American Assets Trust Inc (NYSE: AAT) is a real estate investment trust that owns and operates a diversified portfolio of office, retail, multifamily, and mixed-use properties. Revenue comes primarily from base rents collected under leases with office and retail tenants, residential lease income from multifamily properties, and hotel operating revenue from its mixed-use asset. As of December 31, 2025, the operating portfolio comprised 31 properties totaling approximately 6.8 million net rentable square feet across 24 commercial properties, with approximately 735 office and retail leases and 2,041 residential leases. Office properties generated 52.2% of property operating income, retail 25.6%, multifamily 13.9%, and mixed-use 8.3% (FY2025). The portfolio is concentrated in high-barrier-to-entry West Coast markets: Southern California (46.0% of net rentable square feet), Washington (15.2%), Oregon (14.4%), Northern California (8.1%), Texas (8.7%), and Hawaii (7.7%) as of December 31, 2025.

Revenue model

Base rental income from long-term office and retail leases, including triple net and modified gross lease structures where tenants reimburse operating expenses. Residential revenue from multifamily unit leases with an average monthly base rent of $2,715 per occupied unit (as of December 31, 2025). Hotel revenue from the 369-unit Embassy Suites at Waikiki Beach Walk, which generated an average daily rate of $359.93 and RevPAR of $296.35 for the 12-month period ended December 31, 2025.

Products and services

Office properties (12 properties, 52.2% of property operating income, FY2025). Retail properties (11 properties, 25.6% of property operating income, FY2025). Multifamily residential properties (7 properties, 2,178 units, 95.5% leased as of December 31, 2025, including Loma Palisades, Pacific Ridge Apartments, Hassalo on Eighth, and others). Mixed-use property (1 property, Waikiki Beach Walk, including Embassy Suites hotel with 369 units and retail, 8.3% of property operating income, FY2025). Santa Fe Park RV Resort (124 units, San Diego, CA).

Customers and end markets

Office and retail tenants under approximately 735 leases as of December 31, 2025. Residential tenants under 2,041 leases as of December 31, 2025. Hotel guests at the Embassy Suites Waikiki Beach Walk. End markets include commercial office users, retail operators, and multifamily renters across West Coast urban and suburban markets.

Value-chain role

Direct property owner and operator. Acquires, develops, redevelops, and manages its own portfolio. Acts as landlord collecting base rent and, in gross lease structures, operating expense reimbursements directly from tenants.

Geographic exposure

Southern California (46.0% of net rentable square feet), Washington (15.2%), Oregon (14.4%), Northern California (8.1%), Texas (8.7%), Hawaii (7.7%) as of December 31, 2025.

Source: SEC 10-K, filed 2026-02-06

Industry: Real Estate Investment Trusts Peers: Alexander & Baldwin, Inc. Global Net Lease Inc American Healthcare REIT Inc Broadstone Net Lease Inc W.p. Carey Inc /entities/esba Empire State Realty Trust Inc Essential Properties Realty Trust Inc STORE CAPITAL LLC