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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
REVENUE:        
Rental income $ 87,639 $ 79,230 $ 168,769 $ 171,300
Other property income 4,170 2,879 7,026 7,552
Total revenue 91,809 82,109 175,795 178,852
EXPENSES:        
Rental expenses 20,204 16,981 38,450 39,549
Real estate taxes 10,612 8,961 21,966 20,006
General and administrative 6,924 6,679 13,747 13,499
Depreciation and amortization 27,646 26,493 55,147 53,955
Total operating expenses 65,386 59,114 129,310 127,009
OPERATING INCOME 26,423 22,995 46,485 51,843
Interest expense (14,862) (13,331) (28,867) (26,803)
Early extinguishment of debt 0 0 (4,271) 0
Other (expense) income, net (74) 162 (127) 270
NET INCOME 11,487 9,826 13,220 25,310
Net income attributable to restricted shares (135) (69) (272) (173)
Net income attributable to unitholders in the Operating Partnership (2,411) (2,101) (2,750) (5,413)
Net income attributable to American Assets Trust, Inc. stockholders $ 8,941 $ 7,656 $ 10,198 $ 19,724
EARNINGS PER COMMON SHARE        
Earnings per common share, basic (in USD per share) $ 0.15 $ 0.13 $ 0.17 $ 0.33
Weighted average shares of common stock outstanding-basic (in shares) 59,985,787 59,724,139 59,985,065 59,723,605
EARNINGS PER COMMON SHARE, DILUTED        
Earnings per common share, diluted (in USD per share) $ 0.15 $ 0.13 $ 0.17 $ 0.33
Weighted average shares of common stock outstanding-diluted (in shares) 76,167,324 76,114,687 76,166,602 76,114,153
Dividends declared per common share (in USD per share) $ 0.28 $ 0.20 $ 0.56 $ 0.50
COMPREHENSIVE INCOME        
Net income $ 11,487 $ 9,826 $ 13,220 $ 25,310
Comprehensive income 11,687 9,508 13,699 18,544
Comprehensive income attributable to non-controlling interests (2,453) (2,033) (2,860) (3,974)
Comprehensive income attributable to American Assets Trust, Inc. 9,234 7,475 10,839 14,570
Interest Expense        
COMPREHENSIVE INCOME        
Reclassification of amortization of forward-starting swap realized gains included in interest expense (275) (332) (550) (665)
Senior Guaranteed Notes, Series A | Early Extinguishment of Debt        
COMPREHENSIVE INCOME        
Reclassification of amortization of forward-starting swap realized gains included in interest expense 0 0 (193) 0
American Assets Trust, L.P.        
REVENUE:        
Rental income 87,639 79,230 168,769 171,300
Other property income 4,170 2,879 7,026 7,552
Total revenue 91,809 82,109 175,795 178,852
EXPENSES:        
Rental expenses 20,204 16,981 38,450 39,549
Real estate taxes 10,612 8,961 21,966 20,006
General and administrative 6,924 6,679 13,747 13,499
Depreciation and amortization 27,646 26,493 55,147 53,955
Total operating expenses 65,386 59,114 129,310 127,009
OPERATING INCOME 26,423 22,995 46,485 51,843
Interest expense (14,862) (13,331) (28,867) (26,803)
Early extinguishment of debt 0 0 (4,271) 0
Other (expense) income, net (74) 162 (127) 270
NET INCOME 11,487 9,826 13,220 25,310
Net income attributable to restricted shares (135) (69) (272) (173)
Net income attributable to American Assets Trust, Inc. stockholders $ 11,352 $ 9,757 $ 12,948 $ 25,137
EARNINGS PER COMMON SHARE        
Earnings per common share, basic (in USD per share) $ 0.15 $ 0.13 $ 0.17 $ 0.33
Weighted average shares of common stock outstanding-basic (in shares) 76,167,324 76,114,687 76,166,602 76,114,153
EARNINGS PER COMMON SHARE, DILUTED        
Earnings per common share, diluted (in USD per share) $ 0.15 $ 0.13 $ 0.17 $ 0.33
Weighted average shares of common stock outstanding-diluted (in shares) 76,167,324 76,114,687 76,166,602 76,114,153
Distributions per unit (in USD per share) $ 0.28 $ 0.20 $ 0.56 $ 0.50
COMPREHENSIVE INCOME        
Net income $ 11,487 $ 9,826 $ 13,220 $ 25,310
Comprehensive income 11,687 9,508 13,699 18,544
American Assets Trust, L.P. | Interest Expense        
COMPREHENSIVE INCOME        
Reclassification of amortization of forward-starting swap realized gains included in interest expense (275) (332) (550) (665)
American Assets Trust, L.P. | Senior Guaranteed Notes, Series A | Early Extinguishment of Debt        
COMPREHENSIVE INCOME        
Reclassification of amortization of forward-starting swap realized gains included in interest expense 0 0 (193) 0
Limited Partner | American Assets Trust, L.P.        
EXPENSES:        
NET INCOME 2,411 2,101 [1]    
COMPREHENSIVE INCOME        
Net income 2,411 2,101 [1]    
Comprehensive income attributable to American Assets Trust, Inc. (2,453) (2,033) (2,860) (3,974)
General Partner | American Assets Trust, L.P.        
EXPENSES:        
NET INCOME 9,076 7,725 [2]    
COMPREHENSIVE INCOME        
Net income 9,076 7,725 [2]    
Comprehensive income attributable to American Assets Trust, Inc. 9,234 7,475 10,839 14,570
Interest Rate Swap        
COMPREHENSIVE INCOME        
Other comprehensive gain - change in value of interest rate swaps 475 14 1,222 (6,101)
Interest Rate Swap | American Assets Trust, L.P.        
COMPREHENSIVE INCOME        
Other comprehensive gain - change in value of interest rate swaps $ 475 $ 14 $ 1,222 $ (6,101)
[1] Consists of limited partnership interests held by third parties.
[2] Consists of general partnership interests held by American Assets Trust, Inc.