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American Assets Trust

NYSE:AAT
Snowflake Description

Moderate growth potential second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AAT
NYSE
$3B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

American Assets Trust, Inc. (the “company”) is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California. The last earnings update was 31 days ago. More info.


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AAT Share Price and Events
7 Day Returns
0.3%
NYSE:AAT
1.9%
US REITs
2.9%
US Market
1 Year Returns
37.6%
NYSE:AAT
12%
US REITs
1.4%
US Market
AAT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
American Assets Trust (AAT) 0.3% 3.7% 11.2% 37.6% 21.2% 36.6%
US REITs 1.9% 0.8% 7.5% 12% 10.3% 28.8%
US Market 2.9% 2.5% 10% 1.4% 38.3% 42%
1 Year Return vs Industry and Market
  • AAT outperformed the REITs industry which returned 12% over the past year.
  • AAT outperformed the Market in United States of America which returned 1.4% over the past year.
Price Volatility
AAT
Industry
5yr Volatility vs Market

AAT Value

 Is American Assets Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of American Assets Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for American Assets Trust.

NYSE:AAT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:AAT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.55
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.545 (1 + (1- 21%) (43.82%))
0.822
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.822 * 5.96%)
7.63%

Discounted Cash Flow Calculation for NYSE:AAT using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for American Assets Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

American Assets Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:AAT DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.63%)
2019 58.60 Analyst x1 54.45
2020 123.70 Analyst x1 106.79
2021 138.31 Est @ 11.81% 110.94
2022 150.88 Est @ 9.09% 112.44
2023 161.71 Est @ 7.18% 111.97
2024 171.16 Est @ 5.84% 110.11
2025 179.56 Est @ 4.91% 107.33
2026 187.20 Est @ 4.26% 103.97
2027 194.31 Est @ 3.8% 100.27
2028 201.07 Est @ 3.48% 96.40
Present value of next 10 years cash flows $1,014.67
NYSE:AAT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $201.07 × (1 + 2.73%) ÷ (7.63% – 2.73%)
$4,217.11
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $4,217.11 ÷ (1 + 7.63%)10
$2,021.88
NYSE:AAT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,014.67 + $2,021.88
$3,036.55
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $3,036.55 / 64.50
$47.08
NYSE:AAT Discount to Share Price
Calculation Result
Value per share (USD) From above. $47.08
Current discount Discount to share price of $45.69
= -1 x ($45.69 - $47.08) / $47.08
2.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price American Assets Trust is available for.
Intrinsic value
3%
Share price is $45.69 vs Future cash flow value of $47.08
Current Discount Checks
For American Assets Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • American Assets Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • American Assets Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for American Assets Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are American Assets Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:AAT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $0.42
NYSE:AAT Share Price ** NYSE (2019-03-15) in USD $45.69
United States of America REITs Industry PE Ratio Median Figure of 154 Publicly-Listed REITs Companies 30.43x
United States of America Market PE Ratio Median Figure of 3,054 Publicly-Listed Companies 17.61x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of American Assets Trust.

NYSE:AAT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:AAT Share Price ÷ EPS (both in USD)

= 45.69 ÷ 0.42

108.97x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • American Assets Trust is overvalued based on earnings compared to the US REITs industry average.
  • American Assets Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does American Assets Trust's expected growth come at a high price?
Raw Data
NYSE:AAT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 108.97x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
48.2%per year
United States of America REITs Industry PEG Ratio Median Figure of 139 Publicly-Listed REITs Companies -0.21x
United States of America Market PEG Ratio Median Figure of 2,109 Publicly-Listed Companies 1.47x

*Line of best fit is calculated by linear regression .

NYSE:AAT PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 108.97x ÷ 48.2%

2.26x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • American Assets Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on American Assets Trust's assets?
Raw Data
NYSE:AAT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $16.96
NYSE:AAT Share Price * NYSE (2019-03-15) in USD $45.69
United States of America REITs Industry PB Ratio Median Figure of 192 Publicly-Listed REITs Companies 1.8x
United States of America Market PB Ratio Median Figure of 5,152 Publicly-Listed Companies 1.87x
NYSE:AAT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:AAT Share Price ÷ Book Value per Share (both in USD)

= 45.69 ÷ 16.96

2.69x

* Primary Listing of American Assets Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • American Assets Trust is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess American Assets Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. American Assets Trust has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

AAT Future Performance

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

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
48.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is American Assets Trust expected to grow at an attractive rate?
  • American Assets Trust's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • American Assets Trust's earnings growth is expected to exceed the United States of America market average.
  • American Assets Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:AAT Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:AAT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 48.2%
NYSE:AAT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 3.9%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 0.6%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:AAT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:AAT Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 353 61 3
2019-12-31 342 48 2
NYSE:AAT Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 327 137 20
2018-09-30 326 139 20
2018-06-30 325 145 19
2018-03-31 317 142 21
2017-12-31 311 146 29
2017-09-30 305 144 31
2017-06-30 299 140 30
2017-03-31 294 134 32
2016-12-31 291 121 33
2016-09-30 286 123 32
2016-06-30 281 117 37
2016-03-31 276 112 38

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • American Assets Trust's earnings are expected to grow significantly at over 20% yearly.
  • American Assets Trust's revenue is expected to grow by 3.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:AAT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from American Assets Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:AAT Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.83 1.14 0.51 2.00
2019-12-31 0.97 0.97 0.97 1.00
NYSE:AAT Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 0.42
2018-09-30 0.43
2018-06-30 0.40
2018-03-31 0.45
2017-12-31 0.62
2017-09-30 0.67
2017-06-30 0.66
2017-03-31 0.71
2016-12-31 0.72
2016-09-30 0.71
2016-06-30 0.82
2016-03-31 0.85

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • American Assets Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess American Assets Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
American Assets Trust has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

AAT Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare American Assets Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • American Assets Trust's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • American Assets Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • American Assets Trust's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
American Assets Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from American Assets Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:AAT Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 326.53 19.69 24.89
2018-09-30 325.66 20.09 22.20
2018-06-30 325.35 18.79 22.00
2018-03-31 317.46 21.24 21.70
2017-12-31 310.53 29.08 21.24
2017-09-30 305.34 30.86 21.68
2017-06-30 298.95 30.24 21.16
2017-03-31 293.63 32.32 20.50
2016-12-31 290.58 32.59 20.01
2016-09-30 285.51 31.94 19.61
2016-06-30 280.90 37.02 21.47
2016-03-31 275.88 38.13 21.81
2015-12-31 271.22 38.51 22.18
2015-09-30 266.36 37.32 22.57
2015-06-30 262.52 30.18 20.80
2015-03-31 258.05 25.18 20.55
2014-12-31 256.02 21.76 20.16
2014-09-30 254.10 19.41 20.10
2014-06-30 252.08 17.22 19.45
2014-03-31 252.68 16.58 19.19
2013-12-31 250.90 15.22 18.74
2013-09-30 249.51 2.12 18.21
2013-06-30 245.03 0.39 17.98
2013-03-31 238.31 -1.22 17.38
2012-12-31 231.65 -2.71 16.86
2012-09-30 217.24 5.50 15.33
2012-06-30 212.73 1.75 15.31
2012-03-31 207.82 0.04 15.52

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • American Assets Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • American Assets Trust used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • American Assets Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess American Assets Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
American Assets Trust has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

AAT Health

 How is American Assets Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up American Assets Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • American Assets Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • American Assets Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of American Assets Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from American Assets Trust Company Filings, last reported 2 months ago.

NYSE:AAT Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 802.47 1,291.57 53.96
2018-09-30 815.49 1,270.69 65.60
2018-06-30 817.64 1,270.69 60.14
2018-03-31 829.33 1,283.70 63.28
2017-12-31 844.14 1,325.03 87.70
2017-09-30 848.55 1,325.16 97.83
2017-06-30 852.36 1,225.50 35.08
2017-03-31 861.71 1,161.14 194.70
2016-12-31 838.55 1,062.60 61.23
2016-09-30 814.51 1,077.00 61.96
2016-06-30 805.90 1,078.87 43.89
2016-03-31 820.40 1,066.42 44.01
2015-12-31 828.93 1,057.30 39.93
2015-09-30 832.51 1,057.29 40.16
2015-06-30 810.28 1,061.07 34.95
2015-03-31 767.55 1,084.20 54.64
2014-12-31 766.58 1,064.26 59.36
2014-09-30 770.97 1,053.93 95.15
2014-06-30 737.69 1,054.40 78.86
2014-03-31 722.48 1,053.24 79.49
2013-12-31 686.58 1,045.17 48.99
2013-09-30 691.24 1,044.12 65.72
2013-06-30 696.52 1,044.30 63.34
2013-03-31 679.16 1,044.47 43.97
2012-12-31 685.73 1,044.68 42.48
2012-09-30 655.30 1,105.07 34.92
2012-06-30 662.40 964.54 98.58
2012-03-31 671.19 964.94 100.65
  • American Assets Trust's level of debt (160.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (152.2% vs 160.9% today).
  • Debt is not well covered by operating cash flow (10.6%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.5x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess American Assets Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. American Assets Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

AAT Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.45%
Current annual income from American Assets Trust dividends. Estimated to be 2.6% next year.
If you bought $2,000 of American Assets Trust shares you are expected to receive $49 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • American Assets Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • American Assets Trust's dividend is below the markets top 25% of dividend payers in United States of America (3.64%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:AAT Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 186 Stocks 4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:AAT Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.23 4.00
2019-12-31 1.15 4.00
NYSE:AAT Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2018-10-30 1.120 2.701
2018-08-03 1.080 2.848
2018-07-31 1.080 2.812
2018-05-04 1.080 2.928
2018-05-01 1.080 3.199
2017-10-31 1.080 3.055
2017-08-01 1.040 2.585
2017-05-05 1.040 2.614
2017-05-02 1.040 2.485
2017-02-17 1.040 2.432
2017-02-14 1.040 2.406
2016-11-04 1.040 2.479
2016-11-01 1.040 2.712
2016-07-29 1.000 2.330
2016-07-26 1.000 2.207
2016-04-29 1.000 2.397
2016-04-27 1.000 2.523
2016-04-26 1.000 2.553
2016-02-19 1.000 2.623
2016-02-16 1.000 2.786
2015-11-06 1.000 2.624
2015-11-03 1.000 2.435
2015-07-28 0.930 2.279
2015-05-01 0.930 2.313
2015-04-28 0.930 2.290
2014-11-05 0.930 2.249
2014-11-04 0.930 2.412
2014-07-29 0.880 2.521
2014-04-29 0.880 2.545
2014-02-21 0.880 2.636
2014-02-18 0.880 2.620
2013-11-08 0.840 2.639
2013-11-05 0.880 2.712
2013-08-02 0.840 2.679
2013-07-30 0.840 2.572
2013-02-21 0.840 2.576
2012-11-06 0.840 3.000
2012-08-01 0.840 3.096
2012-05-01 0.840 3.513
2012-03-06 0.840 3.701
2011-11-08 0.840 3.989
2011-08-09 0.840 4.447
2011-06-02 0.840 3.847
2011-03-04 0.680 3.154
2011-01-14 0.840 3.946

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, American Assets Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but American Assets Trust only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of American Assets Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (131.8x coverage).
X
Income/ dividend checks
We assess American Assets Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can American Assets Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. American Assets Trust has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

AAT Management

 What is the CEO of American Assets Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ernest Rady
COMPENSATION $2,472,468
AGE 81
TENURE AS CEO 3.5 years
CEO Bio

Mr. Ernest Sylvan Rady founded American Assets Trust, Inc. in 1967 and has been its Executive Chairman of The Board since January 2011. Mr. Rady has been the Chief Executive Officer and President at American Assets Trust, Inc. since September 14, 2015. He serves as the Chief Investment Officer and Managing Member at American Assets Investment Management, LLC. He is Founder and Chairman of privately held American Assets Inc. He is an experienced banker, entrepreneur and philanthropist. His storied career spans a wide variety of industries, including beverage wholesale, radio stations/telecommunications towers, oil and gas, as well as professional soccer and major league baseball. He served as the President of WestCorp from 1982 to 1996 and also served as Chief Executive Officer from 1973 to 2006. He served as Chief Executive Officer of Western Financial Bank (now known as Western Financial Bank, National Association) from 1994 to 1996 and from 1998 to 2006. He served as Manager and Consultant to a group of companies engaged in real estate management and development, property and casualty insurance and investment management. He serves as Chairman of the Board of Explorer Insurance Company Inc. and Insurance Company of the West, Inc. He served as Chairman of Wells Fargo Dealer Services, Inc. since 1995. He served as the Chairman of Dealer Finance business and California banking business, Wachovia Corporation, from March 1, 2006 to 2007. He served as Chairman of the Board of WestCorp from 1973 to 2006 and WFS Financial Inc., from 1995 to 2006. He served as the Chairman of the Board of Western Financial Bank, National Association from 1982 to 2006 and Summit Resources Ltd. (Canada). He serves as a Director of Private Bancorp of America, Inc. and CalPrivate Bank. He serves as a Trustee of American Assets Investment Management, LLC. He serves as the Chairman of the Dean's Advisory Council of the Rady School at the University of California, San Diego and acting member of UCSD's Chancellor's Associates. Mr. Rady serves as a Trustee of Salk Institute for Biological Studies and Scripps Foundation for Medicine and Science. He served as Director of Wells Fargo Dealer Services, Inc. since 1982. He served as a Director of Wells Fargo Corporation from 2006 to 2008; WFS Financial Inc. from 1988 to 2006 and Summit Resources Limited since 1973. He served as Chairman, Board of Trustees, Director and Treasurer of the Rady Children's Hospital and Health Center. He serves as a Trustee of Scripps Health. Mr. Rady received his degrees in commerce and law, and an Honorary Degree of Doctor of Laws, from the University of Manitoba.

CEO Compensation
  • Ernest's compensation has been consistent with company performance over the past year.
  • Ernest's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the American Assets Trust management team in years:

8.2
Average Tenure
58.5
Average Age
  • The average tenure for the American Assets Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Ernest Rady

TITLE
Chairman
COMPENSATION
$2M
AGE
81
TENURE
3.5 yrs

Robert Barton

TITLE
Executive VP & CFO
COMPENSATION
$1M
AGE
61
TENURE
8.2 yrs

Adam Wyll

TITLE
Senior VP
COMPENSATION
$941K
AGE
43
TENURE
8.2 yrs

Jerry Gammieri

TITLE
Vice President of Construction & Development
COMPENSATION
$620K
AGE
53
TENURE
8.2 yrs

Jim Durfey

TITLE
Vice President of Office Properties
AGE
68
TENURE
8.2 yrs

Chris Sullivan

TITLE
Vice President of Retail Properties
AGE
56
TENURE
8.2 yrs

Wade Lange

TITLE
VP & Regional Manager of Portland
TENURE
5.2 yrs

Valerie Gannaway

TITLE
Vice President of Real Estate Operations
TENURE
2.2 yrs

Steve Center

TITLE
Vice President of Office Properties
TENURE
1.3 yrs

Abigail Rex

TITLE
Director of Multifamily
Board of Directors Tenure

Average tenure and age of the American Assets Trust board of directors in years:

8.2
Average Tenure
74
Average Age
  • The tenure for the American Assets Trust board of directors is about average.
Board of Directors

Ernest Rady

TITLE
Chairman
COMPENSATION
$2M
AGE
81
TENURE
8.2 yrs

Duane Nelles

TITLE
Director
COMPENSATION
$116K
AGE
74
TENURE
8.2 yrs

Robert Sullivan

TITLE
Director
COMPENSATION
$112K
AGE
74
TENURE
8.2 yrs

Larry Finger

TITLE
Director
COMPENSATION
$120K
AGE
65
TENURE
8.2 yrs

Tom Olinger

TITLE
Director
COMPENSATION
$103K
AGE
51
TENURE
8.2 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by American Assets Trust insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
22. Feb 19 Buy Ernest Rady Individual 20. Feb 19 20. Feb 19 450 $43.64 $19,638
02. Jan 19 Buy American Assets Investment Management, LLC Company 31. Dec 18 31. Dec 18 8,905 $39.84 $354,775
02. Jan 19 Buy Ernest Rady Individual 31. Dec 18 31. Dec 18 1,900 $39.84 $75,696
28. Dec 18 Buy American Assets Investment Management, LLC Company 26. Dec 18 27. Dec 18 4,326 $38.86 $167,191
11. May 18 Buy ICW Group, Asset Management Arm Company 10. May 18 11. May 18 4,710 $35.20 $165,657
14. May 18 Buy ICW Group, Asset Management Arm Company 14. May 18 14. May 18 64,125 $35.04 $2,246,940
31. May 18 Buy ICW Group, Asset Management Arm Company 17. May 18 17. May 18 470,000 $34.56 $16,243,200
09. May 18 Buy ICW Group, Asset Management Arm Company 07. May 18 09. May 18 47,562 $34.96 $1,660,086
18. May 18 Buy ICW Group, Asset Management Arm Company 17. May 18 18. May 18 44,367 $34.55 $1,526,547
04. Dec 18 Buy Duane Nelles Individual 04. Dec 18 04. Dec 18 25,000 $41.74 $1,043,500
30. Nov 18 Buy American Assets Investment Management, LLC Company 29. Nov 18 29. Nov 18 388 $40.60 $15,753
28. Nov 18 Buy American Assets Investment Management, LLC Company 26. Nov 18 28. Nov 18 7,668 $40.52 $304,018
23. Nov 18 Buy American Assets Investment Management, LLC Company 21. Nov 18 23. Nov 18 9,636 $39.75 $383,027
20. Nov 18 Buy American Assets Investment Management, LLC Company 16. Nov 18 19. Nov 18 4,627 $39.51 $181,015
20. Nov 18 Buy Ernest Rady Individual 19. Nov 18 19. Nov 18 15,000 $39.51 $592,650
15. Nov 18 Buy American Assets Investment Management, LLC Company 13. Nov 18 15. Nov 18 29,042 $39.30 $1,129,440
15. Nov 18 Buy Ernest Rady Individual 13. Nov 18 13. Nov 18 4,925 $39.30 $193,553
13. Nov 18 Buy American Assets Investment Management, LLC Company 09. Nov 18 12. Nov 18 21,608 $39.42 $847,367
08. Aug 18 Buy Ernest Rady Individual 06. Aug 18 08. Aug 18 7,001 $38.78 $270,734
19. Jun 18 Buy American Assets, Inc. Company 14. Jun 18 14. Jun 18 2,150 $37.08 $79,722
13. Jun 18 Buy Ernest Rady Individual 11. Jun 18 13. Jun 18 11,718 $37.26 $435,013
06. Jun 18 Buy Ernest Rady Individual 04. Jun 18 04. Jun 18 10,000 $36.48 $364,800
X
Management checks
We assess American Assets Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. American Assets Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

AAT News

Simply Wall St News

Are Insiders Buying American Assets Trust, Inc. (NYSE:AAT) Stock?

So we'll take a look at whether insiders have been buying or selling shares in American Assets Trust, Inc. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … American Assets Trust Insider Transactions Over The Last Year.

Simply Wall St -

Does American Assets Trust, Inc.'s (NYSE:AAT) CEO Salary Reflect Performance?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … View our latest analysis for American Assets Trust … How Does Ernest Rady's Compensation Compare With Similar Sized Companies?

Simply Wall St -

How Should You Analyze REIT Stock American Assets Trust, Inc. (NYSE:AAT)?

American Assets Trust, Inc. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much AAT actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation

Simply Wall St -

With A 3.2% Return On Equity, Is American Assets Trust Inc (NYSE:AAT) A Quality Stock?

By way of learning-by-doing, we'll look at ROE to gain a better understanding American Assets Trust Inc (NYSE:AAT). … Our data shows American Assets Trust has a return on equity of 3.2% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Does American Assets Trust Inc's (NYSE:AAT) CEO Pay Reflect Performance?

How Does Ernest Rady's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that American Assets Trust Inc has a market cap of US$2.3b, and is paying total annual CEO compensation of US$2m. … So Ernest Rady receives a similar amount to the median CEO pay, amongst the companies we looked at.

Simply Wall St -

Are Insiders Too Confident In American Assets Trust Inc (NYSE:AAT)?

some insider buying over the past three months, with insiders investing in. … Generally, insiders buying more shares in their own firm sends a bullish signal. … The MIT Press (1998) published an article showing that stocks following insider buying outperformed the market by 4.5%

Simply Wall St -

Is American Assets Trust Inc (NYSE:AAT) Overpaying Its CEO?

Ernest Rady took the helm as American Assets Trust Inc's (NYSE:AAT) CEO and grew market cap to US$2.45b recently. … Incentives can be in the form of compensation, which should always be structured in a way that promotes value-creation to shareholders. … See our latest analysis for American Assets Trust

Simply Wall St -

Is American Assets Trust Inc's (NYSE:AAT) Stock Available For A Good Price After Accounting For Growth?

Looking at American Assets Trust Inc’s (NYSE:AAT) fundamentals some investors are wondering if its last closing price of $37 represents a good value for money for this high growth stock. … Check out our latest analysis for American Assets Trust? … The excitement around American Assets Trust's growth potential is not unfounded

Simply Wall St -

American Assets Trust Inc (NYSE:AAT): Dividend Is Coming In 4 Days, Should You Buy?

American Assets Trust Inc (NYSE:AAT) will be distributing its dividend of $0.27 per share on the 28 June 2018, and will start trading ex-dividend in 4 days time on the 13 June 2018. … Is this future income stream a compelling catalyst for dividend investors to think about the stock as an investment today? … Let's take a look at American Assets Trust's most recent financial data to examine its dividend characteristics in more detail.

Simply Wall St -

Investing In American Assets Trust Inc (NYSE:AAT): What You Need To Know

American Assets Trust Inc is a US$2.19B mid-cap real estate investment trust (REIT) based in San Diego, United States. … See our latest analysis for American Assets Trust A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent. … Instead of the P/E ratio, P/FFO is used instead, which is very common for REIT stocks.

Simply Wall St -

AAT Company Info

Description

American Assets Trust, Inc. (the “company”) 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 retail, office 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 retail portfolio comprises approximately 3.1 million rentable square feet, and its office portfolio comprises approximately 2.7 million square feet. In addition, the company owns one mixed-use property (including approximately 97,000 rentable square feet of retail space and a 369-room all-suite hotel) and 2,112 multifamily units. In 2011, the company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes.

Details
Name: American Assets Trust, Inc.
AAT
Exchange: NYSE
Founded: 1967
$2,947,147,324
$2,162,302,414
64,503,115
Website: http://www.americanassetstrust.com
Address: American Assets Trust, Inc.
11455 El Camino Real,
Suite 200,
San Diego,
California, 92130,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE AAT Common Stock New York Stock Exchange US USD 13. Jan 2011
Number of employees
Current staff
Staff numbers
189
American Assets Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/18 00:19
End of day share price update: 2019/03/15 00:00
Last estimates confirmation: 2019/03/14
Last earnings filing: 2019/02/15
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.