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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
REVENUE:        
Rental income $ 93,147 $ 78,079 $ 249,634 $ 231,172
Other property income 5,215 4,428 18,160 17,090
Total revenue 98,362 82,507 267,794 248,262
EXPENSES:        
Rental expenses 23,989 21,383 66,611 62,685
Real estate taxes 10,942 8,787 29,263 25,961
General and administrative 6,479 5,176 18,495 16,139
Depreciation and amortization 26,568 19,886 69,733 86,033
Total operating expenses 67,978 55,232 184,102 190,818
OPERATING INCOME 30,384 27,275 83,692 57,444
Interest expense (13,734) (12,879) (40,212) (39,387)
Gain on sale of real estate 0 0 633 0
Other (expense) income, net (131) (125) (410) (64)
NET INCOME 16,519 14,271 43,703 17,993
Net income attributable to restricted shares (92) (71) (277) (215)
Net income attributable to unitholders in the Operating Partnership (3,565) (3,806) (10,553) (4,765)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS $ 12,862 $ 10,394 $ 32,873 $ 13,013
EARNINGS PER COMMON SHARE        
Earnings per common share, basic (in USD per share) $ 0.22 $ 0.22 $ 0.63 $ 0.28
Weighted average shares of common stock outstanding-basic (in shares) 59,441,887 46,959,752 52,239,668 46,945,095
EARNINGS PER COMMON SHARE, DILUTED        
Earnings per common share, diluted (in USD per share) $ 0.22 $ 0.22 $ 0.63 $ 0.28
Weighted average shares of common stock outstanding-diluted (in shares) 75,832,435 64,137,360 69,010,772 64,133,584
Dividends declared per common share (in USD per share) $ 0.28 $ 0.27 $ 0.84 $ 0.81
COMPREHENSIVE INCOME        
Reclassification of amortization of forward-starting swap included in interest expense $ (333) $ (320) $ (972) $ (959)
Comprehensive income 15,605 14,518 36,127 21,337
Comprehensive income attributable to non-controlling interest (3,364) (3,872) (8,582) (5,645)
Comprehensive income attributable to American Assets Trust, Inc. 12,241 10,646 27,545 15,692
American Assets Trust, L.P.        
REVENUE:        
Rental income 93,147 78,079 249,634 231,172
Other property income 5,215 4,428 18,160 17,090
Total revenue 98,362 82,507 267,794 248,262
EXPENSES:        
Rental expenses 23,989 21,383 66,611 62,685
Real estate taxes 10,942 8,787 29,263 25,961
General and administrative 6,479 5,176 18,495 16,139
Depreciation and amortization 26,568 19,886 69,733 86,033
Total operating expenses 67,978 55,232 184,102 190,818
OPERATING INCOME 30,384 27,275 83,692 57,444
Interest expense (13,734) (12,879) (40,212) (39,387)
Gain on sale of real estate 0 0 633 0
Other (expense) income, net (131) (125) (410) (64)
NET INCOME 16,519 14,271 43,703 17,993
Net income attributable to restricted shares (92) (71) (277) (215)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS $ 16,427 $ 14,200 $ 43,426 $ 17,778
EARNINGS PER COMMON SHARE        
Earnings per common share, basic (in USD per share) $ 0.22 $ 0.22 $ 0.63 $ 0.28
Weighted average shares of common stock outstanding-basic (in shares) 75,832,435 64,137,360 69,010,772 64,133,584
EARNINGS PER COMMON SHARE, DILUTED        
Earnings per common share, diluted (in USD per share) $ 0.22 $ 0.22 $ 0.63 $ 0.28
Weighted average shares of common stock outstanding-diluted (in shares) 75,832,435 64,137,360 69,010,772 64,133,584
Distributions per unit (in USD per share) $ 0.28 $ 0.27 $ 0.84 $ 0.81
COMPREHENSIVE INCOME        
Reclassification of amortization of forward-starting swap included in interest expense $ (333) $ (320) $ (972) $ (959)
Comprehensive income 15,605 14,518 36,127 21,337
Limited Partner | American Assets Trust, L.P.        
EXPENSES:        
NET INCOME [1] 3,565 3,806    
COMPREHENSIVE INCOME        
Comprehensive income attributable to American Assets Trust, Inc. (3,364) (3,872) (8,582) (5,645)
General Partner | American Assets Trust, L.P.        
EXPENSES:        
NET INCOME [2] 12,954 10,465    
COMPREHENSIVE INCOME        
Comprehensive income attributable to American Assets Trust, Inc. 12,241 10,646 27,545 15,692
Interest Rate Swap        
COMPREHENSIVE INCOME        
Other comprehensive (loss) income - unrealized gain (loss) on derivatives (1,094) 567 (7,117) 4,303
Interest Rate Swap | American Assets Trust, L.P.        
COMPREHENSIVE INCOME        
Other comprehensive (loss) income - unrealized gain (loss) on derivatives (1,094) 567 (7,117) 4,303
Forward Contracts        
COMPREHENSIVE INCOME        
Other comprehensive (loss) income - unrealized gain (loss) on derivatives 513 0 513 0
Forward Contracts | American Assets Trust, L.P.        
COMPREHENSIVE INCOME        
Other comprehensive (loss) income - unrealized gain (loss) on derivatives $ 513 $ 0 $ 513 $ 0
[1] Consists of limited partnership interests held by third parties.
[2] Consists of general partnership interests held by American Assets Trust, Inc.