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American Assets Trust AAT Office — Rental expenses

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Mixed-use
$10.41M+5.3%
Multifamily
$5.95M+11.2%
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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:CostOfOtherPropertyOperatingExpense.

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 Office
Property revenue$52,357$50,881
Rental expenses11,74710,874
Real estate taxes5,2724,826
Property expense17,01915,700
Segment profit35,33835,181
Total Retail
Property revenue23,34424,648

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is American Assets Trust's office — rental expenses?
American Assets Trust (AAT) reported office — rental expenses of $11.75M in Q1 2026.
How has American Assets Trust's office — rental expenses changed year-over-year?
American Assets Trust's office — rental expenses increased by 8.0% year-over-year, from $10.87M to $11.75M.
What is the long-term trend for American Assets Trust's office — rental expenses?
Over 3 years (2022 to 2025), American Assets Trust's office — rental expenses has grown at a 7.7% compound annual growth rate (CAGR), from $36.99M to $46.22M.
What does office — rental expenses mean?
These are the direct operating costs associated with maintaining and managing office properties, such as utilities, maintenance, and property management fees. Tracking these expenses is essential for evaluating the operational efficiency of the office portfolio. Higher expenses relative to revenue may indicate rising operational costs or aging infrastructure.

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