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Side-by-side financial comparison of American Assets Trust, Inc. (AAT) and Industrial Logistics Properties Trust (ILPT). Click either name above to swap in a different company.
Industrial Logistics Properties Trust is the larger business by last-quarter revenue ($113.9M vs $110.6M, roughly 1.0× American Assets Trust, Inc.). American Assets Trust, Inc. runs the higher net margin — 6.1% vs -1.6%, a 7.7% gap on every dollar of revenue. On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs 1.8%). Over the past eight quarters, Industrial Logistics Properties Trust's revenue compounded faster (0.7% CAGR vs -0.1%).
Personal Assets Trust is a large British investment trust. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The chairman is Iain Ferguson CBE.
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
AAT vs ILPT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $110.6M | $113.9M |
| Net Profit | $6.7M | $-1.8M |
| Gross Margin | — | — |
| Operating Margin | 23.4% | -22.1% |
| Net Margin | 6.1% | -1.6% |
| Revenue YoY | 1.8% | 3.1% |
| Net Profit YoY | -16.3% | 92.6% |
| EPS (diluted) | $0.08 | $-0.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $110.6M | — | ||
| Q4 25 | $110.1M | $113.9M | ||
| Q3 25 | $109.6M | $110.9M | ||
| Q2 25 | $107.9M | $112.1M | ||
| Q1 25 | $108.6M | $111.9M | ||
| Q4 24 | $113.5M | $110.5M | ||
| Q3 24 | $122.8M | $108.9M | ||
| Q2 24 | $110.9M | $110.6M |
| Q1 26 | $6.7M | — | ||
| Q4 25 | — | $-1.8M | ||
| Q3 25 | $4.5M | $-21.6M | ||
| Q2 25 | $5.5M | $-21.3M | ||
| Q1 25 | $42.5M | $-21.5M | ||
| Q4 24 | — | $-24.1M | ||
| Q3 24 | $16.7M | $-25.0M | ||
| Q2 24 | $11.9M | $-23.2M |
| Q1 26 | — | — | ||
| Q4 25 | 59.4% | — | ||
| Q3 25 | 60.5% | — | ||
| Q2 25 | 62.6% | — | ||
| Q1 25 | 62.0% | — | ||
| Q4 24 | 61.3% | — | ||
| Q3 24 | 65.5% | — | ||
| Q2 24 | 63.6% | — |
| Q1 26 | 23.4% | — | ||
| Q4 25 | 21.1% | -22.1% | ||
| Q3 25 | 22.6% | -29.4% | ||
| Q2 25 | 24.1% | -30.8% | ||
| Q1 25 | 66.3% | -26.9% | ||
| Q4 24 | 26.5% | -31.1% | ||
| Q3 24 | 30.8% | -33.5% | ||
| Q2 24 | 27.8% | -32.4% |
| Q1 26 | 6.1% | — | ||
| Q4 25 | — | -1.6% | ||
| Q3 25 | 4.1% | -19.4% | ||
| Q2 25 | 5.1% | -19.0% | ||
| Q1 25 | 39.2% | -19.2% | ||
| Q4 24 | — | -21.8% | ||
| Q3 24 | 13.6% | -22.9% | ||
| Q2 24 | 10.7% | -20.9% |
| Q1 26 | $0.08 | — | ||
| Q4 25 | $0.06 | $-0.02 | ||
| Q3 25 | $0.07 | $-0.33 | ||
| Q2 25 | $0.09 | $-0.32 | ||
| Q1 25 | $0.70 | $-0.33 | ||
| Q4 24 | $0.14 | $-0.37 | ||
| Q3 24 | $0.28 | $-0.38 | ||
| Q2 24 | $0.20 | $-0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $118.3M | $94.8M |
| Total DebtLower is stronger | — | $4.2B |
| Stockholders' EquityBook value | $1.1B | $489.7M |
| Total Assets | $2.9B | $5.2B |
| Debt / EquityLower = less leverage | — | 8.56× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $118.3M | — | ||
| Q4 25 | $129.4M | $94.8M | ||
| Q3 25 | $138.7M | $83.2M | ||
| Q2 25 | $143.7M | $58.6M | ||
| Q1 25 | $143.9M | $108.0M | ||
| Q4 24 | $425.7M | $131.7M | ||
| Q3 24 | $533.0M | $153.9M | ||
| Q2 24 | $114.9M | $146.2M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $4.2B | ||
| Q3 25 | — | $4.2B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | $2.0B | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.3B |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.2B | $489.7M | ||
| Q3 25 | $1.2B | $494.1M | ||
| Q2 25 | $1.2B | $519.1M | ||
| Q1 25 | $1.2B | $539.5M | ||
| Q4 24 | $1.2B | $562.0M | ||
| Q3 24 | $1.2B | $585.9M | ||
| Q2 24 | $1.2B | $618.3M |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $5.2B | ||
| Q3 25 | $2.9B | $5.2B | ||
| Q2 25 | $3.0B | $5.2B | ||
| Q1 25 | $3.0B | $5.4B | ||
| Q4 24 | $3.3B | $5.4B | ||
| Q3 24 | $3.4B | $5.5B | ||
| Q2 24 | $3.0B | $5.5B |
| Q1 26 | — | — | ||
| Q4 25 | 1.48× | 8.56× | ||
| Q3 25 | — | 8.49× | ||
| Q2 25 | — | 8.09× | ||
| Q1 25 | — | 7.96× | ||
| Q4 24 | 1.72× | 7.65× | ||
| Q3 24 | — | 7.35× | ||
| Q2 24 | — | 6.96× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $60.7M |
| Free Cash FlowOCF − Capex | — | $42.0M |
| FCF MarginFCF / Revenue | — | 36.9% |
| Capex IntensityCapex / Revenue | 14.5% | 16.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $79.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $167.1M | $60.7M | ||
| Q3 25 | $40.5M | $22.7M | ||
| Q2 25 | $49.2M | $18.4M | ||
| Q1 25 | $36.9M | $11.4M | ||
| Q4 24 | $207.1M | $2.0M | ||
| Q3 24 | $52.4M | $-3.4M | ||
| Q2 24 | $59.3M | $10.8M |
| Q1 26 | — | — | ||
| Q4 25 | $94.9M | $42.0M | ||
| Q3 25 | $23.1M | $17.6M | ||
| Q2 25 | $28.4M | $15.2M | ||
| Q1 25 | $20.4M | $5.0M | ||
| Q4 24 | $136.9M | $-3.7M | ||
| Q3 24 | $28.0M | $-5.9M | ||
| Q2 24 | $43.6M | $9.4M |
| Q1 26 | — | — | ||
| Q4 25 | 86.2% | 36.9% | ||
| Q3 25 | 21.1% | 15.9% | ||
| Q2 25 | 26.3% | 13.5% | ||
| Q1 25 | 18.8% | 4.5% | ||
| Q4 24 | 120.7% | -3.4% | ||
| Q3 24 | 22.8% | -5.5% | ||
| Q2 24 | 39.3% | 8.5% |
| Q1 26 | 14.5% | — | ||
| Q4 25 | 65.6% | 16.4% | ||
| Q3 25 | 15.9% | 4.6% | ||
| Q2 25 | 19.3% | 2.9% | ||
| Q1 25 | 15.1% | 5.7% | ||
| Q4 24 | 61.9% | 5.2% | ||
| Q3 24 | 19.9% | 2.3% | ||
| Q2 24 | 14.1% | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 8.98× | — | ||
| Q2 25 | 9.01× | — | ||
| Q1 25 | 0.87× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.15× | — | ||
| Q2 24 | 4.98× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AAT
| Rental income | $104.4M | 94% |
| Other | $6.2M | 6% |
ILPT
Segment breakdown not available.
