-03-24 | 2022-02-08 | $0.32 | Quarterly |
| 2021-12-08 | 2021-12-09 | 2021-12-23 | 2021-10-26 | $0.30 | Quarterly |
| 2021-09-08 | 2021-09-09 | 2021-09-23 | 2021-07-27 | $0.30 | Quarterly |
| 2021-06-09 | 2021-06-10 | 2021-06-24 | 2021-04-27 | $0.28 | Quarterly |
| 2021-03-10 | 2021-03-11 | 2021-03-25 | 2021-02-09 | $0.28 | Quarterly |
| 2020-12-09 | 2020-12-10 | 2020-12-24 | 2020-10-27 | $0.25 | Quarterly |
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
American Assets Trust Founder Ernest Rady Buy $3.7 Million Shares in a Resoundingly Bullish Move
American Assets Trust: This 6% REIT Is A Hold
American Assets Trust Executive Chairman Rady Buys 100,000 Shares. Is This a Bullish Signal?
American Assets Trust Executive Chairman Rady Buys $1.8 Million Shares. What Is This Telling Investors?
American Assets Trust Executive Chairman Rady Buys $1. Million Shares.
Down 10.2% in 4 Weeks, Here's Why You Should You Buy the Dip in American Assets Trust (AAT)
Should Value Investors Buy American Assets Trust (AAT) Stock?
American Assets Trust (AAT) Forms 'Hammer Chart Pattern': Time for Bottom Fishing?
Headlines via Financial Modeling Prep; links open the original publisher in a new tab. Not an endorsement or investment advice.
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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.