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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
REVENUE:        
Rental income $ 105,494 $ 105,468 $ 312,105 $ 301,470
Other property income 5,704 5,555 16,568 15,178
Total revenue 111,198 111,023 328,673 316,648
EXPENSES:        
Rental expenses 29,912 28,438 86,128 78,436
Real estate taxes 11,399 11,477 34,117 34,193
General and administrative 8,880 8,376 26,488 23,130
Depreciation and amortization 29,868 31,729 89,592 93,228
Total operating expenses 80,059 80,020 236,325 228,987
OPERATING INCOME 31,139 31,003 92,348 87,661
Interest expense, net (16,325) (14,454) (48,422) (43,667)
Other income (expense), net 321 (180) 7,272 (523)
NET INCOME 15,135 16,369 51,198 43,471
Net income attributable to restricted shares (189) (155) (568) (464)
Net income attributable to unitholders in the Operating Partnership (3,168) (3,442) (10,733) (9,130)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST $ 11,778 $ 12,772 $ 39,897 $ 33,877
EARNINGS PER COMMON SHARE, BASIC        
Earnings per common share, basic (in USD per share) $ 0.20 $ 0.21 $ 0.66 $ 0.56
Weighted average shares of common stock outstanding - basic (in shares) 60,150,681 60,044,117 60,147,189 60,041,034
EARNINGS PER COMMON SHARE, DILUTED        
Earnings per common share, diluted (in USD per share) $ 0.20 $ 0.21 $ 0.66 $ 0.56
Weighted average shares of common stock outstanding - diluted (in shares) 76,332,218 76,225,654 76,328,726 76,222,571
DIVIDENDS DECLARED PER COMMON SHARE (in USD per share) $ 0.33 $ 0.32 $ 0.99 $ 0.96
COMPREHENSIVE INCOME        
Net income $ 15,135 $ 16,369 $ 51,198 $ 43,471
Other comprehensive income - unrealized income on swap derivatives during the period 768 4,207 2,859 13,117
Reclassification of amortization of forward-starting swap included in interest expense (99) (275)    
Comprehensive income 15,804 20,301 53,006 55,763
Comprehensive income attributable to non-controlling interests (3,310) (4,277) (11,114) (11,739)
Comprehensive income attributable to American Assets Trust, Inc. 12,494 16,024 41,892 44,024
Interest Expense        
COMPREHENSIVE INCOME        
Reclassification of amortization of forward-starting swap included in interest expense $ (99) $ (275) $ (1,051) $ (825)