American Assets Trust maintains a 7.24% dividend yield, but negative FAD coverage and rising office vacancies heighten risk. AAT's fiscal 2025 fourth quarter FFO of $0.47 per share fell year-over-year, with 2026 guidance indicating only modest growth at the midpoint. Dividend coverage against FAD dropped to 90.4% in the fourth quarter, with management signaling intent to maintain payouts despite insufficient coverage.