American Assets Trust

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.

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

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

• Diversified REIT
• Commercial real estate
• Multifamily housing
• Retail properties
• Office leasing

Headquarters

HQ city

San Diego

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales

Revenue model

1. 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

Core 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

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators20 records

Recent moves5 records

Expansion highlights5 records

Direct 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

• LinkedInlinkedin.com/company/american-assets-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about American Assets Trust