American Assets Trust (AAT) Stock Overview
A full service, vertically integrated and self-administered real estate investment trust. More details
| Snowflake Score | |
|---|---|
| Valuation | 1/6 |
| Future Growth | 3/6 |
| Past Performance | 2/6 |
| Financial Health | 0/6 |
| Dividends | 4/6 |
AAT Community Fair Values
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Analyst Price Targets
American Assets Trust, Inc. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$22.78 |
| 52 Week High | US$22.80 |
| 52 Week Low | US$17.72 |
| Beta | 0.97 |
| 1 Month Change | 8.94% |
| 3 Month Change | 18.34% |
| 1 Year Change | 19.58% |
| 3 Year Change | 20.08% |
| 5 Year Change | -37.67% |
| Change since IPO | 7.20% |
Recent News & Updates
Recent updates
New Narrative • May 22
Coastal Office And Retail Strength Will Support Long Term Cash Flow Stability
Catalysts About American Assets Trust American Assets Trust is a real estate investment trust that owns and operates a diversified portfolio of coastal office, retail, multifamily and mixed-use properties. What are the underlying business or industry changes driving this perspective?
Narrative Update • Apr 28
AAT: Future P E Reliance Will Test Compressed Margin Assumptions
Analysts have raised their price target on American Assets Trust by $0.50 to $19.00, citing updated assumptions on fair value, discount rate, profit margin and future P/E. Analyst Commentary Bullish Takeaways Bullish analysts view the higher US$19.00 price target as more aligned with their updated fair value work, suggesting the previous target did not fully reflect current assumptions on earnings and cash flow quality.Narrative Update • Apr 11
AAT: Fair Value View Will Rely On Margin Stability And P E Expectations
Analysts have nudged their fair value estimate for American Assets Trust from $18.00 to $18.50, reflecting updated assumptions on the discount rate, expectations for modest revenue growth, the profit margin outlook, and a slightly higher future P/E multiple following recent research updates. Analyst Commentary Recent research updates on American Assets Trust have focused on aligning target prices and ratings with revised expectations for revenue growth, profit margins, and future P/E assumptions.Narrative Update • Mar 26
AAT: Peak Fundamentals And Sector Reset Will Likely Limit Near Term Upside
Narrative Update Analysts have nudged their price target on American Assets Trust higher by $1, citing a modestly lower discount rate, steady fair value at $18.0, and largely unchanged revenue growth, profit margin, and future P/E assumptions. Analyst Commentary Recent research on American Assets Trust shows a mix of cautious and constructive views, with price targets and ratings adjusted as analysts reassess sector conditions and company specific risks and opportunities.Narrative Update • Mar 12
AAT: Peak Occupancy And Sector Reset Will Likely Cap Near Term Upside
Narrative Update on American Assets Trust Analysts trimmed their price target on American Assets Trust by $2 to $19, citing a sector-wide reset in expectations for shopping center REITs, as occupancy levels are viewed as close to all-time highs and fundamentals are seen as peaking. Analyst Commentary Recent research on American Assets Trust has centered on valuation reset and sector positioning, rather than company specific execution issues.Narrative Update • Feb 25
AAT: Peak Occupancy And Sector Downgrades Will Likely Limit Upside Potential
Analysts have trimmed their price target on American Assets Trust to $19 from $21, citing a more cautious stance on the shopping center REIT space, as fundamentals appear to be at or near peak occupancy levels. Analyst Commentary Recent research has focused less on company specific missteps and more on where American Assets Trust sits within a shopping center REIT group that analysts view as close to peak fundamentals.Narrative Update • Feb 11
AAT: Peak Occupancy And Sector Caution Are Expected To Temper Prospects
Analysts have trimmed their price target on American Assets Trust to $19 from $21, citing sector-level caution around shopping center REITs, as fundamentals are seen as peaking and occupancy nearing all-time highs. Analyst Commentary Recent research on American Assets Trust focuses less on company specific missteps and more on a shift in sentiment toward shopping center REITs as a group, with some analysts questioning how much upside is left after a long run of improving fundamentals and tight occupancy.Seeking Alpha • Feb 06
American Assets Trust: Dividend Coverage Slips
Summary American Assets Trust maintains a 7.24% dividend yield, but negative FAD coverage and rising office vacancies heighten risk. AAT's fiscal 2025 fourth quarter FFO of $0.47 per share fell year-over-year, with 2026 guidance indicating only modest growth at the midpoint. Dividend coverage against FAD dropped to 90.4% in the fourth quarter, with management signaling intent to maintain payouts despite insufficient coverage. I rate AAT as a hold; yield is attractive but not high enough to offset deteriorating fundamentals and elevated market vacancy risks. Read the full article on Seeking AlphaNarrative Update • Jan 27
AAT: Peak Occupancy And Sector Downgrades Are Expected To Balance Prospects
Narrative Update: American Assets Trust Analysts have trimmed their fair value estimate for American Assets Trust to $18.00 from $19.00, reflecting slightly higher discount rate inputs and a lower assumed future P/E multiple, following recent sector downgrades and reduced price targets for shopping center REITs. Analyst Commentary Recent research updates on American Assets Trust have focused on sector level shifts in shopping center REITs and how those feed into valuation assumptions for the stock. Bullish Takeaways Bullish analysts point to portfolio occupancy levels that are described as approaching or surpassing all time highs, which they see as supportive of current cash flow generation underlying fair value estimates.Narrative Update • Jan 11
AAT: Peak Occupancy And Sector Reset Are Expected To Shape Prospects
Analysts have cut their price target on American Assets Trust from US$26 to US$19, citing sector-level concerns about shopping center REIT fundamentals, with occupancy now viewed as being close to peak levels as a key reason for the reset. Analyst Commentary Recent commentary around American Assets Trust highlights a more cautious stance on the shopping center REIT space, with the latest price target reset to US$19.Seeking Alpha • Feb 18
American Assets Trust: Now May Be The Time To Back The Truck Up On This Near 6% Yield
Summary American Assets Trust offers a near 6% dividend yield, strong fundamentals, and upside potential, making it attractive for income-focused investors. Despite recent pullbacks and weak 2025 guidance, AAT's high-quality properties and expected interest rate declines could drive price appreciation. AAT's multifamily segment shows strong growth, offsetting office sector headwinds, with management confident in future office utilization increases. AAT's solid balance sheet and liquidity position support continued growth and potential dividend increases, making it a strong candidate for long-term investors. Read the full article on Seeking AlphaAnalysis Article • Feb 06
Is Now The Time To Put American Assets Trust (NYSE:AAT) On Your Watchlist?
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
New Narrative • Sep 11
Challenges And Missteps Cloud Commercial Real Estate's Future Growth
Heavy investment in the fluctuating office and retail sectors may risk long-term financial performance due to evolving work habits and consumer behaviors.Analysis Article • Sep 06
If EPS Growth Is Important To You, American Assets Trust (NYSE:AAT) Presents An Opportunity
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Seeking Alpha • Aug 24
American Assets Trust: Collect A 5.2% Yield From This Quality Office REIT
Summary American Assets Trust has performed well, despite pandemic uncertainties surrounding the office sector, offering a 5% yield and solid financials. AAT's office portfolio is strong at 86.6%. They also saw strong leasing activity during their latest quarter, positioning them well for the future. With a 5.2% forward yield, growing FFO, and manageable debt, AAT is a quality REIT that offers potential upside for long-term investors. Downside risks include higher for longer interest rates, slower Return To Work policy, and a recession. AAT has outperformed the S&P, up roughly 22% compared to 7.40% for the index. Read the full article on Seeking AlphaAnalysis Article • Aug 01
American Assets Trust, Inc. Just Beat EPS By 48%: Here's What Analysts Think Will Happen Next
Investors in American Assets Trust, Inc. ( NYSE:AAT ) had a good week, as its shares rose 7.8% to close at US$26.52...Seeking Alpha • Jun 11
American Assets Trust: Office Weakness Trumps Green Shoots In Mixed-Use
Summary American Assets Trust is a diversified REIT with a 50.1% exposure to the office sector. Net operating income grew 1.5% Y/Y in Q1 2024 on strength in hotels. Occupancy was down Y/Y in offices but increased in all other property sectors. The company trades at a market-implied cap rate of around 8.3% with a potential 0.3% boost from development projects coming online. Net debt accounts for 49% of enterprise value, with refinancing likely to weigh on FFO growth. Read the full article on Seeking AlphaSeeking Alpha • Mar 27
American Assets Trust: A Quality 6% Yielding REIT For Income-Focused Investors
Summary American Assets Trust is a high-quality REIT that offers income investors a buying opportunity at a low P/FFO ratio of less than 9.0x, well below its 5-year average. AAT owns quality real estate in the Western US, with properties in high-income areas like San Diego and Oahu. Despite headwinds and expected declines in NOI, AAT's balance sheet is strong and their dividend is well-covered with a payout ratio of 76%. Due to properties in the office segment, this has caused more headwinds that some retail peers, suppressing the share price. For 2024 FFO is also expected to be lower than 2023 with a mid-point of $2.26. Read the full article on Seeking AlphaSeeking Alpha • Jan 17
American Assets Trust: A Quality REIT You May Want To Consider For The Back To Office Recovery
Summary American Assets Trust owns high-quality real estate in the San Diego area and other West Coast states like Washington and Oregon. AAT has faced challenges due to the COVID-19 pandemic, particularly in the office and multi-family sectors. Despite these challenges, AAT has remained resilient, raised its full-year guidance twice during the fiscal-year, and has a strong balance sheet. The REIT has traded as high as 20x FFO and could see a significant price increase if interest rates fall and businesses require workers back in the office. They also continue to focus on deleveraging its balance sheet, and expects to target a net-debt-to EBIDTA range of 5.5x in the foreseeable future. Read the full article on Seeking AlphaSeeking Alpha • Nov 18
American Assets Trust: A Great Play For Lower Interest Rates
Summary American Assets Trust has underperformed the market due to high interest rates and the work-from-home trend. The REIT's retail and multifamily properties have fully recovered, but its office portfolio is still struggling. When interest rates begin to revert to normal levels, the stock is likely to enjoy a triple tailwind; lower interest expense, greater investment in office space and richer valuation. Read the full article on Seeking AlphaShareholder Returns
| AAT | US REITs | US Market | |
|---|---|---|---|
| 7D | 8.2% | 1.2% | 1.1% |
| 1Y | 19.6% | 12.7% | 28.7% |
Return vs Industry: AAT exceeded the US REITs industry which returned 12.7% over the past year.
Return vs Market: AAT underperformed the US Market which returned 28.7% over the past year.
Price Volatility
| AAT volatility | |
|---|---|
| AAT Average Weekly Movement | 3.4% |
| REITs Industry Average Movement | 3.3% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.4% |
| 10% least volatile stocks in US Market | 3.1% |
Stable Share Price: AAT has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: AAT's weekly volatility (3%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1967 | 238 | Adam Wyll | www.americanassetstrust.com |
American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust. The company has over 55 years of experience in acquiring, improving, developing and managing premier office, retail, and residential properties throughout the United States in some of the nations most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Washington, Oregon, Texas and Hawaii. Its office portfolio comprises approximately 4.3 million rentable square feet, and its retail portfolio comprises approximately 2.4 million rentable square feet.
American Assets Trust, Inc. Fundamentals Summary
| AAT fundamental statistics | |
|---|---|
| Market cap | US$1.77b |
| Earnings (TTM) | US$18.25m |
| Revenue (TTM) | US$433.83m |
76.6x
P/E Ratio3.2x
P/S RatioIs AAT overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| AAT income statement (TTM) | |
|---|---|
| Revenue | US$433.83m |
| Cost of Revenue | US$165.02m |
| Gross Profit | US$268.81m |
| Other Expenses | US$250.57m |
| Earnings | US$18.25m |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 0.30 |
| Gross Margin | 61.96% |
| Net Profit Margin | 4.21% |
| Debt/Equity Ratio | 157.4% |
How did AAT perform over the long term?
See historical performance and comparisonDividends
6.0%
Current Dividend Yield55%
Payout RatioDoes AAT pay a reliable dividends?
See AAT dividend history and benchmarks| American Assets Trust dividend dates | |
|---|---|
| Ex Dividend Date | Jun 04 2026 |
| Dividend Pay Date | Jun 18 2026 |
| Days until Ex dividend | 10 days |
| Days until Dividend pay date | 24 days |
Does AAT pay a reliable dividends?
See AAT dividend history and benchmarksCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/25 07:45 |
| End of Day Share Price | 2026/05/22 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
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.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
American Assets Trust, Inc. is covered by 10 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Jeffrey Spector | BofA Global Research |
| Paul Morgan | Canaccord Genuity |
| Mitchell Germain | Citizens JMP Securities, LLC |