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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUE:        
Rental income $ 80,759 $ 93,147 $ 252,059 $ 249,634
Other property income 3,615 5,215 11,167 18,160
Total revenue 84,374 98,362 263,226 267,794
EXPENSES:        
Total rental expenses 19,208 23,989 58,757 66,611
Real estate taxes 11,491 10,942 31,497 29,263
General and administrative 6,438 6,479 19,937 18,495
Depreciation and amortization 26,914 26,568 80,869 69,733
Total operating expenses 64,051 67,978 191,060 184,102
OPERATING INCOME 20,323 30,384 72,166 83,692
Interest expense (13,302) (13,734) (40,105) (40,212)
Gain on sale of real estate 0 0 0 633
Other (expense) income, net (531) (131) (261) (410)
NET INCOME 6,490 16,519 31,800 43,703
Net income attributable to restricted shares (87) (92) (260) (277)
Net income attributable to unitholders in the Operating Partnership (1,365) (3,565) (6,778) (10,553)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS $ 5,038 $ 12,862 $ 24,762 $ 32,873
EARNINGS PER COMMON SHARE        
Earnings per common share, basic (in USD per share) $ 0.08 $ 0.22 $ 0.41 $ 0.63
Weighted average shares of common stock outstanding-basic (in shares) 59,825,174 59,441,887 59,757,709 52,239,668
EARNINGS PER COMMON SHARE, DILUTED        
Earnings per common share, diluted (in USD per share) $ 0.08 $ 0.22 $ 0.41 $ 0.63
Weighted average shares of common stock outstanding-diluted (in shares) 76,118,032 75,832,435 76,115,456 69,010,772
Dividends declared per common share (in USD per share) $ 0.25 $ 0.28 $ 0.75 $ 0.84
COMPREHENSIVE INCOME        
Net income $ 6,490 $ 16,519 $ 31,800 $ 43,703
Reclassification of amortization of forward-starting swap included in interest expense (332) (333) (997) (972)
Comprehensive income 7,359 15,605 25,903 36,127
Comprehensive income attributable to non-controlling interests (1,555) (3,364) (5,530) (8,582)
Comprehensive income attributable to American Assets Trust, Inc. 5,804 12,241 20,373 27,545
American Assets Trust, L.P.        
REVENUE:        
Rental income 80,759 93,147 252,059 249,634
Other property income 3,615 5,215 11,167 18,160
Total revenue 84,374 98,362 263,226 267,794
EXPENSES:        
Total rental expenses 19,208 23,989 58,757 66,611
Real estate taxes 11,491 10,942 31,497 29,263
General and administrative 6,438 6,479 19,937 18,495
Depreciation and amortization 26,914 26,568 80,869 69,733
Total operating expenses 64,051 67,978 191,060 184,102
OPERATING INCOME 20,323 30,384 72,166 83,692
Interest expense (13,302) (13,734) (40,105) (40,212)
Gain on sale of real estate 0 0 0 633
Other (expense) income, net (531) (131) (261) (410)
NET INCOME 6,490 16,519 31,800 43,703
Net income attributable to restricted shares (87) (92) (260) (277)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS $ 6,403 $ 16,427 $ 31,540 $ 43,426
EARNINGS PER COMMON SHARE        
Earnings per common share, basic (in USD per share) $ 0.08 $ 0.22 $ 0.41 $ 0.63
Weighted average shares of common stock outstanding-basic (in shares) 76,118,032 75,832,435 76,115,456 69,010,772
EARNINGS PER COMMON SHARE, DILUTED        
Earnings per common share, diluted (in USD per share) $ 0.08 $ 0.22 $ 0.41 $ 0.63
Weighted average shares of common stock outstanding-diluted (in shares) 76,118,032 75,832,435 76,115,456 69,010,772
Distributions per unit (in USD per share) $ 0.25 $ 0.28 $ 0.75 $ 0.84
COMPREHENSIVE INCOME        
Net income $ 6,490 $ 16,519 $ 31,800 $ 43,703
Reclassification of amortization of forward-starting swap included in interest expense (332) (333) (997) (972)
Comprehensive income 7,359 15,605 25,903 36,127
Limited Partner | American Assets Trust, L.P.        
EXPENSES:        
NET INCOME 1,365 3,565 [1]    
COMPREHENSIVE INCOME        
Net income 1,365 3,565 [1]    
Comprehensive income attributable to American Assets Trust, Inc. (1,555) (3,364) (5,530) (8,582)
General Partner | American Assets Trust, L.P.        
EXPENSES:        
NET INCOME 5,125 12,954 [2]    
COMPREHENSIVE INCOME        
Net income 5,125 12,954 [2]    
Comprehensive income attributable to American Assets Trust, Inc. 5,804 12,241 20,373 27,545
Interest Rate Swap        
COMPREHENSIVE INCOME        
Other comprehensive loss - change in value of interest rate swaps 1,201 (1,094) (4,900) (7,117)
Interest Rate Swap | American Assets Trust, L.P.        
COMPREHENSIVE INCOME        
Other comprehensive loss - change in value of interest rate swaps $ 1,201 (1,094) (4,900) (7,117)
Forward Contracts        
COMPREHENSIVE INCOME        
Other comprehensive income - unrealized gain on forward-starting interest rate swaps   513 0 513
Forward Contracts | American Assets Trust, L.P.        
COMPREHENSIVE INCOME        
Other comprehensive income - unrealized gain on forward-starting interest rate swaps   $ 513 $ 0 $ 513
[1] Consists of limited partnership interests held by third parties.
[2] Consists of general partnership interests held by American Assets Trust, Inc.