AAT · CIK 0001500217
What American Assets Trust, Inc. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for AAT. More may follow as additional filings are processed.
In its own words
What could break it.
Geographic concentration
- 54.1% of GLA in California; 43.8% of revenue in Southern Californiahigh
At December 31, 2025, 54.1% of portfolio gross leasable area was in California (plus Washington 15.2%, Oregon 14.4%, Texas 8.7%, and Hawaii); sixteen properties in Southern California generated 43.8% of total revenue, concentrating exposure to West Coast markets.
“At December 31, 2025, 54.1% of the gross leaseable area of our portfolio is located in the State of California. Additionally, 15.2%, 14.4%, and 8.7% of the gross leaseable area of our portfolio is located in the States of Washington, Oregon and Texas, respectively, and we have a meaningful presence in Oahu, Hawaii.”
Climate & physical
- Earthquake, wildfire, tropical storm and sea-level-rise exposuremedium
A significant number of properties are in areas susceptible to earthquakes, tropical storms, tornadoes, wildfires and sea-level rise from climate change; insurance costs for these areas have increased and premiums may rise significantly.
“A significant number of our properties are located in areas that are susceptible to earthquakes, tropical storms, tornadoes, wildfires, and sea-level rise due to climate change, and other natural disasters.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
LPL Holdings, Inc. (LPL Financial Holdings Inc.)
“LPL Holdings, Inc. at La Jolla Commons accounted for approximately 13.1%, 12.3%, and 13.2% of total office segment revenues for the years ended December 31, 2025, 2024 and 2023, respectively.”
Cited →“Google LLC at The Landmark at One Market accounted for approximately 13.3%, 12.3%, and 10.4% of total office segment revenues for the years ended December 31, 2025, 2024 and 2023, respectively.”
Cited →
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