0001500217-22-000011 | 10-K | XBRL Viewer | American Assets Trust INC

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Operating real estate	$ 3,389,726	$ 3,155,280
Construction in progress	139,098	91,047
Held for development	547	547
Total Real estate, at cost	3,529,371	3,246,874
Accumulated depreciation	(847,390)	(754,140)
Net real estate	2,681,981	2,492,734
Cash and cash equivalents	139,524	137,333
Restricted cash	0	1,716
Accounts receivable, net	7,445	6,938
Deferred rent receivables, net	82,724	72,476
Other assets, net	106,253	106,112
TOTAL ASSETS	3,017,927	2,817,309
LIABILITIES AND EQUITY
Secured notes payable	110,965	110,923
Unsecured notes payable, net	1,538,238	1,196,677
Unsecured line of credit, net	0	99,151
Accounts payable and accrued expenses	64,531	59,262
Security deposits payable	7,855	6,590
Other liabilities and deferred credits	86,215	91,300
Total liabilities	1,807,804	1,563,903
Commitments and contingencies (Note 12)
Common stock, shares authorized	490,000,000	490,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	60,525,580	60,476,292
Common stock, shares outstanding	60,525,580	60,476,292
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,525,580 and 60,476,292 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	$ 605	$ 605
Additional paid-in capital	1,453,272	1,445,644
Accumulated dividends in excess of net income	(217,785)	(176,560)
Accumulated other comprehensive income	4,169	2,737
Total American Assets Trust, Inc. stockholders' equity	1,238,964	1,271,442
Noncontrolling interests	(28,841)	(18,036)
Total equity	1,210,123	1,253,406
TOTAL LIABILITIES AND EQUITY	3,017,927	2,817,309
Partners' Capital [Abstract]
Limited partners' capital, 16,181,537 and 16,181,537 units issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	(30,138)	(19,020)
General partner's capital, 60,525,580 and 60,476,292 units issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	1,236,092	1,269,689
Total capital	$ 1,210,123	$ 1,253,406

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	490,000,000	490,000,000
Common stock, shares issued	60,525,580	60,476,292
Common stock, shares outstanding	60,525,580	60,476,292
Limited Partners' Capital Account, Units Issued	16,181,537	16,181,537
Limited Partners' Capital Account, Units Outstanding	16,181,537	16,181,537
General Partners' Capital Account, Units Issued	60,525,580	60,476,292
General Partners' Capital Account, Units Outstanding	60,525,580	60,476,292

Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

REVENUE:

Rental income

$ 360,208

$ 330,312

$ 343,865

Other property income

15,620

14,261

22,876

Total revenue

375,828

344,573

366,741

EXPENSES:

Rental expenses

86,980

79,178

91,967

Real estate taxes

42,794

41,941

40,013

General and administrative

29,879

26,581

24,871

Depreciation and amortization

116,306

108,292

96,205

Total operating expenses

275,959

255,992

253,056

Operating income (loss)

99,869

88,581

113,685

Interest expense

(58,587)

(53,440)

(54,008)

Loss on early extinguishment of debt

(4,271)

Gain on sale of real estate

633

Other (expense) income, net

(418)

447

(122)

Net income

36,593

35,588

60,188

Net income attributable to restricted shares

(564)

(383)

(381)

Net income attributable to unitholders in the Operating Partnership

(7,653)

(7,545)

(14,089)

NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS

$ 36,029

$ 35,205

$ 59,807

EARNINGS PER COMMON SHARE, BASIC

Basic net income attributable to common stockholders per share (in dollars per share)

$ 0.47

$ 0.46

$ 0.84

Weighted average shares of common stock outstanding-basic (in shares)

76,172,277

76,119,763

70,786,132

EARNINGS PER COMMON SHARE, DILUTED

Diluted net income attributable to common stockholders per share (in dollars per share)

$ 0.47

$ 0.46

$ 0.84

Weighted average shares of common stock outstanding-diluted (in shares)

76,172,277

76,119,763

70,786,132

DISTRIBUTIONS PER UNIT (in dollars per share)

$ 1.16

$ 1.00

$ 1.14

COMPREHENSIVE INCOME

Net income

$ 36,593

$ 35,588

$ 60,188

Other comprehensive gain (loss) - unrealized gain (loss) on swap derivatives during the period

2,723

(3,649)

(5,571)

Comprehensive income

38,025

30,609

53,313

Comprehensive income attributable to noncontrolling interest

(7,966)

(6,496)

(12,301)

Comprehensive income attributable to American Assets Trust, Inc.

30,059

24,113

41,012

Early Extinguishment of Debt

COMPREHENSIVE INCOME

Reclassification of amortization of forward starting swaps included in interest expense

(193)

Early Extinguishment of Debt | Accumulated Other Comprehensive Income (Loss)

COMPREHENSIVE INCOME

Reclassification of amortization of forward starting swaps included in interest expense

(193)

Interest Expense

COMPREHENSIVE INCOME

Reclassification of amortization of forward starting swaps included in interest expense

(1,098)

(1,330)

(1,304)

Interest Expense | Accumulated Other Comprehensive Income (Loss)

COMPREHENSIVE INCOME

Reclassification of amortization of forward starting swaps included in interest expense

(1,098)

(1,330)

(1,304)

Limited Partner

EXPENSES:

Net income

^[1]

7,653

7,545

14,089

COMPREHENSIVE INCOME

Net income

^[1]

7,653

7,545

14,089

Comprehensive income attributable to American Assets Trust, Inc.

(7,966)

(6,496)

(12,301)

General Partner

EXPENSES:

Net income

^[2]

28,940

28,043

46,099

COMPREHENSIVE INCOME

Net income

^[2]

28,940

28,043

46,099

Comprehensive income attributable to American Assets Trust, Inc.

$ 30,059

$ 24,113

$ 41,012

[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general and limited partnership interests held by American Assets Trust, Inc.

Consolidated Statements of Equity - USD ($)
$ in Thousands

Total

Swap

Forward Contracts

Early Extinguishment of Debt

Interest Expense

Limited Partner

^[1]

General Partner