American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust. 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 nations most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Washington, Oregon, Texas and Hawaii. Its 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. American Assets Trust, Inc. is headquatered in San Diego, California. American Assets Trust, Inc. was incroporated in 1967 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $436M | $278M | $71M | $95M | 6.2% | -4.7% | -2.0% |
| 2024 | $458M | $274M | $73M | $137M | 6.2% | 3.8% | 12.6% |
| 2023 | $441M | $250M | $65M | $106M | 5.4% | 4.4% | 15.8% |
| 2022 | $423M | $238M | $56M | $65M | 4.6% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 422.65 | 441.16 | 457.85 | 436.20 |
| Cost Of Revenue | - | 152.43 | 163.96 | 167.73 | 169.60 |
| Gross Profit | - | 270.21 | 277.21 | 290.13 | 266.61 |
| Operating Expense | - | 155.48 | 155.46 | 160.93 | 165.15 |
| Operating Income | - | 114.73 | 121.75 | 129.20 | 101.46 |
| EBITDA | - | 238.30 | 249.94 | 273.69 | 277.57 |
| EBIT | - | 114.96 | 130.44 | 148.23 | 150.26 |
| Pretax Income | - | 56.73 | 65.73 | 73.70 | 72.14 |
| Tax Provision | - | 0.85 | 1.04 | 0.89 | 0.77 |
| Net Income | - | 55.88 | 64.69 | 72.82 | 71.37 |
| Net Income Common Stockholders | - | 43.51 | 50.38 | 56.80 | 55.65 |
| Total Expenses | - | 307.91 | 319.42 | 328.66 | 334.75 |
| Interest Expense | - | 58.23 | 64.71 | 74.53 | 78.12 |
| Interest Income | - | 0.22 | 2.17 | 9.03 | 4.33 |
| Selling General And Administration | - | 32.14 | 35.96 | 35.47 | 37.84 |
| Normalized EBITDA | - | 238.30 | 249.94 | 273.69 | 233.10 |
| Normalized Income | - | 55.88 | 64.69 | 72.82 | 27.37 |
| Market Cap | 1,283.68 | 1,283.68 | 1,283.68 | 1,283.68 | 1,283.68 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| American Assets Trust, Inc.this co. | AAT | $1.6B | 17.99β premium | 1.12 | 6.2% | 10.31 |
| Century Communities, Inc. | CCS | $1.8B | 11.66 | 0.66 | 5.7% | 12.96 |
| LTC Properties, Inc. | LTC | $1.8B | 16.05 | 1.76 | 11.0% | 13.80 |
| Apollo Commercial Real Estate Finance, Inc. | ARI | $1.7B | 12.18 | 0.83 | 6.8% | - |
| Empire State Realty Trust, Inc. |
| - |
| - |
| - |
| - |
| - |
| - |
| ESRT |
| $1.7B |
| 22.48 |
| 0.90 |
| 2.6% |
| 12.71 |
| Sila Realty Trust, Inc. | SILA | $1.7B | 50.72 | 1.25 | 2.5% | 15.47 |
| Innovative Industrial Properties, Inc. | IIPR | $1.7B | 13.51 | 0.89 | 6.6% | 9.21 |
| Ellington Financial Inc. | EFC | $1.6B | 11.15 | 1.09 | 9.8% | - |
| Xenia Hotels & Resorts, Inc. | XHR | $1.6B | 23.51 | 1.31 | 5.6% | 9.71 |
| Peer Median | - | 14.78 | 1.00 | 6.1% | 12.83 | |