American Assets Trust (AAT) Cash Flow: Operating & Free Cash Flow

American Assets Trust (AAT) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), American Assets Trust generated $167.12M of operating cash flow and spent $72.25M on capital expenditures. That left free cash flow of $94.86M, down 30.7% from $136.90M a year earlier, or 21.7% of revenue. It returned $107.65M to shareholders through $105.25M in dividends and $2.39M in share buybacks.

American Assets Trust Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for American Assets Trust, Inc. (AAT) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	71.37	72.82	64.69	55.88	36.59	35.59	60.19	27.20	40.13
Depreciation & Amortization	127.31	125.46	119.50	123.34	116.31	108.29	96.21	107.09	83.28
Deferred Income Tax	0.00	0.00	0.00	0.00	0.00	18.43	-0.12	0.00	10.67
Stock Based Compensation	7.40	7.11	8.84	8.69	8.49	6.31	4.48	3.04	4.74
Change in Working Capital	-1.04	2.89	-0.98	-0.53	19.62	-9.84	-2.09	-0.30	6.74
Change in Accounts Receivable	0.73	-1.79	-0.87	-0.40	2.27	-4.94	-1.07	-0.34	-1.12
Change in Inventory	0.00	0.00	0.00	0.00	0.00	-1.73	-0.97	2.27	0.46
Change in Accounts Payable	-0.23	5.58	0.77	-1.24	15.33	-2.11	5.96	-3.30	7.63
Change in Other Working Capital	6.01	-0.90	-0.88	1.11	2.02	-1.07	-6.01	1.06	-0.23
Other Operating Activities	6.01	-1.17	-3.30	-8.30	-12.68	-31.79	-4.84	-0.52	0.30
Net Cash from Operating Activities	167.12	207.11	188.75	179.07	168.33	126.99	153.82	136.51	145.85
Investing Activities
Capital Expenditures	-72.26	-70.21	-89.89	-113.78	-312.24	-63.49	-88.33	-54.41	-47.50
Acquisitions	0.00	0.00	0.00	0.00	0.00	0.00	499.59	0.00	0.00
Purchases of Investments	0.00	0.00	0.00	-45.17	-47.76	0.00	-507.78	0.00	-278.14
Sales/Maturities of Investments	0.00	0.00	0.00	0.00	47.72	0.00	8.19	0.00	0.00
Other Investing Activities	41.74	-7.20	-6.91	-7.37	-207.65	-5.59	-510.86	-9.94	-283.07
Net Cash from Investing Activities	-30.52	-77.41	-89.89	-166.32	-312.28	-69.08	-599.18	-64.35	-330.56
Financing Activities
Debt Repayment	-325.00	323.27	-150.00	-3.70	-155.38	49.00	65.24	-33.12	262.86
Common Stock Issued	0.00	0.00	0.00	0.00	0.00	0.67	515.35	-0.24	29.87
Common Stock Repurchased	-2.39	-1.45	-0.83	0.00	-0.87	-0.67	0.00	0.00	0.00
Dividends Paid	-105.25	-103.37	-101.57	-77.54	-88.94	-76.51	-80.61	-51.50	-67.54
Other Financing Activities	-2.64	-5.39	-2.15	-21.47	-5.08	-0.13	-2.44	-3.25	-3.28
Net Cash from Financing Activities	-432.90	213.07	-65.55	-102.70	144.42	-28.31	497.55	-106.84	221.91
Summary
Net Change in Cash	-296.30	342.77	33.32	-89.95	0.48	29.60	52.18	-34.68	37.20
Cash at Beginning of Period	425.66	82.89	49.57	139.52	139.05	109.45	57.27	91.95	54.75
Cash at End of Period	129.36	425.66	82.89	49.57	139.52	139.05	109.45	57.27	91.95
Free Cash Flow	94.86	136.90	98.86	65.29	-143.91	63.50	65.49	82.10	98.36
Supplemental Disclosures
Interest Paid	79.27	64.41	62.00	56.06	50.97	-	-	-	-
Income Taxes Paid	0.93	1.25	1.43	0.87	0.36	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About American Assets Trust Cash Flow

What is American Assets Trust's free cash flow?

American Assets Trust generated free cash flow of $94.86M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $167.12M minus $72.25M of capital expenditures. That was down 30.7% from $136.90M a year earlier. Free cash flow equaled 21.7% of revenue.

How much does American Assets Trust spend on capital expenditures?

American Assets Trust spent $72.25M on capital expenditures in fiscal 2025, compared with $70.20M a year earlier. That equals 43.2% of operating cash flow.

Does American Assets Trust pay dividends or buy back shares?

Yes. In fiscal 2025 American Assets Trust returned $105.25M in dividends and $2.39M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition