| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 29 | 74.8x | 17.8x | Bottom tier | |
Growth | 15 | -2.9% | 7.1% | Bottom tier | |
Quality | 70 | 3.5% | 4.5% | Top tier | |
Safety | 31 | 7.0x | 2.6x | Bottom tier | |
Capital Return | 63 | 7.97% | 2.12% | Around median | |
Momentum | 64 | 11.0% | 2.9% | Around median | |
Sentiment | 80 | 1 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
American Assets Trust, Inc. is a real estate investment trust listed under the ticker AAT that manages a portfolio of office properties, retail centers, multifamily residential communities, and mixed-use assets in coastal markets including San Diego, San Francisco, Bellevue, Portland, and Waikiki. Its revenue is generated primarily from base property rents, with an operating contribution from Embassy Suites Waikiki and the retail component of Waikiki Beach Walk, and it relies on leasing, rent commencements, and higher occupancy to convert repositioning investments into cash flows.
In Q2 of fiscal year 2026, AAT reported funds from operations of $0.51 per diluted share and net income attributable to common stockholders of $0.09 per diluted share. Portfolio-wide same-store cash net operating income increased 0.3%, or 1.3% excluding a nonrecurring reserve for amounts due from an office tenant, while leased office occupancy was 84.4%, retail was 98%, and multifamily residential was more than 94% excluding the recreational vehicle park.
The latest revenue figures provided by EDGAR show that revenue in Q1 of fiscal year 2026 was $110.6 million, gross profit was $66.9 million, net income was $6.7 million, and earnings per share were $0.08; implying a calculated gross profit margin of approximately 60.5% and a net income margin of approximately 6.1%. In Q2 of fiscal year 2026, same-store net operating income increased 0.4% in office, 0.9% in multifamily residential, and 0.6% in mixed-use assets, while declining 0.4% in retail due to the absence of a nonrecurring tax recovery realized in the comparable quarter.
Automated analysis for informational purposes only — not investment advice.
The available consensus rating for AAT stock is Buy, with an average price target of $18 and identical high and low targets of $18. This target is only approximately 1.6% above the 52-week range low of $17.72 and approximately 30.7% below its high of $25.97, reflecting a conservative valuation anchor relative to the historical range. Conversely, the absence of any dispersion between the high and low targets limits the consensus's ability to show a range of scenarios, particularly with leverage of 6.9 times for the last twelve months and office leasing execution risks.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
The most important driver is converting signed office leases into cash rent, as the company entered Q3 of fiscal year 2026 with approximately 200 thousand signed square feet representing more than $10 million in annual base rent. Management estimates that the stabilization of La Jolla Commons Tower 3, One Beach Street, and the suburban Bellevue assets could add $0.29 to funds from operations per share. Of this increase, $0.14 is tied to signed leases, while $0.15 depends on speculative leasing that has not yet been finalized.
Yes, in the July 29, 2026 call, the company reaffirmed its fiscal year 2026 funds from operations range of $1.96 to $2.10 per diluted share, with a midpoint of $2.03. Management said current results support reaching the midpoint, with the potential to move into the upper half if office leases commence earlier and residential occupancy and tourism demand improve. The guidance does not include the impact of acquisitions, dispositions, debt refinancing, or capital markets activities that had not been announced when it was issued.
The office portfolio ended Q2 of fiscal year 2026 at 84.4% leased, and during the quarter the company executed approximately 110 thousand square feet of leases with positive cash spreads of 9% and straight-line spreads of 10%. La Jolla Commons Tower 3 was 49% leased, with proposals representing an additional 33% of the building, while One Beach Street was approximately 35% leased. The outcome remains sensitive to the timing of large leases under proposal, so management said fiscal year-end 2026 occupancy could fall slightly below the targeted range if some decisions shift into fiscal year 2027.
AAT ended Q2 of fiscal year 2026 with total liquidity of approximately $610 million, consisting of $110 million in cash and $500 million available through the revolving credit facility. On April 1, 2026, the company extended the maturity of the $500 million revolving facility and the $100 million term loan to April 2030. However, net debt to earnings before interest, taxes, depreciation, and amortization was 6.9 times for the last twelve months, above the company's long-term target of 5.5 times or less.
Retail was 98% leased in Q2 of fiscal year 2026, and executed leases generated cash spreads of 3% and straight-line spreads of 20%, despite a 0.4% decline in same-store net operating income due to the absence of a nonrecurring tax recovery. In multifamily residential, the leased rate exceeded 94% excluding the recreational vehicle park, with 96% leased in San Diego and 88% at Hassalo on Eighth. Embassy Suites Waikiki achieved 90.5% occupancy and RevPAR of $308, but hotel net operating income declined to approximately $2.5 million from $2.9 million in the comparable period.
Net insider purchases during the three months ending with the latest transaction on August 28, 2026, were approximately $17.1 million. The data recorded 22 purchases with no sales, and the overall signal was classified as a Strong Buy. These figures provide a positive indication of insiders' capital allocation, but they do not eliminate leverage risks, office leasing timing risks, or residential and hotel pressures.
