American Assets Trust
American Assets Trust is a publicly traded diversified REIT (NYSE: AAT) that owns and operates 33+ office, retail, multifamily, and mixed-use properties concentrated in high-barrier-to-entry US West Coast and Hawaii markets, generating recurring rental income from commercial and residential tenants.
- Company typePublic
- Founded2010
- HeadquartersSan Diego, United States
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
What American Assets Trust does
American Assets Trust, Inc. (NYSE: AAT) is a publicly traded, full-service, vertically integrated, and self-administered real estate investment trust that owns and operates a diversified portfolio of office, retail, multifamily, and mixed-use properties. Founded in 1967, headquartered in San Diego, and organized under Maryland REIT law, the company completed its IPO in 2010 and currently manages more than 33 properties concentrated in high-barrier-to-entry US West Coast and Hawaii markets — specifically California, Hawaii, Oregon, Washington, and Texas. Its portfolio spans grocery-anchored regional shopping centers, coastal office assets, urban multifamily communities (including a 657-unit property in Portland), and mixed-use destinations such as the Embassy Suites at Waikiki Beach Walk in Honolulu.
The REIT's underlying asset base is operated through direct property leasing relationships managed by on-site property teams, with tenant-facing services delivered via BuildingEngines portals and ClickPay payment infrastructure. Office occupancy stood at 84.5% in Q1 2026 with 237,000 square feet of new leases executed, retail occupancy was 98%, and the multifamily segment posted 3% same-store cash NOI growth year-over-year. The company also maintains an active development pipeline.
American Assets Trust generates revenue primarily through recurring rental income from long-term commercial and residential leases across its four property types, supplemented by hotel revenue from the Embassy Suites mixed-use component. Q1 2026 revenue was $110.59 million, full-year 2026 FFO guidance is $1.96–$2.10 per diluted share (midpoint $2.03), and the company has paid dividends for 16 consecutive years. Capital structure includes $525 million of 6.150% senior notes due 2034 and a $500 million unsecured revolver maturing April 2030, with net debt/EBITDA at 6.9x — above the 5.5x long-term target — and Executive Chairman Ernest S. Rady holding a controlling personal stake via the Rady Trust Group.
American Assets Trust firmographics
Firmographics- Name
- American Assets Trust
- Legal name
- American Assets Trust, Inc.
- Website
- https://americanassetstrust.com
- Company type
- Public
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- American Assets Trust is a publicly traded diversified REIT (NYSE: AAT) that owns and operates 33+ office, retail, multifamily, and mixed-use properties concentrated in high-barrier-to-entry US West Coast and Hawaii markets, generating recurring rental income from commercial and residential tenants.
- Ownership category
- akta.pro rank
American Assets Trust industry classification
Industry- Product category
- Diversified REIT / Commercial Real Estate
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Real Estate Investment Trusts (6798)
- akta.pro primary industry
- REITs & Listed Real Estate Securities (FSAAAKAD)
Keywords
Where American Assets Trust is headquartered
LocationHeadquarters
- HQ city
- San Diego
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
American Assets Trust business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Marketing or Sales
Revenue model
- Rental Income: REIT generates revenue through rental income from office, retail, multifamily, and mixed-use properties. Revenue comes from long-term leases with tenants across various property types.
Distribution channels1 record
Marketing channels1 record
American Assets Trust product offering
Product offeringCore offering
American Assets Trust is a full-service, vertically integrated and self-administered diversified REIT that owns, operates, and leases a portfolio of office, retail, multifamily, and mixed-use properties concentrated in high-barrier-to-entry U.S. West Coast and Hawaii markets. The company generates recurring rental income through long-term leases with commercial tenants, residential renters, and hotel guests across 33+ properties spanning California, Hawaii, Oregon, Texas, and Washington.
Product overview
American Assets Trust is a diversified REIT (Real Estate Investment Trust) that operates a portfolio of office, retail, multifamily, and mixed-use properties concentrated in high-barrier-to-entry U.S. markets, primarily on the West Coast and Hawaii. The company's property portfolio includes 32+ distinct commercial and residential properties totaling millions of square feet of office and retail space and thousands of multifamily units. The REIT's office portfolio spans key markets including San Diego, San Francisco, Portland, and Bellevue. Its retail portfolio includes regional shopping centers across California, Hawaii, Oregon, Texas, and Washington. The multifamily segment encompasses apartment complexes and RV resorts in California and Oregon. The mixed-use portfolio features hotel and retail destinations in Hawaii, including the Embassy Suites at Waikiki Beach Walk.
Differentiator
Problem solved
Functional benefit
Products and services
- 14ACRES
- Alamo Quarry Market A 588,148 sq ft regional retail shopping center in San Antonio, Texas, leased to retail tenants.
- Carmel Country Plaza A 78,098 sq ft retail center in San Diego, California, leased to retail tenants.
- Carmel Mountain Plaza A 528,416 sq ft retail center in San Diego, California, leased to retail tenants.
- City Center Bellevue A 498,606 sq ft retail center in Bellevue, Washington, leased to retail tenants.
- Coastal Collection at Torrey Reserve A 551,005 sq ft office complex in San Diego, California, leased to commercial tenants.
- Embassy Suites at Waikiki Beach Walk A mixed-use property in Honolulu, Hawaii featuring 369 hotel guestrooms and retail space operated as part of the Waikiki Beach Walk destination.
- First & Main A 362,633 sq ft office property in Portland, Oregon, leased to commercial tenants.
- Gateway Marketplace A 127,861 sq ft retail center in Chula Vista, California, leased to retail tenants.
- Geary Marketplace A 35,159 sq ft retail center in Walnut Creek, California, leased to retail tenants.
- Genesee Park A 192-unit multifamily residential apartment property in San Diego, California, leased to residential tenants.
- Hassalo on Eighth A 657-unit multifamily residential property in Portland, Oregon, the largest multifamily asset in the AAT portfolio.
- Imperial Beach Gardens A 160-unit multifamily residential property in Imperial Beach, California, leased to residential tenants.
- La Jolla Commons A 725,439 sq ft Class A office property in San Diego, California, leased to commercial tenants.
- Lloyd Portfolio A 568,270 sq ft office portfolio in the Lloyd District of Portland, Oregon, leased to commercial tenants.
- Loma Palisades A 548-unit multifamily residential property in San Diego, California, leased to residential tenants.
- Lomas Santa Fe Plaza A 208,297 sq ft retail center in Solana Beach, California, leased to retail tenants.
- Mariner's Point An 88-unit multifamily residential property in Imperial Beach, California, leased to residential tenants.
- One Beach Street A 100,270 sq ft office property in San Francisco, California, leased to commercial tenants.
- Pacific Ridge Apartments A 533-unit multifamily residential property in San Diego, California, leased to residential tenants.
- Solana Beach Towne Centre A 246,651 sq ft retail center in Solana Beach, California, leased to retail tenants.
- Solana Crossing A 224,009 sq ft office property in Solana Beach, California, leased to commercial tenants.
- Southbay Marketplace A 132,877 sq ft retail center in National City, California, leased to retail tenants.
- The Landmark @ One Market A 422,426 sq ft Class A office property in San Francisco, California, leased to commercial tenants.
- The Shops at Kalakaua An 11,893 sq ft retail center in Waikiki, Honolulu, Hawaii, leased to retail tenants.
- Timber Ridge A 160,509 sq ft office property in Bellevue, Washington, leased to commercial tenants.
- Timber Springs A 93,295 sq ft office property in Bellevue, Washington, leased to commercial tenants.
- Torrey Point A 94,854 sq ft office property in San Diego, California, leased to commercial tenants.
- Waikele Center A 418,611 sq ft retail shopping center in Waipahu, Hawaii, with over 3,000 feet of frontage along Interstate H-1, leased to retail tenants.
- Waikiki Beach Walk A 96,707 sq ft hotel and retail mixed-use center in Honolulu, Hawaii, featuring over 40 retailers and six restaurants.
Quantifiable outcome
- 98% retail portfolio leased with average base rents of $30 per square foot
- +2 more outcomes
Companies that use American Assets Trust
Customer profileSegments1 record
Ideal customer profiles3 records
American Assets Trust technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
American Assets Trust partnerships and signals
Strategic signalScale indicators20 records
Recent moves5 records
Expansion highlights5 records
American Assets Trust competitors and assessment
Company assessmentDirect peers
- Douglas Emmett: Douglas Emmett owns and operates Class A office and multifamily properties primarily in Los Angeles and Honolulu, directly overlapping AAT's office and multifamily exposure in California and Hawaii.
- Essex Property Trust: Essex is a West Coast-focused multifamily REIT with properties in California, Seattle, and other supply-constrained markets, directly comparable to AAT's multifamily portfolio in San Diego, Portland, and Imperial Beach.
- Kilroy Realty: Kilroy Realty is an office REIT concentrated in San Diego, the San Francisco Bay Area, Los Angeles, and Seattle, directly mirroring AAT's office footprint in San Diego, San Francisco, Portland, and Bellevue.
- Hudson Pacific Properties: Hudson Pacific owns and operates office and studio properties in Los Angeles, San Francisco, Seattle, and Vancouver, overlapping AAT's West Coast office markets and exposure to the same secular office demand headwinds.
- Federal Realty Investment Trust: Federal Realty is a retail-focused REIT owning high-quality open-air shopping centers in coastal U.S. markets, directly comparable to AAT's 98%-leased retail portfolio in California, Hawaii, and the Pacific Northwest.
- Regency Centers: Regency Centers is a grocery-anchored retail REIT operating shopping centers primarily in affluent coastal markets, comparable in tenant profile and lease economics to AAT's neighborhood and community retail centers.
Broad incumbents
- Equity Residential: Equity Residential is a large-cap multifamily REIT concentrated in coastal gateway cities, providing a broader-scale benchmark for AAT's West Coast multifamily operations and same-store NOI performance.
- AvalonBay Communities: AvalonBay is a national multifamily REIT with a meaningful coastal presence, serving as a larger, more diversified comparable to AAT's multifamily segment for rent growth, occupancy, and cap-rate analysis.
- Vornado Realty Trust: Vornado is a large-cap office REIT with assets in New York City, San Francisco, and Chicago, providing a relevant comparison for AAT's office segment performance and capital structure dynamics.
- Boston Properties: Boston Properties is a national Class A office REIT operating in gateway markets including San Francisco and Los Angeles, comparable to AAT's office portfolio for occupancy, leasing spreads, and tenant retention.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
American Assets Trust social profiles
Digital presenceAmerican Assets Trust financial estimates
Financial estimateRevenue estimate
Valuation estimate
American Assets Trust leadership team
Management profileNumber of profiles
Profiles2 records
American Assets Trust funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
American Assets Trust M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about American Assets Trust
What does American Assets Trust do?
American Assets Trust is a full-service, vertically integrated and self-administered diversified REIT that owns, operates, and leases a portfolio of office, retail, multifamily, and mixed-use properties concentrated in high-barrier-to-entry U.S. West Coast and Hawaii markets. The company generates recurring rental income through long-term leases with commercial tenants, residential renters, and hotel guests across 33+ properties spanning California, Hawaii, Oregon, Texas, and Washington.
Is American Assets Trust a public or private company?
American Assets Trust is a public company. It is classified as public and is currently operating.
When was American Assets Trust founded?
American Assets Trust was founded in 2010. It employs 51 to 100 people.
Where is American Assets Trust based?
American Assets Trust is headquartered in San Diego, United States, in the North America region.
How does American Assets Trust make money?
One revenue line is on record: rental Income.
Who are American Assets Trust's main competitors?
Direct peers on record are Douglas Emmett, Essex Property Trust, Kilroy Realty, Hudson Pacific Properties, Federal Realty Investment Trust and Regency Centers. Broad incumbents are Equity Residential, AvalonBay Communities, Vornado Realty Trust and Boston Properties.
Does American Assets Trust have an API?
No public API is recorded for American Assets Trust.
What industry is American Assets Trust in?
American Assets Trust's product category is Diversified REIT / Commercial Real Estate. Its primary akta.pro industry code is FSAAAKAD, REITs & Listed Real Estate Securities. Its NAICS code is 525 and its SIC code is 6798.