AATAmerican Assets Trust, Inc.

Real Estate Investment Trusts

Revenue: $40M; 7.2% YoY
Operating margin: 365.6%; 22% YoY
EBITDA: $273M; 7.3% YoY
Market cap: $1.3B
Employees: 232; $172K revenue each
Net debt / EBITDA: 5.9×; $1.6B net debt
AI in 10-K: 1.4; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
604% of net income
Cash flow under 80% of net income
Dilutive SBCYes
19% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
63% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
63% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$172K · 25th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.4 per 10K words · 43rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
$36M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$25M	$38M	$43M	$43M	$40M	7.2%
Operating income	$100M	$115M	$122M	$129M	$146M	13%
Operating cash flow	$168M	$179M	$189M	$207M	$167M	19%
Stock-based comp	$8M	$9M	$9M	$7M	$7M	4.0%
Dividends	$89M	$98M	$102M	$103M	$105M	1.8%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 26, 2026	RADY ERNEST S	SCHEDULE 13D/A	11.1%	Passive
May 27, 2026	RADY ERNEST S	SCHEDULE 13D/A	11.1%	Active
Apr 15, 2025	RADY ERNEST S	SCHEDULE 13D/A	11.1%	Passive
Sep 21, 2022	American Assets Trust, Inc.	SC 13D/A	11.2%	Passive
Sep 20, 2021	American Assets Trust, Inc.	SC 13D/A	34.0%	Passive
Jun 17, 2019	American Assets Trust, Inc.	SC 13D/A	9.7%	Passive

Insider trading

Open-market buys, 12 mo: $36M · 45
Open-market sells, 12 mo: $0 · 0
Net: $36M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	$3M	85	107
FY2024	$3M	$3M	72	96
FY2023	$3M	$2M	58	89
FY2022	$5M	$4M	64	83
FY2021	$5M	$3M	87	117