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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
https://cdn.kscope.io/9e612c69955619813a55c5b60caff59c-aat-20220630_g1.jpg
AMERICAN ASSETS TRUST, INC.
(Exact Name of Registrant as Specified in its Charter)
Commission file number: 001-35030

AMERICAN ASSETS TRUST, L.P.
(Exact Name of Registrant as Specified in its Charter)
Commission file number: 333-202342-01
 
Maryland (American Assets Trust, Inc.)27-3338708 (American Assets Trust, Inc.)
Maryland (American Assets Trust, L.P.)27-3338894 (American Assets Trust, L.P.)
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
3420 Carmel Mountain Road, Suite 100
San Diego, California 92121
(Address of Principal Executive Offices and Zip Code)
(858) 350-2600
(Registrant’s Telephone Number, Including Area Code)
 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    

    American Assets Trust, Inc.               Yes     No
    American Assets Trust, L.P.              Yes     No
(American Assets Trust, L.P. became subject to filing requirements under Section 13 of the Securities Exchange Act of 1934, as amended, upon effectiveness of its Registration Statement on Form S-3 on February 6, 2015 and has filed all required reports subsequent to that date.)
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    
    
    American Assets Trust, Inc.               Yes      No
    American Assets Trust, L.P.              Yes      No
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
American Assets Trust, Inc.
Large Accelerated FilerAccelerated Filer
Non-Accelerated Filer(Do not check if a smaller reporting company)Smaller reporting company
Emerging growth company

American Assets Trust, L.P.
Large Accelerated FilerAccelerated Filer
Non-Accelerated Filer(Do not check if a smaller reporting company)Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      
    
    American Assets Trust, Inc.               Yes      No
    American Assets Trust, L.P.              Yes      No

Securities registered pursuant to Section 12(b) of the Act:
Name of RegistrantTitle of each classTrading SymbolName of each exchange on which registered
American Assets Trust, Inc.Common Stock, par value $0.01 per shareAATNew York Stock Exchange
American Assets Trust, L.P.NoneNoneNone

American Assets Trust, Inc. had 60,528,115 shares of common stock, par value $0.01 per share, outstanding as of July 29, 2022.



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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended June 30, 2022 of American Assets Trust, Inc., a Maryland corporation, and American Assets Trust, L.P., a Maryland limited partnership, of which American Assets Trust, Inc. is the parent company and sole general partner. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our” or “the company” refer to American Assets Trust, Inc. together with its consolidated subsidiaries, including American Assets Trust, L.P. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “our Operating Partnership” or “the Operating Partnership” refer to American Assets Trust, L.P. together with its consolidated subsidiaries.

American Assets Trust, Inc. operates as a real estate investment trust, or REIT, and is the sole general partner of the Operating Partnership. As of June 30, 2022, American Assets Trust, Inc. owned an approximate 78.8% partnership interest in the Operating Partnership. The remaining approximately 21.2% partnership interests are owned by non-affiliated investors and certain of our directors and executive officers. As the sole general partner of the Operating Partnership, American Assets Trust, Inc. has full, exclusive and complete authority and control over the Operating Partnership’s day-to-day management and business, can cause it to enter into certain major transactions, including acquisitions, dispositions and debt refinancings, and can cause changes in its line of business, capital structure and distribution policies.

American Assets Trust, Inc. believes that combining the quarterly reports on Form 10-Q of American Assets Trust, Inc. and the Operating Partnership into a single report will result in the following benefits:

better reflects how management and the analyst community view the business as a single operating unit;
enhance investors' understanding of American Assets Trust, Inc. and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management;
greater efficiency for American Assets Trust, Inc. and the Operating Partnership and resulting savings in time, effort and expense; and
greater efficiency for investors by reducing duplicative disclosure by providing a single document for their review.

The management of American Assets Trust, Inc. and the Operating Partnership is the same and operates American Assets Trust, Inc. and the Operating Partnership as one enterprise.

There are certain differences between American Assets Trust, Inc. and the Operating Partnership, which are reflected in the disclosures in this report. We believe it is important to understand the differences between American Assets Trust, Inc. and the Operating Partnership in the context of how American Assets Trust, Inc. and the Operating Partnership operate as an interrelated consolidated company. American Assets Trust, Inc. is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership. As a result, American Assets Trust, Inc. does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership. American Assets Trust, Inc. itself does not hold any indebtedness. The Operating Partnership holds substantially all the assets of American Assets Trust, Inc., directly or indirectly holds the ownership interests in American Assets Trust, Inc.'s real estate ventures, conducts the operations of the business and is structured as a partnership with no publicly-traded equity. Except for net proceeds from public equity issuances by American Assets Trust, Inc., which are generally contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by American Assets Trust, Inc.'s business through the Operating Partnership’s operations, by the Operating Partnership’s direct or indirect incurrence of indebtedness or through the issuance of operating partnership units.

Noncontrolling interests and stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of American Assets Trust, Inc. and those of American Assets Trust, L.P. The partnership interests in the Operating Partnership that are not owned by American Assets Trust, Inc. are accounted for as partners’ capital in the Operating Partnership’s financial statements and as noncontrolling interests in American Assets Trust, Inc.’s financial statements. To help investors understand the significant differences between American Assets Trust, Inc. and the Operating Partnership, this report presents the following separate sections for each of American Assets Trust, Inc. and the Operating Partnership:

consolidated financial statements;
the following notes to the consolidated financial statements:
Debt;
Equity/Partners' Capital; and
Earnings Per Share/Unit; and


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Liquidity and Capital Resources in Management's Discussion and Analysis of Financial Condition and Results of Operations.

This report also includes separate Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of American Assets Trust, Inc. and the Operating Partnership in order to establish that the Chief Executive Officer and the Chief Financial Officer of American Assets Trust, Inc. have made the requisite certifications and American Assets Trust, Inc. and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.




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AMERICAN ASSETS TRUST, INC. AND AMERICAN ASSETS TRUST, L.P.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2022
 
PART 1. FINANCIAL INFORMATION
Item 1.Financial Statements
Consolidated Financial Statements of American Assets Trust, Inc.:
Consolidated Financial Statements of American Assets Trust, L.P.:
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



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PART 1 - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


American Assets Trust, Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Data)
 
June 30,December 31,
20222021
 (unaudited)
ASSETS
Real estate, at cost
Operating real estate$3,454,499 $3,389,726 
Construction in progress176,582 139,098 
Held for development547 547 
3,631,628 3,529,371 
Accumulated depreciation(894,202)(847,390)
Real estate, net2,737,426 2,681,981 
Cash and cash equivalents60,750 139,524 
Accounts receivable, net7,218 7,445 
Deferred rent receivables, net87,579 82,724 
Other assets, net114,217 106,253 
TOTAL ASSETS$3,007,190 $3,017,927 
LIABILITIES AND EQUITY
LIABILITIES:
Secured notes payable, net$110,986 $110,965 
Unsecured notes payable, net1,538,519 1,538,238 
Accounts payable and accrued expenses66,334 64,531 
Security deposits payable8,519 7,855 
Other liabilities and deferred credits, net82,864 86,215 
Total liabilities1,807,222 1,807,804 
Commitments and contingencies (Note 11)
EQUITY:
American Assets Trust, Inc. stockholders’ equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,528,115 and 60,525,580 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
605 605 
Additional paid-in capital1,456,747 1,453,272 
Accumulated dividends in excess of net income(235,107)(217,785)
Accumulated other comprehensive income9,457 2,872 
Total American Assets Trust, Inc. stockholders’ equity1,231,702 1,238,964 
Noncontrolling interests(31,734)(28,841)
Total equity1,199,968 1,210,123 
TOTAL LIABILITIES AND EQUITY$3,007,190 $3,017,927 
The accompanying notes are an integral part of these consolidated financial statements.
1

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American Assets Trust, Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)
(In Thousands, Except Shares and Per Share Data)
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
REVENUE:
Rental income$99,016 $87,639 $196,002 $168,769 
Other property income5,139 4,170 9,623 7,026 
Total revenue104,155 91,809 205,625 175,795 
EXPENSES:
Rental expenses25,853 20,204 49,998 38,450 
Real estate taxes11,287 10,612 22,716 21,966 
General and administrative7,612 6,924 14,754 13,747 
Depreciation and amortization31,087 27,646 61,499 55,147 
Total operating expenses75,839 65,386 148,967 129,310 
OPERATING INCOME28,316 26,423 56,658 46,485 
Interest expense(14,547)(14,862)(29,213)(28,867)
Loss on early extinguishment of debt   (4,271)
Other (expense) income, net(181)(74)(343)(127)
NET INCOME13,588 11,487 27,102 13,220 
Net income attributable to restricted shares(154)(135)(309)(272)
Net income attributable to unitholders in the Operating Partnership(2,852)(2,411)(5,688)(2,750)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS$10,582 $8,941 $21,105 $10,198 
EARNINGS PER COMMON SHARE
Earnings per common share, basic
$0.18 $0.15 $0.35 $0.17 
Weighted average shares of common stock outstanding - basic60,040,243 59,985,787 60,039,467 59,985,065 
Earnings per common share, diluted
$0.18 $0.15 $0.35 $0.17 
Weighted average shares of common stock outstanding - diluted76,221,780 76,167,324 76,221,004 76,166,602 
DIVIDENDS DECLARED PER COMMON SHARE$0.32 $0.28 $0.64 $0.56 
COMPREHENSIVE INCOME
Net income$13,588 $11,487 $27,102 $13,220 
Other comprehensive income - unrealized income on swap derivatives during the period 3,314 475 8,910 1,222 
Reclassification of amortization of forward-starting swap realized gains included in interest expense(275)(275)(550)(550)
Reclassification of amortization of forward-starting swap realized gain included in loss on early extinguishment of debt   (193)
Comprehensive income16,627 11,687 35,462 13,699 
Comprehensive income attributable to non-controlling interests(3,496)(2,453)(7,462)(2,860)
Comprehensive income attributable to American Assets Trust, Inc.$13,131 $9,234 $28,000 $10,839 
The accompanying notes are an integral part of these consolidated financial statements.
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American Assets Trust, Inc.
Consolidated Statement of Equity
(Unaudited)
(In Thousands, Except Share Data)
 American Assets Trust, Inc. Stockholders’ EquityNoncontrolling Interests - Unitholders in the Operating PartnershipTotal
 Common SharesAdditional
Paid-in
Capital
Accumulated
Dividends in
Excess of Net
Income
Accumulated Other Comprehensive Income (Loss)
 SharesAmount
Balance at December 31, 202160,525,580 $605 $1,453,272 $(217,785)$2,872 $(28,841)$1,210,123 
Net income— — — 10,678 — 2,836 13,514 
Forfeiture of restricted stock(3,121)— — — — — — 
Dividends declared and paid— — — (19,367)— (5,178)(24,545)
Stock-based compensation— — 1,489 — — — 1,489 
Shares withheld for employee taxes(416)— (15)— — — (15)
Other comprehensive income - change in value of interest rate swaps— — — — 4,408 1,188 5,596 
Reclassification of amortization of forward-starting swap realized gains included in interest expense— — — — (217)(58)(275)
Balance at March 31, 202260,522,043 605 1,454,746 (226,474)7,063 (30,053)1,205,887 
Net income— — — 10,736 2,852 13,588 
Issuance of restricted stock6,072 — — — — — — 
Dividends declared and paid— — — (19,369)— (5,178)(24,547)
Stock-based compensation— — 2,001 — — — 2,001 
Shares withheld for employee taxes— — — — — — — 
Other comprehensive income - change in value of interest rate swaps— — — — 2,610 704 3,314 
Reclassification of amortization of forward-starting swap realized gains included in interest expense— — — — (216)(59)(275)
Balance at June 30, 202260,528,115 $605 $1,456,747 $(235,107)$9,457 $(31,734)$1,199,968 


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 American Assets Trust, Inc. Stockholders’ EquityNoncontrolling Interests - Unitholders in the Operating PartnershipTotal
 Common SharesAdditional
Paid-in
Capital
Accumulated
Dividends in
Excess of Net
Income
Accumulated Other Comprehensive Income (Loss)
 SharesAmount
Balance at December 31, 202060,476,292 $605 $1,445,644 $(176,560)$1,753 $(18,036)$1,253,406 
Net income— — — 1,394 — 339 1,733 
Forfeiture of restricted stock(4,006)— — — — — — 
Dividends declared and paid— — — (16,932)— (4,531)(21,463)
Stock-based compensation— — 1,484 — — — 1,484 
Other comprehensive income - change in value of interest rate swaps— — — — 579 168 747 
Reclassification of amortization of forward-starting swap realized gains included in interest expense— — — — (216)(59)(275)
Reclassification of amortization of forward-starting swap realized gains included in loss on early extinguishment of debt— — — — (152)(41)(193)
Balance at March 31, 202160,472,286 605 1,447,128 (192,098)1,964 (22,160)1,235,439 
Net income— — — 9,076 2,411 11,487 
Issuance of restricted stock5,184 — — — — — — 
Forfeiture of restricted stock(2,604)— — — — — — 
Dividends declared and paid— — — (16,933)— (4,531)(21,464)
Stock-based compensation— — 1,484 — — — 1,484 
Other comprehensive income - change in value of interest rate swaps— — — — 374 101 475 
Reclassification of amortization of forward-starting swap realized gains included in interest expense— — — — (216)(59)(275)
Balance at June 30, 202160,474,866 $605 $1,448,612 $(199,955)$2,122 $(24,238)$1,227,146 

The accompanying notes are an integral part of these consolidated financial statements.
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American Assets Trust, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
 Six Months Ended June 30,
 20222021
OPERATING ACTIVITIES
Net income$27,102 $13,220 
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles(5,425)(8,938)
Depreciation and amortization61,499 55,147 
Amortization of debt issuance costs and debt discounts1,279 1,156 
Loss on early extinguishment of debt 4,271 
Provision for uncollectable rental income(86)776 
Stock-based compensation expense3,490 2,968 
Unearned rents(1,714)(2,540)
Other, net(559)(554)
Changes in operating assets and liabilities
Change in accounts receivable314 70 
Change in other assets(1,459)(4,419)
Change in accounts payable and accrued expenses(46)14,540 
Change in security deposits payable474 139 
Change in other liabilities and deferred credits1,188 890 
Net cash provided by operating activities86,057 76,726 
INVESTING ACTIVITIES
Acquisition of real estate(45,167) 
Capital expenditures(63,060)(35,526)
Leasing commissions(4,252)(1,528)
Purchases of marketable securities (47,760)
Proceeds from the sale of marketable securities 47,723 
Net cash used in investing activities(112,479)(37,091)
FINANCING ACTIVITIES
Repayment of unsecured line of credit (100,000)
Proceeds from unsecured notes payable 494,675 
Repayment of unsecured notes payable (155,375)
Debt issuance costs(3,245)(5,075)
Dividends paid to common stock and unitholders(49,092)(42,927)
Shares withheld for employee taxes(15) 
Net cash (used in) provided by financing activities(52,352)191,298 
Net (decrease) increase in cash and cash equivalents(78,774)230,933 
Cash, cash equivalents and restricted cash, beginning of period139,524 139,049 
Cash, cash equivalents and restricted cash, end of period$60,750 $369,982 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows:
Six Months Ended June 30,
20222021
Cash and cash equivalents$60,750 $368,266 
Restricted cash 1,716 
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows$60,750 $369,982 
The accompanying notes are an integral part of these consolidated financial statements.
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American Assets Trust, L.P.
Consolidated Balance Sheets
(In Thousands, Except Unit Data)
 
June 30,December 31,
20222021
 (unaudited)
ASSETS
Real estate, at cost
Operating real estate$3,454,499 $3,389,726 
Construction in progress176,582 139,098 
Held for development547 547 
3,631,628 3,529,371 
Accumulated depreciation(894,202)(847,390)
Real estate, net2,737,426 2,681,981 
Cash and cash equivalents60,750 139,524 
Accounts receivable, net7,218 7,445 
Deferred rent receivables, net87,579 82,724 
Other assets, net114,217 106,253 
TOTAL ASSETS$3,007,190 $3,017,927 
LIABILITIES AND CAPITAL
LIABILITIES:
Secured notes payable, net$110,986 $110,965 
Unsecured notes payable, net1,538,519 1,538,238 
Accounts payable and accrued expenses66,334 64,531 
Security deposits payable8,519 7,855 
Other liabilities and deferred credits, net82,864 86,215 
Total liabilities1,807,222 1,807,804 
Commitments and contingencies (Note 11)
CAPITAL:
Limited partners' capital, 16,181,537 and 16,181,537 units issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
(34,806)(30,138)
General partner's capital, 60,528,115 and 60,525,580 units issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
1,222,245 1,236,092 
Accumulated other comprehensive income12,529 4,169 
Total capital1,199,968 1,210,123 
TOTAL LIABILITIES AND CAPITAL$3,007,190 $3,017,927 

The accompanying notes are an integral part of these consolidated financial statements.

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American Assets Trust, L.P.
Consolidated Statements of Comprehensive Income
(Unaudited)
(In Thousands, Except Shares and Per Unit Data)
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
REVENUE:
Rental income$99,016 $87,639 $196,002 $168,769 
Other property income5,139 4,170 9,623 7,026 
Total revenue104,155 91,809 205,625 175,795 
EXPENSES:
Rental expenses25,853 20,204 49,998 38,450 
Real estate taxes11,287 10,612 22,716 21,966 
General and administrative7,612 6,924 14,754 13,747 
Depreciation and amortization31,087 27,646 61,499 55,147 
Total operating expenses75,839 65,386 148,967 129,310 
OPERATING INCOME28,316 26,423 56,658 46,485 
Interest expense(14,547)(14,862)(29,213)(28,867)
Loss on early extinguishment of debt   (4,271)
Other (expense) income, net(181)(74)(343)(127)
NET INCOME13,588 11,487 27,102 13,220 
Net income attributable to restricted shares(154)(135)(309)(272)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, L.P.$13,434 $11,352 $26,793 $12,948 
EARNINGS PER UNIT - BASIC
Earnings per unit, basic
$0.18 $0.15 $0.35 $0.17 
Weighted average units outstanding - basic76,221,780 76,167,324 76,221,004 76,166,602 
EARNINGS PER UNIT - DILUTED
Earnings per unit, diluted
$0.18 $0.15 $0.35 $0.17 
Weighted average units outstanding - diluted76,221,780 76,167,324 76,221,004 76,166,602 
DISTRIBUTIONS PER UNIT$0.32 $0.28 $0.64 $0.56 
COMPREHENSIVE INCOME
Net income$13,588 $11,487 $27,102 $13,220 
Other comprehensive income (loss) - unrealized income (loss) on swap derivatives during the period 3,314 475 8,910 1,222 
Reclassification of amortization of forward-starting swap realized gains included in interest expense(275)(275)(550)(550)
Reclassification of amortization of forward-starting swap realized gain included in loss on early extinguishment of debt   (193)
Comprehensive income16,627 11,687 35,462 13,699 
Comprehensive income attributable to Limited Partners(3,496)(2,453)(7,462)(2,860)
Comprehensive income attributable to General Partner$13,131 $9,234 $28,000 $10,839 

The accompanying notes are an integral part of these consolidated financial statements.
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American Assets Trust, L.P.
Consolidated Statement of Partners' Capital
(Unaudited)
(In Thousands, Except Unit Data)

Limited Partners' Capital (1)
General Partner's Capital (2)
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