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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
REVENUE:        
Rental income $ 93,804 $ 80,759 $ 262,573 $ 252,059
Other property income 4,482 3,615 11,508 11,167
Total revenue 98,286 84,374 274,081 263,226
EXPENSES:        
Rental expenses 23,466 19,208 61,916 58,757
Real estate taxes 9,644 11,491 31,610 31,497
General and administrative 6,827 6,438 20,574 19,937
Depreciation and amortization 30,680 26,914 85,827 80,869
Total operating expenses 70,617 64,051 199,927 191,060
OPERATING INCOME 27,669 20,323 74,154 72,166
Interest expense (14,722) (13,302) (43,589) (40,105)
Early extinguishment of debt 0 0 (4,271) 0
Other (expense) income, net (52) (531) (179) (261)
NET INCOME 12,895 6,490 26,115 31,800
Net income attributable to restricted shares (145) (87) (417) (260)
Net income attributable to unitholders in the Operating Partnership (2,709) (1,365) (5,459) (6,778)
Net income attributable to American Assets Trust, Inc. stockholders $ 10,041 $ 5,038 $ 20,239 $ 24,762
EARNINGS PER COMMON SHARE        
Earnings per common share, basic (in USD per share) $ 0.17 $ 0.08 $ 0.34 $ 0.41
Weighted average shares of common stock outstanding-basic (in shares) 59,990,343 59,825,174 59,986,844 59,757,709
EARNINGS PER COMMON SHARE, DILUTED        
Earnings per common share, diluted (in USD per share) $ 0.17 $ 0.08 $ 0.34 $ 0.41
Weighted average shares of common stock outstanding-diluted (in shares) 76,171,880 76,118,032 76,168,381 76,115,456
Dividends declared per common share (in USD per share) $ 0.30 $ 0.25 $ 0.86 $ 0.75
COMPREHENSIVE INCOME        
Net income $ 12,895 $ 6,490 $ 26,115 $ 31,800
Other comprehensive gain - change in value of interest rate swaps 435 1,201 1,657 (4,900)
Comprehensive income 13,056 7,359 26,755 25,903
Comprehensive income attributable to non-controlling interests (2,744) (1,555) (5,604) (5,530)
Comprehensive income attributable to American Assets Trust, Inc. 10,312 5,804 21,151 20,373
Interest Expense        
COMPREHENSIVE INCOME        
Reclassification of amortization of forward-starting swap realized gains included in interest expense (274) (332) (824) (997)
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 93,804 80,759 262,573 252,059
Other property income 4,482 3,615 11,508 11,167
Total revenue 98,286 84,374 274,081 263,226
EXPENSES:        
Rental expenses 23,466 19,208 61,916 58,757
Real estate taxes 9,644 11,491 31,610 31,497
General and administrative 6,827 6,438 20,574 19,937
Depreciation and amortization 30,680 26,914 85,827 80,869
Total operating expenses 70,617 64,051 199,927 191,060
OPERATING INCOME 27,669 20,323 74,154 72,166
Interest expense (14,722) (13,302) (43,589) (40,105)
Early extinguishment of debt 0 0 (4,271) 0
Other (expense) income, net (52) (531) (179) (261)
NET INCOME 12,895 6,490 26,115 31,800
Net income attributable to restricted shares (145) (87) (417) (260)
Net income attributable to American Assets Trust, Inc. stockholders $ 12,750 $ 6,403 $ 25,698 $ 31,540
EARNINGS PER COMMON SHARE        
Earnings per common share, basic (in USD per share) $ 0.17 $ 0.08 $ 0.34 $ 0.41
Weighted average shares of common stock outstanding-basic (in shares) 76,171,880 76,118,032 76,168,381 76,115,456
EARNINGS PER COMMON SHARE, DILUTED        
Earnings per common share, diluted (in USD per share) $ 0.17 $ 0.08 $ 0.34 $ 0.41
Weighted average shares of common stock outstanding-diluted (in shares) 76,171,880 76,118,032 76,168,381 76,115,456
Distributions per unit (in USD per share) $ 0.30 $ 0.25 $ 0.86 $ 0.75
COMPREHENSIVE INCOME        
Net income $ 12,895 $ 6,490 $ 26,115 $ 31,800
Other comprehensive gain - change in value of interest rate swaps 435 1,201 1,657 (4,900)
Comprehensive income 13,056 7,359 26,755 25,903
American Assets Trust, L.P. | Interest Expense        
COMPREHENSIVE INCOME        
Reclassification of amortization of forward-starting swap realized gains included in interest expense (274) (332) (824) (997)
American Assets Trust, L.P. | 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 2,709 1,365 [1]    
COMPREHENSIVE INCOME        
Net income 2,709 1,365 [1]    
Comprehensive income attributable to American Assets Trust, Inc. (2,744) (1,555) (5,604) (5,530)
General Partner | American Assets Trust, L.P.        
EXPENSES:        
NET INCOME 10,186 5,125 [2]    
COMPREHENSIVE INCOME        
Net income 10,186 5,125 [2]    
Comprehensive income attributable to American Assets Trust, Inc. $ 10,312 $ 5,804 $ 21,151 $ 20,373
[1] Consists of limited partnership interests held by third parties.
[2] Consists of general partnership interests held by American Assets Trust, Inc.