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American Assets Trust, L.P. earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 30, 2026
Q3 2026 Revenue up 4% year over year to $114M · 7¢ of every $1 of revenue kept as net profit · operating margin 25.8%
American Assets Trust, L.P. made $114M in Q3 2026 (+4% Y/Y): Office $55.3M, Retail $23.0M, Mixed-use $18.1M. Operating margin 25.8%, net earnings $7.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
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What changed this quarter
Revenue was $114.3M in Q3 2026, up 4% year over year and up 4% from the previous quarter. Office was the largest line at 48% of revenue. Office added $3.0M year over year (up 6%), 64% of the total change. Retail declined 1%.
Gross margin was 62.2%, up 1.8 points from Q3 2025. Operating profit was $29.4M, a 25.8% margin (up 3.2 points year over year). Of the extra revenue versus Q3 2025, 99% reached operating profit, above the 23% margin then. Operating expenses grew 0% against revenue growth of 4%. Net earnings were $7.7M, up 71% year over year. The effective tax rate was 1.8%.
Operating cash flow was $42.3M (up 4% year over year), 422% of net income including minority interests. Non-cash charges added back $33.0M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items used $2.4M. Capital expenditures of $32.8M left free cash flow of $9.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 30, 2026 | $114M | +4% | 25.8% | $7.7M | $42.3M |
| Q2 2026 | 10-Q | Jul 31, 2026 | $109M | +1% | 24.0% | $5.2M | $48.9M |
| Q1 2026 | 10-Q | May 1, 2026 | $111M | +2% | 23.4% | $5.1M | $38.6M |
| Q4 2025 | 10-K | Feb 6, 2026 | $110M | -3% | 21.1% | $3.1M | $40.6M |
| Q3 2025 | 10-Q | Oct 31, 2025 | $110M | -11% | 22.6% | $4.5M | $40.5M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $108M | -3% | 24.1% | $5.5M | — |
| Q4 2024 | 10-K | Feb 12, 2025 | $113M | +0.9% | 26.5% | $9.0M | — |
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About American Assets Trust, L.P.
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, L.P. against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +11%. Operating margin: 25.8% against the peers' median 20.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| American Assets Trust, L.P. | Q3 2026 | $114M | +4% | 25.8% |
| WELL Welltower | Q3 2026 | $3.7B | +38% | 9.1% |
| AMT American Tower | Q3 2026 | $2.8B | +2% | 45.6% |
| EQIX Equinix | Q3 2026 | $2.6B | +11% | 23.3% |
| PLD Prologis | Q1 2026 | $2.3B | +7% | 52.7% |
| IRM Iron Mountain | Q3 2026 | $2.0B | +14% | 20.6% |
| DLR Digital Realty Trust | Q3 2026 | $1.9B | +21% | 15.9% |
| WY Weyerhaeuser | Q3 2026 | $1.9B | +8% | 5.4% |
| VTR Ventas | Q3 2026 | $1.8B | +23% | 2.9% |
Source: American Assets Trust, L.P. 10-Q on SEC EDGAR · CIK 1509570 · Real Estate Investment Trusts