American Assets Trust, Inc. (AAT) Balance Sheet
AAT balance sheet, 2025
December 31, 2025 · U.S. dollars$2.92B assets = $1.83B liabilities + $1.09B equity
Both columns are drawn to the same scale: what AAT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AAT financial health
Descriptive bands, not a rating. Fiscal 2025.
AAT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.99B2016 | $2.92B2025 | +4.4%/yr | |
| Total liabilities | $1.15B2016 | $1.83B2025 | +5.3%/yr | |
| Shareholders’ equity | $809.6M2016 | $1.15B2025 | +4.0%/yr | |
| Cash & short-term investments | $44.8M2016 | $129.4M2025 | +12.5%/yr | |
| Total debt | $1.06B2016 | $1.71B2025 | +5.4%/yr | |
| Net cash (debt) | −$1.02B2016 | −$1.58B2025 | −$560.3M | |
| Working capital | $5.6M2016 | $112.7M2025 | +$107.1M | |
| Book value per share | $12.802016 | $15.002025 | +1.8%/yr | |
| Current ratio | 1.102016 | 2.042025 | +0.94 | |
| Debt / equity | 1.312016 | 1.482025 | +0.17 | |
| Shares outstanding | 63.2M2016 | 76.7M2025 | +2.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AAT assets
AAT liabilities and equity
AAT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AAT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $129.4M | $425.7M | $82.9M | $49.6M | $139.5M | $137.3M | $99.3M | $48.0M | $82.6M | $44.8M |
| Cash & equivalents | $129.4M | $425.7M | $82.9M | $49.6M | $139.5M | $137.3M | $99.3M | $48.0M | $82.6M | $44.8M |
| Short-term investments | — | — | $8.0M | $10.0M | — | — | $434,000 | $6.0M | $9.3M | $16.4M |
| Receivables | $92.0M | $95.0M | $96.8M | $95.0M | $90.2M | $79.4M | $12.0M | $49.1M | $9.9M | $47.8M |
| Inventory | $0 | $0 | −$8.0M | −$10.0M | −$9.1M | $1 | −$434,000 | −$6.0M | −$5.1M | −$16.4M |
| Other current assets | $0 | $77.5M | $18.4M | $10.0M | $9.1M | $10.4M | $10.6M | $0 | $14.4M | $0 |
| Total current assets | $221.4M | $598.1M | $190.2M | $144.6M | $229.7M | $227.2M | $121.5M | $66.6M | $101.8M | $64.1M |
| Property, plant & equipment (net) | $17.2M | $19.0M | $21.5M | $23.9M | $26.3M | $29.4M | $4.9M | $2.04B | $2.08B | $1.83B |
| Goodwill & intangible assets | $11.7M | $15.6M | $57.2M | $64.2M | $70.3M | $28.9M | $76.8M | $38.6M | $30.4M | $30.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $2.67B | $2.64B | $2.72B | $2.76B | $2.69B | $2.53B | $2.59B | $53.2M | $50.9M | $61.0M |
| Total assets | $2.92B | $3.27B | $2.98B | $2.99B | $3.02B | $2.82B | $2.79B | $2.20B | $2.26B | $1.99B |
| Liabilities | ||||||||||
| Accounts payable | $71.1M | $63.7M | $61.3M | $66.0M | $64.5M | $59.3M | $62.6M | $46.6M | $38.1M | $32.4M |
| Short-term debt | $0 | $325.0M | $100.0M | $34.1M | $1.65B | $99.2M | $51.0M | $62.3M | $12.9M | $167.1M |
| Deferred revenue | $27.6M | $25.1M | $27.9M | $30.7M | $30.6M | $32.6M | $33.9M | $19.0M | $12.9M | $10.7M |
| Total current liabilities | $108.7M | $101.0M | $98.1M | $108.7M | $72.4M | $197.6M | $70.9M | $117.8M | $44.6M | $58.5M |
| Long-term debt | $1.69B | $2.01B | $1.69B | $1.65B | $1.65B | $1.31B | $1.36B | $1.23B | $1.33B | $1.04B |
| Lease obligations | $18.8M | $20.6M | $23.3M | $25.7M | $27.9M | $30.1M | $5.4M | — | — | — |
| Other long-term liabilities | $33.8M | $37.5M | $43.3M | $45.5M | $86.2M | $58.7M | $68.1M | $49.5M | $46.1M | $48.3M |
| Total liabilities | $1.83B | $2.15B | $1.83B | $1.80B | $1.81B | $1.56B | $1.50B | $1.40B | $1.42B | $1.15B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $614,000 | $611,000 | $609,000 | $607,000 | $605,000 | $605,000 | $601,000 | $474,000 | $919.5M | $875.1M |
| Retained earnings (deficit) | −$331.1M | −$304.3M | −$280.2M | −$251.2M | −$217.8M | −$176.6M | −$144.4M | −$128.8M | −$97.3M | −$77.3M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $1.4M | $4.8M | $8.3M | $10.6M | $2.9M | $1.8M | $5.7M | $10.6M | $11.5M | $11.8M |
| Minority interest | −$59.6M | −$51.6M | −$44.2M | −$35.7M | −$28.8M | −$18.0M | −$20.2M | −$506,000 | $10.4M | $29.0M |
| Total shareholders' equity | $1.15B | $1.18B | $1.15B | $1.19B | $1.21B | $1.27B | $1.29B | $803.0M | $844.1M | $809.6M |
| Key figures | ||||||||||
| Total debt | $1.71B | $2.03B | $1.71B | $1.68B | $1.65B | $1.44B | $1.41B | $1.29B | $1.34B | $1.06B |
| Net cash (debt) | −$1.58B | −$1.61B | −$1.63B | −$1.63B | −$1.51B | −$1.30B | −$1.31B | −$1.24B | −$1.26B | −$1.02B |
| Working capital | $112.7M | $497.1M | $92.1M | $35.9M | $157.3M | $29.6M | $50.6M | −$51.2M | $57.2M | $5.6M |
| Tangible book value | $1.14B | $1.16B | $1.10B | $1.12B | $1.14B | $1.24B | $1.22B | $764.4M | $813.7M | $779.3M |
| Book value per share | $15.00 | $15.37 | $15.11 | $15.55 | $15.89 | $16.70 | $23.91 | $12.52 | $13.17 | $12.80 |
| Shares outstanding | 76.7M | 76.5M | 76.3M | 76.2M | 76.2M | 76.1M | 54.1M | 64.1M | 64.1M | 63.2M |
| Current ratio | 2.04 | 5.92 | 1.94 | 1.33 | 3.17 | 1.15 | 1.71 | 0.57 | 2.28 | 1.10 |
| Quick ratio | 2.04 | 5.15 | 1.83 | 1.33 | 3.17 | 1.10 | 1.57 | 0.82 | 2.07 | 1.58 |
| Debt / equity | 1.48 | 1.73 | 1.48 | 1.42 | 1.36 | 1.13 | 1.09 | 1.61 | 1.58 | 1.31 |
| Equity / assets | 39.4% | 35.9% | 38.7% | 39.7% | 40.1% | 45.1% | 46.4% | 36.5% | 37.4% | 40.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $109.7M | $118.3M | $129.4M | $138.7M | $143.7M | $143.9M | $425.7M | $533.0M | $114.9M | $98.6M | $82.9M | $90.0M |
| Cash & equivalents | $109.7M | $118.3M | $129.4M | $138.7M | $143.7M | $143.9M | $425.7M | $533.0M | $114.9M | $98.6M | $82.9M | $90.0M |
| Short-term investments | — | — | — | — | — | — | — | — | $8.5M | $9.4M | $8.0M | $12.6M |
| Receivables | $90.0M | $91.1M | $92.0M | $93.6M | $92.8M | $94.3M | $95.0M | $98.6M | $97.7M | $98.5M | $96.8M | $96.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$8.5M | −$9.4M | −$8.0M | −$12.6M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $77.5M | $0 | $8.5M | $19.7M | $18.4M | $12.6M |
| Total current assets | $199.7M | $209.4M | $221.4M | $232.4M | $236.6M | $238.2M | $598.1M | $631.6M | $212.5M | $207.3M | $190.2M | $186.9M |
| Property, plant & equipment (net) | $2.61B | $16.5M | $17.2M | $17.9M | $17.7M | $18.4M | $19.0M | $19.6M | $20.3M | $20.9M | $21.5M | $22.1M |
| Goodwill & intangible assets | $48.9M | $10.8M | $11.7M | $12.6M | $14.1M | $15.6M | $15.6M | $16.8M | $18.0M | $19.2M | $57.2M | $59.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $32.6M | $2.66B | $2.67B | $2.68B | $2.69B | $2.70B | $2.64B | $2.73B | $2.74B | $2.74B | $2.72B | $2.74B |
| Total assets | $2.89B | $2.90B | $2.92B | $2.94B | $2.96B | $2.97B | $3.27B | $3.40B | $2.99B | $2.99B | $2.98B | $3.01B |
| Liabilities | ||||||||||||
| Accounts payable | $81.2M | $68.9M | $71.1M | $69.6M | $66.6M | $57.8M | $63.7M | $74.1M | $70.2M | $65.3M | $61.3M | $71.0M |
| Short-term debt | $1.8M | $2.7M | $0 | $0 | $0 | $2.7M | $325.0M | $425.0M | $525.0M | — | $100.0M | $28.6M |
| Deferred revenue | $21.1M | $27.7M | $27.6M | $26.9M | $24.4M | $26.5M | $25.1M | $26.2M | $36.5M | $26.5M | $27.9M | $28.6M |
| Total current liabilities | $1.8M | $107.1M | $108.7M | $105.8M | $100.2M | $93.1M | $101.0M | $109.4M | $115.7M | $100.6M | $98.1M | $79.9M |
| Long-term debt | $1.69B | $1.69B | $1.69B | $1.69B | $1.69B | $1.69B | $2.01B | $2.11B | $1.69B | $1.69B | $1.69B | $1.69B |
| Lease obligations | $17.3M | $18.0M | $18.8M | $19.5M | $19.3M | $20.0M | $20.6M | $21.3M | $22.0M | $22.6M | $23.3M | $23.9M |
| Other long-term liabilities | $148.7M | $32.6M | $33.8M | $34.8M | $35.0M | $36.2M | $37.5M | $39.4M | $40.6M | $41.9M | $43.3M | $73.2M |
| Total liabilities | $1.84B | $1.83B | $1.83B | $1.83B | $1.82B | $1.82B | $2.15B | $2.26B | $1.85B | $1.83B | $1.83B | $1.84B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $614,000 | $614,000 | $614,000 | $612,000 | $612,000 | $611,000 | $611,000 | $609,000 | $609,000 | $609,000 | $609,000 | $607,000 |
| Retained earnings (deficit) | −$362.1M | −$346.6M | −$331.1M | −$313.6M | −$297.5M | −$282.4M | −$304.3M | −$293.0M | −$289.5M | −$281.2M | −$280.2M | −$270.8M |
| Accumulated other comprehensive income | $424,000 | $998,000 | $1.4M | $2.1M | $2.8M | $3.6M | $4.8M | $4.5M | $8.6M | $9.3M | $8.3M | $12.1M |
| Minority interest | −$68.1M | −$63.9M | −$59.6M | −$54.8M | −$50.3M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.12B | $1.14B | $1.15B | $1.17B | $1.18B | $1.20B | $1.18B | $1.19B | $1.19B | $1.20B | $1.20B | $1.21B |
| Key figures | ||||||||||||
| Total debt | $1.72B | $1.71B | $1.71B | $1.71B | $1.71B | $1.71B | $2.03B | $2.13B | $1.71B | $1.71B | $1.71B | $1.72B |
| Net cash (debt) | −$1.61B | −$1.59B | −$1.58B | −$1.57B | −$1.56B | −$1.56B | −$1.61B | −$1.60B | −$1.60B | −$1.61B | −$1.63B | −$1.63B |
| Working capital | $197.9M | $102.3M | $112.7M | $126.6M | $136.4M | $145.1M | $497.1M | $522.2M | $96.9M | $106.7M | $92.1M | $106.9M |
| Tangible book value | $1.07B | $1.13B | $1.14B | $1.16B | $1.17B | $1.18B | $1.16B | $1.17B | $1.17B | $1.18B | $1.14B | $1.15B |
| Book value per share | $14.60 | $14.78 | $14.99 | $15.24 | $15.43 | $15.62 | $15.36 | $19.67 | $19.77 | $15.68 | $15.68 | $15.84 |
| Shares outstanding | 76.9M | 76.9M | 76.8M | 76.7M | 76.7M | 76.7M | 76.6M | 60.3M | 60.3M | 76.5M | 76.4M | 76.3M |
| Current ratio | 111.45 | 1.95 | 2.04 | 2.20 | 2.36 | 2.56 | 5.92 | 5.78 | 1.84 | 2.06 | 1.94 | 2.34 |
| Quick ratio | 111.45 | 1.95 | 2.04 | 2.20 | 2.36 | 2.56 | 5.15 | 5.78 | 1.84 | 1.96 | 1.83 | 2.34 |
| Debt / equity | 1.53 | 1.50 | 1.48 | 1.46 | 1.44 | 1.42 | 1.73 | 1.80 | 1.44 | 1.43 | 1.43 | 1.42 |
| Equity / assets | 38.8% | 39.2% | 39.4% | 39.7% | 40.1% | 40.4% | 35.9% | 34.9% | 39.8% | 40.1% | 40.1% | 40.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 6, 2026); data from EODHD.
AAT financial position
At the end of fiscal 2025 (December 31, 2025), American Assets had total assets of $2.9 billion (down 10.8% from a year earlier), total liabilities of $1.8 billion and shareholders' equity of $1.2 billion. It held $129.4 million in cash and short-term investments against $1.7 billion of debt, net debt of $1.6 billion. Its current ratio was 2.04. In the latest quarter (ended June 30, 2026) total assets were $2.9 billion and equity $1.1 billion.
Related: AAT income statement, AAT cash flow statement, AAT key metrics. See the AAT stock overview for the latest quote and news.
AAT balance sheet FAQ
What are American Assets's total assets?
American Assets reported total assets of $2.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.3 billion a year earlier.
How much debt does American Assets have?
American Assets had $1.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.48.
How much cash does American Assets have?
American Assets held $129.4 million in cash and short-term investments at the end of fiscal 2025; with $1.7 billion of debt that is net debt of $1.6 billion.
What is American Assets's book value?
American Assets's shareholders' equity (book value) was $1.2 billion at the end of fiscal 2025, or $15.00 per share.
What is American Assets's current ratio?
American Assets had current assets of $221.4 million and current liabilities of $108.7 million, a current ratio of 2.04 (it can cover its short-term obligations).
How much goodwill does American Assets have?
American Assets carried $11.7 million of goodwill and intangible assets, 0.4% of total assets, at the end of fiscal 2025.