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 |
| Operating Revenue | - | 420.03 | 438.51 | 455.20 | 433.61 |
| 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 |
| Selling General And Administration | - | 32.14 | 35.96 | 35.47 | 37.84 |
| Total Expenses | - | 307.91 | 319.42 | 328.66 | 334.75 |
| Operating Income | - | 114.73 | 121.75 | 129.20 | 101.46 |
| Total Operating Income As Reported | - | 114.73 | 121.75 | 129.20 | 145.93 |
| EBITDA | - | 238.30 | 249.94 | 273.69 | 277.57 |
| Normalized EBITDA | - | 238.30 | 249.94 | 273.69 | 233.10 |
| EBIT | - | 114.96 | 130.44 | 148.23 | 150.26 |
| Interest Income | - | 0.22 | 2.17 | 9.03 | 4.33 |
| Interest Expense | - | 58.23 | 64.71 | 74.53 | 78.12 |
| Net Interest Income | - | -58.01 | -62.53 | -65.50 | -73.79 |
| Other Non Operating Income Expenses | 0 | - | 6.52 | 10 | - |
| Other Income Expense | -4.28 | - | 6.52 | 10 | 44.48 |
| Interest Income Non Operating | - | 0.22 | 2.17 | 9.03 | 4.33 |
| Interest Expense Non Operating | - | 58.23 | 64.71 | 74.53 | 78.12 |
| Net Non Operating Interest Income Expense | - | -58.01 | -62.53 | -65.50 | -73.79 |
| Pretax Income | - | 56.73 | 65.73 | 73.70 | 72.14 |
| Tax Provision | - | 0.85 | 1.04 | 0.89 | 0.77 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0.47 |
| Net Income Continuous Operations | - | 55.88 | 64.69 | 72.82 | 71.37 |
| Net Income From Continuing And Discontinued Operation | - | 55.88 | 64.69 | 72.82 | 71.37 |
| Net Income From Continuing Operation Net Minority Interest | - | 55.88 | 64.69 | 72.82 | 71.37 |
| Net Income | - | 55.88 | 64.69 | 72.82 | 71.37 |
| Net Income Common Stockholders | - | 43.51 | 50.38 | 56.80 | 55.65 |
| Net Income Including Noncontrolling Interests | - | 55.88 | 64.69 | 72.82 | 71.37 |
| Normalized Income | - | 55.88 | 64.69 | 72.82 | 27.37 |
| Diluted NI Availto Com Stockholders | - | 55.23 | 63.93 | 72.03 | 70.52 |
| Basic Average Shares | - | 60.05 | 60.16 | 60.33 | 60.56 |
| Diluted Average Shares | - | 76.23 | 76.34 | 76.51 | 76.74 |
| Reconciled Depreciation | - | 123.34 | 119.50 | 125.46 | 127.31 |
| Reconciled Cost Of Revenue | - | 152.43 | 163.96 | 167.73 | 169.60 |
| Total Unusual Items | -4.27 | 0 | 0 | - | 44.48 |
| Total Unusual Items Excluding Goodwill | -4.27 | 0 | 0 | - | 44.48 |
| Special Income Charges | -4.27 | 0 | 0 | - | - |
| Other Special Charges | 4.27 | - | - | - | - |
| Gain On Sale Of Security | - | - | - | - | 44.48 |
| Depreciation Amortization Depletion Income Statement | - | 123.34 | 119.50 | 125.46 | 127.31 |
| Depreciation And Amortization In Income Statement | - | 123.34 | 119.50 | 125.46 | 127.31 |
| General And Administrative Expense | - | 32.14 | 35.96 | 35.47 | 37.84 |
| Other Gand A | - | 32.14 | 35.96 | 35.47 | 37.84 |
| Rent Expense Supplemental | - | 107.64 | 118.80 | 123.50 | 124.60 |
| Otherunder Preferred Stock Dividend | - | 12.37 | 14.31 | 16.02 | 15.72 |
| Average Dilution Earnings | - | 11.72 | 13.55 | 15.23 | 14.87 |
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 | $1.9B | 25.93β premium | 1.61 | 6.2% | 12.35 |
| Veris Residential, Inc. | VRE | $1.9B | 25.83 | 1.69 | 6.5% | 13.17 |
| Pebblebrook Hotel Trust | PEB | $1.9B | -29.01 | 0.77 | -2.7% | 15.31 |
| NETSTREIT Corp. | NTST | $1.9B | 276.42 | 1.32 | 0.5% | 21.45 |
| Xenia Hotels & Resorts, Inc. | XHR |
| - |
| - |
| - |
| - |
| - |
| - |
| $1.8B |
| 28.34 |
| 1.58 |
| 5.6% |
| 10.77 |
| LTC Properties, Inc. | LTC | $1.8B | 15.12 | 1.66 | 11.0% | 13.24 |
| SmartStop Self Storage REIT, Inc. | SMA | $1.7B | -1100.86 | 1.44 | -0.1% | 20.61 |
| Ellington Financial Inc. | EFC | $1.7B | 14.28 | 0.92 | 6.5% | - |
| Innovative Industrial Properties, Inc. | IIPR | $1.7B | 14.21 | 0.93 | 6.6% | 9.60 |
| Peer Median | - | 14.70 | 1.38 | 6.0% | 13.24 | |