Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.00, read 2026-10-24
Ethical does not pass the values gate
Price21.22 USD
Fair value17.51
Ethical score70.0/100
Our investment reviews on this name
2026-10-18Read Markdown21.45-1.1% to today ✓Accumulation gives way to Markdown first Markdown read since October
2026-10-11Read Accumulation21.50-1.3% to today Markdown gives way to Accumulation
2026-09-19Read Markdown21.79-2.6% to today ✓Distribution gives way to Markdown with volume flow in agreement
2026-08-20Read Distribution22.56-5.9% to today ✓Markup gives way to Distribution after an 8% slide in 7 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
American Assets Trust, Inc. holds its Markdown at $21.22. Consolidating, no directional conviction, held for 68 days.
As held on the ledger · 2026-10-27
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 68 days
Price at the screen
$21.22
Valuation
73.41 trailing · 29.57 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.98
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
58.41%
Below 33%
Interest-bearing debt is 58.4% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
4.68%
Below 49%
Money owed to the company is 4.7% of assets, under the 49% limit.
Pass
Revenue purity
0.99%
Below 5%
Only 1.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
American Assets Trust,'s business is in a permissible area, but its interest-bearing debt is about 58% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-28. It updates when the underlying figures move, and past reads are kept below.
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Today AAT does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-27 screen. The gold marker is the market price at the same screen. The price runs 17.5% above the base estimate.
Third-party analyst targets: 2 covering, consensus Underperform. The average target sits +11% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-27 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
REIT Portfolio Offers Weak Returns At High Valuation
Picture a landlord juggling office blocks and retail units where rents trickle in slowly and costs eat most of the gains. American Assets Trust trades at 25.51 against a fair value of 16.01, a forward multiple of 35.4 times earnings, revenue growth of just 2 percent, a 4 percent profit margin and return on equity of only 2 percent. The ethical screen clears yet the opportunity rating stays at none because the numbers show limited scope for meaningful improvement.
We pass on this name because the current price leaves no margin of safety and the low returns point to a business struggling to create real value from its properties. Two analysts see a median target of 20, still well below the market quote, and the unknown moat adds further uncertainty around long-term pricing power.
Real estate cycles, interest rate shifts and tenant defaults remain live risks that could pressure already thin margins further. The vertical integration helps control costs in theory but has not translated into stronger growth or profitability so far. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
AAT trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-27Markdown$21.29+0.0%Entry 18
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (2 analysts) rates it underperform, with a mean price target of $20. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Markdown$21.29+0.0%Entry 17
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (2 analysts) rates it underperform, with a mean price target of $20. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Markdown$21.29+0.0%Entry 16
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 6% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (2 analysts) rates it underperform, with a mean price target of $20. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Markdown$21.29+0.0%Entry 15
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 6% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (2 analysts) rates it underperform, with a mean price target of $20. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Markdown$21.29-0.7%Entry 14
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 6% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (2 analysts) rates it underperform, with a mean price target of $20. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Markdown$21.45+0.0%Entry 13
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 6% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (2 analysts) rates it underperform, with a mean price target of $20. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-21Markdown$21.45+0.0%Entry 12
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 6% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (2 analysts) rates it underperform, with a mean price target of $20. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-20Markdown$21.45+0.0%Entry 11
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 6% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (2 analysts) rates it underperform, with a mean price target of $20. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-18Markdown · changed$21.45-0.2%Entry 10
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 22% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (2 analysts) rates it underperform, with a mean price target of $20.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 2.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 22% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (2 analysts) rates it underperform, with a mean price target of $20. Since the last review it dropped out of the Titan Ethical 500; its composite score eased.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
