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Diversified REIT owning office, retail and multifamily properties concentrated on the West Coast and in Hawaii.
Diversified REIT owning office, retail and multifamily properties concentrated on the West Coast and in Hawaii.
Collects rent under multi-year leases: office and retail tenants often reimburse part of building costs, while apartment renters sign shorter leases, so apartment rents reset faster. Holdings cluster in Southern California, the Pacific Northwest and Hawaii, including the Waikiki Beach Walk retail centre in Honolulu. As a REIT it distributes most taxable income to shareholders.
Moat: narrow (scale). Long-held, well-located West Coast assets are costly to replicate but face office headwinds.
Headquarters: San Diego, California, US · Founded: 2011 · Employees: 232
Size American Assets Trust (AAT) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $1.32B, the 2071st largest of 3,117 United States companies the cockpit tracks. Shares closed at $21.53 on 6 Nov 2026.
Performance Over six months the shares gained 2.3%, against -7.9% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue fell 8.2% over the last twelve months (peer median +4.8%); the operating margin is 23.6% (peer median 41.1%).
Valuation It trades at 1.19× book value against a peer median of 1.04× (9th most expensive of 21).
Price implies The share price implies a return on equity of about 11.1%; American Assets Trust delivers 1.9%, so the price asks more than the business earns today.
Credit American Assets Trust has 2 bonds outstanding ($1.02B), rated BBB- by the agencies and trading like BB+ at a weighted spread of 170 bp.
Short interest Short interest is 2.9% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $444M | $481M | $458M | $441M | $423M |
| Revenue growth | — | +5% | +4% | +4% | — |
| Gross profit | $141M | $184M | $165M | $158M | $147M |
| EBITDA | $235M | $273M | $255M | $241M | $238M |
| Net income | $22.1M | $56.5M | $57.6M | $51.1M | $44.2M |
| Free cash flow | $75.1M | $94.9M | $137M | $106M | $65.3M |
| Capital expenditure | $95.2M | $72.3M | $70.2M | $83.0M | $114M |
| Total debt | $1.72B | $1.72B | $2.04B | $1.73B | $1.66B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| American Assets Trust AAT | $1.32B | +2% | -8% | 2% | 1.19× | 11.1% |
| Douglas Emmett DEI | $1.70B | -18% | +2% | -1% | 0.89× | 10.1% |
| Kilroy Realty KRC | $4.21B | +3% | -4% | 1% | 0.80× | 9.3% |
| Federal Realty Investment Trust FRT | $9.74B | -2% | +8% | 14% | 3.14× | 23.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AAT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.4% | -0.6% | 11th highest of 21 |
| 6-month return | +2.3% | -7.9% | 4th highest of 21 |
| Return on equity | 1.9% | 5.9% | 6th lowest of 20 |
| Price / book | 1.19× | 1.04× | 9th most expensive of 21 |
| Trailing P/E | 61.7× | 16.5× | 4th most expensive of 16 |
| ROE the price implies | 11.1% | 5.5% | 4th most demanding of 21 |
| ROE delivered | 1.9% | 6.1% | 4th lowest of 17 |
| Bond spread | 170 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| American Assets Trust AAT | United States | $1.32B | +2% | -8% | 2% | 1.19× | 11.1% | 1.9% |
| Esr-reit 9A4U.SI | Singapore | $1.33B | -14% | +5% | 1% | 0.84× | 5.5% | 0.8% |
| Alexander's ALX | United States | $1.29B | +3% | +8% | 107% | 5.67× | 34.9% | 107.4% |
| Centuria Industrial REIT CIP.AX | Australia | $1.28B | +1% | +6% | 6% | 0.74× | 9.5% | 6.4% |
| Comforia Residential REIT 3282.T | Japan | $1.36B | -20% | +17% | 6% | 1.27× | 5.1% | 6.3% |
| AEON REIT Investment 3292.T | Japan | $1.36B | -19% | +1% | 5% | 0.89× | 4.1% | 5.3% |
| Mori Hills Reit Investment 3234.T | Japan | $1.36B | -14% | -1% | 6% | 1.07× | 4.5% | 5.9% |
| UMH Properties UMH | United States | $1.28B | -6% | +9% | 3% | 2.37× | 18.9% | 2.8% |
| CNAMC China Resources Commercial Asset Closed Infrastructure Real Estate Investment Trust 180601.SZ | China | $1.41B | -6% | n/a | n/a | 1.51× | 4.4% | n/a |
| Piedmont Realty Trust PDM | United States | $1.23B | +18% | +3% | -6% | 0.85× | 10.5% | -5.9% |
| Hulic Reit 3295.T | Japan | $1.23B | -17% | +5% | 6% | 0.96× | 4.6% | 5.9% |
| Mitsui Fudosan Retail Fund Investment 8964.T | Japan | $1.23B | -16% | -6% | 7% | 1.10× | 4.6% | 6.8% |
| Daiwa Securities Living Investment 8986.T | Japan | $1.22B | -25% | +42% | 7% | 1.02× | 5.4% | 7.1% |
| Lendlease Global Commercial REIT JYEU.SI | Singapore | $1.44B | -3% | +4% | 5% | 0.78× | 4.4% | 5.1% |
| Emperador Properties SOCIMI YEPSA.MC | Spain | $1.44B | +14% | +7% | -2% | 2.84× | 10.5% | n/a |
| LaSalle LOGIPORT REIT 3466.T | Japan | $1.45B | -10% | +71% | 6% | 1.19× | 4.8% | 6.2% |
| Centurion Accommodation REIT 8C8U.SI | Singapore | $1.45B | -3% | -69% | 1% | 1.22× | 6.0% | n/a |
| Ellington Financial EFC | United States | $1.45B | -17% | +30% | 12% | 0.82× | 8.6% | 12.3% |
| Empire State Realty OP LP Series ES ESBA | United States | $1.46B | -6% | +2% | 5% | 0.84× | 10.8% | n/a |
| CBL & Associates Properties CBL | United States | $1.46B | 0% | +9% | 61% | 3.43× | 33.7% | 60.6% |
| Fortune Real Estate Investment Trust 0778.HK | Hong Kong | $1.19B | -11% | -9% | 0% | 0.37× | 4.5% | -0.3% |
American Assets Trust has 2 bonds outstanding with $1.02B face value. The agencies rate it BBB-; its bonds trade like BB+. Weighted yield 6.37%, a spread of 170 bp over government bonds.