REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Summary of Real Estate Investments

A summary of the properties owned by us is as follows:

Retail
Carmel Country Plaza	Gateway Marketplace	Alamo Quarry Market
Carmel Mountain Plaza	Del Monte Center	Hassalo on Eighth - Retail
South Bay Marketplace	Geary Marketplace
Lomas Santa Fe Plaza	The Shops at Kalakaua
Solana Beach Towne Centre	Waikele Center

Office
La Jolla Commons	One Beach Street	Corporate Campus East III
Torrey Reserve Campus	First & Main	Bel-Spring 520
Torrey Point	Lloyd Portfolio
Solana Crossing	City Center Bellevue
The Landmark at One Market	Eastgate Office Park

Multifamily
Loma Palisades	Hassalo on Eighth - Multifamily
Imperial Beach Gardens
Mariner's Point
Santa Fe Park RV Resort
Pacific Ridge Apartments

Mixed-Use

Waikiki Beach Walk Retail and Embassy Suites™ Hotel

Held for Development and Construction in Progress

La Jolla Commons - Construction in Progress

Solana Crossing – Land

Lloyd Portfolio – Construction in Progress

A summary of our real estate investments is as follows (in thousands):

	Retail		Office		Multifamily		Mixed-Use		Total
December 31, 2022
Land	$	254,016	$	298,007	$	72,668	$	76,635	$	701,326
Buildings	529,589		1,316,916		397,731		129,470		2,373,706
Land improvements	49,512		15,284		8,132		2,606		75,534
Tenant improvements	92,225		221,163		—		2,353		315,741
Furniture, fixtures, and equipment	1,290		5,530		19,059		15,427		41,306
Construction in progress (1)	7,471		151,734		3,739		912		163,856
	934,103		2,008,634		501,329		227,403		3,671,469
Accumulated depreciation	(354,884)		(393,155)		(130,336)		(58,538)		(936,913)
Net real estate	$	579,219	$	1,615,479	$	370,993	$	168,865	$	2,734,556
December 31, 2021
Land	$	254,016	$	284,263	$	72,668	$	76,635	$	687,582
Buildings	527,262		1,270,131		393,713		129,226		2,320,332
Land improvements	47,425		14,269		7,764		2,606		72,064
Tenant improvements	89,520		218,639		—		2,366		310,525
Furniture, fixtures, and equipment	1,098		5,003		18,039		15,416		39,556
Construction in progress (1)	7,160		87,340		4,448		364		99,312
	926,481		1,879,645		496,632		226,613		3,529,371
Accumulated depreciation	(335,374)		(343,433)		(115,317)		(53,266)		(847,390)
Net real estate	$	591,107	$	1,536,212	$	381,315	$	173,347	$	2,681,981

(1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets.

Summary of Purchase Price Allocation

The financial information set forth below summarizes the company’s purchase price allocation for Bel-Spring 520 during the year ended December 31, 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)

Summary of Acquiree Operating Results Since Acquisition Date

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 December 31, 2022 (in thousands):

	Bel-Spring 520
Revenues	$	2,512
Operating expenses	2,417
Operating income	95
Net income attributable to American Assets Trust, Inc.	$	95