HIGHBuilt-inProperty_type
52%
office properties
“10-K Item 1A: 'approximately 52% of our net operating income was from our office properties'”
AAT · Concentration risk · 10-K extracted
American Assets Trust (AAT) concentration risks
Updated
The most significant concentration American Assets Trust discloses is office properties at 52%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: American Assets Trust’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH2
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inGeographic
California, Washington, Oregon and Hawaii
“10-K Item 1A: 'substantially all of our properties are concentrated in California, Washington, Oregon and Hawaii, which exposes us to greater economic risks'”
MEDIUMOutside partyTenant
31%
Google LLC, LPL Holdings and Autodesk
“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'”
LOWOutside partyTenant
11.7%
Lowe's, Sprouts Farmers Market and Marshalls
“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'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06American Assets Trust's concentration profile is dominated by two structural exposures baked into its business model rather than tied to any single counterparty. Office properties generate approximately 52% of net operating income, and the portfolio itself is concentrated in California, Washington, Oregon and Hawaii, meaning the REIT's performance is tied to both a single property type and a narrow set of regional economies. These two exposures are the ones most likely to move the outlook, since a downturn in West Coast office demand or a regional recession would touch the bulk of the portfolio at once. Tenant-level concentration is more contained. In the office portfolio, the three largest tenants — Google LLC, LPL Holdings and Autodesk — represent approximately 31% of total annualized base rent, a dependency worth watching but not on the scale of the property-type or geographic exposures. On the retail side, the largest anchor tenants (Lowe's, Sprouts Farmers Market and Marshalls) account for a more modest 11.7% of annualized base rent. Netting these out, the structural property-type and geographic concentrations carry more weight for the investment case than the tenant-specific dependencies, which are smaller and diversified across multiple names.
For the engine’s reasoning on AAT’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Diversified
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AAT● | American Assets Trust, Inc. | 2 | 1 | 1 | 4 |
| BNL | Broadstone Net Lease, Inc. | 1 | 2 | 1 | 4 |
| ESRT | Empire State Realty Trust, Inc. | 1 | 1 | 2 | 4 |
| CTO | CTO Realty Growth, Inc. | 1 | 0 | 0 | 1 |
| AHRT | AH Realty Trust, Inc. | 0 | 1 | 0 | 1 |
| FVR | FrontView REIT, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.