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American Assets Trust AAT Office — Notes Payable

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Other financials

Income statement

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Revenue$110.6M+1.8%
Gross profit$66.9M-0.6%
Operating income$25.8M-64.1%
Net income$6.7M-84.2%
EPS (diluted)$0.08-88.6%

Balance sheet

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Cash & equivalents$118.3M-17.8%
Total debt$18.0M-9.6%
Total equity$1.1B-5.2%
Total assets$2.9B-2.3%

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$1.5B+21.0%
Enterprise value$1.4B+25.4%
P/E75.4×+59.9×
P/S3.4×+0.7×

Profitability

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Gross margin60.8%-2.4pp
Operating margin22.8%-14.7pp
Net margin4.5%-13.0pp
FCF margin21.1%-3.8pp

Returns & leverage

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Return on equity1.7%-5.0pp
Debt / equity0.0×

Where this comes from

Reported directly by American Assets Trust in its filing.

Tagged under the XBRL concept us-gaap:NotesPayable.

The official record: American Assets Trust’s 10-Q, filed May 1, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is American Assets Trust's office — notes payable?
American Assets Trust (AAT) reported office — notes payable of $75M in Q1 2026.
How has American Assets Trust's office — notes payable changed year-over-year?
American Assets Trust's office — notes payable decreased by 0.0% year-over-year, from $75M to $75M.
What is the long-term trend for American Assets Trust's office — notes payable?
Over 4 years (2021 to 2025), American Assets Trust's office — notes payable has grown at a -9.3% compound annual growth rate (CAGR), from $444M to $300M.
What does office — notes payable mean?
This represents the portion of the company's debt obligations specifically attributable to the financing of office segment assets. It highlights the leverage profile and financial risk associated with the office portfolio. Investors monitor this to understand the debt burden and interest coverage requirements for these specific properties.