Intrinsic value of American Assets Trust - AAT

Previous Close

$39.05

  Intrinsic Value

$293.29

stock screener

  Rating & Target

str. buy

+651%

Previous close

$39.05

 
Intrinsic value

$293.29

 
Up/down potential

+651%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as AAT.

We calculate the intrinsic value of AAT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
Revenue, $m
  336
  358
  381
  405
  429
  455
  482
  510
  539
  570
  602
  635
  670
  706
  744
  784
  826
  869
  915
  963
  1,013
  1,066
  1,121
  1,178
  1,239
  1,302
  1,369
  1,439
  1,512
  1,589
Variable operating expenses, $m
  224
  238
  253
  269
  285
  302
  320
  338
  357
  377
  394
  416
  439
  462
  487
  513
  541
  569
  599
  631
  663
  698
  734
  772
  811
  853
  896
  942
  990
  1,040
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  224
  238
  253
  269
  285
  302
  320
  338
  357
  377
  394
  416
  439
  462
  487
  513
  541
  569
  599
  631
  663
  698
  734
  772
  811
  853
  896
  942
  990
  1,040
Operating income, $m
  112
  120
  128
  136
  144
  153
  163
  172
  182
  193
  208
  219
  231
  244
  257
  271
  285
  300
  316
  332
  350
  368
  387
  407
  427
  449
  472
  496
  522
  548
EBITDA, $m
  346
  369
  392
  417
  442
  469
  497
  526
  556
  587
  620
  654
  690
  728
  767
  808
  851
  896
  943
  992
  1,044
  1,098
  1,155
  1,214
  1,276
  1,342
  1,410
  1,482
  1,558
  1,637
Interest expense (income), $m
  48
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
Earnings before tax, $m
  113
  120
  128
  137
  145
  154
  163
  173
  183
  194
  208
  220
  232
  245
  258
  272
  286
  301
  317
  333
  351
  369
  388
  408
  429
  451
  474
  498
  523
  550
Tax expense, $m
  30
  33
  35
  37
  39
  42
  44
  47
  49
  52
  56
  59
  63
  66
  70
  73
  77
  81
  86
  90
  95
  100
  105
  110
  116
  122
  128
  134
  141
  148
Net income, $m
  82
  88
  94
  100
  106
  112
  119
  126
  134
  141
  152
  161
  169
  179
  188
  198
  209
  220
  231
  243
  256
  269
  283
  298
  313
  329
  346
  363
  382
  401

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -97
  -103
  -110
  -117
  -124
  -131
  -139
  -147
  -155
  -164
  -173
  -183
  -193
  -203
  -214
  -226
  -238
  -250
  -264
  -277
  -292
  -307
  -323
  -339
  -357
  -375
  -394
  -414
  -435
  -458
Adjusted assets (=assets-cash), $m
  -97
  -103
  -110
  -117
  -124
  -131
  -139
  -147
  -155
  -164
  -173
  -183
  -193
  -203
  -214
  -226
  -238
  -250
  -264
  -277
  -292
  -307
  -323
  -339
  -357
  -375
  -394
  -414
  -435
  -458
Revenue / Adjusted assets
  -3.464
  -3.476
  -3.464
  -3.462
  -3.460
  -3.473
  -3.468
  -3.469
  -3.477
  -3.476
  -3.480
  -3.470
  -3.472
  -3.478
  -3.477
  -3.469
  -3.471
  -3.476
  -3.466
  -3.477
  -3.469
  -3.472
  -3.471
  -3.475
  -3.471
  -3.472
  -3.475
  -3.476
  -3.476
  -3.469
Average production assets, $m
  2,303
  2,454
  2,610
  2,773
  2,943
  3,119
  3,303
  3,496
  3,696
  3,905
  4,123
  4,352
  4,590
  4,839
  5,100
  5,373
  5,659
  5,958
  6,271
  6,599
  6,942
  7,302
  7,679
  8,075
  8,490
  8,925
  9,381
  9,859
  10,361
  10,887
Working capital, $m
  -1,511
  -1,609
  -1,712
  -1,819
  -1,930
  -2,046
  -2,167
  -2,293
  -2,424
  -2,561
  -2,705
  -2,854
  -3,011
  -3,174
  -3,345
  -3,524
  -3,712
  -3,908
  -4,113
  -4,328
  -4,553
  -4,790
  -5,037
  -5,297
  -5,569
  -5,854
  -6,153
  -6,467
  -6,796
  -7,141
Total debt, $m
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
Total liabilities, $m
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
Total equity, $m
  -92
  -98
  -104
  -110
  -117
  -124
  -131
  -139
  -147
  -155
  -164
  -173
  -182
  -192
  -203
  -214
  -225
  -237
  -249
  -262
  -276
  -290
  -305
  -321
  -338
  -355
  -373
  -392
  -412
  -433
Total liabilities and equity, $m
  -97
  -104
  -110
  -116
  -124
  -131
  -138
  -147
  -155
  -164
  -173
  -183
  -192
  -203
  -215
  -226
  -238
  -251
  -263
  -277
  -292
  -307
  -322
  -339
  -357
  -375
  -394
  -414
  -436
  -458
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  82
  88
  94
  100
  106
  112
  119
  126
  134
  141
  152
  161
  169
  179
  188
  198
  209
  220
  231
  243
  256
  269
  283
  298
  313
  329
  346
  363
  382
  401
Depreciation, amort., depletion, $m
  234
  249
  265
  281
  298
  316
  334
  353
  373
  394
  412
  435
  459
  484
  510
  537
  566
  596
  627
  660
  694
  730
  768
  808
  849
  892
  938
  986
  1,036
  1,089
Funds from operations, $m
  316
  337
  358
  381
  404
  428
  453
  480
  507
  536
  565
  596
  628
  662
  698
  736
  775
  816
  858
  903
  950
  1,000
  1,051
  1,105
  1,162
  1,222
  1,284
  1,349
  1,418
  1,490
Change in working capital, $m
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -143
  -150
  -156
  -164
  -171
  -179
  -187
  -196
  -205
  -215
  -225
  -236
  -247
  -259
  -272
  -285
  -299
  -314
  -329
  -345
Cash from operations, $m
  411
  436
  461
  488
  515
  544
  574
  606
  638
  673
  708
  745
  785
  826
  869
  914
  962
  1,012
  1,064
  1,118
  1,176
  1,236
  1,299
  1,365
  1,434
  1,507
  1,583
  1,663
  1,747
  1,835
Maintenance CAPEX, $m
  -216
  -230
  -245
  -261
  -277
  -294
  -312
  -330
  -350
  -370
  -390
  -412
  -435
  -459
  -484
  -510
  -537
  -566
  -596
  -627
  -660
  -694
  -730
  -768
  -808
  -849
  -892
  -938
  -986
  -1,036
New CAPEX, $m
  -145
  -150
  -156
  -163
  -170
  -177
  -184
  -192
  -200
  -209
  -218
  -228
  -238
  -249
  -261
  -273
  -286
  -299
  -313
  -328
  -344
  -360
  -377
  -396
  -415
  -435
  -456
  -478
  -502
  -526
Cash from investing activities, $m
  -361
  -380
  -401
  -424
  -447
  -471
  -496
  -522
  -550
  -579
  -608
  -640
  -673
  -708
  -745
  -783
  -823
  -865
  -909
  -955
  -1,004
  -1,054
  -1,107
  -1,164
  -1,223
  -1,284
  -1,348
  -1,416
  -1,488
  -1,562
Free cash flow, $m
  51
  55
  59
  64
  68
  73
  78
  83
  89
  94
  99
  105
  111
  118
  125
  132
  139
  147
  155
  163
  172
  181
  191
  201
  212
  223
  235
  247
  260
  273
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Issuance/(repurchase) of shares, $m
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
Cash from financing (excl. dividends), $m  
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
Total cash flow (excl. dividends), $m
  45
  49
  53
  57
  61
  66
  70
  75
  80
  85
  90
  95
  101
  107
  114
  120
  127
  134
  142
  150
  158
  166
  175
  185
  194
  205
  215
  227
  238
  251
Retained Cash Flow (-), $m
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
Prev. year cash balance distribution, $m
  86
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
Cash available for distribution, $m
  136
  55
  59
  63
  68
  73
  78
  83
  88
  94
  98
  104
  111
  117
  124
  131
  138
  146
  154
  163
  171
  181
  190
  200
  211
  222
  234
  246
  258
  272
Discount rate, %
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
PV of cash for distribution, $m
  136
  55
  59
  63
  68
  73
  78
  83
  88
  94
  98
  104
  111
  117
  124
  131
  138
  146
  154
  163
  171
  181
  190
  200
  211
  222
  234
  246
  258
  272
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust (REIT). The Company owns, operates, acquires and develops retail, office, multifamily and mixed-use properties in Southern California, Northern California, Oregon, Washington, Texas and Hawaii markets. The Company operates in four business segments: retail, office, multifamily and mixed-use. As of December 31, 2016, the Company's portfolio consisted of 11 retail shopping centers; seven office properties; a mixed-use property consisting of a 369-room all-suite hotel and a retail shopping center, and five multifamily properties. Additionally, as of December 31, 2016, the Company owned land at four of its properties that it classified as held for development and construction in progress. The Company's markets include San Diego, the San Francisco Bay Area, Portland, Oregon, Bellevue, Washington and Oahu, Hawaii.

FINANCIAL RATIOS  of  American Assets Trust (AAT)

Valuation Ratios
P/E Ratio 38.8
Price to Sales 6.1
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 14.5
Price to Free Cash Flow 28.3
Growth Rates
Sales Growth Rate 6.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -55.2%
Cap. Spend. - 3 Yr. Gr. Rate 1.4%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 131.1%
Total Debt to Equity 131.1%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 2.5%
Ret/ On T. Cap. - 3 Yr. Avg. 2.4%
Return On Equity 5.7%
Return On Equity - 3 Yr. Avg. 5.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 63.4%
Gross Margin - 3 Yr. Avg. 64.3%
EBITDA Margin 55.9%
EBITDA Margin - 3 Yr. Avg. 56.7%
Operating Margin 33.2%
Oper. Margin - 3 Yr. Avg. 33.3%
Pre-Tax Margin 15.6%
Pre-Tax Margin - 3 Yr. Avg. 15.7%
Net Profit Margin 15.6%
Net Profit Margin - 3 Yr. Avg. 15.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 139.1%

AAT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AAT stock intrinsic value calculation we used $315 million for the last fiscal year's total revenue generated by American Assets Trust. The default revenue input number comes from 2017 income statement of American Assets Trust. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AAT stock valuation model: a) initial revenue growth rate of 6.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 0%, whose default value for AAT is calculated based on our internal credit rating of American Assets Trust, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of American Assets Trust.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AAT stock the variable cost ratio is equal to 66.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AAT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for American Assets Trust.

Corporate tax rate of 27% is the nominal tax rate for American Assets Trust. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AAT stock is equal to 1.5%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AAT are equal to 685.3%.

Life of production assets of 10 years is the average useful life of capital assets used in American Assets Trust operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AAT is equal to -449.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for American Assets Trust - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 47 million for American Assets Trust is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of American Assets Trust at the current share price and the inputted number of shares is $1.8 billion.

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VNO Vornado Realty 76.40 24.92  str.sell
FRT Federal Realty 127.09 33.65  str.sell
CMCT CIM Commerical 15.00 3.98  str.sell

COMPANY NEWS

▶ American Assets Trust: 2Q Earnings Snapshot   [Jul-31-18 05:45PM  Associated Press]
▶ Safeway opening new store in former Hawaii Sports Authority space   [Jul-23-18 08:11PM  American City Business Journals]
▶ American Assets Trust: 1Q Earnings Snapshot   [May-01-18 06:25PM  Associated Press]
▶ Is Alta SA.s (WSE:AAT) Balance Sheet A Threat To Its Future?   [Apr-03-18 12:51PM  Simply Wall St.]
▶ Weekly CEO Buys Highlight   [Mar-05-18 10:45AM  GuruFocus.com]
▶ Weekly CEO Buys Highlight   [Feb-26-18 10:49AM  GuruFocus.com]
▶ American Assets Trust, Inc. to Host Earnings Call   [Feb-14-18 09:00AM  ACCESSWIRE]
▶ American Assets Trust reports 4Q results   [Feb-13-18 06:57PM  Associated Press]
▶ Bear of the Day: American Assets Trust (AAT)   [Jan-29-18 05:56AM  Zacks]
▶ New Strong Sell Stocks for January 4th   [Jan-04-18 05:52AM  Zacks]
▶ Weekly CEO Buys Highlight   [Dec-18-17 10:58AM  GuruFocus.com]
▶ Weekly CEO Buys Highlight   [Dec-11-17 10:53AM  GuruFocus.com]
▶ Weekly CEO Buys Highlight   [Dec-04-17 11:32AM  GuruFocus.com]
▶ Weekly CEO Buys Highlight   [03:41PM  GuruFocus.com]
▶ American Assets Trust, Inc. to Host Earnings Call   [Nov-01-17 08:10AM  ACCESSWIRE]
▶ American Assets Trust reports 3Q results   [Oct-31-17 06:03PM  Associated Press]
▶ Weekly CEO Buys Highlight   [Sep-11-17 03:15PM  GuruFocus.com]
▶ Weekly CEO Buys Highlights   [Aug-28-17 12:26PM  GuruFocus.com]
▶ Weekly CEO Buys Highlights   [Aug-21-17 01:43PM  GuruFocus.com]
▶ Weekly CEO Buys Highlights   [Aug-14-17 12:06PM  GuruFocus.com]
▶ American Assets Trust reports 2Q results   [Aug-01-17 11:27PM  Associated Press]
▶ American Assets Trust reports 2Q results   [06:26PM  Associated Press]
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