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Earnings transcript
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AAT
American Assets Trust, Inc.
$18.67
0.32
(1.74%)
| Exchange: | NYSE |
| Market Cap: | 1.146B |
| Shares Outstanding: | 34.53M |
About The Company
| Sector: | Real Estate | |||||
| Industry: | REIT – Diversified | |||||
| CEO: | Adam Wyll | |||||
| Full Time Employees: | 230 | |||||
| Address: |
| |||||
| Website: | https://www.americanassetstrust.com |
American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California. The company has over 50 years of experience in acquiring, improving, developing and managing premier office, retail, and residential properties throughout the United States in some of the nation’s most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Oregon, Washington, Texas and Hawaii. The company’s office portfolio comprises approximately 3.4 million rentable square feet, and its retail portfolio comprises approximately 3.1 million square feet. In addition, the company owns one mixed-use property (including approximately 97,000 rentable square feet of retail space and a 369-room all-suite hotel) and 2,112 multifamily units. In 2011, the company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 441,164 | 457,854 | 436,204 |
| Gross Profit | 277,207 | 290,127 | 266,609 |
| EBITDA | 249,937 | 273,692 | 277,572 |
| Operating Income | 121,747 | 129,199 | 145,932 |
| Net Income | 64,690 | 72,818 | 71,370 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 2,984,681 | 3,273,365 | 2,921,276 |
| Total Liabilities | 1,831,006 | 2,149,044 | 1,830,071 |
| Total Stockholders Equity | 1,197,858 | 1,175,901 | 1,091,205 |
| Total Debt | 1,712,881 | 2,031,153 | 1,687,610 |
| Cash and Cash Equivalents | 82,888 | 425,659 | 129,362 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 188,751 | 207,106 | 167,115 |
| Capital Expenditure | -82,980 | -70,205 | -72,255 |
| Free Cash Flow | 105,771 | 136,901 | 94,860 |
| Net Income | 64,690 | 72,819 | 56,500 |
| Net Change in Cash | 33,317 | 342,771 | -296,297 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 457,019.957 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 457,019.958 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 457,019.958 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 323,687.507 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 323,687.508 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 323,687.508 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 36,469.044 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 37,502.685 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 36,833.543 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 36,678.715 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 36,678.715 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 36,678.715 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 0.480 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 0.490 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 0.480 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 1 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Solid Financial Performance: American Assets Trust Inc. reported strong Funds From Operations (FFO) per diluted share in the Q2 2025 earnings call, indicating robust operational efficiency and profitability in its real estate portfolio. Key financial results exceeded expectations, reflecting effective management and leasing strategies.
- Portfolio Diversification: The company's revenue product and geographic segments demonstrate a balanced mix across property types and regions, mitigating risks associated with market-specific downturns and enhancing revenue stability.
- Strong Liquidity Position: Balance sheet data highlights a healthy level of cash and cash equivalents alongside a manageable current ratio (TTM), providing financial flexibility to fund operations and strategic initiatives without immediate liquidity concerns.
- Operational Excellence: The Q2 2025 earnings call emphasized a focus on driving occupancy and enhancing tenant experience, supported by strategic leasing initiatives, which positions AAT as a competitive player in its industry.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates AAT intrinsic value between $26.33 – $35.07 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about AAT valuation
Is American Assets Trust, Inc. (AAT) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for American Assets Trust, Inc. (AAT) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is AAT a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether AAT trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is AAT’s P/E ratio?
You can see AAT’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for AAT?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is AAT a good long-term investment?
Whether AAT fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
AAT
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Daily snapshot
1.74
Trading Metrics:
| Open: | 18.17 | Previous Close: | 18.35 | |
| Day Low: | 18.17 | Day High: | 18.73 | |
| Year Low: | 16.69 | Year High: | 21.4 | |
| Price Avg 50: | Price Avg 200: | |||
| Volume: | Average Volume: |
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