(AAT) American Assets Trust - Overview
Sector: Real Estate | Industry: REIT - Diversified | Exchange: NYSE (USA) | Market Cap: 1.807m USD | Total Return: 23.4% in 12m
Avg Turnover: 7.16M
EPS Trend: -22.9%
Qual. Beats: 0
Rev. Trend: 17.0%
Qual. Beats: 0
Warnings
P/E ratio 77.7
High Debt/EBITDA (6.9) with thin interest coverage (1.3)
Altman Z'' -0.12 < 1.0 - financial distress zone
Tailwinds
Supp Ema20, Idiosyncratic Leader
American Assets Trust, Inc. (AAT) is a vertically integrated real estate investment trust (REIT) focused on the acquisition, development, and management of high-tier office, retail, and residential properties. Headquartered in San Diego, the firm concentrates its portfolio in high-barrier-to-entry coastal markets, including California, Washington, Oregon, Hawaii, and Texas. The company operates as a successor to a private real estate business founded in 1967, leveraging over five decades of regional market expertise.
The company utilizes a diversified REIT model, which allows for risk mitigation by spreading capital across multiple asset classes rather than relying on a single sector. This structure is particularly effective in supply-constrained geographic areas where land scarcity and regulatory hurdles limit new competition. AAT’s holdings include over 6.7 million square feet of combined office and retail space, alongside more than 2,300 multifamily residential units and a large-scale hotel property.
Investors may find additional valuation metrics and historical performance data on ValueRay to assist in a deeper analysis. As a self-administered REIT, the company manages its internal operations directly, which typically aligns management interests with shareholders by reducing external advisory fees.
- Concentration in high-barrier West Coast markets increases exposure to regional economic cycles
- Rising interest rates inflate debt service costs and pressure property valuations
- Office occupancy rates in San Diego and San Francisco dictate core revenue stability
- Retail tenant performance across coastal portfolios impacts base rent and recovery income
- Mixed-use and multifamily diversification provides hedge against volatile commercial office demand cycles
| Net Income: 22.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA -0.63 > 1.0 |
| NWC/Revenue: 23.34% < 20% (prev 31.83%; Δ -8.48% < -1%) |
| CFO/TA 0.06 > 3% & CFO 168.8m > Net Income 22.4m |
| Net Debt (1.61b) to EBITDA (232.5m): 6.91 < 3 |
| Current Ratio: 1.95 > 1.5 & < 3 |
| Outstanding Shares: last quarter (76.9m) vs 12m ago 0.21% < -2% |
| Gross Margin: 60.76% > 18% (prev 0.63%; Δ 6.01k% > 0.5%) |
| Asset Turnover: 14.93% > 50% (prev 15.36%; Δ -0.42% > 0%) |
| Interest Coverage Ratio: 1.31 > 6 (EBITDA TTM 232.5m / Interest Expense TTM 79.0m) |
| A: 0.04 (Total Current Assets 209.4m - Total Current Liabilities 107.1m) / Total Assets 2.90b |
| B: -0.12 (Retained Earnings -346.6m / Total Assets 2.90b) |
| C: 0.04 (EBIT TTM 103.4m / Avg Total Assets 2.93b) |
| D: -0.19 (Book Value of Equity -345.0m / Total Liabilities 1.83b) |
| Altman-Z'' = -0.12 = B |
| DSRI: 1.00 (Receivables 91.1m/94.3m, Revenue 438.2m/455.8m) |
| GMI: 1.04 (GM 60.76% / 63.15%) |
| AQI: 1.01 (AQ_t 0.92 / AQ_t-1 0.91) |
| SGI: 0.96 (Revenue 438.2m / 455.8m) |
| TATA: -0.05 (NI 22.4m - CFO 168.8m) / TA 2.90b) |
| Beneish M = -3.06 (Cap -4..+1) = AA |
As of June 01, 2026, the stock is trading at USD 23.30 with a total of 293,873 shares traded.
Over the past week, the price has changed by +5.19%,
over one month by +12.34%,
over three months by +20.57% and
over the past year by +23.43%.
American Assets Trust has received a consensus analysts rating of 3.00. Therefore, it is recommended to hold AAT.
- StrongBuy: 0
- Buy: 0
- Hold: 3
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 20.5 | -12% |
P/E Trailing = 77.6667
P/E Forward = 60.6061
P/S = 4.0286
P/B = 1.2094
P/EG = 9.343
Revenue TTM = 438.2m USD
EBIT TTM = 103.4m USD
EBITDA TTM = 232.5m USD
Long Term Debt = 1.69b USD (from longTermDebt, last quarter)
Short Term Debt = 2.69m USD (from shortTermDebt, last quarter)
Debt = 1.72b USD (from shortLongTermDebtTotal, last quarter) + Leases 18.0m
Net Debt = 1.61b USD (calculated: Debt 1.72b - CCE 118.3m)
Enterprise Value = 3.41b USD (1.81b + Debt 1.72b - CCE 118.3m)
Interest Coverage Ratio = 1.31 (Ebit TTM 103.4m / Interest Expense TTM 79.0m)
EV/FCF = 36.86x (Enterprise Value 3.41b / FCF TTM 92.6m)
FCF Yield = 2.71% (FCF TTM 92.6m / Enterprise Value 3.41b)
FCF Margin = 21.13% (FCF TTM 92.6m / Revenue TTM 438.2m)
Net Margin = 5.11% (Net Income TTM 22.4m / Revenue TTM 438.2m)
Gross Margin = 60.76% ((Revenue TTM 438.2m - Cost of Revenue TTM 172.0m) / Revenue TTM)
Gross Margin QoQ = 60.52% (prev 59.42%)
Tobins Q-Ratio = 1.18 (Enterprise Value 3.41b / Total Assets 2.90b)
Interest Expense / Debt = 4.58% (Interest Expense 79.0m / Debt 1.72b)
Taxrate = 1.97% (101k / 5.13m)
NOPAT = 101.4m (EBIT 103.4m * (1 - 1.97%))
Current Ratio = 1.95 (Total Current Assets 209.4m / Total Current Liabilities 107.1m)
Debt / Equity = 1.52 (Debt 1.72b / totalStockholderEquity, last quarter 1.14b)
Debt / EBITDA = 6.91 (Net Debt 1.61b / EBITDA 232.5m)
Debt / FCF = 17.34 (Net Debt 1.61b / FCF TTM 92.6m)
Total Stockholder Equity = 1.16b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.76% (Net Income 22.4m / Total Assets 2.90b)
RoE = 1.49% (Net Income TTM 22.4m / Total Stockholder Equity 1.51b)
RoCE = 3.24% (EBIT 103.4m / Capital Employed (Equity 1.51b + L.T.Debt 1.69b))
RoIC = 3.63% (NOPAT 101.4m / Invested Capital 2.80b)
WACC = 6.22% (E(1.81b)/V(3.53b) * Re(7.86%) + D(1.72b)/V(3.53b) * Rd(4.58%) * (1-Tc(0.02)))
Discount Rate = 7.86% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 68.31 | Cagr: 0.58%
[DCF] Terminal Value 73.10% ; FCFF base≈101.0m ; Y1≈88.5m ; Y5≈71.5m
[DCF] Fair Price = N/A (negative equity: EV 1.15b - Net Debt 1.61b = -457.8m; debt exceeds intrinsic value)
EPS Correlation: -22.89 | EPS CAGR: -9.10% | SUE: -0.13 | # QB: 0
Revenue Correlation: 17.00 | Revenue CAGR: 0.38% | SUE: 0.19 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.12 | Chg30d=+9.09% | Revisions=N/A | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.11 | Chg30d=+0.00% | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=0.46 | Chg30d=+6.98% | Revisions=-20% | GrowthEPS=-50.0% | GrowthRev=+3.0%
EPS next Year (2027-12-31): EPS=0.45 | Chg30d=+9.76% | Revisions=N/A | GrowthEPS=-2.2% | GrowthRev=+2.1%