A Business at a Glance
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American Assets Trust, Inc.
AAT
$1.5B
Mkt Cap
$24.30
+0.25%
American Assets Trust, Inc. (AAT) has a current P/E ratio of 26.4, compared to its historical median P/E of 40.4. The stock is currently considered Fair based on its historical valuation range.
American Assets Trust, Inc. (AAT) has a 5-year average return on invested capital (ROIC) of 4.4%. This is below average and may indicate limited pricing power.
American Assets Trust, Inc. (AAT) has a market capitalization of $1.5B. It is classified as a small-cap stock.
Yes, American Assets Trust, Inc. (AAT) pays a dividend with a trailing twelve-month yield of 7.06%.
Based on historical P/E analysis, American Assets Trust, Inc. (AAT) appears fair. The current P/E of 26.4 is 35% below its historical median of 40.4. The estimated fair value CAGR (P/E method) is 10.8%.
American Assets Trust, Inc. (AAT) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
American Assets Trust, Inc. (AAT) reported annual revenue of $436 million in its most recent fiscal year, based on SEC EDGAR filings.
Unless otherwise indicated or unless the context requires otherwise, references to “we,” “our,” “us” and “our company” refer to American Assets Trust, Inc., a Maryland corporation, together with our consolidated subsidiaries, including American Assets Trust, L.P., a Maryland limited partnership, of which we are the sole general partner and which we refer to in this report as our Operating Partnership. In statements regarding qualification as a REIT, such terms refer solely to American Assets Trust, Inc. We are a full service, vertically integrated and self-administered real estate investment trust, or REIT, that owns, operates, acquires and develops high quality office, retail, multifamily and mixed-use properties in attractive, high-barrier-to-entry markets in Southern California, Northern California, Washington, Oregon, Texas and Hawaii.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 438M | 436M | 458M | 441M | 423M | 376M |
| Net Income | 18M | 56M | 57M | 50M | 44M | 28M |
| EPS | $0.30 | $0.92 | $0.94 | $0.84 | $0.72 | $0.47 |
| Free Cash Flow | 93M | 95M | 137M | 106M | 65M | 64M |
| ROIC | 3.7% | 5.2% | 4.6% | 4.2% | 4.1% | 3.7% |
| Gross Margin | 60.8% | 31.9% | 36.0% | 35.7% | 34.8% | 34.5% |
| Debt/Equity | 1.42 | 1.48 | 1.72 | 1.42 | 1.36 | 1.34 |
| Dividends/Share | $1.72 | $1.36 | $1.34 | $1.32 | $1.28 | $1.16 |
| Operating Income | 100M | 146M | 129M | 122M | 115M | 100M |
| Operating Margin | 22.8% | 33.5% | 28.2% | 27.6% | 27.1% | 26.6% |
| ROE | 1.6% | 4.8% | 4.8% | 4.2% | 3.5% | 2.3% |
| Shares Outstanding | 61M | 60M | 60M | 60M | 60M | 60M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 260M | 276M | 295M | 315M | 331M | 367M | 345M | 376M | 423M | 441M | 458M | 436M | 438M |
| Gross Margin | 39.3% | 41.4% | 39.3% | 36.5% | 30.9% | 37.8% | 33.4% | 34.5% | 34.8% | 35.7% | 36.0% | 31.9% | 60.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 19M | 20M | 18M | 21M | 23M | 25M | 27M | 30M | 32M | 36M | 35M | 38M | 37M |
| EBIT | 84M | 94M | 98M | 94M | 80M | 114M | 89M | 100M | 115M | 122M | 129M | 146M | 100M |
| Op. Margin | 32.2% | 34.2% | 33.2% | 29.7% | 24.0% | 31.0% | 25.7% | 26.6% | 27.1% | 27.6% | 28.2% | 33.5% | 22.8% |
| Net Income | 22M | 39M | 33M | 29M | 20M | 46M | 28M | 28M | 44M | 50M | 57M | 56M | 18M |
| Net Margin | 8.4% | 14.0% | 11.0% | 9.2% | 5.9% | 12.5% | 8.0% | 7.6% | 10.3% | 11.4% | 12.4% | 12.8% | 4.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 6.7% | 5.2% | 5.3% | 4.8% | 3.8% | 4.8% | 3.5% | 3.7% | 4.1% | 4.2% | 4.6% | 5.2% | 3.7% |
| ROE | 3.1% | 5.0% | 4.1% | 3.5% | 2.4% | 4.3% | 2.1% | 2.3% | 3.5% | 4.2% | 4.8% | 4.8% | 1.6% |
| ROA | 1.2% | 2.0% | 1.6% | 1.4% | 0.9% | 1.8% | 1.0% | 1.0% | 1.4% | 1.7% | 1.8% | 1.8% | 0.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 106M | 110M | 121M | 146M | 137M | 154M | 127M | 168M | 179M | 189M | 207M | 167M | 169M |
| Free Cash Flow | -39M | -24M | 61M | 98M | 82M | 65M | 63M | 64M | 65M | 106M | 137M | 95M | 93M |
| Owner Earnings | 35M | 44M | 47M | 58M | 26M | 53M | 12M | 44M | 47M | 60M | 75M | 32M | 32M |
| CapEx | 145M | 134M | 60M | 47M | 54M | 88M | 63M | 105M | 114M | 83M | 70M | 72M | 76M |
| Maint. CapEx | 67M | 63M | 71M | 83M | 107M | 96M | 108M | 116M | 123M | 120M | 125M | 127M | 129M |
| Growth CapEx | 78M | 71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 67M | 63M | 71M | 83M | 107M | 96M | 108M | 116M | 123M | 120M | 125M | 127M | 129M |
| CapEx/OCF | 137.0% | 121.2% | 49.4% | 32.6% | 39.9% | 57.4% | 50.0% | 62.1% | 63.5% | 44.0% | 33.9% | 43.2% | 45.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 54M | 59M | 64M | 68M | 70M | 81M | 77M | 89M | 98M | 102M | 103M | 105M | 105M |
| Dividend Yield | 5.6% | 4.9% | 5.1% | 5.0% | 5.7% | 4.4% | 5.6% | 5.3% | 6.4% | 9.4% | 7.8% | 8.9% | 7.1% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 3.7M | 2.9M | 2.4M | 4.7M | 3.0M | 4.5M | 6.3M | 8.5M | 8.7M | 8.8M | 7.1M | 7.4M | 7.4M |
| Debt Repayment | 2.1M | 2.9M | 2.1M | 2.4M | 2.7M | 1.1M | 125K | 5.1M | 3.7M | 2.1M | 5.4M | 250K | 250K |
| Balance Sheet | |||||||||||||
| Net Debt | 1.0B | 1.0B | 1.0B | 1.2B | 1.2B | 1.3B | 1.3B | 1.5B | 1.6B | 1.6B | 1.6B | 1.6B | 1.5B |
| Cash & Equiv. | 59M | 40M | 45M | 83M | 48M | 99M | 137M | 140M | 50M | 83M | 426M | 129M | 118M |
| Long-Term Debt | 1.1B | 1.0B | 1.0B | 1.3B | 1.2B | 1.4B | 1.3B | 1.7B | 1.6B | 1.7B | 2.0B | 1.7B | 75M |
| Debt/Equity | 1.46 | 1.33 | 1.32 | 1.60 | 1.61 | 1.04 | 1.11 | 1.34 | 1.36 | 1.42 | 1.72 | 1.48 | 1.42 |
| Interest Coverage | 1.6 | 2.0 | 1.9 | 1.7 | 1.5 | 2.1 | 1.7 | 1.7 | 2.0 | 2.0 | 66.5 | 56.3 | 31.2 |
| Equity | 735M | 800M | 810M | 834M | 803M | 1.3B | 1.3B | 1.2B | 1.2B | 1.2B | 1.2B | 1.2B | 1.1B |
| Total Assets | 1.9B | 2.0B | 2.0B | 2.3B | 2.2B | 2.8B | 2.8B | 3.0B | 3.0B | 3.0B | 3.3B | 2.9B | 2.9B |
| Total Liabilities | 1.2B | 1.1B | 1.1B | 1.4B | 1.4B | 1.5B | 1.6B | 1.8B | 1.8B | 1.8B | 2.1B | 1.8B | 1.8B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 29M | 24M | 19M | 14M | 10M | 9.4M |
| Retained Earnings | -60M | -64M | -77M | -97M | -129M | -144M | -177M | -218M | -251M | -280M | -304M | -331M | -347M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 69M |
| Per Share Data | |||||||||||||
| EPS | 0.51 | 0.86 | 0.72 | 0.62 | 0.42 | 0.84 | 0.46 | 0.47 | 0.72 | 0.84 | 0.94 | 0.92 | 0.30 |
| Owner EPS | 0.83 | 0.99 | 1.04 | 1.23 | 0.56 | 0.98 | 0.21 | 0.72 | 0.78 | 1.01 | 1.23 | 0.54 | 0.53 |
| Book Value | 17.24 | 17.86 | 17.89 | 17.78 | 17.13 | 24.14 | 21.14 | 20.52 | 20.21 | 19.97 | 19.46 | 19.03 | 18.51 |
| Cash Flow/Share | 2.48 | 2.47 | 2.67 | 3.11 | 2.91 | 2.83 | 2.11 | 2.79 | 2.96 | 3.15 | 3.43 | 2.76 | 2.40 |
| Dividends/Share | 0.89 | 0.95 | 1.01 | 1.05 | 1.09 | 1.14 | 1.00 | 1.16 | 1.28 | 1.32 | 1.34 | 1.36 | 1.72 |
| Shares Out. | 42.7M | 44.8M | 45.3M | 46.9M | 46.9M | 54.4M | 60.1M | 60.4M | 60.4M | 60.0M | 60.4M | 60.5M | 61.4M |
| Valuation | |||||||||||||
| P/E Ratio | 52.3 | 30.5 | 40.5 | 44.0 | 69.7 | 40.3 | 48.6 | 62.1 | 30.1 | 24.2 | 26.0 | 20.5 | 81.6 |
| P/FCF | N/A | N/A | 21.6 | 13.0 | 16.7 | 28.2 | 21.2 | 27.6 | 20.1 | 11.5 | 10.8 | 12.1 | 16.1 |
| EV/EBIT | 15.2 | 16.7 | 18.9 | 23.0 | 30.0 | 25.0 | 26.7 | 30.2 | 24.3 | 21.9 | 19.8 | 17.1 | 29.9 |
| Price/Book | 1.5 | 1.5 | 1.6 | 1.5 | 1.7 | 1.4 | 1.1 | 1.4 | 1.1 | 1.0 | 1.3 | 1.0 | 1.3 |
| Price/Sales | 3.7 | 4.4 | 4.2 | 4.2 | 3.7 | 5.0 | 4.0 | 4.5 | 3.7 | 2.4 | 2.9 | 2.7 | 3.4 |
| FCF Yield | -3.4% | -2.0% | 4.6% | 7.7% | 6.0% | 3.6% | 4.7% | 3.6% | 5.0% | 8.7% | 9.3% | 8.3% | 6.2% |
| Market Cap | 1.1B | 1.2B | 1.3B | 1.3B | 1.4B | 1.8B | 1.3B | 1.8B | 1.3B | 1.2B | 1.5B | 1.1B | 1.5B |
| Avg. Price | 22.57 | 27.26 | 27.71 | 28.54 | 26.37 | 33.74 | 22.85 | 27.78 | 25.54 | 17.95 | 21.91 | 19.63 | 24.30 |
| Year-End Price | 26.68 | 26.25 | 29.16 | 27.26 | 29.27 | 33.88 | 22.36 | 29.17 | 21.69 | 20.33 | 24.44 | 18.90 | 24.30 |
American Assets Trust, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
American Assets Trust, Inc. trades at 26.4x trailing earnings, compared to its 15-year median P/E of 40.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 15.7x vs a median of 18.4x. The company's 5-year average ROIC is 4.4% with a gross margin of 34.6%. Total shareholder yield (dividends) is 7.1%. At current prices, the estimated annualized return to fair value is +6.5%.
American Assets Trust, Inc. (AAT) has a net profit margin of 12.8%. This is a healthy margin.
American Assets Trust, Inc. (AAT) generated $95 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
American Assets Trust, Inc. (AAT) has a debt-to-equity ratio of 1.48. This indicates moderate leverage.
American Assets Trust, Inc. (AAT) reported earnings per share (EPS) of $0.92 in its most recent fiscal year.
American Assets Trust, Inc. (AAT) has a return on equity (ROE) of 4.8%. This indicates moderate shareholder returns.
American Assets Trust, Inc. (AAT) has a 5-year average gross margin of 34.6%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for American Assets Trust, Inc. (AAT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
American Assets Trust, Inc. (AAT) has a book value per share of $19.03, based on its most recent annual SEC filing.