American Assets Trust, Inc.
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Range $18 – $18
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About the company
American Assets Trust, Inc. (AAT) operates as a fully integrated and internally managed real estate investment trust (REIT), headquartered in San Diego, California. The company boasts an extensive history spanning more than 50 years, specializing in the acquisition, improvement, development, and active management of premium office, retail, and residential properties.
- CEO
- Adam Wyll
- IPO
- 2011
- Employees
- 232
- HQ
- San Diego, CA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $1.40B
- P/E
- 78.18
- Fwd P/E
- 58.54
- PEG
- -1.03
- P/S
- 3.19
- P/B
- 1.23
- EV/EBITDA
- 12.96
- Div Yield
- 5.96%
- Gross Margin
- 60.61%
- Op Margin
- 22.77%
- Net Margin
- 4.70%
- ROE
- 1.81%
- ROIC
- 3.42%
Latest fiscal year · YoY change
- Revenue
- $436.20M-4.7%
- Gross Profit
- $266.61M-8.1%
- Op Income
- $145.93M
- Net Income
- $71.37M-2.0%
- EPS
- $0.92-2.1%
- OCF Growth
- -19.3%
- FCF Growth
- -30.7%
- 52W High
- $25.97
- 52W Low
- $17.72
- 50D MA
- $24.19
- 200D MA
- $20.73
- Beta
- 0.98
- RSI (14)
- 41
- Avg Volume
- 434.63K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
American Assets Trust delivered a modestly better-than-expected second quarter, reaffirmed full-year FFO guidance, and pointed to office leasing as the main source of upside and leverage improvement.· July 29, 2026
- Q2 FFO was $0.51 per diluted share and net income was $0.09 per diluted share; same-store cash NOI rose 0.3%, or 1.3% excluding a one-time office receivable reserve.
- Management reaffirmed full-year FFO guidance of $1.96 to $2.10 per share, with a $2.03 midpoint, and said it can reach the upper half if leasing, retail collections, multifamily occupancy, and hotel demand improve.
- Office remains the key swing factor: the portfolio was 84.4% leased, with about 200,000 square feet of signed leases not yet paying rent and another 73,000 square feet in documentation/proposals.
- Liquidity was strong at about $610 million, and the company extended its revolver and term loan to April 2030.
- The quarterly dividend was declared at $0.34 per share, with management saying coverage should improve as signed office leases commence.
Second quarter 2026 FFO was $0.51 per diluted share, and net income attributable to common stockholders was $0.09 per diluted share. Portfolio-wide same-store cash NOI increased 0.3%, or 1.3% excluding a one-time reserve for an office tenant receivable. By segment versus Q2 2025, office same-store NOI increased 0.4% (2.4% excluding the reserve), retail same-store NOI declined 0.4%, multifamily same-store NOI increased 0.9% (1.6% excluding the RV park), and mixed-use same-store NOI increased 0.6%. The office portfolio ended the quarter 84.4% leased, retail was 98% leased, and multifamily was over 94% leased excluding the RV park. In the hotel business, occupancy rose to 90.5% from 86% last year, RevPAR increased 0.9% to $308, ADR declined 0.4% to $340, and hotel NOI was approximately $2.5 million versus $2.9 million last year. The company ended the quarter with about $610 million of total liquidity, including $110 million of cash and $500 million available on its revolver. Net debt-to-EBITDA was 6.7x on a quarterly annualized basis and 6.9x on a trailing 12-month basis, with a long-term target of 5.5x or below. Full-year FFO guidance was reaffirmed at $1.96 to $2.10 per diluted share, midpoint $2.03.
Adam Wyll framed the quarter as consistent execution in an uneven macro backdrop, emphasizing patience, discipline, and a long-term focus. He said the company is letting its high-quality coastal assets and platform do the work, and highlighted that office leasing progress is expected to convert into commenced rent and better cash flow over time. His tone was constructive but measured, repeatedly noting that timing on larger office deals is uncertain and that the company will not chase occupancy at the expense of pricing or credit.
Robert Barton said Q2 FFO rose modestly from Q1, helped by incremental rental income from recently commenced office leases at City Center Bellevue and One Beach. He detailed the one-time office receivable reserve and said it did not factor into 2026 guidance, while also noting that same-store cash NOI should improve in the back half as signed leases start paying rent. He emphasized balance sheet strength, citing about $610 million of liquidity, the April 2030 maturity extension of the $500 million revolver and $100 million term loan, and leverage at 6.7x quarterly annualized net debt-to-EBITDA versus a 5.5x target. He also quantified embedded upside from office lease-up: about $0.29 per share of incremental FFO when stabilized, with roughly $0.14 from signed leases and the rest from speculative leasing.
Analysts focused heavily on office occupancy, especially year-end occupancy guidance, the Torrey Reserve receivable reserve, and the timing of lease commencements at La Jolla Commons and One Beach. Management said office occupancy is more binary now because several large proposals could close in 2026 or slip into next year, and reiterated that they will not force leases just to hit a percentage target. They also clarified that the Torrey Reserve issue was an accounting write-off of about $1.2 million of cash receivables and straight-line rent, with no recovery assumed in guidance, and said the space has already been backfilled. On pipeline, management said La Jolla and One Beach both have multiple proposals in flight, but timing remains uncertain until leases are signed.
The bull case from this call is that the portfolio is still producing stable cash flow while office leasing is creating visible embedded earnings upside. Management pointed to strong liquidity, extended debt maturities, positive leasing spreads, and several signed office leases that have not yet commenced, which should lift FFO as the year progresses. Retail and multifamily remain solid, and management described transaction activity and public REIT sentiment as improving.
The main risk is timing: large office deals are described as too close to call, and management said year-end office occupancy could land slightly below prior expectations if those leases slip into 2027. There is also some near-term noise from the office receivable reserve and continued weakness in parts of the hotel and multifamily backdrops, including softer tourism in Hawaii and elevated vacancy from recent apartment deliveries in San Diego and Portland. Leverage remains above the company’s long-term target, so execution on lease-up matters for both earnings and balance sheet improvement.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 78.4%
- Shares Outstanding
- 61.40M
- Float Shares
- 48.16M
of shares held by institutions
236 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for AAT, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 9.16M | ▼ 290.04K |
| Vanguard Group Inc | 7.68M | ▲ 132.89K |
| American Assets Inc | 7.37M | 0 |
| State Street Corp | 2.80M | ▼ 46.41K |
| Senvest Management, LLC | 2.65M | ▼ 925.70K |
| Lsv Asset Management | 2.21M | ▲ 235.57K |
| Vanguard Capital Management LLC | 2.05M | ▼ 65.97K |
| American Assets Investment Management, LLC | 1.48M | 0 |
| Geode Capital Management, LLC | 1.39M | ▲ 57.65K |
| Sixth Street Partners Management Company, L.P. | 1.28M | ▲ 1.28M |
| Charles Schwab Investment Management Inc | 1.28M | ▲ 18.60K |
| Ameriprise Financial Inc | 1.05M | ▲ 96.64K |
Held by 336 ETFs
Biggest fund positions in AAT by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 19, 26 | RADY ERNEST S | buy | 10,000 |
| Aug 18, 26 | RADY ERNEST S | buy | 3,586 |
| Aug 17, 26 | RADY ERNEST S | buy | 50,000 |
| Aug 14, 26 | RADY ERNEST S | buy | 50,000 |
| Aug 13, 26 | RADY ERNEST S | buy | 100,000 |
| Aug 11, 26 | RADY ERNEST S | buy | 100,000 |
| Aug 10, 26 | RADY ERNEST S | buy | 93,243 |
| Aug 7, 26 | RADY ERNEST S | buy | 32,763 |
| Aug 5, 26 | RADY ERNEST S | buy | 3,000 |
| Jun 15, 26 | RADY ERNEST S | buy | 10,000 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our AAT coverage
Recent articles, reports, and earnings notes.
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