| X | ||||||||||
- Definition If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
|
| X | ||||||||||
- Definition End date of current fiscal year in the format --MM-DD. No definition available.
|
| X | ||||||||||
- Definition This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
|
| X | ||||||||||
- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
|
| X | ||||||||||
- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'. No definition available.
|
| X | ||||||||||
- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
|
| X | ||||||||||
- Definition Indicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated), (5) Smaller Reporting Accelerated Filer or (6) Smaller Reporting Company and Large Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Indicates that the company is a smaller reporting company with both a public float and revenues of less than $75 million. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Definition Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of structure or a modification to a structure under construction. Includes recently completed structures or modifications to structures that have not been placed into service. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Total carrying amount as of the balance sheet date of unearned revenue or income, not otherwise specified in the taxonomy, which is expected to be taken into income in future periods and obligations not separately disclosed in the balance sheet (other liabilities). No definition available.
|
| X | ||||||||||
- Definition The cumulative difference between the rental payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense over the term of the leased property, by the lessor or lessee, respectively. Such receivable is reduced by allowances attributable to, for instance, credit risk associated with a lessee. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of the general partner's ownership interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Carrying amount of land available for development. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of the limited partners' ownership interests. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of ownership interest of different classes of partners in limited partnership. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The cumulative amount of depreciation for real estate property held for investment purposes. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Carrying amount of income producing properties held for rental. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of cash and cash equivalents restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Carrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition This element represents money paid in advance to protect the provider of a product or service, such as a lessor, against damage or nonpayment by the buyer or tenant (lessee) during the term of the agreement. Such damages may include physical damage to the property, theft of property, and other contractual breaches. Security deposits held may be interest or noninterest bearing. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Including the current and noncurrent portions, carrying value as of the balance sheet date of uncollateralized debt obligations (with maturities initially due after one year or beyond the operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Common Shares | ||
| Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 490,000,000 | 490,000,000 |
| Common stock, shares outstanding (in shares) | 47,486,894 | 47,335,409 |
| Common stock, shares issued (in shares) | 47,486,894 | 47,335,409 |
| American Assets Trust, L.P. | ||
| Limited partners' capital, units issued (in shares) | 17,177,608 | 17,177,608 |
| Limited partners' capital, units outstanding (in shares) | 17,177,608 | 17,177,608 |
| General partners' capital, units issued (in shares) | 47,486,894 | 47,335,409 |
| General partners' capital, units outstanding (in shares) | 47,486,894 | 47,335,409 |
| X | ||||||||||
- Definition Face amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of general partner units issued. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of general partner units outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of limited partner units issued. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of limited partner units outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Definition Net income attributable to restricted share. No definition available.
|
| X | ||||||||||
- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Other operating costs incurred during the reporting period and may include amounts paid to maintain the property. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Cash dividends declared or paid to each outstanding limited partnership and general partnership unit during the reporting period. No definition available.
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount after tax of income (loss) attributable to redeemable noncontrolling partner in an operating partnership. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
|
| X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
| X | ||||||||||
- Definition The total amount of revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease revenue. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after tax of reclassification adjustment from accumulated other comprehensive income of accumulated gain (loss) realized from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's deferred hedging gain (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after tax of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The total amount of other operating income, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Consolidated Statement of Equity (Unaudited) - USD ($) $ in Thousands |
Total |
American Assets Trust, L.P. |
American Assets Trust, L.P.
Accumulated Other Comprehensive Income (Loss)
|
American Assets Trust, L.P.
Limited Partner
|
[1] |
American Assets Trust, L.P.
General Partner
|
Common Shares |
Additional Paid-in Capital |
Accumulated Dividends in Excess of Net Income |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interests - Unitholders in the Operating Partnership |
Swap |
Swap
American Assets Trust, L.P.
|
Swap
American Assets Trust, L.P.
Accumulated Other Comprehensive Income (Loss)
|
Swap
Accumulated Other Comprehensive Income (Loss)
|
Swap
Noncontrolling Interests - Unitholders in the Operating Partnership
|
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning Balance (in shares) at Dec. 31, 2017 | 47,204,588 | |||||||||||||||||||||
| Beginning Balance at Dec. 31, 2017 | $ 844,144 | $ 473 | $ 919,066 | $ (97,280) | $ 11,451 | $ 10,434 | ||||||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
| Net income (loss) | (691) | $ (691) | $ (166) | $ (525) | [2] | (525) | (166) | |||||||||||||||
| Forfeiture of restricted stock (in shares) | (1,104) | |||||||||||||||||||||
| Dividends declared and paid | (17,388) | (12,745) | ||||||||||||||||||||
| Dividends declared and paid (noncontrolling interest) | (4,643) | |||||||||||||||||||||
| Stock-based compensation | 727 | 727 | ||||||||||||||||||||
| Other comprehensive income - change in value of interest rate swaps | 2,861 | 2,861 | $ 2,861 | $ 2,861 | $ 2,861 | $ 2,107 | $ 754 | |||||||||||||||
| Reclassification of amortization of forward-starting swap included in interest expense | (320) | (320) | $ (320) | (234) | (86) | |||||||||||||||||
| Ending Balance (in shares) at Mar. 31, 2018 | 47,203,484 | |||||||||||||||||||||
| Ending Balance at Mar. 31, 2018 | 829,333 | $ 473 | 919,793 | (110,550) | 13,324 | 6,293 | ||||||||||||||||
| Beginning partners' capital account (in shares) at Dec. 31, 2017 | 17,194,980 | 47,204,588 | [2] | |||||||||||||||||||
| Beginning partners' capital account at Dec. 31, 2017 | 844,144 | 15,750 | $ 6,135 | $ 822,259 | [2] | |||||||||||||||||
| Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||||||
| Net income | (691) | (691) | (166) | $ (525) | [2] | (525) | (166) | |||||||||||||||
| Forfeiture of restricted units (in shares) | [2] | (1,104) | ||||||||||||||||||||
| Distributions | (17,388) | $ (4,643) | $ (12,745) | [2] | ||||||||||||||||||
| Stock-based compensation | 727 | $ 727 | [2] | |||||||||||||||||||
| Other comprehensive (loss) income - unrealized (loss) income on swap derivative during the period | 2,861 | 2,861 | 2,861 | 2,861 | 2,861 | 2,107 | 754 | |||||||||||||||
| Reclassification of amortization of forward-starting swap included in interest expense | (320) | (320) | (320) | (234) | (86) | |||||||||||||||||
| Ending partners' capital account (in shares) at Mar. 31, 2018 | 17,194,980 | 47,203,484 | [2] | |||||||||||||||||||
| Ending partners' capital account at Mar. 31, 2018 | 829,333 | 18,291 | $ 1,326 | $ 809,716 | [2] | |||||||||||||||||
| Beginning Balance (in shares) at Dec. 31, 2018 | 47,335,409 | |||||||||||||||||||||
| Beginning Balance at Dec. 31, 2018 | 802,471 | $ 474 | 920,661 | (128,778) | 10,620 | (506) | ||||||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
| Net income (loss) | 15,243 | 15,243 | $ 4,055 | $ 11,188 | [2] | 11,188 | 4,055 | |||||||||||||||
| Common shares issued (in shares) | 162,531 | |||||||||||||||||||||
| Common shares issued | 7,034 | $ 1 | 7,033 | |||||||||||||||||||
| Forfeiture of restricted stock (in shares) | (11,046) | |||||||||||||||||||||
| Forfeiture of restricted stock | $ 0 | 0 | ||||||||||||||||||||
| Dividends declared and paid | (18,061) | (13,251) | ||||||||||||||||||||
| Dividends declared and paid (noncontrolling interest) | (4,810) | |||||||||||||||||||||
| Stock-based compensation | 1,098 | 1,098 | ||||||||||||||||||||
| Other comprehensive income - change in value of interest rate swaps | (2,132) | (2,132) | (2,132) | (2,132) | (2,132) | (1,561) | (571) | |||||||||||||||
| Reclassification of amortization of forward-starting swap included in interest expense | (320) | (320) | (320) | (234) | (86) | |||||||||||||||||
| Ending Balance (in shares) at Mar. 31, 2019 | 47,486,894 | |||||||||||||||||||||
| Ending Balance at Mar. 31, 2019 | 805,333 | $ 475 | $ 928,792 | (130,841) | 8,825 | (1,918) | ||||||||||||||||
| Beginning partners' capital account (in shares) at Dec. 31, 2018 | 17,177,608 | 47,335,409 | [2] | |||||||||||||||||||
| Beginning partners' capital account at Dec. 31, 2018 | 802,471 | 14,591 | $ (4,477) | $ 792,357 | [2] | |||||||||||||||||
| Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||||||
| Net income | 15,243 | 15,243 | 4,055 | $ 11,188 | [2] | $ 11,188 | 4,055 | |||||||||||||||
| Contributions from American Assets Trust, Inc. (in shares) | [2] | 162,531 | ||||||||||||||||||||
| Contributions from American Assets Trust, Inc. | 7,034 | $ 7,034 | [2] | |||||||||||||||||||
| Forfeiture of restricted units (in shares) | [2] | (11,046) | ||||||||||||||||||||
| Distributions | (18,061) | $ (4,810) | $ (13,251) | [2] | ||||||||||||||||||
| Stock-based compensation | 1,098 | $ 1,098 | [2] | |||||||||||||||||||
| Other comprehensive (loss) income - unrealized (loss) income on swap derivative during the period | (2,132) | (2,132) | $ (2,132) | $ (2,132) | $ (2,132) | $ (1,561) | $ (571) | |||||||||||||||
| Reclassification of amortization of forward-starting swap included in interest expense | $ (320) | (320) | (320) | $ (234) | $ (86) | |||||||||||||||||
| Ending partners' capital account (in shares) at Mar. 31, 2019 | 17,177,608 | 47,486,894 | [2] | |||||||||||||||||||
| Ending partners' capital account at Mar. 31, 2019 | $ 805,333 | $ 12,139 | $ (5,232) | $ 798,426 | [2] | |||||||||||||||||
| ||||||||||||||||||||||
| X | ||||||||||
- Definition Partners' Capital Account, Restricted Units Forfeiture No definition available.
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| X | ||||||||||
- Definition Amount of increase to additional paid-in capital (APIC) from recognition of equity-based compensation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of paid and unpaid cash, stock, and paid-in-kind (PIK) dividends declared, for example, but not limited to, common and preferred stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
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| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
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| X | ||||||||||
- Definition Decrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount after tax of reclassification adjustment from accumulated other comprehensive income of accumulated gain (loss) realized from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's deferred hedging gain (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount after tax of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The amount of ownership interest of different classes of partners in limited partnership. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Total contributions made by each class of partners (i.e., general, limited and preferred partners). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Total distributions to each class of partners (i.e., general, limited and preferred partners). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Total change in each class of partners' capital accounts during the year due to unit-based compensation. All partners include general, limited and preferred partners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The number of each class of partnership units outstanding at the balance sheet date. Units represent shares of ownership of the general, limited, and preferred partners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Units contributed by each class of partners during the year. Units represent shares of ownership of the general, limited, and preferred partners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Number of new stock issued during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Number of shares related to Restricted Stock Award forfeited during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Value of stock related to Restricted Stock Awards forfeited during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| OPERATING ACTIVITIES | ||
| Net income (loss) | $ 15,243 | $ (691) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Deferred rent revenue and amortization of lease intangibles | (1,111) | 47 |
| Depreciation and amortization | 20,583 | 33,279 |
| Amortization of debt issuance costs and debt fair value adjustments | 368 | 446 |
| Stock-based compensation expense | 1,098 | 727 |
| Lease termination income | (4,518) | 0 |
| Other noncash interest expense | (320) | (320) |
| Other, net | 678 | 2,031 |
| Changes in operating assets and liabilities | ||
| Change in accounts receivable | 466 | 577 |
| Change in other assets | 45 | (337) |
| Change in accounts payable and accrued expenses | 7,150 | 5,434 |
| Change in security deposits payable | (1,265) | 2,113 |
| Change in other liabilities and deferred credits | (1,586) | 666 |
| Net cash provided by operating activities | 36,831 | 43,972 |
| INVESTING ACTIVITIES | ||
| Capital expenditures | (20,932) | (10,138) |
| Leasing commissions | (1,505) | (1,227) |
| Net cash used in investing activities | (22,437) | (11,365) |
| FINANCING ACTIVITIES | ||
| Repayment of secured notes payable | (19,909) | (74,116) |
| Proceeds from unsecured line of credit | 24,000 | 35,000 |
| Debt issuance costs | (415) | (2,656) |
| Proceeds from issuance of common stock, net | 7,034 | |
| Proceeds from issuance of common stock, net | (176) | |
| Dividends paid to common stock and unitholders | (18,061) | (17,388) |
| Net cash used in financing activities | (7,351) | (59,336) |
| Net (decrease) increase in cash and cash equivalents | 7,043 | (26,729) |
| Cash, cash equivalents, and restricted cash equivalents, beginning of period | 57,272 | 91,954 |
| Cash, cash equivalents, and restricted cash equivalents, end of period | 64,315 | 65,225 |
| Cash and cash equivalents | 54,538 | 55,336 |
| Restricted cash | 9,777 | 9,889 |
| American Assets Trust, L.P. | ||
| OPERATING ACTIVITIES | ||
| Net income (loss) | 15,243 | (691) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Deferred rent revenue and amortization of lease intangibles | (1,111) | 47 |
| Depreciation and amortization | 20,583 | 33,279 |
| Amortization of debt issuance costs and debt fair value adjustments | 368 | 446 |
| Stock-based compensation expense | 1,098 | 727 |
| Lease termination income | (4,518) | 0 |
| Other noncash interest expense | (320) | (320) |
| Other, net | 678 | 2,031 |
| Changes in operating assets and liabilities | ||
| Change in accounts receivable | 466 | 577 |
| Change in other assets | 45 | (337) |
| Change in accounts payable and accrued expenses | 7,150 | 5,434 |
| Change in security deposits payable | (1,265) | 2,113 |
| Change in other liabilities and deferred credits | (1,586) | 666 |
| Net cash provided by operating activities | 36,831 | 43,972 |
| INVESTING ACTIVITIES | ||
| Capital expenditures | (20,932) | (10,138) |
| Leasing commissions | (1,505) | (1,227) |
| Net cash used in investing activities | (22,437) | (11,365) |
| FINANCING ACTIVITIES | ||
| Repayment of secured notes payable | (19,909) | (74,116) |
| Proceeds from unsecured line of credit | 24,000 | 35,000 |
| Debt issuance costs | (415) | (2,656) |
| Proceeds from issuance of common stock, net | (176) | |
| Contributions from American Assets Trust, Inc. | 7,034 | |
| Dividends paid to common stock and unitholders | (18,061) | (17,388) |
| Net cash used in financing activities | (7,351) | (59,336) |
| Net (decrease) increase in cash and cash equivalents | 7,043 | (26,729) |
| Cash, cash equivalents, and restricted cash equivalents, beginning of period | 57,272 | 91,954 |
| Cash, cash equivalents, and restricted cash equivalents, end of period | 64,315 | 65,225 |
| Cash and cash equivalents | 54,538 | 55,336 |
| Restricted cash | $ 9,777 | $ 9,889 |
| X | ||||||||||
- Definition The component of interest expense representing the noncash expenses charged against earnings in the period to amortize debt issuance costs and debt fair value adjustments. No definition available.
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| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amount due that is the result of the cumulative difference between actual rent due and rental income recognized on a straight-line basis. Also includes the amortization of lease intangibles. No definition available.
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| X | ||||||||||
- Definition Noncash interest expense from reclassification of amortization of forward starting interest rate swaps. No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of gain (loss) on termination of lease before expiration of lease term. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amount of (a) prepayments by customers for goods or services to be provided at a later date, (b) the amount of customer money held in customer accounts, including security deposits, collateral for a current or future transactions, initial payment of the cost of acquisition or for the right to enter into a contract or agreement, or (c) a combination of (a) and (b). Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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| X | ||||||||||
- Definition The increase (decrease) in the balance of capitalized lease acquisition costs during the period. The cost usually covers a variety of administrative costs, such as the cost of obtaining a credit report, verifying insurance coverage, lease commission charges, checking the accuracy and completeness of the lease documentation, and entering the lease in data processing and accounting systems. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of increase (decrease) in deferred obligations classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of increase (decrease) in operating assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of income (expense) included in net income that results in no cash inflow (outflow), classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash outflow for acquisition of or capital improvements to properties held for investment (operating, managed, leased) or for use. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash inflow from the additional capital contribution to the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash inflow from the capital received in cash from a partner in a partnership during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of cash inflow (outflow) from financing activities classified as other. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is uncollateralized (where debt is not backed by the pledge of collateral). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of cash and cash equivalents restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Details
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business and Organization American Assets Trust, Inc. (which may be referred to in these financial statements as the “Company,” “we,” “us,” or “our”) is a Maryland corporation formed on July 16, 2010 that did not have any operating activity until the consummation of our initial public offering on January 19, 2011. The Company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The Company’s operations are carried on through our Operating Partnership and its subsidiaries, including our taxable real estate investment trust ("REIT") subsidiary ("TRS"). Since the formation of our Operating Partnership, the Company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. We are a full service, vertically integrated, and self-administered REIT with approximately 186 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. As of March 31, 2019, we owned or had a controlling interest in 27 office, retail, multifamily and mixed-use operating properties, the operations of which we consolidate. Additionally, as of March 31, 2019, we owned land at three of our properties that we classify as held for development and/or construction in progress. A summary of the properties owned by us is as follows:
Basis of Presentation Our consolidated financial statements include the accounts of the Company, our Operating Partnership and our subsidiaries. The equity interests of other investors in our Operating Partnership are reflected as noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. The accompanying consolidated financial statements of the Company and the Operating Partnership have been prepared in accordance with the rules applicable to Form 10-Q and include all information and footnotes required for interim financial statement presentation, but do not include all disclosures required under accounting principles generally accepted in the United States (“GAAP”) for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments, except as otherwise noted) considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and notes therein included in the Company's and Operating Partnership's annual report on Form 10-K for the year ended December 31, 2018. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using our best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Any reference to the number of properties, number of units, square footage, employee numbers or percentages of beneficial ownership of our shares are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. Consolidated Statements of Cash Flows—Supplemental Disclosures The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands):
Significant Accounting Policies We describe our significant accounting policies in Note 1 to the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2018. Except for the adoption of the accounting standards during the first quarter of 2019 as discussed below, there have been no changes to our significant accounting policies during the three months ended March 31, 2019. Segment Information Segment information is prepared on the same basis that our chief operating decision maker reviews information for operational decision-making purposes. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), which provides the principles for the recognition, measurement, presentation and disclosure of leases. This ASU significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet. The lessor model stays substantially the same; however, there were modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases requiring significantly more leasing related costs to be expensed upfront. We adopted the provisions of ASU No. 2016-02 effective January 1, 2019 using the modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which allows lessors to elect a practical expedient by class of underlying assets to not separate non-lease components from the lease component if certain conditions are met. The lessor’s practical expedient election would be limited to circumstances in which the non-lease components otherwise would be accounted for under the new revenue guidance and both (i) the timing and pattern of transfer are the same for the non-lease component and the related lease component and (ii) the lease component would be classified as an operating lease. The Company elected the practical expedient, which allows the Company the ability to combine the lease and non-lease components if the underlying asset meets the criteria above. Due to our election of the practical expedient approach, approximately $7.8 million of non-lease components are combined with lease rental income. ASU 2018-11 also includes an optional transition method in addition to the existing requirements for transition to the new standard by recognizing a cumulative effect adjustment to the opening balance sheet of retained earnings in the period of adoption. Consequently, a company’s reporting for the comparative periods presented in the financial statements would continue to be in accordance with previous GAAP (Topic 840). The Company elected this practical expedient as well. Further, bad debt expense, which has previously been recorded in rental expenses, has now been classified as a contra-revenue account in rental income in the Company’s consolidated statements of comprehensive income. We evaluated all leases within this scope under existing accounting standards and under the new ASU lease standard recognized approximately $7.7 million of right-of-use assets and lease liabilities. Approximately $0.8 million of deferred rent expense was reclassified to lease liability within the other liabilities and deferred credits, net. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and International Financial Reporting Standards. The pronouncement is effective for reporting periods beginning after December 15, 2017. We adopted the provisions of the ASU effective January 1, 2018 using the modified retrospective approach. As discussed above, leases are specifically excluded from this and are governed by the applicable lease codification. We evaluated the revenue recognition for all contracts within this scope under existing accounting standards and under the new revenue recognition ASU and confirmed that there were no differences in the amounts recognized or the pattern of recognition. This evaluation included revenues from the hotel portion of our mixed-use property, parking income and excise taxes charged to customers. Therefore, the adoption of this ASU did not result in an adjustment to our retained earnings on January 1, 2018. |
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- Definition The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES | ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES The following summarizes our acquired lease intangibles and leasing costs, which are included in other assets and other liabilities and deferred credits, as of March 31, 2019 and December 31, 2018 (in thousands):
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- Definition The entire disclosure for all or part of the information related to intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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FAIR VALUE OF FINANCIAL INSTRUMENTS |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy for inputs used in measuring fair value is as follows:
Except as disclosed below, the carrying amounts of our financial instruments approximate their fair value. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. We measure the fair value of our deferred compensation liability, which is included in other liabilities and deferred credits on the consolidated balance sheet, on a recurring basis using Level 2 inputs. We measure the fair value of this liability based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. The fair value of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contract at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The effective portion of changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded in accumulated other comprehensive income (loss) and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. We incorporate credit valuation adjustments to appropriately reflect both our own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of non-performance risk, we considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2019 we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative position and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivative. As a result, we have determined that our derivative valuation in its entirety is classified in Level 2 of the fair value hierarchy. A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows (in thousands):
The fair value of our secured notes payable and unsecured senior guaranteed notes are sensitive to fluctuations in interest rates. Discounted cash flow analysis using observable market interest rates (Level 2) is generally used to estimate the fair value of our secured notes payable, using rates ranging from 3.8% to 4.6%. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying values of our revolving line of credit and term loan set forth below are deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. A summary of the carrying amount and fair value of our secured financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands):
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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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DERIVATIVE AND HEDGING ACTIVITIES |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DERIVATIVE AND HEDGING ACTIVITIES | DERIVATIVE AND HEDGING ACTIVITIES Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The following is a summary of the terms of our outstanding interest rate swaps as of March 31, 2019 (dollars in thousands):
The effective portion of changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded in accumulated other comprehensive income and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings for as long as hedged cash flows remain probable. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, counter party credit risk and uses observable market-based inputs, including interest rate curves, and implied volatilities. The fair value of the interest rate swap is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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OTHER ASSETS |
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER ASSETS | OTHER ASSETS Other assets consist of the following (in thousands):
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- Definition The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets. No definition available.
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OTHER LIABILITIES AND DEFERRED CREDITS |
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| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER LIABILITIES AND DEFERRED CREDITS | OTHER LIABILITIES AND DEFERRED CREDITS Other liabilities and deferred credits consist of the following (in thousands):
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- Definition The entire disclosure for other liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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DEBT |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT | DEBT Debt of American Assets Trust, Inc. American Assets Trust, Inc. does not hold any indebtedness. All debt is held directly or indirectly by the Operating Partnership; however, American Assets Trust, Inc. has guaranteed the Operating Partnership's obligations under the (i) amended and restated credit facility, (ii) term loans, and (iii) senior guaranteed notes. Additionally, American Assets Trust, Inc. has provided carve-out guarantees on certain property-level mortgage debt. Debt of American Assets Trust, L.P. Secured notes payable The following is a summary of our total secured notes payable outstanding as of March 31, 2019 and December 31, 2018 (in thousands):
Certain loans require us to comply with various financial covenants. As of March 31, 2019, the Operating Partnership was in compliance with these financial covenants. Unsecured notes payable The following is a summary of the Operating Partnership's total unsecured notes payable outstanding as of March 31, 2019 and December 31, 2018 (in thousands):
Certain loans require us to comply with various financial covenants. As of March 31, 2019, the Operating Partnership was in compliance with these financial covenants. Amended Term Loan Agreement On January 9, 2018, we entered into the Third Amendment to the Term Loan Agreement (as so amended, the "Term Loan Agreement"), which maintains the seven years $150 million unsecured term loan (referred to herein as Term Loan B and Term Loan C) to the Operating Partnership that matures on March 1, 2023 (the “$150mm Term Loan”). Effective as of March 1, 2018, borrowings under the Term Loan Agreement with respect to the $150mm Term Loan bear interest at floating rates equal to, at the Operating Partnership’s option, either (1) LIBOR, plus a spread which ranges from 1.20% to 1.70% based on the Operating Partnership’s consolidated leverage ratio, or (2) a base rate equal to the highest of (a) 0%, (b) the prime rate, (c) the federal funds rate plus 50 bps or (d) the Eurodollar rate plus 100 bps, in each case plus a spread which ranges from 0.70% to 1.35% based on the Operating Partnership’s consolidated leverage ratio. Additionally, the Operating Partnership may elect for borrowings to bear interest based on a ratings-based pricing grid as per the Operating Partnership’s then-applicable investment grade debt ratings under the terms set forth in the Term Loan Agreement. Second Amended and Restated Credit Facility On January 9, 2018, we entered into a second amended and restated credit agreement (the "Second Amended and Restated Credit Facility"). The Second Amended and Restated Credit Facility provides for aggregate, unsecured borrowing of $450 million, consisting of a revolving line of credit of $350 million (the "Revolver Loan") and a term loan of $100 million (the "Term Loan A"). The Second Amended and Restated Credit Facility has an accordion feature that may allow us to increase the availability thereunder up to an additional $350 million, subject to meeting specified requirements and obtaining additional commitments from lenders. At March 31, 2019, there was $88 million outstanding under the Revolver Loan with approximately $1.6 million of debt issuance costs, net. Borrowings under the Second Amended and Restated Credit Agreement initially bear interest at floating rates equal to, at our option, either (1) LIBOR, plus a spread which ranges from (a) 1.05% to 1.50% (with respect to the Revolver Loan) and (b) 1.30% to 1.90% (with respect to Term Loan A), in each case based on our consolidated leverage ratio, or (2) a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 50 bps or (c) LIBOR plus 100 bps, plus a spread which ranges from (i) 0.10% to 0.50% (with respect to the Revolver Loan) and (ii) 0.30% to 0.90% (with respect to Term Loan A), in each case based on our consolidated leverage ratio. For the three months ended March 31, 2019, the weighted average interest rate on the Revolver Loan was 3.60%. The Revolver Loan initially matures on January 9, 2022, subject to our option to extend the Revolver Loan up to two times, with each such extension for a six months period. The extension options are exercisable by us subject to the satisfaction of certain conditions. The Term Loan A had a maturity date of January 9, 2019, but was extended prior to its maturity date, as described below. On January 9, 2019, we entered into the first amendment (“First Amendment”) to the Second Amended and Restated Credit Facility, which extended the maturity date of Term Loan A to January 9, 2021, subject to three, one year extension options. Additionally, in connection with the First Amendment, borrowings under the Second Amended and Restated Credit Facility with respect to Term Loan A bear interest at floating rates equal to, at our option, either (1) LIBOR, plus a spread which ranges from 1.20% to 1.70% based on our consolidated total leverage ratio, or (2) a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 50 bps or (c) the Eurodollar rate plus 100 bps, in each case plus a spread which ranges from 0.20% to 0.70% based on our consolidated total leverage ratio. The foregoing rates are intended to be more favorable than previously contained in the Second Amended and Restated Credit Facility (prior to entry into the First Amendment) with respect to Term Loan A. Additionally, the Second Amended and Restated Credit Facility includes a number of customary financial covenants, including:
The Second Amended and Restated Credit Facility provides that our annual distributions may not exceed the greater of (1) 95% of our funds from operation ("FFO") or (2) the amount required for us to (a) qualify and maintain our REIT status and (b) avoid the payment of federal or state income or excise tax. If certain events of default exist or would result from a distribution, we may be precluded from making distributions other than those necessary to qualify and maintain our status as a REIT. As of March 31, 2019, the Operating Partnership was in compliance with the financial covenants in the Second Amended and Restated Credit Facility.
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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PARTNERS CAPITAL OF AMERICAN ASSETS TRUST, L.P. |
3 Months Ended |
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Mar. 31, 2019 | |
| Equity [Abstract] | |
| PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. | PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. Noncontrolling interests in our Operating Partnership are interests in the Operating Partnership that are not owned by us. Noncontrolling interests consisted of 17,177,608 common units (the “noncontrolling common units”), and represented approximately 26.7% of the ownership interests in our Operating Partnership at March 31, 2019. Common units and shares of our common stock have essentially the same economic characteristics in that common units and shares of our common stock share equally in the total net income or loss distributions of our Operating Partnership. Investors who own common units have the right to cause our Operating Partnership to redeem any or all of their common units for cash equal to the then-current market value of one share of our common stock, or, at our election, shares of our common stock on a one-for-one basis. During the three months ended March 31, 2019, no common units were converted into shares of our common stock. Earnings (Loss) Per Unit of the Operating Partnership Basic earnings (loss) per unit (“EPU”) of the Operating Partnership is computed by dividing income applicable to unitholders by the weighted average Operating Partnership units outstanding, as adjusted for the effect of participating securities. Operating Partnership units granted in equity-based payment transactions that have non-forfeitable dividend equivalent rights are considered participating securities prior to vesting. The impact of unvested Operating Partnership unit awards on EPU has been calculated using the two-class method whereby earnings are allocated to the unvested Operating Partnership unit awards based on distributions and the unvested Operating Partnership units’ participation rights in undistributed earnings. The calculation of diluted EPU for the three months ended March 31, 2019 does not include the weighted average of 333,275 unvested Operating Partnership units, as these equity securities are either considered contingently issuable or the effect of including these equity securities was anti-dilutive to income from continuing operations and net income attributable to the unitholders. For the three months ended March 31, 2018, shares associated with convertible securities were not included because the inclusion would be anti-dilutive.
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- References No definition available.
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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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EQUITY OF AMERICAN ASSETS TRUST, INC. |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EQUITY OF AMERICAN ASSETS TRUST, INC. | EQUITY OF AMERICAN ASSETS TRUST, INC. Stockholders' Equity On May 27, 2015, we entered into an at-the-market ("ATM") equity program with five sales agents in which we may, from time to time, offer and sell shares of our common stock having an aggregate offering price of up to $250.0 million. On March 2, 2018, we amended certain of these equity programs, terminated one such program and entered into a new equity program with one new sales agent. The sales of shares of our common stock made through the ATM equity program, as amended, are made in "at-the-market" offerings as defined in Rule 415 of the Securities Act of 1933, as amended. During the three months ended March 31, 2019, the following shares of common stock were sold through the ATM equity programs (in thousands, except per share data and share amounts):
Additionally, we issued 519,382 shares of common stock through the ATM program that settled after March 31, 2019 at a weighted average price per share of $45.57, resulting in additional net proceeds of $23.4 million. We intend to use the net proceeds from the ATM equity program to fund our development or redevelopment activities, repay amounts outstanding from time to time under our revolving line of credit or other debt financing obligations, fund potential acquisition opportunities and/or for general corporate purposes. As of March 31, 2019, we had the capacity to issue up to an additional $168.8 million in shares of our common stock under our ATM equity program. Actual future sales will depend on a variety of factors including, but not limited to, market conditions, the trading price of our common stock and our capital needs. We have no obligation to sell the remaining shares available for sale under the ATM equity program. Dividends The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units during the three months ended March 31, 2019:
Taxability of Dividends Earnings and profits, which determine the taxability of distributions to stockholders and holders of common units, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation. Stock-Based Compensation We follow the FASB guidance related to stock compensation which establishes financial accounting and reporting standards for stock-based employee compensation plans, including all arrangements by which employees receive shares of stock or other equity instruments of the employer. The guidance also defines a fair value-based method of accounting for an employee stock option or similar equity instrument. The following table summarizes the activity of restricted stock awards during the three months ended March 31, 2019:
We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $1.1 million and $0.7 million in noncash compensation expense for the three month periods ended March 31, 2019 and 2018, respectively, which is included in general and administrative expense on the consolidated statements of comprehensive income. Unrecognized compensation expense was $5.4 million at March 31, 2019. Earnings Per Share We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating security is calculated according to dividends declared and participation rights in undistributed earnings. The weighted average unvested shares outstanding, which are considered participating securities, were 333,275 and 263,606 for the three months ended March 31, 2019 and 2018, respectively. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares as these unvested shares have nonforfeitable dividend equivalent rights. Diluted EPS is calculated by dividing the net income applicable to common stockholders for the period by the weighted average number of common and dilutive instruments outstanding during the period using the treasury stock method. For the three months ended March 31, 2019, diluted shares exclude incentive restricted stock as these awards are considered contingently issuable. For the three months ended March 31, 2018, shares associated with convertible securities were not included because the inclusion would be anti-dilutive. Additionally, the unvested restricted stock awards subject to time vesting are anti-dilutive for all periods presented, and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts):
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- References No definition available.
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- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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INCOME TAXES |
3 Months Ended |
|---|---|
Mar. 31, 2019 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES We elected to be taxed as a REIT and operate in a manner that allows us to qualify as a REIT for federal income tax purposes commencing with our initial taxable year. As a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. Taxable income from non-REIT activities managed through our TRS is subject to federal and state income taxes. We lease our hotel property to a wholly owned TRS that is subject to federal and state income taxes. We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between GAAP carrying amounts and their respective tax bases. Additionally, we classify certain state taxes as income taxes for financial reporting purposes in accordance with ASC Topic 740, Income Taxes. A deferred tax liability is included in our consolidated balance sheets of $0.1 million as of March 31, 2019 and December 31, 2018, respectively, in relation to real estate asset basis differences of property subject to state taxes based on income and certain prepaid expenses of our TRS. Income tax expense is recorded in other (expense) income, net on our consolidated statements of comprehensive income. For the three months ended March 31, 2019, we recorded income tax expense of $0.2 million. For the three months ended March 31, 2018, we recorded income tax benefit of $0.1 million.
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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COMMITMENTS AND CONTINGENCIES |
3 Months Ended |
|---|---|
Mar. 31, 2019 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal We are sometimes involved in various disputes, lawsuits, warranty claims, environmental, and other matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. We do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also, under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us as owner of the properties due to certain matters relating to the operation of the properties by the tenant. Commitments See Footnote 12 for description of our leases, as a lessee. We have management agreements with Outrigger Hotels & Resorts or an affiliate thereof (“Outrigger”) pursuant to which Outrigger manages each of the retail and hotel portions of the Waikiki Beach Walk property. Under the management agreement with Outrigger relating to the retail portion of Waikiki Beach Walk (the “retail management agreement”), we pay Outrigger a monthly management fee of 3.0% of net revenues from the retail portion of Waikiki Beach Walk. Pursuant to the terms of the retail management agreement, if the agreement is terminated in certain instances, including our election not to repair damage or destruction at the property, a condemnation or our failure to make required working capital infusions, we would be obligated to pay Outrigger a termination fee equal to the sum of the management fees paid for the two months immediately preceding the termination date. The retail management agreement may not be terminated by us or by Outrigger without cause. Under our management agreement with Outrigger relating to the hotel portion of Waikiki Beach Walk (the “hotel management agreement”), we pay Outrigger a monthly management fee of 6.0% of the hotel's gross operating profit, as well as 3.0% of the hotel's gross revenues; provided that the aggregate management fee payable to Outrigger for any year shall not exceed 3.5% of the hotel's gross revenues for such fiscal year. Pursuant to the terms of the hotel management agreement, if the agreement is terminated in certain instances, including upon a transfer by us of the hotel or upon a default by us under the hotel management agreement, we would be required to pay a cancellation fee calculated by multiplying (1) the management fees for the previous 12 months by (2) (a) eight, if the agreement is terminated in the first 11 years of its term, or (b) four, three, two or one, if the agreement is terminated in the twelfth, thirteenth, fourteenth or fifteenth year, respectively, of its term. The hotel management agreement may not be terminated by us or by Outrigger without cause. A wholly owned subsidiary of our Operating Partnership, WBW Hotel Lessee LLC, entered into a franchise license agreement with Embassy Suites Franchise LLC, the franchisor of the brand “Embassy Suites™,” to obtain the non-exclusive right to operate the hotel under the Embassy SuitesTM brand for 20 years. The franchise license agreement provides that WBW Hotel Lessee LLC must comply with certain management, operational, record keeping, accounting, reporting and marketing standards and procedures. In connection with this agreement, we are also subject to the terms of a product improvement plan pursuant to which we expect to undertake certain actions to ensure that our hotel's infrastructure is maintained in compliance with the franchisor's brand standards. In addition, we must pay to Embassy Suites Franchise LLC a monthly franchise royalty fee equal to 4.0% of the hotel's gross room revenue through December 2021 and 5.0% of the hotel's gross room revenue thereafter, as well as a monthly program fee equal to 4.0% of the hotel's gross room revenue. If the franchise license is terminated due to our failure to make required improvements or to otherwise comply with its terms, we may be liable to the franchisor for a termination payment, which could be as high as $7.5 million based on operating performance through March 31, 2019. Our Del Monte Center property has ongoing environmental remediation related to ground water contamination. The environmental issue existed at purchase and remains in remediation. The final stages of the remediation will include routine, long term ground monitoring by the appropriate regulatory agency over the next five years to seven years. The work performed is financed through an escrow account funded by the seller upon purchase of the Del Monte Center. We believe the funds in the escrow account are sufficient for the remaining work to be performed. However, if further work is required costing more than the remaining escrow funds, we could be required to pay such overage, although we may have a contractual claim for such costs against the prior owner or our environmental remediation consultant. Concentrations of Credit Risk Our properties are located in Southern California, Northern California, Hawaii, Oregon, Texas, and Washington. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate. Fourteen of our consolidated properties are located in Southern California, which exposes us to greater economic risks than if we owned a more geographically diverse portfolio. Tenants in the retail industry accounted for 34.5% of total revenues for the three months ended March 31, 2019. This makes us susceptible to demand for retail rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the retail industry. Furthermore, tenants in the office industry accounted for 32.6% of total revenues for the three months ended March 31, 2019. This makes us susceptible to demand for office rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the office industry. For the three months ended March 31, 2019 and 2018, no tenant accounted for more than 10% of our total rental revenue.
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- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for commitments and contingencies. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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LEASES |
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| LEASES | LEASES Lessor Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. Our leases with office, retail, mixed-use and residential tenants are classified as operating leases. Leases at our office and retail properties and the retail portion of our mixed-use property generally range from three years to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, usually provide for cost recoveries for the tenant’s share of certain operating costs. Our leases may also include variable lease payments in the form of percentage rents based on the tenant’s level of sales achieved in excess of a breakpoint threshold. Leases on apartments generally range from 7 to 15 months, with a majority having 12-month lease terms. Rooms at the hotel portion of our mixed-use property are rented on a nightly basis. Leases at our office and retail properties and the retail portion of our mixed-use property may contain lease extension options, at our lessee's discretion. The extension options are generally for 3 to 10 years and contain primarily rent at fixed rates or the prevailing market rent. The extension options are generally exercisable 6 to 12 months prior to the expiration of the lease and require the lessee to not be in default of the lease terms. We attempt to maximize the amount we expect to derive from the underlying real estate property following the end of a lease, to the extent it is not extended. We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. However, the residual value of a real estate property is still subject to various market-specific, asset-specific, and tenant-specific risks and characteristics. As of March 31, 2019, minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows (in thousands):
The above future minimum rentals exclude residential leases, which typically have a term of 12 months or less, and exclude the hotel, as rooms are rented on a nightly basis. Lessee Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. At the Landmark at One Market, we lease, as lessee, a building adjacent to the Landmark at One Market under an operating lease effective through June 30, 2021, which we have the option to extend until 2031 by way of two five years extension options (the "Annex Lease"). The lease payments under the extension options provided for under the Annex Lease will be equal to the fair rental value at the time the extension option is exercised. The extension options are not included in the calculation of the right-of-use asset or lease liability due to electing the practical expedient to not reassess the lease term of existing leases. At Waikiki Beach Walk, we lease a portion of the building of which Quiksilver is currently in possession, under an operating lease effective through December 31, 2021. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement in determining the present value of lease payments. Current annual payments under the operating leases are as follows, as of March 31, 2019 (in thousands):
Lease costs under the operating leases are as follows (in thousands):
Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands):
Subleases At the Landmark at One Market, we (as sublandlord) sublease the Annex Lease building under operating leases effective through December 31, 2029. The subleases contain extension options, subject to our ability to extend the Annex Lease, that can extend the subleases through December 31, 2039 at the fair rental value at the time the extension option is exercised. At Waikiki Beach Walk, we (as sublandlord) sublease a portion of the building to Quiksilver under an operating lease effective through December 31, 2021.
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| LEASES | LEASES Lessor Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. Our leases with office, retail, mixed-use and residential tenants are classified as operating leases. Leases at our office and retail properties and the retail portion of our mixed-use property generally range from three years to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, usually provide for cost recoveries for the tenant’s share of certain operating costs. Our leases may also include variable lease payments in the form of percentage rents based on the tenant’s level of sales achieved in excess of a breakpoint threshold. Leases on apartments generally range from 7 to 15 months, with a majority having 12-month lease terms. Rooms at the hotel portion of our mixed-use property are rented on a nightly basis. Leases at our office and retail properties and the retail portion of our mixed-use property may contain lease extension options, at our lessee's discretion. The extension options are generally for 3 to 10 years and contain primarily rent at fixed rates or the prevailing market rent. The extension options are generally exercisable 6 to 12 months prior to the expiration of the lease and require the lessee to not be in default of the lease terms. We attempt to maximize the amount we expect to derive from the underlying real estate property following the end of a lease, to the extent it is not extended. We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. However, the residual value of a real estate property is still subject to various market-specific, asset-specific, and tenant-specific risks and characteristics. As of March 31, 2019, minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows (in thousands):
The above future minimum rentals exclude residential leases, which typically have a term of 12 months or less, and exclude the hotel, as rooms are rented on a nightly basis. Lessee Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. At the Landmark at One Market, we lease, as lessee, a building adjacent to the Landmark at One Market under an operating lease effective through June 30, 2021, which we have the option to extend until 2031 by way of two five years extension options (the "Annex Lease"). The lease payments under the extension options provided for under the Annex Lease will be equal to the fair rental value at the time the extension option is exercised. The extension options are not included in the calculation of the right-of-use asset or lease liability due to electing the practical expedient to not reassess the lease term of existing leases. At Waikiki Beach Walk, we lease a portion of the building of which Quiksilver is currently in possession, under an operating lease effective through December 31, 2021. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement in determining the present value of lease payments. Current annual payments under the operating leases are as follows, as of March 31, 2019 (in thousands):
Lease costs under the operating leases are as follows (in thousands):
Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands):
Subleases At the Landmark at One Market, we (as sublandlord) sublease the Annex Lease building under operating leases effective through December 31, 2029. The subleases contain extension options, subject to our ability to extend the Annex Lease, that can extend the subleases through December 31, 2039 at the fair rental value at the time the extension option is exercised. At Waikiki Beach Walk, we (as sublandlord) sublease a portion of the building to Quiksilver under an operating lease effective through December 31, 2021.
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- References No definition available.
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The entire disclosure for lessor's operating leases. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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COMPONENTS OF RENTAL INCOME AND EXPENSE |
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| Operating Leases, Income Statement, Lease Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COMPONENTS OF RENTAL INCOME AND EXPENSE | COMPONENTS OF RENTAL INCOME AND EXPENSE The principal components of rental income are as follows (in thousands):
Lease rental income include $0.2 million and $(0.8) million for the three months ended March 31, 2019 and 2018, respectively, to recognize lease rental income on a straight-line basis. In addition, net amortization of above and below market leases included in lease rental income were $0.9 million and $0.7 million for the three months ended March 31, 2019 and 2018, respectively. The principal components of rental expenses are as follows (in thousands):
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- Definition The entire disclosure of the principle components of rental income and/or rental expense recognized for the period. No definition available.
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- References No definition available.
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OTHER (EXPENSE) INCOME, NET |
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| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER (EXPENSE) INCOME, NET | OTHER (EXPENSE) INCOME, NET The principal components of other income, net, are as follows (in thousands):
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- References No definition available.
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- Definition The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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RELATED PARTY TRANSACTIONS |
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Mar. 31, 2019 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Through July 1, 2018, we maintained a workers' compensation insurance policy with Insurance Company of the West, a California corporation ("ICW"), which is an insurance company majority owned and controlled by Ernest Rady, our Chief Executive Officer, President and Chairman of the Board. The workers' compensation policy was renewed with ICW during the second quarter of 2017 and the premium was approximately $0.2 million for the period from July 1, 2017 through July 1, 2018. We did not renew this policy with ICW during the second quarter of 2018 and commencing July 1, 2018, we entered into a workers' compensation policy with an unaffiliated third-party insurer. During the first quarter of 2019, we terminated the lease agreement with American Assets, Inc., an entity owned and controlled by Mr. Rady, and entered into a new lease agreement for office space at Torrey Reserve Campus. Rents commenced on March 1, 2019 for an initial lease term of three years at an average annual rental rate of $0.2 million. Rental revenue recognized on the lease will be included in rental income on the statements of comprehensive income. On occasion, the company utilizes aircraft services provided by AAI Aviation, Inc. ("AAIA"), an entity owned and controlled by Mr. Rady. For the three months ended March 31, 2019 and 2018, we incurred approximately $0.2 million and $0.0 million of expenses related to aircraft services of AAIA or reimbursement to Mr. Rady (or the Ernest Rady Trust U/D/T March 13, 1983) for use of the aircraft owned by AAIA. These expenses are recorded as general and administrative expenses in our consolidated statements of comprehensive income. The Waikiki Beach Walk entities have a 47.7% investment in WBW CHP LLC, an entity that was formed to, among other things, construct a chilled water plant to provide air conditioning to the property and other adjacent facilities. The operating expenses of WBW CHP LLC are recovered through reimbursements from its members, and reimbursements to WBW CHP LLC of $0.2 million and $0.3 million for the three months ended March 31, 2019 and 2018, respectively, are included in rental expenses on the statements of comprehensive income.
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- References No definition available.
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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SEGMENT REPORTING |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT REPORTING | SEGMENT REPORTING Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel. We evaluate the performance of our segments based on segment profit, which is defined as property revenue less property expenses. We do not use asset information as a measure to assess performance and make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, interest expense, depreciation and amortization expense and other income and expense are not included in segment profit as our internal reporting addresses these items on a corporate level. Segment profit is not a measure of operating income or cash flows from operating activities as measured by GAAP, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit in the same manner. We consider segment profit to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our properties. The following table represents operating activity within our reportable segments (in thousands):
The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands):
The following table shows net real estate and secured note payable balances for each of the segments (in thousands):
Capital expenditures for each segment for the three months ended March 31, 2019 and 2018 were as follows (in thousands):
(1) Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.
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- References No definition available.
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business and Organization | Business and Organization American Assets Trust, Inc. (which may be referred to in these financial statements as the “Company,” “we,” “us,” or “our”) is a Maryland corporation formed on July 16, 2010 that did not have any operating activity until the consummation of our initial public offering on January 19, 2011. The Company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The Company’s operations are carried on through our Operating Partnership and its subsidiaries, including our taxable real estate investment trust ("REIT") subsidiary ("TRS"). Since the formation of our Operating Partnership, the Company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. We are a full service, vertically integrated, and self-administered REIT with approximately 186 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. As of March 31, 2019, we owned or had a controlling interest in 27 office, retail, multifamily and mixed-use operating properties, the operations of which we consolidate. Additionally, as of March 31, 2019, we owned land at three of our properties that we classify as held for development and/or construction in progress. A summary of the properties owned by us is as follows:
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| Basis of Presentation | Basis of Presentation Our consolidated financial statements include the accounts of the Company, our Operating Partnership and our subsidiaries. The equity interests of other investors in our Operating Partnership are reflected as noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. The accompanying consolidated financial statements of the Company and the Operating Partnership have been prepared in accordance with the rules applicable to Form 10-Q and include all information and footnotes required for interim financial statement presentation, but do not include all disclosures required under accounting principles generally accepted in the United States (“GAAP”) for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments, except as otherwise noted) considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and notes therein included in the Company's and Operating Partnership's annual report on Form 10-K for the year ended December 31, 2018. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using our best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Any reference to the number of properties, number of units, square footage, employee numbers or percentages of beneficial ownership of our shares are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
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| Significant Accounting Policies | Significant Accounting Policies We describe our significant accounting policies in Note 1 to the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2018. Except for the adoption of the accounting standards during the first quarter of 2019 as discussed below, there have been no changes to our significant accounting policies during the three months ended March 31, 2019.
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| Segment Information | Segment Information Segment information is prepared on the same basis that our chief operating decision maker reviews information for operational decision-making purposes. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel.
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), which provides the principles for the recognition, measurement, presentation and disclosure of leases. This ASU significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet. The lessor model stays substantially the same; however, there were modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases requiring significantly more leasing related costs to be expensed upfront. We adopted the provisions of ASU No. 2016-02 effective January 1, 2019 using the modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which allows lessors to elect a practical expedient by class of underlying assets to not separate non-lease components from the lease component if certain conditions are met. The lessor’s practical expedient election would be limited to circumstances in which the non-lease components otherwise would be accounted for under the new revenue guidance and both (i) the timing and pattern of transfer are the same for the non-lease component and the related lease component and (ii) the lease component would be classified as an operating lease. The Company elected the practical expedient, which allows the Company the ability to combine the lease and non-lease components if the underlying asset meets the criteria above. Due to our election of the practical expedient approach, approximately $7.8 million of non-lease components are combined with lease rental income. ASU 2018-11 also includes an optional transition method in addition to the existing requirements for transition to the new standard by recognizing a cumulative effect adjustment to the opening balance sheet of retained earnings in the period of adoption. Consequently, a company’s reporting for the comparative periods presented in the financial statements would continue to be in accordance with previous GAAP (Topic 840). The Company elected this practical expedient as well. Further, bad debt expense, which has previously been recorded in rental expenses, has now been classified as a contra-revenue account in rental income in the Company’s consolidated statements of comprehensive income. We evaluated all leases within this scope under existing accounting standards and under the new ASU lease standard recognized approximately $7.7 million of right-of-use assets and lease liabilities. Approximately $0.8 million of deferred rent expense was reclassified to lease liability within the other liabilities and deferred credits, net. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and International Financial Reporting Standards. The pronouncement is effective for reporting periods beginning after December 15, 2017. We adopted the provisions of the ASU effective January 1, 2018 using the modified retrospective approach. As discussed above, leases are specifically excluded from this and are governed by the applicable lease codification. We evaluated the revenue recognition for all contracts within this scope under existing accounting standards and under the new revenue recognition ASU and confirmed that there were no differences in the amounts recognized or the pattern of recognition. This evaluation included revenues from the hotel portion of our mixed-use property, parking income and excise taxes charged to customers. Therefore, the adoption of this ASU did not result in an adjustment to our retained earnings on January 1, 2018. |
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| Fair Value Measurement, Policy | A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy for inputs used in measuring fair value is as follows:
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- Definition Business and organization. No definition available.
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- References No definition available.
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- Definition Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
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- Definition Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities. No definition available.
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- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
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- Definition Disclosure of accounting policy for segment reporting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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| Consolidated Statements of Cash Flows-Supplemental Disclosures | The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands):
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- Definition Tabular disclosure of supplemental cash flow information for the periods presented. No definition available.
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ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of acquired lease intangibles included in other assets and other liabilities | The following summarizes our acquired lease intangibles and leasing costs, which are included in other assets and other liabilities and deferred credits, as of March 31, 2019 and December 31, 2018 (in thousands):
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- References No definition available.
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) |
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial liabilities measured at fair value on recurring basis | A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows (in thousands):
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| Carrying amount and fair value of financial instruments | A summary of the carrying amount and fair value of our secured financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands):
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| X | ||||||||||
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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DERIVATIVE AND HEDGING ACTIVITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Interest Rate Derivatives | The following is a summary of the terms of our outstanding interest rate swaps as of March 31, 2019 (dollars in thousands):
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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OTHER ASSETS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Other Assets | Other assets consist of the following (in thousands):
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the carrying amounts of other assets. This disclosure includes other current assets and other noncurrent assets. No definition available.
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OTHER LIABILITIES AND DEFERRED CREDITS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities and deferred credits | Other liabilities and deferred credits consist of the following (in thousands):
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| X | ||||||||||
- Definition Tabular disclosure of other liabilities and deferred credits not separately disclosed on the balance sheet. No definition available.
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| X | ||||||||||
- References No definition available.
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DEBT (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of total secured notes payable outstanding | The following is a summary of our total secured notes payable outstanding as of March 31, 2019 and December 31, 2018 (in thousands):
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. No definition available.
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EQUITY OF AMERICAN ASSETS TRUST, INC. (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends declared and paid on shares of common stock and noncontrolling common units | The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units during the three months ended March 31, 2019:
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| Activity of restricted stock awards | The following table summarizes the activity of restricted stock awards during the three months ended March 31, 2019:
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| Computation of basic and diluted EPS | The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts):
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| X | ||||||||||
- Definition Dividends declared and paid on shares of common stock and noncontrolling common units. No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. No definition available.
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LEASES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current minimum future rentals under the leases | As of March 31, 2019, minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows (in thousands):
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| Current minimum annual payments under the leases | Current annual payments under the operating leases are as follows, as of March 31, 2019 (in thousands):
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| Lease costs under operating leases and supplemental cash flow information of leases | Lease costs under the operating leases are as follows (in thousands):
Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands):
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| X | ||||||||||
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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COMPONENTS OF RENTAL INCOME AND EXPENSE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Leases, Income Statement, Lease Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Principal components of rental income | The principal components of rental income are as follows (in thousands):
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| Principal components of rental expenses | The principal components of rental expenses are as follows (in thousands):
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| X | ||||||||||
- Definition Components of rental expense. No definition available.
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| X | ||||||||||
- Definition Components of rental income. No definition available.
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| X | ||||||||||
- References No definition available.
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OTHER (EXPENSE) INCOME, NET (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Principal components of other expense, net | The principal components of other income, net, are as follows (in thousands):
|
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| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of the components of non-operating income or non-operating expense that may include amounts earned from dividends, interest on securities, gains (losses) on securities sold, equity earnings of unconsolidated affiliates, net gain (loss) on sales of business, interest expense and other miscellaneous income or expense items. No definition available.
|
SEGMENT REPORTING (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of segments operating activity | The following table represents operating activity within our reportable segments (in thousands):
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| Reconciliation of segment profit to net income attributable to stockholders | The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands):
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| Net real estate and secured note payable balances by segments | The following table shows net real estate and secured note payable balances for each of the segments (in thousands):
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| Capital expenditures for each segment | Capital expenditures for each segment for the three months ended March 31, 2019 and 2018 were as follows (in thousands):
(1) Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid
|
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| X | ||||||||||
- Definition Tabular disclosure of the net real estate and secured note payable balances by segment. No definition available.
|
| X | ||||||||||
- Definition Reconciliation of segment profit to net income attributable to stockholders. No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of the net increase (decrease) in operating capital in the operating section of the statement of cash flows, represents the entire footnote disclosure that provides details regarding the net change during the reporting period of all assets and liabilities used in operating activities. No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
|
Mar. 31, 2019
USD ($)
Employee
Segment
Room
Property
|
Jan. 01, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
| Accounting Policies [Abstract] | |||
| Number of employees | Employee | 186 | ||
| Office, retail, multifamily, and mixed-use operating properties | Property | 27 | ||
| Properties held for development | Property | 3 | ||
| Number of operating segments | Segment | 4 | ||
| Room in mixed-use segment all-suite hotel | Room | 369 | ||
| Lease, practical expedient, lease and non-lease components | $ 7,800 | ||
| Right-of-use lease asset | 6,973 | $ 7,700 | $ 0 |
| Lease liability | 7,692 | 7,700 | 0 |
| Straight-line rent liability | $ 7,929 | $ 800 | $ 7,393 |
| X | ||||||||||
- Definition Lease, Practical Expedient, Lease and Non-lease Components No definition available.
|
| X | ||||||||||
- Definition Number of rooms in mixed use segment all suite hotel. No definition available.
|
| X | ||||||||||
- Definition The number of real estate properties held for development. No definition available.
|
| X | ||||||||||
- Definition Number of persons employed by the Entity No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The cumulative difference between the rental payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense over the term of the leased property by the lessor or lessee, respectively. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues. No definition available.
|
| X | ||||||||||
- Definition The number of real estate properties owned as of the balance sheet date. No definition available.
|
| X | ||||||||||
- Definition Present value of lessee's discounted obligation for lease payments from operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lessee's right to use underlying asset under operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplement Disclosures Related to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Accounting Policies [Abstract] | ||
| Total interest costs incurred | $ 13,534 | $ 14,277 |
| Interest capitalized | 185 | 457 |
| Interest expense | 13,349 | 13,820 |
| Cash paid for interest, net of amounts capitalized | 13,301 | 14,059 |
| Cash paid for income taxes | 157 | 31 |
| Accounts payable and accrued liabilities for construction in progress | 12,838 | 5,674 |
| Accrued leasing commissions | 663 | 710 |
| Reduction to capital for prepaid offering costs | $ 0 | $ 176 |
| X | ||||||||||
- Definition Change in accrued liabilities for construction in progress. No definition available.
|
| X | ||||||||||
- Definition Change in accrued leasing commissions No definition available.
|
| X | ||||||||||
- Definition Reduction to Capital for Prepaid Offering Costs No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. No definition available.
|
| X | ||||||||||
- Definition Total interest costs incurred during the period and either capitalized or charged against earnings. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES Acquired Lease Intangibles and Leasing Costs Included in Other Assets and Other Liabilities and Deferred Credits (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Acquired Finite-Lived Intangible Assets [Line Items] | ||
| Acquired above market leases, net | $ 376 | $ 518 |
| Other intangible assets, accumulated amortization | (1,025) | (981) |
| Below market leases | 63,172 | 63,172 |
| Below market leases, accumulated amortization | (38,288) | (37,220) |
| Acquired lease intangible liabilities, net | 24,884 | 25,952 |
| Leases, Acquired-in-Place | ||
| Acquired Finite-Lived Intangible Assets [Line Items] | ||
| Acquired above market leases, net | 40,884 | 40,884 |
| Other intangible assets, accumulated amortization | (35,058) | (34,603) |
| Above Market Leases | ||
| Acquired Finite-Lived Intangible Assets [Line Items] | ||
| Acquired above market leases, net | 11,963 | 11,963 |
| Other intangible assets, accumulated amortization | (11,587) | (11,445) |
| Lease Agreements | ||
| Acquired Finite-Lived Intangible Assets [Line Items] | ||
| Acquired lease intangible assets, net | $ 6,202 | $ 6,799 |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount of accumulated amortization of leases acquired as part of a real property acquisition at below market lease rate with a finite life. No definition available.
|
| X | ||||||||||
- Definition Amount before amortization of leases acquired as part of a real property acquisition at below market lease rate with a finite life. No definition available.
|
| X | ||||||||||
- Definition Amount after amortization of leases acquired as part of a real property acquisition at below market lease rate with a finite life. No definition available.
|
| X | ||||||||||
- Definition This element represents the identifiable intangible asset established upon acquisition based on a favorable difference between the terms of an acquired lease and the current market terms for that lease at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Fair Value, Inputs, Level 2 |
Mar. 31, 2019 |
|---|---|
| Minimum | |
| Fair Value Inputs Disclosures | |
| Fair value assumptions, interest rate | 0.038 |
| Maximum | |
| Fair Value Inputs Disclosures | |
| Fair value assumptions, interest rate | 0.046 |
| X | ||||||||||
- Definition Value of input used to measure debt instrument, including, but not limited to, convertible and non-convertible debt. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Liabilities Fair Value Measurement on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Deferred compensation liability | $ 1,438 | $ 1,424 |
| Interest rate swap asset | 4,160 | 6,002 |
| Interest rate swap liability | 1,092 | 801 |
| Fair Value, Inputs, Level 1 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Deferred compensation liability | 0 | 0 |
| Interest rate swap asset | 0 | 0 |
| Interest rate swap liability | 0 | 0 |
| Fair Value, Inputs, Level 2 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Deferred compensation liability | 1,438 | 1,424 |
| Interest rate swap asset | 4,160 | 6,002 |
| Interest rate swap liability | 1,092 | 801 |
| Fair Value, Inputs, Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Deferred compensation liability | 0 | 0 |
| Interest rate swap asset | 0 | 0 |
| Interest rate swap liability | $ 0 | $ 0 |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Fair value as of the balance sheet date of interest rate derivative assets, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as assets. No definition available.
|
| X | ||||||||||
- Definition Fair value as of the balance sheet date of interest rate derivative liabilities, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as liabilities. No definition available.
|
| X | ||||||||||
- Definition Fair value of financial and nonfinancial obligations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Secured notes payable, net | Carrying Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-term debt, fair value | $ 162,688 | $ 182,572 |
| Unsecured term loans, net | Carrying Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-term debt, fair value | 248,494 | 248,765 |
| Unsecured term loans, net | Fair Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-term debt, fair value | 250,000 | 250,000 |
| Unsecured senior guaranteed notes, net | Carrying Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-term debt, fair value | 797,215 | 797,098 |
| Unsecured line of credit, net | Carrying Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-term debt, fair value | 86,438 | 62,337 |
| Unsecured line of credit, net | Fair Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-term debt, fair value | 88,000 | 64,000 |
| Fair Value, Inputs, Level 2 | Secured notes payable, net | Fair Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-term debt, fair value | 166,043 | 183,253 |
| Fair Value, Inputs, Level 2 | Unsecured senior guaranteed notes, net | Fair Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-term debt, fair value | $ 802,198 | $ 790,267 |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
DERIVATIVE AND HEDGING ACTIVITIES (Details) - Designated as Hedging Instrument - Cash Flow Hedging - American Assets Trust, L.P. |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
USD ($)
| |
| Interest Rate Swap, 1/9/2021 | Bank of America, N.A. | |
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
| Notional Amount | $ 100,000,000 |
| Effective Date | Jan. 09, 2019 |
| Maturity Date | Jan. 09, 2021 |
| Interest rate swap liability | $ (1,092,000) |
| Interest Rate Swap, 3/1/2023 | U.S. Bank N.A. | |
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
| Notional Amount | $ 100,000,000 |
| Effective Date | Mar. 01, 2016 |
| Maturity Date | Mar. 01, 2023 |
| Interest rate swap asset | $ 2,763,000 |
| Interest Rate Swap, 3/1/2023 | Wells Fargo Bank, N.A. | |
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
| Notional Amount | $ 50,000,000 |
| Effective Date | May 02, 2016 |
| Maturity Date | Mar. 01, 2023 |
| Interest rate swap asset | $ 1,397,000 |
| X | ||||||||||
- Definition Aggregate notional amount specified by the derivative(s). Expressed as an absolute value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Date the entity entered into the derivative contract, in CCYY-MM-DD format. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Date the derivative contract matures, in CCYY-MM-DD format. No definition available.
|
| X | ||||||||||
- Definition Fair value as of the balance sheet date of interest rate derivative assets, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as assets. No definition available.
|
| X | ||||||||||
- Definition Fair value as of the balance sheet date of interest rate derivative liabilities, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as liabilities. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
OTHER ASSETS (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|---|---|---|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
| Leasing commissions, net of accumulated amortization of $29,537 and $28,597, respectively | $ 28,895 | $ 28,796 | |
| Interest rate swap asset | 4,160 | 6,002 | |
| Acquired above market leases, net | 376 | 518 | |
| Acquired in-place leases, net | 5,826 | 6,281 | |
| Lease incentives, net of accumulated amortization of $385 and $299, respectively | 676 | 747 | |
| Other intangible assets, net of accumulated amortization of $1,025 and $981, respectively | 2,949 | 2,994 | |
| Right-of-use lease asset | 6,973 | $ 7,700 | 0 |
| Prepaid expenses and other | 6,314 | 6,683 | |
| Total other assets | 56,169 | 52,021 | |
| Leasing commissions, accumulative amortization | 29,537 | 28,597 | |
| Lease incentives, accumulated amortization | 385 | 299 | |
| Other intangible assets, accumulated amortization | $ 1,025 | $ 981 |
| X | ||||||||||
- Definition Lease Incentive Accumulated Amortization No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition For an unclassified balance sheet, the accumulated amortization, as of the reporting date, which represents the periodic charge to earnings of initial direct costs which have been deferred and are being allocated over the lease term in proportion to the recognition of rental income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition This element represents costs incurred by the lessor that are (a) costs to originate a lease incurred in transactions with independent third parties that (i) result directly from and are essential to acquire that lease and (ii) would not have been incurred had that leasing transaction not occurred and (b) certain costs directly related to specified activities performed by the lessor for that lease. Those activities are: evaluating the prospective lessee's financial condition; evaluating and recording guarantees, collateral, and other security arrangements; negotiating lease terms; preparing and processing lease documents; and closing the transaction. This element is net of accumulated amortization. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition This element represents the amount of value allocated by a lessor (acquirer) to lease agreements which exist at acquisition of a leased property. Such amount may include the value assigned to existing tenant relationships and excludes the market adjustment component of the value assigned for above or below-market leases acquired. No definition available.
|
| X | ||||||||||
- Definition This element represents the identifiable intangible asset established upon acquisition based on a favorable difference between the terms of an acquired lease and the current market terms for that lease at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition This item represents the deferred charge for an incentive or inducement granted by a lessor to a lessee, in order to motivate the lessee to enter the lease agreement, which incentive or inducement is to be recognized as a reduction of rental revenue over the lease term. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of lessee's right to use underlying asset under operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount before accumulated amortization of finite-lived intangible assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Carrying amount as of the balance sheet date of expenditures made in advance of when the economic benefit of the cost will be realized, and which will be expensed in future periods with the passage of time or when a triggering event occurs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
OTHER LIABILITIES AND DEFERRED CREDITS (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|---|---|---|---|
| Other Liabilities Disclosure [Abstract] | |||
| Acquired below market leases, net | $ 24,884 | $ 25,952 | |
| Prepaid rent and deferred revenue | 11,020 | 11,634 | |
| Interest rate swap liability | 1,092 | 801 | |
| Deferred rent expense and lease intangible | 1,424 | 2,210 | |
| Deferred compensation | 1,438 | 1,424 | |
| Deferred tax liability | 93 | 93 | |
| Straight-line rent liability | 7,929 | $ 800 | 7,393 |
| Lease liability | 7,692 | $ 7,700 | 0 |
| Other liabilities | 46 | 40 | |
| Total other liabilities and deferred credits, net | $ 55,618 | $ 49,547 |
| X | ||||||||||
- Definition Deferred rent expense and lease intangible. No definition available.
|
| X | ||||||||||
- Definition Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements. Represents currently earned compensation under compensation arrangements that is not actually paid until a later date. No definition available.
|
| X | ||||||||||
- Definition Total carrying amount as of the balance sheet date of unearned revenue or income, not otherwise specified in the taxonomy, which is expected to be taken into income in future periods and obligations not separately disclosed in the balance sheet (other liabilities). No definition available.
|
| X | ||||||||||
- Definition The cumulative difference between the rental payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense over the term of the leased property by the lessor or lessee, respectively. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. No definition available.
|
| X | ||||||||||
- Definition Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences without jurisdictional netting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition This element represents a liability associated with the acquisition of an off-market lease when the terms of the lease are unfavorable to the market terms for the lease at the date of acquisition. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Present value of lessee's discounted obligation for lease payments from operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of liabilities classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
DEBT - Summary of Total Secured Notes Payable Outstanding (Details) - American Assets Trust, L.P. - Secured notes payable, net - USD ($) $ in Thousands |
3 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
||||||||
| Debt Instrument [Line Items] | |||||||||
| Long-term Debt, Principal Balance | $ 162,856 | $ 182,765 | |||||||
| Debt issuance costs, net | (168) | (193) | |||||||
| Total Debt Outstanding | $ 162,688 | 182,572 | |||||||
| Period of amortization schedule (in years) | 30 years | ||||||||
| Debt issuance costs, accumulated amortization | $ 406 | 671 | |||||||
| Torrey Reserve North Court | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Long-term Debt, Principal Balance | [1],[2] | $ 0 | 19,620 | ||||||
| Stated Interest Rate | [1],[2] | 7.22% | |||||||
| Stated Maturity Date | [1],[2] | Jun. 01, 2019 | |||||||
| Torrey Reserve | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Long-term Debt, Principal Balance | [2] | $ 6,600 | 6,635 | ||||||
| Stated Interest Rate | [2] | 6.36% | |||||||
| Stated Maturity Date | [2] | Jun. 01, 2020 | |||||||
| Solana Beach Corporate Centre One To Two | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Long-term Debt, Principal Balance | [2] | $ 10,444 | 10,502 | ||||||
| Stated Interest Rate | [2] | 5.91% | |||||||
| Stated Maturity Date | [2] | Jun. 01, 2020 | |||||||
| Solana Beach Towne Centre | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Long-term Debt, Principal Balance | [2] | $ 34,812 | 35,008 | ||||||
| Stated Interest Rate | [2] | 5.91% | |||||||
| Stated Maturity Date | [2] | Jun. 01, 2020 | |||||||
| City Center Bellevue | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Long-term Debt, Principal Balance | [3] | $ 111,000 | $ 111,000 | ||||||
| Stated Interest Rate | [3] | 3.98% | |||||||
| Stated Maturity Date | [3] | Nov. 01, 2022 | |||||||
| |||||||||
| X | ||||||||||
- Definition Period of amortization schedule. No definition available.
|
| X | ||||||||||
- Definition Amount of accumulated amortization of debt issuance costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
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DEBT - Summary of Total Unsecured Notes Payable Outstanding (Details) - American Assets Trust, L.P. - USD ($) $ in Thousands |
3 Months Ended | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 23, 2017 |
May 11, 2017 |
Jan. 18, 2017 |
Sep. 19, 2014 |
Aug. 19, 2014 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
||||||||||
| Forward Contracts | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Derivative contract term | 7 years | ||||||||||||||||
| Gain on derivative settlement | $ 700 | $ 10,400 | $ 1,600 | ||||||||||||||
| Loss on derivative settlement | $ 500 | ||||||||||||||||
| Unsecured term loans, net | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Long-term Debt, Principal Balance | $ 1,050,000 | $ 1,050,000 | |||||||||||||||
| Debt issuance costs, net | (4,291) | (4,137) | |||||||||||||||
| Total Debt Outstanding | 1,045,709 | 1,045,863 | |||||||||||||||
| Debt issuance costs, accumulated amortization | $ 7,084 | 6,844 | |||||||||||||||
| Term Loan A | Interest Rate Swap | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Derivative fixed interest rate (in percent) | 4.13% | ||||||||||||||||
| Term Loan A | Unsecured term loans, net | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Long-term Debt, Principal Balance | $ 100,000 | 100,000 | |||||||||||||||
| Stated Maturity Date | Jan. 09, 2021 | ||||||||||||||||
| Senior Guaranteed Notes, Series A | Forward Contracts | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Effective rate of debt instrument (in percent) | 3.88% | ||||||||||||||||
| Senior Guaranteed Notes, Series A | Unsecured term loans, net | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Long-term Debt, Principal Balance | $ 150,000 | 150,000 | |||||||||||||||
| Stated Interest Rate | [1] | 4.04% | |||||||||||||||
| Stated Maturity Date | Oct. 31, 2021 | ||||||||||||||||
| Term Loan B | Interest Rate Swap | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Derivative fixed interest rate (in percent) | 2.75% | 3.15% | |||||||||||||||
| Term Loan B | Unsecured term loans, net | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Long-term Debt, Principal Balance | $ 100,000 | 100,000 | |||||||||||||||
| Stated Maturity Date | Mar. 01, 2023 | ||||||||||||||||
| Term Loan C | Interest Rate Swap | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Derivative fixed interest rate (in percent) | 2.74% | 3.14% | |||||||||||||||
| Term Loan C | Unsecured term loans, net | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Long-term Debt, Principal Balance | $ 50,000 | 50,000 | |||||||||||||||
| Stated Maturity Date | Mar. 01, 2023 | ||||||||||||||||
| Senior Guaranteed Notes, Series F | Forward Contracts | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Effective rate of debt instrument (in percent) | 3.85% | ||||||||||||||||
| Senior Guaranteed Notes, Series F | Unsecured term loans, net | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Long-term Debt, Principal Balance | $ 100,000 | 100,000 | |||||||||||||||
| Stated Interest Rate | [2] | 3.78% | |||||||||||||||
| Stated Maturity Date | Jul. 19, 2024 | ||||||||||||||||
| Senior Guaranteed Notes, Series B | Unsecured term loans, net | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Long-term Debt, Principal Balance | $ 100,000 | 100,000 | |||||||||||||||
| Stated Interest Rate | 4.45% | ||||||||||||||||
| Stated Maturity Date | Feb. 02, 2025 | ||||||||||||||||
| Senior Guaranteed Notes, Series C | Unsecured term loans, net | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Long-term Debt, Principal Balance | $ 100,000 | 100,000 | |||||||||||||||
| Stated Interest Rate | 4.50% | ||||||||||||||||
| Stated Maturity Date | Apr. 01, 2025 | ||||||||||||||||
| Senior Guaranteed Notes, Series D | Forward Contracts | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Effective rate of debt instrument (in percent) | 3.87% | ||||||||||||||||
| Senior Guaranteed Notes, Series D | Unsecured term loans, net | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Long-term Debt, Principal Balance | $ 250,000 | 250,000 | |||||||||||||||
| Stated Interest Rate | [3] | 4.29% | |||||||||||||||
| Stated Maturity Date | Mar. 01, 2027 | ||||||||||||||||
| Senior Guaranteed Notes, Series E | Forward Contracts | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Effective rate of debt instrument (in percent) | 4.18% | ||||||||||||||||
| Senior Guaranteed Notes, Series E | Unsecured term loans, net | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Long-term Debt, Principal Balance | $ 100,000 | $ 100,000 | |||||||||||||||
| Stated Interest Rate | [4] | 4.24% | |||||||||||||||
| Stated Maturity Date | May 23, 2029 | ||||||||||||||||
| |||||||||||||||||
| X | ||||||||||
- Definition Amount of accumulated amortization of debt issuance costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Fixed interest rate related to the interest rate derivative. No definition available.
|
| X | ||||||||||
- Definition Amount of increase in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of decrease in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Period the derivative contract is outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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DEBT (Details) |
3 Months Ended | ||||
|---|---|---|---|---|---|
|
Jan. 09, 2019
Extension_Option
|
Jan. 09, 2018
USD ($)
Extension_Option
|
Mar. 01, 2016 |
Mar. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
| Debt Instrument [Line Items] | |||||
| Unsecured line of credit, net | $ 86,438,000 | $ 62,337,000 | |||
| Weighted average interest rate, revolving credit facility | 3.60% | ||||
| Unsecured term loans, net | Term Loan B | Federal Funds Rate | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on federal funds rate | 0.50% | ||||
| Unsecured term loans, net | Term Loan B | Eurodollar | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on Eurodollar rate | 1.00% | ||||
| Unsecured term loans, net | Term Loan C | Federal Funds Rate | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on federal funds rate | 0.50% | ||||
| Unsecured term loans, net | Term Loan C | Eurodollar | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on Eurodollar rate | 1.00% | ||||
| Unsecured term loans, net | Term Loan A | Federal Funds Rate | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on federal funds rate | 0.50% | ||||
| Unsecured term loans, net | Term Loan A | Eurodollar | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on Eurodollar rate | 1.00% | ||||
| Unsecured term loans, net | Second Amended and Restated Credit Facility | London Interbank Offered Rate (LIBOR) | |||||
| Debt Instrument [Line Items] | |||||
| Description of variable rate basis | LIBOR | ||||
| Unsecured line of credit, net | |||||
| Debt Instrument [Line Items] | |||||
| Minimum fixed charge coverage ratio covenant threshold | 1.5 | ||||
| Minimum unsecured leverage ratio | 175.00% | ||||
| Maximum leverage ratio of revolving credit facility | 60.00% | ||||
| Maximum secured leverage ratio on revolving credit facility | 40.00% | ||||
| Maximum unsecured leverage ratio | 60.00% | ||||
| Maximum recourse indebtedness of total asset value | 15.00% | ||||
| Unsecured line of credit, net | Second Amended and Restated Credit Facility | Base Rate | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on federal funds rate | 0.50% | ||||
| American Assets Trust, L.P. | |||||
| Debt Instrument [Line Items] | |||||
| Unsecured line of credit, net | $ 86,438,000 | $ 62,337,000 | |||
| American Assets Trust, L.P. | Term Loan B | |||||
| Debt Instrument [Line Items] | |||||
| Term of debt instrument | 7 years | ||||
| American Assets Trust, L.P. | Term Loan B | Minimum | Base Rate | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 0.70% | ||||
| American Assets Trust, L.P. | Term Loan B | Maximum | Base Rate | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 1.35% | ||||
| American Assets Trust, L.P. | Term Loan C | |||||
| Debt Instrument [Line Items] | |||||
| Term of debt instrument | 7 years | ||||
| American Assets Trust, L.P. | Term Loan C | Minimum | Base Rate | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 0.70% | ||||
| American Assets Trust, L.P. | Term Loan C | Maximum | Base Rate | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 1.35% | ||||
| American Assets Trust, L.P. | Term Loan A | Minimum | Base Rate | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 0.20% | ||||
| American Assets Trust, L.P. | Term Loan A | Maximum | Base Rate | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 0.70% | ||||
| American Assets Trust, L.P. | Second Amended and Restated Credit Facility | |||||
| Debt Instrument [Line Items] | |||||
| Revolving credit facility borrowing limit, maximum borrowing capacity | $ 450,000,000 | ||||
| Additional borrowing capacity | $ 350,000,000 | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B | London Interbank Offered Rate (LIBOR) | |||||
| Debt Instrument [Line Items] | |||||
| Description of variable rate basis | LIBOR | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B | Base Rate | |||||
| Debt Instrument [Line Items] | |||||
| Minimum base rate | 0.00% | ||||
| Prime rate | prime rate | ||||
| Federal funds rate | federal funds rate | ||||
| Eurodollar rate | Eurodollar | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B | Minimum | London Interbank Offered Rate (LIBOR) | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 1.20% | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B | Maximum | London Interbank Offered Rate (LIBOR) | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 1.70% | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C | London Interbank Offered Rate (LIBOR) | |||||
| Debt Instrument [Line Items] | |||||
| Description of variable rate basis | LIBOR | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C | Base Rate | |||||
| Debt Instrument [Line Items] | |||||
| Minimum base rate | 0.00% | ||||
| Prime rate | prime rate | ||||
| Federal funds rate | federal funds rate | ||||
| Eurodollar rate | Eurodollar | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C | Minimum | London Interbank Offered Rate (LIBOR) | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 1.20% | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C | Maximum | London Interbank Offered Rate (LIBOR) | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 1.70% | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | |||||
| Debt Instrument [Line Items] | |||||
| Debt extension options | Extension_Option | 3 | ||||
| Extension term | 1 year | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | London Interbank Offered Rate (LIBOR) | |||||
| Debt Instrument [Line Items] | |||||
| Description of variable rate basis | LIBOR | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | Base Rate | |||||
| Debt Instrument [Line Items] | |||||
| Prime rate | prime rate | ||||
| Federal funds rate | federal funds rate | ||||
| Eurodollar rate | Eurodollar | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | Minimum | London Interbank Offered Rate (LIBOR) | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 1.20% | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | Maximum | London Interbank Offered Rate (LIBOR) | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 1.70% | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B & Term Loan C | |||||
| Debt Instrument [Line Items] | |||||
| Face amount of debt | $ 150,000,000 | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | |||||
| Debt Instrument [Line Items] | |||||
| Revolving credit facility borrowing limit, maximum borrowing capacity | $ 100,000,000 | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | Minimum | London Interbank Offered Rate (LIBOR) | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 1.30% | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | Minimum | Base Rate | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 0.30% | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | Maximum | London Interbank Offered Rate (LIBOR) | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 1.90% | ||||
| American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | Maximum | Base Rate | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 0.90% | ||||
| American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | |||||
| Debt Instrument [Line Items] | |||||
| Unsecured line of credit, net | 88,000,000 | ||||
| Debt issuance costs, net, revolving credit facility | $ (1,600,000) | ||||
| American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Revolving Credit Facility | |||||
| Debt Instrument [Line Items] | |||||
| Revolving credit facility borrowing limit, maximum borrowing capacity | $ 350,000,000 | ||||
| Debt extension options | Extension_Option | 2 | ||||
| Extension term | 6 months | ||||
| American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | |||||
| Debt Instrument [Line Items] | |||||
| Description of variable rate basis | LIBOR | ||||
| American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Base Rate | |||||
| Debt Instrument [Line Items] | |||||
| Prime rate | prime rate | ||||
| Federal funds rate | federal funds rate | ||||
| American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Minimum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 1.05% | ||||
| American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Minimum | Base Rate | Revolving Credit Facility | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 0.10% | ||||
| American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Maximum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 1.50% | ||||
| American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Maximum | Base Rate | Revolving Credit Facility | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 0.50% |
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- Definition Debt Instrument, Extension Options No definition available.
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- Definition Debt Instrument, Extension Term No definition available.
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- Definition Debt Instrument, Spread on Variable Rate Basis, Three No definition available.
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- Definition Debt Instrument, Spread on Variable Rate Basis, Two No definition available.
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- Definition Debt Instrument, Variable Rate Basis, Four. No definition available.
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- Definition Debt Instrument, Variable Rate Basis, One No definition available.
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- Definition Debt Instrument, Variable Rate Basis, Three No definition available.
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- Definition Debt Instrument, Variable Rate Basis, Two No definition available.
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- Definition Maximum leverage percentage of revolving credit facility. No definition available.
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- Definition Line of Credit Facility, Allowable Additional Borrowing Capacity No definition available.
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- Definition Maximum Recourse Indebtedness of Total Asset Value No definition available.
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- Definition Maximum Secured Leverage Ratio On Revolving Credit Facility No definition available.
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- Definition Maximum Unsecured Leverage Ratio No definition available.
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- Definition Minimum Fixed Charge Coverage Ratio On Revolving Credit Facility No definition available.
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- Definition Minimum Unsecured Interest Coverage Ratio No definition available.
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- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
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- Definition The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
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- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
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- Definition Amount, after accumulated amortization, of debt issuance costs related to line of credit arrangements. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The effective interest rate during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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PARTNERS CAPITAL OF AMERICAN ASSETS TRUST, L.P. (Details) |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2019
shares
|
Mar. 31, 2018
shares
|
|
| Operating Partnership Units | ||
| Capital Unit [Line Items] | ||
| Antidilutive securities excluded from computation of EPS (in shares) | 333,275 | 17,458,586 |
| American Assets Trust, L.P. | ||
| Capital Unit [Line Items] | ||
| Noncontrolling common units (in shares) | 17,177,608 | |
| Percentage of ownership interests classified as noncontrolling | 26.70% | |
| American Assets Trust, L.P. | Operating Partnership Units | ||
| Capital Unit [Line Items] | ||
| Antidilutive securities excluded from computation of EPS (in shares) | 333,275 | |
| Limited Partner | American Assets Trust, L.P. | ||
| Capital Unit [Line Items] | ||
| Common unit conversion ratio | 1 | |
| Common Shares | American Assets Trust, L.P. | ||
| Capital Unit [Line Items] | ||
| Conversion of operating partnership units (in shares) | 0 | |
| X | ||||||||||
- Definition Partners Capital Redemption & Conversion Ratio No definition available.
|
| X | ||||||||||
- Definition Shares held by minority interest in Operating partnerships. No definition available.
|
| X | ||||||||||
- Definition Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition The equity interest of noncontrolling shareholders, partners or other equity holders in consolidated entity. No definition available.
|
| X | ||||||||||
- Definition The number of shares issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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EQUITY OF AMERICAN ASSETS TRUST, INC. (Details) |
3 Months Ended | ||||
|---|---|---|---|---|---|
|
Apr. 02, 2019
USD ($)
$ / shares
shares
|
Mar. 02, 2018
Agent
|
May 27, 2015
USD ($)
Agent
|
Mar. 31, 2019
USD ($)
$ / shares
shares
|
Mar. 31, 2018
USD ($)
shares
|
|
| Equity [Line Items] | |||||
| Proceeds from issuance of common stock | $ 7,034,000 | ||||
| Noncash compensation expense | 1,100,000 | $ 700,000 | |||
| Unrecognized compensation expense | $ 5,400,000 | ||||
| Weighted average unvested shares outstanding (in shares) | shares | 333,275 | 263,606 | |||
| At The Market Equity Program | |||||
| Equity [Line Items] | |||||
| Number of sales agents | Agent | 1 | 5 | |||
| Aggregate offering price of common share | $ 250,000,000.0 | ||||
| Common shares issued (in shares) | shares | 162,531 | ||||
| Weighted average price per share | $ / shares | $ 45.53 | ||||
| Remaining capacity to issue | $ 168,800,000 | ||||
| Operating Partnership Units | |||||
| Equity [Line Items] | |||||
| Antidilutive securities excluded from computation of EPS (in shares) | shares | 333,275 | 17,458,586 | |||
| Subsequent Event | At The Market Equity Program | |||||
| Equity [Line Items] | |||||
| Common shares issued (in shares) | shares | 519,382 | ||||
| Weighted average price per share | $ / shares | $ 45.57 | ||||
| Proceeds from issuance of common stock | $ 23,400,000 | ||||
| X | ||||||||||
- Definition Maximum aggregate offering price of common shares. No definition available.
|
| X | ||||||||||
- Definition Common Stock Issued During Period, Weighted Price per Share No definition available.
|
| X | ||||||||||
- Definition Equity [Line Items] No definition available.
|
| X | ||||||||||
- Definition Number of Sales Agents No definition available.
|
| X | ||||||||||
- Definition Remaining $ Capacity Of Shares To Issue No definition available.
|
| X | ||||||||||
- Definition Weighted average unvested participating securities outstanding. No definition available.
|
| X | ||||||||||
- Definition Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Unrecognized cost of unvested share-based awards, other than options, awarded to employees as compensation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash inflow from the additional capital contribution to the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The noncash expense that represents the cost of restricted stock or unit distributed to employees as compensation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of new stock issued during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
EQUITY OF AMERICAN ASSETS TRUST, INC. - ATM Equity Program (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
USD ($)
$ / shares
shares
| |
| Equity [Line Items] | |
| Proceeds from issuance of common stock | $ 7,034 |
| At The Market Equity Program | |
| Equity [Line Items] | |
| Common shares issued (in shares) | shares | 162,531 |
| Weighted average price per share | $ / shares | $ 45.53 |
| Proceeds, gross | $ 7,401 |
| At The Market Equity Program | Sales agent compensation | |
| Equity [Line Items] | |
| Sales agent compensation and offering costs | (74) |
| At The Market Equity Program | Other offering costs | |
| Equity [Line Items] | |
| Sales agent compensation and offering costs | $ (293) |
| X | ||||||||||
- Definition Common Stock Issued During Period, Weighted Price per Share No definition available.
|
| X | ||||||||||
- Definition Equity [Line Items] No definition available.
|
| X | ||||||||||
- Definition Proceeds from issuance of common stock before sales agent commission and offering costs No definition available.
|
| X | ||||||||||
- Definition The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash inflow from the additional capital contribution to the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of new stock issued during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
EQUITY OF AMERICAN ASSETS TRUST, INC. - Dividends Declare and Paid on Shares on Common Stock and Noncontrolling Common Units (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
$ / shares
| |
| Equity [Abstract] | |
| Dividends period | First Quarter 2019 |
| Amount per Share/Unit (in USD per unit) | $ 0.28 |
| Date dividend to be paid | Mar. 28, 2019 |
| X | ||||||||||
- Definition Dividends quarterly period. No definition available.
|
| X | ||||||||||
- Definition Aggregate dividends paid during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Date the declared dividend will be paid, in CCYY-MM-DD format. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
EQUITY OF AMERICAN ASSETS TRUST, INC. - Summary of Activity of Restricted Stock Awards (Details) - Restricted Stock Units (RSUs) |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
$ / shares
shares
| |
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
| Nonvested, Beginning, Shares | shares | 342,093 |
| Granted, Shares | shares | 0 |
| Vested, Shares | shares | 0 |
| Forfeited, Shares | shares | (11,046) |
| Nonvested, End of year, shares | shares | 331,047 |
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
| Nonvested, Beginning, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares | $ 28.33 |
| Granted, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares | 0 |
| Vested, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares | 0 |
| Forfeited, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares | 28.41 |
| Nonvested, End of Year, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares | $ 28.32 |
| X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
EQUITY OF AMERICAN ASSETS TRUST, INC. - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Equity [Abstract] | ||
| Net income (loss) | $ 15,243 | $ (691) |
| Less: Net (income) loss attributable to restricted shares | (93) | 72 |
| Less: (Income) loss from operations attributable to unitholders in the Operating Partnership | (4,055) | 166 |
| Net income (loss) attributable to common stockholders—basic | 11,095 | (453) |
| Income (loss) from operations attributable to American Assets Trust, Inc. common stockholders—basic | 11,095 | (453) |
| Plus: Income from operations attributable to unitholders in the Operating Partnership-diluted | 4,055 | 0 |
| Net income attributable to common stockholders-diluted | $ 15,150 | $ (453) |
| Weighted average common shares outstanding-basic (in shares) | 47,004,465 | 46,935,820 |
| Effect of dilutive securities-conversion of Operating Partnership units (in shares) | 17,177,608 | 0 |
| Weighted average common shares outstanding - diluted (in shares) | 64,182,073 | 46,935,820 |
| Earnings per common share, basic (in USD per share) | $ 0.24 | $ (0.01) |
| Earnings per common share, diluted (in USD per share) | $ 0.24 | $ (0.01) |
| X | ||||||||||
- Definition Incremental common shares attributable to conversion of Operating partnership units. No definition available.
|
| X | ||||||||||
- Definition Minority interest in continuing operations income (loss) Operating partnerships. No definition available.
|
| X | ||||||||||
- Definition Minority Interest In Continuing Operations Income Loss Operating Partnerships - Diluted No definition available.
|
| X | ||||||||||
- Definition Net income attributable to restricted share. No definition available.
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount after tax of income (loss) from continuing operations attributable to the parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
INCOME TAXES (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
| Income Tax Disclosure [Abstract] | |||
| Deferred tax liability | $ 93 | $ 93 | |
| Income tax benefit (expense) | $ (236) | $ 65 | |
| X | ||||||||||
- Definition Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences without jurisdictional netting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2019
USD ($)
Property
mo
|
Mar. 31, 2018 |
|
| Commitment And Contingencies [Line Items] | ||
| Termination payment | $ | $ 7.5 | |
| Number of consolidated properties located in Southern California | Property | 14 | |
| Maximum percentage of total revenue provided by any single tenant | 10.00% | 10.00% |
| Total Revenues | Retail | ||
| Commitment And Contingencies [Line Items] | ||
| Percentage of total revenue provided by retail or office tenants | 34.50% | |
| Total Revenues | Office | ||
| Commitment And Contingencies [Line Items] | ||
| Percentage of total revenue provided by retail or office tenants | 32.60% | |
| Waikiki Beach Walk - Retail | ||
| Commitment And Contingencies [Line Items] | ||
| Property management fee, percent (in percent) | 3.00% | |
| Outrigger Hotels | ||
| Commitment And Contingencies [Line Items] | ||
| Property management fee, percent (in percent) | 6.00% | |
| Number of calendar months termination fee is based | 2 months | |
| Maximum percentage of hotel's fiscal year gross revenues paid for aggregate yearly management fee | 3.50% | |
| Previous months of management fees | 12 months | |
| Hotel management agreement default penalty factor of previous twelve months of management fees in first 11 years of term | 8 | |
| Years in hotel management agreement term | 11 years | |
| Hotel management agreement default penalty factor of previous twelve months of management fees in twelfth year of term | 4 | |
| Hotel management agreement default penalty factor of previous twelve months of management fees in thirteenth year of term | 3 | |
| Hotel management agreement default penalty factor of previous twelve months of management fees in fourteenth year of term | 2 | |
| Hotel management agreement default penalty factor of previous twelve months of management fees in fifteenth year of term | 1 | |
| Outrigger Hotels | Maximum | ||
| Commitment And Contingencies [Line Items] | ||
| Property management fee, percent (in percent) | 3.00% | |
| Outrigger Hotels | Future Year Period One | ||
| Commitment And Contingencies [Line Items] | ||
| Years in hotel management agreement term | 15 years | |
| Outrigger Hotels | Future Year Period Two | ||
| Commitment And Contingencies [Line Items] | ||
| Years in hotel management agreement term | 14 years | |
| Outrigger Hotels | Future Year Period Three | ||
| Commitment And Contingencies [Line Items] | ||
| Years in hotel management agreement term | 13 years | |
| Outrigger Hotels | Future Year Period Four | ||
| Commitment And Contingencies [Line Items] | ||
| Years in hotel management agreement term | 12 years | |
| Wbw Hotel Lessee Llc | ||
| Commitment And Contingencies [Line Items] | ||
| Years of contract | 20 years | |
| Percentage of hotel occupancy gross revenue paid for program fee | 4.00% | |
| Wbw Hotel Lessee Llc | Future Time Period Prior to 12-31-2021 | ||
| Commitment And Contingencies [Line Items] | ||
| Percentage of hotel occupancy gross revenue paid for franchise royalty fee | 4.00% | |
| Wbw Hotel Lessee Llc | Future Time Period After 12-31-2021 | ||
| Commitment And Contingencies [Line Items] | ||
| Percentage of hotel occupancy gross revenue paid for franchise royalty fee | 5.00% | |
| Del Monte Center | Maximum | ||
| Commitment And Contingencies [Line Items] | ||
| Years, environmental remediation length | 7 years | |
| Del Monte Center | Minimum | ||
| Commitment And Contingencies [Line Items] | ||
| Years, environmental remediation length | 5 years | |
| X | ||||||||||
- Definition Calendar months. No definition available.
|
| X | ||||||||||
- Definition Commitment And Contingencies [Line Items] No definition available.
|
| X | ||||||||||
- Definition Hotel management agreement default penalty fact or of previous twelve months of Management fees in first eleven years of term. No definition available.
|
| X | ||||||||||
- Definition Hotel management agreement default penalty fact or of previous twelve months of Management fees in fourteenth year of term. No definition available.
|
| X | ||||||||||
- Definition Hotel management agreement default penalty fact or of previous twelve months of Management fees in thirteenth year of term. No definition available.
|
| X | ||||||||||
- Definition Hotel management agreement default penalty fact or of previous twelve months of Management fees in twelfth year of term. No definition available.
|
| X | ||||||||||
- Definition Hotel management agreement default penalty factor of previous twelve months of Management fees in fifteenth year of term. No definition available.
|
| X | ||||||||||
- Definition Maximum percentage of hotels fiscal year gross revenues paid for aggregate yearly Management fee. No definition available.
|
| X | ||||||||||
- Definition Maximum percentage of revenue provided by any single tenant. No definition available.
|
| X | ||||||||||
- Definition Number of consolidated properties. No definition available.
|
| X | ||||||||||
- Definition Percentage of hotel occupancy gross revenue paid for franchise royalty fee. No definition available.
|
| X | ||||||||||
- Definition Percentage of hotel occupancy gross revenue paid for program fee. No definition available.
|
| X | ||||||||||
- Definition The previous months management fees used in the calculation of the management cancellation fee. No definition available.
|
| X | ||||||||||
- Definition Years environmental remediation length. No definition available.
|
| X | ||||||||||
- Definition Years in hotel management agreement term. No definition available.
|
| X | ||||||||||
- Definition Years of contract. No definition available.
|
| X | ||||||||||
- Definition For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of the loss on termination of a contract for default. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The percentage charged for managing real estate properties. No definition available.
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
LEASES - Narrative (Details) |
3 Months Ended |
|---|---|
Mar. 31, 2019 | |
| Lessor, Lease, Description [Line Items] | |
| Years, minimum term range of office and retail leases | 3 years |
| Years, maximum term range of office and retail leases | 10 years |
| Months, minimum term of apartment leases | 7 months |
| Months, maximum term of apartment leases | 15 months |
| Operating leases rental period terms | 12 months |
| Minimum | |
| Lessor, Lease, Description [Line Items] | |
| Lease extension option period | 3 years |
| Lease extension options exercise period | 6 months |
| Maximum | |
| Lessor, Lease, Description [Line Items] | |
| Lease extension option period | 10 years |
| Lease extension options exercise period | 12 months |
| Land Mark At One Market [Member] | |
| Lessor, Lease, Description [Line Items] | |
| Number of lease extension options | 2 |
| Lease extension option exercise period | 5 years |
| X | ||||||||||
- Definition The period which lease extension options can be exercisable. No definition available.
|
| X | ||||||||||
- Definition Months maximum term length of apartment leases. No definition available.
|
| X | ||||||||||
- Definition Months minimum term of apartment leases. No definition available.
|
| X | ||||||||||
- Definition Number of lease extension options. No definition available.
|
| X | ||||||||||
- Definition Operating Leases Rental Period Terms No definition available.
|
| X | ||||||||||
- Definition Years lease extension option length. No definition available.
|
| X | ||||||||||
- Definition Years maximum term range of office and retail leases. No definition available.
|
| X | ||||||||||
- Definition Years minimum term range of office and retail leases. No definition available.
|
| X | ||||||||||
- Definition Term of lessee's operating lease renewal, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
LEASES - Minimum Future Rentals from Noncancelable Operating Leases (Details) $ in Thousands |
Mar. 31, 2019
USD ($)
|
|---|---|
| Leases [Abstract] | |
| 2019 (nine months ending December 31, 2019) | $ 179,634 |
| 2020 | 179,925 |
| 2021 | 164,848 |
| 2022 | 146,016 |
| 2023 | 124,300 |
| Thereafter | 436,240 |
| Total | $ 1,230,963 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of lease payments to be received by lessor for operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lease payments to be received by lessor in fifth fiscal year following latest fiscal year for operating lease. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest statement of financial position date. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lease payments to be received by lessor in fourth year following latest fiscal year for operating lease. Excludes interim and annual periods when interim periods are reported on rolling approach, from latest statement of financial position date. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lease payments to be received by lessor in remainder of fiscal year following latest fiscal year for operating lease. Excludes interim and annual periods when interim periods are reported on rolling approach, from latest statement of financial position date. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of lease payments to be received by lessor after fifth fiscal year following latest statement of financial position date for operating lease. Excludes interim and annual periods when interim periods are reported on rolling approach, from latest statement of financial position date. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lease payments to be received by lessor in third fiscal year following latest fiscal year for operating lease. Excludes interim and annual periods when interim periods are reported on rolling approach, from latest statement of financial position date. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lease payments to be received by lessor in second fiscal year following latest fiscal year for operating lease. Excludes interim and annual periods when interim periods are reported on rolling approach, from latest statement of financial position date. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
LEASES - Lease Obligations - Minimum Future Rental Payments from Operating Leases (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|---|---|---|---|
| Leases [Abstract] | |||
| 2019 (nine months ending December 31, 2019) | $ 2,519 | ||
| 2020 | 3,422 | ||
| 2021 | 2,153 | ||
| 2022 | 0 | ||
| 2023 | 0 | ||
| Thereafter | 0 | ||
| Total lease payments | 8,094 | ||
| Imputed interest | (402) | ||
| Present value of lease liability | $ 7,692 | $ 7,700 | $ 0 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due after fifth fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in fifth fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in fourth fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in third fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in second fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease having an initial or remaining lease term in excess of one year due in remainder of fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments in excess of discounted obligation for lease payments for operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Present value of lessee's discounted obligation for lease payments from operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
LEASES - Lease Costs & Additional Lease Information (Details) $ in Thousands |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
USD ($)
| |
| Leases [Abstract] | |
| Operating lease cost | $ 833 |
| Variable lease cost | 0 |
| Sublease income | (625) |
| Total lease cost | $ 208 |
| Weighted-average remaining lease term - operating leases (in years) | 2 years 4 months 24 days |
| Weighted-average discount rate - operating leases (as a percent) | 4.13% |
| X | ||||||||||
- Definition Amount of lease cost recognized by lessee for lease contract. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of single lease cost, calculated by allocation of remaining cost of lease over remaining lease term. Includes, but is not limited to, single lease cost, after impairment of right-of-use asset, calculated by amortization of remaining right-of-use asset and accretion of lease liability. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Weighted average discount rate for operating lease calculated at point in time. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Weighted average remaining lease term for operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Amount of sublease income excluding finance and operating lease expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of variable lease cost, excluded from lease liability, recognized when obligation for payment is incurred for finance and operating leases. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
LEASES - Supplemental Lease Information (Details) $ in Thousands |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
USD ($)
| |
| Operating cash flow information: | |
| Cash paid for amounts included in the measurement of lease liabilities | $ 827 |
| Non-cash activity: | |
| Right-of-use assets obtained in exchange for operating lease obligations | $ 7,661 |
| X | ||||||||||
- Definition Non-Cash Activity [Abstract] No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of cash outflow from operating lease, excluding payments to bring another asset to condition and location necessary for its intended use. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of increase in right-of-use asset obtained in exchange for operating lease liability. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
COMPONENTS OF RENTAL INCOME AND EXPENSE - Component of Rental Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Rental Income [Line Items] | ||
| Cost reimbursement | $ 0 | $ 8,342 |
| Percentage rent | 266 | 436 |
| Hotel revenue | 9,642 | 9,783 |
| Other | 453 | 369 |
| Total rental income | 76,831 | 76,201 |
| Total Retail | ||
| Rental Income [Line Items] | ||
| Lease rental income | 24,449 | 19,654 |
| Total Office | ||
| Rental Income [Line Items] | ||
| Lease rental income | 26,148 | 23,306 |
| Total Multifamily | ||
| Rental Income [Line Items] | ||
| Lease rental income | 11,996 | 11,486 |
| Total Mixed-Use | ||
| Rental Income [Line Items] | ||
| Lease rental income | $ 3,877 | $ 2,825 |
| X | ||||||||||
- Definition Other real estate rental revenue. No definition available.
|
| X | ||||||||||
- Definition Rental Income [Line Items] No definition available.
|
| X | ||||||||||
- Definition In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses. No definition available.
|
| X | ||||||||||
- Definition The total amount of revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease revenue. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The total amount of lease revenue recognized for the period for which the lessee was obligated under leasing arrangements regardless of any other events or conditions. This amount excludes contingent revenue and sublease revenue. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition This element represents the rental revenue earned during the period from lessee-operators based on revenues generated in their operations, generally in excess of a base amount. Such rental revenue is generally stipulated in the lease agreement, usually will provide for a fixed percentage of revenue to be paid as additional (or possibly only) rent due the lessor, and may be based on gross revenues, net revenues, or multiple variations thereof. Percentage rent is often required under leases with retail outlets located on premises owned by hoteliers, cruise lines, others in the hospitality industry, and shopping mall operators, among others. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
COMPONENTS OF RENTAL INCOME AND EXPENSE (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Operating Leases, Income Statement, Lease Revenue [Abstract] | ||
| Recognition of straight-line rents | $ 0.2 | $ (0.8) |
| Recognition of amortization of above and below market leases | $ 0.9 | $ 0.7 |
| X | ||||||||||
- Definition Amount of non-cash amortization of intangible asset (liability) for above and below market leases. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Difference between actual rental income due and rental income recognized on a straight-line basis. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
COMPONENTS OF RENTAL INCOME AND EXPENSE - Components of Rental Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Operating Leases, Income Statement, Lease Revenue [Abstract] | ||
| Rental operating | $ 8,551 | $ 8,660 |
| Other Cost of Operating Revenue | 5,973 | 6,032 |
| Repairs and maintenance | 3,459 | 3,001 |
| Marketing | 546 | 412 |
| Rent | 841 | 794 |
| Hawaii excise tax | 944 | 1,033 |
| Management fees | 482 | 488 |
| Total rental expenses | $ 20,796 | $ 20,420 |
| X | ||||||||||
- Definition Other operating costs incurred during the reporting period and may include amounts paid to maintain the property. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The aggregate costs of keeping the property in good condition but that do not appreciably prolong the life or increase the value of the property. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of excise and sales taxes included in sales and revenues, which are then deducted as a cost of sales. Includes excise taxes, which are applied to specific types of transactions or items (such as gasoline or alcohol); and sales, use and value added taxes, which are applied to a broad class of revenue-producing transactions involving a wide range of goods and services. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line. No definition available.
|
| X | ||||||||||
- Definition Amount of expenses related to the managing member or general partner for management of the day-to-day business functions of the limited liability company (LLC) or limited partnership (LP). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Expenditures for planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services. Costs of public relations and corporate promotions are typically considered to be marketing costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Rental expense for the reporting period incurred under operating leases, including minimum and any contingent rent expense, net of related sublease income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Other costs incurred during the reporting period related to other revenue generating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
OTHER (EXPENSE) INCOME, NET Components of Other (Expense) Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Other Income and Expenses [Abstract] | ||
| Interest and investment income | $ 7 | $ 140 |
| Income tax (expense) benefit | (236) | 65 |
| Other non-operating income | 0 | 4 |
| Total other (expense) income, net | $ (229) | $ 209 |
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business). No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of income related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Jul. 01, 2017 |
|
| Related Party Transaction [Line Items] | ||||
| Total rental income | $ 76,831 | $ 76,201 | ||
| Investment in WBW CHP LLC (in percent) | 47.70% | |||
| WBW CHP LLC | ||||
| Related Party Transaction [Line Items] | ||||
| Amount recovered for reimbursements of operating expense for related party | $ 200 | 300 | ||
| ICW Inc | Board of Directors Chairman | ||||
| Related Party Transaction [Line Items] | ||||
| Prepaid Insurance | $ 200 | |||
| American Assets, Inc. | Board of Directors Chairman | ||||
| Related Party Transaction [Line Items] | ||||
| Lease term | 3 years | |||
| AAI Aviation, Inc. | Board of Directors Chairman | ||||
| Related Party Transaction [Line Items] | ||||
| Aviation expense | $ 200 | $ 0 | ||
| Scenario, Forecast | American Assets, Inc. | Board of Directors Chairman | ||||
| Related Party Transaction [Line Items] | ||||
| Total rental income | $ 200 | |||
| X | ||||||||||
- Definition Amount recovered for reimbursements of operating expense for related party. No definition available.
|
| X | ||||||||||
- Definition Percentage of investment in related party. No definition available.
|
| X | ||||||||||
- Definition Term of lessor's operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The total amount of revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease revenue. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of asset related to consideration paid in advance for insurance that provides economic benefits within a future period of one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Expenses recognized resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
SEGMENT REPORTING (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
Segment
Room
| |
| Segment Reporting [Abstract] | |
| Number of operating segments | Segment | 4 |
| Room in mixed-use segment all-suite hotel | Room | 369 |
| X | ||||||||||
- Definition Number of rooms in mixed use segment all suite hotel. No definition available.
|
| X | ||||||||||
- Definition Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues. No definition available.
|
| X | ||||||||||
- References No definition available.
|
SEGMENT REPORTING - Operating Activity Within Reportable Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Segment Reporting Information [Line Items] | ||
| OPERATING INCOME | $ 28,821 | $ 12,920 |
| Total Segments' profit | 55,477 | 51,766 |
| Total Retail | ||
| Segment Reporting Information [Line Items] | ||
| Property revenue | 29,437 | 26,157 |
| Property expense | (7,154) | (6,811) |
| OPERATING INCOME | 22,283 | 19,346 |
| Total Office | ||
| Segment Reporting Information [Line Items] | ||
| Property revenue | 27,806 | 26,770 |
| Property expense | (8,489) | (8,013) |
| OPERATING INCOME | 19,317 | 18,757 |
| Total Multifamily | ||
| Segment Reporting Information [Line Items] | ||
| Property revenue | 12,899 | 12,424 |
| Property expense | (5,073) | (4,997) |
| OPERATING INCOME | 7,826 | 7,427 |
| Total Mixed-Use | ||
| Segment Reporting Information [Line Items] | ||
| Property revenue | 15,177 | 15,381 |
| Property expense | (9,126) | (9,145) |
| OPERATING INCOME | $ 6,051 | $ 6,236 |
| X | ||||||||||
- Definition Property expenses. No definition available.
|
| X | ||||||||||
- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
| X | ||||||||||
- Definition Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
SEGMENT REPORTING - Reconciliation of Segment Profit to Net Income Attributable to Stockholders (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Segment Reporting [Abstract] | ||
| Total Segments' profit | $ 55,477 | $ 51,766 |
| General and administrative | (6,073) | (5,567) |
| Depreciation and amortization | (20,583) | (33,279) |
| Interest expense | 13,349 | 13,820 |
| Other (expense) income, net | (229) | 209 |
| NET INCOME (LOSS) | 15,243 | (691) |
| Net (income) loss attributable to restricted shares | (93) | 72 |
| Net (income) loss attributable to unitholders in the Operating Partnership | 4,055 | (166) |
| NET INCOME (LOSS) ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS | $ 11,095 | $ (453) |
| X | ||||||||||
- Definition Net income attributable to restricted share. No definition available.
|
| X | ||||||||||
- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount after tax of income (loss) attributable to redeemable noncontrolling partner in an operating partnership. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
SEGMENT REPORTING - Net Real Estate and Secured Note Payable Balances (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
|||
|---|---|---|---|---|---|
| Segment Reporting Information [Line Items] | |||||
| Net Real Estate | $ 2,046,873 | $ 2,039,853 | |||
| Secured Notes Payable | [1] | 162,856 | 182,765 | ||
| American Assets Trust, L.P. | |||||
| Segment Reporting Information [Line Items] | |||||
| Net Real Estate | 2,046,873 | 2,039,853 | |||
| Secured notes payable, net | American Assets Trust, L.P. | |||||
| Segment Reporting Information [Line Items] | |||||
| Debt issuance costs, net | 168 | 193 | |||
| Total Retail | |||||
| Segment Reporting Information [Line Items] | |||||
| Net Real Estate | 633,605 | 628,734 | |||
| Secured Notes Payable | [1] | 34,812 | 35,008 | ||
| Total Office | |||||
| Segment Reporting Information [Line Items] | |||||
| Net Real Estate | 828,746 | 822,574 | |||
| Secured Notes Payable | [1] | 128,044 | 147,757 | ||
| Total Multifamily | |||||
| Segment Reporting Information [Line Items] | |||||
| Net Real Estate | 409,006 | 412,042 | |||
| Secured Notes Payable | [1] | 0 | 0 | ||
| Total Mixed-Use | |||||
| Segment Reporting Information [Line Items] | |||||
| Net Real Estate | 175,516 | 176,503 | |||
| Secured Notes Payable | [1] | $ 0 | $ 0 | ||
| |||||
| X | ||||||||||
- Definition Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
SEGMENT REPORTING - Capital Expenditures (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||
| Segment Reporting Information [Line Items] | |||||
| Capital expenditures | [1] | $ 22,437 | $ 11,365 | ||
| Retail | |||||
| Segment Reporting Information [Line Items] | |||||
| Capital expenditures | [1] | 4,791 | 2,229 | ||
| Office | |||||
| Segment Reporting Information [Line Items] | |||||
| Capital expenditures | [1] | 16,483 | 7,373 | ||
| Multifamily | |||||
| Segment Reporting Information [Line Items] | |||||
| Capital expenditures | [1] | 771 | 1,609 | ||
| Mixed-Use | |||||
| Segment Reporting Information [Line Items] | |||||
| Capital expenditures | [1] | $ 392 | $ 154 | ||
| |||||
| X | ||||||||||
- Definition Capital Expenditures and Leasing Commissions No definition available.
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