American Assets Trust is a West Coast and Hawaii REIT with excellent cash conversion and heavy insider buying, but office concentration at 52%, a price above the analyst target and weak earnings history cap the case.
Thesis pillars
- Strong Cash Conversion→Stable
- Heavy Insider Buying→Stable
- Office And Regional Concentration↓Deteriorating
- +2 more pillars — see the Why tab for full reasoning
Pillars as of Nov 1, 2026, based on the 10-K filed Feb 6, 2026
American Assets Trust, Inc. (AAT) Stock Analysis
Breakout setup
Real Estate · REIT - Diversified
Sell if holding. At $22.09, A.R:R is negative (-1.2) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Geographic: California, Washington, Oregon and Hawaii; Concentration risk — Property Type: office properties (52.0%).
American Assets Trust owns, operates and develops office, retail, multifamily and mixed-use properties in Southern California, Northern California, Washington, Oregon, Texas and Hawaii, with twelve office properties, eleven retail centers, one hotel/retail mixed-use property and... Read more
Sell if holding. At $22.09, A.R:R is negative (-1.2) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Geographic: California, Washington, Oregon and Hawaii; Concentration risk — Property Type: office properties (52.0%). Chart setup: Golden cross, above all MAs, RSI 57, MACD bullish. Score 5.4/10, high confidence.
Passes 7/8 gates (positive momentum, clean insider activity, no SEC red flags, news events none recent, earnings proximity 89d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: aggressive.
About American Assets Trust, Inc.
About American Assets Trust, Inc.
American Assets Trust owns a diversified portfolio of twelve office properties, eleven retail shopping centers, seven multifamily communities and a 369-room all-suite hotel paired with retail, concentrated in high-barrier-to-entry California, Washington, Oregon, Texas and Hawaii markets. Office properties generated approximately 52% of 2025 net operating income, and leases covering 6.7% of the office, retail and mixed-use retail portfolio's square footage are scheduled to expire in 2026.
The company generates rental revenue from four segments - office, retail, multifamily and mixed-use - under a mix of gross and net lease structures typical of West Coast commercial real estate. Its three largest office tenants, Google LLC, LPL Holdings and Autodesk, together represent approximately 31% of the office portfolio's annualized base rent, while its largest retail anchors, Lowe's, Sprouts Farmers Market and Marshalls, account for roughly 11.7% of retail annualized base rent combined. Many retail leases carry co-tenancy and go-dark provisions that let tenants reduce rent or cease operations if anchor occupancy or minimum occupancy thresholds are not met. As of February 6, 2026, the company carried $1.70 billion of total debt, including a $500 million credit facility split between a $400 million revolving line and a $100 million term loan, subject to covenants restricting additional indebtedness and distributions.
Show full overview
Beyond its tenant and geographic profile, American Assets Trust faces secular exposure tied to office demand: the 10-K flags that remote work, flexible schedules and shared office space could erode long-term demand for the roughly half of net operating income the office segment supplies. The filing also notes that a bankruptcy or insolvency among Google, LPL Holdings or Autodesk, which together anchor nearly a third of office annualized base rent, could trigger federal bankruptcy-law protections limiting the company's ability to evict or recover unpaid rent, a risk concentrated by the small number of named tenants rather than the broader office portfolio.
See also: Real Estate · REIT - Diversified
From American Assets Trust, Inc.'s most recent 10-K filing, extracted July 6, 2026.
Recent developments
updated Oct 28, 2026Recent Developments — American Assets Trust, Inc.
Latest news
- NEWS American Assets Trust (AAT) Could Be 11% Undervalued After Third Quarter Earnings - Simply Wall Street — Simply Wall Street Oct 28, 2026 positive
- NEWS American Assets Trust (AAT) Reports Q3 Earnings: What Key Metrics Have to Say - Yahoo Finance — Yahoo Finance Oct 27, 2026 neutral
- NEWS American Assets Trust (NYSE:AAT) Posts Earnings Results, Beats Expectations By $0.04 EPS - MarketBeat — MarketBeat Oct 27, 2026 positive
- NEWS American Assets Trust (AAT) Q3 FFO and Revenues Beat Estimates - Yahoo Finance — Yahoo Finance Oct 27, 2026 positive
- NEWS (AAT) American Assets Trust Expects Full-Year 2026 FFO Range $2.04 - $2.10, vs. FactSet Est of $2.03 - marketscreener.co — marketscreener.com Oct 27, 2026 positive
Latest item Oct 28, 2026 · Generated 2026-11-05T11:49:08Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHGeographicCalifornia, Washington, Oregon and Hawaii10-K Item 1A: 'substantially all of our properties are concentrated in California, Washington, Oregon and Hawaii, which exposes us to greater economic risks'
- HIGHPropertyoffice properties52%10-K Item 1A: 'approximately 52% of our net operating income was from our office properties'
- MEDIUMTenantGoogle LLC, LPL Holdings and Autodesk31%10-K Item 1A: 'the three largest tenants in our office portfolio - Google LLC, LPL Holdings, Inc. and Autodesk, Inc. - represented approximately 31% of the total annualized base rent'
- LOWTenantLowe's, Sprouts Farmers Market and Marshalls12%10-K Item 1A: 'our largest anchor tenants were Lowe's, Sprouts Farmers Market and Marshalls, which together represented approximately 11.7% of our total annualized base rent'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. People who build TrendMatrix, or entities they control, may hold positions, long or short, in securities it covers, and may trade them at any time. Positions are not disclosed individually. Verdicts are generated by an automated model applied by the same rules to every covered stock, and are not adjusted for any position held by the people who build TrendMatrix. We do not accept payment from issuers for coverage.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Rating Breakdown
3 floor-breakers
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.static
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. At $22.09, A.R:R is negative (-1.2) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Geographic: California, Washington, Oregon and Hawaii; Concentration risk — Property Type: office properties (52.0%). Chart setup: Golden cross, above all MAs, RSI 57, MACD bullish. Prior stop was $20.87. Score 5.4/10, high confidence.
Analyst target $19.97 reached (−9.6% from $22.09); no take-profit level is published. Prior stop was $20.87. Stop-loss: $20.87.
Concentration risk — Geographic: California, Washington, Oregon and Hawaii; Concentration risk — Property Type: office properties (52.0%); Analyst target reached - limited upside remaining.
American Assets Trust, Inc. trades at a P/E of 63.1 (forward 30.7). TrendMatrix value score: 6.8/10. Verdict: Sell.
10 analysts rate AAT, with a consensus score of 2.3/5. 2 analysts publish price targets averaging $24.
What does American Assets Trust, Inc. do?American Assets Trust owns, operates and develops office, retail, multifamily and mixed-use properties in Southern...
American Assets Trust owns, operates and develops office, retail, multifamily and mixed-use properties in Southern California, Northern California, Washington, Oregon, Texas and Hawaii, with twelve office properties, eleven retail centers, one hotel/retail mixed-use property and seven multifamily properties. The company earns rental income across four segments, with approximately 52% of 2025 net operating income from office properties.