0001500217-21-000136 | 10-Q | XBRL Viewer | American Assets Trust INC

Net income attributable to restricted shares

12,895

6,490

26,115

31,800

(145)

(87)

(417)

(260)

Net income attributable to unitholders in the Operating Partnership

(2,709)

(1,365)

(5,459)

(6,778)

Net income attributable to American Assets Trust, Inc. stockholders

$ 10,041

$ 5,038

$ 20,239

$ 24,762

EARNINGS PER COMMON SHARE

Earnings per common share, basic (in USD per share)

$ 0.17

$ 0.08

$ 0.34

$ 0.41

Weighted average shares of common stock outstanding-basic (in shares)

59,990,343

59,825,174

59,986,844

59,757,709

EARNINGS PER COMMON SHARE, DILUTED

Earnings per common share, diluted (in USD per share)

$ 0.17

$ 0.08

$ 0.34

$ 0.41

Weighted average shares of common stock outstanding-diluted (in shares)

76,171,880

76,118,032

76,168,381

76,115,456

Dividends declared per common share (in USD per share)

$ 0.30

$ 0.25

$ 0.86

$ 0.75

Other comprehensive gain - change in value of interest rate swaps

$ 12,895

$ 6,490

$ 26,115

$ 31,800

435

1,201

1,657

(4,900)

Comprehensive income

13,056

7,359

26,755

25,903

Comprehensive income attributable to non-controlling interests

(2,744)

(1,555)

(5,604)

(5,530)

Comprehensive income attributable to American Assets Trust, Inc.

10,312

5,804

21,151

20,373

Interest Expense

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(274)

(332)

(824)

(997)

Early Extinguishment of Debt

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(193)

American Assets Trust, L.P.

REVENUE:

Rental income

93,804

80,759

262,573

252,059

Other property income

4,482

3,615

11,508

11,167

Total revenue

98,286

84,374

274,081

263,226

EXPENSES:

Rental expenses

23,466

19,208

61,916

58,757

Real estate taxes

9,644

11,491

31,610

31,497

General and administrative

6,827

6,438

20,574

19,937

Depreciation and amortization

30,680

26,914

85,827

80,869

Total operating expenses

70,617

64,051

199,927

191,060

OPERATING INCOME

27,669

20,323

74,154

72,166

Interest expense

(14,722)

(13,302)

(43,589)

(40,105)

Early extinguishment of debt

(4,271)

Other (expense) income, net

(52)

(531)

(179)

(261)

Net income attributable to restricted shares

12,895

6,490

26,115

31,800

(145)

(87)

(417)

(260)

Net income attributable to American Assets Trust, Inc. stockholders

$ 12,750

$ 6,403

$ 25,698

$ 31,540

EARNINGS PER COMMON SHARE

Earnings per common share, basic (in USD per share)

$ 0.17

$ 0.08

$ 0.34

$ 0.41

Weighted average shares of common stock outstanding-basic (in shares)

76,171,880

76,118,032

76,168,381

76,115,456

EARNINGS PER COMMON SHARE, DILUTED

Earnings per common share, diluted (in USD per share)

$ 0.17

$ 0.08

$ 0.34

$ 0.41

Weighted average shares of common stock outstanding-diluted (in shares)

76,171,880

76,118,032

76,168,381

76,115,456

Distributions per unit (in USD per share)

$ 0.30

$ 0.25

$ 0.86

$ 0.75

Other comprehensive gain - change in value of interest rate swaps

$ 12,895

$ 6,490

$ 26,115

$ 31,800

435

1,201

1,657

(4,900)

Comprehensive income

13,056

7,359

26,755

25,903

American Assets Trust, L.P. | Interest Expense

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(274)

(332)

(824)

(997)

American Assets Trust, L.P. | Early Extinguishment of Debt

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(193)

Limited Partner | American Assets Trust, L.P.

EXPENSES:

2,709

1,365

^[1]

Comprehensive income attributable to American Assets Trust, Inc.

2,709

1,365

^[1]

(2,744)

(1,555)

(5,604)

(5,530)

General Partner | American Assets Trust, L.P.

EXPENSES:

10,186

5,125

^[2]

Comprehensive income attributable to American Assets Trust, Inc.

10,186

5,125

^[2]

$ 10,312

$ 5,804

$ 21,151

$ 20,373

[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general partnership interests held by American Assets Trust, Inc.

Consolidated Statement of Equity (Unaudited) - USD ($)
$ in Thousands

Total

Interest Expense

Early Extinguishment of Debt

American Assets Trust, L.P.

Interest Expense

American Assets Trust, L.P.

Early Extinguishment of Debt

American Assets Trust, L.P.

Accumulated Other Comprehensive Income (Loss)

American Assets Trust, L.P.

Accumulated Other Comprehensive Income (Loss)

Interest Expense

American Assets Trust, L.P.

Accumulated Other Comprehensive Income (Loss)

Early Extinguishment of Debt

American Assets Trust, L.P.

Limited Partner

American Assets Trust, L.P.

General Partner

Common Shares

American Assets Trust, L.P.

Common Shares

American Assets Trust, L.P.

Limited Partner

Common Shares

American Assets Trust, L.P.

General Partner

Additional Paid-in Capital

Accumulated Dividends in Excess of Net Income

Accumulated Other Comprehensive Income (Loss)

Interest Expense

Accumulated Other Comprehensive Income (Loss)

Early Extinguishment of Debt

Noncontrolling Interests - Unitholders in the Operating Partnership

Interest Expense

Noncontrolling Interests - Unitholders in the Operating Partnership

Early Extinguishment of Debt

Beginning Balance (shares) at Dec. 31, 2019

60,068,228

Beginning Balance at Dec. 31, 2019

$ 1,293,672

$ 601

$ 1,452,014

$ (144,378)

$ 5,680

$ (20,245)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

15,484

$ 15,484

$ 3,312

^[1]

$ 12,172

^[2]

12,172

3,312

Dividends declared and paid (noncontrolling interest)

(22,937)

(18,020)

(4,917)

Other comprehensive gain - change in value of interest rate swaps

1,250

(6,115)

$ (6,115)

(4,816)

(1,299)

Reclassification of amortization of forward-starting swap realized gains included in interest expense

$ (333)

$ (261)

$ (72)

Ending Balance (shares) at Mar. 31, 2020

60,068,228

Ending Balance at Mar. 31, 2020

1,281,021

$ 601

1,453,264

(150,226)

603

(23,221)

Beginning partners' capital account (shares) at Dec. 31, 2019

16,390,548

^[1]

60,068,228

^[2]

Beginning partners' capital account at Dec. 31, 2019

1,293,672

7,716

$ (22,281)

^[1]

$ 1,308,237

^[2]

Increase (Decrease) in Partners' Capital [Roll Forward]

15,484

3,312

^[1]

12,172

^[2]

12,172

3,312

(22,937)

$ (4,917)

^[1]

(18,020)

^[2]

Other comprehensive gain - change in value of interest rate swaps

1,250

$ 1,250

^[2]

(6,115)

(4,816)

(1,299)

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(333)

(261)

(72)

Ending partners' capital account (shares) at Mar. 31, 2020

16,390,548

^[1]

60,068,228

^[2]

Ending partners' capital account at Mar. 31, 2020

1,281,021

1,268

$ (23,886)

^[1]

$ 1,303,639

^[2]

Beginning Balance (shares) at Dec. 31, 2019

60,068,228

Beginning Balance at Dec. 31, 2019

1,293,672

$ 601

1,452,014

(144,378)

5,680

(20,245)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive gain - change in value of interest rate swaps

31,800

(4,900)

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(997)

$ 0

(997)

$ 0

Ending Balance (shares) at Sep. 30, 2020

60,282,929

Ending Balance at Sep. 30, 2020

1,265,982

$ 603

1,443,764

(164,462)

1,034

(14,957)

Beginning partners' capital account (shares) at Dec. 31, 2019

16,390,548

^[1]

60,068,228

^[2]

Beginning partners' capital account at Dec. 31, 2019

1,293,672

7,716

$ (22,281)

^[1]

$ 1,308,237

^[2]

Increase (Decrease) in Partners' Capital [Roll Forward]

Other comprehensive gain - change in value of interest rate swaps

31,800

(4,900)

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(997)

Ending partners' capital account (shares) at Sep. 30, 2020

16,181,537

^[1]

60,282,929

^[2]

Ending partners' capital account at Sep. 30, 2020

1,265,982

1,819

$ (15,742)

^[1]

$ 1,279,905

^[2]

Beginning Balance (shares) at Mar. 31, 2020

60,068,228

Beginning Balance at Mar. 31, 2020

1,281,021

$ 601

1,453,264

(150,226)

603

(23,221)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

9,826

$ 2,101

^[1]

$ 7,725

^[2]

7,725

2,101

6,008

(318)

Dividends declared and paid (noncontrolling interest)

(15,293)

(12,015)

(3,278)

Other comprehensive gain - change in value of interest rate swaps

1,252

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(332)

(261)

(71)

Ending Balance (shares) at Jun. 30, 2020

60,073,918

Ending Balance at Jun. 30, 2020

1,276,488

$ 601

1,454,516

(154,516)

352

(24,465)

Beginning partners' capital account (shares) at Mar. 31, 2020

16,390,548

^[1]

60,068,228

^[2]

Beginning partners' capital account at Mar. 31, 2020

1,281,021

1,268

$ (23,886)

^[1]

$ 1,303,639

^[2]

Increase (Decrease) in Partners' Capital [Roll Forward]

9,826

2,101

^[1]

$ 7,725

^[2]

7,725

2,101

6,008

Forfeiture of restricted units

(318)

(318)

(15,293)

$ (3,278)

^[1]

$ (12,015)

^[2]

Other comprehensive gain - change in value of interest rate swaps

1,252

$ 1,252

^[2]

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(332)

(261)

(71)

Ending partners' capital account (shares) at Jun. 30, 2020

16,390,548

^[1]

60,073,918

^[2]

Ending partners' capital account at Jun. 30, 2020

1,276,488

950

$ (25,063)

^[1]

$ 1,300,601

^[2]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

6,490

1,365

^[1]

5,125

^[2]

5,125

1,365

Dividends declared and paid (noncontrolling interest)

(19,116)

(15,071)

(4,045)

Other comprehensive gain - change in value of interest rate swaps

1,251

1,201

940

261

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(332)

(261)

(71)

Ending Balance (shares) at Sep. 30, 2020

60,282,929

Ending Balance at Sep. 30, 2020

1,265,982

$ 603

1,443,764

(164,462)

1,034

(14,957)

Increase (Decrease) in Partners' Capital [Roll Forward]

6,490

1,365

^[1]

5,125

^[2]

5,125

1,365

(19,116)

$ (4,045)

^[1]

(15,071)

^[2]

Other comprehensive gain - change in value of interest rate swaps

1,251

$ 1,251

^[2]

$ 1,201

1,201

940

261

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(332)

(261)

(71)

Ending partners' capital account (shares) at Sep. 30, 2020

16,181,537

^[1]

60,282,929

^[2]

Ending partners' capital account at Sep. 30, 2020

1,265,982

1,819

$ (15,742)

^[1]

$ 1,279,905

^[2]

Increase (Decrease) in Partners' Capital [Roll Forward]

Conversion of operating partnership units (in shares)

209,011

(209,011)

Conversion of operating partnership units

$ (12,001)

$ 2

$ 12,001

(12,003)

11,998

Beginning Balance (shares) at Dec. 31, 2020

60,476,292

Beginning Balance at Dec. 31, 2020

$ 1,253,406

$ 605

1,445,644

(176,560)

1,753

(18,036)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

1,733

$ 339

^[1]

$ 1,394

^[2]

1,394

339

(4,006)

Dividends declared and paid (noncontrolling interest)

(21,463)

(16,932)

(4,531)

Other comprehensive gain - change in value of interest rate swaps

1,484

747

579

168

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(275)

(193)

(275)

(193)

(275)

$ (193)

(216)

$ (152)

(59)

$ (41)

Ending Balance (shares) at Mar. 31, 2021

60,472,286

Ending Balance at Mar. 31, 2021

1,235,439

$ 605

1,447,128

(192,098)

1,964

(22,160)

Beginning partners' capital account (shares) at Dec. 31, 2020

16,181,537

60,476,292

Beginning partners' capital account at Dec. 31, 2020

1,253,406

2,737

$ (19,020)

$ 1,269,689

Increase (Decrease) in Partners' Capital [Roll Forward]

1,733

339

^[1]

1,394

^[2]

1,394

339

(4,006)

(21,463)

$ (4,531)

^[1]

(16,932)

^[2]

Other comprehensive gain - change in value of interest rate swaps

1,484

$ 1,484

^[2]

$ 747

747

579

168

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(275)

(193)

(275)

(193)

(275)

$ (193)

(216)

$ (152)

(59)

$ (41)

Ending partners' capital account (shares) at Mar. 31, 2021

16,181,537

60,472,286

Ending partners' capital account at Mar. 31, 2021

1,235,439

3,016

$ (23,212)

$ 1,255,635

Beginning Balance (shares) at Dec. 31, 2020

60,476,292

Beginning Balance at Dec. 31, 2020

$ 1,253,406

$ 605

1,445,644

(176,560)

1,753

(18,036)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive gain - change in value of interest rate swaps

26,115

$ 1,657

1,657

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(824)

(193)

(824)

(193)

Ending Balance (shares) at Sep. 30, 2021

60,472,065

Ending Balance at Sep. 30, 2021

$ 1,218,691

$ 605

1,450,096

(207,910)

2,248

(26,348)

Beginning partners' capital account (shares) at Dec. 31, 2020

16,181,537

60,476,292

Beginning partners' capital account at Dec. 31, 2020

1,253,406

2,737

$ (19,020)

$ 1,269,689

Increase (Decrease) in Partners' Capital [Roll Forward]

Other comprehensive gain - change in value of interest rate swaps

26,115

1,657

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(824)

(193)

(824)

(193)

Ending partners' capital account (shares) at Sep. 30, 2021

16,181,537

60,472,065

Ending partners' capital account at Sep. 30, 2021

1,218,691

3,377

$ (27,477)

$ 1,242,791

Increase (Decrease) in Partners' Capital [Roll Forward]

Conversion of operating partnership units (in shares)

Beginning Balance (shares) at Mar. 31, 2021

60,472,286

Beginning Balance at Mar. 31, 2021

1,235,439

$ 605

1,447,128

(192,098)

1,964

(22,160)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

11,487

$ 2,411

$ 9,076

9,076

2,411

5,184

(2,604)

Dividends declared and paid (noncontrolling interest)

(21,464)

(16,933)

(4,531)

Other comprehensive gain - change in value of interest rate swaps

1,484

475

374

101

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(275)

(216)

(59)

Ending Balance (shares) at Jun. 30, 2021

60,474,866

Ending Balance at Jun. 30, 2021

1,227,146

$ 605

1,448,612

(199,955)

2,122

(24,238)

Beginning partners' capital account (shares) at Mar. 31, 2021

16,181,537

60,472,286

Beginning partners' capital account at Mar. 31, 2021

1,235,439

3,016

$ (23,212)

$ 1,255,635

Increase (Decrease) in Partners' Capital [Roll Forward]

11,487

2,411

$ 9,076

9,076

2,411

5,184

Forfeiture of restricted units

(2,604)

(2,604)

(21,464)

$ (4,531)

$ (16,933)

Other comprehensive gain - change in value of interest rate swaps

1,484

$ 1,484

475

374

101

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(275)

(216)

(59)

Ending partners' capital account (shares) at Jun. 30, 2021

16,181,537

60,474,866

Ending partners' capital account at Jun. 30, 2021

1,227,146

3,216

$ (25,332)

$ 1,249,262

Increase (Decrease) in Stockholders' Equity [Roll Forward]

12,895

2,709

$ 10,186

10,186

2,709

2,801

(2,801)

Dividends declared and paid (noncontrolling interest)

(22,995)

(18,141)

(4,854)

Other comprehensive gain - change in value of interest rate swaps

1,484

$ 435

435

342

Reclassification of amortization of forward-starting swap realized gains included in interest expense

(274)

(216)

(58)

Ending Balance (shares) at Sep. 30, 2021

60,472,065

Ending Balance at Sep. 30, 2021

$ 1,218,691

$ 605

$ 1,450,096

(207,910)

2,248

(26,348)

Increase (Decrease) in Partners' Capital [Roll Forward]

12,895

2,709

$ 10,186

2,709

2,801

(2,801)

(22,995)

$ (4,854)

$ (18,141)

Other comprehensive gain - change in value of interest rate swaps

1,484

$ 1,484

$ 435

435

$ 342

$ 93

Reclassification of amortization of forward-starting swap realized gains included in interest expense

$ (274)

$ 0

$ (274)

$ 0

$ (274)

$ (216)

$ (58)

Ending partners' capital account (shares) at Sep. 30, 2021

16,181,537

60,472,065

Ending partners' capital account at Sep. 30, 2021

$ 1,218,691

$ 3,377

$ (27,477)

$ 1,242,791

[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general partnership interests held by American Assets Trust, Inc.

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES
Net income	$ 26,115,000	$ 31,800,000
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(13,536,000)	(20,025,000)
Depreciation and amortization	85,827,000	80,869,000
Amortization of debt issuance costs and debt discounts	1,734,000	1,109,000
Early extinguishment of debt	4,271,000	0
Provision for uncollectable rental income	(934,000)	10,803,000
Stock-based compensation expense	4,452,000	3,753,000
Unrealized loss on hedging activities	0	551,000
Other noncash interest expense	(824,000)	(997,000)
Other, net	(927,000)	(3,208,000)
Changes in operating assets and liabilities
Change in accounts receivable	941,000	(7,502,000)
Change in other assets	225,000	1,453,000
Change in accounts payable and accrued expenses	20,589,000	13,787,000
Change in security deposits payable	584,000	(1,787,000)
Change in other liabilities and deferred credits	1,115,000	(1,457,000)
Net cash provided by operating activities	129,632,000	109,149,000
INVESTING ACTIVITIES
Acquisition of real estate	(204,511,000)	0
Capital expenditures	(56,772,000)	(48,690,000)
Leasing commissions	(2,025,000)	(4,884,000)
Purchases of marketable securities	(47,760,000)	0
Proceeds from the sale of marketable securities	47,723,000	0
Net cash used in investing activities	(263,345,000)	(53,574,000)
FINANCING ACTIVITIES
Repayment of secured notes payable	0	(51,003,000)
Proceeds from unsecured line of credit	0	100,000,000
Repayment of unsecured line of credit	(100,000,000)	0
Proceeds from unsecured notes payable	494,675,000	0
Repayments of Unsecured Debt	(155,375,000)	0
Debt issuance costs	(5,075,000)	0
Proceeds from issuance of common stock, net	0	(119,000)
Dividends paid to common stock and unitholders	(65,922,000)	(57,346,000)
Net cash provided by (used in) financing activities	168,303,000	(8,468,000)
Net increase in cash and cash equivalents	34,590,000	47,107,000
Cash, cash equivalents and restricted cash, beginning of period	139,049,000	109,451,000
Cash, cash equivalents and restricted cash, end of period	173,639,000	156,558,000
Cash and cash equivalents	171,923,000	155,327,000
Restricted cash	1,716,000	1,231,000
American Assets Trust, L.P.
OPERATING ACTIVITIES
Net income	26,115,000	31,800,000
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(13,536,000)	(20,025,000)
Depreciation and amortization	85,827,000	80,869,000
Amortization of debt issuance costs and debt discounts	1,734,000	1,109,000
Early extinguishment of debt	4,271,000	0
Provision for uncollectable rental income	(934,000)	10,803,000
Stock-based compensation expense	4,452,000	3,753,000
Unrealized loss on hedging activities	0	551,000
Other noncash interest expense	(824,000)	(997,000)
Other, net	(927,000)	(3,208,000)
Changes in operating assets and liabilities
Change in accounts receivable	941,000	(7,502,000)
Change in other assets	225,000	1,453,000
Change in accounts payable and accrued expenses	20,589,000	13,787,000
Change in security deposits payable	584,000	(1,787,000)
Change in other liabilities and deferred credits	1,115,000	(1,457,000)
Net cash provided by operating activities	129,632,000	109,149,000
INVESTING ACTIVITIES
Acquisition of real estate	(204,511,000)	0
Capital expenditures	(56,772,000)	(48,690,000)
Leasing commissions	(2,025,000)	(4,884,000)
Purchases of marketable securities	(47,760,000)	0
Proceeds from the sale of marketable securities	47,723,000	0
Net cash used in investing activities	(263,345,000)	(53,574,000)
FINANCING ACTIVITIES
Repayment of secured notes payable	0	(51,003,000)
Proceeds from unsecured line of credit	0	100,000,000
Repayment of unsecured line of credit	(100,000,000)	0
Proceeds from unsecured notes payable	494,675,000	0
Repayments of Unsecured Debt	(155,375,000)	0
Debt issuance costs	(5,075,000)	0
Contributions from American Assets Trust, Inc.	0	(119,000)
Dividends paid to common stock and unitholders	(65,922,000)	(57,346,000)
Net cash provided by (used in) financing activities	168,303,000	(8,468,000)
Net increase in cash and cash equivalents	34,590,000	47,107,000
Cash, cash equivalents and restricted cash, beginning of period	139,049,000	109,451,000
Cash, cash equivalents and restricted cash, end of period	173,639,000	156,558,000
Cash and cash equivalents	171,923,000	155,327,000
Restricted cash	$ 1,716,000	$ 1,231,000

REAL ESTATE (Tables)

9 Months Ended

Sep. 30, 2021

Real Estate [Abstract]

Schedule of Purchase Price Allocation

The financial information set forth below summarizes the Company’s purchase price allocation for Eastgate Office Park and Corporate Campus East III during the nine months ended September 30, 2021 (in thousands):


	Eastgate Office Park		Corporate Campus East III
Land	$	35,822	$	23,203
Building	76,692		52,234
Land improvements	1,740		667
Furniture, fixtures, and equipment	4,305		3,091
Total real estate	118,559		79,195
Lease intangibles	7,023		5,341
Prepaid expenses and other assets	8		13
Assets acquired	$	125,590	$	84,549
Accounts payable and accrued expenses	$	(31)	$	(9)
Security deposits payable	(513)		(310)
Other liabilities and deferred credits	(535)		(3,844)
Liabilities assumed	$	(1,079)	$	(4,163)

Schedule of Acquiree Operating Results since Acquisition Date

The following table summarizes the operating results for Eastgate Office Park and Corporate Campus East III included in the Company's historical consolidated statement of operations for the period of acquisition through September 30, 2021 (in thousands):


	Eastgate Office Park		Corporate Campus East III		Total
Revenues	$	2,432	$	364	$	2,796
Operating expenses	$	(2,572)	$	(483)	$	(3,055)
Operating loss	$	(140)	$	(119)	$	(259)
Net loss attributable to American Assets Trust, Inc.	$	(139)	$	(119)	$	(258)

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	490,000,000	490,000,000
Common stock, shares outstanding (shares)	60,472,065	60,476,292
Common stock, shares issued (in shares)	60,472,065	60,476,292
American Assets Trust, L.P.
Limited partners' capital, units outstanding (in shares)	16,181,537	16,181,537
Limited partners' capital, units issued (in shares)	16,181,537	16,181,537
General partners' capital, units issued (in shares)	60,472,065	60,476,292
General partners' capital, units outstanding (in shares)	60,472,065	60,476,292

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

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 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 real estate investment trust ("REIT") subsidiary ("TRS"). 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.

We are a full service, vertically integrated, and self-administered REIT with approximately 203 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing.

As of September 30, 2021, we owned or had a controlling interest in 30 office, retail, multifamily and mixed-use operating properties, the operations of which we consolidate. Additionally, as of September 30, 2021, we owned land at three of our properties that we classify as held for development and/or construction in progress. A summary of the properties owned by us is as follows:


Retail
Carmel Country Plaza	Gateway Marketplace	Alamo Quarry Market
Carmel Mountain Plaza	Del Monte Center	Hassalo on Eighth - Retail
South Bay Marketplace	Geary Marketplace
Lomas Santa Fe Plaza	The Shops at Kalakaua
Solana Beach Towne Centre	Waikele Center

Office
La Jolla Commons	One Beach Street	Corporate Campus East III
Torrey Reserve Campus	First & Main
Torrey Point	Lloyd Portfolio
Solana Crossing	City Center Bellevue
The Landmark at One Market	Eastgate Office Park

Multifamily
Loma Palisades	Hassalo on Eighth - Residential
Imperial Beach Gardens
Mariner's Point
Santa Fe Park RV Resort
Pacific Ridge Apartments

Mixed-Use
Waikiki Beach Walk Retail and Embassy Suites™ Hotel

Held for Development and/or Construction in Progress
La Jolla Commons – Land
Solana Crossing – Land
Lloyd Portfolio – Construction in Progress

Basis of Presentation

Our consolidated 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 Company follows the Financial Accounting Standards Board (the "FASB") guidance for determining whether an entity is a variable interest entity (“VIE”) and requires the performance of a qualitative rather than a quantitative analysis to determine the primary beneficiary of a VIE. Under this guidance, an entity would be required to consolidate a VIE if it has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. American Assets Trust, Inc. has concluded that the Operating Partnership is a VIE, and because American Assets Trust, Inc. has both the power and the rights to control the Operating Partnership, American Assets Trust, Inc. is the primary beneficiary and is required to continue to consolidate the Operating Partnership. Substantially all of the assets and liabilities of the Company are related to the operating partnership VIE.

All intercompany transactions and balances are eliminated in consolidation.

The accompanying consolidated financial statements of the Company and the Operating Partnership have been prepared in accordance with the rules applicable to Form 10-Q and include all information and footnotes required for interim financial statement presentation, but do not include all disclosures required under accounting principles generally accepted in the United States (“GAAP”) for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments, except as otherwise noted) considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and notes therein included in the Company's and Operating Partnership's annual report on Form 10-K for the year ended December 31, 2020.

The preparation of financial statements in conformity with GAAP requires us 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 our best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.

Any reference to the number of properties, number of units, square footage, employee numbers or percentages of beneficial ownership of our shares are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.

Consolidated Statements of Cash Flows—Supplemental Disclosures

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


	Nine Months Ended September 30,
	2021		2020
Supplemental cash flow information
Total interest costs incurred	$	45,618	$	40,892
Interest capitalized	$	2,029	$	787
Interest expense	$	43,589	$	40,105
Cash paid for interest, net of amounts capitalized	$	42,311	$	41,547
Cash paid for income taxes	$	289	$	684
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for construction in progress	$	10,119	$	14,421







Accrued leasing commissions	$	1,072	$	989

Significant Accounting Policies

We describe our significant accounting policies in Note 1 to the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2020. There have been no changes to our significant accounting policies during the nine months ended September 30, 2021.

Segment Information

Segment information is prepared on the same basis that our chief operating decision maker 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.

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.

We make estimates of the collectability of our current accounts receivable and straight-line rents receivable which require significant judgment by management. The collectability of receivables is affected by numerous different factors including current economic conditions, including the impact of tenant bankruptcies, the status of collectability of current cash rents receivable, tenants' recent and historical financial and operating results, changes in our tenants' credit ratings, communications between our operating personnel and tenants, the extent of security deposits and letters of credit held with respect to tenants, and the ability of the tenant to perform under the terms of their lease agreement. The provision for doubtful accounts at September 30, 2021 and December 31, 2020 was approximately $6.2 million and $10.0 million, respectively.

Rent Concessions – COVID-19

During the third quarter of 2021, we provided lease concessions to certain tenants, primarily within the retail segment, as a result of the COVID-19 pandemic, in the form of rent deferrals and abatements. These lease concessions generally included an increase in our rights as a lessor. We assess each lease concession and determine whether it represents a lease modifications under Accounting Standards Codification Topic 842, Leases ("ASC 842"). For the third quarter of 2021, we collected approximately $0.8 million or 96% of the deferred rent repayments due during the period.

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), which provides companies with optional practical expedients to ease the accounting burden for contract modifications associated with transitioning away from LIBOR and other interbank offered rates that are expected to be discontinued as part of reference rate reform. For hedges, the guidance generally allows changes to the reference rate and other critical terms without having to de-designate the hedging relationship, as well as allows the shortcut method to continue to be applied. For contract modifications, changes in the reference rate or other critical terms will be treated as a continuation of the prior contract. This guidance can be applied immediately, however, is generally only available through December 31, 2022. We are still evaluating the impact of reference rate reform and whether we will apply any of these practical expedients.

REAL ESTATE

9 Months Ended

Sep. 30, 2021

Real Estate [Abstract]

REAL ESTATE

Property Asset Acquisitions

On July 7, 2021, we acquired Eastgate Office Park, consisting of an approximately 280,000 square feet, multi-tenant office campus in Bellevue, Washington. The purchase price was approximately $125 million, excluding closing costs of approximately $0.2 million.

On September 10, 2021, we acquired Corporate Campus East III in Bellevue, Washington, consisting of an approximately 161,000 square feet, multi-tenant office campus. The purchase price was approximately $84 million, less seller credits of (i) approximately $1.1 million of future rent abatement (ii) approximately $2.1 million of contractual tenant improvements and closing costs of approximately $0.1 million.

The properties were acquired with cash on hand.


	Eastgate Office Park		Corporate Campus East III
Land	$	35,822	$	23,203
Building	76,692		52,234
Land improvements	1,740		667
Furniture, fixtures, and equipment	4,305		3,091
Total real estate	118,559		79,195
Lease intangibles	7,023		5,341
Prepaid expenses and other assets	8		13
Assets acquired	$	125,590	$	84,549
Accounts payable and accrued expenses	$	(31)	$	(9)
Security deposits payable	(513)		(310)
Other liabilities and deferred credits	(535)		(3,844)
Liabilities assumed	$	(1,079)	$	(4,163)

The value allocated to lease intangibles is amortized over the related lease term as depreciation and amortization expense in the statement of income. The remaining weighted average amortization period as of September 30, 2021, is 3.5 years and 5.5 years for Eastgate Office Park and Corporate Campus East III, respectively.


	Eastgate Office Park		Corporate Campus East III		Total
Revenues	$	2,432	$	364	$	2,796
Operating expenses	$	(2,572)	$	(483)	$	(3,055)
Operating loss	$	(140)	$	(119)	$	(259)
Net loss attributable to American Assets Trust, Inc.	$	(139)	$	(119)	$	(258)

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES

The following summarizes our acquired lease intangibles and leasing costs, which are included in other assets and other liabilities and deferred credits, as of September 30, 2021 and December 31, 2020 (in thousands):


	September 30, 2021		December 31, 2020
In-place leases	$	67,215	$	60,965
Accumulated amortization	(35,711)		(34,758)
Above market leases	2,532		5,389
Accumulated amortization	(2,373)		(5,268)
Acquired lease intangible assets, net	$	31,663	$	26,328
Below market leases	$	58,655	$	56,677
Accumulated accretion	(35,357)		(35,219)
Acquired lease intangible liabilities, net	$	23,298	$	21,458

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

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:

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

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

3.Level 3 Inputs—unobservable inputs

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of fair value, using Level 1 inputs, because of the short-term nature of these instruments. 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.

We measure the fair value of our deferred compensation liability, which is included in other liabilities and deferred credits on the consolidated balance sheet, on a recurring basis using Level 2 inputs. We measure the fair value of this liability based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques.

The fair value of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contract at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded in accumulated other comprehensive income (loss) and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings.

We incorporate credit valuation adjustments to appropriately reflect both our own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of non-performance risk, we considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of September 30, 2021 we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative position and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivative. As a result, we have determined that our derivative valuation in its entirety is classified in Level 2 of the fair value hierarchy.

A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows (in thousands):


	September 30, 2021								December 31, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Deferred compensation liability	$	—	$	2,350	$	—	$	2,350	$	—	$	2,059	$	—	$	2,059

Interest rate swap liability	$	—	$	2,874	$	—	$	2,874	$	—	$	4,531	$	—	$	4,531

The fair value of our secured notes payable and unsecured senior guaranteed notes are sensitive to fluctuations in interest rates. Discounted cash flow analysis using observable market interest rates (Level 2) is generally used to estimate the fair value of our secured notes payable, using rates ranging from 1.9% to 3.7%.

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. The carrying values of our revolving line of credit and term loan set forth below are deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. A summary of the carrying amount and fair value of our secured financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands):


	September 30, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured notes payable, net	$	110,955	$	113,955	$	110,923	$	114,074
Unsecured term loans, net	$	249,549	$	250,000	$	249,233	$	250,000
Unsecured senior guaranteed notes, net	$	797,850	$	832,820	$	947,444	$	1,017,378
Senior unsecured notes, net	$	490,373	$	514,500	$	—	$	—
Unsecured line of credit, net	$	—	$	—	$	99,151	$	100,000

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 + Details

DERIVATIVE AND HEDGING ACTIVITIES

9 Months Ended

Sep. 30, 2021

DERIVATIVE AND HEDGING ACTIVITIES

Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The following is a summary of the terms of our outstanding interest rate swaps as of September 30, 2021 (dollars in thousands):


Swap Counterparty	Notional Amount		Effective Date	Maturity Date	Fair Value
U.S. Bank N.A.	$	100,000	3/1/2016	3/1/2023	$	(1,925)
Wells Fargo Bank, N.A.	$	50,000	5/2/2016	3/1/2023	$	(949)

The effective portion of changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded in accumulated other comprehensive income and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings for as long as hedged cash flows remain probable. During the next twelve months, we estimate the cash flow hedges in place will reduce interest expense by approximately $1.1 million.

The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, counter party credit risk and uses observable market-based inputs, including interest rate curves, and implied volatilities. The fair value of the interest rate swap is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

OTHER ASSETS

9 Months Ended

Sep. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

Other assets consist of the following (in thousands):


	September 30, 2021		December 31, 2020
Leasing commissions, net of accumulated amortization of $38,887 and $35,167, respectively	$	37,709	$	38,173

Acquired above market leases, net	159		121
Acquired in-place leases, net	31,504		26,207
Lease incentives, net of accumulated amortization of $914 and $802, respectively	611		994
Other intangible assets, net of accumulated amortization of $1,288 and $1,213, respectively	2,539		2,565
Debt issuance costs, net of accumulated amortization of $1,527 and $0, respectively	543		—

Right-of-use lease asset, net	26,824		29,350
Prepaid expenses and other	8,795		8,702
Total other assets	$	108,684	$	106,112

OTHER LIABILITIES AND DEFERRED CREDITS

9 Months Ended

Sep. 30, 2021

Other Liabilities Disclosure [Abstract]

OTHER LIABILITIES AND DEFERRED CREDITS

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


	September 30, 2021		December 31, 2020
Acquired below market leases, net	$	23,298	$	21,458
Prepaid rent and deferred revenue	14,075		14,518
Interest rate swap liability	2,874		4,531
Deferred rent expense and lease intangible	6		16
Deferred compensation	2,350		2,059
Deferred tax liability	573		570
Straight-line rent liability	15,142		18,049
Lease liability	28,455		30,060
Other liabilities	32		39
Total other liabilities and deferred credits, net	$	86,805	$	91,300

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

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

DEBT

Debt of American Assets Trust, Inc.

American Assets Trust, Inc. does not hold any indebtedness. All debt is held directly or indirectly by the Operating Partnership; however, American Assets Trust, Inc. has guaranteed the Operating Partnership's obligations under the (i) amended and restated credit facility, (ii) term loans, (iii) senior guaranteed notes, and (iv) senior unsecured notes. Additionally, American Assets Trust, Inc. has provided a carve-out guarantee on the property-level mortgage debt at City Center Bellevue.

Debt of American Assets Trust, L.P.

Secured notes payable

The following table is a summary of our total secured notes payable outstanding as of September 30, 2021 and December 31, 2020 (in thousands):


	Principal Balance as of				Stated Interest Rate		Stated Maturity Date
Description of Debt	September 30, 2021		December 31, 2020		as of September 30, 2021



City Center Bellevue (1)	111,000		111,000		3.98	%	November 1, 2022
	111,000		111,000

Debt issuance costs, net of accumulated amortization of $376 and $345, respectively	(45)		(77)
Total Secured Notes Payable Outstanding	$	110,955	$	110,923

(1)Interest only.

Certain loans require us to comply with various financial covenants. As of September 30, 2021, the Operating Partnership was in compliance with these financial covenants.

Unsecured notes payable

The following table is a summary of the Operating Partnership's total unsecured notes payable outstanding as of September 30, 2021 and December 31, 2020 (in thousands):


Description of Debt	Principal Balance as of				Stated Interest Rate			Stated Maturity Date
	September 30, 2021		December 31, 2020		as of September 30, 2021
Term Loan A	$	100,000	$	100,000	Variable		(1)	January 9, 2022
Senior Guaranteed Notes, Series A (2)	—		150,000		4.04	%	(3)	October 31, 2021
Term Loan B	100,000		100,000		Variable		(4)	March 1, 2023
Term Loan C	50,000		50,000		Variable		(5)	March 1, 2023
Senior Guaranteed Notes, Series F	100,000		100,000		3.78	%	(6)	July 19, 2024
Senior Guaranteed Notes, Series B	100,000		100,000		4.45	%		February 2, 2025
Senior Guaranteed Notes, Series C	100,000		100,000		4.50	%		April 1, 2025
Senior Guaranteed Notes, Series D	250,000		250,000		4.29	%	(7)	March 1, 2027
Senior Guaranteed Notes, Series E	100,000		100,000		4.24	%	(8)	May 23, 2029
Senior Guaranteed Notes, Series G	150,000		150,000		3.91	%	(9)	July 30, 2030
3.375% Senior Unsecured Notes	500,000		—		3.38	%		February 1, 2031
	1,550,000		1,200,000
Debt discount and issuance costs, net of accumulated amortization of $9,128 and $8,856, respectively	(12,228)		(3,323)
Total Unsecured Notes Payable	$	1,537,772	$	1,196,677

(1)The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan A at approximately 4.13% through the interest rate swap maturity date of January 9, 2021, subject to adjustments based on our consolidated leverage ratio. Subsequent to January 9, 2021, the interest rate associated with Term Loan A will be variable as described below.

(2)Notes prepaid in full, with make-whole penalty thereon of approximately $3.9 million, on January 26, 2021.

(3)The Operating Partnership entered into a one-month forward-starting seven years swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately $1.6 million. The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. On January 26, 2021, we prepaid the entirety of the Senior Guaranteed Notes, Series A with make-whole premium thereon.

(4)The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan B at approximately 3.15% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan B is approximately 2.65%, subject to adjustments based on our consolidated leverage ratio.

(5)The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan C at approximately 3.14% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan C is approximately 2.64%, subject to adjustments based on our consolidated leverage ratio.

(6)The Operating Partnership entered into a treasury lock contract on May 31, 2017, which was settled on June 23, 2017 at a loss of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.85% per annum.

(7)The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. Each of the forward-starting interest swap rate contracts were deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.87% per annum.

(8)The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum.

(9)The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.

On January 26, 2021, the Operating Partnership issued $500 million of senior unsecured notes (the "3.375% Senior Notes") that mature February 1, 2031 and bear interest at 3.375% per annum. The 3.375% Senior Notes were priced at 98.935% of the principal amount with a yield to maturity of 3.502%. The net proceeds of the 3.375% Senior Notes, after the issuance discount, underwriting fees, and other costs were approximately $489.7 million, which were primarily used to (i) prepay our $150 million Senior Guaranteed Notes, Series A, with a make-whole payment (as defined in the Note Purchase Agreement for the Series A Notes) thereon of approximately $3.9 million, on January 26, 2021, (ii) repay our $100 million then outstanding balance under our Revolver Loan on January 26, 2021, (iii) fund the development of the La Jolla Commons III office building and (iv) for general corporate purposes.

Certain unsecured loans and notes require us to comply with various financial covenants. As of September 30, 2021, the Operating Partnership was in compliance with these financial covenants.

Amended Term Loan Agreement

On January 9, 2018, we entered into the Third Amendment to the Term Loan Agreement (as so amended, the "Term Loan Agreement"), which maintains the seven years $150 million unsecured term loan (referred to herein as Term Loan B and Term Loan C) to the Operating Partnership that matures on March 1, 2023 (the “$150mm Term Loan”). Effective as of March 1, 2018, borrowings under the Term Loan Agreement with respect to the $150mm Term Loan bear interest at floating rates equal to, at the Operating Partnership’s option, either (1) LIBOR, plus a spread which ranges from 1.20% to 1.70% based on the Operating Partnership’s consolidated leverage ratio, or (2) a base rate equal to the highest of (a) 0%, (b) the prime rate, (c) the federal funds rate plus 50 bps or (d) the Eurodollar rate plus 100 bps, in each case plus a spread which ranges from 0.70% to 1.35% based on the Operating Partnership’s consolidated leverage ratio. Additionally, the Operating Partnership may elect for borrowings to bear interest based on a ratings-based pricing grid as per the Operating Partnership’s then-applicable investment grade debt ratings under the terms set forth in the Term Loan Agreement.

Second Amended and Restated Credit Facility

On January 9, 2018, we entered into a second amended and restated credit agreement (the "Second Amended and Restated Credit Facility"). The Second Amended and Restated Credit Facility provides for aggregate, unsecured borrowing of $450 million, consisting of a revolving line of credit of $350 million (the "Revolver Loan") and a term loan of $100 million (the "Term Loan A"). The Second Amended and Restated Credit Facility has an accordion feature that may allow us to increase the availability thereunder up to an additional $250 million, subject to meeting specified requirements and obtaining additional commitments from lenders. At September 30, 2021, there were no amounts outstanding under the Revolver Loan and we had incurred approximately $0.5 million of debt issuance costs, net, which are recorded in other assets, net on the consolidated balance sheets.

Borrowings under the Second Amended and Restated Credit Agreement initially bear interest at floating rates equal to, at our option, either (1) LIBOR, plus a spread which ranges from (a) 1.05% to 1.50% (with respect to the Revolver Loan) and (b) 1.30% to 1.90% (with respect to Term Loan A), in each case based on our consolidated leverage ratio, or (2) a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 50 bps or (c) LIBOR plus 100 bps, plus a spread which ranges from (i) 0.10% to 0.50% (with respect to the Revolver Loan) and (ii) 0.30% to 0.90% (with respect to Term Loan A), in each case based on our consolidated leverage ratio. For the nine months ended September 30, 2021, the weighted average interest rate on the Revolver Loan was 1.19%.

The Revolver Loan initially matures on January 9, 2022, subject to our option to extend the Revolver Loan up to two times, with each such extension for a six month period. The extension options are exercisable by us subject to the satisfaction of certain conditions.

On January 9, 2019, we entered into the first amendment (“First Amendment”) to the Second Amended and Restated Credit Facility, which extended the maturity date of Term Loan A to January 9, 2021, subject to three, one year extension options. In October 2020, we exercised an option to extend the maturity date of Term Loan A to January 9, 2022, subject to certain conditions. Additionally, in connection with the First Amendment, borrowings under the Second Amended and Restated Credit Facility with respect to Term Loan A bear interest at floating rates equal to, at our option, either (1) LIBOR, plus a spread which ranges from 1.20% to 1.70% based on our consolidated total leverage ratio, or (2) a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 50 bps or (c) the Eurodollar rate plus 100 bps, in each case plus a spread which ranges from 0.20% to 0.70% based on our consolidated total leverage ratio. The foregoing rates are intended to be more

favorable than previously contained in the Second Amended and Restated Credit Facility (prior to entry into the First Amendment) with respect to Term Loan A.

Additionally, the Second Amended and Restated Credit Facility includes a number of customary financial covenants, including:

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

•A maximum secured leverage ratio (defined as total secured debt to secured total asset value) of 40%,

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

•A minimum unsecured interest coverage ratio of 1.75x,

•A maximum unsecured leverage ratio of 60%, and

•Recourse indebtedness at any time cannot exceed 15% of total asset value.

The Second Amended and Restated Credit Facility provides that our annual distributions may not exceed the greater of (1) 95% of our funds from operation ("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.

As of September 30, 2021, the Operating Partnership was in compliance with the financial covenants in the Second Amended and Restated Credit Facility.

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

EQUITY OF AMERICAN ASSETS TRUST, INC.

PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	9 Months Ended
PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	Sep. 30, 2021
Equity [Abstract]
PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. Noncontrolling interests in our Operating Partnership are interests in the Operating Partnership that are not owned by us. Noncontrolling interests consisted of 16,181,537 common units (the “noncontrolling common units”), and represented approximately 21.2% of the ownership interests in our Operating Partnership at September 30, 2021. 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. During the nine months ended September 30, 2021, no common units were converted into shares of our common stock. Earnings Per Unit of the Operating Partnership Basic earnings per unit (“EPU”) of the Operating Partnership is computed by dividing income applicable to unitholders by the weighted average Operating Partnership units outstanding, as adjusted for the effect of participating securities. Operating Partnership units granted in equity-based payment transactions that have non-forfeitable dividend equivalent rights are considered participating securities prior to vesting. The impact of unvested Operating Partnership unit awards on EPU has been calculated using the two-class method whereby earnings are allocated to the unvested Operating Partnership unit awards based on distributions and the unvested Operating Partnership units’ participation rights in undistributed earnings. The calculation of diluted EPU for the three months ended September 30, 2021 and 2020 does not include the weighted average of 481,966 and 346,434 unvested outstanding Operating Partnership units, respectively, as these equity securities are either considered contingently issuable or the effect of including these equity securities was anti-dilutive to income from continuing operations and net income attributable to the unitholders. The calculation of diluted EPU for the nine months ended September 30, 2021 and 2020 does not include the weighted average of 485,897 and 345,613 unvested Operating Partnership units, respectively.

EQUITY OF AMERICAN ASSETS TRUST, INC.

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Stockholders' Equity

On May 27, 2015, we entered into an at-the-market ("ATM") equity program with five sales agents in which we may, from time to time, offer and sell shares of our common stock having an aggregate offering price of up to $250.0 million. On March 2, 2018, we amended certain of these equity programs, terminated one such program and entered into a new equity program with one new sales agent. The sales of shares of our common stock made through the ATM equity program, as amended, are made in "at-the-market" offerings as defined in Rule 415 of the Securities Act of 1933, as amended. During the nine months ended September 30, 2021, no shares of common stock were sold through the ATM equity program.

We intend to use the net proceeds from the ATM equity program to fund our development or redevelopment activities, repay amounts outstanding from time to time under our revolving line of credit or other debt financing obligations, fund potential acquisition opportunities and/or for general corporate purposes. As of September 30, 2021, we had the capacity to issue up to an additional $132.6 million in shares of our common stock under our ATM equity program upon filing an updated prospectus supplement with the SEC. Actual future sales will depend on a variety of factors including, but not limited to, market conditions, the trading price of our common stock and our capital needs. We have no obligation to sell the remaining shares available for sale under the ATM equity program.

Dividends

The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units during the nine months ended September 30, 2021:

Period

Amount per
Share/Unit

Period Covered

Dividend Paid Date

First Quarter 2021

0.28

January 1, 2021 to March 31, 2021

March 25, 2021

Second Quarter 2021

0.28

April 1, 2021 to June 30, 2021

June 24, 2021

Third Quarter 2021

0.30

July 1, 2021 to September 30, 2021

September 23, 2021

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 revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation.

Stock-Based Compensation

We follow the FASB guidance related to stock-based compensation which establishes financial accounting and reporting standards for stock-based employee compensation plans, including all arrangements by which employees receive shares of stock or other equity instruments of the employer. The guidance also defines a fair value-based method of accounting for an employee stock award or similar equity instrument.

The following table summarizes the activity of restricted stock awards during the nine months ended September 30, 2021:


	Units	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2021	491,957	$23.53
Granted	5,184	38.59
Vested	(6,008)	33.29
Forfeited	(9,411)	23.27
Nonvested at September 30, 2021	481,722	$23.58

We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $1.5 million and $1.3 million in noncash compensation expense for the three months ended September 30, 2021 and 2020, respectively, which is included in general and administrative expense on the consolidated statements of comprehensive income.

We recognized $4.5 million and $3.8 million in noncash compensation expense for the nine months ended September 30, 2021 and 2020, respectively. Unrecognized compensation expense was $4.2 million at September 30, 2021.

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. The weighted average unvested shares outstanding, which are considered participating securities, were 481,966 and 346,434 for the three months ended September 30, 2021 and 2020, respectively and 485,897 and 345,613 for the nine months ended September 30, 2021 and 2020, respectively. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares as these unvested shares have nonforfeitable dividend equivalent rights.

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 three and nine months ended September 30, 2021 and 2020, 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):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
NUMERATOR
Net income	$	12,895	$	6,490	$	26,115	$	31,800
Less: Net income attributable to restricted shares	(145)		(87)		(417)		(260)
Less: Income from operations attributable to unitholders in the Operating Partnership	(2,709)		(1,365)		(5,459)		(6,778)

Net income attributable to common stockholders—basic	$	10,041	$	5,038	$	20,239	$	24,762
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	$	10,041	$	5,038	$	20,239	$	24,762
Plus: Income from operations attributable to unitholders in the Operating Partnership	2,709		1,365		5,459		6,778

Net income attributable to common stockholders—diluted	$	12,750	$	6,403	$	25,698	$	31,540
DENOMINATOR
Weighted average common shares outstanding—basic	59,990,343		59,825,174		59,986,844		59,757,709
Effect of dilutive securities—conversion of Operating Partnership units	16,181,537		16,292,858		16,181,537		16,357,747
Weighted average common shares outstanding—diluted	76,171,880		76,118,032		76,168,381		76,115,456

Earnings per common share, basic	$	0.17	$	0.08	$	0.34	$	0.41
Earnings per common share, diluted	$	0.17	$	0.08	$	0.34	$	0.41

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESWe 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 initial taxable year. 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. A deferred tax liability is included in the other liabilities and deferred credits, net on our consolidated balance sheets of $0.6 million and $0.6 million as of September 30, 2021 and December 31, 2020, respectively, in relation to real estate asset basis differences of property subject to state taxes based on income and certain prepaid expenses of our TRS. Income tax expense is recorded in other (expense) income, net on our consolidated statements of comprehensive income. For the three and nine months ended September 30, 2021, we recorded income tax expense of $0.2 million and $0.5 million. For the three and nine months ended September 30, 2020, we recorded income tax expense of $0.0 million and $0.1 million.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Revenue Recognition and Deferred Revenue [Abstract]

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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 See Footnote 13 for description of our leases, as a lessee. 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 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 SuitesTM 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 $4.3 million based on operating performance through September 30, 2021. Our Del Monte Center property has ongoing environmental remediation related to ground water contamination. The environmental issue existed at purchase and remains in remediation. The final stages of the remediation will include routine, long term ground monitoring by the appropriate regulatory agency over the next five years to seven years. The work performed is financed through an escrow account funded by the seller upon purchase of the Del Monte Center. 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. 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, social, and health factors affecting the markets in which the tenants operate including, without limitation, the impact the COVID-19 pandemic has had on our tenants. Fifteen of our consolidated properties are located in Southern California, which exposes us to greater economic risks than if we owned a more geographically diverse portfolio. Tenants in the retail industry accounted for 25.3% of total revenues for the nine months ended September 30, 2021. 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. Furthermore, tenants in the office industry accounted for 49.8% of total revenues for the nine months ended September 30, 2021. This makes us susceptible to demand for office rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the office industry. For the nine months ended September 30, 2021 and 2020, no tenant accounted for more than 10% of our total rental revenue.

LEASES

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

LEASES

Lessor Operating Leases

We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases.

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 years 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. Our leases may also include variable lease payments in the form of percentage rents based on the tenant’s level of sales achieved in excess of a breakpoint threshold. 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.

Leases at our office and retail properties and the retail portion of our mixed-use property may contain lease extension options, at our lessee's discretion. The extension options are generally for 3 to 10 years and contain primarily rent at fixed rates or the prevailing market rent. The extension options are generally exercisable 6 to 12 months prior to the expiration of the lease and require the lessee to not be in default of the lease terms.

We attempt to maximize the amount we expect to derive from the underlying real estate property following the end of a lease, to the extent it is not extended. We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. However, the residual value of a real estate property is still subject to various market-specific, asset-specific, and tenant-specific risks and characteristics.

As of September 30, 2021, 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 (in thousands):


Year Ending December 31,
2021 (three months ending December 31, 2021)	$	55,108
2022	231,285
2023	215,130
2024	183,250
2025	161,934
Thereafter	489,326
Total	$	1,336,033

The above future minimum rentals exclude residential leases, which typically have a term of 12 months or less, and exclude the hotel, as rooms are rented on a nightly basis.

Lessee Operating Leases

At the Landmark at One Market, we lease, as lessee, a building adjacent to the Landmark at One Market under an operating lease effective through June 30, 2026, which we have the option to extend until 2031 by way of the remaining five years extension option (the "Annex Lease"). The lease payments under the extension option provided for under the Annex Lease will be equal to the fair rental value at the time the extension option is exercised. The extension option is included in the calculation of the right-of-use asset and lease liability as we are reasonably certain of exercising the extension option.

Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement in determining the present value of lease payments.

Current annual payments under the operating leases are as follows, as of September 30, 2021 (in thousands):


Year Ending December 31,
2021 (three months ending December 31, 2021)	$	796
2022	3,232
2023	3,328
2024	3,428
2025	3,531
Thereafter	19,710
Total lease payments	$	34,025
Imputed interest	(5,570)
Present value of lease liability	$	28,455

Lease costs under the operating leases are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021			2020
Operating lease cost	$	831	$	999	$	3,095		$	2,788
Variable lease cost	—		—		—			—
Sublease income	(745)		(1,182)		(2,877)			(3,123)
Total lease (income) cost	$	86	$	(183)	$	218		$	(335)

Weighted-average remaining lease term - operating leases (in years)					9.8
Weighted-average discount rate - operating leases					3.19		%

Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands):


	Nine Months Ended September 30,
	2021		2020
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	1,996	$	2,557
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	—	$	27,321

Subleases

At the Landmark at One Market, we (as sublandlord) sublease the Annex Lease building under operating leases effective through December 31, 2029. The subleases contain extension options, subject to our ability to extend the Annex Lease, that can extend the subleases through December 31, 2039 at the fair rental value at the time the extension option is exercised.

LEASES

Lessor Operating Leases


Year Ending December 31,
2021 (three months ending December 31, 2021)	$	55,108
2022	231,285
2023	215,130
2024	183,250
2025	161,934
Thereafter	489,326
Total	$	1,336,033

The above future minimum rentals exclude residential leases, which typically have a term of 12 months or less, and exclude the hotel, as rooms are rented on a nightly basis.

Lessee Operating Leases

Current annual payments under the operating leases are as follows, as of September 30, 2021 (in thousands):


Year Ending December 31,
2021 (three months ending December 31, 2021)	$	796
2022	3,232
2023	3,328
2024	3,428
2025	3,531
Thereafter	19,710
Total lease payments	$	34,025
Imputed interest	(5,570)
Present value of lease liability	$	28,455

Lease costs under the operating leases are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021			2020
Operating lease cost	$	831	$	999	$	3,095		$	2,788
Variable lease cost	—		—		—			—
Sublease income	(745)		(1,182)		(2,877)			(3,123)
Total lease (income) cost	$	86	$	(183)	$	218		$	(335)

Weighted-average remaining lease term - operating leases (in years)					9.8
Weighted-average discount rate - operating leases					3.19		%

Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands):


	Nine Months Ended September 30,
	2021		2020
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	1,996	$	2,557
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	—	$	27,321

Subleases

COMPONENTS OF RENTAL INCOME AND EXPENSE

9 Months Ended

Sep. 30, 2021

COMPONENTS OF RENTAL INCOME AND EXPENSE

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Lease rental income
Office	$	45,855	$	43,193	$	132,229	$	127,890
Retail	23,438		18,334		65,866		64,198
Multifamily	12,169		11,770		35,684		35,380
Mixed-use	2,618		902		6,851		7,338
Percentage rent	969		1,353		2,593		1,677
Hotel revenue	8,164		4,680		17,626		13,948
Other	591		527		1,724		1,628
Total rental income	$	93,804	$	80,759	$	262,573	$	252,059

Lease rental income includes $3.8 million and $4.2 million for the three months ended September 30, 2021 and 2020, respectively, and $10.8 million and $14.0 million for the nine months ended September 30, 2021 and 2020, respectively, to recognize lease rental income on a straight-line basis. In addition, net amortization of above and below market leases included in lease rental income was $0.8 million and $0.9 million for the three months ended September 30, 2021 and 2020, respectively, and $2.4 million and $2.8 million for the nine months ended September 30, 2021 and 2020, respectively.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Rental operating	$	11,014	$	9,501	$	30,165	$	28,078
Hotel operating	5,429		3,153		12,287		10,893
Repairs and maintenance	4,492		4,199		12,263		12,816
Marketing	470		498		1,174		1,384
Rent	856		1,029		3,166		2,834
Hawaii excise tax	794		556		1,960		1,928
Management fees	411		272		901		824
Total rental expenses	$	23,466	$	19,208	$	61,916	$	58,757

OTHER (EXPENSE) INCOME, NET

9 Months Ended

Sep. 30, 2021

Other Income and Expenses [Abstract]

OTHER (EXPENSE) INCOME, NET

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Interest and investment income	$	98	$	32	$	272	$	415
Income tax expense	(150)		(12)		(451)		(127)
Other non-operating expense	—		(551)		—		(549)
Total other (expense) income, net	$	(52)	$	(531)	$	(179)	$	(261)

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS During the first quarter of 2019, we terminated a lease agreement with American Assets, Inc. ("AAI"), an entity owned and controlled by Ernest Rady, our CEO, President, and Chairman of Board, and entered into a new lease agreement with AAI for office space at Torrey Reserve Campus. Rents commenced on March 1, 2019 for an initial lease term of three years at an average annual rental rate of $0.2 million. During the third quarter of 2020, we entered into a new lease with AAI for office space at Torrey Point to replace its existing lease at Torrey Reserve Campus. Rents commenced on March 1, 2021 for an initial lease term of ten years at an average annual rental rate of $0.2 million. Rental revenue recognized on the AAI leases of $0.2 million and $0.1 million for the nine months ended September 30, 2021 and 2020, respectively, is included in rental income on the statements of comprehensive income. On occasion, the company utilizes aircraft services provided by AAI Aviation, Inc. ("AAIA"), an entity owned and controlled by Mr. Rady. For the nine months ended September 30, 2021 and 2020, we incurred approximately $0.2 million and $0.0 million of expenses, respectively, related to aircraft services of AAIA or reimbursement to Mr. Rady or the Ernest Rady Trust U/D/T March 13, 1983) for use of the aircraft owned by AAIA. These expenses are recorded as general and administrative expenses in our consolidated statements of comprehensive income. 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 $0.8 million and $0.8 million for the nine months ended September 30, 2021 and 2020, respectively, are included in rental expenses on the consolidated statements of comprehensive income.

SEGMENT REPORTING

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

SEGMENT REPORTING

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.

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):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total Office
Property revenue	$	47,433	$	44,821	$	136,467	$	133,210
Property expense	(13,016)		(11,595)		(36,029)		(34,989)
Segment profit	34,417		33,226		100,438		98,221
Total Retail
Property revenue	24,541		20,621		69,296		67,939
Property expense	(5,745)		(7,795)		(19,922)		(20,033)
Segment profit	18,796		12,826		49,374		47,906
Total Multifamily
Property revenue	13,085		12,564		38,376		37,852
Property expense	(6,213)		(5,603)		(17,197)		(16,426)
Segment profit	6,872		6,961		21,179		21,426
Total Mixed-Use
Property revenue	13,227		6,368		29,942		24,225
Property expense	(8,136)		(5,706)		(20,378)		(18,806)
Segment profit	5,091		662		9,564		5,419
Total segments’ profit	$	65,176	$	53,675	$	180,555	$	172,972

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total segments’ profit	$	65,176	$	53,675	$	180,555	$	172,972
General and administrative	(6,827)		(6,438)		(20,574)		(19,937)
Depreciation and amortization	(30,680)		(26,914)		(85,827)		(80,869)
Interest expense	(14,722)		(13,302)		(43,589)		(40,105)

Early extinguishment of debt	—		—		(4,271)		—
Other income (expense), net	(52)		(531)		(179)		(261)





Net income	12,895		6,490		26,115		31,800
Net income attributable to restricted shares	(145)		(87)		(417)		(260)
Net income attributable to unitholders in the Operating Partnership	(2,709)		(1,365)		(5,459)		(6,778)
Net income attributable to American Assets Trust, Inc. stockholders	$	10,041	$	5,038	$	20,239	$	24,762

The following table shows net real estate and secured note payable balances for each of the segments (in thousands):


	September 30, 2021		December 31, 2020
Net Real Estate
Office	$	1,528,715	$	1,317,107
Retail	594,491		607,918
Multifamily	383,095		389,804
Mixed-Use	174,656		177,905
	$	2,680,957	$	2,492,734
Secured Notes Payable (1)
Office	$	111,000	$	111,000



	$	111,000	$	111,000

(1)Excludes debt issuance costs of $0.0 million and $0.1 million for each of the periods ended September 30, 2021 and December 31, 2020, respectively.

Capital expenditures for each segment for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Capital Expenditures (1)
Office	$	17,601	$	12,572	$	48,471	$	40,053
Retail	1,317		747		4,817		7,110
Multifamily	2,121		800		4,117		2,944
Mixed-Use	704		322		1,392		3,467
	$	21,743	$	14,441	$	58,797	$	53,574

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

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

Business and Organization

SUBSEQUENT EVENT	9 Months Ended
SUBSEQUENT EVENT	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]


Retail
Carmel Country Plaza	Gateway Marketplace	Alamo Quarry Market
Carmel Mountain Plaza	Del Monte Center	Hassalo on Eighth - Retail
South Bay Marketplace	Geary Marketplace
Lomas Santa Fe Plaza	The Shops at Kalakaua
Solana Beach Towne Centre	Waikele Center

Office
La Jolla Commons	One Beach Street	Corporate Campus East III
Torrey Reserve Campus	First & Main
Torrey Point	Lloyd Portfolio
Solana Crossing	City Center Bellevue
The Landmark at One Market	Eastgate Office Park

Multifamily
Loma Palisades	Hassalo on Eighth - Residential
Imperial Beach Gardens
Mariner's Point
Santa Fe Park RV Resort
Pacific Ridge Apartments

Mixed-Use
Waikiki Beach Walk Retail and Embassy Suites™ Hotel

Held for Development and/or Construction in Progress
La Jolla Commons – Land
Solana Crossing – Land
Lloyd Portfolio – Construction in Progress

Basis of Presentation

All intercompany transactions and balances are eliminated in consolidation.

Significant Accounting Policies

Significant Accounting PoliciesWe describe our significant accounting policies in Note 1 to the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2020. There have been no changes to our significant accounting policies during the nine months ended September 30, 2021.

Segment Information

Segment InformationSegment information is prepared on the same basis that our chief operating decision maker 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.

Revenue Recognition, Leases

Revenue Recognition and Accounts Receivable

Rent Concessions – COVID-19

Recent Accounting Pronouncements

Fair Value Measurement

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:

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

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

3.Level 3 Inputs—unobservable inputs

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Consolidated Statements of Cash Flows-Supplemental Disclosures

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


	Nine Months Ended September 30,
	2021		2020
Supplemental cash flow information
Total interest costs incurred	$	45,618	$	40,892
Interest capitalized	$	2,029	$	787
Interest expense	$	43,589	$	40,105
Cash paid for interest, net of amounts capitalized	$	42,311	$	41,547
Cash paid for income taxes	$	289	$	684
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for construction in progress	$	10,119	$	14,421







Accrued leasing commissions	$	1,072	$	989

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

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

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


	September 30, 2021		December 31, 2020
In-place leases	$	67,215	$	60,965
Accumulated amortization	(35,711)		(34,758)
Above market leases	2,532		5,389
Accumulated amortization	(2,373)		(5,268)
Acquired lease intangible assets, net	$	31,663	$	26,328
Below market leases	$	58,655	$	56,677
Accumulated accretion	(35,357)		(35,219)
Acquired lease intangible liabilities, net	$	23,298	$	21,458

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Financial liabilities measured at fair value on recurring basis

A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows (in thousands):


	September 30, 2021								December 31, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Deferred compensation liability	$	—	$	2,350	$	—	$	2,350	$	—	$	2,059	$	—	$	2,059

Interest rate swap liability	$	—	$	2,874	$	—	$	2,874	$	—	$	4,531	$	—	$	4,531

Carrying amount and fair value of financial instruments

A summary of the carrying amount and fair value of our secured financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands):


	September 30, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured notes payable, net	$	110,955	$	113,955	$	110,923	$	114,074
Unsecured term loans, net	$	249,549	$	250,000	$	249,233	$	250,000
Unsecured senior guaranteed notes, net	$	797,850	$	832,820	$	947,444	$	1,017,378
Senior unsecured notes, net	$	490,373	$	514,500	$	—	$	—
Unsecured line of credit, net	$	—	$	—	$	99,151	$	100,000

DERIVATIVE AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

The following is a summary of the terms of our outstanding interest rate swaps as of September 30, 2021 (dollars in thousands):


Swap Counterparty	Notional Amount		Effective Date	Maturity Date	Fair Value
U.S. Bank N.A.	$	100,000	3/1/2016	3/1/2023	$	(1,925)
Wells Fargo Bank, N.A.	$	50,000	5/2/2016	3/1/2023	$	(949)

OTHER ASSETS (Tables)

9 Months Ended

Sep. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Components of Other Assets

Other assets consist of the following (in thousands):


	September 30, 2021		December 31, 2020
Leasing commissions, net of accumulated amortization of $38,887 and $35,167, respectively	$	37,709	$	38,173

Acquired above market leases, net	159		121
Acquired in-place leases, net	31,504		26,207
Lease incentives, net of accumulated amortization of $914 and $802, respectively	611		994
Other intangible assets, net of accumulated amortization of $1,288 and $1,213, respectively	2,539		2,565
Debt issuance costs, net of accumulated amortization of $1,527 and $0, respectively	543		—

Right-of-use lease asset, net	26,824		29,350
Prepaid expenses and other	8,795		8,702
Total other assets	$	108,684	$	106,112

OTHER LIABILITIES AND DEFERRED CREDITS (Tables)

9 Months Ended

Sep. 30, 2021

Other Liabilities Disclosure [Abstract]

Other liabilities and deferred credits

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


	September 30, 2021		December 31, 2020
Acquired below market leases, net	$	23,298	$	21,458
Prepaid rent and deferred revenue	14,075		14,518
Interest rate swap liability	2,874		4,531
Deferred rent expense and lease intangible	6		16
Deferred compensation	2,350		2,059
Deferred tax liability	573		570
Straight-line rent liability	15,142		18,049
Lease liability	28,455		30,060
Other liabilities	32		39
Total other liabilities and deferred credits, net	$	86,805	$	91,300

DEBT (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Summary of total secured notes payable outstanding

The following table is a summary of our total secured notes payable outstanding as of September 30, 2021 and December 31, 2020 (in thousands):


	Principal Balance as of				Stated Interest Rate		Stated Maturity Date
Description of Debt	September 30, 2021		December 31, 2020		as of September 30, 2021



City Center Bellevue (1)	111,000		111,000		3.98	%	November 1, 2022
	111,000		111,000

Debt issuance costs, net of accumulated amortization of $376 and $345, respectively	(45)		(77)
Total Secured Notes Payable Outstanding	$	110,955	$	110,923

(1)Interest only.

The following table is a summary of the Operating Partnership's total unsecured notes payable outstanding as of September 30, 2021 and December 31, 2020 (in thousands):


Description of Debt	Principal Balance as of				Stated Interest Rate			Stated Maturity Date
	September 30, 2021		December 31, 2020		as of September 30, 2021
Term Loan A	$	100,000	$	100,000	Variable		(1)	January 9, 2022
Senior Guaranteed Notes, Series A (2)	—		150,000		4.04	%	(3)	October 31, 2021
Term Loan B	100,000		100,000		Variable		(4)	March 1, 2023
Term Loan C	50,000		50,000		Variable		(5)	March 1, 2023
Senior Guaranteed Notes, Series F	100,000		100,000		3.78	%	(6)	July 19, 2024
Senior Guaranteed Notes, Series B	100,000		100,000		4.45	%		February 2, 2025
Senior Guaranteed Notes, Series C	100,000		100,000		4.50	%		April 1, 2025
Senior Guaranteed Notes, Series D	250,000		250,000		4.29	%	(7)	March 1, 2027
Senior Guaranteed Notes, Series E	100,000		100,000		4.24	%	(8)	May 23, 2029
Senior Guaranteed Notes, Series G	150,000		150,000		3.91	%	(9)	July 30, 2030
3.375% Senior Unsecured Notes	500,000		—		3.38	%		February 1, 2031
	1,550,000		1,200,000
Debt discount and issuance costs, net of accumulated amortization of $9,128 and $8,856, respectively	(12,228)		(3,323)
Total Unsecured Notes Payable	$	1,537,772	$	1,196,677

(2)Notes prepaid in full, with make-whole penalty thereon of approximately $3.9 million, on January 26, 2021.

EQUITY OF AMERICAN ASSETS TRUST, INC. (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

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 during the nine months ended September 30, 2021:

Period

Amount per
Share/Unit

Period Covered

Dividend Paid Date

First Quarter 2021

0.28

January 1, 2021 to March 31, 2021

March 25, 2021

Second Quarter 2021

0.28

April 1, 2021 to June 30, 2021

June 24, 2021

Third Quarter 2021

0.30

July 1, 2021 to September 30, 2021

September 23, 2021

Activity of restricted stock awards

The following table summarizes the activity of restricted stock awards during the nine months ended September 30, 2021:


	Units	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2021	491,957	$23.53
Granted	5,184	38.59
Vested	(6,008)	33.29
Forfeited	(9,411)	23.27
Nonvested at September 30, 2021	481,722	$23.58

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):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
NUMERATOR
Net income	$	12,895	$	6,490	$	26,115	$	31,800
Less: Net income attributable to restricted shares	(145)		(87)		(417)		(260)
Less: Income from operations attributable to unitholders in the Operating Partnership	(2,709)		(1,365)		(5,459)		(6,778)

Net income attributable to common stockholders—basic	$	10,041	$	5,038	$	20,239	$	24,762
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	$	10,041	$	5,038	$	20,239	$	24,762
Plus: Income from operations attributable to unitholders in the Operating Partnership	2,709		1,365		5,459		6,778

Net income attributable to common stockholders—diluted	$	12,750	$	6,403	$	25,698	$	31,540
DENOMINATOR
Weighted average common shares outstanding—basic	59,990,343		59,825,174		59,986,844		59,757,709
Effect of dilutive securities—conversion of Operating Partnership units	16,181,537		16,292,858		16,181,537		16,357,747
Weighted average common shares outstanding—diluted	76,171,880		76,118,032		76,168,381		76,115,456

Earnings per common share, basic	$	0.17	$	0.08	$	0.34	$	0.41
Earnings per common share, diluted	$	0.17	$	0.08	$	0.34	$	0.41

LEASES (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Current minimum future rentals under the leases


Year Ending December 31,
2021 (three months ending December 31, 2021)	$	55,108
2022	231,285
2023	215,130
2024	183,250
2025	161,934
Thereafter	489,326
Total	$	1,336,033

Current minimum annual payments under the leases

Current annual payments under the operating leases are as follows, as of September 30, 2021 (in thousands):


Year Ending December 31,
2021 (three months ending December 31, 2021)	$	796
2022	3,232
2023	3,328
2024	3,428
2025	3,531
Thereafter	19,710
Total lease payments	$	34,025
Imputed interest	(5,570)
Present value of lease liability	$	28,455

Lease costs under operating leases and supplemental cash flow information of leases

Lease costs under the operating leases are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021			2020
Operating lease cost	$	831	$	999	$	3,095		$	2,788
Variable lease cost	—		—		—			—
Sublease income	(745)		(1,182)		(2,877)			(3,123)
Total lease (income) cost	$	86	$	(183)	$	218		$	(335)

Weighted-average remaining lease term - operating leases (in years)					9.8
Weighted-average discount rate - operating leases					3.19		%

Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands):


	Nine Months Ended September 30,
	2021		2020
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	1,996	$	2,557
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	—	$	27,321

COMPONENTS OF RENTAL INCOME AND EXPENSE (Tables)

9 Months Ended

Sep. 30, 2021

Revenue Recognition and Deferred Revenue [Abstract]

Principal components of rental income

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Lease rental income
Office	$	45,855	$	43,193	$	132,229	$	127,890
Retail	23,438		18,334		65,866		64,198
Multifamily	12,169		11,770		35,684		35,380
Mixed-use	2,618		902		6,851		7,338
Percentage rent	969		1,353		2,593		1,677
Hotel revenue	8,164		4,680		17,626		13,948
Other	591		527		1,724		1,628
Total rental income	$	93,804	$	80,759	$	262,573	$	252,059

Principal components of rental expenses

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Rental operating	$	11,014	$	9,501	$	30,165	$	28,078
Hotel operating	5,429		3,153		12,287		10,893
Repairs and maintenance	4,492		4,199		12,263		12,816
Marketing	470		498		1,174		1,384
Rent	856		1,029		3,166		2,834
Hawaii excise tax	794		556		1,960		1,928
Management fees	411		272		901		824
Total rental expenses	$	23,466	$	19,208	$	61,916	$	58,757

OTHER (EXPENSE) INCOME, NET (Tables)

9 Months Ended

Sep. 30, 2021

Other Income and Expenses [Abstract]

Principal components of other expense, net

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Interest and investment income	$	98	$	32	$	272	$	415
Income tax expense	(150)		(12)		(451)		(127)
Other non-operating expense	—		(551)		—		(549)
Total other (expense) income, net	$	(52)	$	(531)	$	(179)	$	(261)

SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of segments operating activity

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total Office
Property revenue	$	47,433	$	44,821	$	136,467	$	133,210
Property expense	(13,016)		(11,595)		(36,029)		(34,989)
Segment profit	34,417		33,226		100,438		98,221
Total Retail
Property revenue	24,541		20,621		69,296		67,939
Property expense	(5,745)		(7,795)		(19,922)		(20,033)
Segment profit	18,796		12,826		49,374		47,906
Total Multifamily
Property revenue	13,085		12,564		38,376		37,852
Property expense	(6,213)		(5,603)		(17,197)		(16,426)
Segment profit	6,872		6,961		21,179		21,426
Total Mixed-Use
Property revenue	13,227		6,368		29,942		24,225
Property expense	(8,136)		(5,706)		(20,378)		(18,806)
Segment profit	5,091		662		9,564		5,419
Total segments’ profit	$	65,176	$	53,675	$	180,555	$	172,972

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):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total segments’ profit	$	65,176	$	53,675	$	180,555	$	172,972
General and administrative	(6,827)		(6,438)		(20,574)		(19,937)
Depreciation and amortization	(30,680)		(26,914)		(85,827)		(80,869)
Interest expense	(14,722)		(13,302)		(43,589)		(40,105)

Early extinguishment of debt	—		—		(4,271)		—
Other income (expense), net	(52)		(531)		(179)		(261)





Net income	12,895		6,490		26,115		31,800
Net income attributable to restricted shares	(145)		(87)		(417)		(260)
Net income attributable to unitholders in the Operating Partnership	(2,709)		(1,365)		(5,459)		(6,778)
Net income attributable to American Assets Trust, Inc. stockholders	$	10,041	$	5,038	$	20,239	$	24,762

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 (in thousands):


	September 30, 2021		December 31, 2020
Net Real Estate
Office	$	1,528,715	$	1,317,107
Retail	594,491		607,918
Multifamily	383,095		389,804
Mixed-Use	174,656		177,905
	$	2,680,957	$	2,492,734
Secured Notes Payable (1)
Office	$	111,000	$	111,000



	$	111,000	$	111,000

(1)Excludes debt issuance costs of $0.0 million and $0.1 million for each of the periods ended September 30, 2021 and December 31, 2020, respectively.

Capital expenditures for each segment

Capital expenditures for each segment for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Capital Expenditures (1)
Office	$	17,601	$	12,572	$	48,471	$	40,053
Retail	1,317		747		4,817		7,110
Multifamily	2,121		800		4,117		2,944
Mixed-Use	704		322		1,392		3,467
	$	21,743	$	14,441	$	58,797	$	53,574

(1)Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021 USD ($) Employee Property Room	Sep. 30, 2021 USD ($) Employee Property Segment Room	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Number of employees \| Employee	203	203
Office, retail, multifamily, and mixed-use operating properties \| Property	30	30
Properties held for development \| Property	3	3
Number of operating segments \| Segment		4
Room in mixed-use segment all-suite hotel \| Room	369	369
Allowance for Doubtful Accounts, Rent Receivables \| $	$ 6.2	$ 6.2	$ 10.0
Deferred Rent Repayments - COVID-19 \| $	$ 0.8
Deferred Rent Repayments - COVID-19 (Percentage)	96.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplement Disclosures Related to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Total interest costs incurred			$ 45,618	$ 40,892
Interest capitalized			2,029	787
Interest expense	$ 14,722	$ 13,302	43,589	40,105
Cash paid for interest, net of amounts capitalized			42,311	41,547
Cash paid for income taxes			289	684
Accounts payable and accrued liabilities for construction in progress			10,119	14,421
Accrued leasing commissions			$ 1,072	$ 989

REAL ESTATE (Details) $ in Thousands			1 Months Ended	3 Months Ended							9 Months Ended
REAL ESTATE (Details) $ in Thousands	Sep. 10, 2021 USD ($) ft²	Jul. 07, 2021 USD ($) ft²	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Real Estate [Line Items]
Acquired in-place leases, net			$ 31,504	$ 31,504	$ 31,504						$ 31,504		$ 26,207
Prepaid expenses and other			8,795	8,795	8,795						8,795		8,702
Assets			3,051,070	3,051,070	3,051,070						3,051,070		2,817,309
Accounts payable and accrued expenses			(88,851)	(88,851)	(88,851)						(88,851)		(59,262)
Security deposits payable			(7,996)	(7,996)	(7,996)						(7,996)		(6,590)
Other liabilities and deferred credits, net			(86,805)	(86,805)	(86,805)						(86,805)		(91,300)
Liabilities			(1,832,379)	(1,832,379)	(1,832,379)						(1,832,379)		(1,563,903)
Revenues					98,286			$ 84,374			274,081	$ 263,226
Operating Income (Loss)					27,669			20,323			74,154	72,166
Net income					12,895	$ 11,487	$ 1,733	6,490	$ 9,826	$ 15,484	26,115	31,800
American Assets Trust, L.P.
Real Estate [Line Items]
Assets			3,051,070	3,051,070	3,051,070						3,051,070		2,817,309
Accounts payable and accrued expenses			(88,851)	(88,851)	(88,851)						(88,851)		(59,262)
Security deposits payable			(7,996)	(7,996)	(7,996)						(7,996)		(6,590)
Other liabilities and deferred credits, net			(86,805)	(86,805)	(86,805)						(86,805)		(91,300)
Liabilities			(1,832,379)	(1,832,379)	(1,832,379)						(1,832,379)		$ (1,563,903)
Revenues					98,286			84,374			274,081	263,226
Operating Income (Loss)					27,669			20,323			74,154	72,166
Net income					12,895	$ 11,487	$ 1,733	$ 6,490	$ 9,826	$ 15,484	26,115	$ 31,800
Office Building
Real Estate [Line Items]
Revenues				2,796
Operating Expenses				(3,055)
Operating Income (Loss)				(259)
Net income				(258)
Office Building \| Eastgate Office Park
Real Estate [Line Items]
Area of Real Estate Property \| ft²		280,000
Payments to Acquire Productive Assets		$ 125,000
Acquisition Cost Capitalized		$ 200
Land			35,822	35,822	35,822						35,822
Buildings and Improvements, Gross			76,692	76,692	76,692						76,692
Land Improvements			1,740	1,740	1,740						1,740
Furniture and Fixtures, Gross			4,305	4,305	4,305						4,305
Property, Plant and Equipment, Gross			118,559	118,559	118,559						118,559
Acquired in-place leases, net			7,023	7,023	7,023						7,023
Prepaid expenses and other			8	8	8						8
Assets			125,590	125,590	125,590						125,590
Accounts payable and accrued expenses			(31)	(31)	(31)						(31)
Security deposits payable			(513)	(513)	(513)						(513)
Other liabilities and deferred credits, net			(535)	(535)	(535)						(535)
Liabilities			(1,079)	(1,079)	(1,079)						$ (1,079)
Revenues				2,432
Operating Expenses				(2,572)
Operating Income (Loss)				(140)
Net income				(139)
Office Building \| Eastgate Office Park \| Leases
Real Estate [Line Items]
Weighted average useful life (in years)											3 years 6 months
Office Building \| Corporate Campus East III
Real Estate [Line Items]
Area of Real Estate Property \| ft²	161,000
Payments to Acquire Productive Assets	$ 84,000
Purchase price seller credits, future rent abatement	1,100
Purchase price seller credits, contractual tenant improvements	2,100
Acquisition Cost Capitalized	$ 100
Land			23,203	23,203	23,203						$ 23,203
Buildings and Improvements, Gross			52,234	52,234	52,234						52,234
Land Improvements			667	667	667						667
Furniture and Fixtures, Gross			3,091	3,091	3,091						3,091
Property, Plant and Equipment, Gross			79,195	79,195	79,195						79,195
Acquired in-place leases, net			5,341	5,341	5,341						5,341
Prepaid expenses and other			13	13	13						13
Assets			84,549	84,549	84,549						84,549
Accounts payable and accrued expenses			(9)	(9)	(9)						(9)
Security deposits payable			(310)	(310)	(310)						(310)
Other liabilities and deferred credits, net			(3,844)	(3,844)	(3,844)						(3,844)
Liabilities			(4,163)	$ (4,163)	$ (4,163)						$ (4,163)
Revenues			364
Operating Expenses			(483)
Operating Income (Loss)			(119)
Net income			$ (119)
Office Building \| Corporate Campus East III \| Leases
Real Estate [Line Items]
Weighted average useful life (in years)											5 years 6 months

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES Acquired Lease Intangibles and Leasing Costs Included in Other Assets and Other Liabilities and Deferred Credits (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Leases, gross	$ 159	$ 121
Accumulated amortization	(1,288)	(1,213)
Below market leases	58,655	56,677
Accumulated accretion	(35,357)	(35,219)
Acquired lease intangible liabilities, net	23,298	21,458
Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	31,663	26,328
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Leases, gross	67,215	60,965
Accumulated amortization	(35,711)	(34,758)
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Leases, gross	2,532	5,389
Accumulated amortization	$ (2,373)	$ (5,268)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Fair Value, Inputs, Level 2	Sep. 30, 2021
Minimum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate (as a percent)	0.019
Maximum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate (as a percent)	0.037

FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Liabilities Fair Value Measurement on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	$ 2,350	$ 2,059
Interest rate swap liability	2,874	4,531
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	0	0
Interest rate swap liability	0	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	2,350	2,059
Interest rate swap liability	2,874	4,531
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	0	0
Interest rate swap liability	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Repayments of Unsecured Debt	$ 155,375	$ 0
Secured notes payable, net \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	110,955		$ 110,923
Unsecured term loans, net \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	249,549		249,233
Unsecured senior guaranteed notes, net \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	797,850		947,444
Unsecured line of credit, net \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0		99,151
Senior Unsecured Notes \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	490,373		0
Fair Value, Inputs, Level 2 \| Secured notes payable, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	113,955		114,074
Fair Value, Inputs, Level 2 \| Unsecured term loans, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	250,000		250,000
Fair Value, Inputs, Level 2 \| Unsecured senior guaranteed notes, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	832,820		1,017,378
Fair Value, Inputs, Level 2 \| Unsecured line of credit, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0		100,000
Fair Value, Inputs, Level 2 \| Senior Unsecured Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 514,500		$ 0

DERIVATIVE AND HEDGING ACTIVITIES (Details) - USD ($)						9 Months Ended
DERIVATIVE AND HEDGING ACTIVITIES (Details) - USD ($)	Jul. 17, 2019	May 11, 2017	Jan. 18, 2017	Sep. 19, 2014	Aug. 19, 2014	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimated derivative reclassification from Accumulated OCI to Income						$ 1,100,000
American Assets Trust, L.P. \| Forward Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative contract term					7 years
Gain on derivative settlement	$ 500,000	$ 700,000	$ 10,400,000	$ 1,600,000
Designated as Hedging Instrument \| Cash Flow Hedging \| American Assets Trust, L.P. \| Interest Rate Swap, 3/1/2023 \| Wells Fargo Bank, N.A.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount						$ 50,000,000
Effective Date						May 02, 2016
Maturity Date						Mar. 01, 2023
Interest rate swap liability						$ (949,000)
Interest Rate Derivative Liabilities, at Fair Value						949,000
Designated as Hedging Instrument \| Cash Flow Hedging \| American Assets Trust, L.P. \| Interest Rate Swap, 3/1/2023 \| U.S. Bank N.A.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount						$ 100,000,000
Effective Date						Mar. 01, 2016
Maturity Date						Mar. 01, 2023
Interest rate swap liability						$ (1,925,000)
Interest Rate Derivative Liabilities, at Fair Value						$ 1,925,000

OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing commissions, net of accumulated amortization of $38,887 and $35,167, respectively	$ 37,709	$ 38,173
Acquired above market leases, net	159	121
Acquired in-place leases, net	31,504	26,207
Lease incentives, net of accumulated amortization of $914 and $802, respectively	611	994
Other intangible assets, net of accumulated amortization of $1,288 and $1,213, respectively	2,539	2,565
Debt issuance costs, net of accumulated amortization of $1,527 and $0, respectively	543	0
Right-of-use lease asset, net	26,824	29,350
Prepaid expenses and other	8,795	8,702
Total other assets	108,684	106,112
Leasing commissions, accumulative amortization	(38,887)	(35,167)
Lease incentives, accumulated amortization	(914)	(802)
Other intangible assets, accumulated amortization	(1,288)	(1,213)
Debt issuance costs, accumulated amortization	$ (1,527)	$ 0

OTHER LIABILITIES AND DEFERRED CREDITS (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Acquired below market leases, net	$ 23,298	$ 21,458
Prepaid rent and deferred revenue	14,075	14,518
Interest rate swap liability	2,874	4,531
Deferred rent expense and lease intangible	6	16
Deferred compensation	2,350	2,059
Deferred tax liability	573	570
Straight-line rent liability	15,142	18,049
Lease liability	28,455	30,060
Other liabilities	32	39
Total other liabilities and deferred credits, net	$ 86,805	$ 91,300

DEBT - Summary of Total Secured Notes Payable Outstanding (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt issuance costs, net	$ (543)	$ 0
Debt issuance costs, accumulated amortization	1,527	0
American Assets Trust, L.P. \| Secured notes payable, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	111,000	111,000
Debt issuance costs, net	(45)	(77)
Total Debt Outstanding	110,955	110,923
Debt issuance costs, accumulated amortization	376	345
American Assets Trust, L.P. \| City Center Bellevue \| Secured notes payable, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	$ 111,000	$ 111,000
Stated Interest Rate	3.98%
Stated Maturity Date	Nov. 01, 2022

DEBT - Summary of Total Unsecured Notes Payable Outstanding (Details) - USD ($) $ in Thousands								3 Months Ended		9 Months Ended
	Jan. 26, 2021	Jul. 17, 2019	Jun. 23, 2017	May 11, 2017	Jan. 18, 2017	Sep. 19, 2014	Aug. 19, 2014	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2018
Debt Instrument [Line Items]
Debt issuance costs, net								$ (543)		$ (543)		$ 0
Debt issuance costs, accumulated amortization								1,527		1,527		0
Early extinguishment of debt								0	$ 0	(4,271)	$ 0
American Assets Trust, L.P.
Debt Instrument [Line Items]
Early extinguishment of debt								0	$ 0	(4,271)	$ 0
American Assets Trust, L.P. \| Forward Contracts
Debt Instrument [Line Items]
Derivative contract term							7 years
Gain on derivative settlement		$ 500		$ 700	$ 10,400	$ 1,600
Loss on derivative settlement			$ 500
American Assets Trust, L.P. \| Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								1,550,000		1,550,000		1,200,000
Debt issuance costs, net								(12,228)		(12,228)		(3,323)
Total Debt Outstanding								1,537,772		1,537,772		1,196,677
Debt issuance costs, accumulated amortization								$ 9,128		$ 9,128		8,856
American Assets Trust, L.P. \| Term Loan A \| Interest Rate Swap
Debt Instrument [Line Items]
Derivative fixed interest rate (in percent)								4.13%		4.13%
American Assets Trust, L.P. \| Term Loan A \| Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000		$ 100,000		100,000
Stated Maturity Date										Jan. 09, 2022
American Assets Trust, L.P. \| Senior Guaranteed Notes, Series A \| Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)								3.88%		3.88%
American Assets Trust, L.P. \| Senior Guaranteed Notes, Series A \| Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 0		$ 0		150,000
Stated Interest Rate								4.04%		4.04%
Stated Maturity Date										Oct. 31, 2021
Early extinguishment of debt	$ 3,900
American Assets Trust, L.P. \| Term Loan B \| Interest Rate Swap
Debt Instrument [Line Items]
Derivative fixed interest rate (in percent)								2.65%		2.65%			3.15%
American Assets Trust, L.P. \| Term Loan B \| Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000		$ 100,000		100,000
Stated Maturity Date										Mar. 01, 2023
American Assets Trust, L.P. \| Term Loan C \| Interest Rate Swap
Debt Instrument [Line Items]
Derivative fixed interest rate (in percent)								2.64%		2.64%			3.14%
American Assets Trust, L.P. \| Term Loan C \| Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 50,000		$ 50,000		50,000
Stated Maturity Date										Mar. 01, 2023
American Assets Trust, L.P. \| Senior Guaranteed Notes, Series F \| Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)								3.85%		3.85%
American Assets Trust, L.P. \| Senior Guaranteed Notes, Series F \| Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000		$ 100,000		100,000
Stated Interest Rate								3.78%		3.78%
Stated Maturity Date										Jul. 19, 2024
American Assets Trust, L.P. \| Senior Guaranteed Notes, Series B \| Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000		$ 100,000		100,000
Stated Interest Rate								4.45%		4.45%
Stated Maturity Date										Feb. 02, 2025
American Assets Trust, L.P. \| Senior Guaranteed Notes, Series C \| Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000		$ 100,000		100,000
Stated Interest Rate								4.50%		4.50%
Stated Maturity Date										Apr. 01, 2025
American Assets Trust, L.P. \| Senior Guaranteed Notes, Series D \| Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)								3.87%		3.87%
American Assets Trust, L.P. \| Senior Guaranteed Notes, Series D \| Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 250,000		$ 250,000		250,000
Stated Interest Rate								4.29%		4.29%
Stated Maturity Date										Mar. 01, 2027
American Assets Trust, L.P. \| Senior Guaranteed Notes, Series E \| Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)								4.18%		4.18%
American Assets Trust, L.P. \| Senior Guaranteed Notes, Series E \| Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000		$ 100,000		100,000
Stated Interest Rate								4.24%		4.24%
Stated Maturity Date										May 23, 2029
American Assets Trust, L.P. \| Senior Guaranteed Notes, Series G \| Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)								3.88%		3.88%
American Assets Trust, L.P. \| Senior Guaranteed Notes, Series G \| Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 150,000		$ 150,000		150,000
Stated Interest Rate								3.91%		3.91%
Stated Maturity Date										Jul. 30, 2030
American Assets Trust, L.P. \| 3.375% Senior Unsecured Notes
Debt Instrument [Line Items]
Stated Interest Rate	3.375%
American Assets Trust, L.P. \| 3.375% Senior Unsecured Notes \| Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 500,000		$ 500,000		$ 0
Stated Interest Rate								3.38%		3.38%
Stated Maturity Date										Feb. 01, 2031

DEBT - Narrative (Details)				3 Months Ended		9 Months Ended
DEBT - Narrative (Details)	Jan. 26, 2021 USD ($)	Jan. 09, 2019 Extension_Option	Jan. 09, 2018 USD ($) Extension_Option	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Unsecured line of credit, net				$ 0		$ 0		$ 99,151,000
Repayments of Unsecured Debt						155,375,000	$ 0
Early extinguishment of debt				0	$ 0	(4,271,000)	0
Repayments of Lines of Credit						100,000,000	0
Unsecured term loans, net \| Term Loan B \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on federal funds rate			0.50%
Unsecured term loans, net \| Term Loan B \| Eurodollar
Debt Instrument [Line Items]
Basis spread on Eurodollar rate			1.00%
Unsecured term loans, net \| Term Loan C \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on federal funds rate			0.50%
Unsecured term loans, net \| Term Loan C \| Eurodollar
Debt Instrument [Line Items]
Basis spread on Eurodollar rate			1.00%
Unsecured term loans, net \| Term Loan A \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on federal funds rate		0.50%
Unsecured term loans, net \| Term Loan A \| Eurodollar
Debt Instrument [Line Items]
Basis spread on Eurodollar rate		1.00%
Unsecured term loans, net \| Second Amended and Restated Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
Unsecured line of credit, net
Debt Instrument [Line Items]
Minimum fixed charge coverage ratio covenant threshold			1.50
Minimum unsecured leverage ratio			175.00%
Maximum leverage ratio of revolving credit facility			60.00%
Maximum secured leverage ratio on revolving credit facility			40.00%
Maximum unsecured leverage ratio			60.00%
Maximum recourse indebtedness of total asset value			15.00%
Unsecured line of credit, net \| Second Amended and Restated Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Unsecured line of credit, net \| Second Amended and Restated Credit Facility \| Base Rate
Debt Instrument [Line Items]
Basis spread on federal funds rate			0.50%
American Assets Trust, L.P.
Debt Instrument [Line Items]
Unsecured line of credit, net				0		0		99,151,000
Repayments of Unsecured Debt						155,375,000	0
Early extinguishment of debt				0	$ 0	(4,271,000)	0
Repayments of Lines of Credit						100,000,000	$ 0
American Assets Trust, L.P. \| Term Loan B
Debt Instrument [Line Items]
Term of debt instrument			7 years
American Assets Trust, L.P. \| Term Loan B \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.70%
American Assets Trust, L.P. \| Term Loan B \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.35%
American Assets Trust, L.P. \| Term Loan C
Debt Instrument [Line Items]
Term of debt instrument			7 years
American Assets Trust, L.P. \| Term Loan C \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.70%
American Assets Trust, L.P. \| Term Loan C \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.35%
American Assets Trust, L.P. \| Term Loan A \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.20%
American Assets Trust, L.P. \| Term Loan A \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.70%
American Assets Trust, L.P. \| Second Amended and Restated Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity			$ 450,000,000
Additional borrowing capacity			$ 250,000,000
American Assets Trust, L.P. \| 3.375% Senior Unsecured Notes
Debt Instrument [Line Items]
Stated Interest Rate	3.375%
Proceeds from Debt, Net of Issuance Costs	$ 489,700,000
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity, after Year 10	3.502%
Note Offering Percent	0.98935
American Assets Trust, L.P. \| Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				1,550,000,000		1,550,000,000		1,200,000,000
American Assets Trust, L.P. \| Unsecured term loans, net \| Senior Guaranteed Notes, Series G
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				$ 150,000,000		$ 150,000,000		150,000,000
Stated Interest Rate				3.91%		3.91%
Stated Maturity Date						Jul. 30, 2030
American Assets Trust, L.P. \| Unsecured term loans, net \| Term Loan B
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				$ 100,000,000		$ 100,000,000		100,000,000
Stated Maturity Date						Mar. 01, 2023
American Assets Trust, L.P. \| Unsecured term loans, net \| Term Loan B \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
American Assets Trust, L.P. \| Unsecured term loans, net \| Term Loan B \| Base Rate
Debt Instrument [Line Items]
Minimum base rate			0.00%
Prime rate			prime rate
Federal funds rate			federal funds rate
Eurodollar rate			Eurodollar
American Assets Trust, L.P. \| Unsecured term loans, net \| Term Loan B \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.20%
American Assets Trust, L.P. \| Unsecured term loans, net \| Term Loan B \| Maximum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
American Assets Trust, L.P. \| Unsecured term loans, net \| Term Loan C
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				50,000,000		$ 50,000,000		50,000,000
Stated Maturity Date						Mar. 01, 2023
American Assets Trust, L.P. \| Unsecured term loans, net \| Term Loan C \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
American Assets Trust, L.P. \| Unsecured term loans, net \| Term Loan C \| Base Rate
Debt Instrument [Line Items]
Minimum base rate			0.00%
Prime rate			prime rate
Federal funds rate			federal funds rate
Eurodollar rate			Eurodollar
American Assets Trust, L.P. \| Unsecured term loans, net \| Term Loan C \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.20%
American Assets Trust, L.P. \| Unsecured term loans, net \| Term Loan C \| Maximum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
American Assets Trust, L.P. \| Unsecured term loans, net \| Term Loan A
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				100,000,000		$ 100,000,000		100,000,000
Stated Maturity Date						Jan. 09, 2022
Debt extension options \| Extension_Option		3
Extension term		1 year
American Assets Trust, L.P. \| Unsecured term loans, net \| Term Loan A \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
American Assets Trust, L.P. \| Unsecured term loans, net \| Term Loan A \| Base Rate
Debt Instrument [Line Items]
Prime rate		prime rate
Federal funds rate		federal funds rate
Eurodollar rate		Eurodollar
American Assets Trust, L.P. \| Unsecured term loans, net \| Term Loan A \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
American Assets Trust, L.P. \| Unsecured term loans, net \| Term Loan A \| Maximum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.70%
American Assets Trust, L.P. \| Unsecured term loans, net \| Term Loan B & Term Loan C
Debt Instrument [Line Items]
Face amount of debt			$ 150,000,000
American Assets Trust, L.P. \| Unsecured term loans, net \| Second Amended and Restated Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity			$ 100,000,000
American Assets Trust, L.P. \| Unsecured term loans, net \| Second Amended and Restated Credit Facility \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.30%
American Assets Trust, L.P. \| Unsecured term loans, net \| Second Amended and Restated Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.30%
American Assets Trust, L.P. \| Unsecured term loans, net \| Second Amended and Restated Credit Facility \| Maximum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.90%
American Assets Trust, L.P. \| Unsecured term loans, net \| Second Amended and Restated Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.90%
American Assets Trust, L.P. \| Unsecured term loans, net \| Senior Guaranteed Notes, Series A
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				$ 0		$ 0		150,000,000
Stated Interest Rate				4.04%		4.04%
Stated Maturity Date						Oct. 31, 2021
Repayments of Unsecured Debt	$ 150,000,000
Early extinguishment of debt	3,900,000
American Assets Trust, L.P. \| Unsecured term loans, net \| 3.375% Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				$ 500,000,000		$ 500,000,000		$ 0
Stated Interest Rate				3.38%		3.38%
Stated Maturity Date						Feb. 01, 2031
Face amount of debt	500,000,000
American Assets Trust, L.P. \| Unsecured line of credit, net \| Second Amended and Restated Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, net, revolving credit facility				$ (500,000)		$ (500,000)
Weighted average interest rate, revolving credit facility						1.19%
Repayments of Lines of Credit	$ 100,000,000
American Assets Trust, L.P. \| Unsecured line of credit, net \| Second Amended and Restated Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity			$ 350,000,000
Debt extension options \| Extension_Option			2
American Assets Trust, L.P. \| Unsecured line of credit, net \| Second Amended and Restated Credit Facility \| London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
American Assets Trust, L.P. \| Unsecured line of credit, net \| Second Amended and Restated Credit Facility \| Base Rate
Debt Instrument [Line Items]
Prime rate			prime rate
Federal funds rate			federal funds rate
American Assets Trust, L.P. \| Unsecured line of credit, net \| Second Amended and Restated Credit Facility \| Minimum \| London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.05%
American Assets Trust, L.P. \| Unsecured line of credit, net \| Second Amended and Restated Credit Facility \| Minimum \| Base Rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
American Assets Trust, L.P. \| Unsecured line of credit, net \| Second Amended and Restated Credit Facility \| Maximum \| London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
American Assets Trust, L.P. \| Unsecured line of credit, net \| Second Amended and Restated Credit Facility \| Maximum \| Base Rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%

PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021 shares	Sep. 30, 2020 shares	Sep. 30, 2021 shares	Sep. 30, 2020 shares
American Assets Trust, L.P.
Capital Unit [Line Items]
Percentage of ownership interests classified as noncontrolling	21.20%		21.20%
American Assets Trust, L.P.
Capital Unit [Line Items]
Noncontrolling common units (in shares)	16,181,537		16,181,537
American Assets Trust, L.P. \| Operating Partnership Units
Capital Unit [Line Items]
Antidilutive securities excluded from computation of EPS (in shares)	481,966	346,434	485,897	345,613
Limited Partner \| American Assets Trust, L.P.
Capital Unit [Line Items]
Common unit conversion ratio			1
Common Shares
Capital Unit [Line Items]
Conversion of operating partnership units (in shares)		209,011
Common Shares \| American Assets Trust, L.P.
Capital Unit [Line Items]
Conversion of operating partnership units (in shares)			0
Common Shares \| Limited Partner \| American Assets Trust, L.P.
Capital Unit [Line Items]
Conversion of operating partnership units (in shares)		(209,011)

EQUITY OF AMERICAN ASSETS TRUST, INC. - Narrative (Details)			3 Months Ended		9 Months Ended
	Mar. 02, 2018 Agent	May 27, 2015 USD ($) Agent	Sep. 30, 2021 USD ($) shares	Sep. 30, 2020 USD ($) shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2020 USD ($) shares
Equity [Line Items]
Noncash compensation expense			$ 1,500,000	$ 1,300,000	$ 4,500,000	$ 3,800,000
Unrecognized compensation expense			4,200,000		4,200,000
At The Market Equity Program
Equity [Line Items]
Number of sales agents \| Agent	1	5
Aggregate offering price of common share		$ 250,000,000
Remaining capacity to issue			$ 132,600,000		$ 132,600,000
American Assets Trust, L.P. \| Operating Partnership Units
Equity [Line Items]
Antidilutive securities excluded from computation of EPS (in shares) \| shares			481,966	346,434	485,897	345,613

EQUITY OF AMERICAN ASSETS TRUST, INC. - Dividends Declare and Paid on Shares on Common Stock and Noncontrolling Common Units (Details) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Equity [Abstract]
Dividends period	Third Quarter 2021	Second Quarter 2021	First Quarter 2021
Amount per Share/Unit (in USD per unit)	$ 0.30	$ 0.28	$ 0.28
Date dividend to be paid	Sep. 23, 2021	Jun. 24, 2021	Mar. 25, 2021

EQUITY OF AMERICAN ASSETS TRUST, INC. - Summary of Activity of Restricted Stock Awards (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Noncash compensation expense	$ 1.5	$ 1.3	$ 4.5	$ 3.8
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, Beginning, Shares			491,957
Granted, Shares			5,184
Vested, Shares			(6,008)
Forfeited, Shares			(9,411)
Nonvested, End of year, shares	481,722		481,722
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested, Beginning, Weighted Average Grant Date Fair Value (in USD per share)			$ 23.53
Granted, Weighted Average Grant Date Fair Value (in USD per share)			38.59
Vested, Weighted Average Grant Date Fair Value (in USD per share)			33.29
Forfeited, Weighted Average Grant Date Fair Value (in USD per share)			23.27
Nonvested, End of Year, Weighted Average Grant Date Fair Value (in USD per share)	$ 23.58		$ 23.58

EQUITY OF AMERICAN ASSETS TRUST, INC. - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Net income	$ 12,895	$ 6,490	$ 26,115	$ 31,800
Less: Net income attributable to restricted shares	(145)	(87)	(417)	(260)
Less: Income from operations attributable to unitholders in the Operating Partnership	(2,709)	(1,365)	(5,459)	(6,778)
Net income attributable to American Assets Trust, Inc. stockholders	10,041	5,038	20,239	24,762
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	10,041	5,038	20,239	24,762
Plus: Income from operations attributable to unitholders in the Operating Partnership-diluted	2,709	1,365	5,459	6,778
Net income attributable to common stockholders-diluted	$ 12,750	$ 6,403	$ 25,698	$ 31,540
Weighted average common shares outstanding-basic (in shares)	59,990,343	59,825,174	59,986,844	59,757,709
Effect of dilutive securities-conversion of Operating Partnership units (in shares)	16,181,537	16,292,858	16,181,537	16,357,747
Weighted average common shares outstanding - diluted (in shares)	76,171,880	76,118,032	76,168,381	76,115,456
Earnings per common share, basic (in USD per share)	$ 0.17	$ 0.08	$ 0.34	$ 0.41
Earnings per common share, diluted (in USD per share)	$ 0.17	$ 0.08	$ 0.34	$ 0.41
American Assets Trust, L.P.
Equity [Abstract]
Less: Net income attributable to restricted shares	$ (145)	$ (87)	$ (417)	$ (260)
Net income attributable to American Assets Trust, Inc. stockholders	$ 12,750	$ 6,403	$ 25,698	$ 31,540
Weighted average common shares outstanding-basic (in shares)	76,171,880	76,118,032	76,168,381	76,115,456
Weighted average common shares outstanding - diluted (in shares)	76,171,880	76,118,032	76,168,381	76,115,456
Earnings per common share, basic (in USD per share)	$ 0.17	$ 0.08	$ 0.34	$ 0.41
Earnings per common share, diluted (in USD per share)	$ 0.17	$ 0.08	$ 0.34	$ 0.41

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Deferred tax liability	$ 573		$ 573		$ 570
Income tax benefit (expense)	$ (150)	$ (12)	$ (451)	$ (127)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 2021 USD ($) Property mo	Sep. 30, 2020
Commitment And Contingencies [Line Items]
Termination payment \| $	$ 4.3
Number of consolidated properties located in Southern California \| Property	15
Maximum proportion of total revenue provided by any single tenant (as a percent)	10.00%	10.00%
Total Revenues \| Industry Concentration Risk \| Retail
Commitment And Contingencies [Line Items]
Proportion of total revenue provided by retail or office tenants (as a percent)	25.30%
Total Revenues \| Industry Concentration Risk \| Office
Commitment And Contingencies [Line Items]
Proportion of total revenue provided by retail or office tenants (as a percent)	49.80%
Waikiki Beach Walk - Retail
Commitment And Contingencies [Line Items]
Property management fee (as a percent)	3.00%
Outrigger Hotels
Commitment And Contingencies [Line Items]
Property management fee (as a percent)	6.00%
Number of calendar months termination fee is based	2 months
Maximum proportion of hotel's fiscal year gross revenues paid for aggregate yearly management fee (as a percent)	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 \| Maximum
Commitment And Contingencies [Line Items]
Property management fee (as a percent)	3.00%
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
Wbw Hotel Lessee Llc
Commitment And Contingencies [Line Items]
Years of contract	20 years
Proportion of hotel occupancy gross revenue paid for program fee (as a percent)	4.00%
Wbw Hotel Lessee Llc \| Future Time Period Prior to 12-31-2021
Commitment And Contingencies [Line Items]
Proportion of hotel occupancy gross revenue paid for franchise royalty fee (as a percent)	4.00%
Wbw Hotel Lessee Llc \| Future Time Period After 12-31-2021
Commitment And Contingencies [Line Items]
Proportion of hotel occupancy gross revenue paid for franchise royalty fee (as a percent)	5.00%
Del Monte Center \| Maximum
Commitment And Contingencies [Line Items]
Years, environmental remediation length	7 years
Del Monte Center \| Minimum
Commitment And Contingencies [Line Items]
Years, environmental remediation length	5 years

LEASES - Narrative (Details)	9 Months Ended
LEASES - Narrative (Details)	Sep. 30, 2021
Lessor, Lease, Description [Line Items]
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
Operating leases rental period terms	12 months
Minimum
Lessor, Lease, Description [Line Items]
Lease extension option period	3 years
Lease extension options exercise period	6 months
Maximum
Lessor, Lease, Description [Line Items]
Lease extension option period	10 years
Lease extension options exercise period	12 months
Land Mark At One Market [Member]
Lessor, Lease, Description [Line Items]
Lease extension option exercise period	5 years

LEASES - Minimum Future Rentals from Noncancelable Operating Leases (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Leases [Abstract]
2021 (three months ending December 31, 2021)	$ 55,108
2022	231,285
2023	215,130
2024	183,250
2025	161,934
Thereafter	489,326
Total	$ 1,336,033

LEASES - Lease Obligations - Minimum Future Rental Payments from Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
2021 (three months ending December 31, 2021)	$ 796
2022	3,232
2023	3,328
2024	3,428
2025	3,531
Thereafter	19,710
Total lease payments	34,025
Imputed interest	(5,570)
Present value of lease liability	$ 28,455	$ 30,060

LEASES - Lease Costs & Additional Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 831	$ 999	$ 3,095	$ 2,788
Variable lease cost	0	0	0	0
Sublease income	(745)	(1,182)	(2,877)	(3,123)
Lease cost	$ 86		$ 218
Lease income		$ (183)		$ (335)
Weighted-average remaining lease term - operating leases (in years)	9 years 9 months 18 days		9 years 9 months 18 days
Weighted-average discount rate - operating leases (as a percent)	3.19%		3.19%

LEASES - Supplemental Lease Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 1,996	$ 2,557
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$ 0	$ 27,321

COMPONENTS OF RENTAL INCOME AND EXPENSE - Component of Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Rental Income [Line Items]
Percentage rent	$ 969	$ 1,353	$ 2,593	$ 1,677
Hotel revenue	8,164	4,680	17,626	13,948
Total rental income	93,804	80,759	262,573	252,059
Recognition of straight-line rents	3,800	4,200	10,800	14,000
Recognition of amortization of above and below market leases	800	900	2,400	2,800
Other	591	527	1,724	1,628
Office
Rental Income [Line Items]
Lease rental income	45,855	43,193	132,229	127,890
Retail
Rental Income [Line Items]
Lease rental income	23,438	18,334	65,866	64,198
Multifamily
Rental Income [Line Items]
Lease rental income	12,169	11,770	35,684	35,380
Mixed-use
Rental Income [Line Items]
Lease rental income	$ 2,618	$ 902	$ 6,851	$ 7,338

COMPONENTS OF RENTAL INCOME AND EXPENSE (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue Recognition and Deferred Revenue [Abstract]
Recognition of straight-line rents	$ 3.8	$ 4.2	$ 10.8	$ 14.0
Recognition of amortization of above and below market leases	$ 0.8	$ 0.9	$ 2.4	$ 2.8

COMPONENTS OF RENTAL INCOME AND EXPENSE - Components of Rental Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue Recognition and Deferred Revenue [Abstract]
Rental operating	$ 11,014	$ 9,501	$ 30,165	$ 28,078
Hotel operating	5,429	3,153	12,287	10,893
Repairs and maintenance	4,492	4,199	12,263	12,816
Marketing	470	498	1,174	1,384
Rent	856	1,029	3,166	2,834
Hawaii excise tax	794	556	1,960	1,928
Management fees	411	272	901	824
Total rental expenses	$ 23,466	$ 19,208	$ 61,916	$ 58,757

OTHER (EXPENSE) INCOME, NET - Components of Other (Expense) Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Income and Expenses [Abstract]
Interest and investment income	$ 98	$ 32	$ 272	$ 415
Income tax expense	(150)	(12)	(451)	(127)
Other non-operating expense	0	(551)	0	(549)
Total other (expense) income, net	$ (52)	$ (531)	$ (179)	$ (261)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Mar. 01, 2021	Mar. 01, 2019	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Rental income			$ 93,804	$ 80,759	$ 262,573	$ 252,059
Investment in WBW CHP LLC (as a percent)					47.70%
WBW CHP LLC
Related Party Transaction [Line Items]
Amount recovered for reimbursements of operating expense for related party					$ 800	800
American Assets, Inc. \| Board of Directors Chairman
Related Party Transaction [Line Items]
Term of contract (in years)	10 years	3 years
Rental income	$ 200	$ 200			200	100
AAI Aviation, Inc. \| Board of Directors Chairman
Related Party Transaction [Line Items]
Aviation expense					$ 200	$ 0

SEGMENT REPORTING (Details)	9 Months Ended
SEGMENT REPORTING (Details)	Sep. 30, 2021 Segment Room
Segment Reporting [Abstract]
Number of operating segments \| Segment	4
Room in mixed-use segment all-suite hotel \| Room	369

SEGMENT REPORTING - Operating Activity Within Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ 27,669	$ 20,323	$ 74,154	$ 72,166
Total segments’ profit	65,176	53,675	180,555	172,972
Office
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	47,433	44,821	136,467	133,210
Property Expenses	(13,016)	(11,595)	(36,029)	(34,989)
Operating Income (Loss)	34,417	33,226	100,438	98,221
Retail
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	24,541	20,621	69,296	67,939
Property Expenses	(5,745)	(7,795)	(19,922)	(20,033)
Operating Income (Loss)	18,796	12,826	49,374	47,906
Multifamily
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	13,085	12,564	38,376	37,852
Property Expenses	(6,213)	(5,603)	(17,197)	(16,426)
Operating Income (Loss)	6,872	6,961	21,179	21,426
Mixed-use
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	13,227	6,368	29,942	24,225
Property Expenses	(8,136)	(5,706)	(20,378)	(18,806)
Operating Income (Loss)	$ 5,091	$ 662	$ 9,564	$ 5,419

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 18: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1,2)
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

SEGMENT REPORTING - Reconciliation of Segment Profit to Net Income Attributable to Stockholders (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting [Abstract]
Total segments’ profit	$ 65,176			$ 53,675			$ 180,555	$ 172,972
General and administrative	(6,827)			(6,438)			(20,574)	(19,937)
Depreciation and amortization	(30,680)			(26,914)			(85,827)	(80,869)
Interest expense	(14,722)			(13,302)			(43,589)	(40,105)
Early extinguishment of debt	0			0			(4,271)	0
Other (expense) income, net	(52)			(531)			(179)	(261)
NET INCOME	12,895	$ 11,487	$ 1,733	6,490	$ 9,826	$ 15,484	26,115	31,800
Net income attributable to restricted shares	(145)			(87)			(417)	(260)
Net income attributable to unitholders in the Operating Partnership	2,709			1,365			5,459	6,778
Net income attributable to American Assets Trust, Inc. stockholders	$ 10,041			$ 5,038			$ 20,239	$ 24,762

SEGMENT REPORTING - Net Real Estate and Secured Note Payable Balances (Details) - USD ($)
$ in Thousands

Sep. 30, 2021

Dec. 31, 2020

Debt issuance costs, net of accumulated amortization of $1,527 and $0, respectively

$ 2,680,957

$ 2,492,734

Secured Notes Payable

^[1]

111,000

543

American Assets Trust, L.P.

Secured notes payable, net | American Assets Trust, L.P.

2,680,957

2,492,734

Debt issuance costs, net of accumulated amortization of $1,527 and $0, respectively

Office

1,528,715

1,317,107

Secured Notes Payable

^[1]

111,000

Retail

594,491

607,918

Multifamily

383,095

389,804

Mixed-use