# American Assets Trust, Inc. (AAT)

> Source: Nexqual · https://nexqual.com/AAT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, American Assets Trust, Inc. (AAT), nexqual.com/AAT" · informational, not investment advice.

**Price:** USD 21.29 (+4.01% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 20.47 · day 20.47–21.31 · 52w 17.72–25.97 · market cap $1.65B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $440M, net income $21.2M (4.8% margin), free cash flow $88.7M (SEC filings).
- Valuation: P/E 78.0x (avg 24.9x at the last 3 fiscal year-ends).
- Insider open-market purchases, last ~7 months: 17 Form 4 filings, $31.3M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.33 on a 1–5 scale) (3 analysts), mean target USD 23.5 (range 23–24).
- Total return with dividends: 1Y +14.0% vs S&P 500 +14.9%; 5Y -28.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.09, revenue estimate $112M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $376M | $423M | $441M | $458M | $436M | $440M |
| Gross profit | $246M | $270M | $277M | $290M | $267M | — |
| Operating income | $99.9M | $115M | $122M | $129M | $146M | $100M |
| Net income | $36.6M | $55.9M | $64.7M | $72.8M | $71.4M | $21.2M |
| EPS (diluted) | $0.47 | $0.72 | $0.84 | $0.94 | $0.92 | — |
| Free cash flow | $63.7M | $65.3M | $106M | $137M | $94.9M | $88.7M |
| Gross margin | 65.5% | 63.9% | 62.8% | 63.4% | 61.1% | — |
| Operating margin | 26.6% | 27.1% | 27.6% | 28.2% | 33.5% | 22.8% |
| Net margin | 9.7% | 13.2% | 14.7% | 15.9% | 16.4% | 4.8% |
| Revenue growth | +9.1% | +12.5% | +4.4% | +3.8% | -4.7% | — |
| Cash + short-term investments | $140M | $49.6M | $82.9M | $426M | $129M | — |
| Total debt | $1.66B | $1.63B | $1.70B | $2.02B | $1.70B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 78.0x · P/S 3.8x · P/FCF 18.6x · P/B 1.5x · FCF yield 5.37% · Earnings yield 1.28% · Dividend yield (paid, TTM) 6.38%
P/E at fiscal year-ends: Dec 2025 20.4x, Dec 2024 27.6x, Dec 2023 26.6x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
17 purchases, $31.3M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-14 | Rady Ernest S | Executive Chairman | 50,000 | $1.1M | 21.65 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-31…2026-09-02 | Rady Ernest S | Executive Chairman | 166,636 | $3.7M | 22.45 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-27…2026-08-28 | Rady Ernest S | Executive Chairman | 100,000 | $2.3M | 22.54 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-24…2026-08-26 | Rady Ernest S | Executive Chairman | 79,729 | $1.8M | 22.83 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-21 | Rady Ernest S | Executive Chairman | 50,000 | $1.1M | 22.75 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-17…2026-08-19 | Rady Ernest S | Executive Chairman | 63,586 | $1.4M | 22.59 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-13…2026-08-14 | Rady Ernest S | Executive Chairman | 150,000 | $3.4M | 22.84 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-10…2026-08-11 | Rady Ernest S | Executive Chairman | 193,243 | $4.3M | 22.49 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-05…2026-08-07 | Rady Ernest S | Executive Chairman | 35,763 | $817K | 22.84 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-06-15 | Rady Ernest S | Executive Chairman | 10,000 | $242K | 24.21 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-06-10…2026-06-12 | Rady Ernest S | Executive Chairman | 30,000 | $739K | 24.63 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-06-01 | Rady Ernest S | Executive Chairman | 10,000 | $234K | 23.4 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-27…2026-05-29 | Rady Ernest S | Executive Chairman | 106,337 | $2.4M | 22.72 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-22 | Rady Ernest S | Executive Chairman | 10,000 | $227K | 22.67 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-19…2026-05-21 | Rady Ernest S | Executive Chairman | 78,855 | $1.7M | 21.56 | Too little history (no open-market trades in 2024 or 2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.33 on a 1–5 scale), 3 analysts; mean target USD 23.5 (low 23, high 24).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-22 | Morgan Stanley | Target raised | Underweight | $18 → $24 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +14.0% | -28.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +14.1% | -6.3% |
| Volatility (annualized) | 22.6% | 28.3% |
| Max drawdown | -19.6% (Jul 2026→Oct 2026) | -54.5% (Nov 2021→Mar 2023) |

## Peers (REIT - Diversified)
GNL (Global Net Lease, Inc.) USD 7.28 +2.25% · ESRT (Empire State Realty Trust, Inc.) USD 4.93 +5.57% · JBGS (JBG SMITH Properties) USD 11.39 +6.35% · SAFE (Safehold Inc. New) USD 11.33 +6.29% · CTO (CTO Realty Growth, Inc.) USD 20.25 +3.42% · BNL (Broadstone Net Lease, Inc.) USD 17.55 +1.86%

## More
Full page: https://nexqual.com/AAT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Office | $50.7M | 490.4% | -0.2% | $35.5M | 69.9% |
| Retail | $23.5M | 227.4% | +2.2% | $17.1M | 72.9% |
| Multifamily | $17.7M | 171.3% | +1.7% | $9.6M | 54.2% |
| Mixed-use | $17.5M | 169.3% | +5.0% | $5.7M | 32.6% |
| Total revenue | $10.3M | 100% | — | $26.3M | 254.2% |
The lines above cover 1058.4% of total revenue.

## Customer concentration

Period ended 2026-06-30: 21.3% of revenue from unnamed direct customers (10-Q, filed 2026-07-31).

## Company outlook (8-K filed 2026-07-28)

- "The company affirms its guidance range for full year 2026 FFO per diluted share of $1.96 to $2.10 per share, with a midpoint of $2.03."
- "The company's guidance excludes any impact from future acquisitions, dispositions, equity issuances or repurchases, debt financing or repayments."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.09 | $0.11 | -18.2% | $111.9M | 1 |
| Next quarter (ends 2026-12-31) | $0.09 | $0.12 | -25.0% | $114.8M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.35 | $0.46 | -23.9% | $442.6M | 1 |
| Next fiscal year (ends 2027-12-31) | $0.37 | $0.45 | -17.8% | $459.3M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2026-10-27): ±10.2%; last 8 reports averaged ±3.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 22.5% | ±10.2% |
| 2027-04-16 | 175 | 30.9% | ±19.7% |