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How American Assets Trust (AAT) makes money
American Assets Trust (AAT) made $111M of revenue in the first quarter 2026 (Q1 2026), +2% from a year earlier. Office brought in $52.4M (47%); Retail brought in $23.3M (21%); Multifamily brought in $18.2M (16%). Of every dollar of revenue, 61¢ was left as gross profit, 23¢ was left as operating profit, 5¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q1 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Office | $52.4M | 47.3% | +0.6% | +3% |
| Retail | $23.3M | 21.1% | -4% | -5% |
| Multifamily | $18.2M | 16.5% | +5% | +8% |
| Mixed-use | $16.7M | 15.1% | +2% | +3% |
Where each dollar of revenue goes
| Line | Q1 2026 | % of revenue |
|---|---|---|
| Revenue | $111M | 100.0% |
| Cost of revenue | $43.7M | 39.5% |
| Gross profit | $66.9M | 60.5% |
| Operating expenses | $41.1M | 37.2% |
| Operating profit | $25.8M | 23.4% |
| Income tax | $101K | 0.1% |
| Net earnings | $5.1M | 4.6% |
| Operating cash flow | $38.6M | 34.9% |
| Free cash flow | $18.2M | 16.4% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q1 2026 | $111M | +2% |
| Q4 2025 | $110M | -3% |
| Q3 2025 | $110M | -11% |
| Q2 2025 | $108M | -3% |
| Q1 2025 | $109M | -2% |
From American Assets Trust's 10-Q filed May 1, 2026 (on EDGAR).
Questions
How does American Assets Trust make money?
American Assets Trust (AAT) made $111M of revenue in the first quarter 2026 (Q1 2026), +2% from a year earlier. Office brought in $52.4M (47%); Retail brought in $23.3M (21%); Multifamily brought in $18.2M (16%). Of every dollar of revenue, 61¢ was left as gross profit, 23¢ was left as operating profit, 5¢ was left as net earnings.
What is American Assets Trust's biggest business?
Office: $52.4M in the first quarter 2026, 47% of revenue, +3% from a year earlier.
What is American Assets Trust's profit margin?
Net earnings were $5.1M, 4.6% of revenue, in the first quarter 2026; the operating margin was 23.4%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.