American Assets Trust Inc. Common Stock (AAT)

FairStock Score: 37/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach American Assets Trust as a REIT owner, not an EPS story. It is a 55-year-old, vertically integrated landlord with office, retail and residential properties in high-barrier U.S. markets. Because depreciation distorts EPS and FairStock’s P/E of 72.27, I set aside Graham-style margin-of-safety math; FFO/AFFO are not in the data, so I lean on dividend yield, leverage, revenue trend and price-to-book. At the 2026-10-13 close of $21.68, FairStock’s calculations show P/B of 1.19, dividend yield of 6.20%, FCF yield of 6.7% on $88.7M trailing free cash flow, and EV/EBITDA of 12.59. The dividend looks roughly covered by free cash flow, but D/E of 1.62 and an Altman Z-Score of 0.36 signal meaningful balance-sheet risk. Piotroski is only 5/9, and ROE/ROCE are just 2.16%/2.14%. Filed figures show fiscal year 2025, ended 2025-12-31, revenue of $39.9M versus $43.0M in fiscal year 2024, ended 2024-12-31; net income was $71.4M versus $72.8M. Quarterly filings are oddly inconsistent with annual ones, so I discount precision. FairStock tags it FAST GROWER based on 20.9% five-year profit growth and 18.3% revenue growth, but recent filed trends are flat-to-down. The moat is modest: high-barrier locations and local expertise help, but REITs are capital-intensive. The 6.2% yield and near-book price are the main attractions; without FFO/AFFO, I cannot underwrite the earnings stream.

In plain English: American Assets Trust owns and runs office, retail, and apartment buildings in several U.S. markets, mostly on the West Coast and Hawaii. The business looks mixed: it pays a high dividend and generates enough cash to roughly cover it, but reported profits have been weak and debt is noticeable. At $21.68, the shares look close to the company’s accounting book value and offer a high income yield, so the price appears fair rather than clearly cheap or expensive.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q4 2025 10-K (period ended 2025-12-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer