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Side-by-side financial comparison of American Assets Trust, Inc. (AAT) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
American Assets Trust, Inc. is the larger business by last-quarter revenue ($110.6M vs $97.9M, roughly 1.1× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs 6.1%, a 22.4% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs 1.8%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% 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.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
AAT vs SAFE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $110.6M | $97.9M |
| Net Profit | $6.7M | $27.9M |
| Gross Margin | — | 98.6% |
| Operating Margin | 23.4% | 27.4% |
| Net Margin | 6.1% | 28.5% |
| Revenue YoY | 1.8% | 6.5% |
| Net Profit YoY | -16.3% | 7.1% |
| EPS (diluted) | $0.08 | $0.38 |
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 | $97.9M | ||
| Q3 25 | $109.6M | $96.2M | ||
| Q2 25 | $107.9M | $93.8M | ||
| Q1 25 | $108.6M | $97.7M | ||
| Q4 24 | $113.5M | $91.9M | ||
| Q3 24 | $122.8M | $90.7M | ||
| Q2 24 | $110.9M | $89.9M |
| Q1 26 | $6.7M | — | ||
| Q4 25 | — | $27.9M | ||
| Q3 25 | $4.5M | $29.3M | ||
| Q2 25 | $5.5M | $27.9M | ||
| Q1 25 | $42.5M | $29.4M | ||
| Q4 24 | — | $26.0M | ||
| Q3 24 | $16.7M | $19.3M | ||
| Q2 24 | $11.9M | $29.7M |
| Q1 26 | — | — | ||
| Q4 25 | 59.4% | 98.6% | ||
| Q3 25 | 60.5% | 98.5% | ||
| Q2 25 | 62.6% | 99.1% | ||
| Q1 25 | 62.0% | 98.8% | ||
| Q4 24 | 61.3% | 98.8% | ||
| Q3 24 | 65.5% | 98.8% | ||
| Q2 24 | 63.6% | 98.8% |
| Q1 26 | 23.4% | — | ||
| Q4 25 | 21.1% | 27.4% | ||
| Q3 25 | 22.6% | 25.9% | ||
| Q2 25 | 24.1% | 25.5% | ||
| Q1 25 | 66.3% | 25.9% | ||
| Q4 24 | 26.5% | 24.6% | ||
| Q3 24 | 30.8% | 17.5% | ||
| Q2 24 | 27.8% | 26.7% |
| Q1 26 | 6.1% | — | ||
| Q4 25 | — | 28.5% | ||
| Q3 25 | 4.1% | 30.5% | ||
| Q2 25 | 5.1% | 29.8% | ||
| Q1 25 | 39.2% | 30.1% | ||
| Q4 24 | — | 28.3% | ||
| Q3 24 | 13.6% | 21.3% | ||
| Q2 24 | 10.7% | 33.0% |
| Q1 26 | $0.08 | — | ||
| Q4 25 | $0.06 | $0.38 | ||
| Q3 25 | $0.07 | $0.41 | ||
| Q2 25 | $0.09 | $0.39 | ||
| Q1 25 | $0.70 | $0.41 | ||
| Q4 24 | $0.14 | $0.36 | ||
| Q3 24 | $0.28 | $0.27 | ||
| Q2 24 | $0.20 | $0.42 |
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 | $21.7M |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | $1.1B | $2.4B |
| Total Assets | $2.9B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $118.3M | — | ||
| Q4 25 | $129.4M | $21.7M | ||
| Q3 25 | $138.7M | $12.1M | ||
| Q2 25 | $143.7M | $13.9M | ||
| Q1 25 | $143.9M | $17.3M | ||
| Q4 24 | $425.7M | $8.3M | ||
| Q3 24 | $533.0M | $15.6M | ||
| Q2 24 | $114.9M | $13.4M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | $2.0B | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.2B | $2.4B | ||
| Q3 25 | $1.2B | $2.4B | ||
| Q2 25 | $1.2B | $2.4B | ||
| Q1 25 | $1.2B | $2.4B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | $1.2B | $2.3B | ||
| Q2 24 | $1.2B | $2.3B |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $7.2B | ||
| Q3 25 | $2.9B | $7.1B | ||
| Q2 25 | $3.0B | $7.1B | ||
| Q1 25 | $3.0B | $6.9B | ||
| Q4 24 | $3.3B | $6.9B | ||
| Q3 24 | $3.4B | $6.8B | ||
| Q2 24 | $3.0B | $6.8B |
| Q1 26 | — | — | ||
| Q4 25 | 1.48× | 1.90× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | 1.72× | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× |
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 | — | $47.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 14.5% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $167.1M | $47.8M | ||
| Q3 25 | $40.5M | $-1.4M | ||
| Q2 25 | $49.2M | $28.0M | ||
| Q1 25 | $36.9M | $8.9M | ||
| Q4 24 | $207.1M | $37.9M | ||
| Q3 24 | $52.4M | $8.3M | ||
| Q2 24 | $59.3M | $24.8M |
| Q1 26 | — | — | ||
| Q4 25 | $94.9M | — | ||
| Q3 25 | $23.1M | — | ||
| Q2 25 | $28.4M | — | ||
| Q1 25 | $20.4M | — | ||
| Q4 24 | $136.9M | — | ||
| Q3 24 | $28.0M | — | ||
| Q2 24 | $43.6M | — |
| Q1 26 | — | — | ||
| Q4 25 | 86.2% | — | ||
| Q3 25 | 21.1% | — | ||
| Q2 25 | 26.3% | — | ||
| Q1 25 | 18.8% | — | ||
| Q4 24 | 120.7% | — | ||
| Q3 24 | 22.8% | — | ||
| Q2 24 | 39.3% | — |
| Q1 26 | 14.5% | — | ||
| Q4 25 | 65.6% | — | ||
| Q3 25 | 15.9% | — | ||
| Q2 25 | 19.3% | — | ||
| Q1 25 | 15.1% | — | ||
| Q4 24 | 61.9% | — | ||
| Q3 24 | 19.9% | — | ||
| Q2 24 | 14.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.72× | ||
| Q3 25 | 8.98× | -0.05× | ||
| Q2 25 | 9.01× | 1.00× | ||
| Q1 25 | 0.87× | 0.30× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | 3.15× | 0.43× | ||
| Q2 24 | 4.98× | 0.83× |
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% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
