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AAT

American Assets Trust NYSE:AAT Stock Report

Last Price

US$30.02

Market Cap

US$2.3b

7D

2.8%

1Y

-19.2%

Updated

28 Jun, 2022

Data

Company Financials +
AAT fundamental analysis
Snowflake Score
Valuation1/6
Future Growth1/6
Past Performance5/6
Financial Health1/6
Dividends4/6

AAT Stock Overview

American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California.

American Assets Trust Competitors

Price History & Performance

Summary of all time highs, changes and price drops for American Assets Trust
Historical stock prices
Current Share PriceUS$30.02
52 Week HighUS$40.83
52 Week LowUS$28.42
Beta1.14
1 Month Change-12.12%
3 Month Change-21.97%
1 Year Change-19.21%
3 Year Change-36.61%
5 Year Change-25.12%
Change since IPO41.27%

Recent News & Updates

Jun 22

American Assets Trust: Offering A Nearly 10-Year High Dividend Yield

AAT is offering a nearly 10-year high dividend yield of 4.3%. AAT is trading at a 10-year low price-to-FFO ratio due to its 22% decline this year, along with the broad market. AAT is resilient to high inflation. Thanks to its strong position in its markets, it raises its rents meaningfully year after year.

Shareholder Returns

AATUS REITsUS Market
7D2.8%6.3%6.3%
1Y-19.2%-8.3%-18.8%

Return vs Industry: AAT underperformed the US REITs industry which returned -8.3% over the past year.

Return vs Market: AAT matched the US Market which returned -18.8% over the past year.

Price Volatility

Is AAT's price volatile compared to industry and market?
AAT volatility
AAT Average Weekly Movement4.4%
REITs Industry Average Movement4.9%
Market Average Movement8.1%
10% most volatile stocks in US Market16.7%
10% least volatile stocks in US Market3.2%

Stable Share Price: AAT is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: AAT's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1967208Ernest Radyhttps://www.americanassetstrust.com

American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California. The company has over 50 years of experience in acquiring, improving, developing and managing premier office, retail, and residential properties throughout the United States in some of the nation’s most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Oregon, Washington, Texas and Hawaii. The company's office portfolio comprises approximately 3.4 million rentable square feet, and its retail portfolio comprises approximately 3.1 million square feet.

American Assets Trust Fundamentals Summary

How do American Assets Trust's earnings and revenue compare to its market cap?
AAT fundamental statistics
Market CapUS$2.32b
Earnings (TTM)US$37.64m
Revenue (TTM)US$390.52m

48.3x

P/E Ratio

4.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
AAT income statement (TTM)
RevenueUS$390.52m
Cost of RevenueUS$131.18m
Gross ProfitUS$259.34m
Other ExpensesUS$221.70m
EarningsUS$37.64m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.62
Gross Margin66.41%
Net Profit Margin9.64%
Debt/Equity Ratio136.7%

How did AAT perform over the long term?

See historical performance and comparison

Dividends

4.3%

Current Dividend Yield

42%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is AAT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AAT?

Other financial metrics that can be useful for relative valuation.

AAT key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue8.7x
Enterprise Value/EBITDA15.2x
PEG Ratio4.2x

Price to Earnings Ratio vs Peers

How does AAT's PE Ratio compare to its peers?

AAT PE Ratio vs Peers
The above table shows the PE ratio for AAT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average32.6x
BNL Broadstone Net Lease
33.4x3.4%US$3.8b
EPRT Essential Properties Realty Trust
26.8x14.5%US$2.9b
AHH Armada Hoffler Properties
57.6x-2.4%US$1.2b
PSB PS Business Parks
11.8x-38.7%US$6.5b
AAT American Assets Trust
48.3x11.5%US$2.3b

Price-To-Earnings vs Peers: AAT is expensive based on its Price-To-Earnings Ratio (48.3x) compared to the peer average (32.6x).


Price to Earnings Ratio vs Industry

How does AAT's PE Ratio compare vs other companies in the US REITs Industry?

Price-To-Earnings vs Industry: AAT is expensive based on its Price-To-Earnings Ratio (48.3x) compared to the US REITs industry average (31.6x)


Price to Earnings Ratio vs Fair Ratio

What is AAT's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AAT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio48.3x
Fair PE Ratio36.5x

Price-To-Earnings vs Fair Ratio: AAT is expensive based on its Price-To-Earnings Ratio (48.3x) compared to the estimated Fair Price-To-Earnings Ratio (36.5x).


Share Price vs Fair Value

What is the Fair Price of AAT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AAT ($30.02) is trading below our estimate of fair value ($34.38)

Significantly Below Fair Value: AAT is trading below fair value, but not by a significant amount.


Price to Earnings Growth Ratio

PEG Ratio: AAT is poor value based on its PEG Ratio (4.2x)


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Future Growth

How is American Assets Trust forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


11.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AAT's forecast earnings growth (11.5% per year) is above the savings rate (1.9%).

Earnings vs Market: AAT's earnings (11.5% per year) are forecast to grow slower than the US market (13.8% per year).

High Growth Earnings: AAT's earnings are forecast to grow, but not significantly.

Revenue vs Market: AAT's revenue (4.6% per year) is forecast to grow slower than the US market (8.3% per year).

High Growth Revenue: AAT's revenue (4.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AAT's Return on Equity is forecast to be low in 3 years time (5.1%).


Discover growth companies

Past Performance

How has American Assets Trust performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


1.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: AAT has high quality earnings.

Growing Profit Margin: AAT's current net profit margins (9.6%) are higher than last year (5.1%).


Past Earnings Growth Analysis

Earnings Trend: AAT's earnings have grown by 1.8% per year over the past 5 years.

Accelerating Growth: AAT's earnings growth over the past year (123.4%) exceeds its 5-year average (1.8% per year).

Earnings vs Industry: AAT earnings growth over the past year (123.4%) exceeded the REITs industry 69.5%.


Return on Equity

High ROE: AAT's Return on Equity (4%) is considered low.


Discover strong past performing companies

Financial Health

How is American Assets Trust's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: AAT's short term assets ($167.0M) exceed its short term liabilities ($68.8M).

Long Term Liabilities: AAT's short term assets ($167.0M) do not cover its long term liabilities ($1.7B).


Debt to Equity History and Analysis

Debt Level: AAT's net debt to equity ratio (130.6%) is considered high.

Reducing Debt: AAT's debt to equity ratio has increased from 134.8% to 136.7% over the past 5 years.

Debt Coverage: AAT's debt is not well covered by operating cash flow (10.2%).

Interest Coverage: AAT's interest payments on its debt are not well covered by EBIT (1.8x coverage).


Balance Sheet


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Dividend

What is American Assets Trust current dividend yield, its reliability and sustainability?

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


4.26%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: AAT's dividend (4.26%) is higher than the bottom 25% of dividend payers in the US market (1.57%).

High Dividend: AAT's dividend (4.26%) is in the top 25% of dividend payers in the US market (4.25%)


Stability and Growth of Payments

Stable Dividend: AAT's dividend payments have been volatile in the past 10 years.

Growing Dividend: AAT's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (41.9%), AAT's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (154%), AAT's dividend payments are not well covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

1.6yrs

Average management tenure


CEO

Ernest Rady (84 yo)

6.75yrs

Tenure

US$5,061,774

Compensation

Mr. Ernest Sylvan Rady founded American Assets Trust, Inc. in 1967 and has been its Executive Chairman of The Board since January 2011. He serves as Executive Chairman at American Assets Capital Advisers,...


CEO Compensation Analysis

Compensation vs Market: Ernest's total compensation ($USD5.06M) is about average for companies of similar size in the US market ($USD5.48M).

Compensation vs Earnings: Ernest's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: AAT's management team is not considered experienced ( 1.6 years average tenure), which suggests a new team.


Board Members

Experienced Board: AAT's board of directors are seasoned and experienced ( 11.4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

American Assets Trust, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: American Assets Trust, Inc.
  • Ticker: AAT
  • Exchange: NYSE
  • Founded: 1967
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Implied Market Cap: US$2.324b
  • Market Cap: US$1.834b
  • Shares outstanding: 76.70m
  • Website: https://www.americanassetstrust.com

Number of Employees


Location

  • American Assets Trust, Inc.
  • 3420 Carmel Mountain Road
  • Suite 100
  • San Diego
  • California
  • 92121
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/06/28 00:00
End of Day Share Price2022/06/28 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.