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Held by 220 of 5,944 reporting institutions (92th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $22.13 today, the market must believe free cash flow compounds 11.3%/yr for a decade (off $113M normalized FCF).
The market's 11.3% is more optimistic than its 9-yr track record.
2-stage DCF · 0.06B shares · net debt $1.6B
mean 9.4% · volatility σ 34% · implied rate exceeded in 3/9 yrs
Central path = implied 11.3%/yr growth; shaded band = ±1σ (34%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 240 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $161.8B | 167.1× | — | 14.9× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,425 |
| XHG | $130.2B | — | — | 2536.8× | 24.9% | 2.2% | -205% | 85.0% | 88.3% | — | 1 |
| PLD | $125.6B | 38.0× | — | 14.3× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,592 |
| EQIX | $100.8B | 74.6× | 25.7× | 10.9× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | 0.3× | 1,229 |
| AMT | $81.9B | 32.5× | 14.1× | 7.7× | 5.1% | — | 24.7% | 72.0% | 37.3% | 0.6× | 1,662 |
| SPG | $66.7B | 14.4× | — | 10.5× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,242 |
| O | $53.5B | 49.0× | — | 9.3× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,389 |
| PSA | $52.8B | 33.4× | — | 10.9× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,045 |
| VTR | $41.7B | 162.4× | — | 7.1× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 891 |
| CBRE | $41.2B | 36.2× | — | 1.0× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,020 |
| IRM | $33.7B | 232.7× | 22.9× | 4.9× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.5× | 1,043 |
| EXR | $29.4B | 30.3× | 13.7× | 8.7× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | — | 722 |
| AVB | $26.6B | 25.6× | 12.2× | 8.7× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.2× | 715 |
| VICI | $25.8B | 9.2× | — | 6.4× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 898 |
| EQR | $25.6B | 23.0× | — | — | — | — | — | 10.1% | 5.8% | — | 681 |
| SBAC | $19.1B | 18.5× | 21.6× | 6.8× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.7× | 636 |
| BEKE | $17.6B | 133.3× | 37.9× | 1.3× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | — | 197 |
| ESS | $17.5B | 26.0× | 11.5× | 9.3× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | — | 582 |
| INVH | $16.6B | 28.3× | — | 6.1× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 560 |
| JLL | $15.8B | 20.5× | 11.8× | 0.6× | 11.4% | — | 3.0% | 10.6% | 10.4% | 0.1× | 615 |
| WY | $15.6B | 48.1× | 16.7× | 2.3× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.5× | 868 |
| KIM | $15.2B | — | 16.3× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.5× | 633 |
| NLY | $15.1B | 7.3× | — | — | — | — | — | 12.6% | 12.6% | — | 743 |
| HST | $15.1B | 19.9× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 656 |
| LAMR | $14.9B | 25.4× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 655 |
| AAT | $1.4B | 24.1× | 10.7× | 3.1× | -4.7% | 61.1% | 16.4% | 6.2% | 2.5% | 6.2× | 220 |
Peers = companies sharing AAT's sector (Real Estate) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $436.2M 100.0% | $457.9M 100.0% | $441.2M 100.0% | $422.6M 100.0% | $375.8M 100.0% | $344.6M 100.0% | $366.7M 100.0% | $330.9M 100.0% | $315.0M 100.0% | $295.1M 100.0% |
| Gross Profit | $266.6M 61.1% | $290.1M 63.4% | $277.2M 62.8% | $270.2M 63.9% | $246.1M 65.5% | $223.5M 64.8% | $234.8M 64.0% | $209.4M 63.3% | $198.3M 63.0% | $187.2M 63.4% |
| Selling, General & Admin | $37.8M 8.7% | $35.5M 7.7% | $36.0M 8.2% | $32.1M 7.6% | $29.9M 8.0% | $26.6M 7.7% | $24.9M 6.8% | $22.8M 6.9% | $21.4M 6.8% | $17.9M 6.1% |
| Total Operating Expenses | $334.7M 76.7% | $328.7M 71.8% | $319.4M 72.4% | $307.9M 72.9% | $276.0M 73.4% | $256.0M 74.3% | $253.1M 69.0% | $251.3M 76.0% | $221.3M 70.3% | $197.1M 66.8% |
| Operating Income | $145.9M 33.5% | $129.2M 28.2% | $121.7M 27.6% | $114.7M 27.1% | $99.9M 26.6% | $88.6M 25.7% | $113.7M 31.0% | $79.5M 24.0% | $93.6M 29.7% | $97.9M 33.2% |
| Interest Expense | — | — | — | — | $58.6M 15.6% | $53.4M 15.5% | $54.0M 14.7% | $52.2M 15.8% | $53.8M 17.1% | $51.9M 17.6% |
| Other Income (Expense), net | $3.6M 0.8% | $18.1M 4.0% | $7.6M 1.7% | -$625K -0.1% | -$418K -0.1% | $447K 0.1% | -$122K -0.0% | -$85K -0.0% | $334K 0.1% | -$368K -0.1% |
| Income Tax Expense | $770K 0.2% | $886K 0.2% | $1.0M 0.2% | $850K 0.2% | $738K 0.2% | -$9K -0.0% | $819K 0.2% | $327K 0.1% | $214K 0.1% | $566K 0.2% |
| Net Income | $71.4M 16.4% | $72.8M 15.9% | $64.7M 14.7% | $55.9M 13.2% | $36.6M 9.7% | $27.7M 8.0% | $45.7M 12.5% | $19.7M 5.9% | $29.1M 9.2% | $32.6M 11.0% |
| Per Share | ||||||||||
| EPS (Basic) | $0.92 | $0.94 | $0.84 | $0.72 | $0.47 | $0.46 | $0.84 | $0.42 | $0.62 | $0.72 |
| EPS (Diluted) | $0.92 | $0.94 | $0.84 | $0.72 | $0.47 | $0.46 | $0.84 | $0.42 | $0.62 | $0.72 |
| Weighted Avg Shares (Basic) | 60.6M | 60.3M | 60.2M | 60.0M | 60.0M | 59.8M | 54.1M | 47.0M | 46.7M | 45.3M |
| Weighted Avg Shares (Diluted) | 76.7M | 76.5M | 76.3M | 76.2M | 76.2M | 76.1M | 70.8M | 64.1M | 64.1M | 63.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
7/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (111%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $105M dividends + $0 buybacks = $105M returned on $95M FCF.
5 consecutive years of dividend increases · 2%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 3%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $129M covers the $0 due within a year 129362000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~3.5% on $1.7B of debt. Interest last disclosed in FY2021 (no longer broken out).
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
Where each multiple sits in its own 14-yr range · 25th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Gross Profit | 63.3 | 64.0 | 64.8 | 65.5 | 63.9 | 62.8 | 63.4 | 61.1 |
| SG&A | 6.9 | 6.8 | 7.7 | 8.0 | 7.6 | 8.2 | 7.7 | 8.7 |
| Operating Income | 24.0 | 31.0 | 25.7 | 26.6 | 27.1 | 27.6 | 28.2 | 33.5 |
| Income Tax | 0.1 | 0.2 | -0.0 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| Net Income | 5.9 | 12.5 | 8.0 | 9.7 | 13.2 | 14.7 | 15.9 | 16.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AAT: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position