XML 57 R37.htm IDEA: XBRL DOCUMENT v3.22.0.1
Equity of American Assets Trust, Inc. (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Dividends declared and paid on shares of common stock and noncontrolling common units The following table lists the dividends declared and paid on our shares of common stock and Noncontrolling Common Units for the years ended December 31, 2021, 2020 and 2019:
PeriodAmount per Share/UnitPeriod CoveredDividend Paid Date
First Quarter 2019$0.28 January 1, 2019 to March 31, 2019March 28, 2019
Second Quarter 2019$0.28 April 1, 2019 to June 30, 2019June 27, 2019
Third Quarter 2019$0.28 July 1, 2019 to September 30, 2019September 26, 2019
Fourth Quarter 2019$0.30 October 1, 2019 to December 31, 2019December 26, 2019
First Quarter 2020$0.30 January 1, 2020 to March 31, 2020March 26, 2020
Second Quarter 2020$0.20 April 1, 2020 to June 30, 2020June 25, 2020
Third Quarter 2020$0.25 July 1, 2020 to September 30, 2020September 24, 2020
Fourth Quarter 2020$0.25 October 1, 2020 to December 31, 2020December 24, 2020
First Quarter 2021$0.28 January 1, 2021 to March 31, 2021March 25, 2021
Second Quarter 2021$0.28 April 1, 2021 to June 30, 2021June 24, 2021
Third Quarter 2021$0.30 July 1, 2021 to September 30, 2021September 23, 2021
Fourth Quarter 2021$0.30 October 1, 2021 to December 31, 2021December 23, 2021
Summary of income tax status of dividends per share paid A summary of the income tax status of dividends per share paid is as follows:
Year Ended December 31,
202120202019
Per Share%Per Share%Per Share%
Ordinary income$0.73 62.6 %$0.66 66.0 %$1.09 95.6 %
Capital gain— — %— — %— — %
Return of capital0.43 37.4 %0.34 34.0 %0.05 4.4 %
Total$1.16 100.0 %$1.00 100.0 %$1.14 100.0 %
Schedule of restricted common stock
The following shares of restricted common stock have been issued as of December 31, 2021:
GrantFair Value at Grant DateNumber
June 11, 2019 (1)
$45.354,412 
December 9, 2019 (2)
$28.06 - $30.97
168,596 
June 9, 2020 (1)
$33.296,008 
December 4, 2020 (3)
$19.02 - $20.83
311,566 
June 8, 2021 (1)
38.595,184 
December 9, 2021 (4)
$24.27 - $25.17
224,635 
(1)     Restricted common stock issued to members of the company's non-employee directors. These awards of restricted stock will vest subject to the director's continued service on the Board of Directors on the earlier of (i) the one year anniversary of the date of grant or (ii) the date of the next annual meeting of our stockholders, if such non-employee director continues his or her service on the Board of Directors until the next annual meeting of stockholders, but not thereafter, pursuant to our independent director compensation policy.
(2)    Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2020, 2021 and 2022, subject to the employee's continued employment on those dates.
(3)    Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2021, 2022 and 2023, subject to the employee's continued employment on those dates.
(4)    Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2022, 2023 and 2024, subject to the employee's continued employment on those dates.
Activity of restricted stock awards The following table summarizes the activity of non-vested restricted stock awards during the year ended December 31, 2021:
2021
UnitsWeighted Average Grant Date Fair Value
Balance at beginning of year491,957 $23.53 
Granted229,819 25.04 
Vested(78,989)25.00 
Forfeited(155,390)24.25 
Balance at end of year487,397 $23.78 
Computation of basic and diluted EPS The computation of basic and diluted EPS for American Assets Trust, Inc. is presented below (dollars in thousands, except share and per share amounts):
Year Ended December 31,
202120202019
NUMERATOR
Net income$36,593 $35,588 $60,188 
Less: Net income attributable to restricted shares(564)(383)(381)
Less: Income attributable to unitholders in the Operating Partnership
(7,653)(7,545)(14,089)
Net income attributable to common stockholders—basic
$28,376 $27,660 $45,718 
Income attributable to American Assets Trust, Inc. common stockholders—basic
$28,376 $27,660 $45,718 
Plus: Income attributable to unitholders in the Operating Partnership
7,653 7,545 14,089 
Net income attributable to common stockholders—diluted
$36,029 $35,205 $59,807 
DENOMINATOR
Weighted average common shares outstanding—basic
59,990,740 59,806,309 54,110,949 
Effect of dilutive securities—conversion of Operating Partnership units
16,181,537 16,313,454 16,675,183 
Weighted average common shares outstanding—diluted
76,172,277 76,119,763 70,786,132 
Earnings per common share, basic$0.47 $0.46 $0.84 
Earnings per common share, diluted$0.47 $0.46 $0.84