REAL ESTATE

6 Months Ended

Jun. 30, 2022

Property Asset Acquisitions

On March 8, 2022, we acquired Bel-Spring 520 in Bellevue, Washington, consisting of an approximately 93,000 square feet, multi-tenant office campus. The purchase price was $45.5 million, less seller credits of approximately $0.1 million of future rent abatement, and approximately $0.6 million of contractual tenant improvements. Additionally, closing costs were approximately $0.1 million.

The property was acquired with cash on hand.

The financial information set forth below summarizes the Company’s purchase price allocation for Bel-Spring 520 during the six months ended June 30, 2022 (in thousands):


	Bel-Spring 520
Land	$	13,744
Building	27,793
Land improvements	713
Furniture, fixtures, and equipment	1,833
Total real estate	44,083
Lease intangibles	2,036
Prepaid expenses and other assets	10
Assets acquired	$	46,129
Accounts payable and accrued expenses	$	(14)
Security deposits payable	(189)
Other liabilities and deferred credits	(641)
Liabilities assumed	$	(844)

The value allocated to lease intangibles is amortized over the related lease term as depreciation and amortization expense in the statement of income. The remaining weighted average amortization period as of June 30, 2022, is 3.5.

The following table summarizes the operating results for Bel-Spring 520 included in the Company's historical consolidated statement of operations for the period of acquisition through June 30, 2022 (in thousands):


	Bel-Spring 520
Revenues	$	953
Operating expenses	947
Operating income	6
Net income attributable to American Assets Trust, Inc.	$	6