At a glance
American Assets Trust Inc is worth $1.33B, about 24 times its fiscal 2025 earnings. Revenue fell 4.7% to $436.2M in fiscal 2025, with 12.8% kept as profit; over 5 years it has grown 4.8% a year. It pays a 6.29% dividend yield, raised every year for at least 5 years, and returned $497.4M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +14.7% over the past year with dividends reinvested and −5.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 51.8% in the 2020 crash (S&P 500: 33.7%) and 36.3% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The business in plain English
American Assets Trust is a real estate investment trust, or REIT: a company that owns income-producing property and must pay out at least 90% of its taxable income to shareholders each year. It owns, manages, acquires and develops office buildings, shopping centers and apartments. As of December 31, 2025, its portfolio held twelve office properties, eleven retail shopping centers, seven multifamily (apartment) properties and one mixed-use property combining a 369-room all-suite hotel and a shopping center.
Most of its money comes from rent paid by businesses, retailers and apartment residents, plus hotel income. Revenue was $436.2 million in fiscal 2025. Office brought in 47.2%, retail 21.8%, multifamily 15.8% and mixed-use 15.1%. Office also produced about 52% of net operating income. Net operating income is property revenue minus the cost of running the buildings.
Its core markets are San Diego, the San Francisco Bay Area, Bellevue in Washington, Portland in Oregon and Oahu in Hawaii. It also owns one property in San Antonio, Texas. Management calls these high-barrier-to-entry markets, where scarce land or strict zoning makes new building hard. The company was formed in 2010 to acquire real estate interests owned or managed by Ernest S. Rady, its Executive Chairman, and his affiliates. It went public on January 19, 2011.
Price history
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AAT +14.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Office | $206.0M | 47.2% |
| Retail | $95.1M | 21.8% |
| Multifamily | $69.0M | 15.8% |
| Mixed-Use | $66.1M | 15.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $114.3M, up 4.3% from a year earlier, and net income was $7.7M (+71.3%).
- For fiscal 2025, revenue was $436.2M (-4.7% year over year; +4.8% a year from FY2020 to FY2025) with a 12.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.8% watch |
|---|---|
| Operating margin | 33.5% good |
| Free cash flow margin | 21.7% good |
| Return on equity (FY2025) | 4.8% weak |
| Return on assets (FY2025) | 1.9% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $344.6M | $27.7M | $63.5M |
| FY2021 | $375.8M | $28.4M | $63.7M |
| FY2022 | $422.6M | $43.5M | $65.3M |
| FY2023 | $441.2M | $50.4M | $105.8M |
| FY2024 | $457.9M | $56.8M | $136.9M |
| FY2025 | $436.2M | $55.6M | $94.9M |
Valuation snapshot
| Market value | $1.33B |
|---|---|
| P/E ratio | 23.5 |
| Dividend yield | 6.29% |
Rank among 1514 US companies
Market value at each year end
American Assets Trust’s market value went from $1.97B at the end of 2016 to $1.33B on Oct 28, 2026, down 32%; since the end of 2025 it is up 15%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.33B | +14.7% |
| 2025 | $1.16B | -27.6% |
| 2024 | $1.60B | +17.0% |
| 2023 | $1.37B | -14.8% |
| 2022 | $1.60B | -29.3% |
| 2021 | $2.27B | +30.4% |
| 2020 | $1.74B | -36.7% |
| 2019 | $2.75B | +45.1% |
| 2018 | $1.90B | +5.3% |
| 2017 | $1.80B | -8.3% |
| 2016 | $1.97B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AAT price data to Oct 28, 2026 | +19.7% | +14.7% | +13.7% | -5.5% | -1.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +19.7% |
| 2025 | -22.9% |
| 2024 | +23.5% |
| 2023 | -9.6% |
| 2022 | -26.4% |
| 2021 | +34.0% |
| 2020 | -35.0% |
| 2019 | +17.1% |
| 2018 | +8.2% |
| 2017 | -8.9% |
| 2016 | +15.2% |
| 2015 | -1.3% |
| 2014 | +29.9% |
| 2013 | +15.6% |
| 2012 | +40.9% |
| 2011 | +0.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 51.2% over that stretch · deepest drop along the way 51.8%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.2% over that stretch · deepest drop along the way 36.3%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 45 open-market purchases ($36.1M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 13, 2026 | Ernest S Rady Executive Chairman, Director, 10% owner | buy | $2.3M |
| Aug 11, 2026 | Ernest S Rady Executive Chairman, Director, 10% owner | buy | $2.3M |
| Sep 2, 2026 | Ernest S Rady Executive Chairman, Director, 10% owner | buy | $2.2M |
| Aug 10, 2026 | Ernest S Rady Executive Chairman, Director, 10% owner | buy | $2.1M |
| Feb 18, 2026 | Ernest S Rady Executive Chairman, Director, 10% owner | buy | $1.9M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.2% | Mar 31, 2025 |
| Vanguard Portfolio Management | 8.82% | Mar 31, 2026 |
| Senvest Management, LLC | 5.1% | Jan 22, 2026 |
ETFs with the most weight in AAT
| DESK VanEck Office and Commercial REIT ETF | 2.68% |
| BLDG Cambria Global Real Estate ETF | 1.14% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.7% |
| MDIV Multi-Asset Diversified Income Index Fund | 0.61% |
| ETHO Amplify Etho Climate Leadership U.S. ETF | 0.31% |
| SEIS SEI Select Small Cap ETF | 0.27% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.27% |
| GQRE FlexShares Global Quality Real Estate Index Fund | 0.22% |
What could go wrong
- Office makes up about half the business. Office properties produced about 52% of net operating income in fiscal 2025. If remote work, flexible schedules and co-working lead businesses to need less office space, occupancy, rents and property values could fall.
- Concentrated in the West Coast and Hawaii. Substantially all its properties are in California, Washington, Oregon and Hawaii. A regional recession, business layoffs, a tourism slump or higher taxes there would hit harder than they would hit a more spread-out landlord.
- A large debt load to refinance. Total debt was about $1.76 billion as of June 30, 2026, compared with $1.12 billion of equity. Some loans require large lump-sum (balloon) payments, and high rates could make refinancing costlier.
- Earthquake losses may exceed insurance. Every property except the one in San Antonio, Texas, faces increased earthquake risk. Insurance limits may not cover full losses, and zoning rules could prevent rebuilding a destroyed property to its original specifications.
- A Waikiki hotel tied to tourism. The mixed-use segment, 15.1% of fiscal 2025 revenue, includes the Waikiki Beach Walk-Embassy Suites hotel. Its income rises and falls with travel demand. REIT rules require outside managers to run it, which limits the company's control.
- Ernest Rady holds significant influence. Executive Chairman Ernest S. Rady and his affiliates own a substantial stake and can strongly influence major decisions. Maryland law and the company's charter could also delay or prevent a takeover at a premium.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; Change to shareholder rights
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
American Assets Trust has raised its regular dividend five years in a row, from $1.00 per share in fiscal 2020 to $1.36 in fiscal 2025, or about 6.3% a year. The yield was 6.29% as of October 28, 2026. Coverage is thin. In fiscal 2025, dividends equaled 189% of net income and 111% of free cash flow, which is the operating cash left after capital spending. Payouts above earnings are common for REITs because depreciation, a non-cash charge, lowers profit. Paying more than free cash flow, though, leaves no cushion. The company made no share repurchases from fiscal 2021 through 2025, and its share count rose 1.5% between October 2021 and July 2026.
The shares have fallen sharply in downturns. They dropped 51.8% between February 19 and March 18, 2020, and 36.3% between March 29 and September 27, 2022. They had not regained either peak as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does American Assets Trust make money?
Mostly by renting out space. American Assets Trust is a real estate investment trust (REIT). It leases offices to businesses, storefronts to retailers and apartments to residents, and it owns a mixed-use property with a 369-room hotel and a shopping center. Of its $436.2 million in fiscal 2025 revenue, office supplied 47.2%, retail 21.8%, multifamily 15.8% and mixed-use 15.1%. Most of its properties are in San Diego, the San Francisco Bay Area, Bellevue, Portland and Oahu.
Does American Assets Trust raise its dividend every year?
It has for five years in a row. Regular dividends per share went from $1.00 in fiscal 2020 to $1.16, $1.28, $1.32, $1.34 and then $1.36 in fiscal 2025, about 6.3% a year on average. The raises shrank to 2 cents a year in fiscal 2024 and 2025. The yield was 6.29% as of October 28, 2026. A five-year streak is short, and past increases do not guarantee future ones.
Is American Assets Trust's dividend covered by cash flow?
Not fully in fiscal 2025. The company paid $105.3 million in dividends against $94.9 million of free cash flow, a payout of about 111%. Dividends equaled 189% of net income. REIT earnings are reduced by depreciation, a non-cash charge, so payouts above earnings are common. The cash shortfall matters more. In fiscal 2024, free cash flow of $136.9 million was more than dividends of $103.4 million. As a REIT, the company must distribute at least 90% of its taxable income.
How has American Assets Trust stock performed?
Unevenly, with losses over the long run. As of October 28, 2026, the share price was up 14.7% over one year and 19.7% year to date. It was down about 25% over five years and 15% over ten years. Calendar years swing widely: a 23.5% gain in 2024 was followed by a 22.91% drop in 2025, and the stock lost 34.96% in 2020 and 26.36% in 2022. Its deepest decline since it listed in 2011 was 61.8%.
Who owns American Assets Trust?
Executive Chairman Ernest S. Rady and his affiliates hold a substantial stake and have significant influence over major decisions. Insider filings list Rady as a 10% owner. In the year to October 29, 2026, insiders reported at least 45 share purchases worth about $36.1 million and no sales, led by Rady. Large fund managers also hold shares. BlackRock reported 14.2% as of March 31, 2025, Vanguard 8.82% as of March 31, 2026, and Senvest Management 5.1% as of January 22, 2026.