American Assets Trust Inc (AAT) financial statements: income statement, balance sheet and cash flow

American Assets Trust Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), American Assets Trust Inc reported revenue of $436.2M (-4.7% year on year) and net income of $71.4M (-2.0% year on year).

Income statement

American Assets Trust Inc income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Rental income	$410.5M	$423.6M	$419.4M	$402.5M
Other property income	$25.7M	$34.2M	$21.8M	$20.1M
Total revenue	$436.2M	$457.9M	$441.2M	$422.6M
Rental expenses	$124.6M	$123.5M	$118.8M	$107.6M
Real estate taxes	$45.0M	$44.2M	$45.2M	$44.8M
General and administrative	$37.8M	$35.5M	$36.0M	$32.1M
Depreciation and amortization	$127.3M	$125.5M	$119.5M	$123.3M
Total operating expenses	$334.7M	$328.7M	$319.4M	$307.9M
Gain on sale of real estate	$44.5M	—	—	—
OPERATING INCOME	$145.9M	$129.2M	$121.7M	$114.7M
Interest expense, net	($78.1M)	($74.5M)	($64.7M)	($58.2M)
Other income, net	$3.6M	$18.1M	$7.6M	($625.0K)
Net income attributable to restricted shares	-852.0K	-787.0K	-761.0K	-648.0K
Net income attributable to unitholders in the Operating Partnership	($14.9M)	($15.2M)	($13.6M)	($11.7M)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$55.6M	$56.8M	$50.4M	$43.5M
Basic income attributable to common stockholders per share (in USD per share)	$0.92	$0.94	$0.84	$0.72
Weighted average shares of common stock outstanding - basic (in shares)	60.6M	60.3M	60.2M	60.0M
Diluted income attributable to common stockholders per share (in USD per share)	$0.92	$0.94	$0.84	$0.72
Weighted average shares of common stock outstanding - diluted (in shares)	76.7M	76.5M	76.3M	76.2M
Net income	$71.4M	$72.8M	$64.7M	$55.9M
Other comprehensive loss - unrealized loss	($3.2M)	($4.1M)	($1.8M)	$11.3M
Reclassification of amortization of forward-starting swaps included in interest expense, net	($1.0M)	($377.0K)	($1.1M)	($1.5M)
Comprehensive income	$67.1M	$68.3M	$61.7M	$65.7M
Comprehensive income attributable to noncontrolling interest	($14.0M)	($14.3M)	($12.9M)	($13.8M)
Comprehensive income attributable to American Assets Trust, Inc.	$53.2M	$54.1M	$48.8M	$51.9M

American Assets Trust Inc income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Rental income	$103.1M	$104.4M	$102.2M	$101.1M
Other property income	$6.4M	$6.2M	$7.4M	$6.9M
Total revenue	$109.5M	$110.6M	$109.6M	$107.9M
Rental expenses	$31.8M	$31.7M	$31.8M	$29.7M
Real estate taxes	$9.8M	$11.9M	$11.5M	$10.6M
General and administrative	$8.9M	$8.8M	$9.5M	$8.8M
Depreciation and amortization	$32.7M	$32.3M	$32.0M	$32.8M
Total operating expenses	$83.2M	$84.8M	$84.8M	$82.0M
Gain on sale of real estate	$0	$0	$0	$0
OPERATING INCOME	$26.3M	$25.8M	$24.8M	$26.0M
Interest expense, net	($19.9M)	($19.7M)	($19.8M)	($19.8M)
Other income, net	$422.0K	$614.0K	$927.0K	$927.0K
Net income attributable to restricted shares	-235.0K	-236.0K	-207.0K	-206.0K
Net income attributable to unitholders in the Operating Partnership	($1.4M)	($1.4M)	($1.2M)	($1.5M)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$5.2M	$5.1M	$4.5M	$5.5M
Earnings per common share, basic (in dollars per share)	$0.09	$0.08	$0.07	$0.09
Weighted average shares of common stock outstanding - basic (in shares)	60.7M	60.7M	60.5M	60.5M
Earnings per common share, diluted (in dollars per share)	$0.09	$0.08	$0.07	$0.09
Weighted average shares of common stock outstanding - diluted (in shares)	76.9M	76.9M	76.7M	76.7M
DIVIDENDS DECLARED PER COMMON SHARE (in USD per share)	$0.34	$0.34	$0.34	$0.34
Net income	$6.8M	$6.7M	$5.9M	$7.1M
Other comprehensive loss - change in value of interest rate swaps	($470.0K)	($276.0K)	($626.0K)	($768.0K)
Reclassification of amortization of forward-starting swaps included in interest expense	($257.0K)	($258.0K)	($258.0K)	($258.0K)
Comprehensive income	$6.1M	$6.2M	$5.0M	$6.1M
Comprehensive income attributable to non-controlling interests	($1.2M)	($1.3M)	($1.0M)	($1.2M)
Comprehensive income attributable to American Assets Trust, Inc.	$4.8M	$4.9M	$4.0M	$4.9M

Balance sheet

American Assets Trust Inc balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Operating real estate	$3.7B	$3.4B	$3.5B	$3.5B
Construction in progress	$68.9M	$176.9M	$239.0M	$202.4M
Held for development	$487.0K	$487.0K	$487.0K	$547.0K
Total real estate, at cost	$3.8B	$3.6B	$3.7B	$3.7B
Accumulated depreciation	($1.1B)	($1.0B)	($1.0B)	($936.9M)
Net real estate	$2.6B	$2.6B	$2.7B	$2.7B
Cash and cash equivalents	$129.4M	$425.7M	$82.9M	$49.6M
Accounts receivable, net	$7.4M	$6.9M	$7.6M	$7.8M
Deferred rent receivables, net	$84.6M	$88.1M	$89.2M	$87.2M
Other assets, net	$80.5M	$87.7M	$99.6M	$108.7M
Real estate assets held for sale	$0	$77.5M	—	—
TOTAL ASSETS	$2.9B	$3.3B	$3.0B	$3.0B
Secured notes payable, net	$74.8M	$74.8M	$74.7M	$74.6M
Unsecured notes payable, net	$1.6B	$1.9B	$1.6B	$1.5B
Accounts payable and accrued expenses	$71.1M	$63.7M	$61.3M	$66.0M
Security deposits payable	$10.1M	$8.9M	$8.9M	$8.7M
Other liabilities and deferred credits	$61.3M	$62.6M	$71.2M	$79.6M
Liabilities related to real estate assets held for sale	$0	$3.4M	—	—
Total liabilities	$1.8B	$2.1B	$1.8B	$1.8B
Common stock, $0.01 par value, 490,000,000 shares authorized, 61,390,936 and 61,138,238 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	614.0K	611.0K	609.0K	607.0K
Additional paid-in capital	$1.5B	$1.5B	$1.5B	$1.5B
Accumulated dividends in excess of net income	($331.1M)	($304.3M)	($280.2M)	($251.2M)
Accumulated other comprehensive income	$1.4M	$4.8M	$8.3M	$10.6M
Total American Assets Trust, Inc. stockholders' equity	$1.2B	$1.2B	$1.2B	$1.2B
Noncontrolling interests	($59.6M)	($51.6M)	($44.2M)	($35.7M)
Total equity	$1.1B	$1.1B	$1.2B	$1.2B
TOTAL LIABILITIES AND EQUITY	$2.9B	$3.3B	$3.0B	$3.0B

American Assets Trust Inc balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Operating real estate	$3.7B	$3.7B	$3.7B	$3.7B
Construction in progress	$88.2M	$75.2M	$73.7M	$68.1M
Held for development	$487.0K	$487.0K	$487.0K	$487.0K
Total real estate, at cost	$3.8B	$3.8B	$3.7B	$3.7B
Accumulated depreciation	($1.2B)	($1.2B)	($1.1B)	($1.1B)
Net real estate	$2.6B	$2.6B	$2.6B	$2.6B
Cash and cash equivalents	$109.7M	$118.3M	$138.7M	$143.7M
Accounts receivable, net	$5.5M	$6.7M	$7.8M	$6.5M
Deferred rent receivables, net	$84.5M	$84.3M	$85.8M	$86.4M
Other assets, net	$81.6M	$79.8M	$82.8M	$84.7M
TOTAL ASSETS	$2.9B	$2.9B	$2.9B	$3.0B
Secured notes payable, net	$74.9M	$74.9M	$74.8M	$74.8M
Unsecured notes payable, net	$1.6B	$1.6B	$1.6B	$1.6B
Accounts payable and accrued expenses	$81.2M	$68.9M	$69.6M	$66.6M
Security deposits payable	$10.5M	$10.5M	$9.3M	$9.2M
Other liabilities and deferred credits	$58.8M	$60.3M	$61.7M	$59.4M
Total liabilities	$1.8B	$1.8B	$1.8B	$1.8B
Common stock, $0.01 par value, 490,000,000 shares authorized, 61,404,213 and 61,390,936 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	614.0K	614.0K	612.0K	612.0K
Additional paid-in capital	$1.5B	$1.5B	$1.5B	$1.5B
Accumulated dividends in excess of net income	($362.1M)	($346.6M)	($313.6M)	($297.5M)
Accumulated other comprehensive income	$424.0K	$998.0K	$2.1M	$2.8M
Total American Assets Trust, Inc. stockholders’ equity	$1.1B	$1.1B	$1.2B	$1.2B
Noncontrolling interests	($68.1M)	($63.9M)	($54.8M)	($50.3M)
Total equity	$1.1B	$1.1B	$1.1B	$1.1B
TOTAL LIABILITIES AND EQUITY	$2.9B	$2.9B	$2.9B	$3.0B

Cash flow statement

American Assets Trust Inc cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$71.4M	$72.8M	$64.7M	$55.9M
Deferred rent revenue and amortization of lease intangibles	$920.0K	($5.8M)	($7.2M)	($11.5M)
Depreciation and amortization	$127.3M	$125.5M	$119.5M	$123.3M
Amortization of debt issuance costs and debt discounts	$2.9M	$3.7M	—	—
Provision for uncollectable rental income	$540.0K	$1.5M	$1.4M	$2.3M
Gain on sale of real estate	($44.5M)	—	—	—
Stock-based compensation expense	$7.4M	$7.1M	$8.8M	$8.7M
Settlement of treasury locks	$0	($1.3M)	—	—
Other noncash interest expense, net	($1.0M)	($377.0K)	($1.1M)	—
Other, net	$3.2M	$1.2M	$266.0K	($252.0K)
Change in accounts receivable	$726.0K	($1.8M)	($870.0K)	($404.0K)
Change in other assets	($1.2M)	($1.3M)	($1.1M)	($723.0K)
Change in accounts payable and accrued expenses	($1.2M)	$5.6M	$765.0K	($1.2M)
Change in security deposits payable	$931.0K	$140.0K	$181.0K	$655.0K
Change in other liabilities and deferred credits	($313.0K)	$225.0K	$83.0K	$1.2M
Net cash provided by operating activities	$167.1M	$207.1M	$188.8M	$179.1M
Acquisition of real estate, net	($67.9M)	$0	$0	($45.2M)
Capital expenditures	($72.3M)	($70.2M)	($83.0M)	($113.8M)
Proceeds from sale of real estate, net of selling costs	$117.8M	—	—	—
Leasing commissions	($8.2M)	($7.2M)	($6.9M)	($7.4M)
Net cash used in investing activities	($30.5M)	($77.4M)	($89.9M)	($166.3M)
Proceeds from unsecured line of credit	$0	$100.0M	$0	$36.0M
Repayment of unsecured line of credit	$0	($100.0M)	($36.0M)	$0
Proceeds from unsecured term loan	$0	$0	$225.0M	—
Repayment of unsecured term loan	($225.0M)	$0	($150.0M)	$0
Proceeds from unsecured notes payable	$0	$523.3M	$0	—
Repayment of unsecured notes payable	($100.0M)	($200.0M)	—	—
Debt issuance costs	($250.0K)	($5.4M)	($2.1M)	($3.7M)
Dividends paid to common stock and unitholders	($105.3M)	($103.4M)	($101.6M)	($98.2M)
Shares withheld for employee taxes	-2.4M	-1.4M	-831.0K	-759.0K
Net cash (used in) provided by financing activities	($432.9M)	$213.1M	($65.5M)	($102.7M)
Net (decrease) increase in cash, cash equivalents	($296.3M)	$342.8M	$33.3M	($90.0M)
Cash and cash equivalents, beginning of year	$425.7M	$82.9M	$49.6M	$139.5M
Cash and cash equivalents, end of year	$129.4M	$425.7M	$82.9M	—

American Assets Trust Inc cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$13.5M	$6.7M	$67.1M	$61.2M
Deferred rent revenue and amortization of lease intangibles	($1.8M)	($653.0K)	($3.0K)	($363.0K)
Depreciation and amortization	$65.0M	$32.3M	$95.3M	$63.3M
Amortization of debt issuance costs and debt discounts	$1.5M	$681.0K	$2.2M	$1.4M
Provision for uncollectible rental income	$1.3M	$318.0K	$389.0K	$183.0K
Gain on sale of real estate	$0	$0	($44.5M)	($44.5M)
Stock-based compensation expense	$3.4M	$1.7M	$5.2M	$3.4M
Lease termination income	$0	—	—	$814.0K
Other noncash interest expense, net	($515.0K)	($258.0K)	($774.0K)	($515.0K)
Other, net	$57.0K	$267.0K	$2.1M	($179.0K)
Change in accounts receivable	$1.1M	$470.0K	$465.0K	$1.2M
Change in other assets	($1.3M)	($489.0K)	($2.2M)	($1.6M)
Change in accounts payable and accrued expenses	$3.9M	($3.5M)	$823.0K	$1.3M
Change in security deposits payable	$437.0K	$440.0K	$191.0K	$74.0K
Change in other liabilities and deferred credits	$757.0K	$606.0K	$280.0K	$297.0K
Net cash provided by operating activities	$87.5M	$38.6M	$126.5M	$86.0M
Acquisition of real estate	$0	$0	($67.9M)	($67.9M)
Capital expenditures	($44.9M)	($20.4M)	($54.7M)	($37.3M)
Proceeds from sale of real estate, net of selling costs	$0	$0	$117.8M	$117.8M
Leasing commissions	($4.8M)	($2.8M)	($4.8M)	($3.0M)
Net cash (used in) provided by investing activities	($49.7M)	($23.2M)	($9.6M)	$9.6M
Repayment of unsecured term loan	$0	$0	($225.0M)	($225.0M)
Repayment of unsecured notes payable	$0	$0	($100.0M)	($100.0M)
Debt issuance costs	$4.7M	—	$0	—
Dividends paid to common stock and unitholders	($52.8M)	($26.4M)	($78.9M)	($52.6M)
Net cash used in financing activities	($57.5M)	($26.4M)	($403.9M)	($377.6M)
Net decrease in cash and cash equivalents	($19.7M)	($11.0M)	($286.9M)	($281.9M)
Cash and cash equivalents, beginning of period	$129.4M	$129.4M	$425.7M	$425.7M
Cash and cash equivalents, end of period	$109.7M	$118.3M	$138.7M	$143.7M

American Assets Trust Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.