American Assets Trust, Inc.

Listed Company

AATCIK 0001500217NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$436.20M

Net Income

$71.37M

Total Assets

$2.92B

Equity

$1.15B

Shares Out

61.39M

Op. Cash Flow

$167.12M

Business

American Assets Trust, Inc. is a vertically integrated, self-administered real estate investment trust that owns, operates, acquires and develops commercial real estate. It offers high-quality office, retail, multifamily and mixed-use properties, including shopping centers, multifamily communities and mixed-use developments with hotel components. The company operates through four business segments—office, retail, multifamily and mixed-use—and pursues acquisition, redevelopment, development and proactive asset management strategies. Its properties are concentrated in high-barrier-to-entry U.S. markets, principally Southern and Northern California, Washington, Oregon, Texas and Hawaii.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	410	424	419	403	360
Other property income	26	34	22	20	16
Total revenue	436	458	441	423	376
Rental expenses	125	124	119	108	87
Real estate taxes	45	44	45	45	43
General and administrative	38	35	36	32	30
Depreciation and amortization	127	125	120	123	116
Total operating expenses	335	329	319	308	276
Gain on sale of real estate	44	0	0	—	0
OPERATING INCOME	146	129	122	115	100
Interest expense, net	−78	−75	−65	−58	−59
Other income, net	4	18	8	−625,000	−418,000
NET INCOME	71	73	65	56	37
Net income attributable to restricted shares	−852,000	−787,000	−761,000	−648,000	−564,000
Net income attributable to unitholders in the Operating Partnership	−15	−15	−14	−12	−8
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	56	57	50	44	28
Basic income attributable to common stockholders per share (in USD per share)	0.92	0.94	0.84	0.72	0.47
Weighted average shares of common stock outstanding - basic (in shares)	61	60	60	60	60
Diluted income attributable to common stockholders per share (in USD per share)	0.92	0.94	0.84	0.72	0.47
Weighted average shares of common stock outstanding - diluted (in shares)	77	77	76	76	76
Other comprehensive loss - unrealized loss	−3	—	−2	11	3
Reclassification of amortization of forward-starting swaps included in interest expense, net	−1	−377,000	−1	−1	—
Comprehensive income	67	68	62	66	38
Comprehensive income attributable to noncontrolling interest	−14	−14	−13	−14	−8
Comprehensive income attributable to American Assets Trust, Inc.	53	54	49	52	30

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating real estate	3,694	3,449	3,354	3,469	3,390
Construction in progress	69	177	238	202	139
Held for development	487,000	487,000	487,000	547,000	547,000
Total real estate, at cost	3,764	3,626	3,593	3,671	3,529
Accumulated depreciation	−1,144	−1,039	−959	−937	−847
Net real estate	2,619	2,587	2,634	2,735	2,682
Cash and cash equivalents	129	426	83	50	140
Accounts receivable, net	7	7	6	8	7
Deferred rent receivables, net	85	88	88	87	83
Other assets, net	80	88	99	109	106
Real estate assets held for sale	0	78	74	—	—
TOTAL ASSETS	2,921	3,273	2,985	2,988	3,018
Secured notes payable, net	75	75	75	75	111
Unsecured notes payable, net	1,613	1,936	1,615	1,539	1,538
Accounts payable and accrued expenses	71	64	61	66	65
Security deposits payable	10	9	9	9	8
Other liabilities and deferred credits	61	63	70	80	86
Liabilities related to real estate assets held for sale	0	3	2	—	—
Total liabilities	1,830	2,149	1,831	1,802	1,808
Commitments and contingencies (Note 12)	—	—	—	—	—
Common stock, $0.01 par value, 490,000,000 shares authorized, 61,390,936 and 61,138,238 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	614,000	611,000	609,000	607,000	605,000
Additional paid-in capital	1,480	1,475	1,469	1,461	1,453
Accumulated dividends in excess of net income	−331	−304	−280	−251	−218
Accumulated other comprehensive income	1	5	8	11	3
Total American Assets Trust, Inc. stockholders' equity	1,151	1,176	1,198	1,221	1,239
Noncontrolling interests	−60	−52	−44	−36	−29
Total equity	1,091	1,124	1,154	1,186	1,210
TOTAL LIABILITIES AND EQUITY	2,921	3,273	2,985	2,988	3,018

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred rent revenue and amortization of lease intangibles	920,000	−6	−7	−11	−18
Depreciation and amortization	127	125	120	123	116
Amortization of debt issuance costs and debt discounts	3	4	3	3	—
Provision for uncollectable rental income	540,000	2	1	2	−2
Stock-based compensation expense	7	7	9	9	8
Settlement of treasury locks	0	−1	0	—	—
Other noncash interest expense, net	−1	−377,000	−1	−1	−1
Other, net	3	1	266,000	−252,000	1
Change in accounts receivable	726,000	−2	−870,000	−404,000	2
Change in other assets	−1	−1	−1	−723,000	109,000
Change in accounts payable and accrued expenses	−1	6	765,000	−1	15
Change in security deposits payable	931,000	140,000	181,000	655,000	443,000
Change in other liabilities and deferred credits	−313,000	225,000	83,000	1	1
Net cash provided by operating activities	167	207	189	179	168
Acquisition of real estate, net	−68	0	0	−45	−205
Capital expenditures	−72	−70	−83	−114	−105
Proceeds from sale of real estate, net of selling costs	118	0	0	—	0
Leasing commissions	−8	−7	−7	−7	−3
Net cash used in investing activities	−31	−77	−90	−166	−312
Proceeds from unsecured line of credit	0	100	0	36	0
Repayment of unsecured line of credit	0	−100	−36	0	−100
Proceeds from unsecured term loan	0	0	225	0	0
Repayment of unsecured term loan	−225	0	−150	0	−155
Proceeds from unsecured notes payable	0	523	0	0	495
Repayment of unsecured notes payable	−100	−200	0	0	—
Debt issuance costs	−250,000	−5	−2	−4	−5
Dividends paid to common stock and unitholders	−105	−103	−102	−98	−89
Shares withheld for employee taxes	−2	−1	−831,000	−759,000	−865,000
Net cash (used in) provided by financing activities	−433	213	−66	−103	144
Net (decrease) increase in cash, cash equivalents	−296	343	33	−90	475,000

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