Stock fact sheet · data as of
American Assets Trust, Inc. (AAT): fair value, margin of safety and Wheel Score
Ticker symbol AAT · Real Estate · REIT - Diversified · United States · Value Income
Is AAT undervalued?
AAT closed at 22.09 on 5 Nov 2026, which is 22% above the GLS average fair value of 18.10 from 9 models. 7 of them value the shares below today's price. Our scans read that as "no margin of safety": the stock is not a value candidate at this price, whatever the quality numbers say.
The 9 models disagree widely: GLS Growth gives 1.40 while DCF gives 54.25. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, AAT is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 49, growth score 21, out of 100). It also carries the Income tag (Income = a dividend yield of 4% or more).
Nine valuation models for AAT
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 54.25 | +146% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 12.41 | -44% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 12.90 | -42% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 5.01 | -77% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 1.40 | -94% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 34.19 | +55% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 18.55 | -16% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 20.01 | -9% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 4.16 | -81% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -26.20 | -219% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 18.50 | -16% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health AAT scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is 6.0 out of 10: a record that is solid on some of the four parts the score weighs (returns on capital, pricing power, lasting growth, balance sheet) and weaker on others.
Returns on capital are thin or negative - ROIC 2.5%, ROE 6.2%, ROA 2.4% - with debt at 1.48 times equity and a free-cash-flow yield of 5.5%.
The dividend yield is high at 6.16% (payout ratio 440%) - a payout above 100% of earnings, which is not covered by profits. A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Office 48%, Retail 20%, Mixed Use 16% (quarter Q3 FY2026).
Institutional ownership scores 10/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 2.5% |
|---|---|---|---|
| GLS Moat | 6.0 / 10 | ROE | 6.2% |
| Debt / equity | 1.48 | ROA | 2.4% |
| Free-cash-flow yield | 5.5% | Payout ratio | 440% |
| Institutions | 10 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 34: Weak
AAT scores 34 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 1, options that actually trade - options too quiet (117 open interest, 32 a day); and filter 3, below fair value - trades 22% above our fair value; and filter 5, can repay its debt - 10.1 years to repay its debt (over 6), and the parts are thin too - value weak, premium strong, moat good, health good, red flags fair, option trading weak, stability fair. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 44% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 117 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 499k shares a day on a market cap of $1.4B, with a beta of 0.98; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (117 open interest, 32 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Fails | trades 22% above our fair value |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Fails | 10.1 years to repay its debt (over 6) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 22% above fair value | |
| Premium | Strong | implied volatility 44% | |
| Moat | Good | moat 6.0/10 | |
| Health | Good | Piotroski 7/9 | |
| Red Flags | Fair | Red Flags score 70/100 | |
| Option trading | Weak | 32 contracts a day, 117 open interest | |
| Stability | Fair | beta 0.98, $1.4B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 2 Feb 2027, 89 days away - outside the window of a 30-45-day put sold today. The next ex-dividend date is 10 Dec 2026 (0.3400 per share).
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in REIT - Diversified
The 12 companies below are the closest to American Assets Trust, Inc. by market cap within the REIT - Diversified industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| OGCP Empire State Realty OP, L.P. | 4.94 | 5.62 | +12% | 22No options | $1.4B |
| ESBA Empire State Realty OP, L.P. | 5.03 | 13.25 | +62% | 27No options | $1.4B |
| FISK Empire State Realty OP, L.P. | 5.36 | 13.48 | +60% | 29No options | $1.5B |
| SCCE Sachem Capital Corp. 6.00% Note | 24.42 | 19.47 | -25% | 10No options | $1.1B |
| GNL Global Net Lease, Inc. | 7.09 | 17.31 | +59% | 33Weak | $1.6B |
| PMTW PennyMac Mortgage Investment Trust | 24.97 | 14.89 | -68% | 12No options | $1.8B |
| CMRF CIM Real Estate Finance Trust, Inc. | 2.35 | 3.47 | +32% | 29No options | $1.0B |
| ESRT Empire State Realty Trust, Inc. | 5.27 | 4.72 | -12% | 30Weak | $907M |
| CTO CTO Realty Growth, Inc. | 20.46 | 27.48 | +26% | 36Weak | $793M |
| SAFE Safehold Inc. | 10.77 | 17.27 | +38% | 41Weak | $763M |
| JBGS JBG SMITH Properties | 12.29 | 8.93 | -38% | 29Weak | $720M |
| RWTQ Redwood Trust, Inc. | 20.80 | 5.56 | -274% | 11No options | $2.6B |
Scan the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about AAT
Is AAT undervalued right now?
No: at 22.09 the stock trades 22% above the GLS average fair value of 18.10 (data as of 5 Nov 2026). The margin of safety is negative.
What is the Wheel Score of AAT and what does it mean?
AAT scores 34 out of 100 (Weak) - it fails Wheel Trade Filters 1, 3, 5. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for AAT?
18.10 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does American Assets Trust, Inc. report earnings next?
The next earnings report is due on 2 Feb 2027, 89 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does AAT have listed options, and how liquid are they?
Yes. The nightly snapshot found 36 listed contracts with 117 open interest across all expiries and implied volatility of 44% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.