pastorscott/E+ via Getty Images Introduction American Assets Trust (NYSE:AAT) has marginally outperformed the Vanguard Real Estate Index Fund ETF (VNQ) so far in 2024, with the shares delivering a mid-single-digit decline:   AAT vs VNQ in 2024 (Seeking Alpha) Looking ahead, I am neutral on the shares as the 8.3% market implied cap rate is not particularly enticing against the prospect of negative net operating income, or NOI, growth. Furthermore, the company is facing a busy refinancing schedule which w ...