Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2012	Feb. 22, 2013	Jun. 29, 2012
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY
Trading Symbol	AAT
Entity Registrant Name	AMERICAN ASSETS TRUST, INC.
Entity Central Index Key	0001500217
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		39,664,212
Entity Public Float			$ 804,000,000

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Operating real estate	$ 1,891,549	$ 1,600,643
Construction in progress	32,183	3,495
Held for development	14,944	24,675
Total Real estate, at cost	1,938,676	1,628,813
Accumulated depreciation	(270,494)	(224,867)
Net real estate	1,668,182	1,403,946
Cash and cash equivalents	42,479	112,723
Restricted cash	7,421	8,978
Marketable securities		28,235
Accounts receivable, net	6,440	6,810
Deferred rent receivables, net	29,395	22,344
Prepaid expenses and other assets	73,670	74,424
Assets of discontinued operations		51,821
TOTAL ASSETS	1,827,587	1,709,281
LIABILITIES AND EQUITY
Secured notes payable	1,044,682	912,067
Accounts payable and accrued expenses	29,509	24,805
Security deposits payable	4,856	4,091
Other liabilities and deferred credits	62,811	55,579
Liabilities of discontinued operations		33,011
Total liabilities	1,141,858	1,029,553
Commitments and contingencies (Note 12)
American Assets Trust, Inc. stockholders' equity
Common stock $0.01 par value, 490,000,000 shares authorized, 39,664,212 and 39,283,796 shares outstanding at December 31, 2012 and December 31, 2011 respectively	397	393
Additional paid-in capital	663,589	653,645
Accumulated dividends in excess of net income	(25,625)	(28,007)
Total American Assets Trust, Inc. stockholders' equity	638,361	626,031
Noncontrolling interests	47,368	53,697
Total equity	685,729	679,728
TOTAL LIABILITIES AND EQUITY	$ 1,827,587	$ 1,709,281

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	490,000,000	490,000,000
Common stock, shares outstanding	39,664,212	39,283,796

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References+ Details

Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
REVENUE:
Rental income	$ 225,249	$ 194,168	$ 115,165
Other property income	10,217	8,617	2,583
Total revenue	235,466	202,785	117,748
EXPENSES:
Rental expenses	64,089	58,133	20,520
Real estate taxes	22,025	18,746	11,688
General and administrative	15,593	13,627	8,699
Depreciation and amortization	61,853	55,936	34,419
Total expenses	163,560	146,442	75,326
Operating income (loss)	71,906	56,343	42,422
Interest expense	(57,328)	(54,580)	(43,251)
Early extinguishment of debt		(25,867)
Loan transfer and consent fees		(8,808)
Gain on acquisition		46,371	4,297
Other income (expense), net	(629)	212	(1,846)
INCOME FROM CONTINUING OPERATIONS	13,949	13,671	1,622
Discontinued operations
Income from discontinued operations	932	1,672	552
Gain on sale of real estate property	36,720	3,981
Results from discontinued operations	37,652	5,653	552
NET INCOME	51,601	19,324	2,174
Net income attributable to restricted shares	(529)	(482)
Net loss attributable to Predecessor's noncontrolling interests in consolidated real estate entities		2,458	2,205
Net income attributable to Predecessor's controlled owners' equity		(16,995)	(4,379)
Net income attributable to unitholders in the Operating Partnership	(16,133)	(1,388)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$ 34,939	$ 2,917
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$ 0.24	$ (0.02)
Discontinued operations	$ 0.66	$ 0.10
Basic net income attributable to common stockholders per share	$ 0.90	$ 0.08
Weighted average shares of common stock outstanding-basic	38,736,113	36,748,806
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$ 0.24	$ (0.02)
Discontinued operations	$ 0.66	$ 0.10
Diluted net income attributable to common stockholders per share	$ 0.90	$ 0.08
Weighted average shares of common stock outstanding-diluted	57,053,909	54,219,807

Consolidated Statements of Equity (USD $) In Thousands, except Share data	Total	Predecessor	Common Shares	Additional Paid-in Capital	Accumulated dividends in excess of net income	Noncontrolling Interests - Unitholders in the Operating Partnership	Noncontrolling Interests - Unitholders in the Operating Partnership Predecessor
Beginning Balance at Dec. 31, 2009	$ 170,963	$ 133,173					$ 37,790
Contributions	7,665	7,665
Distributions	(25,681)	(23,343)					(2,338)
Net income	2,174	4,379					(2,205)
Ending Balance at Dec. 31, 2010	155,121	121,874					33,247
Distributions	(39,960)	(33,435)					(6,525)
Net income	19,324	16,995			3,399	1,388	(2,458)
Proceeds from sale of common stock, net (in shares)			31,625,000
Proceeds from sale of common stock, net	588,011		316	587,695
Cash paid to non-accredited investors	(6,075)						(6,075)
Issuance of restricted stock (in shares)			630,663
Issuance of restricted stock			6	(6)
Forfeiture of restricted stock (in shares)			(1,951)
Issuance of common shares and units for acquisition of properties (in shares)			262,486
Issuance of common shares and units for acquisition of properties	33,854		3	6,081		27,770
Proceeds from private placement	5,410					5,410
Notes receivable from affiliate settled in common units	(21,797)					(21,797)
Notes payable to affiliates settled in common units	828					828
Dividends declared and paid	(46,123)				(31,406)	(14,717)
Stock-based compensation	2,615			2,615
Distribution of investment in joint venture not acquired	(11,480)	(9,084)					(2,396)
Exchange of owners' equity for common stock and units, Shares			6,767,598
Exchange of owners' equity for common stock and units		(96,350)	68	57,260		54,815	(15,793)
Ending Balance at Dec. 31, 2011	679,728		393	653,645	(28,007)	53,697
Ending Balance (in shares) at Dec. 31, 2011	39,283,796		39,283,796
Net income	51,601				35,467	16,134
Conversion of operating partnership units (in shares)			372,654
Conversion of operating partnership units			4	7,092		(7,096)
Issuance of restricted stock (in shares)			10,015
Forfeiture of restricted stock (in shares)			(2,253)
Dividends declared and paid	(48,452)				(33,085)	(15,367)
Stock-based compensation	2,852			2,852
Ending Balance at Dec. 31, 2012	$ 685,729		$ 397	$ 663,589	$ (25,625)	$ 47,368
Ending Balance (in shares) at Dec. 31, 2012	39,664,212		39,664,212

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
OPERATING ACTIVITIES
Net income	$ 51,601	$ 19,324	$ 2,174
Results from discontinued operations	(37,652)	(5,653)	(552)
Income from continuing operations	13,949	13,671	1,622
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(6,967)	(3,735)	1,080
Depreciation and amortization	61,853	55,936	34,419
Amortization of debt issuance costs and debt fair value adjustments	3,911	3,883	503
Early extinguishment of debt		25,867
Loan transfer and consent fees		8,808
Gain on acquisition of controlling interests		(46,371)	(4,297)
Stock-based compensation expense	2,852	2,615
Loss from real estate joint ventures		188	4,406
Distribution of earnings from real estate joint ventures			6,713
Other, net	2,422	2,666	800
Changes in operating assets and liabilities
Change in restricted cash	(1,000)	97	(74)
Change in accounts receivable	63	(3,570)	(19)
Change in prepaid expenses and other assets	143	(2,040)	(5,155)
Change in accounts payable and accrued expenses	(1,799)	2,128	3,206
Change in security deposits and other liabilities	136	(943)	(45)
Net cash provided by operating activities of continuing operations	75,563	59,200	43,159
Net cash provided by operating activities of discontinued operations	382	6,164	5,187
Net cash provided by operating activities	75,945	65,364	48,346
INVESTING ACTIVITIES
Acquisition of real estate, net of cash acquired	(273,990)	(231,558)	(32,962)
Capital expenditures	(34,582)	(10,777)	(3,929)
Change in restricted cash-reserves for capital improvements	2,557	(3,069)
Cash acquired from acquisition of controlling interests in real estate joint ventures		15,222
Leasing commissions	(3,456)	(2,444)	(1,536)
Purchase of marketable securities		(33,103)
Maturity of marketable securities	4,384	4,993
Sale of marketable securities	23,191
Distribution of capital from real estate joint ventures			10,607
Issuance of notes receivable to affiliate			(800)
Net cash used in investing activities of continuing operations	(281,896)	(260,736)	(28,620)
Net cash provided by (used in) investing activities of discontinued operations	87,601	29,047	(885)
Net cash used in investing activities	(194,295)	(231,689)	(29,505)
FINANCING ACTIVITIES
Issuance of secured notes payable	132,900	84,500	7,500
Repayment of secured notes payable	(34,626)	(264,250)	(12,873)
Defeasance costs on repayment of secured notes payable		(24,345)
Proceeds from unsecured line of credit	164,000
Repayment of unsecured line of credit	(164,000)
Loan transfer and consent fees paid		(8,350)
Issuance of unsecured notes payable			36,200
Repayment of unsecured notes payable		(38,013)	(11,051)
Repayment of notes payable to affiliates		(19,279)	(2,401)
Debt issuance costs	(1,355)	(2,961)	(436)
Proceeds from issuance of common stock, net		596,541
Proceeds from private placement of common units		5,410
Dividends paid to common stock and unitholders	(48,452)	(46,123)
Payments to nonaccredited investors		(6,075)
Deferred offering costs	(361)
Contributions from Predecessor's controlling and noncontrolling interests			7,665
Distributions to Predecessor's controlling and noncontrolling interests		(39,960)	(25,681)
Net cash provided by (used in) financing activities	48,106	237,095	(1,077)
Net (decrease) increase in cash and cash equivalents	(70,244)	70,770	17,764
Cash and cash equivalents, beginning of period	112,723	41,953	24,189
Cash and cash equivalents, end of period	$ 42,479	$ 112,723	$ 41,953

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business and Organization

American Assets Trust, Inc. (which may be referred to in these financial statements as the “Company,” “we,” “us,” or “our”) is a Maryland corporation formed on July 16, 2010 that did not have any operating activity until the consummation of our initial public offering (the “Offering”) and the related acquisition of certain assets of our Predecessor (as defined below) on January 19, 2011. The Company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The Company’s operations are carried on through our Operating Partnership and its subsidiaries, including our taxable REIT subsidiary. Since the formation of our Operating Partnership, the Company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations.

In connection with the Offering, on January 19, 2011 the following transactions were completed:

•

We issued a total of 31,625,000 shares of our common stock at $20.50 per share.

•

We acquired, through a series of merger and contribution transactions (the “Formation Transactions,” as more fully described below), certain assets of our Predecessor and certain other entities. In exchange for such assets, the prior investors in such assets that were accredited investors were issued a total of 7,030,084 shares of our common stock and 18,145,039 common units of limited partnership interests in our Operating Partnership (“common units”), with an aggregate value of approximately $516.1 million, and non-accredited prior investors were paid a total of approximately $6.1 million in cash from the net proceeds of the Offering.

•

We entered into a $250.0 million revolving credit facility (the “credit facility”) with an accordion feature to increase availability to $400.0 million under specified circumstances.

•

We repaid $342.0 million of indebtedness (including $24.3 million of defeasance costs) and paid $10.8 million, net of $0.7 million prepaid by our Predecessor, for loan transfer and consent fees and credit facility origination fees from the net proceeds of the Offering.

The net proceeds from the Offering were approximately $594.6 million, net of $1.9 million of offering costs prepaid by our Predecessor, including the underwriters’ overallotment option which was exercised in full (after deducting the underwriting discount and commissions and expenses of the Offering and Formation Transactions). We contributed the net proceeds of the Offering to our Operating Partnership in exchange for common units.

Our “Predecessor” is not a legal entity but rather a combination of entities whose assets included entities owned and/or controlled by Ernest S. Rady and his affiliates, including the Ernest Rady Trust U/D/T March 13, 1983 (the “Rady Trust”), which in turn owned (1) controlling interests in entities owning 17 properties and the property management business of American Assets, Inc. (“AAI”) (the “controlled entities”), and (2) noncontrolling interests in entities owning four properties (the “noncontrolled entities”) (the assets described at (1) and (2) are the “Acquired Assets,” and do not include our Predecessor’s noncontrolling 25% ownership interest in Novato FF Venture, LLC, the entity that owns the Fireman’s Fund Headquarters in Novato, California). The Formation Transactions included the acquisition by our Operating Partnership of the (a) Acquired Assets, (b) the entities that own Waikiki Beach Walk (a mixed-use property consisting of a retail portion and a hotel portion) (the “Waikiki Beach Walk entities”) and (c) the entities that own Solana Beach Towne Centre and Solana Beach Corporate Centre (the “Solana Beach Centre entities”) (including our Predecessor’s ownership interest in these entities).

The Formation Transactions enabled us to (1) consolidate the ownership of our property portfolio under our Operating Partnership, (2) succeed to the property management business of AAI, (3) facilitate the Offering, and (4) qualify as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes commencing with the taxable year ending December 31, 2011. As a result of the Formation Transactions, we are a vertically integrated and self-administered REIT with 114 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing.

We determined that our Predecessor was the acquirer for accounting purposes, and therefore the contribution or acquisition by merger of interests in the controlled entities was considered a transaction between entities under common control since our Executive Chairman, Ernest S. Rady or his affiliates, including the Rady Trust, owned the controlling interest in each of the entities comprising our Predecessor, which, in turn, owned a controlling interest in each of the controlled entities. As a result, the acquisition of interests in each of the controlled entities was recorded at our historical cost. The contribution or acquisition by merger of interests in certain of the noncontrolled entities, which include the Waikiki Beach Walk entities and the Solana Beach Centre entities (including our Predecessor’s ownership interest in these noncontrolled entities), was accounted for as an acquisition under the acquisition method of accounting and recognized at the estimated fair value of acquired assets and assumed liabilities on the date of such contribution or acquisition.

Since these transactions occurred on January 19, 2011, the results of operations for the entities acquired by us in connection with the Offering and related Formation Transactions are not included in certain historical financial statements. More specifically, our financial condition as of December 31, 2011 and results of operations for the year ended December 31, 2011 reflect the financial condition and results of operation for our Predecessor together with the entities we acquired at the time of the Offering, namely, the Waikiki Beach Walk entities and the Solana Beach Centre entities, as well as First & Main, Lloyd District Portfolio and Solana Beach—Highway 101, each acquired subsequent to the Offering. We have included the results of operations for the acquired entities in our consolidated statements of operations from the date of acquisition. Our financial condition as of December 31, 2012 and results of operations for the year ended December 31, 2012 include the results of operations for One Beach Street, City Center Bellevue and Geary Marketplace acquired in 2012. We have included the results of operations for the acquired entities in our consolidated statements of operations from the date of acquisition. Additionally, in August 2011, we sold Valencia Corporate Center, and in December 2012, we sold 160 King Street, and have reclassified our financial statements for all periods prior to the sales to reflect Valencia Corporate Center and 160 King Street as discontinued operations.

Prior to the Offering, the Predecessor’s financial statements included investments in certain real estate joint ventures in which Ernest Rady and his affiliates had significant influence, but not control, over major decisions, including the decision to sell or refinance the properties. These investments, which represent noncontrolling 25% to 80% ownership interests, were accounted for using the equity method of accounting. The Predecessor’s investments in certain real estate joint ventures for which it had unilateral control, evidenced by the ability to make all major decisions, such as the acquisition, sale or refinancing of the property without approval of the minority party, were combined in these financial statements as they were under the common control of Ernest Rady and his affiliates.

Any reference to the number of properties or units and square footage or acres are unaudited and outside the scope of our independent registered public accounting firm’s audit of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.

As of December 31, 2012, we owned or had a controlling interest in 23 office, retail, multifamily and mixed-use operating properties, the operations of which we consolidate. Additionally, as of December 31, 2012, we owned land at five of our properties that we classify as held for development. A summary of the properties owned by us is as follows:

Retail

Carmel Country Plaza

Carmel Mountain Plaza

South Bay Marketplace

Rancho Carmel Plaza

Lomas Santa Fe Plaza

Solana Beach Towne Centre

Del Monte Center

Geary Marketplace

The Shops at Kalakaua

Waikele Center

Alamo Quarry Market

Office

Torrey Reserve Campus

Solana Beach Corporate Centre

The Landmark at One Market

One Beach Street

First & Main

Lloyd District Portfolio

City Center Bellevue

Multifamily

Loma Palisades

Imperial Beach Gardens

Mariner’s Point

Santa Fe Park RV Resort

Mixed-Use

Waikiki Beach Walk Retail and Hotel

Held for Development and Construction in Progress

Solana Beach Corporate Centre—Land

Solana Beach—Highway 101—Land

Sorrento Pointe—Land

Torrey Reserve—Land

Lloyd District Portfolio—Land

Basis of Presentation

Our consolidated/combined financial statements include the accounts of the Company, our Operating Partnership and our subsidiaries. The equity interests of other investors in our Operating Partnership are reflected as noncontrolling interests. The combined financial statements of our Predecessor include the accounts of our Predecessor and all entities in which our Predecessor had a controlling interest. When our Predecessor was the general partner or managing member of a limited partnership or limited liability company, as the case may be, our Predecessor was presumed to control the limited partnership or limited liability company unless the limited partners or non-managing members possessed or possess either (1) the substantive ability to dissolve the partnership or otherwise remove our Predecessor as the general partner or managing member without cause (commonly referred to as “kick-out rights”), or (2) the right to participate in substantive operating and financial decisions of the limited partnership or limited liability company that were expected to be made in the course of their business. The equity interests of other investors were reflected as noncontrolling interests. Our Predecessor accounted for its interests in joint ventures which it did not control using the equity method of accounting.

All significant intercompany transactions and balances are eliminated in consolidation.

In August 2011, we sold Valencia Corporate Center. In December 2012, we sold 160 King Street. We have reclassified our financial statements for all periods prior to the sale to reflect Valencia Corporate Center and 160 King Street as discontinued operations. Unless noted otherwise, discussions in these notes pertain to our continuing operations.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.

Consolidated Statements of Cash Flows-Supplemental Disclosures

The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands):


	Year Ended December 31,
	2012		2011			2010
Supplemental cash flow information
Total interest costs incurred	$	58,074	$	54,580		$	43,251

Interest capitalized	$	746	$	—		$	—

Interest expense	$	57,328	$	54,580		$	43,251

Cash paid for interest, net of amounts capitalized (including discontinued operations)	$	55,349	$	52,713		$	45,634

Cash paid for income taxes	$	1,239	$	172		$	—

Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for property under development	$	4,944	$	2,396		$	120

Assumption of debt upon acquisition (Note 2)	$	—	$	268,008		$	133,000

Assumption of notes to affiliates upon acquisition (Note 2)	$	—	$	14,824		$	—

Acquisition of working capital deficit, net of cash (Note 2)	$	—	$	(4,176	)	$	(1,972	)

Distribution of investment in joint venture not acquired	$	—	$	11,480		$	—

Issuance of common shares and units for acquisition of properties	$	—	$	33,854		$	—

Notes receivable from affiliate settled in common units	$	—	$	21,797		$	—

Notes payable to affiliates settled in common units	$	—	$	828		$	—

Reduction to capital for prepaid Offering costs	$	—	$	1,974		$	—

Transfer taxes accrued at time of Offering	$	—	$	6,556		$	—

Offering Costs

In connection with the Offering, affiliates incurred legal, accounting and related costs, which were assumed or reimbursed by the Company upon the consummation of the Offering and such costs were deducted from the gross proceeds of the Offering.

Revenue Recognition and Accounts Receivable

Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, net of valuation adjustments, based on management’s assessment of credit, collection and other business risks. Percentage rents, which represent additional rents based upon the level of sales achieved by certain tenants, are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved and the percentage rents are collectible. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred.

Other property income includes parking income, general excise tax billed to tenants and fees charged to tenants at our multifamily properties. Other property income is recognized when earned. We recognize general excise tax gross, with the amounts billed to tenants and customers recorded in other property income and the related taxes paid as rental expense. The general excise tax included in other income was $3.3 million, $3.0 million and $1.1 million for the years ended December 31, 2012, 2011 and 2010, respectively. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees for which the tenant has relinquished control of the space are generally recognized on the termination date. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement.

We recognize revenue on the hotel portion of our mixed-use property from the rental of hotel rooms and guest services when the rooms are occupied and services have been provided. Food and beverage sales are recognized when the customer has been served or at the time the transaction occurs. Revenue from room rental is included in rental revenue on the statement of income. Revenue from other sales and services provided is included in other property income on the statement of income.

We make estimates of the collectability of our accounts receivable related to minimum rents, straight-line rents, expense reimbursements and other revenue. Accounts receivable and deferred rent receivable are carried net of this allowance for doubtful accounts. We generally do not require collateral or other security from our tenants, other than letters of credit or security deposits. Our determination as to the collectability of accounts receivable and correspondingly, the adequacy of this allowance, is based primarily upon evaluations of individual receivables, current economic conditions, historical experience and other relevant factors. The allowance for doubtful accounts is increased or decreased through bad debt expense. In some cases, primarily relating to straight-line rents, the collection of these amounts extends beyond one year. Our experience relative to unbilled straight-line rents is that a portion of the amounts otherwise recognizable as revenue is never billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Accordingly, the extended collection period for straight-line rents along with our evaluation of tenant credit risk may result in the nonrecognition of a portion of straight-line rental income until the collection of such income is reasonably assured. If our evaluation of tenant credit risk changes indicating more straight-line revenue is reasonably collectible than previously estimated and realized, the additional straight-line rental income is recognized as revenue. If our evaluation of tenant credit risk changes indicating a portion of realized straight-line rental income is no longer collectible, a reserve and bad debt expense is recorded. At December 31, 2012 and December 31, 2011, our allowance for doubtful accounts was $1.2 million and $1.1 million, respectively, and our allowance for deferred rent receivables was $1.5 million and $1.7 million, respectively. Total bad debt expense was $0.6 million, $2.0 million and $0.6 million for the years ended December 31, 2012, 2011 and 2010, respectively.

We recognize gains on sales of properties upon the closing of the transaction with the purchaser. Gains on properties sold are recognized using the full accrual method when (1) the collectability of the sales price is reasonably assured, (2) we are not obligated to perform significant activities after the sale, (3) the initial investment from the buyer is sufficient and (4) other profit recognition criteria have been satisfied. Gains on sales of properties may be deferred in whole or in part until the requirements for gain recognition have been met.

We receive various fee income from unconsolidated real estate joint ventures including property management fees, construction management fees, acquisition and disposition fees, leasing fees, asset management fees and financing fees. Fee income is recorded as earned in accordance with the respective fee agreement. Profit from these fees, if any, is eliminated to the extent of our ownership interest in these entities. Subsequent to the Formations Transactions and the acquisition of the outside interests in unconsolidated joint ventures, we no longer earn fee revenue (Note 16).

Real Estate

Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 30 years to a maximum of 40 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 3 years to 15 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to the contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. For the years ended December 31, 2012, 2011 and 2010, real estate depreciation expense was $47.8 million, $42.5 million and $31.4 million, respectively, including amounts from discontinued operations.

Acquisitions of properties are accounted for in accordance with the authoritative accounting guidance on acquisitions and business combinations. Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and appraised values. When we acquire operating real estate properties, the purchase price is allocated to land and buildings, intangibles such as in-place leases, and to current assets and liabilities acquired, if any. Such valuations include a consideration of the noncancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below market renewal options are determined based on a review of several qualitative and quantitative factors on a lease-by-lease basis at acquisition to determine whether it is probable that the tenant would exercise its option to renew the lease agreement. These factors include: (1) the type of tenant in relation to the property it occupies, (2) the quality of the tenant, including the tenant’s long term business prospects and (3) whether the fixed rate renewal option was sufficiently lower than the fair rental of the property at the date the option becomes exercisable such that it would appear to be reasonably assured that the tenant would exercise the option to renew. The value allocated to in-place leases is amortized over the related lease term and reflected as depreciation and amortization in the statement of income.

The value of above and below market leases associated with the original noncancelable lease terms are amortized to rental income over the terms of the respective noncancelable lease periods and are reflected as either an increase (for below market leases) or a decrease (for above market leases) to rental income in the statement of income. The value of the leases associated with below market lease renewal options that are likely to be exercised are amortized to rental income over the respective renewal periods. If a tenant vacates its space prior to contractual termination of its lease or the lease is not renewed, the unamortized balance of any in-place lease value is written off to rental income and amortization expense. Acquisition-related expenses are expensed in the period incurred.

Capitalized Costs

We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance and construction costs and salaries and related costs of personnel directly involved. Additionally, we capitalize interest costs related to development and significant redevelopment activities. Capitalization of these costs begins when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine that the completion of development or redevelopment is no longer probable, we expense all capitalized costs which are not recoverable.

Impairment of Long Lived Assets

We review for impairment on a property by property basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. The sale or disposal of a “component of an entity” is treated as discontinued operations. The operating properties sold by us typically meet the definition of a component of an entity and as such the revenues and expenses associated with sold properties are reclassified to discontinued operations for all periods presented.

Financial Instruments

The estimated fair values of financial instruments are determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair values. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges.

Cash and Cash Equivalents

We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity of less than three months. Cash balances in individual banks may exceed the federally insured limit of $250,000 by the Federal Deposit Insurance Corporation (the “FDIC”). No losses have been experienced related to such accounts. At December 31, 2012 and December 31, 2011, we had $33.0 million and $24.3 million, respectively, in excess of the FDIC insured limit. At December 31, 2012 and December 31, 2011, we had $0.9 million and $82.1 million, respectively, in money market funds that are not FDIC insured.

Restricted Cash

Restricted cash consists of amounts held by lenders to provide for future real estate tax expenditures, insurance expenditures and reserves for capital improvements. Activity for accounts related to real estate tax and insurance expenditures is classified as operating activities in the statement of cash flows. Changes in reserves for capital improvements are classified as investing activities in the statement of cash flows.

Marketable Securities

Our portfolio of marketable securities was comprised of debt securities that are classified as trading. Trading securities are presented on our consolidated balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the mark-to-market of these securities were recognized as unrealized and realized gains or losses in income.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist primarily of lease costs, lease incentives, acquired in-place leases, acquired above market leases and debt issuance costs. Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place and include third party commissions related to obtaining a lease. Capitalized lease costs are amortized over the life of the related lease and included in depreciation and amortization expense on the statement of income. If a tenant vacates its space prior to the contractual termination of its lease, the unamortized balance of any lease costs are written off. We view these lease costs as part of the up-front initial investment we made in order to generate a long-term cash inflow. Therefore, we classify cash outflows for lease costs as an investing activity in our consolidated statements of cash flows.

Costs related to the issuance of debt instruments are capitalized and are amortized as interest expense over the estimated life of the related issue using the straight-line method which approximates the effective interest method. If a debt instrument is paid off prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.” For the year ended December 31, 2011, $0.6 million in debt issuance costs were written off and included in early extinguishment of debt.

Variable Interest Entities

Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as variable interest entities (“VIEs”). VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is the party that has a controlling interest in the VIE. Identifying the party with the controlling interest requires a focus on which entity has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (1) the obligation to absorb the expected losses of the VIE or (2) the right to receive the benefits from the VIE. We have evaluated our investments in certain joint ventures and determined that these joint ventures do not meet the requirements of a VIE and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method. Our investment balances in our real estate joint ventures are presented separately in our consolidated balance sheets.

Investments in Real Estate Joint Ventures

We analyze our investments in real estate joint ventures under applicable guidance to determine if the venture is considered a VIE and would require consolidation. To the extent that the ventures do not qualify as VIEs, we further assess the venture to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights in order to determine whether consolidation is required.

We consolidate those ventures that are considered to be VIEs where we are the primary beneficiary. For non-VIEs, the Predecessor combined those ventures that Ernest Rady or the Rady Trust controlled through majority ownership interests or where the Predecessor was the managing member and the partner did not have substantive participating rights. Control is further demonstrated by the ability of the general partner to manage day-to-day operations, refinance debt and sell the assets of the venture without the consent of the limited partner and inability of the limited partner to replace the general partner. We use the equity method of accounting for those ventures where we do not have control over operating and financial policies. Under the equity method of accounting, the investment in each venture is included on our balance sheet; however, the assets and liabilities of the ventures for which we use the equity method are not included in the balance sheet. The investment is adjusted for contributions, distributions and our proportionate share of the net earnings or losses of each respective venture.

We assess whether there has been impairment in the value of our investments in real estate joint ventures periodically. An impairment charge is recorded when events or changes in circumstances indicate that a decline in the fair value below the carrying value has occurred and such decline is other-than-temporary. The ultimate realization of the investments in unconsolidated real estate joint ventures is dependent on a number of factors, including the performance of the investments and market conditions.

Notes Receivable from Affiliate

Certain entities made loans to affiliates in order to attain a higher return on excess cash balances, and these loans were classified as notes receivable from affiliate at December 31, 2010. The notes bore interest at LIBOR and were to be repaid upon demand. The notes were settled as part of the Formation Transactions.

Notes Payable to Affiliates

Owners of certain entities made loans to the entities, and these loans were classified as notes payable to affiliates at December 31, 2010. The notes bore interest at 10% and matured in 2013. The notes were repaid using proceeds from the Offering or were settled as part of the Formation Transactions.

Stock-Based Compensation

We grant stock-based compensation awards to our employees and directors typically in the form of restricted shares of common stock, options to purchase common stock and/or shares of common stock. We measure stock-based compensation expense based on the fair value of the award on the grant date and recognize the expense ratably over the vesting period.

Deferred Compensation

Our Operating Partnership has adopted the American Assets Trust Executive Deferral Plan V (“EDP V”) and the American Assets Trust Executive Deferral Plan VI (“EDP VI”). These plans were adopted by our Operating Partnership as successor plans to those deferred compensation plans maintained by AAI in which certain employees of AAI, who were transferred to us in connection with the Offering (the “Transferred Participants”), participated prior to the Offering. EDP V and EDP VI contain substantially the same terms and conditions as these predecessor plans. AAI transferred to our Operating Partnership the Transferred Participants’ account balances under the predecessor plans. These transferred account balances represent amounts deferred by the Transferred Participants prior to the Offering while they were employed by AAI.

At the time eligible participants defer compensation, we record compensation cost and a corresponding deferred compensation plan liability, which is included in other liabilities and deferred credits on our consolidated balance sheets. This liability is adjusted to fair value at the end of each accounting period based on the performance of the benchmark funds selected by each participant, and the impact of adjusting the liability to fair value is recorded as an increase or decrease to compensation cost.

Income Taxes

Prior to the Offering, we were comprised primarily of limited partnerships and limited liability companies. Under applicable federal and state income tax rules, the allocated share of net income or loss from the limited partnerships and limited liability companies was reportable in the income tax returns of the respective partners and members.

Subsequent to the Offering, we elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with the taxable year ending December 31, 2011. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we maintain our qualification for taxation as a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. If we fail to maintain our qualification as a REIT in any taxable year, and are unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to federal income tax at regular corporate rates, including any applicable alternative minimum tax. We are subject to certain state and local income taxes.

We, together with one of our subsidiaries, have elected to treat such subsidiary as a taxable REIT subsidiary (a “TRS”) for federal income tax purposes. Certain activities that we undertake must be conducted by a TRS, such as non-customary services for our tenants, and holding assets that we cannot hold directly. A TRS is subject to federal and state income taxes.

Segment Information

Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel.

Reclassifications

Certain items in the consolidated financial statements for prior periods have been reclassified to conform to current classifications.

Recent Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (“ASU 2011-04”), which amended ASC Topic 820, Fair Value Measurement. ASU 2011-04 clarifies the application of certain existing fair value measurement guidance and expands the disclosures for fair value measurements that are estimated using significant unobservable (Level 3) inputs. ASU 2011-04 became effective for annual and interim reporting periods beginning on or after December 15, 2011. The new guidance is to be adopted prospectively and early adoption is not permitted. The adoption of ASU 2011-04 did not have a significant impact on our financial position, results of operations or cash flows.

In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income (“ASU 2011-05”), which amended ASC Topic 220, Comprehensive Income. ASU 2011-05 eliminates the option to present components of other comprehensive income as part of the statement of changes in equity and requires that all non owner changes in equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In December 2011, the FASB deferred the requirement to present reclassification adjustments for each component of accumulated other comprehensive income in both net income and other comprehensive income on the face of the financial statements. ASU 2011-05 requires retrospective application and became effective for interim and annual reporting periods beginning after December 15, 2011. The adoption of ASU 2011-05 did not have a significant impact on our disclosures of comprehensive income, since we do not have comprehensive income.

In December 2011, the FASB issued ASU No. 2011-10, Derecognition of in Substance Real Estate—a Scope Clarification (Topic 360) (“ASU 2011-10”). This ASU modifies ASC Subtopic 360-20, which specifies circumstances under which the parent (reporting entity) of an “in substance real estate” entity derecognizes that in substance real estate. Generally, if the parent ceases to have a controlling financial interest (as described under ASC Subtopic 810-10) in the subsidiary as a result of a default on the subsidiary’s nonrecourse debt, then the subsidiary’s in substance real estate and related debt, as well as the corresponding results of operations, will continue to be included in the consolidated financial statements and not be removed from the consolidated results until legal title to the real estate is transferred. ASU 2011-10 became effective for fiscal years, and interim periods within those years, beginning on or after June 15, 2012. The adoption of ASU 2011-10 did not have a material effect on our financial position or results of operations.

In February 2013, the FASB issued ASU 2013-2, Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-2 requires entities to disclose certain information relating to amounts reclassified out of accumulated other comprehensive income. This pronouncement is effective for us in the first quarter of 2013 and is not expected to have a significant impact to our consolidated financial statements.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

REAL ESTATE

12 Months Ended

Dec. 31, 2012

REAL ESTATE

NOTE 2. REAL ESTATE

A summary of our real estate investments is as follows (in thousands):


	Retail			Office			Multifamily			Mixed-Use			Total
December 31, 2012
Land	$	247,884		$	138,977		$	18,477		$	76,635		$	481,973
Buildings		497,922			600,146			41,968			123,084			1,263,120
Land improvements		39,882			7,528			2,990			2,363			52,763
Tenant improvements		46,393			44,232			—			1,757			92,382
Furniture, fixtures, and equipment		486			1,124			5,082			9,563			16,255
Construction in progress		1,903			30,021			1			258			32,183

		834,470			822,028			68,518			213,660			1,938,676
Accumulated depreciation		(165,293	)		(62,825	)		(32,127	)		(10,249	)		(270,494	)

Net real estate	$	669,177		$	759,203		$	36,391		$	203,411		$	1,668,182

December 31, 2011
Land	$	239,152		$	105,787		$	18,477		$	76,635		$	440,051
Buildings		480,511			395,546			41,632			122,985			1,040,674
Land improvements		38,887			8,663			2,835			2,363			52,748
Tenant improvements		39,818			30,106			—			1,766			71,690
Furniture, fixtures, and equipment		457			996			4,570			9,022			15,045
Construction in progress		2,473			5,888			—			244			8,605	⁽¹⁾

		801,298			546,986			67,514			213,015			1,628,813
Accumulated depreciation		(145,848	)		(43,766	)		(30,327	)		(4,926	)		(224,867	)

Net real estate	$	655,450		$	503,220		$	37,187		$	208,089		$	1,403,946

(1)	Construction in progress related to land held for development is included in the Held for Development classification on the consolidated balance sheets.

Acquisitions

2012 Acquisitions

On January 24, 2012, we acquired One Beach Street, consisting of approximately 97,000 square feet in a three-story fully renovated historic office building located along the Embarcadero in San Francisco’s North Waterfront District. The purchase price was approximately $36.5 million, excluding closing costs of approximately $0.02 million, which are included in other income (expense), net on the statement of income. The identified intangible assets and liabilities are being amortized over a weighted average life of 7.0 years.

On August 21, 2012, we acquired City Center Bellevue, a 27-story LEED-EB Gold certified office tower, consisting of approximately 497,000 square feet, located in Bellevue, Washington. The purchase price was approximately $228.8 million, excluding closing costs of approximately $0.1 million, which are included in other income (expense), net on the statement of income. Additionally, we received credits to our purchase price of approximately $6.9 million that primarily relate to outstanding tenant improvement obligations and rent abatements. The identified intangible assets and liabilities are being amortized over a weighted average life of 5.8 years.

On December 19, 2012, we acquired Geary Marketplace, a newly constructed, approximately 35,000 square foot, 100% leased, grocery-anchored shopping center in Walnut Creek, California. The purchase price was approximately $21.0 million, excluding closing costs of approximately $0.02 million, which are included in other income (expense), net on the statement of income. The identified intangible assets and liabilities are being amortized over a weighted average life of 19.84 years.

The fair values assigned to identifiable intangible assets acquired were based on estimates and assumptions determined by management. Using information available at the time the acquisition closed, we allocated the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. The allocation of the purchase price for each of One Beach Street, City Center Bellevue and Geary Marketplace is as follows (in thousands):


	One Beach Street		City Center Bellevue		Geary Marketplace		Total
Land	$	15,332	$	25,135	$	8,239	$	48,706
Building		16,764		185,653		11,179		213,596
Land improvements		30		154		704		888
Tenant improvements		1,223		5,191		470		6,884

Total real estate		33,349		216,133		20,592		270,074
Lease intangibles		4,141		11,870		1,017		17,028
Prepaid expenses and other assets		1		2,596		414		3,011

Total assets	$	37,491	$	230,599	$	22,023	$	290,113

Accounts payable and accrued expenses	$	94	$	456	$	—	$	550
Security deposits payable		75		740		—		815
Lease intangibles		1,382		8,733		1,124		11,239
Other liabilities and deferred credits		22		497		—		519

Total liabilities	$	1,573	$	10,426	$	1,124	$	13,123

We have included the results of operations for One Beach Street, City Center Bellevue and Geary Marketplace in our consolidated statements of income from the date of acquisition. For the period of acquisition through December 31, 2012, One Beach Street contributed $3.9 million to total revenue, $1.0 million to operating expenses, $2.9 million to operating income and $0.6 million to net income. For the period of acquisition through December 31, 2012, City Center Bellevue contributed $7.0 million to total revenue, $1.6 million to operating expenses, $5.4 million to operating income and an insignificant amount to net income. For the period of acquisition through December 31, 2012, Geary Marketplace contributed an insignificant amount to total revenue, expenses, operating income and net income.

2011 Acquisitions

As noted above, as part of the Formation Transactions, we acquired the controlling interests in the Waikiki Beach Walk entities and the Solana Beach Centre entities for Operating Partnership units and common shares with a value of approximately $33.9 million. The contribution or acquisition by merger of interests in these entities was accounted for as an acquisition under the acquisition method of accounting and recognized at the estimated fair value of acquired assets and assumed liabilities on the date of such contribution or acquisition. Prior to acquisition, our Predecessor had an 80% noncontrolling interest in the Waikiki Beach Walk entities and a 50% noncontrolling interest in the Solana Beach Centre entities. Upon acquisition, we remeasured the assets and liabilities at fair value and recorded gains of $4.8 million and $41.6 million on the Waikiki Beach Walk entities and the Solana Beach Centre entities, respectively, which are classified as gain on acquisition in the accompanying statement of income. These gains were calculated based on the difference between the fair value of our Predecessor’s ownership interests of $31.3 million and $26.0 million compared to the Predecessor’s historical cost interests of $26.5 million and $(15.6) million in the Waikiki Beach Walk entities and Solana Beach Centre entities, respectively.

The fair values assigned to identifiable intangible assets acquired were based on estimates and assumptions determined by management. Using information available at the time the acquisition closed, we allocated the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. The identified intangible assets and liabilities are being amortized over a weighted average life of 5.4 years and 10.5 years for the Waikiki Beach Walk entities and Solana Beach Centre entities, respectively.

The allocation of the consideration paid for the assets and liabilities acquired in the Formation Transactions was as follows (in thousands):


	Solana Beach Towne Centre		Solana Beach Corporate Centre			Waikiki Beach Walk Retail and Hotel			Total
Land	$	40,980	$	14,896		$	76,635		$	132,511
Building		35,605		42,094			122,985			200,684
Land improvements		1,750		974			2,276			5,000
Tenant improvements		1,487		1,919			1,801			5,207
Furniture and fixtures		—		—			7,910			7,910

Total real estate		79,822		59,883			211,607			351,312
Cash and cash equivalents		957		718			13,547			15,222
Restricted cash		282		200			1,297			1,779
Accounts receivable, net		67		—			2,168			2,235
Lease intangibles		6,995		5,536			15,997			28,528
Prepaid expenses and other assets		22		45			266			333

Total assets	$	88,145	$	66,382		$	244,882		$	399,409

Secured notes payable	$	39,738	$	49,252		$	198,618		$	287,608
Fair market favorable debt value		—		(600	)		(19,000	)		(19,600	)
Notes payable to affiliates		—		—			14,824			14,824
Accounts payable and accrued expenses		924		542			6,520			7,986
Security deposits payable		238		320			861			1,419
Lease intangibles		11,390		125			3,530			15,045
Other liabilities and deferred credits		192		331			442			965

Total liabilities	$	52,482	$	49,970		$	205,795		$	308,247

We have included the results of operations for each of these acquired entities in our consolidated statements of operations from January 19, 2011, the date of acquisition. For the period January 19, 2011 through December 31, 2011, the acquired entities contributed $57.7 million to total revenue, $48.0 million to operating expenses, $9.7 million to operating income and $(6.8) million to net income (loss).

On March 11, 2011, we acquired an approximately 361,000 square foot, 16-story, LEED Platinum certified office building located at 100 SW Main Street, in Portland, Oregon (“First & Main”). The purchase price for First & Main was approximately $128.9 million, excluding closing costs of approximately $0.1 million, which are included in other income (expense), net on the statement of income. The purchase was funded using cash on hand and structured to accommodate a reverse tax deferred exchange in conjunction with the sale of Valencia Corporate Center pursuant to the provisions of Section 1031 of the Code and applicable state revenue and taxation code sections.

On July 1, 2011, we acquired the Lloyd District Portfolio, consisting of approximately 610,000 rentable square feet on more than 16 acres located in the Lloyd District of Portland, Oregon. The Lloyd District Portfolio is comprised of six office buildings within four contiguous blocks, including (i) a condominium interest in the 20-story Lloyd Tower, (ii) the 16-story Lloyd 700 Building and (iii) four low-rise landmark buildings within Oregon Square. The purchase price was approximately $91.6 million, excluding closing costs of approximately $0.1 million, which are included in other income (expense), net on the statement of income. The purchase was funded using cash on hand.

On September 20, 2011, we acquired the Solana Beach—Highway 101 property, consisting of approximately 1.7 acres located in Solana Beach, California. The purchase price was approximately $6.8 million, excluding closing costs of approximately $0.2 million, which are included in other income (expense), net on the statement of income. The purchase was funded through cash on hand. On December 14, 2011, we acquired an additional parcel adjacent to the original property, consisting of approximately 0.2 acres. The purchase price was approximately $1.3 million. The purchase was funded through cash on hand. The property consists primarily of land held for future development.

The fair values assigned to identifiable intangible assets acquired were based on estimates and assumptions determined by management. Using information available at the time the acquisition closed, we allocated the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. The identified intangible assets and liabilities are being amortized over a weighted average life of 11.4 years, 3.8 years and 1.5 years for First & Main, Lloyd District Portfolio and Solana Beach—Highway 101, respectively. The allocation of the purchase prices was as follows (in thousands):


	First & Main		Lloyd District Portfolio		Solana Beach— Highway 101		Total
Land	$	14,697	$	18,660	$	7,847	$	41,204
Building		102,597		53,325		190		156,112
Land improvements		151		1,444		—		1,595
Tenant improvements		6,991		5,909		12		12,912
Construction in progress		—		723		—		723

Total real estate		124,436		80,061		8,049		212,546
Accounts receivable, net		153		—		—		153
Lease intangibles		9,578		13,164		51		22,793
Prepaid expenses and other assets		296		10		—		306

Total assets	$	134,463	$	93,235	$	8,100	$	235,798

Accounts payable and accrued expenses	$	387	$	188	$	12	$	587
Security deposits payable		—		426		7		433
Lease intangibles		5,199		502		—		5,701
Other liabilities and deferred credits		—		519		—		519

Total liabilities	$	5,586	$	1,635	$	19	$	7,240

We have included the results of operations for First & Main, Lloyd District Portfolio and Solana Beach—Highway 101 in our consolidated statements of income from the date of acquisition. For the period of acquisition through December 31, 2011, First & Main, Lloyd District Portfolio and Solana Beach—Highway 101, collectively, contributed $16.1 million to total revenue, $12.9 million to operating expenses, $3.2 million to operating income and $1.1 million to net income.

Pro Forma Financial Information

The unaudited financial information in the table below summarizes the combined results of operations of One Beach Street and City Center Bellevue with the historical results of operations of the Company, as though the entities were acquired on January 1, 2011. The pro forma financial information for the year ended December 31, 2011, also includes the pro forma results of operations of the Waikiki Beach Walk entities, Solana Beach Centre entities, First & Main, Lloyd District Portfolio and Solana Beach—Highway 101 with the historical results of operations of the Company/Predecessor on a pro forma basis, as though the entities had been acquired on January 1, 2011. The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place on January 1, 2011. The pro forma financial information includes adjustments to depreciation expense for acquired property and equipment, adjustments to amortization charges for acquired intangible assets and liabilities, adjustments to straight-line rent revenue and the removal of the gain on acquisition of the controlling interests of the Solana Beach Centre entities and Waikiki Beach Walk entities for the year ended December 31, 2012 and 2011.

The following table summarizes the unaudited pro forma financial information (in thousands):


	Year Ended December 31, 2012				Year Ended December 31, 2011
	As Reported		Pro Forma		As Reported		Pro Forma
Total revenue	$	235,466	$	244,884	$	202,785	$	232,341
Total operating expenses		163,560		173,858		146,442		174,292
Operating income		71,906		71,010		56,343		58,049
Net income (loss)	$	51,601	$	49,303	$	19,324	$	(28,626	)⁽¹⁾

(1)	The net loss for the year ended December 31, 2011 includes one-time expenses for the early extinguishment of debt and loan transfer and consent fees but excludes the gain on acquisition of the controlling interests in the Solana Beach Centre entities and the Waikiki Beach Walk entities.

Dispositions

On August 30, 2011, we sold Valencia Corporate Center for a sales price of $31.0 million. The property is located in Santa Clarita, California and was previously included in our office segment. The decision to sell Valencia Corporate Center was a result of our desire to focus resources on our core, high-barrier-to-entry markets. The sale was completed as a reverse tax deferred exchange in conjunction with the acquisition of First & Main pursuant to the provisions of Section 1031 of the Code and applicable state revenue and taxation code sections. As a result of the sale, Valencia Corporate Center no longer serves as a borrowing base property under our revolving credit facility.

On December 4, 2012, we sold 160 King Street for a sales price of approximately $93.8 million. The property is located in San Francisco, California and was previously included in our office segment. The decision to sell 160 King Street was a result of our desire to focus resources on our core, high-barrier-to-entry markets. The sale was completed as a reverse tax deferred exchange in conjunction with the acquisition of City Center Bellevue pursuant to the provisions of Section 1031 of the Code and applicable state revenue and taxation code sections. As a result of the sale, 160 King Street no longer serves as a borrowing base property under our revolving credit facility.

We determined that Valencia Corporate Center became a discontinued operation in the third quarter of 2011. We determined that 160 King Street became a discontinued operation in the fourth quarter of 2012. We have, therefore, classified Valencia Corporate Center’s and 160 King Street’s net assets, liabilities and operating results as discontinued operations on our balance sheets and our statements of income for all periods prior to the sale.

Net revenue and net income from the property’s discontinued operations were as follows (in thousands):


	Year Ended December 31,
	2012		2011		2010
Net revenue from discontinued operations	$	6,734	$	10,133	$	11,203
Results from discontinued operations
Income from discontinued operations		932		1,672		552
Gain on sale of real estate from discontinued operations		36,720		3,981		—

Total income from discontinued operations	$	37,652	$	5,653	$	552

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 28

-Article 12

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher OTS

-Name Federal Regulation (FR)

-Number Title 12

-Section 563c.102

-Paragraph 10

-Subparagraph a, b

-Chapter V

-Subsection I

-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 75-2

-Paragraph 47, 51, 52

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 66

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-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 11

-Article 9

Reference 6: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 970

-SubTopic 360

-Section S99

-Paragraph 1

-Subparagraph (SX 210.12-28)

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 144

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-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph c

-Subparagraph Schedule III

-Article 5

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 34

-Paragraph 9, 11, 12, 13, 14, 15, 21

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-Publisher AICPA

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-Number AAG-DEP

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-Chapter 11

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-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

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Reference 13: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

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-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

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-Paragraph 6

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-Article 5

Reference 15: http://www.xbrl.org/2003/role/presentationRef

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

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-Paragraph 9

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-Publisher AICPA

-Name Statement of Position (SOP)

-Number 01-6

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 67

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+ Details

INVESTMENTS IN REAL ESTATE JOINT VENTURES

12 Months Ended

Dec. 31, 2012

INVESTMENTS IN REAL ESTATE JOINT VENTURES

NOTE 3. INVESTMENTS IN REAL ESTATE JOINT VENTURES

As of December 31, 2010, our Predecessor had four joint venture arrangements with unrelated third parties. Our Predecessor owned from 25% to 80% of each of these ventures. For two of these ventures, our Predecessor was the general partner or managing member; however, the outside owners were either a co-general partner or had substantive participating rights, and our Predecessor could not make significant decisions without the outside owners’ approval. Accordingly, we accounted for these investments under the equity method. Our Predecessor acted as the manager of the three properties owned by these two ventures and received fees in accordance with service contracts (Note 16).

For the joint venture that owned a mixed-use property in Honolulu, Hawaii, our Predecessor had an effective 80% limited ownership interest in the property; however, the outside owner was the managing member and managed the day-to-day business of the property. In addition, our Predecessor did not have “kick-out” rights relating to the outside owner’s managing membership interest. Accordingly, we accounted for these investments under the equity method of accounting.

The properties owned by these unconsolidated joint ventures at December 31, 2010 were as follows:


Property	Type	Location
Solana Beach Towne Centre	Retail	Solana Beach, CA
Solana Beach Corporate Centre	Office	Solana Beach, CA
Fireman’s Fund Headquarters	Office	Novato, CA
Waikiki Beach Walk	Mixed Use	Honolulu, HI

As noted above, as part of the Formation Transactions, we acquired the unrelated third party’s interest in Solana Beach Towne Centre, Solana Beach Corporate Centre and Waikiki Beach Walk. We consolidated the operations of these properties subsequent to the Formation Transactions. The Predecessor’s ownership interest in Fireman’s Fund Headquarters was not acquired, and rather the ownership interests in this entity were distributed to its owners as part of the Formation Transactions. In addition, we no longer receive fee income from these ventures.

The following tables provide summarized operating results and the financial position of the unconsolidated entities (in thousands):


	Year Ended December 31, 2010
OPERATING RESULTS
Revenue	$	88,762
Expenses
Other operating expenses		34,607
Impairment loss ⁽¹⁾		38,465
Depreciation and amortization		29,012
Interest expense		29,835

Total expenses		131,919

Net loss	$	(43,157	)

Our share of net loss	$	(4,406	)⁽²⁾

(1)

The venture recorded an impairment loss on the real estate property on the venture’s financial statements during the year ended December 31, 2010. During 2008, we recorded an impairment of our equity method investment in the Fireman’s Fund Headquarters real estate venture, as we determined that during 2008 the fair value of our equity method investment in the Fireman’s Fund Headquarters was below our historical cost as a result of a reduction in real estate values due to the credit crisis that occurred during 2008. As a result, for the year ended December 31, 2010, we did not record our share of the impairment losses recorded on the venture’s financial statements, as we believe our investment in the Fireman’s Fund Headquarters joint venture at December 31, 2010 (adjusted for previously recorded impairment losses) was not impaired.

(2)	Excludes the gain recorded on the acquisition of The Landmark at One Market of $4,297.


	Year Ended December 31, 2010
	(In thousands)
BALANCE SHEET
Real estate, net	$	456,714
Cash		14,995
Other assets		49,717

Total assets	$	521,426

Mortgages payable	$	459,922
Notes payable to affiliate		14,824
Other liabilities		20,982
Partners’ capital		25,698

Total liabilities and partners’ capital	$	521,426

Our share of unconsolidated debt	$	246,480

Our share of partners’ capital	$	(10,457	)

Our investment in real estate joint ventures	$	39,816
Our distributions in excess of earnings of real estate joint ventures		(14,060	)

Our investment in real estate joint ventures, net	$	25,756

The difference between our investment in real estate ventures and our share of the underlying capital is attributable to the following items which are included in our investments in the real estate ventures: estimated impairment losses relating to our investments, the allocation of fair value in excess of historical cost recorded upon formation of our investment in the venture, capitalized interest, and intercompany profit elimination adjustments. These differences are recognized by us in our share of net income or loss, which is included in other income (expense) in the consolidated statement of operations, and upon the sale of the real estate held by the real estate ventures.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References+ Details

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES

12 Months Ended

Dec. 31, 2012

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES

NOTE 4. ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES

The following summarizes our acquired lease intangibles, which are included in prepaid expenses and other assets and other liabilities and deferred credits (in thousands):


	December 31, 2012			December 31, 2011
In-place leases	$	72,598		$	57,843
Accumulated amortization		(38,290	)		(28,981	)
Above market leases		32,846			32,820
Accumulated amortization		(21,363	)		(16,284	)

Acquired lease intangible assets, net	$	45,791		$	45,398

Below market leases	$	80,071		$	68,958
Accumulated accretion		(25,721	)		(20,346	)

Acquired lease intangible liabilities, net	$	54,350		$	48,612

The value allocated to in-place leases is amortized over the related lease term as depreciation and amortization expense in the statement of income. Above and below market leases are amortized over the related lease term as additional rental income for below market leases or a reduction of rental income for above market leases in the statement of income. Rental income (loss) included net amortization from acquired above and below market leases of $(0.2) million, $(1.1) million and $(1.1) million in 2012, 2011 and 2010, respectively. The remaining weighted-average amortization period as of December 31, 2012, is 6.4 years, 4.7 years and 12.1 years for in-place leases, above market leases and below market leases, respectively. Below market leases include $21.6 million related to below market renewal options, and the weighted-average period prior to the commencement of the renewal options is 10.8 years.

Increases (decreases) in net income as a result of amortization of our in-place leases, above market leases and below market leases are as follows (in thousands):


	Year Ended December 31,
	2012			2011			2010
Amortization of in-place leases	$	(10,248	)	$	(8,859	)	$	(3,388	)
Amortization of above market leases		(5,739	)		(5,684	)		(2,874	)
Amortization of below market leases		5,502			4,567			1,802

Net loss	$	(10,485	)	$	(9,976	)	$	(4,460	)

As of December 31, 2012, the amortization for acquired in-place leases during the next five years and thereafter, assuming no early lease terminations, is as follows (in thousands):


	In-Place Leases		Above Market Leases		Below Market Leases
Year Ending December 31,
2013	$	8,810	$	3,727	$	5,836
2014		6,047		2,296		5,119
2015		5,085		1,885		4,779
2016		4,187		1,360		4,609
2017		3,368		986		4,200
Thereafter		6,811		1,229		29,807

	$	34,308	$	11,483	$	54,350

- Definition

The entire disclosure for all or part of the information related to intangible assets.

+ References+ Details

MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2012

MARKETABLE SECURITIES

NOTE 5. MARKETABLE SECURITIES

Our portfolio of marketable securities was comprised of debt securities that were classified as trading securities. Our marketable securities consisted of investments in mortgage-backed securities issued by the Government National Mortgage Association (“GNMA securities”). We reported our trading securities at fair value, using prices provided by independent market participants that are based on observable inputs using market-based valuation techniques (Level 2 of the fair value hierarchy-see Note 6). On August 20, 2012, we sold all of our outstanding GNMA securities with a realized loss of $0.7 million for the year ended December 31, 2012. For the year ended December 31, 2011, gains and losses resulting from the mark-to-market of these securities were recognized as unrealized gains or losses in income. Unrealized (losses) and gains in our statement of income for the year ended December 31, 2011 were $0.1 million and included in other income (expense).

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-Glossary Debt Security

-URI http://asc.fasb.org/extlink&oid=6509901

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 30

-Section 50

-Paragraph 2

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-Name Accounting Standards Codification

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Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-Glossary Equity Security

-URI http://asc.fasb.org/extlink&oid=6511694

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 3, 19, 20, 21, 22, 137

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2012

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 6. FAIR VALUE OF FINANCIAL INSTRUMENTS

A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy for inputs used in measuring fair value is as follows:

Level 1 Inputs—quoted prices in active markets for identical assets or liabilities

Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities

Level 3 Inputs—unobservable inputs

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. Financial assets and liabilities whose fair values we measure on a recurring basis using Level 2 inputs consist of GNMA securities and our deferred compensation liability. We measure the fair values of these assets and liability based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques provided by third parties using proprietary valuation models and analytical tools as of December 31, 2012 and 2011. These valuation models and analytical tools use market pricing or similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. The Company validates the valuations received from its primary pricing vendors for its level 2 securities by examining the inputs used in that vendor’s pricing process and determines whether they are reasonable and observable. The Company also compares those valuations to recent reported trades for those securities. The Company did not adjust any of the valuations received from these third parties with respect to any of its level 2 securities at December 31, 2012 and 2011.

The fair value of our secured notes payable and unsecured notes payable is sensitive to fluctuations in interest rates. Discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable, using rates ranging from 3.43% to 7.14%.

Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the carrying amount and fair value of our financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands):


	December 31, 2012				December 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
Marketable securities	$	—	$	—	$	28,235	$	28,235
Secured notes payable		1,044,682		1,116,162		912,067		941,582
Deferred compensation liability	$	637	$	637	$	520	$	520

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 3, 10, 14, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15B

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 17-22, 27, 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15A

-Subparagraph a-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

PREPAID EXPENSES AND OTHER ASSETS

12 Months Ended

Dec. 31, 2012

PREPAID EXPENSES AND OTHER ASSETS

NOTE 7. PREPAID EXPENSES AND OTHER ASSETS

Prepaid expenses and other assets consist of the following (in thousands):


	December 31, 2012		December 31, 2011
Leasing commissions, net of accumulated amortization of $16,829 and $13,015, respectively	$	18,329	$	16,738
Acquired above market leases, net		11,483		16,536
Acquired in-place leases, net		34,308		28,862
Lease incentives, net of accumulated amortization of $2,220 and $1,850, respectively		1,480		1,850
Other intangible assets, net of accumulated amortization of $4,239 and $3,848, respectively		960		986
Debt issuance costs, net of accumulated amortization of $2,374 and $2,188, respectively		3,651		3,280
Purchase deposit		—		3,000
Prepaid expenses, deposits and other		3,459		3,172

Total prepaid expenses and other assets	$	73,670	$	74,424

Lease incentives are amortized over the term of the related lease and included as a reduction of rental income in the statement of income. The purchase deposit at December 31, 2011 relates to the acquisition of One Beach Street, in San Francisco, California. Such acquisition was completed on January 24, 2012 (Note 2).

OTHER LIABILITIES AND DEFERRED CREDITS

12 Months Ended

Dec. 31, 2012

OTHER LIABILITIES AND DEFERRED CREDITS

NOTE 8. OTHER LIABILITIES AND DEFERRED CREDITS

Other liabilities and deferred credits consist of the following (in thousands):


	December 31, 2012		December 31, 2011
Acquired below market leases, net	$	54,350	$	48,612
Prepaid rent and deferred revenue		6,383		4,784
Straight-line rent liability		63		433
Deferred rent expense		1,008		1,122
Deferred compensation		637		520
Deferred tax liability		320		—
Other liabilities		50		108

Total other liabilities and deferred credits	$	62,811	$	55,579

Straight-line rent liability relates to leases which have rental payments that decrease over time or one-time upfront payments for which the rental revenue is deferred and recognized on a straight-line basis.

DEBT

12 Months Ended

Dec. 31, 2012

DEBT

NOTE 9. DEBT

The following is a summary of our total debt outstanding as of December 31, 2012 and December 31, 2011 (in thousands):


Description of Debt	Principal Balance as of						Stated Interest Rate as of December 31, 2012			Stated Maturity Date
Description of Debt	December 31, 2012			December 31, 2011			Stated Interest Rate as of December 31, 2012			Stated Maturity Date
Alamo Quarry Market ⁽¹⁾⁽²⁾	$	93,942		$	96,027			5.67	%		January 8, 2014
Waikele Center ⁽⁴⁾		140,700			140,700			5.15	%		November 1, 2014
The Shops at Kalakaua ⁽⁴⁾		19,000			19,000			5.45	%		May 1, 2015
The Landmark at One Market ⁽²⁾⁽⁴⁾		133,000			133,000			5.61	%		July 5, 2015
Del Monte Center ⁽⁴⁾		82,300			82,300			4.93	%		July 8, 2015
First & Main ⁽⁴⁾		84,500			84,500			3.97	%		July 1, 2016
Imperial Beach Gardens ⁽⁴⁾		20,000			20,000			6.16	%		September 1, 2016
Mariner’s Point ⁽⁴⁾		7,700			7,700			6.09	%		September 1, 2016
South Bay Marketplace ⁽⁴⁾		23,000			23,000			5.48	%		February 10, 2017
Waikiki Beach Walk—Retail ⁽⁴⁾		130,310			130,310			5.39	%		July 1, 2017
Solana Beach Corporate Centre III-IV ⁽⁵⁾		37,204			37,330			6.39	%		August 1, 2017
Loma Palisades ⁽⁴⁾		73,744			73,744			6.09	%		July 1, 2018
One Beach Street ⁽⁴⁾		21,900			—			3.94	%		April 1, 2019
Torrey Reserve—North Court ⁽¹⁾		21,659			21,921			7.22	%		June 1, 2019
Torrey Reserve—VCI, VCII, VCIII ⁽¹⁾		7,294			7,380			6.36	%		June 1, 2020
Solana Beach Corporate Centre I-II ⁽¹⁾		11,637			11,788			5.91	%		June 1, 2020
Solana Beach Towne Centre ⁽¹⁾		38,790			39,293			5.91	%		June 1, 2020
City Center Bellevue ⁽⁴⁾		111,000			—			3.98	%		November 1, 2022

Total		1,057,680			927,993

Unamortized fair value adjustment		(12,998	)		(15,926	)

Total Secured Notes Payable Balance		1,044,682			912,067
Debt of Discontinued Operations Secured Notes Payable
160 King Street ⁽³⁾		—			31,412			N/A			May 1, 2014

Total Debt Outstanding	$	1,044,682		$	943,479

(1)	Principal payments based on a 30-year amortization schedule.

(2)	Maturity Date is the earlier of the loan maturity date under the loan agreement, or the “Anticipated Repayment Date” as specifically defined in the loan agreement, which is the date after which substantial economic penalties apply if the loan has not been paid off.

(3)	Principal payments based on a 20-year amortization schedule. Note payable included in liabilities of discontinued operations as of December 31, 2011.

(4)	Interest only.

(5)	Loan was interest only through August 2012. Beginning in September 2012, principal payments are based on a 30-year amortization schedule.

We used a portion of net proceeds received from the Offering to repay in full certain outstanding indebtedness, including applicable prepayment costs, exit fees and defeasance costs. The defeasance costs of $24.3 million are included in early extinguishment of debt, along with $0.6 million of unamortized deferred loan fees and $0.9 million of unamortized debt fair value adjustments that were written off related to loans repaid at the time of the Offering. Additionally, we paid $9.0 million in loan transfer and consent fees to lenders, which were expensed as incurred, in order for the lenders to consent to the transfer of the existing loans at certain properties to the Operating Partnership as part of the Formation Transactions.

On October 10, 2012, we entered into a ten-year non-recourse mortgage loan with PNC Bank, National Association with an original principal amount of $111.0 million. The loan is secured by a first-priority deed of trust on City Center Bellevue and an assignment of all leases, rents and security deposits relating to City Center Bellevue. The loan has a maturity date of November 1, 2022, bears interest at a fixed rate per annum of 3.98% and is interest only.

On March 29, 2012, we entered into a seven-year non-recourse mortgage loan with PNC Bank, National Association with an original principal amount of $21.9 million. The loan is secured by a first-priority deed of trust on One Beach Street and an assignment of all leases, rents and security deposits relating to One Beach Street. The loan has a maturity date of April 1, 2019, bears interest at a fixed rate per annum of 3.94% and is interest only.

On June 1, 2011, we entered into a five-year non-recourse mortgage loan with PNC Bank, National Association with an original principal amount of $84.5 million. The loan is secured by a first-priority deed of trust on First & Main and an assignment of all leases, rents and security deposits relating to First & Main. The loan has a maturity date of July 1, 2016, bears interest at a fixed rate per annum of 3.97% and is interest only.

Certain loans require us to comply with various financial covenants, including the maintenance of minimum debt coverage ratios. As of December 31, 2012, we were in compliance with all loan covenants.

Scheduled principal payments on notes payable as of December 31, 2012 are as follows (in thousands):


2013	$	3,704
2014		233,993
2015		235,980
2016		113,974
2017		190,139
Thereafter		279,890

	$	1,057,680

Credit Facility

On January 19, 2011, in connection with the Offering, we entered into a credit facility pursuant to which a group of lenders provided commitments for a revolving credit facility allowing borrowings of up to $250.0 million. During the third quarter of 2012, we drew approximately $164.0 million on our credit facility in connection with our acquisition of City Center Bellevue. Additionally, during the fourth quarter of 2012, we repaid all outstanding principal and interest amounts related to our borrowings with the proceeds from the sale of 160 King Street. At December 31, 2012, our maximum allowable borrowing amount was $226.3 million. The credit facility has an accordion feature that may allow us to increase the availability thereunder up to a maximum of $400.0 million, subject to meeting specified requirements and obtaining additional commitments from lenders. No amounts have been borrowed on the credit facility to date. The credit facility bears interest at the rate of either LIBOR or a base rate, in each case plus a margin that will vary depending on our leverage ratio. The amount available for us to borrow under the credit facility is subject to the net operating income of our properties that form the borrowing base of the facility and a minimum implied debt yield of such properties.

On March 7, 2011, the credit facility was amended to allow us or our Operating Partnership to purchase GNMA securities with maturities of up to 30 years. On January 10, 2012, the credit facility was amended a second time to (1) extend the maturity date to January 10, 2016 (with a one-year extension option), (2) decrease the applicable interest rates and (3) modify certain financial covenants contained therein. On September 7, 2012, the credit facility was amended a third time to allow our consolidated total secured indebtedness to be up to 55% of our secured total asset value for the period commencing upon the date that a material acquisition (generally, greater than $100 million) is consummated through and including the last day of the third fiscal quarter that follows such date.

The amended credit facility includes a number of customary financial covenants, including:

•

a maximum leverage ratio (defined as total indebtedness net of certain unrestricted cash and cash equivalents to total asset value) of 60%,

•

a minimum fixed charge coverage ratio (defined as consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges) of 1.50x,

•

a maximum secured leverage ratio (defined as total secured indebtedness to secured total asset value) of up to 55% in circumstances,

•

a minimum tangible net worth equal to at least 75% of our tangible net worth at January 19, 2011, plus 85% of the net proceeds of any additional equity issuances (other than additional equity issuances in connection with any dividend reinvestment program), and

•

a $35.0 million limit on the maximum principal amount of recourse indebtedness we may have outstanding at any time, other than under the credit facility.

The credit facility provides that our annual distributions may not exceed the greater of (1) 95.0% of our funds from operations (“FFO”) or (2) the amount required for us to (a) qualify and maintain our REIT status and (b) avoid the payment of federal or state income or excise tax. If certain events of default exist or would result from a distribution, we may be precluded from making distributions other than those necessary to qualify and maintain our status as a REIT.

We and certain of our subsidiaries guarantee the obligations under the credit facility, and certain of our subsidiaries pledged specified equity interests in our subsidiaries as collateral for our obligations under the credit facility.

As of December 31, 2012, we were in compliance with all credit facility covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

EQUITY

12 Months Ended

Dec. 31, 2012

EQUITY

NOTE 10. EQUITY

Noncontrolling Interests

Noncontrolling interests in our Operating Partnership are interests in the Operating Partnership that are not owned by us. Noncontrolling interests consisted of 18,023,435 common units (the “noncontrolling common units”), and represented approximately 32% of the ownership interests in our Operating Partnership at December 31, 2012. Common units and shares of our common stock have essentially the same economic characteristics in that common units and shares of our common stock share equally in the total net income or loss distributions of our Operating Partnership. Investors who own common units have the right to cause our Operating Partnership to redeem any or all of their common units for cash equal to the then-current market value of one share of our common stock, or, at our election, shares of our common stock on a one-for-one basis.

On February 14, 2011, we completed a private placement transaction of 251,050 common units for approximately $5.4 million.

During the year ended December 31, 2012, 372,654 common units were converted into shares of our common stock.

Preferred Stock Authorized Shares

We have authorized to issue 10,000,000 shares of preferred stock with a par value of $0.01, of which no shares were outstanding at December 31, 2012. Upon issuance, our Board of Directors has the ability to define the terms of the preferred shares, including voting rights, liquidation preferences, conversion and redemption provisions and dividend rates.

Dividends

The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units for the years ended December 31, 2012 and 2011:


Period	Amount per Share/Unit		Period Covered	Dividend Paid Date
First Quarter 2011	$	0.17	January 19, 2011 to March 31, 2011		March 31, 2011
Second Quarter 2011	$	0.21	April 1, 2011 to June 30, 2011		June 30, 2011
Third Quarter 2011	$	0.21	July 1, 2011 to September 30, 2011		September 30, 2011
Fourth Quarter 2011	$	0.21	October 1, 2011 to December 31, 2011		December 29, 2011
First Quarter 2012	$	0.21	January 1, 2012 to March 31, 2012		March 30, 2012
Second Quarter 2012	$	0.21	April 1, 2012 to June 30, 2012		June 29, 2012
Third Quarter 2012	$	0.21	July 1, 2012 to September 30, 2012		September 28, 2012
Fourth Quarter 2012	$	0.21	October 1, 2012 to December 31, 2012		December 28, 2012

Taxability of Dividends

Earnings and profits, which determine the taxability of distributions to stockholders and holders of common units, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of loss on extinguishment of debt, revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation. A summary of the income tax status of dividends per share paid is as follows:


	Year Ended December 31,
	2012					2011
	Per Share		%			Per Share		%
Ordinary income	$	0.56		66.7	%	$	0.22		27.5	%
Return of capital		0.28		33.3	%		0.58		72.5	%

Total	$	0.84		100.0	%	$	0.80		100.0	%

Stock-Based Compensation

In connection with Offering, we adopted our 2011 Equity Incentive Award Plan (“2011 Plan”). The 2011 Plan provides for grants to directors, employees and consultants of the Company and the Operating Partnership of stock options, restricted stock, dividend equivalents, stock payments, performance shares, LTIP units, stock appreciation rights and other incentive awards. An aggregate of 4,054,411 shares of our common stock are authorized for issuance under awards granted pursuant to the 2011 Plan, and as of December 31, 2012, 3,421,189 shares of common stock remain available for future issuance.

Concurrently with the closing of the Offering, we made grants of restricted shares of our common stock to certain executive officers under the 2011 Plan. At such time, we granted to such executive officers a total of 198,000 shares that are subject to timing-based vesting and 297,000 shares that are subject to performance-based vesting, with fair market values of $4.1 million for the timing-based vesting awards and $3.9 million for the performance-based vesting awards. Those awards subject to time-based vesting will vest, subject to the recipient’s continued employment, in two substantially equal installments on each of the third and fourth anniversaries of the date of grant. The vesting of those restricted stock awards subject to performance-based vesting is based on the achievement of absolute and relative total stockholder return hurdles over a three-year performance period, commencing on January 19, 2011. Following the completion of the three-year performance period, our compensation committee will determine the number of shares to which the executive officer is entitled based on our performance relative to the performance hurdles set forth in the restricted stock award agreement he entered into in connection with his initial award grant. These shares will then vest in two substantially equal installments, with the first installment vesting on the third anniversary of the date of grant and the second installment vesting on the fourth anniversary of the date of grant, subject to the executive officer’s continued employment on those dates.

Concurrently with the closing of the Offering, we also granted each of our non-employee directors 1,951 restricted shares of our common stock pursuant to the 2011 Plan. These awards of restricted stock will vest ratably as to one-third of the shares granted on each of the first three anniversaries of the date of grant, subject to the director’s continued service on our board of directors, and had an aggregate fair value of $0.2 million on the date of the grants. On June 29, 2011, one of our directors notified us of his resignation as a director of the Company and, as a result, immediately forfeited the 1,951 restricted shares of our common stock previously granted to him, none of which had vested. On August 5, 2011, we granted 1,957 restricted shares of our common stock to a new non-employee director, with a fair value of $0.04 million on the date of the grant. The restricted stock will vest ratably as to one-third of the shares granted on each of the first three anniversaries of the date of grant, subject to the director’s continued service on our board of directors.

We granted each of our non-employee directors restricted shares of our common stock pursuant to the 2011 Plan, either concurrently with the closing of the Offering or at the time the director was formally appointed to our board of directors (the “Board”). Additionally, on July 10, 2012, we granted a total of 8,015 restricted shares of our common stock to members of our Board. These awards of restricted stock will vest ratably as to one-third of the shares granted on each of the first three anniversaries of the date of grant, subject to the director’s continued service on our Board pursuant to our independent director compensation policy.

On March 16, 2011, we granted a total of 123,950 restricted shares of our common stock to certain other employees pursuant to the 2011 Plan with a fair value of $1.6 million. These shares are subject to performance-based vesting, with the terms described above related to performance-based vesting.

For the performance-based stock awards, the fair value of the awards was estimated using a Monte Carlo Simulation model. Our stock price, along with the stock prices of the group of peer REITs, is assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on the stock price of the Company and the group REITs were estimated based on a three year look-back period. The expected growth rate of the stock prices over the “derived service period” of the employee is determined with consideration of the risk free rate as of the grant date. For the restricted stock grants that are time-vesting, we estimate the stock compensation expense based on the fair value of the stock at the grant date.

The following table summarizes the activity of non-vested restricted stock awards during the years ended December 31, 2012 and 2011:


	2012					2011
	Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value
Balance at beginning of year		628,712		$	15.43		—		$	—
Granted		10,015			22.50		630,663			15.43
Vested		(3,252	)		20.49		—			—
Forfeited		(2,253	)		12.52		(1,951	)		20.50

Balance at end of year		633,222		$	15.64		628,712		$	15.43

We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $2.9 million and $2.6 million in noncash compensation expense for the years ended December 31, 2012 and 2011, each of which is included in general and administrative expense on the statement of income. Unrecognized compensation expense was $4.4 million at December 31, 2012, which will be recognized over a weighted-average period of 1.6 years.

Earnings Per Share

We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating security is calculated according to dividends declared and participation rights in undistributed earnings. For the years ended December 31, 2012 and 2011, we had a weighted average of approximately 629,493 and 578,489 unvested shares outstanding, respectively, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares.

Diluted EPS is calculated by dividing the net income applicable to common stockholders for the period by the weighted average number of common and dilutive instruments outstanding during the period using the treasury stock method. For the year ended December 31, 2012, diluted shares exclude incentive restricted stock as these awards are considered contingently issuable. Additionally, the unvested restricted stock awards subject to time vesting are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS.

The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts):


	Year Ended December 31,
	2012			2011
NUMERATOR
Income from continuing operations	$	13,949		$	13,671
Less: Net income attributable to restricted shares		(529	)		(482	)
Plus: Loss from continuing operations attributable to Predecessor’s noncontrolling interests in consolidated real estate entities		—			2,455
Less: Income from continuing operations attributable to Predecessor’s controlled owners’ equity		—			(16,962	)
Plus: Loss from continuing operations attributable to unitholders in the Operating Partnership		(4,239	)		425

Income (loss) from continuing operations attributable to American Assets Trust, Inc. common stockholders—basic		9,181			(893	)
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders		25,758			3,810

Net income attributable to common stockholders—basic	$	34,939		$	2,917

Income (loss) from continuing operations attributable to American Assets Trust, Inc. common stockholders—basic	$	9,181		$	(893	)
Less: Income (loss) from continuing operations attributable to unitholders in the Operating Partnership		4,239			(425	)

Income (loss) from continuing operations attributable to common stockholders—diluted		13,420			(1,318	)
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders		25,758			3,810
Plus: Results from discontinued operations attributable to unitholders in the Operating Partnership		11,894			1,813

Net income attributable to common stockholders—diluted	$	51,072		$	4,305

DENOMINATOR
Weighted average common shares outstanding—basic		38,736,113			36,748,806
Effect of dilutive securities—conversion of Operating Partnership units		18,317,796			17,471,001

Weighted average common shares outstanding—diluted		57,053,909			54,219,807

Earnings (loss) per common share—basic
Continuing operations	$	0.24		$	(0.02	)
Discontinued operations		0.66			0.10

	$	0.90		$	0.08

Earnings (loss) per common share—diluted
Continuing operations	$	0.24		$	(0.02	)
Discontinued operations		0.66			0.10

	$	0.90		$	0.08

INCOME TAXES

12 Months Ended

Dec. 31, 2012

INCOME TAXES

NOTE 11. INCOME TAXES

We elected to be taxed as a REIT and operate in a manner that allows us to qualify as a REIT, for federal income tax purposes commencing with our taxable year ending December 31, 2011. As a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. Taxable income from non-REIT activities managed through our TRS is subject to federal and state income taxes.

We lease our hotel property to a wholly owned TRS that is subject to federal and state income taxes. We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between GAAP carrying amounts and their respective tax bases. Additionally, we classify certain state taxes as income taxes for financial reporting purposes in accordance with ASC Topic 740, Income Taxes. We record the Portland Business Tax and Texas Margin Tax as income taxes in our financial statements.

A deferred tax liability is included in our Consolidated Balance Sheets of $0.3 million as of December 31, 2012 in relation to real estate asset basis differences for Alamo Quarry Market and certain elections made in our 2011 return for our TRS. No deferred tax liability was recorded as of December 31, 2011.

The income tax provision included in other income (expense) on the consolidated statement of income is as follows (in thousands):


	Year Ended December 31, 2012		Year Ended December 31, 2011
Current:
Federal	$	361	$	483
State		335		90
Deferred:
Federal	$	118	$	—
State	$	202	$	—

Provision for income taxes	$	1,016	$	573

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43, 44, 45, 46, 47, 48, 49

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+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2012

COMMITMENTS AND CONTINGENCIES

NOTE 12. COMMITMENTS AND CONTINGENCIES

Legal

We are sometimes involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters.

We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. We do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also, under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us as owner of the properties due to certain matters relating to the operation of the properties by the tenant.

Commitments

At The Landmark at One Market, we lease, as lessee, a building adjacent to The Landmark under an operating lease effective through June 30, 2016, which we have the option to extend until 2026 by way of two five-year extension options.

At Waikiki Beach Walk, we sublease a portion of the building of which Quiksilver is currently in possession, under an operating lease effective through December 31, 2021, which we have the option to extend at fair rental value in the event the sublessor extends its lease for the space with the master landlord. The lease payments under the lease will increase by approximately 3.4% annually through 2017 and, thereafter, will be equal to fair rental value, as defined in the lease, through lease expiration.

Current minimum annual payments under the leases are as follows, as of December 31, 2012 (in thousands):


2013	$	2,502
2014		2,569
2015		2,636
2016		1,709
2017		736
Thereafter		2,961	⁽¹⁾

	$	13,113

(1)	Lease payments on the Waikiki Beach Walk lease will be equal to fair rental value from March 2017 through the end of the lease term. In the table, we have shown the lease payments for this period based on the stated rate for the month of February 2017 of $61,690.

We have management agreements with Outrigger Hotels & Resorts or an affiliate thereof (“Outrigger”) pursuant to which Outrigger manages each of the retail and hotel portions of the Waikiki Beach Walk property. Under the management agreement with Outrigger relating to the retail portion of Waikiki Beach Walk (the “retail management agreement”), we pay Outrigger a monthly management fee of 3.0% of net revenues from the retail portion of Waikiki Beach Walk. Pursuant to the terms of the retail management agreement, if the agreement is terminated in certain instances, including our election not to repair damage or destruction at the property, a condemnation or our failure to make required working capital infusions, we would be obligated to pay Outrigger a termination fee equal to the sum of the management fees paid for the two calendar months immediately preceding the termination date. The retail management agreement may not be terminated by us or by Outrigger without cause. Under our management agreement with Outrigger relating to the hotel portion of Waikiki Beach Walk (the “hotel management agreement”), we pay Outrigger a monthly management fee of 6.0% of the hotel’s gross operating profit, as well as 3.0% of the hotel’s gross revenues; provided that the aggregate management fee payable to Outrigger for any year shall not exceed 3.5% of the hotel’s gross revenues for such fiscal year. Pursuant to the terms of the hotel management agreement, if the agreement is terminated in certain instances, including upon a transfer by us of the hotel or upon a default by us under the hotel management agreement, we would be required to pay a cancellation fee calculated by multiplying (1) the management fees for the previous 12 months by (2) (a) eight, if the agreement is terminated in the first 11 years of its term, or (b) four, three, two or one, if the agreement is terminated in the twelfth, thirteenth, fourteenth or fifteenth year, respectively, of its term. The hotel management agreement may not be terminated by us or by Outrigger without cause.

A wholly owned subsidiary of our Operating Partnership, WBW Hotel Lessee LLC, entered into a franchise license agreement with Embassy Suites Franchise LLC, the franchisor of the brand “Embassy Suites™,” to obtain the non-exclusive right to operate the hotel under the Embassy Suites brand for 20 years. The franchise license agreement provides that WBW Hotel Lessee LLC must comply with certain management, operational, record keeping, accounting, reporting and marketing standards and procedures. In connection with this agreement, we are also subject to the terms of a product improvement plan pursuant to which we expect to undertake certain actions to ensure that our hotel’s infrastructure is maintained in compliance with the franchisor’s brand standards. In addition, we must pay to Embassy Suites Franchise LLC a monthly franchise royalty fee equal to 4.0% of the hotel’s gross room revenue through December 2021 and 5.0% of the hotel’s gross room revenue thereafter, as well as a monthly program fee equal to 4.0% of the hotel’s gross room revenue. If the franchise license is terminated due to our failure to make required improvements or to otherwise comply with its terms, we may be liable to the franchisor for a termination payment, which could be as high as $5.7 million based on operating performance through December 31, 2012.

In connection with our acquisition of Lloyd District Portfolio, we entered into a property management agreement with Ashforth Pacific, Inc., which was subsequently assigned to Langley Investment Properties, Inc. (“Langley”). Pursuant to the property management agreement, Langley manages and operates Lloyd District Portfolio, and we pay Langley a monthly management fee of 3.5% of “gross receipts,” as defined in the property management agreement, as well as leasing commissions and construction oversight fees in certain situations. The property management agreement is for an initial term of two years, with three one-year renewal options, exercisable by us in our sole discretion. The property management agreement may not be terminated by us or by Langley without cause during the initial term, except by mutual consent of both parties. On February 1, 2013, we agreed to terminate our property management agreement with Langley.

Our Del Monte Center property has ongoing environmental remediation related to ground water contamination. The environmental issue existed at purchase and remediation is expected to conclude within the next three years. The work performed is financed through an escrow account funded by the seller upon purchase of the property. We believe the funds in the escrow account are sufficient for the remaining work to be performed. However, if further work is required costing more than the remaining escrow funds, we could be required to pay such overage, although we may have a contractual claim for such costs against the prior owner or our environmental remediation consultant.

In connection with the Formation Transactions, we entered into tax protection agreements with certain limited partners of our Operating Partnership. These agreements provide that if we dispose of any interest with respect to Carmel Country Plaza, Carmel Mountain Plaza, Del Monte Center, Loma Palisades, Lomas Santa Fe Plaza, Waikele Center or the ICW Plaza portion of Torrey Reserve Campus, in a taxable transaction during the period from the closing of the Offering through January 19, 2018, we will indemnify such limited partners for their tax liabilities attributable to their share of the built-in gain that existed with respect to such property interest as of the time of the Offering and tax liabilities incurred as a result of the reimbursement payment. Subject to certain exceptions and limitations, the indemnification rights will terminate for any such protected partner that sells, exchanges or otherwise disposes of more than 50% of his or her common units. We have no present intention to sell or otherwise dispose of the properties or interest therein in taxable transactions during the restriction period. If we were to trigger the tax protection provisions under these agreements, we would be required to pay damages in the amount of the taxes owed by these limited partners (plus additional damages in the amount of the taxes incurred as a result of such payment).

Concentrations of Credit Risk

Our properties are located in Southern California, Northern California, Hawaii, Oregon, Texas and Washington. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate. Thirteen of our consolidated properties, representing 31.1% of our total revenue for the year ended December 31, 2012, are located in Southern California, which exposes us to greater economic risks than if we owned a more geographically diverse portfolio. Our mixed-use property located in Honolulu, Hawaii accounted for 21.5% of total revenues for the year ended December 31, 2012.

Tenants in the retail industry accounted for 39.1% and 42.7% of total revenues for the years December 31, 2012 and 2011, respectively. This makes us susceptible to demand for retail rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the retail industry. Two retail properties, Alamo Quarry Market and Waikele Center, accounted for 17.1% and 19.1% of total revenues for the years ended December 31, 2012 and 2011, respectively.

For the years ended December 31, 2012 and 2011, no tenant accounted for more than 10% of our total rental revenue. At December 31, 2012, salesforce.com, inc. at The Landmark at One Market accounted for 6.6% of total annualized base rent. Five other tenants (Lowe’s, Kmart, Veterans Benefits Administration, Autodesk, Inc. and Microsoft Corporation) comprise 10.7% of our total annualized base rent at December 31, 2012, in the aggregate. No other tenants represent greater than 2.0% of our total annualized base rent. Total annualized base rent used for the percentage calculations includes the annualized base rent as of December 31, 2012 for our office properties, retail properties and the retail portion of our mixed-use property.

- Definition

The entire disclosure for commitments and contingencies.

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+ Details

OPERATING LEASES

12 Months Ended

Dec. 31, 2012

OPERATING LEASES

NOTE 13. OPERATING LEASES

At December 31, 2012, our retail, office and mixed-use properties are located in five states: California, Oregon, Hawaii, Washington and Texas. At December 31, 2012, we had approximately 837 leases with office and retail tenants, including the retail portion of our mixed-use property. Our multifamily properties are located in Southern California, and we had approximately 780 leases with residential tenants at December 31, 2012, excluding Santa Fe Park RV Resort.

Our leases with office, retail, mixed-use and residential tenants are classified as operating leases. Leases at our office and retail properties and the retail portion of our mixed-use property generally range from three to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, usually provide for cost recoveries for the tenant’s share of certain operating costs and also may include percentage rents based on the tenant’s level of sales achieved. Leases on apartments generally range from 7 to 15 months, with a majority having 12 month lease terms. Rooms at the hotel portion of our mixed-use property are rented on a nightly basis.

As of December 31, 2012, minimum future rentals from noncancelable operating leases before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows for the years ended December 31 (in thousands):


2013	$	150,979
2014		132,087
2015		119,871
2016		101,595
2017		86,081
Thereafter		152,651

Total	$	743,264

The above future minimum rentals exclude residential leases and exclude the hotel, as rooms are rented on a nightly basis.

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

+ References+ Details

COMPONENTS OF RENTAL INCOME AND EXPENSE

12 Months Ended

Dec. 31, 2012

COMPONENTS OF RENTAL INCOME AND EXPENSE

NOTE 14. COMPONENTS OF RENTAL INCOME AND EXPENSE

The principal components of rental income are as follows (in thousands):


	Year Ended December 31,
	2012		2011		2010
Minimum rents
Retail	$	67,046	$	63,996	$	57,509
Office		71,817		53,457		23,661
Multifamily		13,796		13,246		13,076
Mixed-Use		8,893		8,478		—
Cost reimbursement		27,763		24,463		18,576
Percentage rent		2,608		1,967		1,217
Hotel revenue		31,729		27,125		—
Other		1,597		1,436		1,126

Total rental income	$	225,249	$	194,168	$	115,165

Minimum rents include $7.2 million, $4.8 million and none for the years ended December 31, 2012, 2011 and 2010, respectively, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $(0.2) million, $(1.1) million and $(1.1) million for the years ended December 31, 2012, 2011 and 2010, respectively, to recognize the amortization of above and below market leases.

The principal components of rental expenses are as follows (in thousands):


	Year Ended December 31,
	2012		2011		2010
Rental operating	$	24,264	$	22,008	$	12,415
Hotel operating		20,905		18,885		—
Repairs and maintenance		9,452		8,082		5,102
Marketing		1,266		1,390		674
Rent		2,378		2,767		1,182
Hawaii excise tax		3,813		3,379		1,058
Management fees		2,011		1,622		89

Total rental expenses	$	64,089	$	58,133	$	20,520

OTHER INCOME (EXPENSE)

12 Months Ended

Dec. 31, 2012

OTHER INCOME (EXPENSE)

NOTE 15. OTHER INCOME (EXPENSE)

The principal components of other income (expense), net are as follows (in thousands):


	Year Ended December 31,
	2012			2011			2010
Interest and investment income	$	336		$	1,621		$	73
Income tax expense		(1,016	)		(831	)		—
Loss from real estate joint ventures		—			(188	)		(4,406	)
Acquisition related expenses		(152	)		(434	)		—
Fee income from real estate joint ventures		—			44			2,487
Other non-operating income		203			—			—

Total other income (expense)	$	(629	)	$	212		$	(1,846	)

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2012

RELATED PARTY TRANSACTIONS

NOTE 16. RELATED PARTY TRANSACTIONS

Prior to the Offering and Formation Transactions, we acted as the manager for certain unconsolidated real estate joint ventures and earned fees for these services (excluding Waikiki Beach Walk). Each unconsolidated joint venture (excluding Waikiki Beach Walk) had a master management agreement with additional agreements covering property management, construction management, acquisition, disposition and leasing and asset management. These agreements provided for the following fees to be paid to us by these unconsolidated joint ventures:

•

Property Management Fees—Property management fees were incurred for the operation and management of the properties. Fees ranged from 1.25% to 5.5% of gross monthly cash collections each month, with minimum monthly fees ranging from $2,500 to $5,000.

•

Construction Management Fees—Construction management fees were incurred for the management and supervision of construction projects owned by the unconsolidated joint ventures. Fees ranged from 3.0% to 5.0% of construction and development costs on buildings and improvements for most properties although certain agreements provided for a flat fee. For tenant improvements, fees were 10.0% of costs for projects where we directly supervised construction subcontractors or 3.0% for projects where we managed a general contractor, plus hourly fees for employees directly working on the tenant improvements.

•

Acquisition and Disposition Fees—Acquisition and disposition fees were incurred for services provided in conjunction with acquisition and disposition of the properties owned by the unconsolidated real estate joint ventures. Fees were either 0.5% or 1.0% of the total value of all the acquisitions or dispositions.

•

Leasing Fees—Leasing fees were incurred for services provided to procure tenants for the properties owned by the unconsolidated joint ventures. Fees were 1.0% of the total value of all leases executed for the properties, including new leases, renewals, extensions or other modifications.

•

Asset Management Fees/Financing Fees—Asset management fees were incurred for evaluating property value, performance and/or condition, appealing property assessments or tax valuations, recommending ways to enhance value and procuring financing. The fees were charged at hourly rates ranging from $40 to $125 for asset management services. In addition, financing fees were paid for any permanent financing placed on the properties, with fees of either 25 to 50 basis points of the financed amount or a flat fee of $50,000.

In addition to the fees noted above, certain unconsolidated joint ventures also reimbursed us for monthly maintenance and facilities management services provided to the properties owned by the unconsolidated joint ventures.

Fees earned by us from the unconsolidated joint ventures, which are included in other income (expense), net, are as follows (in thousands):


	Year Ended December 31,
	2012		2011		2010
Property management fees	$	—	$	38	$	1,233
Leasing fees		—		—		957
Asset management fees/financing fees		—		—		130
Maintenance reimbursements		—		6		120
Construction management fees		—		—		47

	$	—	$	44	$	2,487

Subsequent to the Formation Transactions, we no longer earn fees from unconsolidated joint ventures.

At December 31, 2010, accounts payable and accrued expenses included $0.3 million related to amounts paid by AAI on behalf of the properties for loan transfer and consent fee and loan defeasance fee deposits, which was repaid upon completion of the Offering.

Certain affiliated entities made loans to an affiliate in order to attain a higher return on excess cash balances, and these loans were classified as notes receivable from affiliate. The notes bore interest at LIBOR and were to be repaid upon demand. The notes receivable were settled as part of the Formation Transactions. A summary of the outstanding notes receivable from affiliate balances and related interest income are as follows (in thousands):


	As of and for the year ended December 31,
	2012		2011		2010
Notes receivable from affiliate	$	—	$	—	$	21,769
Interest income	$	—	$	3	$	59

We received unsecured loans on January 15, 2008, from certain of the entities that own Del Monte Center, for $12.0 million, the proceeds of which were used to fund construction at the property. The notes bore interest at 10.0% and required monthly principal and interest payments until maturity on March 1, 2013. The notes were classified as notes payable to affiliates. The notes were repaid using proceeds from the Offering or were settled as part of the Formation Transactions.

At ICW Plaza, we lease space to Insurance Company of the West, which is under the indirect control of Ernest Rady, our Executive Chairman of the Board. Rental revenue recognized on the leases of $2.1 million, $2.3 million and $2.5 million for the years ended December 31, 2012, 2011 and 2010, respectively, is included in rental income. In May 2011, the lease agreement at ICW Plaza was amended to terminate the lease of approximately 12,000 square feet and reduce base rent on one suite in line with market rent. Additionally, we leased space to Insurance Company of the West at Valencia Corporate Center until the sale of Valencia Corporate Center on August 30, 2011, and rental revenue recognized on these leases of $0.0 million, $1.2 million and $1.7 million for the years ended December 31, 2012, 2011 and 2010, respectively, is included in discontinued operations.

The Waikiki Beach Walk entities have a 47.7% investment in WBW CHP LLC, an entity that was formed to, among other things, construct a chilled water plant to provide air conditioning to the property and other adjacent facilities. The operating expenses of WBW CHP LLC are recovered through reimbursements from its members, and reimbursements to WBW CHP LLC of $1.0 million were made for both years ended December 31, 2012 and 2011 and included in rental expenses on the statements of income.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2012

SEGMENT REPORTING

NOTE 17. SEGMENT REPORTING

Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. However, we have aggregated our properties into reportable segments as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies.

We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel.

We evaluate the performance of our segments based on segment profit which is defined as property revenue less property expenses. We do not use asset information as a measure to assess performance and make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, interest expense, depreciation and amortization expense and other income and expense are not included in segment profit as our internal reporting addresses these items on a corporate level.

Segment profit is not a measure of operating income or cash flows from operating activities as measured by GAAP, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit in the same manner. We consider segment profit to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our properties.

The following table represents operating activity within our reportable segments (in thousands):


	Year Ended December 31,
	2012			2011			2010
*Total Retail*
Property revenue	$	91,991		$	86,511		$	78,234
Property expense		(24,955	)		(24,512	)		(20,185	)

Segment profit		67,036			61,999			58,049

*Total Office*
Property revenue		78,101			57,319			25,374
Property expense		(23,780	)		(18,015	)		(7,300	)

Segment profit		54,321			39,304			18,074

*Total Multifamily*
Property revenue		14,852			14,321			14,140
Property expense		(5,914	)		(5,578	)		(4,723	)

Segment profit		8,938			8,743			9,417

*Total Mixed-Use*
Property revenue		50,522			44,634			—
Property expense		(31,465	)		(28,774	)		—

Segment profit		19,057			15,860			—

Total segments’ profit	$	149,352		$	125,906		$	85,540

The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands):


	Year Ended December 31,
	2012			2011			2010
Total segments’ profit	$	149,352		$	125,906		$	85,540
General and administrative		(15,593	)		(13,627	)		(8,699	)
Depreciation and amortization		(61,853	)		(55,936	)		(34,419	)
Interest expense		(57,328	)		(54,580	)		(43,251	)
Early extinguishment of debt		—			(25,867	)		—
Loan transfer and consent fees		—			(8,808	)		—
Gain on acquisition		—			46,371			4,297
Other income (expense), net		(629	)		212			(1,846	)

Income from continuing operations		13,949			13,671			1,622
Discontinued operations
Income from discontinued operations		932			1,672			552
Gain on sale of real estate property		36,720			3,981			—

Results from discontinued operations		37,652			5,653			552

Net income		51,601			19,324			2,174
Net income attributable to restricted shares		(529	)		(482	)		—
Net loss attributable to Predecessor’s noncontrolling interests in consolidated real estate entities		—			2,458			2,205
Net income attributable to Predecessor’s controlled owners’ equity		—			(16,995	)		(4,379	)
Net income attributable to unitholders in the Operating Partnership		(16,133	)		(1,388	)		—

Net income attributable to American Assets Trust, Inc. stockholders	$	34,939		$	2,917		$	—

The following table shows net real estate and secured note payable balances for each of the segments, along with their capital expenditures for each year (in thousands):


	December 31, 2012		December 31, 2011
Net real estate
Retail	$	669,177	$	655,450
Office		759,203		503,220
Multifamily		36,391		37,187
Mixed-Use		203,411		208,089

	$	1,668,182	$	1,403,946

Secured Notes Payable ⁽¹⁾
Retail	$	397,732	$	400,320
Office		428,194		295,919
Multifamily		101,444		101,444
Mixed-Use		130,310		130,310

	$	1,057,680	$	927,993

Capital Expenditures ⁽²⁾
Retail	$	14,211	$	5,110
Office		22,136		6,004
Multifamily		964		615
Mixed-Use		727		1,492

	$	38,038	$	13,221

(1)	Excludes unamortized fair market value adjustment of $13.0 million and $15.9 million as of December 31, 2012 and 2011, respectively.

(2)	Capital expenditures represent cash paid for capital expenditures during the year and include leasing commissions paid.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Name Accounting Standards Codification

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 131

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2012

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

NOTE 18. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The tables below reflect selected quarterly information for 2012 and 2011 (in thousands):


	Three Months Ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
Total revenue	$	63,120		$	60,766		$	56,131		$	55,449
Operating income		20,247			18,206			16,641			16,812
Income (loss) from continuing operations		4,822			3,968			2,396			2,763
Results from discontinued operations		36,999			317			228			108
Net income		41,821			4,285			2,624			2,871
Net income attributable to restricted shares		(133	)		(133	)		(131	)		(132	)
Net (income) loss attributable to unitholders in the Operating Partnership		(13,111	)		(1,335	)		(804	)		(883	)
Net income (loss) attributable to American Assets Trust, Inc. stockholders	$	28,577		$	2,817		$	1,689		$	1,856
Net income from continuing operations attributable to common stockholders—basic and diluted	$	0.08		$	0.07		$	0.04		$	0.05
Net income from discontinued operations attributable to common stockholders—basic and diluted	$	0.65		$	0.01		$	—		$	—
Net income attributable to common stockholders—basic and diluted	$	0.73		$	0.08		$	0.04		$	0.05



	Three Months Ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
Total revenue	$	53,838		$	54,370		$	49,318		$	45,259
Operating income		14,182			14,427			12,969			14,765
Income (loss) from continuing operations		560			(59	)		(172	)		13,342
Results from discontinued operations		95			4,677			627			254
Net income (loss)		655			4,618			455			13,596
Net income attributable to restricted shares		(132	)		(132	)		(132	)		(86	)
Net loss attributable to Predecessor’s noncontrolling interests in consolidated real estate entities		—			—			—			2,458
Net income attributable to Predecessor’s controlled owners’ equity		—			—			—			(16,995	)
Net (income) loss attributable to unitholders in the Operating Partnership		(179	)		(1,434	)		(104	)		329
Net income (loss) attributable to American Assets Trust, Inc. stockholders	$	344		$	3,052		$	219		$	(698	)
Net income from continuing operations attributable to common stockholders—basic and diluted	$	0.01		$	—		$	—		$	(0.03	)
Net income from discontinued operations attributable to common stockholders—basic and diluted	$	—		$	0.08		$	0.01		$	0.01
Net income attributable to common stockholders—basic and diluted	$	0.01		$	0.08		$	0.01		$	(0.02	)


	Encumbrance as of December 31, 2012		Initial Cost				Cost Capitalized Subsequent to Acquisition		Gross Carrying Amount at December 31, 2012				Accumulated Depreciation and Amortization			Year Built/ Renovated	Date Acquired	Life on which depreciation in latest income statements is computed
Description	Encumbrance as of December 31, 2012		Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Accumulated Depreciation and Amortization			Year Built/ Renovated	Date Acquired
Alamo Quarry Market	$	93,942	$	26,396	$	109,294	$	10,634	$	26,816	$	119,508	$	(33,889	)	1997/1999	12/9/2003		35 years
Carmel Country Plaza		—		4,200		—		11,600		4,200		11,600		(6,483	)	1991	1/10/1989		35 years
Carmel Mountain Plaza		—		22,477		65,217		20,933		31,035		77,592		(23,192	)	1994	3/28/2003		35 years
Del Monte Center		82,300		27,412		87,570		21,414		27,117		109,279		(35,841	)	1967/1984/2006	4/8/2004		35 years
Lomas Santa Fe Plaza		—		8,600		11,282		9,448		8,620		20,710		(11,931	)	1972/1997	6/12/1995		35 years
Rancho Carmel Plaza		—		3,450		—		3,435		3,487		3,398		(2,099	)	1993	4/30/1990		35 years
The Shops at Kalakaua		19,000		13,993		10,919		100		14,006		11,006		(2,702	)	1971/2006	3/31/2005		35 years
Solana Beach Towne Centre		38,790		40,980		38,842		1,725		40,980		40,567		(2,704	)	1973/2000/2004	1/19/2011		35 years
South Bay Marketplace		23,000		4,401		—		10,749		4,401		10,749		(5,727	)	1997	9/16/1995		35 years
Waikele Center		140,700		55,593		126,858		58,015		70,643		169,823		(40,610	)	1993/2008	9/16/2004		35 years
Geary Marketplace		—		8,239		12,353		—		8,238		12,354		—		2012	12/19/2012		35 years
City Center Bellevue		111,000		25,135		190,998		3,829		25,135		194,827		(2,435	)	1987	8/21/2012		40 years
First & Main		84,500		14,697		109,739		2,404		14,697		112,143		(6,757	)	2010	3/11/2011		40 years
The Landmark at One Market		133,000		34,575		141,196		6,621		34,575		147,817		(11,154	)	1917/2000	6/30/2010		40 years
Lloyd District Portfolio		—		18,660		61,401		5,343		11,845		73,559		(4,975	)	1940-2011	7/1/2011		40 years
One Beach Street		21,900		15,332		18,017		873		15,332		18,890		(598	)	1924/1972/1987/1992	1/24/2012		40 years
Solana Beach Corporate Centre:
Solana Beach Corporate Centre I-II		11,637		7,111		17,100		940		7,111		18,040		(1,322	)	1982/2005	1/19/2011		40 years
Solana Beach Corporate Centre III-IV		37,204		7,298		27,887		708		7,298		28,595		(2,095	)	1982/2005	1/19/2011		40 years
Solana Beach Corporate Centre Land		—		487		—		60		547		—		—		N/A	1/19/2011		N/A
Torrey Reserve:
ICW Plaza		—		4,095		—		25,303		4,788		24,610		(9,474	)	1996-1997	6/6/1989		40 years
Pacific North Court		21,659		3,263		—		22,601		4,309		21,555		(9,208	)	1997-1998	6/6/1989		40 years
Pacific South Court		—		3,285		—		21,509		4,226		20,568		(9,288	)	1996-1997	6/6/1989		40 years
Pacific VC		7,294		1,413		—		8,574		2,148		7,839		(3,882	)	1998/2000	6/6/1989		40 years
Pacific Torrey Daycare		—		715		—		1,665		911		1,469		(698	)	1996-1997	6/6/1989		40 years
Torrey Reserve Land		—		229		—		12,911		—		13,140		—		N/A	6/6/1989		N/A
Imperial Beach Gardens		20,000		1,281		4,820		3,826		1,281		8,646		(6,862	)	1959/2008-present	7/31/1985		30 years
Loma Palisades		73,744		14,000		16,570		17,878		14,051		34,397		(21,799	)	1958/2001-2008	7/20/1990		30 years
Mariner’s Point		7,700		2,744		4,540		785		2,744		5,325		(2,144	)	1986	5/9/2001		30 years
Santa Fe Park RV Resort		—		401		928		745		401		1,673		(1,322	)	1971/2007-2008	6/1/1979		30 years
Waikiki Beach Walk:
Retail		130,310		45,995		74,943		64		45,995		75,007		(4,687	)	2006	1/19/2011		35 years
Hotel		—		30,640		60,029		1,988		30,640		62,017		(5,562	)	2008	1/19/2011		35 years
Solana Beach—Highway 101 Land		—		7,847		202		292		8,341		—		(114	)	N/A	9/20/2011		N/A
Sorrento Valley Holdings Land		—		2,073		741		3,241		6,055		—		(940	)	N/A	5/9/1997		N/A

	$	1,057,680	$	457,017	$	1,191,446	$	290,213	$	481,973	$	1,456,703	$	(270,494	)

(1)	For Federal tax purposes, the aggregate tax basis is approximately $1.5 billion as of December 31, 2012.

American Assets Trust, Inc.

SCHEDULE III—Consolidated Real Estate and Accumulated Depreciation—(Continued)

(In Thousands)


	Year Ended December 31,
	2012			2011			2010
Real estate assets
Balance, beginning of period	$	1,687,276			1,165,097			968,332
Additions:
Property acquisitions		270,082			563,858			188,971
Improvements⁽¹⁾		41,303			13,595			8,383
Deductions:
Cost of Real Estate Sold		(57,188	)		(37,599	)		—
Other ⁽¹⁾⁽²⁾		(2,797	)		(17,675	)		(589	)

Balance, end of period	$	1,938,676		$	1,687,276		$	1,165,097

Accumulated depreciation
Balance, beginning of period	$	234,595		$	221,997		$	194,124
Additions—depreciation⁽¹⁾		47,792			42,498			28,462
Deductions:
Cost of Real Estate Sold		(9,216	)		(12,225	)		—
Other ⁽¹⁾⁽²⁾		(2,677	)		(17,675	)		(589	)

Balance, end of period	$	270,494		$	234,595		$	221,997

(1)

Includes discontinued operations for 160 King Street, which was sold on December 4, 2012 and Valencia Corporate Center, which was sold on August 30, 2011.

(2)

Other deductions for the years ended December 31, 2012, 2011 and 2010 represent the write-off of fully depreciated assets.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details

SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation

SCHEDULE III—Consolidated Real Estate and Accumulated Depreciation—(Continued)

(In Thousands)


	Year Ended December 31,
	2012			2011			2010
Real estate assets
Balance, beginning of period	$	1,687,276			1,165,097			968,332
Additions:
Property acquisitions		270,082			563,858			188,971
Improvements⁽¹⁾		41,303			13,595			8,383
Deductions:
Cost of Real Estate Sold		(57,188	)		(37,599	)		—
Other ⁽¹⁾⁽²⁾		(2,797	)		(17,675	)		(589	)

Balance, end of period	$	1,938,676		$	1,687,276		$	1,165,097

Accumulated depreciation
Balance, beginning of period	$	234,595		$	221,997		$	194,124
Additions—depreciation⁽¹⁾		47,792			42,498			28,462
Deductions:
Cost of Real Estate Sold		(9,216	)		(12,225	)		—
Other ⁽¹⁾⁽²⁾		(2,677	)		(17,675	)		(589	)

Balance, end of period	$	270,494		$	234,595		$	221,997

(1)

Includes discontinued operations for 160 King Street, which was sold on December 4, 2012 and Valencia Corporate Center, which was sold on August 30, 2011.

(2)

Other deductions for the years ended December 31, 2012, 2011 and 2010 represent the write-off of fully depreciated assets.

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

+ References+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2012

Business and Organization

Business and Organization

In connection with the Offering, on January 19, 2011 the following transactions were completed:

•

We issued a total of 31,625,000 shares of our common stock at $20.50 per share.

•

We entered into a $250.0 million revolving credit facility (the “credit facility”) with an accordion feature to increase availability to $400.0 million under specified circumstances.

•

Retail

Carmel Country Plaza

Carmel Mountain Plaza

South Bay Marketplace

Rancho Carmel Plaza

Lomas Santa Fe Plaza

Solana Beach Towne Centre

Del Monte Center

Geary Marketplace

The Shops at Kalakaua

Waikele Center

Alamo Quarry Market

Office

Torrey Reserve Campus

Solana Beach Corporate Centre

The Landmark at One Market

One Beach Street

First & Main

Lloyd District Portfolio

City Center Bellevue

Multifamily

Loma Palisades

Imperial Beach Gardens

Mariner’s Point

Santa Fe Park RV Resort

Mixed-Use

Waikiki Beach Walk Retail and Hotel

Held for Development and Construction in Progress

Solana Beach Corporate Centre—Land

Solana Beach—Highway 101—Land

Sorrento Pointe—Land

Torrey Reserve—Land

Lloyd District Portfolio—Land

Basis of Presentation

Basis of Presentation

All significant intercompany transactions and balances are eliminated in consolidation.

Use of Estimates

Use of Estimates

Consolidated Statements of Cash Flows-Supplemental Disclosures

Consolidated Statements of Cash Flows-Supplemental Disclosures

The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands):


	Year Ended December 31,
	2012		2011			2010
Supplemental cash flow information
Total interest costs incurred	$	58,074	$	54,580		$	43,251

Interest capitalized	$	746	$	—		$	—

Interest expense	$	57,328	$	54,580		$	43,251

Cash paid for interest, net of amounts capitalized	$	54,351	$	52,713		$	45,634

Cash paid for income taxes	$	1,239	$	172		$	—

Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for property under development	$	4,944	$	2,396		$	120

Assumption of debt upon acquisition (Note 2)	$	—	$	268,008		$	133,000

Assumption of notes to affiliates upon acquisition (Note 2)	$	—	$	14,824		$	—

Acquisition of working capital deficit, net of cash (Note 2)	$	—	$	(4,176	)	$	(1,972	)

Distribution of investment in joint venture not acquired	$	—	$	11,480		$	—

Issuance of common shares and units for acquisition of properties	$	—	$	33,854		$	—

Notes receivable from affiliate settled in common units	$	—	$	21,797		$	—

Notes payable to affiliates settled in common units	$	—	$	828		$	—

Reduction to capital for prepaid Offering costs	$	—	$	1,974		$	—

Transfer taxes accrued at time of Offering	$	—	$	6,556		$	—

Offering Costs

Offering Costs

Revenue Recognition and Accounts Receivable

Revenue Recognition and Accounts Receivable

Real Estate

Real Estate

Capitalized Costs

Capitalized Costs

Impairment of Long Lived Assets

Impairment of Long Lived Assets

Financial Instruments

Financial Instruments

Cash and Cash Equivalents

Cash and Cash Equivalents

Restricted Cash

Restricted Cash

Marketable Securities

Marketable Securities

Prepaid Expenses and Other Assets

Prepaid Expenses and Other Assets

Variable Interest Entities

Variable Interest Entities

Investments in Real Estate Joint Ventures

Investments in Real Estate Joint Ventures

Notes Receivable from and Payable to Affiliate

Notes Receivable from Affiliate

Notes Payable to Affiliates

Stock-Based Compensation

Stock-Based Compensation

Deferred Compensation

Deferred Compensation

Income Taxes

Income Taxes

Segment Information

Segment Information

Reclassifications

Reclassifications

Certain items in the consolidated financial statements for prior periods have been reclassified to conform to current classifications.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2012

Consolidated Statements of Cash Flows-Supplemental Disclosures

The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands):


	Year Ended December 31,
	2012		2011			2010
Supplemental cash flow information
Total interest costs incurred	$	58,074	$	54,580		$	43,251

Interest capitalized	$	746	$	—		$	—

Interest expense	$	57,328	$	54,580		$	43,251

Cash paid for interest, net of amounts capitalized (including discontinued operations)	$	55,349	$	52,713		$	45,634

Cash paid for income taxes	$	1,239	$	172		$	—

Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for property under development	$	4,944	$	2,396		$	120

Assumption of debt upon acquisition (Note 2)	$	—	$	268,008		$	133,000

Assumption of notes to affiliates upon acquisition (Note 2)	$	—	$	14,824		$	—

Acquisition of working capital deficit, net of cash (Note 2)	$	—	$	(4,176	)	$	(1,972	)

Distribution of investment in joint venture not acquired	$	—	$	11,480		$	—

Issuance of common shares and units for acquisition of properties	$	—	$	33,854		$	—

Notes receivable from affiliate settled in common units	$	—	$	21,797		$	—

Notes payable to affiliates settled in common units	$	—	$	828		$	—

Reduction to capital for prepaid Offering costs	$	—	$	1,974		$	—

Transfer taxes accrued at time of Offering	$	—	$	6,556		$	—

REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Real Estate Investments

A summary of our real estate investments is as follows (in thousands):


	Retail			Office			Multifamily			Mixed-Use			Total
December 31, 2012
Land	$	247,884		$	138,977		$	18,477		$	76,635		$	481,973
Buildings		497,922			600,146			41,968			123,084			1,263,120
Land improvements		39,882			7,528			2,990			2,363			52,763
Tenant improvements		46,393			44,232			—			1,757			92,382
Furniture, fixtures, and equipment		486			1,124			5,082			9,563			16,255
Construction in progress		1,903			30,021			1			258			32,183

		834,470			822,028			68,518			213,660			1,938,676
Accumulated depreciation		(165,293	)		(62,825	)		(32,127	)		(10,249	)		(270,494	)

Net real estate	$	669,177		$	759,203		$	36,391		$	203,411		$	1,668,182

December 31, 2011
Land	$	239,152		$	105,787		$	18,477		$	76,635		$	440,051
Buildings		480,511			395,546			41,632			122,985			1,040,674
Land improvements		38,887			8,663			2,835			2,363			52,748
Tenant improvements		39,818			30,106			—			1,766			71,690
Furniture, fixtures, and equipment		457			996			4,570			9,022			15,045
Construction in progress		2,473			5,888			—			244			8,605	⁽¹⁾

		801,298			546,986			67,514			213,015			1,628,813
Accumulated depreciation		(145,848	)		(43,766	)		(30,327	)		(4,926	)		(224,867	)

Net real estate	$	655,450		$	503,220		$	37,187		$	208,089		$	1,403,946

(1)	Construction in progress related to land held for development is included in the Held for Development classification on the consolidated balance sheets.

Pro forma financial information

The following table summarizes the unaudited pro forma financial information (in thousands):


	Year Ended December 31, 2012				Year Ended December 31, 2011
	As Reported		Pro Forma		As Reported		Pro Forma
Total revenue	$	235,466	$	244,884	$	202,785	$	232,341
Total operating expenses		163,560		173,858		146,442		174,292
Operating income		71,906		71,010		56,343		58,049
Net income (loss)	$	51,601	$	49,303	$	19,324	$	(28,626	)⁽¹⁾

(1)	The net loss for the year ended December 31, 2011 includes one-time expenses for the early extinguishment of debt and loan transfer and consent fees but excludes the gain on acquisition of the controlling interests in the Solana Beach Centre entities and the Waikiki Beach Walk entities.

Net Revenue and Net Income from Discontinued Operations

Net revenue and net income from the property’s discontinued operations were as follows (in thousands):


	Year Ended December 31,
	2012		2011		2010
Net revenue from discontinued operations	$	6,734	$	10,133	$	11,203
Results from discontinued operations
Income from discontinued operations		932		1,672		552
Gain on sale of real estate from discontinued operations		36,720		3,981		—

Total income from discontinued operations	$	37,652	$	5,653	$	552

2012 Acquisitions

Allocation of Purchase Price

The allocation of the purchase price for each of One Beach Street, City Center Bellevue and Geary Marketplace is as follows (in thousands):


	One Beach Street		City Center Bellevue		Geary Marketplace		Total
Land	$	15,332	$	25,135	$	8,239	$	48,706
Building		16,764		185,653		11,179		213,596
Land improvements		30		154		704		888
Tenant improvements		1,223		5,191		470		6,884

Total real estate		33,349		216,133		20,592		270,074
Lease intangibles		4,141		11,870		1,017		17,028
Prepaid expenses and other assets		1		2,596		414		3,011

Total assets	$	37,491	$	230,599	$	22,023	$	290,113

Accounts payable and accrued expenses	$	94	$	456	$	—	$	550
Security deposits payable		75		740		—		815
Lease intangibles		1,382		8,733		1,124		11,239
Other liabilities and deferred credits		22		497		—		519

Total liabilities	$	1,573	$	10,426	$	1,124	$	13,123

Formation Transactions

Allocation of Purchase Price

The allocation of the consideration paid for the assets and liabilities acquired in the Formation Transactions was as follows (in thousands):


	Solana Beach Towne Centre		Solana Beach Corporate Centre			Waikiki Beach Walk Retail and Hotel			Total
Land	$	40,980	$	14,896		$	76,635		$	132,511
Building		35,605		42,094			122,985			200,684
Land improvements		1,750		974			2,276			5,000
Tenant improvements		1,487		1,919			1,801			5,207
Furniture and fixtures		—		—			7,910			7,910

Total real estate		79,822		59,883			211,607			351,312
Cash and cash equivalents		957		718			13,547			15,222
Restricted cash		282		200			1,297			1,779
Accounts receivable, net		67		—			2,168			2,235
Lease intangibles		6,995		5,536			15,997			28,528
Prepaid expenses and other assets		22		45			266			333

Total assets	$	88,145	$	66,382		$	244,882		$	399,409

Secured notes payable	$	39,738	$	49,252		$	198,618		$	287,608
Fair market favorable debt value		—		(600	)		(19,000	)		(19,600	)
Notes payable to affiliates		—		—			14,824			14,824
Accounts payable and accrued expenses		924		542			6,520			7,986
Security deposits payable		238		320			861			1,419
Lease intangibles		11,390		125			3,530			15,045
Other liabilities and deferred credits		192		331			442			965

Total liabilities	$	52,482	$	49,970		$	205,795		$	308,247

2011 Acquisitions

Allocation of Purchase Price

The allocation of the purchase prices was as follows (in thousands):


	First & Main		Lloyd District Portfolio		Solana Beach— Highway 101		Total
Land	$	14,697	$	18,660	$	7,847	$	41,204
Building		102,597		53,325		190		156,112
Land improvements		151		1,444		—		1,595
Tenant improvements		6,991		5,909		12		12,912
Construction in progress		—		723		—		723

Total real estate		124,436		80,061		8,049		212,546
Accounts receivable, net		153		—		—		153
Lease intangibles		9,578		13,164		51		22,793
Prepaid expenses and other assets		296		10		—		306

Total assets	$	134,463	$	93,235	$	8,100	$	235,798

Accounts payable and accrued expenses	$	387	$	188	$	12	$	587
Security deposits payable		—		426		7		433
Lease intangibles		5,199		502		—		5,701
Other liabilities and deferred credits		—		519		—		519

Total liabilities	$	5,586	$	1,635	$	19	$	7,240

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References+ Details

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References+ Details

INVESTMENTS IN REAL ESTATE JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Operating Results and Financial Position of Unconsolidated Entities

The following tables provide summarized operating results and the financial position of the unconsolidated entities (in thousands):


	Year Ended December 31, 2010
OPERATING RESULTS
Revenue	$	88,762
Expenses
Other operating expenses		34,607
Impairment loss ⁽¹⁾		38,465
Depreciation and amortization		29,012
Interest expense		29,835

Total expenses		131,919

Net loss	$	(43,157	)

Our share of net loss	$	(4,406	)⁽²⁾

(1)

(2)	Excludes the gain recorded on the acquisition of The Landmark at One Market of $4,297.


	Year Ended December 31, 2010
	(In thousands)
BALANCE SHEET
Real estate, net	$	456,714
Cash		14,995
Other assets		49,717

Total assets	$	521,426

Mortgages payable	$	459,922
Notes payable to affiliate		14,824
Other liabilities		20,982
Partners’ capital		25,698

Total liabilities and partners’ capital	$	521,426

Our share of unconsolidated debt	$	246,480

Our share of partners’ capital	$	(10,457	)

Our investment in real estate joint ventures	$	39,816
Our distributions in excess of earnings of real estate joint ventures		(14,060	)

Our investment in real estate joint ventures, net	$	25,756

- Definition

Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available.

+ References+ Details

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of acquired lease intangibles included in other assets and other liabilities

The following summarizes our acquired lease intangibles, which are included in prepaid expenses and other assets and other liabilities and deferred credits (in thousands):


	December 31, 2012			December 31, 2011
In-place leases	$	72,598		$	57,843
Accumulated amortization		(38,290	)		(28,981	)
Above market leases		32,846			32,820
Accumulated amortization		(21,363	)		(16,284	)

Acquired lease intangible assets, net	$	45,791		$	45,398

Below market leases	$	80,071		$	68,958
Accumulated accretion		(25,721	)		(20,346	)

Acquired lease intangible liabilities, net	$	54,350		$	48,612

Increases (decreases) in net income as a result of amortization of our in-place leases, above market leases and below market leases are as follows (in thousands):


	Year Ended December 31,
	2012			2011			2010
Amortization of in-place leases	$	(10,248	)	$	(8,859	)	$	(3,388	)
Amortization of above market leases		(5,739	)		(5,684	)		(2,874	)
Amortization of below market leases		5,502			4,567			1,802

Net loss	$	(10,485	)	$	(9,976	)	$	(4,460	)

Future Amortization for Acquired In-Place Leases

As of December 31, 2012, the amortization for acquired in-place leases during the next five years and thereafter, assuming no early lease terminations, is as follows (in thousands):


	In-Place Leases		Above Market Leases		Below Market Leases
Year Ending December 31,
2013	$	8,810	$	3,727	$	5,836
2014		6,047		2,296		5,119
2015		5,085		1,885		4,779
2016		4,187		1,360		4,609
2017		3,368		986		4,200
Thereafter		6,811		1,229		29,807

	$	34,308	$	11,483	$	54,350

PREPAID EXPENSES AND OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2012

Components of Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist of the following (in thousands):


	December 31, 2012		December 31, 2011
Leasing commissions, net of accumulated amortization of $16,829 and $13,015, respectively	$	18,329	$	16,738
Acquired above market leases, net		11,483		16,536
Acquired in-place leases, net		34,308		28,862
Lease incentives, net of accumulated amortization of $2,220 and $1,850, respectively		1,480		1,850
Other intangible assets, net of accumulated amortization of $4,239 and $3,848, respectively		960		986
Debt issuance costs, net of accumulated amortization of $2,374 and $2,188, respectively		3,651		3,280
Purchase deposit		—		3,000
Prepaid expenses, deposits and other		3,459		3,172

Total prepaid expenses and other assets	$	73,670	$	74,424

OTHER LIABILITIES AND DEFERRED CREDITS (Tables)

12 Months Ended

Dec. 31, 2012

Other liabilities and deferred credits

Other liabilities and deferred credits consist of the following (in thousands):


	December 31, 2012		December 31, 2011
Acquired below market leases, net	$	54,350	$	48,612
Prepaid rent and deferred revenue		6,383		4,784
Straight-line rent liability		63		433
Deferred rent expense		1,008		1,122
Deferred compensation		637		520
Deferred tax liability		320		—
Other liabilities		50		108

Total other liabilities and deferred credits	$	62,811	$	55,579

DEBT (Tables)

12 Months Ended

Dec. 31, 2012

Summary of total secured notes payable outstanding

The following is a summary of our total debt outstanding as of December 31, 2012 and December 31, 2011 (in thousands):


Description of Debt	Principal Balance as of						Stated Interest Rate as of December 31, 2012			Stated Maturity Date
Description of Debt	December 31, 2012			December 31, 2011			Stated Interest Rate as of December 31, 2012			Stated Maturity Date
Alamo Quarry Market ⁽¹⁾⁽²⁾	$	93,942		$	96,027			5.67	%		January 8, 2014
Waikele Center ⁽⁴⁾		140,700			140,700			5.15	%		November 1, 2014
The Shops at Kalakaua ⁽⁴⁾		19,000			19,000			5.45	%		May 1, 2015
The Landmark at One Market ⁽²⁾⁽⁴⁾		133,000			133,000			5.61	%		July 5, 2015
Del Monte Center ⁽⁴⁾		82,300			82,300			4.93	%		July 8, 2015
First & Main ⁽⁴⁾		84,500			84,500			3.97	%		July 1, 2016
Imperial Beach Gardens ⁽⁴⁾		20,000			20,000			6.16	%		September 1, 2016
Mariner’s Point ⁽⁴⁾		7,700			7,700			6.09	%		September 1, 2016
South Bay Marketplace ⁽⁴⁾		23,000			23,000			5.48	%		February 10, 2017
Waikiki Beach Walk—Retail ⁽⁴⁾		130,310			130,310			5.39	%		July 1, 2017
Solana Beach Corporate Centre III-IV ⁽⁵⁾		37,204			37,330			6.39	%		August 1, 2017
Loma Palisades ⁽⁴⁾		73,744			73,744			6.09	%		July 1, 2018
One Beach Street ⁽⁴⁾		21,900			—			3.94	%		April 1, 2019
Torrey Reserve—North Court ⁽¹⁾		21,659			21,921			7.22	%		June 1, 2019
Torrey Reserve—VCI, VCII, VCIII ⁽¹⁾		7,294			7,380			6.36	%		June 1, 2020
Solana Beach Corporate Centre I-II ⁽¹⁾		11,637			11,788			5.91	%		June 1, 2020
Solana Beach Towne Centre ⁽¹⁾		38,790			39,293			5.91	%		June 1, 2020
City Center Bellevue ⁽⁴⁾		111,000			—			3.98	%		November 1, 2022

Total		1,057,680			927,993

Unamortized fair value adjustment		(12,998	)		(15,926	)

Total Secured Notes Payable Balance		1,044,682			912,067
Debt of Discontinued Operations Secured Notes Payable
160 King Street ⁽³⁾		—			31,412			N/A			May 1, 2014

Total Debt Outstanding	$	1,044,682		$	943,479

(1)	Principal payments based on a 30-year amortization schedule.

(2)	Maturity Date is the earlier of the loan maturity date under the loan agreement, or the “Anticipated Repayment Date” as specifically defined in the loan agreement, which is the date after which substantial economic penalties apply if the loan has not been paid off.

(3)	Principal payments based on a 20-year amortization schedule. Note payable included in liabilities of discontinued operations as of December 31, 2011.

(4)	Interest only.

(5)	Loan was interest only through August 2012. Beginning in September 2012, principal payments are based on a 30-year amortization schedule.

Scheduled Principal Payments on Notes Payable

Scheduled principal payments on notes payable as of December 31, 2012 are as follows (in thousands):


2013	$	3,704
2014		233,993
2015		235,980
2016		113,974
2017		190,139
Thereafter		279,890

	$	1,057,680

EQUITY (Tables)

12 Months Ended

Dec. 31, 2012

Dividends declared and paid on shares of common stock and noncontrolling common units

The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units for the years ended December 31, 2012 and 2011:


Period	Amount per Share/Unit		Period Covered	Dividend Paid Date
First Quarter 2011	$	0.17	January 19, 2011 to March 31, 2011		March 31, 2011
Second Quarter 2011	$	0.21	April 1, 2011 to June 30, 2011		June 30, 2011
Third Quarter 2011	$	0.21	July 1, 2011 to September 30, 2011		September 30, 2011
Fourth Quarter 2011	$	0.21	October 1, 2011 to December 31, 2011		December 29, 2011
First Quarter 2012	$	0.21	January 1, 2012 to March 31, 2012		March 30, 2012
Second Quarter 2012	$	0.21	April 1, 2012 to June 30, 2012		June 29, 2012
Third Quarter 2012	$	0.21	July 1, 2012 to September 30, 2012		September 28, 2012
Fourth Quarter 2012	$	0.21	October 1, 2012 to December 31, 2012		December 28, 2012

Summary of Income Tax Status of Dividends Per Share Paid

A summary of the income tax status of dividends per share paid is as follows:


	Year Ended December 31,
	2012					2011
	Per Share		%			Per Share		%
Ordinary income	$	0.56		66.7	%	$	0.22		27.5	%
Return of capital		0.28		33.3	%		0.58		72.5	%

Total	$	0.84		100.0	%	$	0.80		100.0	%

Activity of restricted stock awards

The following table summarizes the activity of non-vested restricted stock awards during the years ended December 31, 2012 and 2011:


	2012					2011
	Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value
Balance at beginning of year		628,712		$	15.43		—		$	—
Granted		10,015			22.50		630,663			15.43
Vested		(3,252	)		20.49		—			—
Forfeited		(2,253	)		12.52		(1,951	)		20.50

Balance at end of year		633,222		$	15.64		628,712		$	15.43

Computation of basic and diluted EPS

The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts):


	Year Ended December 31,
	2012			2011
NUMERATOR
Income from continuing operations	$	13,949		$	13,671
Less: Net income attributable to restricted shares		(529	)		(482	)
Plus: Loss from continuing operations attributable to Predecessor’s noncontrolling interests in consolidated real estate entities		—			2,455
Less: Income from continuing operations attributable to Predecessor’s controlled owners’ equity		—			(16,962	)
Plus: Loss from continuing operations attributable to unitholders in the Operating Partnership		(4,239	)		425

Income (loss) from continuing operations attributable to American Assets Trust, Inc. common stockholders—basic		9,181			(893	)
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders		25,758			3,810

Net income attributable to common stockholders—basic	$	34,939		$	2,917

Income (loss) from continuing operations attributable to American Assets Trust, Inc. common stockholders—basic	$	9,181		$	(893	)
Less: Income (loss) from continuing operations attributable to unitholders in the Operating Partnership		4,239			(425	)

Income (loss) from continuing operations attributable to common stockholders—diluted		13,420			(1,318	)
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders		25,758			3,810
Plus: Results from discontinued operations attributable to unitholders in the Operating Partnership		11,894			1,813

Net income attributable to common stockholders—diluted	$	51,072		$	4,305

DENOMINATOR
Weighted average common shares outstanding—basic		38,736,113			36,748,806
Effect of dilutive securities—conversion of Operating Partnership units		18,317,796			17,471,001

Weighted average common shares outstanding—diluted		57,053,909			54,219,807

Earnings (loss) per common share—basic
Continuing operations	$	0.24		$	(0.02	)
Discontinued operations		0.66			0.10

	$	0.90		$	0.08

Earnings (loss) per common share—diluted
Continuing operations	$	0.24		$	(0.02	)
Discontinued operations		0.66			0.10

	$	0.90		$	0.08

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

Income tax provision

The income tax provision included in other income (expense) on the consolidated statement of income is as follows (in thousands):


	Year Ended December 31, 2012		Year Ended December 31, 2011
Current:
Federal	$	361	$	483
State		335		90
Deferred:
Federal	$	118	$	—
State	$	202	$	—

Provision for income taxes	$	1,016	$	573

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2012

Current minimum annual payments under the leases

Current minimum annual payments under the leases are as follows, as of December 31, 2012 (in thousands):


2013	$	2,502
2014		2,569
2015		2,636
2016		1,709
2017		736
Thereafter		2,961	⁽¹⁾

	$	13,113

(1)	Lease payments on the Waikiki Beach Walk lease will be equal to fair rental value from March 2017 through the end of the lease term. In the table, we have shown the lease payments for this period based on the stated rate for the month of February 2017 of $61,690.

COMPONENTS OF RENTAL INCOME AND EXPENSE (Tables)

12 Months Ended

Dec. 31, 2012

Principal components of rental income

The principal components of rental income are as follows (in thousands):


	Year Ended December 31,
	2012		2011		2010
Minimum rents
Retail	$	67,046	$	63,996	$	57,509
Office		71,817		53,457		23,661
Multifamily		13,796		13,246		13,076
Mixed-Use		8,893		8,478		—
Cost reimbursement		27,763		24,463		18,576
Percentage rent		2,608		1,967		1,217
Hotel revenue		31,729		27,125		—
Other		1,597		1,436		1,126

Total rental income	$	225,249	$	194,168	$	115,165

Principal components of rental expenses

The principal components of rental expenses are as follows (in thousands):


	Year Ended December 31,
	2012		2011		2010
Rental operating	$	24,264	$	22,008	$	12,415
Hotel operating		20,905		18,885		—
Repairs and maintenance		9,452		8,082		5,102
Marketing		1,266		1,390		674
Rent		2,378		2,767		1,182
Hawaii excise tax		3,813		3,379		1,058
Management fees		2,011		1,622		89

Total rental expenses	$	64,089	$	58,133	$	20,520

OTHER INCOME (EXPENSE) (Tables)

12 Months Ended

Dec. 31, 2012

Principal components of other income (expense), net

The principal components of other income (expense), net are as follows (in thousands):


	Year Ended December 31,
	2012			2011			2010
Interest and investment income	$	336		$	1,621		$	73
Income tax expense		(1,016	)		(831	)		—
Loss from real estate joint ventures		—			(188	)		(4,406	)
Acquisition related expenses		(152	)		(434	)		—
Fee income from real estate joint ventures		—			44			2,487
Other non-operating income		203			—			—

Total other income (expense)	$	(629	)	$	212		$	(1,846	)

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2012

Fees earned from unconsolidated joint ventures

Fees earned by us from the unconsolidated joint ventures, which are included in other income (expense), net, are as follows (in thousands):


	Year Ended December 31,
	2012		2011		2010
Property management fees	$	—	$	38	$	1,233
Leasing fees		—		—		957
Asset management fees/financing fees		—		—		130
Maintenance reimbursements		—		6		120
Construction management fees		—		—		47

	$	—	$	44	$	2,487

Outstanding Notes Receivable from Affiliate Balances and Related Interest Income

A summary of the outstanding notes receivable from affiliate balances and related interest income are as follows (in thousands):


	As of and for the year ended December 31,
	2012		2011		2010
Notes receivable from affiliate	$	—	$	—	$	21,769
Interest income	$	—	$	3	$	59

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of segments operating activity

The following table represents operating activity within our reportable segments (in thousands):


	Year Ended December 31,
	2012			2011			2010
*Total Retail*
Property revenue	$	91,991		$	86,511		$	78,234
Property expense		(24,955	)		(24,512	)		(20,185	)

Segment profit		67,036			61,999			58,049

*Total Office*
Property revenue		78,101			57,319			25,374
Property expense		(23,780	)		(18,015	)		(7,300	)

Segment profit		54,321			39,304			18,074

*Total Multifamily*
Property revenue		14,852			14,321			14,140
Property expense		(5,914	)		(5,578	)		(4,723	)

Segment profit		8,938			8,743			9,417

*Total Mixed-Use*
Property revenue		50,522			44,634			—
Property expense		(31,465	)		(28,774	)		—

Segment profit		19,057			15,860			—

Total segments’ profit	$	149,352		$	125,906		$	85,540

Reconciliation of segment profit to net income attributable to stockholders

The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands):


	Year Ended December 31,
	2012			2011			2010
Total segments’ profit	$	149,352		$	125,906		$	85,540
General and administrative		(15,593	)		(13,627	)		(8,699	)
Depreciation and amortization		(61,853	)		(55,936	)		(34,419	)
Interest expense		(57,328	)		(54,580	)		(43,251	)
Early extinguishment of debt		—			(25,867	)		—
Loan transfer and consent fees		—			(8,808	)		—
Gain on acquisition		—			46,371			4,297
Other income (expense), net		(629	)		212			(1,846	)

Income from continuing operations		13,949			13,671			1,622
Discontinued operations
Income from discontinued operations		932			1,672			552
Gain on sale of real estate property		36,720			3,981			—

Results from discontinued operations		37,652			5,653			552

Net income		51,601			19,324			2,174
Net income attributable to restricted shares		(529	)		(482	)		—
Net loss attributable to Predecessor’s noncontrolling interests in consolidated real estate entities		—			2,458			2,205
Net income attributable to Predecessor’s controlled owners’ equity		—			(16,995	)		(4,379	)
Net income attributable to unitholders in the Operating Partnership		(16,133	)		(1,388	)		—

Net income attributable to American Assets Trust, Inc. stockholders	$	34,939		$	2,917		$	—

Net Real Estate and Secured note payable balances by Segments

The following table shows net real estate and secured note payable balances for each of the segments, along with their capital expenditures for each year (in thousands):


	December 31, 2012		December 31, 2011
Net real estate
Retail	$	669,177	$	655,450
Office		759,203		503,220
Multifamily		36,391		37,187
Mixed-Use		203,411		208,089

	$	1,668,182	$	1,403,946

Secured Notes Payable ⁽¹⁾
Retail	$	397,732	$	400,320
Office		428,194		295,919
Multifamily		101,444		101,444
Mixed-Use		130,310		130,310

	$	1,057,680	$	927,993

Capital Expenditures ⁽²⁾
Retail	$	14,211	$	5,110
Office		22,136		6,004
Multifamily		964		615
Mixed-Use		727		1,492

	$	38,038	$	13,221

(1)	Excludes unamortized fair market value adjustment of $13.0 million and $15.9 million as of December 31, 2012 and 2011, respectively.

(2)	Capital expenditures represent cash paid for capital expenditures during the year and include leasing commissions paid.

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations.

+ References+ Details

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2012

Selected Quarterly Information

The tables below reflect selected quarterly information for 2012 and 2011 (in thousands):


	Three Months Ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
Total revenue	$	63,120		$	60,766		$	56,131		$	55,449
Operating income		20,247			18,206			16,641			16,812
Income (loss) from continuing operations		4,822			3,968			2,396			2,763
Results from discontinued operations		36,999			317			228			108
Net income		41,821			4,285			2,624			2,871
Net income attributable to restricted shares		(133	)		(133	)		(131	)		(132	)
Net (income) loss attributable to unitholders in the Operating Partnership		(13,111	)		(1,335	)		(804	)		(883	)
Net income (loss) attributable to American Assets Trust, Inc. stockholders	$	28,577		$	2,817		$	1,689		$	1,856
Net income from continuing operations attributable to common stockholders—basic and diluted	$	0.08		$	0.07		$	0.04		$	0.05
Net income from discontinued operations attributable to common stockholders—basic and diluted	$	0.65		$	0.01		$	—		$	—
Net income attributable to common stockholders—basic and diluted	$	0.73		$	0.08		$	0.04		$	0.05



	Three Months Ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
Total revenue	$	53,838		$	54,370		$	49,318		$	45,259
Operating income		14,182			14,427			12,969			14,765
Income (loss) from continuing operations		560			(59	)		(172	)		13,342
Results from discontinued operations		95			4,677			627			254
Net income (loss)		655			4,618			455			13,596
Net income attributable to restricted shares		(132	)		(132	)		(132	)		(86	)
Net loss attributable to Predecessor’s noncontrolling interests in consolidated real estate entities		—			—			—			2,458
Net income attributable to Predecessor’s controlled owners’ equity		—			—			—			(16,995	)
Net (income) loss attributable to unitholders in the Operating Partnership		(179	)		(1,434	)		(104	)		329
Net income (loss) attributable to American Assets Trust, Inc. stockholders	$	344		$	3,052		$	219		$	(698	)
Net income from continuing operations attributable to common stockholders—basic and diluted	$	0.01		$	—		$	—		$	(0.03	)
Net income from discontinued operations attributable to common stockholders—basic and diluted	$	—		$	0.08		$	0.01		$	0.01
Net income attributable to common stockholders—basic and diluted	$	0.01		$	0.08		$	0.01		$	(0.02	)

Quarterly Financial Data

Initial Cost					Cost Capitalized Subsequent to Acquisition			Gross Carrying Amount at December 31, 2012						Accumulated Depreciation and Amortization			Year Built/ Renovated	Date Acquired		Life on which depreciation in latest income statements is computed
Description		Land		Building and Improvements					Land			Building and Improvements		Accumulated Depreciation and Amortization			Year Built/ Renovated	Date Acquired
Alamo Quarry Market	$	93,942	$	26,396	Cost Capitalized Subsequent to Acquisition		$	109,294		$	10,634		$	26,816		$	119,508		$	(33,889	)		1997/1999		12/9/2003		35 years
Carmel Country Plaza		—		4,200			—			11,600			4,200			11,600			(6,483	)		1991		1/10/1989		35 years
Carmel Mountain Plaza		—		22,477			65,217			20,933			31,035			77,592			(23,192	)		1994		3/28/2003		35 years
Del Monte Center		82,300		27,412			87,570			21,414			27,117			109,279			(35,841	)		1967/1984/2006		4/8/2004		35 years
Lomas Santa Fe Plaza		—		8,600			11,282			9,448			8,620			20,710			(11,931	)		1972/1997		6/12/1995		35 years
Rancho Carmel Plaza		—		3,450			—			3,435			3,487			3,398			(2,099	)		1993		4/30/1990		35 years
The Shops at Kalakaua		19,000		13,993			10,919			100			14,006			11,006			(2,702	)		1971/2006		3/31/2005		35 years
Solana Beach Towne Centre		38,790		40,980			38,842			1,725			40,980			40,567			(2,704	)		1973/2000/2004		1/19/2011		35 years
South Bay Marketplace		23,000		4,401			—			10,749			4,401			10,749			(5,727	)		1997		9/16/1995		35 years
Waikele Center		140,700		55,593			126,858			58,015			70,643			169,823			(40,610	)		1993/2008		9/16/2004		35 years
Geary Marketplace		—		8,239			12,353			—			8,238			12,354			—			2012		12/19/2012		35 years
City Center Bellevue		111,000		25,135			190,998			3,829			25,135			194,827			(2,435	)		1987		8/21/2012		40 years
First & Main		84,500		14,697			109,739			2,404			14,697			112,143			(6,757	)		2010		3/11/2011		40 years
The Landmark at One Market		133,000		34,575			141,196			6,621			34,575			147,817			(11,154	)		1917/2000		6/30/2010		40 years
Lloyd District Portfolio		—		18,660			61,401			5,343			11,845			73,559			(4,975	)		1940-2011		7/1/2011		40 years
One Beach Street		21,900		15,332			18,017			873			15,332			18,890			(598	)		1924/1972/1987/1992		1/24/2012		40 years
Solana Beach Corporate Centre:
Solana Beach Corporate Centre I-II		11,637		7,111			17,100			940			7,111			18,040			(1,322	)		1982/2005		1/19/2011		40 years
Solana Beach Corporate Centre III-IV		37,204		7,298			27,887			708			7,298			28,595			(2,095	)		1982/2005		1/19/2011		40 years
Solana Beach Corporate Centre Land		—		487			—			60			547			—			—			N/A		1/19/2011		N/A
Torrey Reserve:
ICW Plaza		—		4,095			—			25,303			4,788			24,610			(9,474	)		1996-1997		6/6/1989		40 years
Pacific North Court		21,659		3,263			—			22,601			4,309			21,555			(9,208	)		1997-1998		6/6/1989		40 years
Pacific South Court		—		3,285			—			21,509			4,226			20,568			(9,288	)		1996-1997		6/6/1989		40 years
Pacific VC		7,294		1,413			—			8,574			2,148			7,839			(3,882	)		1998/2000		6/6/1989		40 years
Pacific Torrey Daycare		—		715			—			1,665			911			1,469			(698	)		1996-1997		6/6/1989		40 years
Torrey Reserve Land		—		229			—			12,911			—			13,140			—			N/A		6/6/1989		N/A
Imperial Beach Gardens		20,000		1,281			4,820			3,826			1,281			8,646			(6,862	)		1959/2008-present		7/31/1985		30 years
Loma Palisades		73,744		14,000			16,570			17,878			14,051			34,397			(21,799	)		1958/2001-2008		7/20/1990		30 years
Mariner’s Point		7,700		2,744			4,540			785			2,744			5,325			(2,144	)		1986		5/9/2001		30 years
Santa Fe Park RV Resort		—		401			928			745			401			1,673			(1,322	)		1971/2007-2008		6/1/1979		30 years
Waikiki Beach Walk:
Retail		130,310		45,995			74,943			64			45,995			75,007			(4,687	)		2006		1/19/2011		35 years
Hotel		—		30,640			60,029			1,988			30,640			62,017			(5,562	)		2008		1/19/2011		35 years
Solana Beach—Highway 101 Land		—		7,847			202			292			8,341			—			(114	)		N/A		9/20/2011		N/A
Sorrento Valley Holdings Land		—		2,073			741			3,241			6,055			—			(940	)		N/A		5/9/1997		N/A

	$	1,057,680	$	457,017		$	1,191,446		$	290,213		$	481,973		$	1,456,703		$	(270,494	)

(1)	For Federal tax purposes, the aggregate tax basis is approximately $1.5 billion as of December 31, 2012.

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)

12 Months Ended

Dec. 31, 2012

Segment

Property

Room

Dec. 31, 2011

Dec. 31, 2010

Mar. 29, 2012

Jun. 01, 2011

Jan. 19, 2011

Property

Employee

Summary Of Significant Accounting Policies [Line Items]

Number of common stock sold, shares

31,625,000

Common stock price per share

$ 20.50

Shares of common stock issued to accredited prior investors

7,030,084

Common units of limited partnership interests issued to accredited prior investors

18,145,039

Aggregate value of common units of limited partnership interests issued to accredited prior investors

$ 516,100,000

Cash paid to non-accredited prior investors from IPO

6,100,000

Revolving credit facility

250,000,000

Maximum revolving credit facility available under specified circumstances

250,000,000

Indebtedness

1,057,680,000

^[1]

927,993,000

^[1]

342,000,000

Defeasance costs

24,300,000

Loan transfer and consent and credit facility origination fees

10,800,000

Loan transfer and consent and credit facility origination fees prepaid by predecessor

700,000

Net proceeds from IPO

594,600,000

IPO offering costs paid by predecessor

1,900,000

Properties of entities with controlling ownership interests

Properties of entities with non-controlling ownership interests

Investments in certain real estate joint ventures, noncontrolling ownership interests

25.00%

Number of employees

114

Office, retail, multifamily, and mixed-use Operating properties

Properties held for development

Allowance for doubtful accounts

1,200,000

1,100,000

Total bad debt expense

600,000

2,000,000

600,000

Short term liquid investments, initial maturity

3 months

Cash balance at banks, federally insured amount

250,000

Cash balance at banks, excess of FDIC insured limit

33,000,000

24,300,000

Debt issuance costs written off

600,000

Notes payable to affiliates, interest rate

3.94%

3.97%

Number of operating segments

Room in mixed-use segment all-suite hotel

369

Real Estate

Summary Of Significant Accounting Policies [Line Items]

Real estate depreciation expense

47,800,000

42,500,000

31,400,000

Minimum

Summary Of Significant Accounting Policies [Line Items]

Percentage of taxable income required to distribute to qualify as real estate investment trust (REIT)

90.00%

Affiliated Entity

Summary Of Significant Accounting Policies [Line Items]

Notes payable to affiliates, interest rate

10.00%

Money Market Funds

Summary Of Significant Accounting Policies [Line Items]

Cash balance at banks, excess of FDIC insured limit

900,000

82,100,000

Building And Improvement | Minimum

Summary Of Significant Accounting Policies [Line Items]

Real Estate, estimated useful lives

30 years

Building And Improvement | Maximum

Summary Of Significant Accounting Policies [Line Items]

Real Estate, estimated useful lives

40 years

Furniture And Equipment | Minimum

Summary Of Significant Accounting Policies [Line Items]

Real Estate, estimated useful lives

3 years

Furniture And Equipment | Maximum

Summary Of Significant Accounting Policies [Line Items]

Real Estate, estimated useful lives

15 years

Deferred Rent Receivables

Summary Of Significant Accounting Policies [Line Items]

Allowance for doubtful accounts

1,500,000

1,700,000

Other Income

Summary Of Significant Accounting Policies [Line Items]

General excise tax recognized, gross

3,300,000

3,000,000

1,100,000

Subject to meeting specified requirements and obtaining additional commitments

Summary Of Significant Accounting Policies [Line Items]

Maximum revolving credit facility available under specified circumstances

$ 400,000,000

Predecessor | Minimum

Summary Of Significant Accounting Policies [Line Items]

Investments in certain real estate joint ventures, noncontrolling ownership interests

25.00%

Predecessor | Maximum

Summary Of Significant Accounting Policies [Line Items]

Investments in certain real estate joint ventures, noncontrolling ownership interests

80.00%

[1]	Excludes unamortized fair market value adjustment of $13.0 million and $15.9 million as of December 31, 2012 and 2011, respectively.

Supplemental Disclosures Related to Consolidated Statements of Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Supplemental cash flow information
Total interest costs incurred	$ 58,074	$ 54,580	$ 43,251
Interest capitalized	746
Interest expense	57,328	54,580	43,251
Cash paid for interest, net of amounts capitalized (including discontinued operations)	55,349	52,713	45,634
Cash paid for income taxes	1,239	172
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for property under development	4,944	2,396	120
Assumption of debt upon acquisition (Note 2)		268,008	133,000
Assumption of notes to affiliates upon acquisition (Note 2)		14,824
Acquisition of working capital deficit, net of cash (Note 2)		(4,176)	(1,972)
Distribution of investment in joint venture not acquired		11,480
Issuance of common shares and units for acquisition of properties		33,854
Notes receivable from affiliate settled in common units		21,797
Notes payable to affiliates settled in common units		828
Reduction to capital for prepaid Offering costs		1,974
Transfer taxes accrued at time of Offering		$ 6,556

Summary of Real Estate Investments (Detail) (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2012

Dec. 31, 2011

Real Estate Properties [Line Items]

Construction in progress

$ 32,183

$ 3,495

Total Real estate, at cost

1,938,676

1,628,813

Accumulated depreciation

(270,494)

(224,867)

Net Real Estate

1,668,182

1,403,946

Total Retail

Real Estate Properties [Line Items]

Net Real Estate

669,177

655,450

Total Office

Real Estate Properties [Line Items]

Net Real Estate

759,203

503,220

Total Multifamily

Real Estate Properties [Line Items]

Net Real Estate

36,391

37,187

Total Mixed-Use

Real Estate Properties [Line Items]

Net Real Estate

203,411

208,089

Real Estate Investment

Real Estate Properties [Line Items]

Land

481,973

440,051

Buildings

1,263,120

1,040,674

Land improvements

52,763

52,748

Tenant improvements

92,382

71,690

Furniture, fixtures, and equipment

16,255

15,045

Construction in progress

32,183

8,605

^[1]

Total Real estate, at cost

1,938,676

1,628,813

Accumulated depreciation

(270,494)

(224,867)

Net Real Estate

1,668,182

1,403,946

Real Estate Investment | Total Retail

Real Estate Properties [Line Items]

Land

247,884

239,152

Buildings

497,922

480,511

Land improvements

39,882

38,887

Tenant improvements

46,393

39,818

Furniture, fixtures, and equipment

486

457

Construction in progress

1,903

2,473

Total Real estate, at cost

834,470

801,298

Accumulated depreciation

(165,293)

(145,848)

Net Real Estate

669,177

655,450

Real Estate Investment | Total Office

Real Estate Properties [Line Items]

Land

138,977

105,787

Buildings

600,146

395,546

Land improvements

7,528

8,663

Tenant improvements

44,232

30,106

Furniture, fixtures, and equipment

1,124

996

Construction in progress

30,021

5,888

Total Real estate, at cost

822,028

546,986

Accumulated depreciation

(62,825)

(43,766)

Net Real Estate

759,203

503,220

Real Estate Investment | Total Multifamily

Real Estate Properties [Line Items]

Land

18,477

Buildings

41,968

41,632

Land improvements

2,990

2,835

Furniture, fixtures, and equipment

5,082

4,570

Construction in progress

Total Real estate, at cost

68,518

67,514

Accumulated depreciation

(32,127)

(30,327)

Net Real Estate

36,391

37,187

Real Estate Investment | Total Mixed-Use

Real Estate Properties [Line Items]

Land

76,635

Buildings

123,084

122,985

Land improvements

2,363

Tenant improvements

1,757

1,766

Furniture, fixtures, and equipment

9,563

9,022

Construction in progress

258

244

Total Real estate, at cost

213,660

213,015

Accumulated depreciation

(10,249)

(4,926)

Net Real Estate

$ 203,411

$ 208,089

[1]	Construction in progress related to land held for development is included in the Held for Development classification on the consolidated balance sheets.

Real Estate - Additional Information (Detail) (USD $)	3 Months Ended								12 Months Ended					12 Months Ended		1 Months Ended	12 Months Ended	3 Months Ended	12 Months Ended				12 Months Ended		12 Months Ended	1 Months Ended	12 Months Ended		1 Months Ended	12 Months Ended					1 Months Ended		12 Months Ended		1 Months Ended
Real Estate - Additional Information (Detail) (USD $)	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Jul. 01, 2011 acre	Jan. 19, 2011	Dec. 31, 2011 Predecessor	Dec. 31, 2010 Predecessor	Dec. 31, 2012 160 King Street	Dec. 31, 2011 Formation Transactions	Dec. 31, 2012 Beach Street Property sqft	Dec. 31, 2012 Beach Street Property sqft	Dec. 31, 2012 City Center Store sqft	Dec. 31, 2012 Geary Marketplace sqft	Dec. 31, 2011 Waikiki Beach Walk Entities Predecessor	Dec. 31, 2011 Waikiki Beach Walk Entities Formation Transactions	Dec. 31, 2011 Solana Beach Centre Entities Predecessor	Dec. 31, 2011 Solana Beach Centre Entities Formation Transactions	Mar. 31, 2011 First & Main	Dec. 31, 2011 First & Main	Mar. 11, 2011 First & Main sqft	Jul. 31, 2011 Lloyd District Portfolio Building sqft Property	Dec. 31, 2011 Lloyd District Portfolio	Jul. 01, 2011 Lloyd District Portfolio sqft Property	Jul. 01, 2011 Lloyd District Portfolio Condominiums	Jul. 01, 2011 Lloyd District Portfolio Lloyd Seven Hundred Building	Jul. 01, 2011 Lloyd District Portfolio Landmark Buildings Within Oregon Square	Dec. 14, 2011 Solana Beach Highway 101 Land acre	Sep. 20, 2011 Solana Beach Highway 101 Land acre	Dec. 31, 2011 Solana Beach Highway 101 Land	Dec. 31, 2011 First and Main Lloyd District Portfolio and Solana Beach Highway One Zero One	Aug. 31, 2011 Valencia Corporate Center
Real Estate Properties [Line Items]
Date of acquisition									Jan. 24, 2012
Rentable square feet of a specific real estate property																		97,000	97,000	497,000	35,000							361,000			610,000
Purchase price of a specific real estate property									$ 228,800,000									$ 36,500,000			$ 21,000,000					$ 128,900,000			$ 91,600,000						$ 1,300,000	$ 6,800,000
Number of stories in a real estate property																		3	3	27								16				20	16	4
Closing costs for a specific real estate property									100,000										20,000		20,000					100,000			100,000							200,000
Business acquisition, identifiable intangible assets and liabilities, weighted average life																			7 years	5 years 9 months 18 days	19 years 10 months 2 days		5 years 4 months 24 days		10 years 6 months		11 years 4 months 24 days			3 years 9 months 18 days							1 year 6 months
Approximate additional credits received to purchase price									6,900,000
Percentage of leased real estate property																					100.00%
Total revenue of specific real estate properties									10,217,000	8,617,000	2,583,000						57,700,000		3,900,000	7,000,000																		16,100,000
Operating expenses of specific real estate properties									163,560,000	146,442,000	75,326,000						48,000,000		1,000,000	1,600,000																		12,900,000
Operating income (loss)	20,247,000	18,206,000	16,641,000	16,812,000	14,182,000	14,427,000	12,969,000	14,765,000	71,906,000	56,343,000	42,422,000						9,700,000		2,900,000	5,400,000																		3,200,000
Net income	41,821,000	4,285,000	2,624,000	2,871,000	655,000	4,618,000	455,000	13,596,000	51,601,000	19,324,000	2,174,000			16,995,000	4,379,000		(6,800,000)		600,000	0																		1,100,000
Business acquisition, purchase price																	33,900,000
Percentage of noncontrolling ownership interest													25.00%									50.00%		80.00%
Gain on business acquisition																							41,600,000		4,800,000
Fair value of assets and liabilities acquired																						26,000,000		31,300,000
Historical cost of assets and liabilities acquired																						(15,600,000)		26,500,000
Acres of land acquired												16																							0.2	1.7
Business acquisition, number of office buildings																													6
Business acquisition, number of contiguous blocks																															4
Sales price of a specific real estate property																$ 93,800,000																							$ 31,000,000

Allocation of Purchase Price (Detail) (USD $) In Thousands, unless otherwise specified									1 Months Ended		1 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Mar. 11, 2011 First & Main	Jul. 01, 2011 Lloyd District Portfolio	Sep. 20, 2011 Solana Beach Highway 101 Land	Jan. 24, 2012 Beach Street	Aug. 21, 2012 City Center Bellevue	Dec. 19, 2012 Geary Marketplace	Jan. 31, 2011 Formation Transactions	Jan. 31, 2011 Formation Transactions Solana Beach Towne Centre	Jan. 31, 2011 Formation Transactions Solana Beach Towne Centre	Jan. 31, 2011 Formation Transactions Waikiki Beach Walk Retail and Hotel
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Land	$ 48,706	$ 41,204	$ 14,697	$ 18,660	$ 7,847	$ 15,332	$ 25,135	$ 8,239	$ 132,511	$ 40,980	$ 14,896	$ 76,635
Building	213,596	156,112	102,597	53,325	190	16,764	185,653	11,179	200,684	35,605	42,094	122,985
Land improvements	888	1,595	151	1,444		30	154	704	5,000	1,750	974	2,276
Tenant improvements	6,884	12,912	6,991	5,909	12	1,223	5,191	470	5,207	1,487	1,919	1,801
Construction in progress		723		723					7,910			7,910
Total real estate	270,074	212,546	124,436	80,061	8,049	33,349	216,133	20,592	351,312	79,822	59,883	211,607
Cash and cash equivalents									15,222	957	718	13,547
Restricted cash									1,779	282	200	1,297
Accounts receivable, net		153	153						2,235	67		2,168
Lease intangibles	17,028	22,793	9,578	13,164	51	4,141	11,870	1,017	28,528	6,995	5,536	15,997
Prepaid expenses and other assets	3,011	306	296	10		1	2,596	414	333	22	45	266
Total assets	290,113	235,798	134,463	93,235	8,100	37,491	230,599	22,023	399,409	88,145	66,382	244,882
Secured notes payable									287,608	39,738	49,252	198,618
Fair market favorable debt value									(19,600)		(600)	(19,000)
Notes payable to affiliates									14,824			14,824
Accounts payable and accrued expenses	550	587	387	188	12	94	456		7,986	924	542	6,520
Security deposits payable	815	433		426	7	75	740		1,419	238	320	861
Lease intangibles	11,239	5,701	5,199	502		1,382	8,733	1,124	15,045	11,390	125	3,530
Other liabilities and deferred credits	519	519		519		22	497		965	192	331	442
Total liabilities	$ 13,123	$ 7,240	$ 5,586	$ 1,635	$ 19	$ 1,573	$ 10,426	$ 1,124	$ 308,247	$ 52,482	$ 49,970	$ 205,795

Summary of Unaudited Pro Forma Financial Information (Detail) (USD $)
In Thousands, unless otherwise specified

3 Months Ended

12 Months Ended

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Business Acquisition, Pro Forma Information [Line Items]

Total revenue

$ 63,120

$ 60,766

$ 56,131

$ 55,449

$ 53,838

$ 54,370

$ 49,318

$ 45,259

$ 235,466

$ 202,785

$ 117,748

Total operating expenses

163,560

146,442

75,326

Operating income (loss)

20,247

18,206

16,641

16,812

14,182

14,427

12,969

14,765

71,906

56,343

42,422

Net income (loss)

41,821

4,285

2,624

2,871

655

4,618

455

13,596

51,601

19,324

2,174

Pro Forma

Business Acquisition, Pro Forma Information [Line Items]

Total revenue

244,884

232,341

Total operating expenses

173,858

174,292

Operating income (loss)

71,010

58,049

Net income (loss)

$ 49,303

$ (28,626)

^[1]

[1]	The net loss for the year ended December 31, 2011 includes one-time expenses for the early extinguishment of debt and loan transfer and consent fees but excludes the gain on acquisition of the controlling interests in the Solana Beach Centre entities and the Waikiki Beach Walk entities.

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=18733213&loc=SL4591552-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 29

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph c(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=18733213&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A1, A4, A5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (a),(c)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 5

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Net Revenue and Net Income from Property Discontinued Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenue from discontinued operations									$ 6,734	$ 10,133	$ 11,203
Results from discontinued operations
Income from discontinued operations									932	1,672	552
Gain on sale of real estate from discontinued operations									36,720	3,981
Total income from discontinued operations	$ 36,999	$ 317	$ 228	$ 108	$ 95	$ 4,677	$ 627	$ 254	$ 37,652	$ 5,653	$ 552

- Definition

Amount of gain (loss), after tax expense or benefit and not previously recognized, resulting from the sale of a business component.

+ References+ Details

- Definition

After tax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal.

+ References+ Details

- Definition

Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 29

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 144

-Paragraph 47

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 144

-Paragraph 43

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.12)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 13

-Article 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.14)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 15

-Article 5

+ Details

Investment in Real Estate Joint Ventures - Additional Information (Detail)	Jan. 19, 2011	Dec. 31, 2010 Predecessor Agreement	Dec. 31, 2010 Predecessor Hawaii	Dec. 31, 2010 Predecessor Minimum	Dec. 31, 2010 Predecessor Maximum	Dec. 31, 2010 Predecessor General Partner Interests Agreement
Investment [Line Items]
Number of joint venture owned by predecessor		4				2
Investments in certain real estate joint ventures, noncontrolling ownership interests	25.00%		80.00%	25.00%	80.00%

- Definition

The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.

+ References+ Details

Summarized Operating Results and Financial Position of Unconsolidated Entities (Detail) (USD $)
In Thousands, unless otherwise specified

3 Months Ended

12 Months Ended

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

OPERATING RESULTS

Revenue

$ 63,120

$ 60,766

$ 56,131

$ 55,449

$ 53,838

$ 54,370

$ 49,318

$ 45,259

$ 235,466

$ 202,785

$ 117,748

Expenses

Depreciation and amortization

61,853

55,936

34,419

Interest expense

57,328

54,580

43,251

Total expenses

163,560

146,442

75,326

Net loss

28,577

2,817

1,689

1,856

344

3,052

219

(698)

34,939

2,917

Our share of net loss

(188)

(4,406)

Unconsolidated Joint Ventures

OPERATING RESULTS

Revenue

88,762

Expenses

Other operating expenses

34,607

Impairment loss

38,465

^[1]

Depreciation and amortization

29,012

Interest expense

29,835

Total expenses

131,919

Net loss

(43,157)

Our share of net loss

$ (4,406)

^[2]

[1]

The venture recorded an impairment loss on the real estate property on the venture's financial statements during the year ended December 31, 2010. During 2008, we recorded an impairment of our equity method investment in the Fireman's Fund Headquarters real estate venture, as we determined that during 2008 the fair value of our equity method investment in the Fireman's Fund Headquarters was below our historical cost as a result of a reduction in real estate values due to the credit crisis that occurred during 2008. As a result, for the year ended December 31, 2010, we did not record our share of the impairment losses recorded on the venture's financial statements, as we believe our investment in the Fireman's Fund Headquarters joint venture at December 31, 2010 (adjusted for previously recorded impairment losses) was not impaired.

[2]

Excludes the gain recorded on the acquisition of The Landmark at One Market of $4,297.

Summarized Operating Results and Financial Position of Unconsolidated Entities (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012 The Land Mark at One Market
Investments in and Advances to Affiliates [Line Items]
Gain on acquisition of Landmark at One Market	$ 46,371	$ 4,297	$ 4,297

- Definition

In a business combination achieved in stages, this element represents the amount of net gain (loss) recognized by the entity as a result of remeasuring to fair value the equity interest in the acquiree it held before the business combination.

+ References+ Details

Investment in Real Estate Joint Ventures Net (Detail) (USD $) In Thousands, unless otherwise specified			12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010 Unconsolidated Joint Ventures
Investments in and Advances to Affiliates [Line Items]
Real estate, net			$ 456,714
Cash			14,995
Other assets			49,717
Total assets			521,426
Mortgages payable			459,922
Notes payable to affiliate			14,824
Other liabilities			20,982
Partners' capital			25,698
Total liabilities and partners' capital			521,426
Our share of unconsolidated debt	1,141,858	1,029,553	246,480
Our share of partners' capital			(10,457)
Our investment in real estate joint ventures			39,816
Our distributions in excess of earnings of real estate joint ventures			(14,060)
Our investment in real estate joint ventures, net			$ 25,756

Acquired Lease Intangibles and Leasing Costs Included in Other Assets and Other Liabilities and Deferred Credits (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets	$ 11,483	$ 16,536
Net of accumulated amortization of other intangible assets	(4,239)	(3,848)
Acquired lease intangible liabilities, net	54,350	48,612
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets	72,598	57,843
Net of accumulated amortization of other intangible assets	(38,290)	(28,981)
Acquired lease intangible assets, net	34,308
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets	32,846	32,820
Net of accumulated amortization of other intangible assets	(21,363)	(16,284)
Acquired lease intangible assets, net	11,483
Acquired lease intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	45,791	45,398
Below Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	54,350
Below market leases	80,071	68,958
Accumulated accretion	(25,721)	(20,346)
Acquired lease intangible liabilities, net	$ 54,350	$ 48,612

Acquired In-Place Leases and Above Below Market Leases - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of acquired above and below market leases	$ (0.2)	$ (1.1)	$ (1.1)
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period of acquired leases	6 years 4 months 24 days
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period of acquired leases	4 years 8 months 12 days
Below Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period of acquired leases	12 years 1 month 6 days
Acquired lease, below market renewal options	$ 21.6
Weighted-average amortization period of acquired leases prior to the commencement of renewal option	10 years 9 months 18 days

Increases Decreases in Net Income as Result of Amortization of In-Place Leases Above Market Leases and Below Market Leases (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of leases	$ (10,485)	$ (9,976)	$ (4,460)
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of leases	(10,248)	(8,859)	(3,388)
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of leases	(5,739)	(5,684)	(2,874)
Below Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of leases	$ 5,502	$ 4,567	$ 1,802

Amortization for Acquired In-Place Leases During Next Five Years and Thereafter Assuming No Early Lease Terminations (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
2013	$ 8,810
2014	6,047
2015	5,085
2016	4,187
2017	3,368
Thereafter	6,811
Acquired lease intangible assets, net	34,308
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
2013	3,727
2014	2,296
2015	1,885
2016	1,360
2017	986
Thereafter	1,229
Acquired lease intangible assets, net	11,483
Below Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
2013	5,836
2014	5,119
2015	4,779
2016	4,609
2017	4,200
Thereafter	29,807
Acquired lease intangible assets, net	$ 54,350

Marketable Securities - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Schedule Of Marketable Securities [Line Items]
Unrealized gains on marketable securities		$ 0.1
Realized Loss	$ 0.7

- Definition

This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any losses recognized for other than temporary impairments (OTTI) of the subject investments in debt and equity securities.

+ References+ Details

- Definition

The aggregate net change in the difference between the fair value and the carrying value, or in the comparative fair values, of marketable securities categorized as trading held at each balance sheet date, that was included in earnings for the period, which may have arisen from (a) securities classified as trading, (b) the unrealized holding gain (loss) on held-to-maturity securities transferred to the trading security category, and (c) the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) on available-for-sale securities transferred to trading securities during the period.

+ References+ Details

Carrying Amount and Fair Value of Financial Instruments (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities		$ 28,235
Secured notes payable	1,044,682	912,067
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities		28,235
Secured notes payable	1,044,682	912,067
Deferred compensation liability	637	520
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities		28,235
Secured notes payable	1,116,162	941,582
Deferred compensation liability	$ 637	$ 520

- Definition

Total debt and equity financial instruments including: (1) securities held-to-maturity, (2) trading securities, and (3) securities available-for-sale.

+ References+ Details

Prepaid Expenses and Other Assets (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Deferred Costs, Capitalized and Other Assets Disclosure [Line Items]
Leasing commissions, net of accumulated amortization of $16,829 and $13,015, respectively	$ 18,329	$ 16,738
Acquired above market leases, net	11,483	16,536
Acquired in-place leases, net	34,308	28,862
Lease incentives, net of accumulated amortization of $2,220 and $1,850, respectively	1,480	1,850
Other intangible assets, net of accumulated amortization of $4,239 and $3,848, respectively	960	986
Debt issuance costs, net of accumulated amortization of $2,374 and $2,188, respectively	3,651	3,280
Purchase deposit		3,000
Prepaid expenses, deposits and other	3,459	3,172
Total prepaid expenses and other assets	$ 73,670	$ 74,424

Prepaid Expenses and Other Assets (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Deferred Costs, Capitalized and Other Assets Disclosure [Line Items]
Leasing commissions, accumulative amortization	$ 16,829	$ 13,015
Lease incentives, accumulated amortization	2,220	1,850
Other intangible assets, accumulated amortization	4,239	3,848
Debt issuance costs, accumulated amortization	$ 2,374	$ 2,188

- Definition

For an unclassified balance sheet, the accumulated amortization, as of the reporting date, which represents the periodic charge to earnings of initial direct costs which have been deferred and are being allocated over the lease term in proportion to the recognition of rental income.

+ References+ Details

Other Liabilities and Deferred Credits (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Schedule of Other Liabilities [Line Items]
Acquired below market leases, net	$ 54,350	$ 48,612
Prepaid rent and deferred revenue	6,383	4,784
Straight-line rent liability	63	433
Deferred rent expense	1,008	1,122
Deferred compensation	637	520
Deferred tax Liability	320
Other liabilities	50	108
Total other liabilities and deferred credits	$ 62,811	$ 55,579

- Definition

The cumulative difference between the rental payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense over the term of the leased property by the lessor or lessee, respectively.

+ References+ Details

Summary of Total Secured Notes Payable Outstanding (Detail) (USD $)
In Thousands, unless otherwise specified

12 Months Ended

Dec. 31, 2012

Mar. 29, 2012

Dec. 31, 2011

Jun. 01, 2011

Dec. 31, 2012

160 King Street

Dec. 31, 2012

Alamo Quarry Market

Dec. 31, 2011

Alamo Quarry Market

Dec. 31, 2012

Waikele Center

Dec. 31, 2011

Waikele Center

Dec. 31, 2012

The Shops at Kalakaua

Dec. 31, 2011

The Shops at Kalakaua

Dec. 31, 2012

The Land Mark at One Market

Dec. 31, 2011

The Land Mark at One Market

Dec. 31, 2012

Del Monte Center

Dec. 31, 2011

Del Monte Center

Dec. 31, 2012

First & Main

Dec. 31, 2011

First & Main

Dec. 31, 2012

Imperial Beach Gardens

Dec. 31, 2011

Imperial Beach Gardens

Dec. 31, 2012

Mariner's Point

Dec. 31, 2011

Mariner's Point

Dec. 31, 2012

South Bay Marketplace

Dec. 31, 2011

South Bay Marketplace

Dec. 31, 2012

Waikiki Beach Walk - Retail

Dec. 31, 2011

Waikiki Beach Walk - Retail

Dec. 31, 2012

Solana Beach Corporate Centre III-IV

Dec. 31, 2011

Solana Beach Corporate Centre III-IV

Dec. 31, 2012

Loma Palisades

Dec. 31, 2011

Loma Palisades

Dec. 31, 2012

One Beach Street

Dec. 31, 2012

Torrey Reserve - North Court

Dec. 31, 2011

Torrey Reserve - North Court

Dec. 31, 2012

Torrey Reserve-VCI, VCII, VCIII

Dec. 31, 2011

Torrey Reserve-VCI, VCII, VCIII

Dec. 31, 2012

Solana Beach Corporate Centre I-II

Dec. 31, 2011

Solana Beach Corporate Centre I-II

Dec. 31, 2012

Solana Beach Towne Centre

Dec. 31, 2011

Solana Beach Towne Centre

Dec. 31, 2012

City Center Bellevue

Dec. 31, 2011

160 King Street

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

$ 93,942

^[1],[2]

$ 96,027

^[1],[2]

$ 140,700

^[3]

$ 140,700

^[3]

$ 19,000

^[3]

$ 19,000

^[3]

$ 133,000

^[1],[3]

$ 133,000

^[1],[3]

$ 82,300

^[3]

$ 82,300

^[3]

$ 84,500

^[3]

$ 84,500

^[3]

$ 20,000

^[3]

$ 20,000

^[3]

$ 7,700

^[3]

$ 7,700

^[3]

$ 23,000

^[3]

$ 23,000

^[3]

$ 130,310

^[3]

$ 130,310

^[3]

$ 37,204

^[4]

$ 37,330

^[4]

$ 73,744

^[3]

$ 73,744

^[3]

$ 21,900

^[3]

$ 21,659

^[2]

$ 21,921

^[2]

$ 7,294

^[2]

$ 7,380

^[2]

$ 11,637

^[2]

$ 11,788

^[2]

$ 38,790

^[2]

$ 39,293

^[2]

$ 111,000

^[3]

Total

1,057,680

927,993

Unamortized fair value adjustment

(12,998)

(15,926)

Total Secured Notes Payable Balance

1,044,682

912,067

Debt of Discontinued Operations

31,412

^[5]

Total Debt Outstanding

$ 1,044,682

$ 943,479

Stated Interest Rate

3.94%

3.97%

5.67%

^[1],[2]

5.15%

^[3]

5.45%

^[3]

5.61%

^[1],[3]

4.93%

^[3]

3.97%

^[3]

6.16%

^[3]

6.09%

^[3]

5.48%

^[3]

5.39%

^[3]

6.39%

^[4]

6.09%

^[3]

3.94%

^[3]

7.22%

^[2]

6.36%

^[2]

5.91%

^[2]

5.91%

^[2]

3.98%

^[3]

Stated Maturity Date

May 01, 2014

^[5]

Jan. 08, 2014

^[1],[2]

Nov. 01, 2014

^[3]

May 01, 2015

^[3]

Jul. 05, 2015

^[1],[3]

Jul. 08, 2015

^[3]

Jul. 01, 2016

^[3]

Sep. 01, 2016

^[3]

Sep. 01, 2016

^[3]

Feb. 10, 2017

^[3]

Jul. 01, 2017

^[3]

Aug. 01, 2017

^[4]

Jul. 01, 2018

^[3]

Apr. 01, 2019

^[3]

Jun. 01, 2019

^[2]

Jun. 01, 2020

^[2]

Jun. 01, 2020

^[2]

Jun. 01, 2020

^[2]

Nov. 01, 2012

^[3]

[1]	Maturity Date is the earlier of the loan maturity date under the loan agreement, or the "Anticipated Repayment Date" as specifically defined in the loan agreement, which is the date after which substantial economic penalties apply if the loan has not been paid off.
[2]	Principal payments based on a 30-year amortization schedule.
[3]	Interest only.
[4]	Loan was interest only through August 2012. Beginning in September 2012, principal payments are based on a 30-year amortization schedule.
[5]	Principal payments based on a 20-year amortization schedule. Note payable included in liabilities of discontinued operations as of December 31, 2011.

- Definition

Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date before deducting unamortized discount or premiums (if any). May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer.

+ References+ Details

- Definition

The amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized.

+ References+ Details

- Definition

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References+ Details

Debt - Additional Information (Detail) (USD $)	1 Months Ended			3 Months Ended	12 Months Ended
Debt - Additional Information (Detail) (USD $)	Oct. 31, 2012	Mar. 31, 2012	Jun. 30, 2011	Sep. 30, 2012	Dec. 31, 2012	Dec. 31, 2011	Oct. 10, 2012	Sep. 07, 2012	Mar. 29, 2012	Jan. 10, 2012	Jun. 01, 2011	Mar. 07, 2011	Jan. 19, 2011
Debt Disclosure [Line Items]
Unamortized deferred loan fees written off					$ 600,000	$ 600,000
Loan transfer and consent fees paid					9,000,000
Non-recourse mortgage loan	10 years
Original principal amount of non-recourse mortgage loan							111,000,000
Interest rate	3.98%
Maturity date of loan	Nov. 01, 2022
Number of year non-recourse mortgage loan									7 years
Principal of non-recourse mortgage loan									21,900,000		84,500,000
Non-recourse mortgage loan, maturity date		Apr. 01, 2019	Jul. 01, 2016
Fixed rate interest on non-recourse loan									3.94%		3.97%
Non-recourse mortgage loan, term			5 years
Revolving credit facility borrowing limit, maximum borrowing capacity													250,000,000
Revolving credit facility borrowing limit, maximum allowable borrowing amount					226,300,000
Revolving credit facility borrowing limit,amount borrowed				164,000,000	164,000,000
Years, maximum maturities of securities												30 years
Year, extension on term of revolving credit facility					1 year
Percent of secured indebtedness of the company's secured total asset value								55.00%
Line of credit facility material acquisition					Greater than $100 million
Maximum leverage ratio of revolving credit facility										60.00%
Minimum fixed charge coverage ratio on revolving credit facility										1.50
Maximum secured leverage ratio on revolving credit facility								55.00%
Percent minimum tangible net worth in relation to tangible net worth as of Offering													75.00%
Percent of net proceeds of any additional equity issuances in relation to net proceeds as of Offering													85.00%
Maximum principal amount of recourse indebtedness outstanding at any time, aside from revolving credit facility										35,000,000
Percentage annual distributions cannot exceed funds from operations					95.00%
Subject to meeting specified requirements and obtaining additional commitments
Debt Disclosure [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity													400,000,000
Defeasance Costs
Debt Disclosure [Line Items]
Early extinguishment of debt					24,300,000
Fair Value Adjustment
Debt Disclosure [Line Items]
Early extinguishment of debt					$ 900,000

Scheduled Principal Payments on Notes Payable (Detail) (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2012

Dec. 31, 2011

Jan. 19, 2011

Debt Instrument [Line Items]

$ 3,704

233,993

235,980

113,974

190,139

279,890

$ 1,057,680

^[1]

$ 927,993

^[1]

$ 342,000

[1]	Excludes unamortized fair market value adjustment of $13.0 million and $15.9 million as of December 31, 2012 and 2011, respectively.

Equity - Additional Information (Detail) (USD $)	1 Months Ended		12 Months Ended			1 Months Ended	12 Months Ended	1 Months Ended
Equity - Additional Information (Detail) (USD $)	Mar. 31, 2011	Feb. 28, 2011	Dec. 31, 2012 Installment	Dec. 31, 2011	Jul. 10, 2012	Mar. 31, 2011 Installment Anniversary	Dec. 31, 2012 Installment Anniversary	Aug. 31, 2011 Installment Anniversary Non Employee Directors	Jan. 31, 2011 Installment Anniversary Non Employee Directors	Jan. 31, 2011 Time Based Restricted Stock Executive Officers	Jan. 31, 2011 Performance Based Restricted Stock Executive Officers
Equity [Line Items]
Noncontrolling common units			18,023,435
Percentage of ownership interests classified as noncontrolling			32.00%
Proceeds from private placement of common units		$ 5,400,000		$ 5,410,000
Common stock, shares issued		251,050
Shares of common stock			372,654
Preferred stock, shares authorized			10,000,000
Preferred stock, par-value			$ 0.01
Equity incentive award plan, common stock authorized for issuance			4,054,411
Equity incentive award plan, common stock available for future issuance			3,421,189
Performance period to which performance-based vesting is subject, years							3 years
Vesting installments of restricted shares			2
Equity incentive award plan, granted	123,950							1,957	1,951	198,000	297,000
Equity incentive award plan, fair value						1,600,000		40,000	200,000	4,100,000	3,900,000
Equity incentive award plan, forfeited									1,951
Restricted shares granted to members for board					8,015
Restricted stock granted			one-third
Restricted stock awards ratable vesting periods (First installment)			3
Noncash compensation expense			2,900,000	2,600,000
Unrecognized compensation expense			$ 4,400,000
Unrecognized compensation expense, weighted-average recognition period							1 year 7 months 6 days
Weighted average unvested shares outstanding			629,493	578,489

Dividends Declared and Paid on Shares of Common Stock and Noncontrolling Common Units (Detail) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 28, 2012	Sep. 28, 2012	Jun. 29, 2012	Mar. 30, 2012	Dec. 29, 2011
Dividend Declared [Line Items]
Dividend Period	Fourth Quarter 2012	Third Quarter 2012	Second Quarter 2012	First Quarter 2012	Fourth Quarter 2011	Third Quarter 2011	Second Quarter 2011	First Quarter 2011
Amount per Share/Unit	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.17	$ 0.84	$ 0.80
Dividends Period Covered	October 1, 2012 to December 31, 2012	July 1, 2012 to September 30, 2012	April 1, 2012 to June 30, 2012	January 1, 2012 to March 31, 2012	October 1, 2011 to December 31, 2011	July 1, 2011 to September 30, 2011	April 1, 2011 to June 30, 2011	January 19, 2011 to March 31, 2011
Dividend Paid Date						Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011			Dec. 28, 2012	Sep. 28, 2012	Jun. 29, 2012	Mar. 30, 2012	Dec. 29, 2011

Summary of Income Tax Status of Dividends Per Share Paid (Detail) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011
Dividends [Line Items]
Ordinary income									$ 0.56	$ 0.22
Return of capital									$ 0.28	$ 0.58
Total	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.17	$ 0.84	$ 0.80
Ordinary income									66.70%	27.50%
Return of capital									33.30%	72.50%
Total									100.00%	100.00%

Summary of Activity of Restricted Stock Awards (Detail) (USD $)	1 Months Ended	12 Months Ended
	Mar. 31, 2011	Dec. 31, 2012 Restricted Stock Units (RSUs)	Dec. 31, 2011 Restricted Stock Units (RSUs)
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Nonvested, Beginning, Shares		628,712
Granted, Shares	123,950	10,015	630,663
Vested, Shares		(3,252)
Forfeited, Shares		(2,253)	(1,951)
Nonvested, Ending, Shares		633,222	628,712
Nonvested, Beginning, Weighted Average Grant Date Fair Value		$ 15.43
Granted, Weighted Average Grant Date Fair Value		$ 22.50	$ 15.43
Vested, Weighted Average Grant Date Fair Value		$ 20.49
Forfeited, Weighted Average Grant Date Fair Value		$ 12.52	$ 20.50
Nonvested, Ending, Weighted Average Grant Date Fair Value		$ 15.64	$ 15.43

- Definition

The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).

+ References+ Details

- Definition

The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.

+ References+ Details

- Definition

The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.

+ References+ Details

- Definition

The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.

+ References+ Details

Computation of Basic and Diluted EPS (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
NUMERATOR
Income from continuing operations	$ 4,822	$ 3,968	$ 2,396	$ 2,763	$ 560	$ (59)	$ (172)	$ 13,342	$ 13,949	$ 13,671	$ 1,622
Less: Net income attributable to restricted shares	(133)	(133)	(131)	(132)	(132)	(132)	(132)	(86)	(529)	(482)
Plus: Loss from continuing operations attributable to Predecessor's noncontrolling interests in consolidated real estate entities										2,455
Less: Income from continuing operations attributable to Predecessor's controlled owners' equity										(16,962)
Plus: Loss from continuing operations attributable to unitholders in the Operating Partnership									(4,239)	425
Income (loss) from continuing operations attributable to American Assets Trust, Inc. common stockholders-basic									9,181	(893)
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders									25,758	3,810
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	28,577	2,817	1,689	1,856	344	3,052	219	(698)	34,939	2,917
Income (loss) from continuing operations attributable to American Assets Trust, Inc. common stockholders-basic									9,181	(893)
Less: Income (loss) from continuing operations attributable to unitholders in the Operating Partnership									4,239	(425)
Income (loss) from continuing operations attributable to common stockholders-diluted									13,420	(1,318)
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders									25,758	3,810
Plus: Results from discontinued operations attributable to unitholders in the Operating Partnership									11,894	1,813
Net income attributable to common stockholders-diluted									$ 51,072	$ 4,305
DENOMINATOR
Weighted average common shares outstanding-basic									38,736,113	36,748,806
Effect of dilutive securities-conversion of Operating Partnership units									18,317,796	17,471,001
Weighted average common shares outstanding - diluted									57,053,909	54,219,807
Earnings (loss) per common share-basic
Continuing operations									$ 0.24	$ (0.02)
Discontinued operations									$ 0.66	$ 0.10
Earnings per share-basic, Total									$ 0.90	$ 0.08
Earnings (loss) per common share-diluted
Continuing operations									$ 0.24	$ (0.02)
Discontinued operations									$ 0.66	$ 0.10
Earnings per share-diluted, Total									$ 0.90	$ 0.08

Income Tax Provision Included in Other Income Expense on Consolidated Statement of Operations (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Income Taxes [Line Items]
Federal	$ 361	$ 483
State	335	90
Federal	118
State	202
Provision for income taxes	$ 1,016	$ 573

- Definition

The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted federal tax law to the domestic taxable Income or Loss from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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-Name Regulation S-X (SX)

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Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 6

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-Paragraph Question 1-7

+ Details

- Definition

The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted state and local tax law to relevant amounts of taxable Income or Loss from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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+ Details

- Definition

The component of total income tax expense for the period comprised of the increase (decrease) during the period in the entity's domestic deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the federally enacted tax law.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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+ Details

- Definition

The component of total income tax expense for the period comprised of the increase (decrease) in the entity's state and local deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the applicable enacted tax laws.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to pretax Income or Loss from continuing operations; income tax expense or benefit may include interest and penalties on tax uncertainties based on the entity's accounting policy.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32672-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (a),(b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 25

-URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32247-109318

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 45, 46

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 48

-Paragraph 15, 16, 19

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Commitments and Contingencies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2012 Property	Dec. 31, 2011
Commitment And Contingencies [Line Items]
Termination payment	$ 5.7
Percentage, partner's common units	50.00%
Number of consolidated properties located in Southern California	13
Percentage of total revenue provided by retail tenants	39.10%	42.70%
Maximum percentage of total revenue provided by any single tenant	10.00%	10.00%
Total Revenue \| Alamo Quarry Market
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	17.10%	17.10%
Total Revenue \| Waikele Center
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	19.10%	19.10%
Total Revenue \| Southern California
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	31.10%
Total Revenue \| Hawaii
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	21.50%
Rental Income
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	10.70%
Number of tenants that comprise 10.7% of total annualized based rent	5
salesforce.com, inc.
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	6.60%
Maximum
Commitment And Contingencies [Line Items]
Property management fee, percent	5.50%
Maximum \| Tenants
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	2.00%
The Land Mark at One Market
Commitment And Contingencies [Line Items]
Number of lease extension options	2
Years, lease extension options length	5 years
Quicksilver
Commitment And Contingencies [Line Items]
Percent annual lease amount increase	3.40%
Waikiki Beach Walk - Retail
Commitment And Contingencies [Line Items]
Property management fee, percent	3.00%
Outrigger Hotels
Commitment And Contingencies [Line Items]
Property management fee, percent	6.00%
Number of calendar months termination fee is based	2 months
Maximum percentage of hotel's fiscal year gross revenues paid for aggregate yearly management fee	3.50%
Previous months of management fees	12 months
Hotel management agreement default penalty factor of previous twelve months of management fees in first 11 years of term	8
Years in hotel management agreement term	11 years
Hotel management agreement default penalty factor of previous twelve months of management fees in twelfth year of term	4
Hotel management agreement default penalty factor of previous twelve months of management fees in thirteenth year of term	3
Hotel management agreement default penalty factor of previous twelve months of management fees in fourteenth year of term	2
Hotel management agreement default penalty factor of previous twelve months of management fees in fifteenth year of term	1
Outrigger Hotels \| Future Year Period One
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	15 years
Outrigger Hotels \| Future Year Period Two
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	14 years
Outrigger Hotels \| Future Year Period Three
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	13 years
Outrigger Hotels \| Future Year Period Four
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	12 years
Outrigger Hotels \| Maximum
Commitment And Contingencies [Line Items]
Property management fee, percent	3.00%
Del Monte Center
Commitment And Contingencies [Line Items]
Years, environmental remediation length	3 years
Wbw Hotel Lessee Llc
Commitment And Contingencies [Line Items]
Years of contract	20 years
Percentage of hotel occupancy gross revenue paid for program fee	4.00%
Wbw Hotel Lessee Llc \| Future Time Period Prior to 12-31-2021
Commitment And Contingencies [Line Items]
Percentage of hotel occupancy gross revenue paid for franchise royalty fee	4.00%
Wbw Hotel Lessee Llc \| Future Time Period After 12-31-2021
Commitment And Contingencies [Line Items]
Percentage of hotel occupancy gross revenue paid for franchise royalty fee	5.00%
Lloyd District Portfolio
Commitment And Contingencies [Line Items]
Property management fee, percent	3.50%
Initial term of contract	2 years
Contract renewal options	3
Years, contract renewal option length	1 year

Current Minimum Annual Payments under Leases (Detail) (Waikiki Beach Walk, USD $)
In Thousands, unless otherwise specified

Dec. 31, 2012

Waikiki Beach Walk

Operating Leased Assets [Line Items]

$ 2,502

2,569

2,636

1,709

736

2,961

^[1]

Total

$ 13,113

[1]	Lease payments on the Waikiki Beach Walk lease will be equal to fair rental value from March 2017 through the end of the lease term. In the table, we have shown the lease payments for this period based on the stated rate for the month of February 2017 of $61,690.

- Definition

Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.

+ References+ Details

- Definition

Amount of required minimum rental payments maturing in the fifth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.

+ References+ Details

- Definition

Amount of required minimum rental payments maturing in the forth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.

+ References+ Details

- Definition

Amount of required minimum rental payments maturing in the third fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.

+ References+ Details

- Definition

Amount of required minimum rental payments maturing in the second fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.

+ References+ Details

- Definition

Amount of required minimum rental payments maturing after the fifth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.

+ References+ Details

Operating Leases - Additional Information (Detail)	12 Months Ended
Operating Leases - Additional Information (Detail)	Dec. 31, 2012 State Property
Operating Leased Assets [Line Items]
Number of leased properties	23
Number of states where retail, office and mixed-use properties are located	5
Years, minimum term range of office and retail leases	3 years
Years, maximum term range of office and retail leases	10 years
Months, minimum term of apartment leases	7 months
Months, maximum term of apartment leases	15 months
Retail Or Office
Operating Leased Assets [Line Items]
Number of leased properties	837
Residential Property
Operating Leased Assets [Line Items]
Number of leased properties	780

Minimum Future Rentals from Noncancelable Operating Leases (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012
Operating Leased Assets [Line Items]
2013	$ 150,979
2014	132,087
2015	119,871
2016	101,595
2017	86,081
Thereafter	152,651
Total	$ 743,264

Components of Rental Income (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Rental Income [Line Items]
Cost reimbursement	$ 27,763	$ 24,463	$ 18,576
Percentage rent	2,608	1,967	1,217
Hotel revenue	31,729	27,125
Other	1,597	1,436	1,126
Total rental income	225,249	194,168	115,165
Total Retail
Rental Income [Line Items]
Minimum rents	67,046	63,996	57,509
Total Office
Rental Income [Line Items]
Minimum rents	71,817	53,457	23,661
Total Multifamily
Rental Income [Line Items]
Minimum rents	13,796	13,246	13,076
Total Mixed-Use
Rental Income [Line Items]
Minimum rents	$ 8,893	$ 8,478

- Definition

This element represents the rental revenue earned during the period from lessee-operators based on revenues generated in their operations, generally in excess of a base amount. Such rental revenue is generally stipulated in the lease agreement, usually will provide for a fixed percentage of revenue to be paid as additional (or possibly only) rent due the lessor, and may be based on gross revenues, net revenues, or multiple variations thereof. Percentage rent is often required under leases with retail outlets located on premises owned by hoteliers, cruise lines, others in the hospitality industry, and shopping mall operators, among others.

+ References+ Details

Components of Rental Expenses (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Operating Leased Assets [Line Items]
Rental operating	$ 24,264	$ 22,008	$ 12,415
Hotel operating	20,905	18,885
Repairs and maintenance	9,452	8,082	5,102
Marketing	1,266	1,390	674
Rent	2,378	2,767	1,182
Hawaii excise tax	3,813	3,379	1,058
Management fees	2,011	1,622	89
Total rental expenses	$ 64,089	$ 58,133	$ 20,520

- Definition

The amount of excise and sales taxes included in sales and revenues, which are then deducted as a cost of sales. Includes excise taxes, which are applied to specific types of transactions or items (such as gasoline or alcohol); and sales, use and value added taxes, which are applied to a broad class of revenue-producing transactions involving a wide range of goods and services.

+ References+ Details

Components of Other Income (Expense) (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Component of Operating Other Cost and Expense [Line Items]
Interest and investment income	$ 336	$ 1,621	$ 73
Income tax expense	(1,016)	(831)
Loss from real estate joint ventures		(188)	(4,406)
Acquisition related expenses	(152)	(434)
Fee income from real estate joint ventures		44	2,487
Other non-operating income	203
Total other income (expense)	$ (629)	$ 212	$ (1,846)

- Definition

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.

+ References+ Details

- Definition

The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items.

+ References+ Details

Related Party Transactions - Additional Information (Detail) (USD $)	12 Months Ended				12 Months Ended				12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Jan. 15, 2008 Del Monte Center	Dec. 31, 2012 ICW Plaza	Dec. 31, 2011 ICW Plaza	Dec. 31, 2010 ICW Plaza	May 31, 2011 ICW Plaza sqft	Dec. 31, 2012 Valencia Corporate Center	Dec. 31, 2011 Valencia Corporate Center	Dec. 31, 2010 Valencia Corporate Center	Dec. 31, 2012 Reimbursements	Dec. 31, 2012 Management and supervision of tenant improvements For projects where the Company directly supervised construction subcontractors	Dec. 31, 2012 Management and supervision of tenant improvements For projects where the Company managed a general contractor	Dec. 31, 2012 Minimum	Dec. 31, 2012 Minimum Management and supervision of buildings and improvements	Dec. 31, 2012 Maximum	Dec. 31, 2012 Maximum Management and supervision of buildings and improvements
Related Party Transaction [Line Items]
Property management fees, percentage of gross monthly cash collections															1.25%		5.50%
Property management fees, minimum monthly fees															$ 2,500		$ 5,000
Construction management fees, percentage of construction and development costs													10.00%	3.00%		3.00%		5.00%
Acquisition and Disposition Fees, percentage of value of all acquisitions or dispositions															0.50%		1.00%
Leasing fees, percentage of value of all leases executed	1.00%
Asset management fees, hourly rates															40		125
Financing Fees as a percentage of financed amount															0.25%		0.50%
Financing fees, flat fee	50,000
Accounts payable and accrued expenses	29,509,000	24,805,000	300,000
Unsecured loans				12,000,000
Percentage interest on notes payable to affiliates				10.00%
Total rental income	225,249,000	194,168,000	115,165,000		2,100,000	2,300,000	2,500,000		0	1,200,000	1,700,000
Square footage of property								12,000
Investment in WBW CHP LLC, in percentage	47.70%
Recovered reimbursements of operating expenses of WBW CHP LLC												$ 1,000,000

Fees Earned from Unconsolidated Joint Ventures Prior to Formation Transactions (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Related Party Transaction [Line Items]
Property management fees	$ 38	$ 1,233
Leasing fees		957
Asset management fees/financing fees		130
Maintenance reimbursements	6	120
Construction management fees		47
Total fee income from real estate joint ventures	$ 44	$ 2,487

Summary of Outstanding Notes Receivable from Affiliate Balances and Related Interest Income (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Investments in and Advances to Affiliates [Line Items]
Notes receivable from affiliate		$ 21,769
Interest income	$ 3	$ 59

- Definition

For an unclassified balance sheet, amount of receivables due from an entity that is affiliated with the reporting entity by means of direct or indirect ownership.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k)(1))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph k

-Subparagraph 1

-Article 4

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 2

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 3

-Article 7

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39599-107864

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.3)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 16, 17

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Operating Activity Within Reportable Segments (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Segment Reporting Information [Line Items]
Operating income (loss)	$ 20,247	$ 18,206	$ 16,641	$ 16,812	$ 14,182	$ 14,427	$ 12,969	$ 14,765	$ 71,906	$ 56,343	$ 42,422
Total Segments' profit									149,352	125,906	85,540
Total Retail
Segment Reporting Information [Line Items]
Property revenue									91,991	86,511	78,234
Property expense									(24,955)	(24,512)	(20,185)
Operating income (loss)									67,036	61,999	58,049
Total Office
Segment Reporting Information [Line Items]
Property revenue									78,101	57,319	25,374
Property expense									(23,780)	(18,015)	(7,300)
Operating income (loss)									54,321	39,304	18,074
Total Multifamily
Segment Reporting Information [Line Items]
Property revenue									14,852	14,321	14,140
Property expense									(5,914)	(5,578)	(4,723)
Operating income (loss)									8,938	8,743	9,417
Total Mixed-Use
Segment Reporting Information [Line Items]
Property revenue									50,522	44,634
Property expense									(31,465)	(28,774)
Operating income (loss)									$ 19,057	$ 15,860

Reconciliation of Segment Profit to Net Income Attributable to Stockholders (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Segment Reporting Information [Line Items]
Total segments' profit									$ 149,352	$ 125,906	$ 85,540
General and administrative									(15,593)	(13,627)	(8,699)
Depreciation and amortization									(61,853)	(55,936)	(34,419)
Interest expense									(57,328)	(54,580)	(43,251)
Early extinguishment of debt										(25,867)
Loan transfer and consent fees										(8,808)
Gain on acquisition										46,371	4,297
Other income (expense), net									(629)	212	(1,846)
Income from continuing operations	4,822	3,968	2,396	2,763	560	(59)	(172)	13,342	13,949	13,671	1,622
Discontinued operations
Income from discontinued operations									932	1,672	552
Gain on sale of real estate property									36,720	3,981
Results from discontinued operations	36,999	317	228	108	95	4,677	627	254	37,652	5,653	552
Net income	41,821	4,285	2,624	2,871	655	4,618	455	13,596	51,601	19,324	2,174
Net income attributable to restricted shares	(133)	(133)	(131)	(132)	(132)	(132)	(132)	(86)	(529)	(482)
Net loss attributable to Predecessor's noncontrolling interests in consolidated real estate entities								(2,458)		2,458	2,205
Net income attributable to Predecessor's controlled owners' equity								(16,995)		(16,995)	(4,379)
Net income attributable to unitholders in the Operating Partnership	13,111	1,335	804	883	179	1,434	104	(329)	(16,133)	(1,388)
Net income attributable to American Assets Trust, Inc. stockholders	$ 28,577	$ 2,817	$ 1,689	$ 1,856	$ 344	$ 3,052	$ 219	$ (698)	$ 34,939	$ 2,917

Net Real Estate and Secured Note Payable Balances for Each Segment (Detail) (USD $)
In Thousands, unless otherwise specified

12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Jan. 19, 2011

Segment Reporting Information [Line Items]

Net Real Estate

$ 1,668,182

$ 1,403,946

Secured Notes Payable

1,057,680

^[1]

927,993

^[1]

342,000

Capital Expenditures

38,038

^[2]

13,221

^[2]

Total Retail

Segment Reporting Information [Line Items]

Net Real Estate

669,177

655,450

Secured Notes Payable

397,732

^[1]

400,320

^[1]

Capital Expenditures

14,211

^[2]

5,110

^[2]

Total Office

Segment Reporting Information [Line Items]

Net Real Estate

759,203

503,220

Secured Notes Payable

428,194

^[1]

295,919

^[1]

Capital Expenditures

22,136

^[2]

6,004

^[2]

Total Multifamily

Segment Reporting Information [Line Items]

Net Real Estate

36,391

37,187

Secured Notes Payable

101,444

^[1]

101,444

^[1]

Capital Expenditures

964

^[2]

615

^[2]

Total Mixed-Use

Segment Reporting Information [Line Items]

Net Real Estate

203,411

208,089

Secured Notes Payable

130,310

^[1]

130,310

^[1]

Capital Expenditures

$ 727

^[2]

$ 1,492

^[2]

[1]	Excludes unamortized fair market value adjustment of $13.0 million and $15.9 million as of December 31, 2012 and 2011, respectively.
[2]	Capital expenditures represent cash paid for capital expenditures during the year and include leasing commissions paid.

Selected Quarterly Information (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Quarterly Financial Information [Line Items]
Total revenue	$ 63,120	$ 60,766	$ 56,131	$ 55,449	$ 53,838	$ 54,370	$ 49,318	$ 45,259	$ 235,466	$ 202,785	$ 117,748
Operating income (loss)	20,247	18,206	16,641	16,812	14,182	14,427	12,969	14,765	71,906	56,343	42,422
Income (loss) from continuing operations	4,822	3,968	2,396	2,763	560	(59)	(172)	13,342	13,949	13,671	1,622
Results from discontinued operations	36,999	317	228	108	95	4,677	627	254	37,652	5,653	552
Net income	41,821	4,285	2,624	2,871	655	4,618	455	13,596	51,601	19,324	2,174
Net income attributable to restricted shares	(133)	(133)	(131)	(132)	(132)	(132)	(132)	(86)	(529)	(482)
Net loss attributable to Predecessor's noncontrolling interests in consolidated real estate entities								2,458		(2,458)	(2,205)
Net income attributable to Predecessor's controlled owners' equity								(16,995)		(16,995)	(4,379)
Net (income) loss attributable to unitholders in the Operating Partnership	(13,111)	(1,335)	(804)	(883)	(179)	(1,434)	(104)	329	16,133	1,388
Net income (loss) attributable to American Assets Trust, Inc. stockholders	$ 28,577	$ 2,817	$ 1,689	$ 1,856	$ 344	$ 3,052	$ 219	$ (698)	$ 34,939	$ 2,917
Net income from continuing operations attributable to common stockholders-basic and diluted	$ 0.08	$ 0.07	$ 0.04	$ 0.05	$ 0.01			$ (0.03)
Net income from discontinued operations attributable to common stockholders-basic and diluted	$ 0.65	$ 0.01				$ 0.08	$ 0.01	$ 0.01
Net income attributable to common stockholders-basic and diluted	$ 0.73	$ 0.08	$ 0.04	$ 0.05	$ 0.01	$ 0.08	$ 0.01	$ (0.02)

Quarterly Financial Data (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	$ 1,057,680
Initial Cost, Land	457,017
Initial Cost, Building and Improvements	1,191,446
Cost Capitalized Subsequent to Acquisition	290,213
Gross Carrying Amount, Land	481,973
Gross Carrying Amount, Building and Improvements	1,456,703
Accumulated Depreciation and Amortization	(270,494)
Alamo Quarry Market
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	93,942
Initial Cost, Land	26,396
Initial Cost, Building and Improvements	109,294
Cost Capitalized Subsequent to Acquisition	10,634
Gross Carrying Amount, Land	26,816
Gross Carrying Amount, Building and Improvements	119,508
Accumulated Depreciation and Amortization	(33,889)
Year Built/ Renovated	1997/1999
Date Acquired	Dec. 09, 2003
Life on which depreciation in latest income statements is computed	35 years
Carmel Country Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	4,200
Cost Capitalized Subsequent to Acquisition	11,600
Gross Carrying Amount, Land	4,200
Gross Carrying Amount, Building and Improvements	11,600
Accumulated Depreciation and Amortization	(6,483)
Year Built/ Renovated	1991
Date Acquired	Jan. 10, 1989
Life on which depreciation in latest income statements is computed	35 years
Carmel Mountain Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	22,477
Initial Cost, Building and Improvements	65,217
Cost Capitalized Subsequent to Acquisition	20,933
Gross Carrying Amount, Land	31,035
Gross Carrying Amount, Building and Improvements	77,592
Accumulated Depreciation and Amortization	(23,192)
Year Built/ Renovated	1994
Date Acquired	Mar. 28, 2003
Life on which depreciation in latest income statements is computed	35 years
Del Monte Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	82,300
Initial Cost, Land	27,412
Initial Cost, Building and Improvements	87,570
Cost Capitalized Subsequent to Acquisition	21,414
Gross Carrying Amount, Land	27,117
Gross Carrying Amount, Building and Improvements	109,279
Accumulated Depreciation and Amortization	(35,841)
Year Built/ Renovated	1967/1984/2006
Date Acquired	Apr. 08, 2004
Life on which depreciation in latest income statements is computed	35 years
Lomas Santa Fe Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	8,600
Initial Cost, Building and Improvements	11,282
Cost Capitalized Subsequent to Acquisition	9,448
Gross Carrying Amount, Land	8,620
Gross Carrying Amount, Building and Improvements	20,710
Accumulated Depreciation and Amortization	(11,931)
Year Built/ Renovated	1972/1997
Date Acquired	Jun. 12, 1995
Life on which depreciation in latest income statements is computed	35 years
Rancho Carmel Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	3,450
Cost Capitalized Subsequent to Acquisition	3,435
Gross Carrying Amount, Land	3,487
Gross Carrying Amount, Building and Improvements	3,398
Accumulated Depreciation and Amortization	(2,099)
Year Built/ Renovated	1993
Date Acquired	Apr. 30, 1990
Life on which depreciation in latest income statements is computed	35 years
The Shops at Kalakaua
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	19,000
Initial Cost, Land	13,993
Initial Cost, Building and Improvements	10,919
Cost Capitalized Subsequent to Acquisition	100
Gross Carrying Amount, Land	14,006
Gross Carrying Amount, Building and Improvements	11,006
Accumulated Depreciation and Amortization	(2,702)
Year Built/ Renovated	1971/2006
Date Acquired	Mar. 31, 2005
Life on which depreciation in latest income statements is computed	35 years
Solana Beach Towne Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	38,790
Initial Cost, Land	40,980
Initial Cost, Building and Improvements	38,842
Cost Capitalized Subsequent to Acquisition	1,725
Gross Carrying Amount, Land	40,980
Gross Carrying Amount, Building and Improvements	40,567
Accumulated Depreciation and Amortization	(2,704)
Year Built/ Renovated	1973/2000/2004
Date Acquired	Jan. 19, 2011
Life on which depreciation in latest income statements is computed	35 years
South Bay Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	23,000
Initial Cost, Land	4,401
Cost Capitalized Subsequent to Acquisition	10,749
Gross Carrying Amount, Land	4,401
Gross Carrying Amount, Building and Improvements	10,749
Accumulated Depreciation and Amortization	(5,727)
Year Built/ Renovated	1997
Date Acquired	Sep. 16, 1995
Life on which depreciation in latest income statements is computed	35 years
Waikele Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	140,700
Initial Cost, Land	55,593
Initial Cost, Building and Improvements	126,858
Cost Capitalized Subsequent to Acquisition	58,015
Gross Carrying Amount, Land	70,643
Gross Carrying Amount, Building and Improvements	169,823
Accumulated Depreciation and Amortization	(40,610)
Year Built/ Renovated	1993/2008
Date Acquired	Sep. 16, 2004
Life on which depreciation in latest income statements is computed	35 years
Geary Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	8,239
Initial Cost, Building and Improvements	12,353
Gross Carrying Amount, Land	8,238
Gross Carrying Amount, Building and Improvements	12,354
Year Built/ Renovated	2012
Date Acquired	Dec. 19, 2012
Life on which depreciation in latest income statements is computed	35 years
City Center Bellevue
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	111,000
Initial Cost, Land	25,135
Initial Cost, Building and Improvements	190,998
Cost Capitalized Subsequent to Acquisition	3,829
Gross Carrying Amount, Land	25,135
Gross Carrying Amount, Building and Improvements	194,827
Accumulated Depreciation and Amortization	(2,435)
Year Built/ Renovated	1987
Date Acquired	Aug. 21, 2012
Life on which depreciation in latest income statements is computed	40 years
First & Main
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	84,500
Initial Cost, Land	14,697
Initial Cost, Building and Improvements	109,739
Cost Capitalized Subsequent to Acquisition	2,404
Gross Carrying Amount, Land	14,697
Gross Carrying Amount, Building and Improvements	112,143
Accumulated Depreciation and Amortization	(6,757)
Year Built/ Renovated	2010
Date Acquired	Mar. 11, 2011
Life on which depreciation in latest income statements is computed	40 years
The Land Mark at One Market
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	133,000
Initial Cost, Land	34,575
Initial Cost, Building and Improvements	141,196
Cost Capitalized Subsequent to Acquisition	6,621
Gross Carrying Amount, Land	34,575
Gross Carrying Amount, Building and Improvements	147,817
Accumulated Depreciation and Amortization	(11,154)
Year Built/ Renovated	1917/2000
Date Acquired	Jun. 30, 2010
Life on which depreciation in latest income statements is computed	40 years
Lloyd District Portfolio
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	18,660
Initial Cost, Building and Improvements	61,401
Cost Capitalized Subsequent to Acquisition	5,343
Gross Carrying Amount, Land	11,845
Gross Carrying Amount, Building and Improvements	73,559
Accumulated Depreciation and Amortization	(4,975)
Year Built/ Renovated	1940-2011
Date Acquired	Jul. 01, 2011
Life on which depreciation in latest income statements is computed	40 years
One Beach Street
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	21,900
Initial Cost, Land	15,332
Initial Cost, Building and Improvements	18,017
Cost Capitalized Subsequent to Acquisition	873
Gross Carrying Amount, Land	15,332
Gross Carrying Amount, Building and Improvements	18,890
Accumulated Depreciation and Amortization	(598)
Year Built/ Renovated	1924/1972/1987/1992
Date Acquired	Jan. 24, 2012
Life on which depreciation in latest income statements is computed	40 years
Solana Beach Corporate Centre I-II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	11,637
Initial Cost, Land	7,111
Initial Cost, Building and Improvements	17,100
Cost Capitalized Subsequent to Acquisition	940
Gross Carrying Amount, Land	7,111
Gross Carrying Amount, Building and Improvements	18,040
Accumulated Depreciation and Amortization	(1,322)
Year Built/ Renovated	1982/2005
Date Acquired	Jan. 19, 2011
Life on which depreciation in latest income statements is computed	40 years
Solana Beach Corporate Centre III-IV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	37,204
Initial Cost, Land	7,298
Initial Cost, Building and Improvements	27,887
Cost Capitalized Subsequent to Acquisition	708
Gross Carrying Amount, Land	7,298
Gross Carrying Amount, Building and Improvements	28,595
Accumulated Depreciation and Amortization	(2,095)
Year Built/ Renovated	1982/2005
Date Acquired	Jan. 19, 2011
Life on which depreciation in latest income statements is computed	40 years
Solana Beach Corporate Centre Land
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	487
Cost Capitalized Subsequent to Acquisition	60
Gross Carrying Amount, Land	547
Year Built/ Renovated	N/A
Date Acquired	Jan. 19, 2011
ICW Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	4,095
Cost Capitalized Subsequent to Acquisition	25,303
Gross Carrying Amount, Land	4,788
Gross Carrying Amount, Building and Improvements	24,610
Accumulated Depreciation and Amortization	(9,474)
Year Built/ Renovated	1996-1997
Date Acquired	Jun. 06, 1989
Life on which depreciation in latest income statements is computed	40 years
Pacific North Court
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	21,659
Initial Cost, Land	3,263
Cost Capitalized Subsequent to Acquisition	22,601
Gross Carrying Amount, Land	4,309
Gross Carrying Amount, Building and Improvements	21,555
Accumulated Depreciation and Amortization	(9,208)
Year Built/ Renovated	1997-1998
Date Acquired	Jun. 06, 1989
Life on which depreciation in latest income statements is computed	40 years
Pacific South Court
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	3,285
Cost Capitalized Subsequent to Acquisition	21,509
Gross Carrying Amount, Land	4,226
Gross Carrying Amount, Building and Improvements	20,568
Accumulated Depreciation and Amortization	(9,288)
Year Built/ Renovated	1996-1997
Date Acquired	Jun. 06, 1989
Life on which depreciation in latest income statements is computed	40 years
Pacific VC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	7,294
Initial Cost, Land	1,413
Cost Capitalized Subsequent to Acquisition	8,574
Gross Carrying Amount, Land	2,148
Gross Carrying Amount, Building and Improvements	7,839
Accumulated Depreciation and Amortization	(3,882)
Year Built/ Renovated	1998/2000
Date Acquired	Jun. 06, 1989
Life on which depreciation in latest income statements is computed	40 years
Pacific Torrey Daycare
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	715
Cost Capitalized Subsequent to Acquisition	1,665
Gross Carrying Amount, Land	911
Gross Carrying Amount, Building and Improvements	1,469
Accumulated Depreciation and Amortization	(698)
Year Built/ Renovated	1996-1997
Date Acquired	Jun. 06, 1989
Life on which depreciation in latest income statements is computed	40 years
Torrey Reserve Land
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	229
Cost Capitalized Subsequent to Acquisition	12,911
Gross Carrying Amount, Building and Improvements	13,140
Year Built/ Renovated	N/A
Date Acquired	Jun. 06, 1989
Imperial Beach Gardens
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	20,000
Initial Cost, Land	1,281
Initial Cost, Building and Improvements	4,820
Cost Capitalized Subsequent to Acquisition	3,826
Gross Carrying Amount, Land	1,281
Gross Carrying Amount, Building and Improvements	8,646
Accumulated Depreciation and Amortization	(6,862)
Year Built/ Renovated	1959/2008-present
Date Acquired	Jul. 31, 1985
Life on which depreciation in latest income statements is computed	30 years
Loma Palisades
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	73,744
Initial Cost, Land	14,000
Initial Cost, Building and Improvements	16,570
Cost Capitalized Subsequent to Acquisition	17,878
Gross Carrying Amount, Land	14,051
Gross Carrying Amount, Building and Improvements	34,397
Accumulated Depreciation and Amortization	(21,799)
Year Built/ Renovated	1958/2001-2008
Date Acquired	Jul. 20, 1990
Life on which depreciation in latest income statements is computed	30 years
Mariner's Point
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	7,700
Initial Cost, Land	2,744
Initial Cost, Building and Improvements	4,540
Cost Capitalized Subsequent to Acquisition	785
Gross Carrying Amount, Land	2,744
Gross Carrying Amount, Building and Improvements	5,325
Accumulated Depreciation and Amortization	(2,144)
Year Built/ Renovated	1986
Date Acquired	May 09, 2001
Life on which depreciation in latest income statements is computed	30 years
Santa Fe Park Rv Resort
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	401
Initial Cost, Building and Improvements	928
Cost Capitalized Subsequent to Acquisition	745
Gross Carrying Amount, Land	401
Gross Carrying Amount, Building and Improvements	1,673
Accumulated Depreciation and Amortization	(1,322)
Year Built/ Renovated	1971/2007-2008
Date Acquired	Jun. 01, 1979
Life on which depreciation in latest income statements is computed	30 years
Waikiki Beach Walk - Retail
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2012	130,310
Initial Cost, Land	45,995
Initial Cost, Building and Improvements	74,943
Cost Capitalized Subsequent to Acquisition	64
Gross Carrying Amount, Land	45,995
Gross Carrying Amount, Building and Improvements	75,007
Accumulated Depreciation and Amortization	(4,687)
Year Built/ Renovated	2006
Date Acquired	Jan. 19, 2011
Life on which depreciation in latest income statements is computed	35 years
Waikiki Beach Walk Hotel
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	30,640
Initial Cost, Building and Improvements	60,029
Cost Capitalized Subsequent to Acquisition	1,988
Gross Carrying Amount, Land	30,640
Gross Carrying Amount, Building and Improvements	62,017
Accumulated Depreciation and Amortization	(5,562)
Year Built/ Renovated	2008
Date Acquired	Jan. 19, 2011
Life on which depreciation in latest income statements is computed	35 years
Solana Beach Highway 101 Land
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	7,847
Initial Cost, Building and Improvements	202
Cost Capitalized Subsequent to Acquisition	292
Gross Carrying Amount, Land	8,341
Accumulated Depreciation and Amortization	(114)
Year Built/ Renovated	N/A
Date Acquired	Sep. 20, 2011
Sorrento Valley Holdings Land
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	2,073
Initial Cost, Building and Improvements	741
Cost Capitalized Subsequent to Acquisition	3,241
Gross Carrying Amount, Land	6,055
Accumulated Depreciation and Amortization	$ (940)
Year Built/ Renovated	N/A
Date Acquired	May 09, 1997

SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation (Detail) (USD $)

12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Real Estate and Accumulated Depreciation [Line Items]

Balance, beginning of period

$ 1,687,276

$ 1,165,097

$ 968,332

Property acquisitions

270,082

563,858

188,971

Improvements

41,303

^[1]

13,595

^[1]

8,383

^[1]

Cost of Real Estate Sold

(57,188)

(37,599)

Other

(2,797)

^[1],[2]

(17,675)

^[1],[2]

(589)

^[1],[2]

Balance, end of period

1,938,676

1,687,276

1,165,097

Balance, beginning of period

234,595

221,997

194,124

Additions-depreciation

47,792

^[1]

42,498

^[1]

28,462

^[1]

Cost of Real Estate Sold

(9,216)

(12,225)

Other

(2,677)

^[1],[2]

(17,675)

^[1],[2]

(589)

^[1],[2]

Balance, end of period

$ 270,494

$ 234,595

$ 221,997

[1]	Includes discontinued operations for 160 King Street, which was sold on December 4, 2012 and Valencia Corporate Center, which was sold on August 30, 2011.
[2]	Other deductions for the years ended December 31, 2012, 2011 and 2010 represent the write-off of fully depreciated assets

Current Minimum Annual Payments under Leases (Parenthetical) (Detail) (USD $)	Dec. 31, 2012
Operating Leased Assets [Line Items]
Stated monthly lease rate for February 2017	$ 61,690

Net Real Estate and Secured Note Payable Balances for Each Segment (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Excludes unamortized fair market value adjustments	$ 13.0	$ 15.9

Fair Value of Financial Instruments - Additional Information (Detail)	Dec. 31, 2012
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Rates of secured notes payable	3.43%
Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Rates of secured notes payable	7.14%

Prepaid Expenses and Other Assets - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2012
Other Assets [Line Items]
Acquisition completion date	Jan. 24, 2012

Summary of Total Secured Notes Payable Outstanding (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2012
Debt Instrument [Line Items]
Number of year amortization schedule	30 years
160 King Street
Debt Instrument [Line Items]
Number of year amortization schedule	20 years

Segment Reporting - Additional Information (Detail)	12 Months Ended
Segment Reporting - Additional Information (Detail)	Dec. 31, 2012 Segment Room
Segment Reporting Information [Line Items]
Number of operating segments	4
Room in mixed-use segment all-suite hotel	369