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Unless otherwise indicated or unless the context requires otherwise, references to we, our, us and our company refer to American Assets Trust, Inc., a Maryland corporation, together with our consolidated subsidiaries, including American Assets Trust, L.P., a Maryland limited partnership, of which we are the sole general partner and which we refer to in this report as our Operating Partn…
33.45% operating margin is above average. ROIC at 4.77%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue declined 4.7% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 31% versus the prior year, cash generation momentum has weakened. Net debt of $1.59B represents 16.8x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$438M
▼ -4.7% YoY
Net Income (TTM)
$7M
▼ -2.0% YoY
Op. Margin
22.77%
▲ +5.2pp YoY
ROIC
5.79%
▲ +0.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$93M
▼ -30.7% YoY
Op. Cash Flow (TTM)
$169M
▼ -19.3% YoY
Net Debt
$50M
Cash & Equiv.
$118M
5Y CAGR: +4.8%
5Y CAGR: +8.4%
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