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American Assets Trust AAT Multifamily — Real estate taxes

Other segment segments

Office
$5.27M+9.2%
Retail
$3.39M+4.9%
Mixed-use
$1.07M+2.2%

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$5.2M+9.7%
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UEReportable Segment — Real estate taxes
$17.07M+1.3%
Equity Lifestyle Properties logo
ELSProperty Operations — Real estate taxes
$21.83M-0.1%
BFS
BFSMixed-Use Properties — Real estate taxes
$3.61M+10.3%
FRP Holdings logo
FRPHMultifamily — Property taxes
$624K-3.7%

Other financials

Income statement

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Revenue$109.5M+1.4%
Gross profit$66.9M-0.6%
Operating income$26.3M+1.2%
Net income$5.2M-5.2%
EPS (diluted)$0.090.0%

Balance sheet

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Cash & equivalents$109.7M-23.7%
Total debt$1.7B+8,723%
Total equity$1.1B-5.2%
Total assets$2.9B-2.1%

Cash flow

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Operating cash flow$38.6M+4.7%
CapEx$20.4M+24.3%
Free cash flow$18.2M-11.1%

Valuation

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Market cap$1.38B+18.2%
P/E70.7×+54.8×
P/S3.1×+0.6×

Profitability

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Gross margin60.8%-2.4pp
Operating margin22.8%-13.9pp
Net margin4.5%-11.8pp
FCF margin21.1%-3.8pp

Returns & leverage

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Return on equity1.7%-4.5pp
Debt / equity1.5×+1.5×

Where this comes from

Reported directly by American Assets Trust in its filing.

Tagged under the XBRL concept us-gaap:RealEstateTaxExpense.

The source filing: American Assets Trust’s 10-Q, filed May 1, 2026.

Filed
May 1, 2026, 2:31 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001500217-26-000032
Line itemThree Months Ended March 31, 2026Three Months Ended March 31, 2025
Total Multifamily
Property revenue18,19616,831
Rental expenses5,9465,349
Real estate taxes2,2221,908
Property expense8,1687,257
Segment profit10,0289,574
Total Mixed-Use
Property revenue16,69516,247

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is American Assets Trust's multifamily — real estate taxes?
American Assets Trust (AAT) reported multifamily — real estate taxes of $2.22M in Q1 2026.
How has American Assets Trust's multifamily — real estate taxes changed year-over-year?
American Assets Trust's multifamily — real estate taxes increased by 16.5% year-over-year, from $1.91M to $2.22M.
What is the long-term trend for American Assets Trust's multifamily — real estate taxes?
Over 3 years (2022 to 2025), American Assets Trust's multifamily — real estate taxes has grown at a 4.6% compound annual growth rate (CAGR), from $7.1M to $8.14M.
What does multifamily — real estate taxes mean?
This reflects the property-related tax obligations specifically attributable to the multifamily segment's real estate holdings. It is a significant non-controllable operating expense that directly impacts the net operating income of the residential portfolio.

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