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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
OPERATING ACTIVITIES      
Net income $ 36,593 $ 35,588 $ 60,188
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred rent revenue and amortization of lease intangibles (17,634) (31,242) (6,985)
Depreciation and amortization 116,306 108,292 96,205
Amortization of debt issuance costs and debt fair value adjustments 2,753 1,477 1,467
Gain (Loss) on Extinguishment of Debt 4,271 0 0
Gain on sale of real estate 0 0 633
Stock-based compensation expense 8,493 6,307 4,477
Settlement of forward interest rate swap agreement 0 0 513
Lease termination income 0 0 (4,518)
Other noncash interest expense (1,098) (1,330) (1,304)
Other, net 1,314 (695) 4,746
Changes in operating assets and liabilities      
Change in accounts receivable 2,273 (4,940) (1,071)
Change in other assets 109 141 (2,420)
Change in accounts payable and accrued expenses 15,331 (2,108) 5,956
Change in security deposits payable 443 (1,726) (971)
Change in other liabilities and deferred credits 1,464 (1,206) (3,585)
Net cash provided by operating activities 168,329 126,985 153,816
INVESTING ACTIVITIES      
Acquisition of real estate, net (204,511) 0 (507,780)
Capital expenditures (104,588) (63,488) (88,327)
Proceeds from sale of real estate, net of selling costs 0 0 8,191
Leasing commissions (3,142) (5,589) (11,267)
Purchase of marketable securities (47,760) 0 0
Proceeds from Sale and Maturity of Marketable Securities 47,723 0 0
Net cash used in investing activities (312,278) (69,077) (599,183)
FINANCING ACTIVITIES      
Repayment of secured notes payable 0 (51,003) (20,762)
Proceeds from unsecured line of credit 0 100,000 59,000
Repayment of unsecured line of credit 100,000 0 123,000
Proceeds from issuance of unsecured notes payable 494,675 0 150,000
Debt issuance costs (5,075) (125) (1,103)
Proceeds from issuance of common stock, net 0 0 515,354
Dividends paid to common stock and unitholders (88,936) (76,510) (80,605)
Shares withheld for employee taxes (865) (672) (1,338)
Net cash provided by (used in) financing activities 144,424 (28,310) 497,546
Net (decrease) increase in cash and cash equivalents 475 29,598 52,179
Cash, cash equivalents and restricted cash, beginning of year 139,049 109,451 57,272
Cash, cash equivalents and restricted cash, end of year 139,524 139,049 109,451
Cash and cash equivalents 139,524 137,333 99,303
Restricted cash 0 1,716 10,148
Repayments of Unsecured Debt (155,375) 0 0
American Assets Trust, L.P.      
OPERATING ACTIVITIES      
Net income 36,593 35,588 60,188
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred rent revenue and amortization of lease intangibles (17,634) (31,242) (6,985)
Depreciation and amortization 116,306 108,292 96,205
Amortization of debt issuance costs and debt fair value adjustments 2,753 1,477 1,467
Provision for uncollectable rental income (2,289) 18,427 1,751
Gain (Loss) on Extinguishment of Debt 4,271 0 0
Gain on sale of real estate 0 0 633
Stock-based compensation expense 8,493 6,307 4,477
Settlement of forward interest rate swap agreement 0 0 513
Lease termination income 0 0 (4,518)
Other noncash interest expense (1,098) (1,330) (1,304)
Other, net 1,314 (695) 4,746
Changes in operating assets and liabilities      
Change in accounts receivable 2,273 (4,940) (1,071)
Change in other assets 109 141 (2,420)
Change in accounts payable and accrued expenses 15,331 (2,108) 5,956
Change in security deposits payable 443 (1,726) (971)
Change in other liabilities and deferred credits 1,464 (1,206) (3,585)
Net cash provided by operating activities 168,329 126,985 153,816
INVESTING ACTIVITIES      
Acquisition of real estate, net (204,511) 0 (507,780)
Capital expenditures (104,588) (63,488) (88,327)
Proceeds from sale of real estate, net of selling costs 0 0 8,191
Leasing commissions (3,142) (5,589) (11,267)
Purchase of marketable securities (47,760) 0 0
Proceeds from Sale and Maturity of Marketable Securities 47,723 0 0
Net cash used in investing activities (312,278) (69,077) (599,183)
FINANCING ACTIVITIES      
Repayment of secured notes payable 0 (51,003) (20,762)
Proceeds from unsecured line of credit 0 100,000 59,000
Repayment of unsecured line of credit 100,000 0 123,000
Proceeds from issuance of unsecured notes payable 494,675 0 150,000
Debt issuance costs (5,075) (125) (1,103)
Contributions from American Assets Trust, Inc.   0  
Contributions from American Assets Trust, Inc. 0   515,354
Dividends paid to common stock and unitholders (88,936) (76,510) (80,605)
Shares withheld for employee taxes (865) (672) (1,338)
Net cash provided by (used in) financing activities 144,424 (28,310) 497,546
Net (decrease) increase in cash and cash equivalents 475 29,598 52,179
Cash, cash equivalents and restricted cash, beginning of year 139,049 109,451 57,272
Cash, cash equivalents and restricted cash, end of year 139,524 139,049 109,451
Cash and cash equivalents 139,524 137,333 99,303
Restricted cash 0 1,716 10,148
Repayments of Unsecured Debt $ (155,375) $ 0 $ 0