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Stocks · Real estate · Real Estate Investment Trusts

American Assets Trust, Inc.

AAT Clue Score59
United States Fiscal year ends December CIK 0001500217
$21.52 -0.42% Close, 9 Oct 2026
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Price $21.52 −44.82% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 11 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue39.4Operating income97.9Net income32.6EPS, diluted0.72Fiscal year 2017Revenue39.5 +0.4%Operating income93.6Net income29.1 −10.8%EPS, diluted0.62 −13.9%Fiscal year 2018Revenue40.0 +1.3%Operating income79.5Net income19.7 −32.3%EPS, diluted0.42 −32.3%Fiscal year 2019Revenue40.3 +0.6%Operating income113.7Net income45.7 +132.2%EPS, diluted0.84 +100.0%Fiscal year 2020Revenue17.2 −57.3%Operating income88.6Net income27.7 −39.5%EPS, diluted0.46 −45.2%Fiscal year 2021Revenue24.9 +44.9%Operating income99.9Net income36.6 +32.3%EPS, diluted0.47 +2.2%Fiscal year 2022Revenue38.1 +52.9%Operating income114.7Net income55.9 +52.7%EPS, diluted0.72 +53.2%Fiscal year 2023Revenue42.9 +12.5%Operating income121.7Net income64.7 +15.8%EPS, diluted0.84 +16.7%Fiscal year 2024Revenue43.0 +0.3%Operating income129.2Net income72.8 +12.6%EPS, diluted0.94 +11.9%Fiscal year 2025Revenue39.9 −7.2%Operating income145.9Net income71.4 −2.0%EPS, diluted0.92 −2.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 39.4 39.5 40.0 40.3 17.2 24.9 38.1 42.9 43.0 39.9
Growth +0.4% +1.3% +0.6% −57.3% +44.9% +52.9% +12.5% +0.3% −7.2%
Operating income 97.9 93.6 79.5 113.7 88.6 99.9 114.7 121.7 129.2 145.9
Net income 32.6 29.1 19.7 45.7 27.7 36.6 55.9 64.7 72.8 71.4
Growth −10.8% −32.3% +132.2% −39.5% +32.3% +52.7% +15.8% +12.6% −2.0%
EPS, diluted 0.72 0.62 0.42 0.84 0.46 0.47 0.72 0.84 0.94 0.92
Growth −13.9% −32.3% +100.0% −45.2% +2.2% +53.2% +16.7% +11.9% −2.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin475.4%Operating margin248.8%Net margin82.8%Fiscal year 2017Gross margin501.5%Operating margin236.8%Net margin73.5%Fiscal year 2018Gross margin522.9%Operating margin198.6%Net margin49.2%Fiscal year 2019Gross margin582.6%Operating margin282.1%Net margin113.5%Fiscal year 2020Gross margin1,298.5%Operating margin514.7%Net margin160.7%Fiscal year 2021Gross margin986.8%Operating margin400.5%Net margin146.8%Fiscal year 2022Gross margin708.9%Operating margin301.0%Net margin146.6%Fiscal year 2023Gross margin646.5%Operating margin283.9%Net margin150.9%Fiscal year 2024Gross margin674.2%Operating margin300.3%Net margin169.2%Fiscal year 2025Gross margin668.0%Operating margin365.6%Net margin178.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 475.4% 501.5% 522.9% 582.6% 1,298.5% 986.8% 708.9% 646.5% 674.2% 668.0%
Operating margin 248.8% 236.8% 198.6% 282.1% 514.7% 400.5% 301.0% 283.9% 300.3% 365.6%
Net margin 82.8% 73.5% 49.2% 113.5% 160.7% 146.8% 146.6% 150.9% 169.2% 178.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow120.7Dividends paid−64.1Fiscal year 2017Operating cash flow145.9Dividends paid−67.5Fiscal year 2018Operating cash flow136.5Dividends paid−70.2Fiscal year 2019Operating cash flow153.8Dividends paid−80.6Fiscal year 2020Operating cash flow127.0Dividends paid−76.5Fiscal year 2021Operating cash flow168.3Dividends paid−88.9Fiscal year 2022Operating cash flow179.1Dividends paid−98.2Fiscal year 2023Operating cash flow188.8Dividends paid−101.6Fiscal year 2024Operating cash flow207.1Dividends paid−103.4Fiscal year 2025Operating cash flow167.1Dividends paid−105.3
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 120.7 145.9 136.5 153.8 127.0 168.3 179.1 188.8 207.1 167.1
Dividends paid −64.1 −67.5 −70.2 −80.6 −76.5 −88.9 −98.2 −101.6 −103.4 −105.3

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash44.8Total debt1,047.0Net cash (debt)−1,002.2Shareholders’ equity809.6Debt to equity1.29Fiscal year 2017Cash82.6Total debt1,329.9Net cash (debt)−1,247.3Shareholders’ equity833.7Debt to equity1.60Fiscal year 2018Cash48.0Total debt1,232.8Net cash (debt)−1,184.8Shareholders’ equity803.0Debt to equity1.54Fiscal year 2019Cash99.3Total debt1,362.0Net cash (debt)−1,262.7Shareholders’ equity1,313.9Debt to equity1.04Fiscal year 2020Cash137.3Total debt1,311.0Net cash (debt)−1,173.7Shareholders’ equity1,271.4Debt to equity1.03Fiscal year 2021Cash139.5Total debt1,661.0Net cash (debt)−1,521.5Shareholders’ equity1,239.0Debt to equity1.34Fiscal year 2022Cash49.6Total debt1,625.0Net cash (debt)−1,575.4Shareholders’ equity1,221.3Debt to equity1.33Fiscal year 2023Cash82.9Total debt1,700.0Net cash (debt)−1,617.1Shareholders’ equity1,197.9Debt to equity1.42Fiscal year 2024Cash425.7Total debt2,025.0Net cash (debt)−1,599.3Shareholders’ equity1,175.9Debt to equity1.72Fiscal year 2025Cash129.4Total debt1,700.0Net cash (debt)−1,570.6Shareholders’ equity1,150.8Debt to equity1.48
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 44.8 82.6 48.0 99.3 137.3 139.5 49.6 82.9 425.7 129.4
Total debt 1,047.0 1,329.9 1,232.8 1,362.0 1,311.0 1,661.0 1,625.0 1,700.0 2,025.0 1,700.0
Net cash (debt) −1,002.2 −1,247.3 −1,184.8 −1,262.7 −1,173.7 −1,521.5 −1,575.4 −1,617.1 −1,599.3 −1,570.6
Shareholders’ equity 809.6 833.7 803.0 1,313.9 1,271.4 1,239.0 1,221.3 1,197.9 1,175.9 1,150.8
Debt to equity 1.29 1.60 1.54 1.04 1.03 1.34 1.33 1.42 1.72 1.48

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
39.4 39.5 40.0 40.3 17.2 24.9 38.1 42.9 43.0 39.9
Growth +0.4% +1.3% +0.6% −57.3% +44.9% +52.9% +12.5% +0.3% −7.2%
187.2 198.3 209.4 234.8 223.5 246.1 270.2 277.2 290.1 266.6
Growth +6.0% +5.6% +12.1% −4.8% +10.1% +9.8% +2.6% +4.7% −8.1%
17.9 21.4 22.8 24.9 26.6 29.9 32.1 36.0 35.5 37.8
97.9 93.6 79.5 113.7 88.6 99.9 114.7 121.7 129.2 145.9
Growth −4.4% −15.1% +42.9% −22.1% +12.7% +14.9% +6.1% +6.1% +13.0%
0.6 0.2 0.3 0.8 −0.0 0.7 0.9 1.0 0.9 0.8
32.6 29.1 19.7 45.7 27.7 36.6 55.9 64.7 72.8 71.4
Growth −10.8% −32.3% +132.2% −39.5% +32.3% +52.7% +15.8% +12.6% −2.0%
Per share
0.72 0.62 0.42 0.84 0.46 0.47 0.72 0.84 0.94 0.92
0.72 0.62 0.42 0.84 0.46 0.47 0.72 0.84 0.94 0.92
Growth −13.9% −32.3% +100.0% −45.2% +2.2% +53.2% +16.7% +11.9% −2.1%
45.3 46.7 47.0 54.1 59.8 60.0 60.0 60.2 60.3 60.6
63.2 64.1 64.1 70.8 76.1 76.2 76.2 76.3 76.5 76.7
Growth +1.4% +0.1% +10.4% +7.5% +0.1% +0.1% +0.1% +0.2% +0.3%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 18.3% a year over five years, and earnings per share grew 14.9% a year.
  • The share count barely moved in five years.
  • Operating margin is down 149.1 points on five years ago, at 365.6%.
  • Profitable in every one of the 10 years on file.