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/AAT
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American Assets Trust Inc

American Assets Trust Inc

AAT
$21.50USD↑+0.56%+0.12 today

MARKET CAP

1.3B

P/E (TTM)

73.7x

FWD P/E

54.3x

DAY RANGE

$21 – $22

52W RANGE

$18
$26

AI Summary

Stalk
TrimMedium

AAT remains in a Stage 4 downtrend marked by lower highs and lower lows, with supply still dominating demand. A bearish exhaustion signal and extreme oversold readings suggest a relief bounce is probable, so bearish execution should be deferred until shallow rallies into the 21.89–22.32 region near the 20-day EMA. Sustainable weakness below 21.50 would reassert downward momentum.

  • ↑2025 FFO of $2.00/share tops guidance, boosting cash flow confidence
  • ↑Retail portfolio 98% leased with 139k sqft signed at $30/psf avg rent
  • ↓Net debt/EBITDA sits at 6.7x vs 5.5x target, limiting financial flexibility
Full analysis →

The case for & against

Bull & Bear analysis

Bearish

American Assets Trust, Inc. (NYSE: AAT) operates within the real estate sector, primarily focusing on owning, operating, and developing high-quality commercial properties along the U.S. coastline, including office, retail, and multifamily segments. The company's strategic positioning in high-demand markets leverages asset quality and tenant engagement to navigate economic cycles and challenges such as elevated interest rates and shifting demand dynamics.

Bull says

  • ↑2025 FFO of $2.00/share tops guidance, boosting cash flow confidence
  • ↑Retail portfolio 98% leased with 139k sqft signed at $30/psf avg rent
  • ↑Q1 office leasing of 237k sqft yields 4.8% cash spread on quality assets
  • ↑$610M liquidity at quarter end offers capital flexibility for growth
  • ↑2026 FFO guidance of $1.96–2.10/share suggests conservative upside
  • ↑Coastal markets benefit from strong demographics and flight-to-quality demand

Bear says

  • ↓Net debt/EBITDA sits at 6.7x vs 5.5x target, limiting financial flexibility
  • ↓Negative earnings yield and weak profitability highlight return inefficiencies
  • ↓Multifamily NOI fell 8.3% in Q4 2025 amid higher concessions
  • ↓Waikiki hospitality underperforms due to lower Japan and tourist visits
  • ↓Shares trade ~28% above fair value; analysts carry a ‘Reduce’ rating
  • ↓Low institutional ownership and small-size factors may deter big funds

Investment themes with AAT

Office REITs↓ -1.64%

VNO · BXP · CUZ

Earnings Call · Q2 2025 · Mgmt. Guidance

Updated 08-15-2026bullish

Transcript signals

Bull points

  • but it's predicted it could be as big as 25 million square feet in the next few years.
  • In the second quarter of 2025, our results came in just above our own expectations. FFO per diluted share was $0.52, and same store, cash in a Y, was approximately flat for Q2 and up 1.4% year-to-date compared to the prior year. These results reflect steady performance in a mixed operating environment and underscore the resilience of our portfolio and the value of our disciplined approach to asset management.
  • We entered Q3 with solid momentum, including approximately 17,000 square feet of executed leases and an additional 111,000 square feet in active lease documentation.

Bear points

  • I mean, we're down, as you noted, this quarter. And we're actually, I mean, to be honest with you, we're down about where we were prior to COVID or just the beginning of COVID, which I'm scratching my head on.
  • Same store office cash NOI was approximately flat for the quarter and up over 2% year to date as compared to the prior year.
Read full transcript analysis ›