AAT at a glance
American Assets Trust, Inc. (AAT, SEC CIK 1500217) filed its latest 10-K annual report on February 6, 2026, a 10-Q quarterly report on July 31, 2026, an 8-K current report on July 28, 2026 and Form 4 insider filings as recently as September 16, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), American Assets Trust, Inc. (AAT) reported revenue of $39.9 million (down 7.2% from FY2024) and net income of $3.1 million. Diluted EPS was $0.92.
- As of June 30, 2026, 30 institutional investment managers tracked by SignalX reported holding American Assets Trust, Inc. (AAT) shares worth $685.2 million in 13F-HR filings.
- The most recent insider open-market purchase reported on Form 4 was by RADY ERNEST S on September 14, 2026 of 50,000 shares at $21.65 per share.
- In the last 90 days, AAT insiders reported 18 open-market purchases ($20.1M) and 0 open-market sales ($0) on Form 4, a net purchase of $20.1M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $39.9M
- −7.2% vs prior year
- Insiders · 90 days
- 18 buys · 0 sells
- Net +$20.1M
- 13F holders
- 30 funds
- $685.2M · +1 vs prior quarter
- Latest 8-K
- Jul 28, 2026
- Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: Owner and operator of office, retail, mixed-use, and multifamily properties concentrated in California, Washington, Oregon, Texas, and Hawaii
- No new products or segments introduced; emphasis on risks from geographic concentration and office sector trends (52% NOI from office in 2025)
- Strategic focus on managing high indebtedness $1.70B and risks from key tenant concentration (top three tenants represent 31% office rent) amid evolving remote work trends
- Notable metric: Leases representing 6.7% of square footage and 8.2% of annualized base rent expiring in 2026, plus 11.5% available space in core portfolios
- Unusual risk highlighted: Potential taxable income without cash on foreclosures due to nonrecourse mortgage debt treatment impacting REIT distribution ability
Risk Factors
- Regulatory risk: REIT qualification under Internal Revenue Code requires 90% income distribution to stockholders, failure triggers substantial corporate tax liability reducing cash available
- Macroeconomic threat: Sale of Del Monte Center retail property for $123.5M in 2025 reflects shifting retail segment exposure and potential impact on portfolio diversification
- Operational vulnerability: Capital expenditures surged to $80.4M in 2025 from $77.4M in 2024 mainly for tenant improvements, repositioning, and new developments increasing operational cost demands
- Competitive risk: New tenant build-outs at Coastal Collection, Solana Crossing, Timber Ridge compete directly with similar mixed-use developments, affecting occupancy and leasing dynamics
- Financial risk: Extended collection period for straight-line rents and tenant credit risk require significant judgment, potentially impacting recognized net income and cash flow stability
Management Discussion & Analysis
- Revenue $436.2M, down 5% YoY from $457.9M; rental revenue decreased 3% to $410.5M mainly due to retail segment sale and office occupancy decline
- Operating margin (property operating income/revenue) approx. 61.1% vs 63.4%, with operating income down 8% to $266.6M from $290.1M
- Best segment: Multifamily operating income up 1% to $37.0M; Worst segment: Retail operating income down 11% to $68.3M due to Del Monte Center sale
- Net income $55.6M, down 2% YoY; general/admin expenses up 7% to $37.8M; interest expense up 5% to $78.1M; $44.5M gain on Del Monte Center sale
- Cash flow: no equity sold via ATM program in 2025; company retains $250M ATM capacity; dividends funded via Operating Partnership distributions with adequate liquidity for 12 months
- Forward outlook: potential delays in development projects, limits on acquisitions or dividend changes if capital markets deteriorate; monitors risks from lower occupancy and tourism impacts in mixed-use segment
AI summary of the AAT 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Total property revenue $109.5M, up 1% YoY from $107.9M
- Net income $6.8M, down 5% from $7.1M; stockholder net income $5.2M vs $5.5M
- Mixed-Use best rental performer, revenue $14.2M, up 4%; Office weakest other income, down 27% to $1.7M
- Development capitalized costs $15.5M vs $8.6M YoY; other improvements $14.3M vs $12.8M
- Outlook focused on same-store growth, redevelopment and acquisitions; headwinds include interest rates, vacancies and economic conditions
Risk Factors
- Fourth Amended and Restated Credit Agreement dated April 1, 2026 indicates updated financing arrangements
- Voting Support Agreement dated May 11, 2026 introduces transaction-related execution exposure
- No disclosed defaults upon senior securities during the quarter
- No disclosed officer or director Rule 10b5-1 trading-plan changes during the quarter
AI summary of the AAT 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 results covered quarter ended June 30, 2026
- Press release and supplemental operating information furnished July 28, 2026
Item 7.01: Regulation FD Disclosure
- Management meeting investors and analysts June 3, 2026 at NAREIT REITweek Conference
- Presentation materials available on AAT’s Investors / Presentations & Events webpage
Item 5.07: Submission of Matters to a Vote of Security Holders
- All five director nominees elected, with Joy L. Schaefer receiving the highest withholdings at 21,013,572
- Board continuity maintained through the 2027 annual meeting, reducing immediate governance disruption
AI summaries of AAT 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for AAT
Don't miss the next AAT filing
- Alerts as it files. A push when AAT files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut AAT, by share count.
- Ask anything. An AI agent that reads every AAT filing and answers with sources.
AAT alerts on your phone. Follow it in the SignalX Android app.
Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| RADY ERNEST S | Buy | Sep 14, 2026 | 50,000 | $21.65 |
| RADY ERNEST S | Buy | Sep 2, 2026 | 96,636 | $22.50 |
| RADY ERNEST S | Buy | Sep 1, 2026 | 50,000 | $22.40 |
| RADY ERNEST S | Buy | Aug 31, 2026 | 20,000 | $22.33 |
| RADY ERNEST S | Buy | Aug 28, 2026 | 50,000 | $22.52 |
| RADY ERNEST S | Buy | Aug 27, 2026 | 50,000 | $22.56 |
| RADY ERNEST S | Buy | Aug 26, 2026 | 50,000 | $22.89 |
| RADY ERNEST S | Buy | Aug 24, 2026 | 29,729 | $22.74 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $43.0M | $39.9M |
| Gross Profit | $277.2M | $290.1M | $266.6M |
| Operating Income | - | $129.2M | $145.9M |
| Net Income | $10.5M | $9.0M | $3.1M |
| Gross Margin | - | 674.2% | 668.0% |
| Op. Margin | - | 300.3% | 365.6% |
| Net Margin | - | 20.9% | 7.9% |
| Balance Sheet | |||
| Total Assets | $3.0B | $3.3B | $2.9B |
| Equity | - | $1.2B | $1.2B |
| ROE | - | 0.8% | 0.3% |
| Per Share | |||
| EPS | $0.84 | $0.94 | $0.92 |
| Cash Flow | |||
| Operating CF | - | $207.1M | $167.1M |
Source: XBRL data in American Assets Trust, Inc. (AAT)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate AAT share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 30 | $685.2M |
| Q1 2026 | 29 | $535.4M |
| Q4 2025 | 28 | $550.3M |
| Q3 2025 | 28 | $615.4M |
| Q2 2025 | 29 | $554.3M |
| Q1 2025 | 25 | $369.9M |
| Q4 2024 | 20 | $410.9M |
| Q3 2024 | 18 | $204.1M |
- Ameriprise Financial+96.6K (+10%)
- Two Sigma Investments+75.6K (+14%)
- Vanguard Portfolio Management LLC+75.4K (+1%)
- Citadel Advisors LLC+74.8K (+34%)
- Morgan Stanley+70.3K (+8%)
- JPMorgan Chase & Co−762.9K (-60%)
- Millennium Management−379.1K (-84%)
- BlackRock−290.0K (-3%)
- Northern Trust−108.9K (-14%)
- Invesco Ltd−96.5K (-12%)
- Truist Financial+14.0K
Source: 13F-HR filings on SEC EDGAR (aggregated from 207 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
AAT filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Sep 16, 2026 | - | - | - |
| 4 | Sep 2, 2026 | - | - | - |
| 4 | Aug 28, 2026 | - | - | - |
| 4 | Aug 26, 2026 | - | - | - |
| 4 | Aug 21, 2026 | - | - | - |
| 4 | Aug 19, 2026 | - | - | - |
| 4 | Aug 14, 2026 | - | - | - |
| 4 | Aug 12, 2026 | - | - | - |
| 4 | Aug 7, 2026 | - | - | - |
| 10-Q | Jul 31, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Jul 28, 2026 | - | Analysis | - |
| 4 | Jun 15, 2026 | - | - | - |
| 4 | Jun 12, 2026 | - | - | - |
| 4 | Jun 3, 2026 | - | - | |
| 8-K | Jun 3, 2026 | - | Analysis | |
| 4 | Jun 1, 2026 | - | - | |
| 4 | Jun 1, 2026 | - | - | |
| 4 | Jun 1, 2026 | - | - | |
| 8-K | Jun 1, 2026 | - | Analysis | |
| 4 | Jun 1, 2026 | - | - | |
| 4 | May 29, 2026 | - | - | |
| 4 | May 22, 2026 | - | - | |
| 4 | May 21, 2026 | - | - | |
| 4 | May 18, 2026 | - | - | |
| 4 | May 14, 2026 | - | - |
Related Real Estate companies
- AKR · ACADIA REALTY TRUSTReal Estate Investment Trusts
- ACR · ACRES Commercial Realty Corp.Real Estate Investment Trusts
- ADAM · ADAMAS TRUST, INC.Real Estate Investment Trusts
- ALX · ALEXANDERS INCReal Estate Investment Trusts
- ARE · Alexandria Real Estate EquitiesReal Estate Investment Trusts
- PINE · Alpine Income Property Trust, Inc.Real Estate Investment Trusts
- AHR · American Healthcare REIT, Inc.Real Estate Investment Trusts
- AMT · American TowerReal Estate Investment Trusts
AAT SEC filings: frequently asked questions
Are AAT insiders buying or selling?
In the last 90 days, American Assets Trust, Inc. (AAT) officers, directors and 10% owners reported 18 open-market purchases worth $20.1 million by 1 insider and no open-market sales on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold AAT stock?
As of June 30, 2026, the largest American Assets Trust, Inc. (AAT) holders among the 13F filers tracked by SignalX were BlackRock ($226.2 million), Vanguard Portfolio Management LLC ($135.1 million), State Street Corp ($69.1 million), Vanguard Capital Management LLC ($50.7 million), Ameriprise Financial ($25.7 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was AAT's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), American Assets Trust, Inc. (AAT) reported revenue of $39.9 million (down 7.2% from FY2024) and net income of $3.1 million. Diluted EPS was $0.92. The figures come from the XBRL data in the 10-K.
What are the main risks in AAT's latest 10-K?
In the 10-K filed February 6, 2026, American Assets Trust, Inc. (AAT) flagged: Regulatory risk: REIT qualification under Internal Revenue Code requires 90% income distribution to stockholders, failure triggers substantial corporate tax liability reducing cash available. Macroeconomic threat: Sale of Del Monte Center retail property for $123.5M in 2025 reflects shifting retail segment exposure and potential impact on portfolio diversification. (AI summary of the Risk Factors section.)
What did AAT report in its latest 8-K?
American Assets Trust, Inc. (AAT) filed an 8-K on July 28, 2026 reporting Item 2.02 (Results of Operations and Financial Condition). Q2 2026 results covered quarter ended June 30, 2026.
What are the latest AAT SEC filings?
American Assets Trust, Inc. (AAT) filed its latest 10-K annual report on February 6, 2026, a 10-Q quarterly report on July 31, 2026, an 8-K current report on July 28, 2026 and a Form 4 insider filing on September 16, 2026.
What is AAT's SEC CIK number?
American Assets Trust, Inc. (AAT)'s SEC Central Index Key (CIK) is 1500217. EDGAR lists every AAT filing under that number.
Ask anything about AAT
The research agent reads AAT's filings, financials, insider trades and 13F holders, then answers with sources.