0001500217-23-000010 | 10-K | XBRL Viewer | American Assets Trust INC

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2022	Feb. 10, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity Registrant Name	AMERICAN ASSETS TRUST, INC.
Entity File Number	001-35030
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3338708
Entity Address, Address Line One	3420 Carmel Mountain Road
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	350-2600
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	AAT
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,560,000,000
Entity Common Stock, Shares Outstanding		60,717,835
Documents Incorporated by Reference	Portions of American Assets Trust, Inc.'s Proxy Statement with respect to its 2023 Annual Meeting of Stockholders to be filed not later than 120 days after the end of its fiscal year are incorporated by reference into Part III hereof.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001500217
American Assets Trust, L.P.
Document Information [Line Items]
Document Type	10-K
Entity Registrant Name	AMERICAN ASSETS TRUST, L.P.
Entity File Number	33-202342-01
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3338894
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		0
Amendment Flag	false
Entity Central Index Key	0001509570

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Auditor [Line Items]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	San Diego, California
American Assets Trust, L.P.
Auditor [Line Items]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	San Diego, California

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real estate, at cost
Operating real estate	$ 3,468,537	$ 3,389,726
Construction in progress	202,385	139,098
Held for development	547	547
Total Real estate, at cost	3,671,469	3,529,371
Accumulated depreciation	(936,913)	(847,390)
Net real estate	2,734,556	2,681,981
Cash and cash equivalents	49,571	139,524
Accounts receivable, net	7,848	7,445
Deferred rent receivables, net	87,192	82,724
Other assets, net	108,714	106,253
TOTAL ASSETS	2,987,881	3,017,927
LIABILITIES:
Secured notes payable, net	74,578	110,965
Unsecured notes payable, net	1,539,453	1,538,238
Unsecured line of credit, net	34,057	0
Accounts payable and accrued expenses	65,992	64,531
Security deposits payable	8,699	7,855
Other liabilities and deferred credits	79,577	86,215
Total liabilities	1,802,356	1,807,804
Commitments and contingencies (Note 12)
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,718,653 and 60,525,580 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	607	605
Additional paid-in capital	1,461,201	1,453,272
Accumulated dividends in excess of net income	(251,167)	(217,785)
Accumulated other comprehensive income	10,624	2,872
Total American Assets Trust, Inc. stockholders' equity	1,221,265	1,238,964
Noncontrolling interests	(35,740)	(28,841)
Total equity	1,185,525	1,210,123
TOTAL LIABILITIES AND EQUITY	$ 2,987,881	$ 3,017,927

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	490,000,000	490,000,000
Common stock, shares issued (in shares)	60,718,653	60,525,580
Common stock, shares outstanding (in shares)	60,718,653	60,525,580

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUE:
Rental income	$ 402,507	$ 360,208	$ 330,312
Other property income	20,141	15,620	14,261
Total revenue	422,648	375,828	344,573
EXPENSES:
Rental expenses	107,645	86,980	79,178
Real estate taxes	44,788	42,794	41,941
General and administrative	32,143	29,879	26,581
Depreciation and amortization	123,338	116,306	108,292
Total operating expenses	307,914	275,959	255,992
OPERATING INCOME	114,734	99,869	88,581
Interest expense, net	(58,232)	(58,587)	(53,440)
Loss on early extinguishment of debt	0	(4,271)	0
Other (expense) income, net	(625)	(418)	447
Net income	55,877	36,593	35,588
Net income attributable to restricted shares	(648)	(564)	(383)
Net income attributable to unitholders in the Operating Partnership	(11,723)	(7,653)	(7,545)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$ 43,506	$ 28,376	$ 27,660
EARNINGS PER COMMON SHARE, BASIC
Basic income attributable to common stockholders per share (in USD per share)	$ 0.72	$ 0.47	$ 0.46
Weighted average shares of common stock outstanding-basic (in shares)	60,048,970	59,990,740	59,806,309
EARNINGS PER COMMON SHARE, DILUTED
Diluted income attributable to common stockholders per share (in USD per share)	$ 0.72	$ 0.47	$ 0.46
Weighted average shares of common stock outstanding-diluted (in shares)	76,230,507	76,172,277	76,119,763
COMPREHENSIVE INCOME
Net income	$ 55,877	$ 36,593	$ 35,588
Other comprehensive gain (loss) - unrealized gain (loss) on swap derivatives during the period	11,319	2,723	(3,649)
Comprehensive income	65,719	38,025	30,609
Comprehensive income attributable to noncontrolling interest	(13,813)	(7,966)	(6,496)
Comprehensive income attributable to American Assets Trust, Inc.	51,906	30,059	24,113
Interest Expense
COMPREHENSIVE INCOME
Reclassification of amortization of forward-starting swap	(1,477)	(1,098)	(1,330)
Early Extinguishment of Debt
COMPREHENSIVE INCOME
Reclassification of amortization of forward-starting swap	$ 0	$ (193)	$ 0

Consolidated Statement of Equity - USD ($) $ in Thousands	Total	Swap	Interest Expense	Gain (loss) on extinguishment of debt	Common Shares	Additional Paid-in Capital	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Swap	Accumulated Other Comprehensive Income (Loss) Interest Expense	Accumulated Other Comprehensive Income (Loss) Gain (loss) on extinguishment of debt	Noncontrolling Interests - Unitholders in the Operating Partnership	Noncontrolling Interests - Unitholders in the Operating Partnership Swap	Noncontrolling Interests - Unitholders in the Operating Partnership Interest Expense	Noncontrolling Interests - Unitholders in the Operating Partnership Gain (loss) on 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]
Net income	35,588						28,043					7,545
Issuance of restricted stock (in shares)					317,574
Issuance of restricted stock	0				$ 3	(3)
Forfeiture of restricted stock (in shares)					(95,086)
Forfeiture of restricted stock	0				$ (1)	1
Conversion of operating partnership units (in shares)					209,011
Conversion of operating partnership units	0				$ 2	(12,003)		3				11,998
Dividends declared and paid	(76,510)						(60,225)					(16,285)
Stock-based compensation	6,307					6,307
Shares withheld for employee taxes (in shares)					(23,435)
Shares withheld for employee taxes	(672)				$ 0	(672)
Other comprehensive income (loss) - change in value of interest rate swaps	(3,649)	$ (3,649)							$ (2,885)				$ (764)
Reclassification of amortization of forward-starting swap			$ (1,330)							$ (1,045)				$ (285)
Ending Balance (shares) at Dec. 31, 2020					60,476,292
Ending 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]
Net income	36,593						28,940					7,653
Issuance of restricted stock (in shares)					229,819
Issuance of restricted stock	0				$ 2	(2)
Forfeiture of restricted stock (in shares)					(155,390)
Forfeiture of restricted stock	0				$ (2)	2
Dividends declared and paid	(88,936)						(70,165)					(18,771)
Stock-based compensation	8,493					8,493
Shares withheld for employee taxes (in shares)					(25,141)
Shares withheld for employee taxes	(865)					(865)
Other comprehensive income (loss) - change in value of interest rate swaps	$ 2,723	2,723							2,135				588
Reclassification of amortization of forward-starting swap			(1,098)	$ (193)						(864)	$ (152)			(234)	$ (41)
Ending Balance (shares) at Dec. 31, 2021	60,525,580				60,525,580
Ending balance at Dec. 31, 2021	$ 1,210,123				$ 605	1,453,272	(217,785)	2,872				(28,841)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	55,877						44,154					11,723
Issuance of restricted stock (in shares)					325,682
Issuance of restricted stock	0				$ 3	(3)
Forfeiture of restricted stock (in shares)					(106,796)
Forfeiture of restricted stock	0				$ (1)	1
Dividends declared and paid	(98,248)						(77,536)					(20,712)
Stock-based compensation	8,690					8,690
Shares withheld for employee taxes (in shares)					(25,813)
Shares withheld for employee taxes	(759)				$ 0	(759)
Other comprehensive income (loss) - change in value of interest rate swaps	$ 11,319	$ 11,319							$ 8,916				$ 2,403
Reclassification of amortization of forward-starting swap			$ (1,477)							$ (1,164)				$ (313)
Ending Balance (shares) at Dec. 31, 2022	60,718,653				60,718,653
Ending balance at Dec. 31, 2022	$ 1,185,525				$ 607	$ 1,461,201	$ (251,167)	$ 10,624				$ (35,740)

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
OPERATING ACTIVITIES
Net income	$ 55,877	$ 36,593	$ 35,588
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(11,489)	(17,634)	(31,242)
Depreciation and amortization	123,338	116,306	108,292
Amortization of debt issuance costs and debt fair value adjustments	2,581	2,753	1,477
Provision for uncollectable rental income	2,334	(2,289)	18,427
Early extinguishment of debt	0	4,271	0
Stock-based compensation expense	8,690	8,493	6,307
Other noncash interest expense	(1,477)	(1,098)	(1,330)
Other, net	(252)	1,314	(695)
Changes in operating assets and liabilities
Change in accounts receivable	(404)	2,273	(4,940)
Change in other assets	(723)	109	141
Change in accounts payable and accrued expenses	(1,237)	15,331	(2,108)
Change in security deposits payable	655	443	(1,726)
Change in other liabilities and deferred credits	1,179	1,464	(1,206)
Net cash provided by operating activities	179,072	168,329	126,985
INVESTING ACTIVITIES
Acquisition of real estate, net	(45,166)	(204,511)	0
Capital expenditures	(113,781)	(104,588)	(63,488)
Leasing commissions	(7,374)	(3,142)	(5,589)
Purchase of marketable securities	0	(47,760)	0
Sale of marketable securities	0	47,723	0
Net cash used in investing activities	(166,321)	(312,278)	(69,077)
FINANCING ACTIVITIES
Issuance of secured notes payable	75,000	0	0
Repayment of secured notes payable	(111,000)	0	(51,003)
Proceeds from unsecured line of credit	36,000	0	100,000
Repayment of unsecured line of credit	0	(100,000)	0
Repayment of unsecured notes payable	0	(155,375)	0
Proceeds from issuance of unsecured notes payable	0	494,675	0
Debt issuance costs	(3,697)	(5,075)	(125)
Dividends paid to common stock and unitholders	(98,248)	(88,936)	(76,510)
Shares withheld for employee taxes	(759)	(865)	(672)
Net cash (used in) provided by financing activities	(102,704)	144,424	(28,310)
Net (decrease) increase in cash, cash equivalents and restricted cash	(89,953)	475	29,598
Cash, cash equivalents and restricted cash, beginning of year	139,524	139,049	109,451
Cash, cash equivalents and restricted cash, end of year	49,571	139,524	139,049
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	49,571	139,524	137,333
Restricted cash	0	0	1,716
Total cash, cash equivalents and restricted cash shown in Statement of Cash Flows	$ 49,571	$ 139,524	$ 139,049

Consolidated Balance Sheets - LP - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real estate, at cost
Operating real estate	$ 3,468,537	$ 3,389,726
Construction in progress	202,385	139,098
Held for development	547	547
Real estate, at cost	3,671,469	3,529,371
Accumulated depreciation	(936,913)	(847,390)
Net real estate	2,734,556	2,681,981
Cash and cash equivalents	49,571	139,524
Accounts receivable, net	7,848	7,445
Deferred rent receivables, net	87,192	82,724
Other assets, net	108,714	106,253
Assets acquired	2,987,881	3,017,927
LIABILITIES:
Secured notes payable, net	74,578	110,965
Unsecured notes payable, net	1,539,453	1,538,238
Unsecured line of credit, net	34,057	0
Accounts payable and accrued expenses	65,992	64,531
Security deposits payable	8,699	7,855
Other liabilities and deferred credits	79,577	86,215
Liabilities assumed	1,802,356	1,807,804
Commitments and contingencies (Note 12)
Partners' Capital [Abstract]
Accumulated other comprehensive income	10,624	2,872
TOTAL LIABILITIES AND EQUITY	2,987,881	3,017,927
American Assets Trust, L.P.
Real estate, at cost
Operating real estate	3,468,537	3,389,726
Construction in progress	202,385	139,098
Held for development	547	547
Real estate, at cost	3,671,469	3,529,371
Accumulated depreciation	(936,913)	(847,390)
Net real estate	2,734,556	2,681,981
Cash and cash equivalents	49,571	139,524
Accounts receivable, net	7,848	7,445
Deferred rent receivables, net	87,192	82,724
Other assets, net	108,714	106,253
Assets acquired	2,987,881	3,017,927
LIABILITIES:
Secured notes payable, net	74,578	110,965
Unsecured notes payable, net	1,539,453	1,538,238
Unsecured line of credit, net	34,057	0
Accounts payable and accrued expenses	65,992	64,531
Security deposits payable	8,699	7,855
Other liabilities and deferred credits	79,577	86,215
Liabilities assumed	1,802,356	1,807,804
Commitments and contingencies (Note 12)
Partners' Capital [Abstract]
Limited partners' capital, 16,181,537 and 16,181,537 units issued and outstanding as of December 31, 2022 and December 31, 2021, respectively	(39,127)	(30,138)
General partner's capital, 60,718,653 and 60,525,580 units issued and outstanding as of December 31, 2022 and December 31, 2021, respectively	1,210,641	1,236,092
Accumulated other comprehensive income	14,011	4,169
Total capital	1,185,525	1,210,123
TOTAL LIABILITIES AND EQUITY	$ 2,987,881	$ 3,017,927

Consolidated Balance Sheets - LP (Parenthetical) - American Assets Trust, L.P. - shares	Dec. 31, 2022	Dec. 31, 2021
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)	60,718,653	60,525,580
General partners' capital, units outstanding (in shares)	60,718,653	60,525,580

Consolidated Statements of Comprehensive Income - LP - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

REVENUE:

Rental income

$ 402,507

$ 360,208

$ 330,312

Other property income

20,141

15,620

14,261

Total revenue

422,648

375,828

344,573

EXPENSES:

Rental expenses

107,645

86,980

79,178

Real estate taxes

44,788

42,794

41,941

General and administrative

32,143

29,879

26,581

Depreciation and amortization

123,338

116,306

108,292

Total operating expenses

307,914

275,959

255,992

Operating income (loss)

114,734

99,869

88,581

Interest expense, net

(58,232)

(58,587)

(53,440)

Loss on early extinguishment of debt

(4,271)

Other (expense) income, net

(625)

(418)

447

Net income

55,877

36,593

35,588

Net income attributable to restricted shares

(648)

(564)

(383)

NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS

$ 43,506

$ 28,376

$ 27,660

EARNINGS PER COMMON SHARE, BASIC

Earnings per unit, basic (in USD per share)

$ 0.72

$ 0.47

$ 0.46

Weighted average units outstanding - basic (in shares)

60,048,970

59,990,740

59,806,309

EARNINGS PER COMMON SHARE, DILUTED

Earnings per unit, diluted (in USD per share)

$ 0.72

$ 0.47

$ 0.46

Weighted average units outstanding - diluted (in shares)

76,230,507

76,172,277

76,119,763

COMPREHENSIVE INCOME

Net income

$ 55,877

$ 36,593

$ 35,588

Other comprehensive gain (loss) - unrealized gain (loss) on swap derivatives during the period

11,319

2,723

(3,649)

Comprehensive income

65,719

38,025

30,609

Comprehensive income attributable to American Assets Trust, Inc.

51,906

30,059

24,113

Interest Expense

COMPREHENSIVE INCOME

Reclassification of amortization of forward-starting swap

(1,477)

(1,098)

(1,330)

Early Extinguishment of Debt

COMPREHENSIVE INCOME

Reclassification of amortization of forward-starting swap

(193)

American Assets Trust, L.P.

REVENUE:

Rental income

402,507

360,208

330,312

Other property income

20,141

15,620

14,261

Total revenue

422,648

375,828

344,573

EXPENSES:

Rental expenses

107,645

86,980

79,178

Real estate taxes

44,788

42,794

41,941

General and administrative

32,143

29,879

26,581

Depreciation and amortization

123,338

116,306

108,292

Total operating expenses

307,914

275,959

255,992

Operating income (loss)

114,734

99,869

88,581

Interest expense, net

(58,232)

(58,587)

(53,440)

Loss on early extinguishment of debt

(4,271)

Other (expense) income, net

(625)

(418)

447

Net income

55,877

36,593

35,588

Net income attributable to restricted shares

(648)

(564)

(383)

NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS

$ 55,229

$ 36,029

$ 35,205

EARNINGS PER COMMON SHARE, BASIC

Earnings per unit, basic (in USD per share)

$ 0.72

$ 0.47

$ 0.46

Weighted average units outstanding - basic (in shares)

76,230,507

76,172,277

76,119,763

EARNINGS PER COMMON SHARE, DILUTED

Earnings per unit, diluted (in USD per share)

$ 0.72

$ 0.47

$ 0.46

Weighted average units outstanding - diluted (in shares)

76,230,507

76,172,277

76,119,763

DISTRIBUTIONS PER UNIT (in dollars per share)

$ 1.28

$ 1.16

$ 1.00

COMPREHENSIVE INCOME

Net income

$ 55,877

$ 36,593

$ 35,588

Other comprehensive gain (loss) - unrealized gain (loss) on swap derivatives during the period

11,319

2,723

(3,649)

Comprehensive income

65,719

38,025

30,609

American Assets Trust, L.P. | Interest Expense

COMPREHENSIVE INCOME

Reclassification of amortization of forward-starting swap

(1,477)

(1,098)

(1,330)

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

COMPREHENSIVE INCOME

Reclassification of amortization of forward-starting swap

(193)

Limited Partner | American Assets Trust, L.P.

EXPENSES:

Net income

^[1]

11,723

7,653

7,545

COMPREHENSIVE INCOME

Net income

^[1]

11,723

7,653

7,545

Comprehensive income attributable to American Assets Trust, Inc.

(13,813)

(7,966)

(6,496)

General Partner | American Assets Trust, L.P.

EXPENSES:

Net income

^[2]

44,154

28,940

28,043

COMPREHENSIVE INCOME

Net income

^[2]

44,154

28,940

28,043

Comprehensive income attributable to American Assets Trust, Inc.

$ 51,906

$ 30,059

$ 24,113

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

Consolidated Statement of Partners' Capital - LP - USD ($)
$ in Thousands

Total

Swap

Interest Expense

Gain (loss) on extinguishment of debt

American Assets Trust, L.P.

Swap

American Assets Trust, L.P.

Forward Contracts

American Assets Trust, L.P.

Interest Expense

American Assets Trust, L.P.

Gain (loss) on extinguishment of debt

American Assets Trust, L.P.