American Assets Trust, Inc. (AAT) AI Stock Analysis

American Assets Trust, Inc., headquartered in San Diego, California, is a fully integrated real estate investment trust. It acquires, enhances, develops, and manages prime office, retail, and residential properties across vibrant, high-barrier-to-entry markets primarily in Southern California, Northern California, Oregon, Washington, Texas, and Hawaii. The company's portfolio features approximately 3.4 million square feet of rentable office space and approximately 3.1 million square feet of retail space. Additionally, it owns a mixed-use property with 97,000 square feet of retail space and a 369-room all-suite hotel, alongside 2,112 multifamily residential units.

Revenue increased from $375.8M in FY2021 to $422.6M in FY2022, reaching $441.2M in FY2023 and $457.9M in FY2024, before declining 4.7% to $436.2M in FY2025. Across the 5-year period from FY2020 to FY2025, revenue grew at a CAGR of 4.8%. Net income rose from $36.6M in FY2021 to $72.8M in FY2024, followed by $71.4M in FY2025 with an operating margin of 33.5% and EPS of $0.91. For the trailing twelve months, revenue was $435.4M and EPS was $0.29. In the quarter ended June 30, 2026, revenue increased 1.4% year-over-year while quarterly earnings fell 5.4%.

As of June 30, 2026, American Assets Trust held $109.7M in cash and short-term investments against $1.72B in total debt, resulting in net debt of $1.61B. Shareholders' equity was $1.12B against total assets of $2.89B, with a debt-to-equity ratio of 1.53 and a current ratio of 111.45. FY2025 operating cash flow reached $167.1M and free cash flow was $94.9M. During FY2025, capital allocation included $72.3M for capital expenditures, $105.3M in dividends paid, and $2.4M in share buybacks.

At the closing price of $21.28 on October 16, 2026, American Assets Trust carried a market capitalization of $1.65B and an enterprise value of $2.92B. The stock trades at a trailing P/E of 73.4x and a forward P/E of 60.6x, above the median of its US-listed Real Estate peers at 21.6x and 23.5x. Its EV/EBITDA of 12.5x sits below the peer median of 14.7x, while its price-to-sales of 3.8x compares to the peer median of 3.7x. Over the past year, AAT gained 16.1% compared to 16.8% for the S&P 500, but fell 28.6% over five years against an 83.0% gain for the index.

American Assets Trust pays a quarterly dividend with an annualized forward rate of $1.36 per share, providing a 6.39% dividend yield. The company has paid dividends for 16 consecutive years, generating a 5-year annualized dividend growth rate of 6.3%. The payout ratio stands at 1.9%, and the most recent ex-dividend date occurred on September 3, 2026.

Wall Street analysts cover the stock with 0 Strong Buy, 0 Buy, 2 Hold, 0 Sell, and 1 Strong Sell ratings. The mean price target is $23.50, representing 10.4% upside compared to the last close of $21.28. Consensus forecasts for the fiscal year ending December 31, 2026, project EPS of $0.39, reflecting a 57.6% drop, on revenue of $446.7M. FY2027 estimates project EPS of $0.37 on revenue of $460.2M. The company beat EPS estimates in 0 of the past 4 quarters, with next earnings scheduled for October 27, 2026.

This page is an AI-written research summary of American Assets Trust, Inc. (AAT). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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