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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUE:        
Rental income $ 79,230 $ 79,656 $ 171,300 $ 156,487
Other property income 2,879 4,457 7,552 12,945
Total revenue 82,109 84,113 178,852 169,432
EXPENSES:        
Total rental expenses 16,981 21,826 39,549 42,622
Real estate taxes 8,961 9,275 20,006 18,321
General and administrative 6,679 5,943 13,499 12,016
Depreciation and amortization 26,493 22,582 53,955 43,165
Total operating expenses 59,114 59,626 127,009 116,124
OPERATING INCOME 22,995 24,487 51,843 53,308
Interest expense (13,331) (13,129) (26,803) (26,478)
Gain on sale of real estate 0 633 0 633
Other income (expense), net 162 (50) 270 (279)
NET INCOME 9,826 11,941 25,310 27,184
Net income attributable to restricted shares (69) (92) (173) (185)
Net income attributable to unitholders in the Operating Partnership (2,101) (2,933) (5,413) (6,988)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS $ 7,656 $ 8,916 $ 19,724 $ 20,011
EARNINGS PER COMMON SHARE        
Earnings per common share, basic (in USD per share) $ 0.13 $ 0.18 $ 0.33 $ 0.41
Weighted average shares of common stock outstanding-basic (in shares) 59,724,139 50,135,978 59,723,605 48,578,872
EARNINGS PER COMMON SHARE, DILUTED        
Earnings per common share, diluted (in USD per share) $ 0.13 $ 0.18 $ 0.33 $ 0.41
Weighted average shares of common stock outstanding-diluted (in shares) 76,114,687 66,889,784 76,114,153 65,543,409
Dividends declared per common share (in USD per share) $ 0.20 $ 0.28 $ 0.50 $ 0.56
COMPREHENSIVE INCOME        
Net income $ 9,826 $ 11,941 $ 25,310 $ 27,184
Reclassification of amortization of forward-starting swap included in interest expense 332 319 665 639
Comprehensive income 9,508 7,731 18,544 20,522
Comprehensive income attributable to non-controlling interests (2,033) (1,820) (3,974) (5,218)
Comprehensive income attributable to American Assets Trust, Inc. 7,475 5,911 14,570 15,304
American Assets Trust, L.P.        
REVENUE:        
Rental income 79,230 79,656 171,300 156,487
Other property income 2,879 4,457 7,552 12,945
Total revenue 82,109 84,113 178,852 169,432
EXPENSES:        
Total rental expenses 16,981 21,826 39,549 42,622
Real estate taxes 8,961 9,275 20,006 18,321
General and administrative 6,679 5,943 13,499 12,016
Depreciation and amortization 26,493 22,582 53,955 43,165
Total operating expenses 59,114 59,626 127,009 116,124
OPERATING INCOME 22,995 24,487 51,843 53,308
Interest expense (13,331) (13,129) (26,803) (26,478)
Gain on sale of real estate 0 633 0 633
Other income (expense), net 162 (50) 270 (279)
NET INCOME 9,826 11,941 25,310 27,184
Net income attributable to restricted shares (69) (92) (173) (185)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS $ 9,757 $ 11,849 $ 25,137 $ 26,999
EARNINGS PER COMMON SHARE        
Earnings per common share, basic (in USD per share) $ 0.13 $ 0.18 $ 0.33 $ 0.41
Weighted average shares of common stock outstanding-basic (in shares) 76,114,687 66,889,784 76,114,153 65,543,409
EARNINGS PER COMMON SHARE, DILUTED        
Earnings per common share, diluted (in USD per share) $ 0.13 $ 0.18 $ 0.33 $ 0.41
Weighted average shares of common stock outstanding-diluted (in shares) 76,114,687 66,889,784 76,114,153 65,543,409
Distributions per unit (in USD per share) $ 0.20 $ 0.28 $ 0.50 $ 0.56
COMPREHENSIVE INCOME        
Net income $ 9,826 $ 11,941 $ 25,310 $ 27,184
Reclassification of amortization of forward-starting swap included in interest expense 332 319 665 639
Comprehensive income 9,508 7,731 18,544 20,522
Limited Partner | American Assets Trust, L.P.        
EXPENSES:        
NET INCOME 2,101 2,933 [1]    
COMPREHENSIVE INCOME        
Net income 2,101 2,933 [1]    
Comprehensive income attributable to American Assets Trust, Inc. (2,033) (1,820) (3,974) (5,218)
General Partner | American Assets Trust, L.P.        
EXPENSES:        
NET INCOME 7,725 9,008 [2]    
COMPREHENSIVE INCOME        
Net income 7,725 9,008 [2]    
Comprehensive income attributable to American Assets Trust, Inc. 7,475 5,911 14,570 15,304
Interest Rate Swap        
COMPREHENSIVE INCOME        
Other comprehensive loss - change in value of interest rate swaps 14 (3,891) (6,101) (6,023)
Interest Rate Swap | American Assets Trust, L.P.        
COMPREHENSIVE INCOME        
Other comprehensive loss - change in value of interest rate swaps $ 14 $ (3,891) $ (6,101) $ (6,023)
[1] Consists of limited partnership interests held by third parties.
[2] Consists of general partnership interests held by American Assets Trust, Inc.