American Assets Trust
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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
1 Year Returns
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.
AAT Value
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for American Assets Trust.
| 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.
| 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.
| 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 | ||
| 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 |
| 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 |
| 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
Current Discount Checks
- 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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess American Assets Trust's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) 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
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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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%).
Future performance checks
We assess American Assets Trust's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
All data from American Assets Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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).
Past performance checks
We assess American Assets Trust's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from American Assets Trust Company Filings, last reported 2 months ago.
| 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).
Financial health checks
We assess American Assets Trust's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) American Assets Trust has a total score of 1/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
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
- 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.
| 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.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2020-12-31 | 1.23 | 4.00 |
| 2019-12-31 | 1.15 | 4.00 |
| 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.
Income/ dividend checks
We assess American Assets Trust's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- 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
Chairman
$2M
81
3.5 yrs
Robert Barton
Executive VP & CFO
$1M
61
8.2 yrs
Adam Wyll
Senior VP
$941K
43
8.2 yrs
Jerry Gammieri
Vice President of Construction & Development
$620K
53
8.2 yrs
Jim Durfey
Vice President of Office Properties
68
8.2 yrs
Chris Sullivan
Vice President of Retail Properties
56
8.2 yrs
Wade Lange
VP & Regional Manager of Portland
5.2 yrs
Valerie Gannaway
Vice President of Real Estate Operations
2.2 yrs
Steve Center
Vice President of Office Properties
1.3 yrs
Abigail Rex
Director of Multifamily
Board of Directors Tenure
Average tenure and age of the American Assets Trust board of directors in years:
- The tenure for the American Assets Trust board of directors is about average.
Board of Directors
Ernest Rady
Chairman
$2M
81
8.2 yrs
Duane Nelles
Director
$116K
74
8.2 yrs
Robert Sullivan
Director
$112K
74
8.2 yrs
Larry Finger
Director
$120K
65
8.2 yrs
Tom Olinger
Director
$103K
51
8.2 yrs
Who owns this company?
Recent Insider Trading
- More shares have been bought than sold by American Assets Trust insiders in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | 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 | ||
Management checks
We assess American Assets Trust's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleDoes 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 - – Full articleHow 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 - – Full articleWith 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 - – Full articleDoes 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 - – Full articleAre 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 - – Full articleIs 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 - – Full articleIs 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 - – Full articleAmerican 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 - – Full articleInvesting 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 - – Full articleAAT 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
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.
