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American Assets Trust (AAT) earnings and revenue breakdown

Latest: Q1 2026 · 10-Q filed May 1, 2026 · American Assets Trust (AAT) Q1 2026 earnings results →

Q1 2026 Revenue up 2% year over year to $111M · 5¢ of every $1 of revenue kept as net profit · operating margin 23.4%

American Assets Trust made $111M in Q1 2026 (+2% Y/Y): Office $52.4M, Retail $23.3M, Multifamily $18.2M. Operating margin 23.4%, net earnings $5.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed May 1, 2026.

Revenue$111M
Year over year+2%
Operating margin23.4%
Net earnings$5.1M
Operating cash flow$38.6M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $110.6M in Q1 2026, up 2% year over year and roughly flat from the previous quarter. Office was the largest line at 47% of revenue. Office added $1.5M year over year (up 3%), 74% of the total change. Retail declined 5%.

Gross margin was 60.5%, down 1.5 points from Q1 2025. Operating profit was $25.8M, a 23.4% margin (down 42.9 points year over year). Operating profit fell $46.1M even though revenue rose $2.0M versus Q1 2025, so costs grew faster than sales. Net earnings were $5.1M, down 88% year over year. The effective tax rate was 1.5%.

Operating cash flow was $38.6M (up 5% year over year), 573% of net income including minority interests. Non-cash charges added back $32.3M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items used $2.1M. Capital expenditures of $20.4M left free cash flow of $18.2M.

Quarterly history

American Assets Trust revenue by quarterAmerican Assets Trust revenue by quarter$109MQ1 2025$108MQ2 2025$110MQ3 2025$110MQ4 2025$111MQ1 2026
American Assets Trust net earnings by quarterAmerican Assets Trust net earnings by quarter$42.5MQ1 2025$5.5MQ2 2025$4.5MQ3 2025$3.1MQ4 2025$5.1MQ1 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 202610-QMay 1, 2026$111M+2%23.4%$5.1M$38.6M
Q4 202510-KFeb 6, 2026$110M-3%21.1%$3.1M$40.6M
Q3 202510-QOct 31, 2025$110M-11%22.6%$4.5M$40.5M
Q2 202510-QAug 1, 2025$108M-3%24.1%$5.5M$49.2M
Q1 202510-QMay 2, 2025$109M-2%66.3%$42.5M$36.9M

Charts

American Assets Trust: revenue growth, year over year and quarter over quarterAmerican Assets Trust: revenue growth, year over year and quarter over quarterY/YQ/Q-2%Q1 2025-3%-1%Q2 2025-11%+2%Q3 2025-3%+0%Q4 2025+2%+0%Q1 2026
Latest (Q1 2026): Y/Y +2%, Q/Q +0%.
American Assets Trust: where the cash came from (+) and went (−), TTM to Q3 2026American Assets Trust: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$170MDividends−$106MCapital spending−$95.2MCash drawn (+) / kept (−)$49.1MOther investing−$11.4MOther financing−$7.4M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
American Assets Trust: profit against cash, quarter by quarterAmerican Assets Trust: profit against cash, quarter by quarterNet incomeOperating cash flow$11.6M$40.6MQ4 2024$54.1M$36.9MQ1 2025$7.1M$49.2MQ2 2025$5.9M$40.5MQ3 2025$4.2M$40.6MQ4 2025$6.7M$38.6MQ1 2026$6.8MQ2 2026$10.0MQ3 2026
Latest (Q3 2026): Net income $10.0M, Operating cash flow —.
American Assets Trust: diluted shares by fiscal yearAmerican Assets Trust: diluted shares by fiscal year76MFY202076MFY202176MFY202276MFY202377MFY202477MFY2025
+0.8% since FY2020: more shares outstanding (issuance, stock pay).
American Assets Trust: long-term debt falling due (FY2025)American Assets Trust: long-term debt falling due (FY2025)$425M2027$100M2029$150M2030$1.0BLater
Cash $129M, short-term investments —, long-term debt $1.7B at 2025-12-31.
American Assets Trust in its industry: growth against margin (213 companies, SIC 6798)American Assets Trust in its industry: growth against margin (213 companies, SIC 6798)revenue growth, year over year →↑ operating marginmedian +5%median 23%WELLAMTEQIXPLDIRMDLRWYVTRSPGBSTTRITMOPSALINEHSTVici Properties L.P.VICIHoward Hughes CorpCCIBoston Properties Ltd PartnershipEXRDOCAvalonbay Communities IncCXWAHRSBACCOLDARERHPHHHLAMRRayonier, L.P.Mid-America Apartments, L.P.SUIMAAKIMKimco Realty OP, LLCSTWDOUTEssex Portfolio LPWPCVornado Realty LPGLPIUDRREGELSPEBSVCAPLESWDRRYNDHCBrixmor Operating Partnership LPRLJStore Capital LLCOHIFederal Realty OP LPFRTDRHCubeSmart, L.P.HRCUBEAHTSL Green Operating Partnership, L.P.SLGKilroy Realty, L.P.KRCJANDEIMACCUZMPT Operating Partnership, L.P.MPTNNNSBRAREXRSTAGADCCDPEPREGPFirst Industrial LPESRTKRGPECOESBAKite Realty Group, L.P.INNCTREIRTEPRTAres Industrial Real Estate Income Trust Inc.SKTZARECBLJBGSHGITBrandywine Operating Partnership, L.P.JLL Income Property Trust, Inc.BNLNHISAFELTCAmerican Assets Trust, L.P.GNLCMRFNHPBHRAKRABRDEACLDTLXPBRSPIVTFCPTSMAVinebrook Homes Trust, Inc.Fortress Net Lease REITBFSFBRTUMHALXNTSTFortress Credit Realty Income TrustNXRTCSRNuveen Global Cities REIT, Inc.North Haven Net REITKBSRCottonwood Communities, Inc.CTOSterling Real Estate TrustARIBrookfield Real Estate Income Trust Inc.CLPRXRNSTRWINREPMTNew Mountain Net Lease TrustTRTXJ.P. Morgan Real Estate Income Trust, Inc.ONLCHCTExchangeRight Income FundPSTLCMCTUHTRCFSPCFTR-PAInvesco Real Estate Income Trust Inc.BRTStarwood Credit Real Estate Income TrustWHLRGTJ REIT, Inc.ACRPINEApollo Realty Income Solutions, Inc.NXDTBHMFVRBlackRock Monticello Debt Real Estate Investment TrustLightstone Value Plus REIT I, Inc.Rise Companies CorpSculptor Diversified Real Estate Income Trust, Inc.Lightstone Value Plus REIT II, Inc.Cohen & Steers Income Opportunities REIT, Inc.ACRETCILANDLightstone Value Plus REIT V, Inc.NLCPSACHModiv Industrial, Inc.Fidelity Core Real Estate FundEQT Exeter Real Estate Income Trust, Inc.STSRFPIHighlands REIT, Inc.PRXASITCRreef Property Trust, Inc.LTSVSEVNLightstone Value Plus REIT III, Inc.SGSTFREVSFranklin BSP Real Estate Debt, Inc.BMNMFundrise eREIT, LLCCDR-PBCHMIPrincipal Credit Real Estate Income TrustICR-PANLOPSUNSMKZRGBCSSTLYCPTSQFTSummit Healthcare REIT, IncSELFTPTSGIPRLOANIHTMDRRStratCap Digital Infrastructure REIT, Inc.PWAAT (+2%, 23%)
Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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Customers and suppliers named in filings

Sells to

About American Assets Trust

Unless otherwise indicated or unless the context requires otherwise, references to “we,” “our,” “us” and “our company” refer to American Assets Trust, Inc., a Maryland corporation, together with our consolidated subsidiaries, including American Assets Trust, L.P., a Maryland limited partnership, of which we are the sole general partner and which we refer to in this report as our Operating Partnership. In statements regarding qualification as a REIT, such terms refer solely to American Assets Trust, Inc. We are a full service, vertically integrated and self-administered real estate investment trust, or REIT, that owns, operates, acquires and develops high quality office, retail, multifamily and mixed-use properties in attractive, high-barrier-to-entry markets in Southern California, Northern California, Washington, Oregon, Texas and Hawaii.

In its own words, from its 10-K, filed Feb 6, 2026.

American Assets Trust against its Real Estate Investment Trusts peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +2% against the peers' median +11%. Operating margin: 23.4% against the peers' median 20.6%.

CompanyQuarterRevenueY/YOp. margin
AAT American Assets TrustQ1 2026$111M+2%23.4%
WELL WelltowerQ3 2026$3.7B+38%9.1%
AMT American TowerQ3 2026$2.8B+2%45.6%
EQIX EquinixQ3 2026$2.6B+11%23.3%
PLD PrologisQ1 2026$2.3B+7%52.7%
IRM Iron MountainQ3 2026$2.0B+14%20.6%
DLR Digital Realty TrustQ3 2026$1.9B+21%15.9%
WY WeyerhaeuserQ3 2026$1.9B+8%5.4%
VTR VentasQ3 2026$1.8B+23%2.9%

Source: American Assets Trust 10-Q on SEC EDGAR · CIK 1500217 · Real Estate Investment Trusts

13F: who owns AAT and who is buying

Largest holders of AAT (13F)Largest holders of AAT (13F)BlackRock$226MAmerican Assets$161MVanguard Group$145MVanguard Portfolio Management LLC$135MState Street$69.1MSenvest Management, LLC$65.5MVanguard Capital Management LLC$50.7MGeode Capital Management, LLC$34.4MCharles Schwab Investment Managem…$31.6MAmeriprise Financial$25.7M
Funds' net buying of AAT by quarter (13F)Funds' net buying of AAT by quarter (13F)$4.5M2024-09−$4.6M2024-12$13.0M2025-03$19.6M2025-06−$17.5M2025-09$25.1M2025-12$5.0M2026-03−$14.6M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AAT

History

Every quarter: Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：American Assets Trust（AAT）财报

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