XML 25 R5.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
REVENUE:      
Rental income $ 360,208 $ 330,312 $ 343,865
Other property income 15,620 14,261 22,876
Total revenue 375,828 344,573 366,741
EXPENSES:      
Rental expenses 86,980 79,178 91,967
Real estate taxes 42,794 41,941 40,013
General and administrative 29,879 26,581 24,871
Depreciation and amortization 116,306 108,292 96,205
Total operating expenses 275,959 255,992 253,056
Operating income (loss) 99,869 88,581 113,685
Interest expense (58,587) (53,440) (54,008)
Loss on early extinguishment of debt (4,271) 0 0
Gain on sale of real estate 0 0 633
Other (expense) income, net (418) 447 (122)
Net income 36,593 35,588 60,188
Net income attributable to restricted shares (564) (383) (381)
Net income attributable to unitholders in the Operating Partnership (7,653) (7,545) (14,089)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS $ 28,376 $ 27,660 $ 45,718
EARNINGS PER COMMON SHARE, BASIC      
Basic net income attributable to common stockholders per share (in dollars per share) $ 0.47 $ 0.46 $ 0.84
Weighted average shares of common stock outstanding-basic (in shares) 59,990,740 59,806,309 54,110,949
EARNINGS PER COMMON SHARE, DILUTED      
Diluted net income attributable to common stockholders per share (in dollars per share) $ 0.47 $ 0.46 $ 0.84
Weighted average shares of common stock outstanding-diluted (in shares) 76,172,277 76,119,763 70,786,132
COMPREHENSIVE INCOME      
Net income $ 36,593 $ 35,588 $ 60,188
Other comprehensive gain (loss) - unrealized gain (loss) on swap derivatives during the period 2,723 (3,649) (5,571)
Comprehensive income 38,025 30,609 53,313
Comprehensive income attributable to noncontrolling interest (7,966) (6,496) (12,301)
Comprehensive income attributable to American Assets Trust, Inc. 30,059 24,113 41,012
Early Extinguishment of Debt      
COMPREHENSIVE INCOME      
Reclassification of amortization of forward starting swaps included in interest expense (193) 0 0
Interest Expense      
COMPREHENSIVE INCOME      
Reclassification of amortization of forward starting swaps included in interest expense (1,098) (1,330) (1,304)
American Assets Trust, L.P.      
REVENUE:      
Rental income 360,208 330,312 343,865
Other property income 15,620 14,261 22,876
Total revenue 375,828 344,573 366,741
EXPENSES:      
Rental expenses 86,980 79,178 91,967
Real estate taxes 42,794 41,941 40,013
General and administrative 29,879 26,581 24,871
Depreciation and amortization 116,306 108,292 96,205
Total operating expenses 275,959 255,992 253,056
Operating income (loss) 99,869 88,581 113,685
Interest expense (58,587) (53,440) (54,008)
Loss on early extinguishment of debt (4,271) 0 0
Gain on sale of real estate 0 0 633
Other (expense) income, net (418) 447 (122)
Net income 36,593 35,588 60,188
Net income attributable to restricted shares (564) (383) (381)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS $ 36,029 $ 35,205 $ 59,807
EARNINGS PER COMMON SHARE, BASIC      
Basic net income attributable to common stockholders per share (in dollars per share) $ 0.47 $ 0.46 $ 0.84
Weighted average shares of common stock outstanding-basic (in shares) 76,172,277 76,119,763 70,786,132
EARNINGS PER COMMON SHARE, DILUTED      
Diluted net income attributable to common stockholders per share (in dollars per share) $ 0.47 $ 0.46 $ 0.84
Weighted average shares of common stock outstanding-diluted (in shares) 76,172,277 76,119,763 70,786,132
DISTRIBUTIONS PER UNIT (in dollars per share) $ 1.16 $ 1.00 $ 1.14
COMPREHENSIVE INCOME      
Net income $ 36,593 $ 35,588 $ 60,188
Other comprehensive gain (loss) - unrealized gain (loss) on swap derivatives during the period 2,723 (3,649) (5,571)
Comprehensive income 38,025 30,609 53,313
American Assets Trust, L.P. | Early Extinguishment of Debt      
COMPREHENSIVE INCOME      
Reclassification of amortization of forward starting swaps included in interest expense (193) 0 0
American Assets Trust, L.P. | Early Extinguishment of Debt | Accumulated Other Comprehensive Income (Loss)      
COMPREHENSIVE INCOME      
Reclassification of amortization of forward starting swaps included in interest expense (193)    
American Assets Trust, L.P. | Interest Expense      
COMPREHENSIVE INCOME      
Reclassification of amortization of forward starting swaps included in interest expense (1,098) (1,330) (1,304)
American Assets Trust, L.P. | Interest Expense | Accumulated Other Comprehensive Income (Loss)      
COMPREHENSIVE INCOME      
Reclassification of amortization of forward starting swaps included in interest expense (1,098) (1,330) (1,304)
American Assets Trust, L.P. | Limited Partner      
EXPENSES:      
Net income [1] 7,653 7,545 14,089
COMPREHENSIVE INCOME      
Net income [1] 7,653 7,545 14,089
Comprehensive income attributable to American Assets Trust, Inc. (7,966) (6,496) (12,301)
American Assets Trust, L.P. | General Partner      
EXPENSES:      
Net income [2] 28,940 28,043 46,099
COMPREHENSIVE INCOME      
Net income [2] 28,940 28,043 46,099
Comprehensive income attributable to American Assets Trust, Inc. $ 30,059 $ 24,113 $ 41,012
[1] Consists of limited partnership interests held by third parties.
[2] Consists of general and limited partnership interests held by American Assets Trust, Inc.