NOTE 18. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

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


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



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


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

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

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

American Assets Trust, Inc.

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

(In Thousands)


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

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

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

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

(1)

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

(2)

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