Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2014	Aug. 01, 2014
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Trading Symbol	AAT
Entity Registrant Name	AMERICAN ASSETS TRUST, INC.
Entity Central Index Key	0001500217
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		42,615,331

Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
ASSETS
Operating real estate	$ 1,926,204	$ 1,919,015
Construction in progress	116,498	67,389
Held for development	9,084	9,013
Total Real estate, at cost	2,051,786	1,995,417
Accumulated depreciation	(341,760)	(318,581)
Net real estate	1,710,026	1,676,836
Cash and cash equivalents	78,859	48,987
Restricted cash	10,766	9,124
Accounts receivable, net	4,940	7,295
Deferred rent receivables, net	33,956	32,531
Other assets, net	53,876	57,670
TOTAL ASSETS	1,892,423	1,832,443
LIABILITIES AND EQUITY
Secured notes payable	952,847	952,174
Term loan	100,000	0
Line of credit	0	93,000
Accounts payable and accrued expenses	38,885	37,063
Security deposits payable	5,323	5,163
Other liabilities and deferred credits	57,675	58,465
Total liabilities	1,154,730	1,145,865
Commitments and contingencies (Note 9)
American Assets Trust, Inc. stockholders’ equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 42,615,331 and 40,512,563 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	426	405
Additional paid-in capital	759,158	692,196
Accumulated dividends in excess of net income	(54,186)	(44,090)
Accumulated other comprehensive loss	(1,093)	0
Total American Assets Trust, Inc. stockholders’ equity	704,305	648,511
Noncontrolling interests	33,388	38,067
Total equity	737,693	686,578
TOTAL LIABILITIES AND EQUITY	$ 1,892,423	$ 1,832,443

Consolidated Balance Sheets (Unaudited) (Parenthetical) (Common Shares, USD $)	Jun. 30, 2014	Dec. 31, 2013
Common Shares
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	490,000,000	490,000,000
Common stock, shares outstanding	42,615,331	40,512,563

Consolidated Statements of Comprehensive Income (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
REVENUE:
Rental income	$ 58,793	$ 59,705	$ 119,275	$ 118,927
Other property income	3,392	3,209	6,863	6,167
Total revenue	62,185	62,914	126,138	125,094
EXPENSES:
Rental expenses	16,500	16,686	33,120	32,972
Real estate taxes	5,129	5,476	11,155	10,276
General and administrative	4,635	4,426	9,247	8,627
Depreciation and amortization	18,209	16,953	34,550	33,966
Total operating expenses	44,473	43,541	88,072	85,841
OPERATING INCOME	17,712	19,373	38,066	39,253
Interest expense	(13,439)	(14,744)	(27,071)	(29,480)
Other income (expense), net	1,078	(65)	1,014	(344)
NET INCOME	5,351	4,564	12,009	9,429
Net income attributable to restricted shares	(94)	(133)	(164)	(265)
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable	(1,544)	(1,354)	(3,530)	(2,849)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	3,713	3,077	8,315	6,315
EARNINGS PER COMMON SHARE, BASIC
Earnings per common share, basic	$ 0.09	$ 0.08	$ 0.20	$ 0.16
Weighted average shares of common stock outstanding-basic	41,816,379	39,460,086	41,202,993	39,247,729
EARNINGS PER COMMON SHARE, DILUTED
Earnings per common share, diluted	$ 0.09	$ 0.08	$ 0.20	$ 0.16
Weighted average shares of common stock outstanding-diluted	59,721,636	57,429,837	59,110,450	57,244,174
Dividends declared per common share	$ 0.22	$ 0.21	$ 0.44	$ 0.42
COMPREHENSIVE INCOME
Net income	5,351	4,564	12,009	9,429
Other comprehensive loss - unrealized loss on swap derivative during the period	(811)	0	(1,557)	0
Comprehensive income	4,540	4,564	10,452	9,429
Comprehensive income attributable to non-controlling interest	(1,305)	(1,354)	(3,066)	(2,849)
Comprehensive income attributable to American Assets Trust, Inc.	$ 3,235	$ 3,210	$ 7,386	$ 6,580

Consolidated Statement of Equity (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Shares	Additional Paid-in Capital	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Loss	Noncontrolling Interests - Unitholders in the Operating Partnership
Beginning Balance at Dec. 31, 2013	$ 686,578	$ 405	$ 692,196	$ (44,090)	$ 0	$ 38,067
Beginning Balance (in shares) at Dec. 31, 2013		40,512,563
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,009			8,479		3,530
Common shares issued (in shares)		2,110,485
Common shares issued	69,909	21	69,888
Issuance of restricted stock (in shares)		117,983
Issuance of restricted stock	0	1	(1)
Forfeiture of restricted stock (in shares)		(941)
Conversion of operating partnership units (in shares)		11,852
Conversion of operating partnership units	0		(133)			133
Dividends declared and paid	(26,453)			(18,575)		(7,878)
Stock-based compensation	1,526		1,526
Shares withheld for employee taxes (in shares)		(136,611)
Shares withheld for employee taxes	(4,319)	(1)	(4,318)
Other comprehensive loss - change in value of interest rate swap	(1,557)				(1,093)	(464)
Ending Balance at Jun. 30, 2014	$ 737,693	$ 426	$ 759,158	$ (54,186)	$ (1,093)	$ 33,388
Ending Balance (in shares) at Jun. 30, 2014		42,615,331

Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
OPERATING ACTIVITIES
Net income	$ 12,009	$ 9,429
Adjustments to reconcile income from operations to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(2,806)	(1,874)
Depreciation and amortization	34,550	33,966
Amortization of debt issuance costs and debt fair value adjustments	2,031	1,966
Stock-based compensation expense	1,526	1,393
Other, net	(368)	(481)
Changes in operating assets and liabilities
Change in restricted cash	(673)	(818)
Change in accounts receivable	2,379	(1,073)
Change in other assets	(377)	(38)
Change in accounts payable and accrued expenses	1,013	2,662
Change in security deposits payable	160	238
Change in other liabilities and deferred credits	890	303
Net cash provided by operating activities	50,334	45,673
INVESTING ACTIVITIES
Capital expenditures	(61,261)	(21,204)
Change in restricted cash	(969)	433
Leasing commissions	(1,628)	(1,344)
Net cash used in investing activities	(63,858)	(22,115)
FINANCING ACTIVITIES
Change in restricted cash	0	1,400
Repayment of secured notes payable	(784)	(1,839)
Proceeds from term loan	100,000	0
Repayment of line of credit	(93,000)	0
Debt issuance costs	(1,957)	0
Proceeds from issuance of common stock, net	69,909	24,922
Dividends paid to common stock and unitholders	(26,453)	(24,380)
Shares withheld for employee taxes	(4,319)	0
Net cash (used in) provided by financing activities	43,396	(2,697)
Net increase (decrease) in cash and cash equivalents	29,872	20,861
Cash and cash equivalents, beginning of period	48,987	42,479
Cash and cash equivalents, end of period	$ 78,859	$ 63,340

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

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 118 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing.

As of June 30, 2014, we owned or had a controlling interest in 23 office, retail, multifamily and mixed-use operating properties, the operations of which we consolidate. Additionally, as of June 30, 2014, we owned land at five 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:



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



Office
Torrey Reserve Campus	Lloyd District Portfolio
Solana Beach Corporate Centre	City Center Bellevue
The Landmark at One Market
One Beach Street
First & Main



Multifamily
Loma Palisades
Imperial Beach Gardens
Mariner's Point
Santa Fe Park RV Resort



Mixed-Use
Waikiki Beach Walk Retail and Embassy Suites™ Hotel



Held for Development and Construction in Progress
Solana Beach Corporate Centre – Land
Solana Beach – Highway 101 – Land
Sorrento Pointe – Land
Torrey Reserve – Land
Lloyd District Portfolio – Land

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 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 annual report on Form 10-K for the year ended December 31, 2013.

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 and square footage 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):



	Six Months Ended June 30,
	2014		2013
Supplemental cash flow information
Total interest costs incurred	$	29,121	$	30,326
Interest capitalized	$	2,050	$	846
Interest expense	$	27,071	$	29,480
Cash paid for interest, net of amounts capitalized	$	25,244	$	27,021
Cash paid for income taxes	$	319	$	585
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for construction in progress	$	656	$	(1,407	)
Accrued leasing commissions	$	154	$	389
Reduction to capital for prepaid offering costs	$	—	$	437

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, 2013. There have been no changes to our significant accounting policies during the six months ended June 30, 2014.

Concurrent with the closing of our amended and restated credit facility on January 9, 2014 (Note 6), we entered into an interest rate swap agreement with a notional amount of $100.0 million. The interest rate swap is intended to fix the variable portion of our $100.0 million term loan at approximately 3.08% from January 9, 2014 through January 19, 2019. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive income/loss and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit-worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Hedge ineffectiveness has not impacted earnings as of June 30, 2014, and we do not anticipate it will have a significant effect in the future.

Segment Information

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.

Recent Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board (the "FASB") issued ASU 2013-2, Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-2 requires entities to disclose certain information relating to amounts reclassified out of accumulated other comprehensive income. This pronouncement became effective for us in the first quarter of 2013 and did not have a significant impact on our consolidated financial statements.

In April 2014, the FASB issued ASU-2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 revises the definition of a discontinued operation to a disposal, sale or held-for-sale component or group of components that represents a strategic shift that will have a major effect on an entity's operations and financial results. This pronouncement is effective in 2015, however, calendar year-end companies may early adopt during the first quarter of 2014. We have chosen to early adopt this pronouncement and it became effective for us in the first quarter of 2014. This pronouncement did not have a significant impact on our consolidated financial statements.

In May 2014, the FASB issued Update No. 2014-09, Revenue from Contracts with Customers. Update No. 2014-09 establishes that companies may recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This pronouncement is effective for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period; early adoption is not permitted. We are in the process of evaluating the impact this pronouncement will have on our consolidated financial statements.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES

6 Months Ended

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

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 June 30, 2014 and December 31, 2013 (in thousands):



	June 30, 2014			December 31, 2013
In-place leases	$	62,303		$	62,813
Accumulated amortization	(41,073		)	(38,279		)
Above market leases	28,239			28,279
Accumulated amortization	(22,164		)	(20,880		)
Acquired lease intangible assets, net	$	27,305		$	31,933
Below market leases	$	76,472		$	76,502
Accumulated accretion	(31,131		)	(28,592		)
Acquired lease intangible liabilities, net	$	45,341		$	47,910

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

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:


1.	Level 1 Inputs—quoted prices in active markets for identical assets or liabilities


2.	Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities


3.	Level 3 Inputs—unobservable inputs

Except as disclosed below, the carrying amounts of our financial instruments approximate their fair value. The financial liability whose fair value we measure on a recurring basis using Level 2 inputs is our deferred compensation liability included in other liabilities and deferred credits on the consolidated balance sheet. 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.

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.

The fair values of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair value of our swap at June 30, 2014 was a liability of $1.6 million and is included in "other liabilities and deferred credits" on our consolidated balance sheets. For the three and six months ended June 30, 2014, the change in valuation on our interest rate swaps was a decrease of $0.8 million and $1.6 million, respectively. 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 loss and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings.

The Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of its derivative contract for the effect of non-performance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Although the Company has determined that the majority of the inputs used to value its 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 June 30, 2014 the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative position and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its 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):



	June 30, 2014								December 31, 2013
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Deferred compensation liability	$	—	$	865	$	—	$	865	$	—	$	769	$	—	$	769
Interest rate swap	$	—	1,557		$	—	$	1,557	$	—	$	—	$	—	$	—

The fair value of our secured notes payable is 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 3.3% to 4.9%.

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. 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):



	June 30, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured notes payable	$	952,847	$	997,201	$	952,174	$	990,296
Term loan	$	100,000	$	100,000	$	—	$	—
Line of credit	$	—	$	—	$	93,000	$	93,000

- 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.

+ References+ Details

OTHER ASSETS

6 Months Ended

Jun. 30, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

Other assets consist of the following (in thousands):



	June 30, 2014		December 31, 2013
Leasing commissions, net of accumulated amortization of $21,427 and $19,606 respectively	$	17,443	$	18,071
Acquired above market leases, net	6,075		7,399
Acquired in-place leases, net	21,230		24,534
Lease incentives, net of accumulated amortization of $2,775 and $2,590, respectively	925		1,110
Other intangible assets, net of accumulated amortization of $1,637 and $1,554, respectively	543		655
Debt issuance costs, net of accumulated amortization of $3,559 and $2,985, respectively	4,015		2,632
Prepaid expenses and other	3,645		3,269
Total other assets	$	53,876	$	57,670

OTHER LIABILITIES AND DEFERRED CREDITS

6 Months Ended

Jun. 30, 2014

Other Liabilities Disclosure [Abstract]

OTHER LIABILITIES AND DEFERRED CREDITS

Other liabilities and deferred credits consist of the following (in thousands):



	June 30, 2014		December 31, 2013
Acquired below market leases, net	$	45,341	$	47,910
Prepaid rent and deferred revenue	7,915		7,506
Interest rate swap liability	1,557		—
Deferred rent expense and lease intangible	718		829
Deferred compensation	865		769
Deferred tax liability	233		233
Straight-line rent liability	931		1,145
Other liabilities	115		73
Total other liabilities and deferred credits	$	57,675	$	58,465

Straight-line rent liability relates to leases which have rental payments that decrease over time or one-time upfront payments for which the rental revenue is deferred and recognized on a straight-line basis.

DEBT

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

DEBT

The following is a summary of our total secured notes payable outstanding as of June 30, 2014 and December 31, 2013 (in thousands):



	Principal Balance as of						Stated Interest Rate as of June 30, 2014		Stated Maturity Date
Description of Debt	June 30, 2014			December 31, 2013			Stated Interest Rate as of June 30, 2014		Stated Maturity Date
Waikele Center ⁽¹⁾	140,700			140,700			5.15	%	November 1, 2014
The Shops at Kalakaua ⁽¹⁾	19,000			19,000			5.45	%	May 1, 2015
The Landmark at One Market ⁽¹⁾⁽²⁾	133,000			133,000			5.61	%	July 5, 2015
Del Monte Center ⁽¹⁾	82,300			82,300			4.93	%	July 8, 2015
First & Main ⁽¹⁾	84,500			84,500			3.97	%	July 1, 2016
Imperial Beach Gardens ⁽¹⁾	20,000			20,000			6.16	%	September 1, 2016
Mariner’s Point ⁽¹⁾	7,700			7,700			6.09	%	September 1, 2016
South Bay Marketplace ⁽¹⁾	23,000			23,000			5.48	%	February 10, 2017
Waikiki Beach Walk—Retail ⁽¹⁾	130,310			130,310			5.39	%	July 1, 2017
Solana Beach Corporate Centre III-IV ⁽³⁾	36,590			36,804			6.39	%	August 1, 2017
Loma Palisades ⁽¹⁾	73,744			73,744			6.09	%	July 1, 2018
One Beach Street ⁽¹⁾	21,900			21,900			3.94	%	April 1, 2019
Torrey Reserve—North Court ⁽³⁾	21,228			21,377			7.22	%	June 1, 2019
Torrey Reserve—VCI, VCII, VCIII ⁽³⁾	7,151			7,200			6.36	%	June 1, 2020
Solana Beach Corporate Centre I-II ⁽³⁾	11,389			11,475			5.91	%	June 1, 2020
Solana Beach Towne Centre ⁽³⁾	37,963			38,249			5.91	%	June 1, 2020
City Center Bellevue ⁽¹⁾	111,000			111,000			3.98	%	November 1, 2022
	961,475			962,259
Unamortized fair value adjustment	(8,628		)	(10,085		)
Total Secured Notes Payable Outstanding	$	952,847		$	952,174


(1)	Interest only.


(2)	Maturity Date is the earlier of the loan maturity date under the loan agreement, or the “Anticipated Repayment Date” as specifically defined in the loan agreement, which is the date after which substantial economic penalties apply if the loan has not been paid off.


(3)	Principal payments based on a 30-year amortization schedule.

Certain loans require us to comply with various financial covenants. As of June 30, 2014, we were in compliance with these financial covenants.

Credit Facility

On January 9, 2014, we entered into an amended and restated credit agreement (the "Amended and Restated Credit Facility") which amended and restated the then in-place credit facility. The Amended and Restated Credit Facility provides for aggregate, unsecured borrowing of $350 million, consisting of a revolving line of credit of $250 million (the "Revolver Loan") and a term loan of $100 million (the "Term Loan"). The Amended and Restated Credit Facility has an accordion feature that may allow us to increase the availability thereunder up to an additional $250 million, subject to meeting specified requirements and obtaining additional commitments from lenders.

Borrowings under the Amended and Restated Credit Facility initially bear interest at floating rates equal to, at our option, either (1) LIBOR, plus a spread which ranges from (a) 1.35%-1.95% (with respect to the Revolver Loan) and (b) 1.30% to 1.90% (with respect to the Term Loan), 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) the Eurodollar rate plus 100 bps, plus a spread which ranges from (i) 0.35%-0.95% (with respect to the Revolver Loan) and (ii) 0.30% to 0.90% (with respect to the Term Loan), in each case based on our consolidated leverage ratio. If we obtain an investment-grade debt rating, under the terms set forth in the Amended and Restated Credit Facility, the spreads will further improve.

The Revolver Loan initially matures on January 9, 2018, subject to our option to extend the Revolver Loan up to two times, with each such extension for a six-month period. The Term Loan initially matures on January 9, 2016, subject to our option to extend the Term Loan up to three times, with each such extension for a 12-month period. The foregoing extension options are exercisable by us subject to the satisfaction of certain conditions.

Concurrent with the closing of the Amended and Restated Credit Facility, we drew down on the entirety of the $100 million Term Loan and entered into an interest rate swap agreement that is intended to fix the interest rate associated with the Term Loan at approximately 3.08% through its maturity date and extension options, subject to adjustments based on our consolidated leverage ratio.

Additionally, the Amended and Restated Credit Facility includes a number of customary financial covenants, including:


•	A maximum leverage ratio (defined as total indebtedness net of certain cash and cash equivalents to total asset value) of 60%, and during any material acquisition period the maximum leverage ratio allowable is 65%,


•	A maximum secured leverage ratio (defined as total secured debt to secured total asset value) of 45% at any time prior to December 31, 2015, and 40% thereafter, during a material acquisition period the maximum secured leverage ratio is increased to 50% at any time prior to December 31, 2015 and 45% thereafter,


•	A minimum fixed charge coverage ratio (defined as consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges) of 1.50x,


•	A minimum unsecured interest coverage ratio of 1.75x,


•	A maximum unsecured leverage ratio of 60%, and during any material acquisition period the maximum unsecured leverage ratio allowable is 65%,


•	A minimum tangible net worth of $721.16 million, and 75% of the net proceeds of any additional equity issuances (other than additional equity issuances in connection with any dividend reinvestment program), and


•	Recourse indebtedness at any time cannot exceed 15% of total asset value.

The Amended and Restated Credit Facility provides that our annual distributions may not exceed the greater of (1) 95% of our funds from operations or (2) the amount required for us to (a) qualify and maintain our real estate investment trust ("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 June 30, 2014, we were in compliance with the Amended and Restated Credit Facility financial covenants.

- 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.

+ References+ Details

EQUITY

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

EQUITY

Stockholders' Equity

On May 6, 2013, we entered into an at-the-market (“ATM”) equity program with four 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 $150.0 million. The sales of shares of our common stock made through the ATM equity program are made in "at-the-market" offerings as defined in Rule 415 of the Securities Act of 1933, as amended. During the three and six months ended June 30, 2014, the following shares of common stock and related proceeds were sold through the ATM equity program (in thousands, except per share data):



	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
Number of shares of common stock issued through ATM program	675,270			2,110,485
Weighted average price per share	$34.46			$33.51

Proceeds, gross	$	23,266		$	70,713
Sales agent compensation	(233		)	(708		)
Offering costs	(51		)	(96		)
Proceeds, net	$	22,982		$	69,909

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 credit facility or other debt financing obligations, fund potential acquisition opportunities and/or for general corporate purposes. As of June 30, 2014, we had the capacity to issue up to an additional $53.3 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.

Noncontrolling Interests

Noncontrolling interests in our Operating Partnership are interests in the Operating Partnership that are not owned by us. Noncontrolling interests consisted of 17,905,257 common units (the “noncontrolling common units”), and represented approximately 29.8% of the ownership interests in our Operating Partnership at June 30, 2014. 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 six months ended June 30, 2014, approximately 11,852 common units were converted into shares of our common stock.

Dividends

The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units during the six months ended June 30, 2014:



Period	Amount per Share/Unit		Period Covered	Dividend Paid Date
First Quarter 2014	$	0.22	January 1, 2014 to March 31, 2014	March 28, 2014
Second Quarter 2014	$	0.22	April 1, 2014 to June 30, 2014	June 27, 2014

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, or the employer incurs liabilities to employees in amounts based on the price of the employer's stock. The guidance also defines a fair value-based method of accounting for an employee stock option or similar equity instrument.

On March 25, 2014, we awarded 112,119 shares of restricted common stock pursuant to our 2011 Equity Incentive Award Plan (the “2011 Plan”), which are subject to performance-based vesting. Up to one-third of the shares of restricted stock may vest on November 30, 2014, 2015 and 2016 based upon pre-defined market specific performance criteria.

In addition, on the date of each annual meeting of our stockholders, each non-employee director who continues to serve on our board of directors (the "Board") following such annual meeting will be granted restricted shares of our common stock pursuant to the 2011 Plan. On June 17, 2014, we awarded a total of 5,864 shares of restricted common stock pursuant to our 2011 Plan to our non-employee directors. These awards of restricted stock will vest subject to the director's continued service on the Board on the earlier of (i) the one year anniversary of the date of grant or (ii) the date of the next annual meeting of our stockholders, if such non-employee director continues his or her service on the Board until the next annual meeting of stockholders, but not thereafter, pursuant to our independent director compensation policy.

For the performance-based stock awards, the fair value of the awards were estimated using a Monte Carlo Simulation model. Our stock price, along with the stock prices of a group of peer REITs, is assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on the stock price of the Company and the group of REITs were estimated based on a three year look-back period. The expected growth rate of the stock prices over the “derived service period” of the employee is determined with consideration of the risk free rate as of the grant date.

The following table summarizes the activity of restricted stock awards during the six months ended June 30, 2014:



	Units		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2014	629,058		$	15.58
Granted	117,983		30.17
Vested	(311,862	)	15.50
Forfeited	(941	)	29.96
Nonvested at June 30, 2014	434,238		$	19.57

We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $1.5 million and $1.4 million, respectively, in noncash compensation expense for the six months ended June 30, 2014 and 2013, which is included in general and administrative expense on the consolidated statements of comprehensive income. Unrecognized compensation expense was $3.7 million at June 30, 2014.

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 431,059 and 630,374 for the three months ended June 30, 2014 and 2013, respectively, and 419,024 and 630,784 for the six months ended June 30, 2014 and 2013, 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 and six months ended June 30, 2014 and 2013, diluted shares exclude incentive restricted stock as these awards are considered contingently issuable. 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):



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
NUMERATOR
Income from operations	$	5,351		$	4,564		$	12,009		$	9,429
Less: Net income attributable to restricted shares	(94		)	(133		)	(164		)	(265		)
Less: Income from operations attributable to unitholders in the Operating Partnership	(1,544		)	(1,354		)	(3,530		)	(2,849		)
Net income attributable to common stockholders—basic	$	3,713		$	3,077		$	8,315		$	6,315
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	$	3,713		$	3,077		$	8,315		$	6,315
Plus: Income from operations attributable to unitholders in the Operating Partnership	1,544			1,354			3,530			2,849
Net income attributable to common stockholders—diluted	$	5,257		$	4,431		$	11,845		$	9,164
DENOMINATOR
Weighted average common shares outstanding—basic	41,816,379			39,460,086			41,202,993			39,247,729
Effect of dilutive securities—conversion of Operating Partnership units	17,905,257			17,969,751			17,907,457			17,996,445
Weighted average common shares outstanding—diluted	59,721,636			57,429,837			59,110,450			57,244,174

Earnings per common share, basic	$	0.09		$	0.08		$	0.20		$	0.16
Earnings per common share, diluted	$	0.09		$	0.08		$	0.20		$	0.16

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2014
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 of $0.2 million as of June 30, 2014 and December 31, 2013 is included in our consolidated balance sheets in relation to real estate asset basis differences of property subject to the Texas margin tax and certain prepaid expenses of our TRS. Income tax benefit (expense) is recorded in other income (expense), net in our consolidated statements of comprehensive income. For the three and six months ended June 30, 2014 we recorded an income tax benefit of $0.3 million and $0.2 million, respectively. For the three and six months ended June 30, 2013 we recorded an income tax expense of $0.1 million and $0.4 million, respectively.

- 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.

+ References+ Details

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

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

At The Landmark at One Market, we lease, as lessee, a building adjacent to The Landmark under an operating lease effective through June 30, 2016, which we have the option to extend until 2026 by way of two five-year extension options.

At Waikiki Beach Walk, we sublease a portion of the building of which Quiksilver is currently in possession, under an operating lease effective through December 31, 2021, which we have the option to extend at fair rental value in the event the sublessor extends its lease for the space with the master landlord. The lease payments under the lease will increase by approximately 3.4% annually through 2017 and, thereafter, will be equal to fair rental value, as defined in the lease, through lease expiration.

Current minimum annual payments under the leases are as follows, as of June 30, 2014 (in thousands):



Year Ending December 31,
2014 (six months ending December 31, 2014)	$	1,297
2015	2,636
2016	1,709
2017	736		⁽¹⁾
2018	740
Thereafter	2,221
Total	$	9,339


(1)	Lease payments on the Waikiki Beach Walk lease will be equal to fair rental value from March 2017 through the end of the lease term. In the table, we have shown the lease payments for this period based on the stated rate for the month of February 2017 of $61,690.

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 calendar 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 Suites^TM 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 $6.4 million based on operating performance through June 30, 2014.

We had a property management agreement with Langley Investment Properties, Inc. (“Langley”) pursuant to which Langley managed and operated Lloyd District Portfolio, and we paid Langley a monthly management fee of 3.5% of “gross receipts,” as defined in the property management agreement, as well as leasing commissions and construction oversight fees in certain situations. The property management agreement was terminated on February 1, 2013 by mutual consent of both parties. Langley continued to provide development consulting services to us until June 30, 2013 and leasing services to us until December 31, 2013 pursuant to a development, consulting, leasing and transition services and management termination agreement.

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 two to ten 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.

In connection with our initial public offering, we entered into tax protection agreements with certain limited partners of our Operating Partnership. These agreements provide that if we dispose of any interest with respect to Carmel Country Plaza, Carmel Mountain Plaza, Del Monte Center, Loma Palisades, Lomas Santa Fe Plaza, Waikele Center or the ICW Plaza portion of Torrey Reserve Campus, in a taxable transaction during the period from the closing of our initial public offering through January 19, 2018, we will indemnify such limited partners for their tax liabilities attributable to their share of the built-in gain that existed with respect to such property interest as of the time of our initial public offering and tax liabilities incurred as a result of the reimbursement payment. Subject to certain exceptions and limitations, the indemnification rights will terminate for any such protected partner that sells, exchanges or otherwise disposes of more than 50% of his or her common units. We have no present intention to sell or otherwise dispose of the properties or interest therein in taxable transactions during the restriction period. If we were to trigger the tax protection provisions under these agreements, we would be required to pay damages in the amount of the taxes owed by these limited partners (plus additional damages in the amount of the taxes incurred as a result of such payment).

As of June 30, 2014, the Company has accrued approximately $6.6 million for transfer taxes that the Company expected to incur on its California properties in connection with its initial public offering. The Company believes that it has filed all necessary forms with the requisite taxing authorities, but can offer no assurances that the taxing authorities will agree with the Company's estimate above.

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. Twelve 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 36.9% of total revenues for the six months ended June 30, 2014. 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 35.9% of total revenues for the six months ended June 30, 2014. 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 six months ended June 30, 2014 and 2013, no tenant accounted for more than 10% of our total rental revenue.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

OPERATING LEASES

6 Months Ended

Jun. 30, 2014

Leases [Abstract]

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 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 and also may include percentage rents based on the tenant’s level of sales achieved. 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.

As of June 30, 2014, 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):



Year Ending December 31,
2014 (six months ending December 31, 2014)	$	77,933
2015	153,467
2016	134,562
2017	117,141
2018	85,310
Thereafter	178,610
Total	$	747,023

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.

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

+ References+ Details

COMPONENTS OF RENTAL INCOME AND EXPENSE

6 Months Ended

Jun. 30, 2014

Operating Leases, Income Statement, Lease Revenue [Abstract]

COMPONENTS OF RENTAL INCOME AND EXPENSE

The principal components of rental income are as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Minimum rents
Retail	$	17,448	$	17,236	$	34,740	$	34,587
Office	20,200		20,298		40,436		40,798
Multifamily	3,897		3,687		7,731		7,270
Mixed-use	2,496		2,257		4,966		4,677
Cost reimbursement	6,906		7,242		13,710		12,913
Percentage rent	391		402		816		820
Hotel revenue	7,043		8,178		16,045		17,026
Other	412		405		831		836
Total rental income	$	58,793	$	59,705	$	119,275	$	118,927

Minimum rents include $0.6 million and $0.5 million for the three months ended June 30, 2014 and 2013, respectively, and $1.6 million and $1.2 million for the six months ended June 30, 2014 and 2013, respectively, to recognize minimum rents on a straight-line basis. In addition, net amortization of above and below market leases included in minimum rents were $0.7 million and $0.2 million for the three months ended June 30, 2014 and 2013, respectively, and $1.2 million and $0.7 million for the six months ended June 30, 2014 and 2013, respectively.

The principal components of rental expenses are as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Rental operating	$	6,432	$	6,430	$	12,958	$	12,744
Hotel operating	4,973		5,438		10,526		10,920
Repairs and maintenance	2,872		2,489		4,994		4,603
Marketing	392		344		782		696
Rent	614		611		1,225		1,224
Hawaii excise tax	835		952		1,800		1,891
Management fees	382		422		835		894
Total rental expenses	$	16,500	$	16,686	$	33,120	$	32,972

OTHER INCOME , NET

6 Months Ended

Jun. 30, 2014

Other Income and Expenses [Abstract]

OTHER INCOME (EXPENSE), NET

The principal components of other income (expense), net, are as follows (in thousands):



	Three Months Ended June 30,					Six Months Ended June 30,
	2014		2013			2014		2013
Interest and investment income	$	50	$	26		$	98	$	34
Income tax benefit (expense)	283		(91		)	171		(388		)
Termination fee income, net	745		—			745		10
Total other income (expense), net	$	1,078	$	(65	)	$	1,014	$	(344	)

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2014
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS At ICW Plaza, we lease space to Insurance Company of the West, which is under the direct control of Ernest Rady, our Executive Chairman of the Board. Rental revenue recognized on the leases of $1.1 million for each of the six months ended June 30, 2014 and 2013, respectively, is included in rental 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 $0.5 million were made for each of the six months ended June 30, 2014 and 2013 and are included in rental expenses on the statements of comprehensive income.

- 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.

+ References+ Details

SEGMENT REPORTING

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

SEGMENT REPORTING

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):



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Total Retail
Property revenue	$	23,570		$	23,497		$	46,569		$	45,651
Property expense	(6,448		)	(6,060		)	(12,506		)	(11,031		)
Segment profit	17,122			17,437			34,063			34,620
Total Office
Property revenue	22,433			22,512			45,264			44,934
Property expense	(6,085		)	(6,584		)	(12,978		)	(13,020		)
Segment profit	16,348			15,928			32,286			31,914
Total Multifamily
Property revenue	4,210			3,974			8,340			7,849
Property expense	(1,554		)	(1,416		)	(2,981		)	(2,858		)
Segment profit	2,656			2,558			5,359			4,991
Total Mixed-Use
Property revenue	11,972			12,931			25,965			26,660
Property expense	(7,542		)	(8,102		)	(15,810		)	(16,339		)
Segment profit	4,430			4,829			10,155			10,321
Total segments’ profit	$	40,556		$	40,752		$	81,863		$	81,846

The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Total segments’ profit	$	40,556		$	40,752		$	81,863		$	81,846
General and administrative	(4,635		)	(4,426		)	(9,247		)	(8,627		)
Depreciation and amortization	(18,209		)	(16,953		)	(34,550		)	(33,966		)
Interest expense	(13,439		)	(14,744		)	(27,071		)	(29,480		)
Other income (expense), net	1,078			(65		)	1,014			(344		)
Net income	5,351			4,564			12,009			9,429
Net income attributable to restricted shares	(94		)	(133		)	(164		)	(265		)
Net income attributable to unitholders in the Operating Partnership	(1,544		)	(1,354		)	(3,530		)	(2,849		)
Net income attributable to American Assets Trust, Inc. stockholders	$	3,713		$	3,077		$	8,315		$	6,315

The following table shows net real estate and secured note payable balances for each of the segments (in thousands):



	June 30, 2014		December 31, 2013
Net Real Estate
Retail	$	644,811	$	651,707
Office	751,171		750,890
Multifamily	116,513		74,612
Mixed-Use	197,531		199,627
	$	1,710,026	$	1,676,836
Secured Notes Payable ⁽¹⁾
Retail	$	302,963	$	303,249
Office	426,758		427,256
Multifamily	101,444		101,444
Mixed-Use	130,310		130,310
	$	961,475	$	962,259


(1)	Excludes unamortized fair market value adjustments of $8.6 million and $10.1 million as of June 30, 2014 and December 31, 2013, respectively.

Capital expenditures for each segment for the three and six months ended June 30, 2014 and 2013 were as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Capital Expenditures ⁽¹⁾
Retail	$	1,125	$	580	$	2,631	$	2,527
Office	8,590		11,439		15,681		19,301
Multifamily	19,763		206		41,640		349
Mixed-Use	2,115		83		2,937		371
	$	31,593	$	12,308	$	62,889	$	22,548


(1)	Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 32

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 29

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 34

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 35

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 41

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 42

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 31

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 40

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 33

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Business and Organization



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



Office
Torrey Reserve Campus	Lloyd District Portfolio
Solana Beach Corporate Centre	City Center Bellevue
The Landmark at One Market
One Beach Street
First & Main



Multifamily
Loma Palisades
Imperial Beach Gardens
Mariner's Point
Santa Fe Park RV Resort



Mixed-Use
Waikiki Beach Walk Retail and Embassy Suites™ Hotel



Held for Development and Construction in Progress
Solana Beach Corporate Centre – Land
Solana Beach – Highway 101 – Land
Sorrento Pointe – Land
Torrey Reserve – Land
Lloyd District Portfolio – Land

Basis of Presentation

All significant intercompany transactions and balances are eliminated in consolidation.

Significant Accounting Policies

Segment Information

Recent Accounting Pronouncements

Fair Value Measurements

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:


1.	Level 1 Inputs—quoted prices in active markets for identical assets or liabilities


2.	Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities


3.	Level 3 Inputs—unobservable inputs

- 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.

+ References+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Consolidated Statements of Cash Flows-Supplemental Disclosures

The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands):



	Six Months Ended June 30,
	2014		2013
Supplemental cash flow information
Total interest costs incurred	$	29,121	$	30,326
Interest capitalized	$	2,050	$	846
Interest expense	$	27,071	$	29,480
Cash paid for interest, net of amounts capitalized	$	25,244	$	27,021
Cash paid for income taxes	$	319	$	585
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for construction in progress	$	656	$	(1,407	)
Accrued leasing commissions	$	154	$	389
Reduction to capital for prepaid offering costs	$	—	$	437

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES (Tables)

6 Months Ended

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of acquired lease intangibles included in other assets and other liabilities



	June 30, 2014			December 31, 2013
In-place leases	$	62,303		$	62,813
Accumulated amortization	(41,073		)	(38,279		)
Above market leases	28,239			28,279
Accumulated amortization	(22,164		)	(20,880		)
Acquired lease intangible assets, net	$	27,305		$	31,933
Below market leases	$	76,472		$	76,502
Accumulated accretion	(31,131		)	(28,592		)
Acquired lease intangible liabilities, net	$	45,341		$	47,910

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2014

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):



	June 30, 2014								December 31, 2013
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Deferred compensation liability	$	—	$	865	$	—	$	865	$	—	$	769	$	—	$	769
Interest rate swap	$	—	1,557		$	—	$	1,557	$	—	$	—	$	—	$	—

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):



	June 30, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured notes payable	$	952,847	$	997,201	$	952,174	$	990,296
Term loan	$	100,000	$	100,000	$	—	$	—
Line of credit	$	—	$	—	$	93,000	$	93,000

- 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.

+ References+ Details

OTHER ASSETS (Tables)

6 Months Ended

Jun. 30, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Components of Other Assets

Other assets consist of the following (in thousands):



	June 30, 2014		December 31, 2013
Leasing commissions, net of accumulated amortization of $21,427 and $19,606 respectively	$	17,443	$	18,071
Acquired above market leases, net	6,075		7,399
Acquired in-place leases, net	21,230		24,534
Lease incentives, net of accumulated amortization of $2,775 and $2,590, respectively	925		1,110
Other intangible assets, net of accumulated amortization of $1,637 and $1,554, respectively	543		655
Debt issuance costs, net of accumulated amortization of $3,559 and $2,985, respectively	4,015		2,632
Prepaid expenses and other	3,645		3,269
Total other assets	$	53,876	$	57,670

DEBT (Tables)

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Summary of total secured notes payable outstanding

The following is a summary of our total secured notes payable outstanding as of June 30, 2014 and December 31, 2013 (in thousands):



	Principal Balance as of						Stated Interest Rate as of June 30, 2014		Stated Maturity Date
Description of Debt	June 30, 2014			December 31, 2013			Stated Interest Rate as of June 30, 2014		Stated Maturity Date
Waikele Center ⁽¹⁾	140,700			140,700			5.15	%	November 1, 2014
The Shops at Kalakaua ⁽¹⁾	19,000			19,000			5.45	%	May 1, 2015
The Landmark at One Market ⁽¹⁾⁽²⁾	133,000			133,000			5.61	%	July 5, 2015
Del Monte Center ⁽¹⁾	82,300			82,300			4.93	%	July 8, 2015
First & Main ⁽¹⁾	84,500			84,500			3.97	%	July 1, 2016
Imperial Beach Gardens ⁽¹⁾	20,000			20,000			6.16	%	September 1, 2016
Mariner’s Point ⁽¹⁾	7,700			7,700			6.09	%	September 1, 2016
South Bay Marketplace ⁽¹⁾	23,000			23,000			5.48	%	February 10, 2017
Waikiki Beach Walk—Retail ⁽¹⁾	130,310			130,310			5.39	%	July 1, 2017
Solana Beach Corporate Centre III-IV ⁽³⁾	36,590			36,804			6.39	%	August 1, 2017
Loma Palisades ⁽¹⁾	73,744			73,744			6.09	%	July 1, 2018
One Beach Street ⁽¹⁾	21,900			21,900			3.94	%	April 1, 2019
Torrey Reserve—North Court ⁽³⁾	21,228			21,377			7.22	%	June 1, 2019
Torrey Reserve—VCI, VCII, VCIII ⁽³⁾	7,151			7,200			6.36	%	June 1, 2020
Solana Beach Corporate Centre I-II ⁽³⁾	11,389			11,475			5.91	%	June 1, 2020
Solana Beach Towne Centre ⁽³⁾	37,963			38,249			5.91	%	June 1, 2020
City Center Bellevue ⁽¹⁾	111,000			111,000			3.98	%	November 1, 2022
	961,475			962,259
Unamortized fair value adjustment	(8,628		)	(10,085		)
Total Secured Notes Payable Outstanding	$	952,847		$	952,174


(1)	Interest only.


(2)	Maturity Date is the earlier of the loan maturity date under the loan agreement, or the “Anticipated Repayment Date” as specifically defined in the loan agreement, which is the date after which substantial economic penalties apply if the loan has not been paid off.


(3)	Principal payments based on a 30-year amortization schedule.

EQUITY (Tables)

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Schedule of At-the-Market Program

During the three and six months ended June 30, 2014, the following shares of common stock and related proceeds were sold through the ATM equity program (in thousands, except per share data):



	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
Number of shares of common stock issued through ATM program	675,270			2,110,485
Weighted average price per share	$34.46			$33.51

Proceeds, gross	$	23,266		$	70,713
Sales agent compensation	(233		)	(708		)
Offering costs	(51		)	(96		)
Proceeds, net	$	22,982		$	69,909

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 six months ended June 30, 2014:



Period	Amount per Share/Unit		Period Covered	Dividend Paid Date
First Quarter 2014	$	0.22	January 1, 2014 to March 31, 2014	March 28, 2014
Second Quarter 2014	$	0.22	April 1, 2014 to June 30, 2014	June 27, 2014

Activity of restricted stock awards

The following table summarizes the activity of restricted stock awards during the six months ended June 30, 2014:



	Units		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2014	629,058		$	15.58
Granted	117,983		30.17
Vested	(311,862	)	15.50
Forfeited	(941	)	29.96
Nonvested at June 30, 2014	434,238		$	19.57

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):



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
NUMERATOR
Income from operations	$	5,351		$	4,564		$	12,009		$	9,429
Less: Net income attributable to restricted shares	(94		)	(133		)	(164		)	(265		)
Less: Income from operations attributable to unitholders in the Operating Partnership	(1,544		)	(1,354		)	(3,530		)	(2,849		)
Net income attributable to common stockholders—basic	$	3,713		$	3,077		$	8,315		$	6,315
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	$	3,713		$	3,077		$	8,315		$	6,315
Plus: Income from operations attributable to unitholders in the Operating Partnership	1,544			1,354			3,530			2,849
Net income attributable to common stockholders—diluted	$	5,257		$	4,431		$	11,845		$	9,164
DENOMINATOR
Weighted average common shares outstanding—basic	41,816,379			39,460,086			41,202,993			39,247,729
Effect of dilutive securities—conversion of Operating Partnership units	17,905,257			17,969,751			17,907,457			17,996,445
Weighted average common shares outstanding—diluted	59,721,636			57,429,837			59,110,450			57,244,174

Earnings per common share, basic	$	0.09		$	0.08		$	0.20		$	0.16
Earnings per common share, diluted	$	0.09		$	0.08		$	0.20		$	0.16

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Current minimum annual payments under the leases

Current minimum annual payments under the leases are as follows, as of June 30, 2014 (in thousands):



Year Ending December 31,
2014 (six months ending December 31, 2014)	$	1,297
2015	2,636
2016	1,709
2017	736		⁽¹⁾
2018	740
Thereafter	2,221
Total	$	9,339


(1)	Lease payments on the Waikiki Beach Walk lease will be equal to fair rental value from March 2017 through the end of the lease term. In the table, we have shown the lease payments for this period based on the stated rate for the month of February 2017 of $61,690.

COMPONENTS OF RENTAL INCOME AND EXPENSE (Tables)

6 Months Ended

Jun. 30, 2014

Operating Leases, Income Statement, Lease Revenue [Abstract]

Principal components of rental income

The principal components of rental income are as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Minimum rents
Retail	$	17,448	$	17,236	$	34,740	$	34,587
Office	20,200		20,298		40,436		40,798
Multifamily	3,897		3,687		7,731		7,270
Mixed-use	2,496		2,257		4,966		4,677
Cost reimbursement	6,906		7,242		13,710		12,913
Percentage rent	391		402		816		820
Hotel revenue	7,043		8,178		16,045		17,026
Other	412		405		831		836
Total rental income	$	58,793	$	59,705	$	119,275	$	118,927

Principal components of rental expenses

The principal components of rental expenses are as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Rental operating	$	6,432	$	6,430	$	12,958	$	12,744
Hotel operating	4,973		5,438		10,526		10,920
Repairs and maintenance	2,872		2,489		4,994		4,603
Marketing	392		344		782		696
Rent	614		611		1,225		1,224
Hawaii excise tax	835		952		1,800		1,891
Management fees	382		422		835		894
Total rental expenses	$	16,500	$	16,686	$	33,120	$	32,972

OTHER INCOME , NET (Tables)

6 Months Ended

Jun. 30, 2014

Other Income and Expenses [Abstract]

Principal components of other income (expense), net

The principal components of other income (expense), net, are as follows (in thousands):



	Three Months Ended June 30,					Six Months Ended June 30,
	2014		2013			2014		2013
Interest and investment income	$	50	$	26		$	98	$	34
Income tax benefit (expense)	283		(91		)	171		(388		)
Termination fee income, net	745		—			745		10
Total other income (expense), net	$	1,078	$	(65	)	$	1,014	$	(344	)

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Schedule of segments operating activity

The following table represents operating activity within our reportable segments (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Total Retail
Property revenue	$	23,570		$	23,497		$	46,569		$	45,651
Property expense	(6,448		)	(6,060		)	(12,506		)	(11,031		)
Segment profit	17,122			17,437			34,063			34,620
Total Office
Property revenue	22,433			22,512			45,264			44,934
Property expense	(6,085		)	(6,584		)	(12,978		)	(13,020		)
Segment profit	16,348			15,928			32,286			31,914
Total Multifamily
Property revenue	4,210			3,974			8,340			7,849
Property expense	(1,554		)	(1,416		)	(2,981		)	(2,858		)
Segment profit	2,656			2,558			5,359			4,991
Total Mixed-Use
Property revenue	11,972			12,931			25,965			26,660
Property expense	(7,542		)	(8,102		)	(15,810		)	(16,339		)
Segment profit	4,430			4,829			10,155			10,321
Total segments’ profit	$	40,556		$	40,752		$	81,863		$	81,846

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):



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Total segments’ profit	$	40,556		$	40,752		$	81,863		$	81,846
General and administrative	(4,635		)	(4,426		)	(9,247		)	(8,627		)
Depreciation and amortization	(18,209		)	(16,953		)	(34,550		)	(33,966		)
Interest expense	(13,439		)	(14,744		)	(27,071		)	(29,480		)
Other income (expense), net	1,078			(65		)	1,014			(344		)
Net income	5,351			4,564			12,009			9,429
Net income attributable to restricted shares	(94		)	(133		)	(164		)	(265		)
Net income attributable to unitholders in the Operating Partnership	(1,544		)	(1,354		)	(3,530		)	(2,849		)
Net income attributable to American Assets Trust, Inc. stockholders	$	3,713		$	3,077		$	8,315		$	6,315

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):



	June 30, 2014		December 31, 2013
Net Real Estate
Retail	$	644,811	$	651,707
Office	751,171		750,890
Multifamily	116,513		74,612
Mixed-Use	197,531		199,627
	$	1,710,026	$	1,676,836
Secured Notes Payable ⁽¹⁾
Retail	$	302,963	$	303,249
Office	426,758		427,256
Multifamily	101,444		101,444
Mixed-Use	130,310		130,310
	$	961,475	$	962,259


(1)	Excludes unamortized fair market value adjustments of $8.6 million and $10.1 million as of June 30, 2014 and December 31, 2013, respectively.

Capital expenditures for each segment

Capital expenditures for each segment for the three and six months ended June 30, 2014 and 2013 were as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Capital Expenditures ⁽¹⁾
Retail	$	1,125	$	580	$	2,631	$	2,527
Office	8,590		11,439		15,681		19,301
Multifamily	19,763		206		41,640		349
Mixed-Use	2,115		83		2,937		371
	$	31,593	$	12,308	$	62,889	$	22,548


(1)	Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	6 Months Ended
	Jun. 30, 2014 Segment Property Employee Room	Jan. 09, 2014	Dec. 31, 2013
Derivative [Line Items]
Number of employees	118
Office, retail, multifamily, and mixed-use Operating properties	23
Properties held for development	5
Number of operating segments	4
Room in mixed-use segment all-suite hotel	369
Term loan	$ 100,000,000	$ 100,000,000	$ 0
Cash Flow Hedging \| Interest Rate Swap
Derivative [Line Items]
Notional amount		$ 100,000,000
Interest rate on derivative		3.08%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Supplement Disclosures Related to Consolidated Statements of Cash Flows (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Accounting Policies [Abstract]
Total interest costs incurred	$ 29,121	$ 30,326
Interest capitalized	2,050	846
Interest expense	27,071	29,480
Cash paid for interest, net of amounts capitalized	25,244	27,021
Cash paid for income taxes	319	585
Accounts payable and accrued liabilities for construction in progress	656	(1,407)
Accrued leasing commissions	154	389
Reduction to Capital for Prepaid Offering Costs	$ 0	$ 437

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, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired above market leases, net	$ 6,075	$ 7,399
Other intangible assets, accumulated amortization	(1,637)	(1,554)
Below market leases	76,472	76,502
Below market leases, accumulated amortization	(31,131)	(28,592)
Acquired lease intangible liabilities, net	45,341	47,910
Leases, Acquired-in-Place
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired above market leases, net	62,303	62,813
Other intangible assets, accumulated amortization	(41,073)	(38,279)
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired above market leases, net	28,239	28,279
Other intangible assets, accumulated amortization	(22,164)	(20,880)
Lease Agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 27,305	$ 31,933

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) In Thousands, unless otherwise specified					3 Months Ended	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014 Minimum	Jun. 30, 2014 Maximum	Jun. 30, 2014 Interest Rate Swap	Jun. 30, 2014 Interest Rate Swap	Jun. 30, 2014 Interest Rate Swap Deferred Credits and Other Liabilities
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value of interest rate swap	$ 1,557	$ 0					$ 1,557
Change in valuation of interest rate swaps					$ 800	$ 1,557
Rates of secured notes payable			3.27%	4.93%

FAIR VALUE OF FINANCIAL INSTRUMENTS Financial Liabilities Fair Value Measurement on a Recurring Basis (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	$ 865	$ 769
Fair value of interest rate swap	1,557	0
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	0	0
Fair value of interest rate swap	0	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	865	769
Fair value of interest rate swap	1,557	0
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	0	0
Fair value of interest rate swap	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTRUMENTS Carrying Amount and Fair Value of Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Secured notes payable \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 952,847	$ 952,174
Secured notes payable \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	997,201	990,296
Term loan \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	100,000	0
Term loan \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	100,000	0
Line of credit \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	0	93,000
Line of credit \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 0	$ 93,000

OTHER ASSETS (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing commissions, net of accumulated amortization of $21,427 and $19,606 respectively	$ 17,443	$ 18,071
Acquired above market leases, net	6,075	7,399
Acquired in-place leases, net	21,230	24,534
Lease incentives, net of accumulated amortization of $2,775 and $2,590, respectively	925	1,110
Other intangible assets, net of accumulated amortization of $1,637 and $1,554, respectively	543	655
Debt issuance costs, net of accumulated amortization of $3,559 and $2,985, respectively	4,015	2,632
Prepaid expenses and other	3,645	3,269
Total other assets	$ 53,876	$ 57,670

- 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.

+ References+ Details

OTHER ASSETS (Parenthetical) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing commissions, accumulative amortization	$ 21,427	$ 19,606
Lease incentives, accumulated amortization	2,775	2,590
Other intangible assets, accumulated amortization	1,637	1,554
Debt issuance costs, accumulated amortization	$ 3,559	$ 2,985

OTHER LIABILITIES AND DEFERRED CREDITS (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Other Liabilities Disclosure [Abstract]
Acquired below market leases, net	$ 45,341	$ 47,910
Prepaid rent and deferred revenue	7,915	7,506
Interest rate swap liability	1,557	0
Deferred rent expense and lease intangible	718	829
Deferred compensation	865	769
Deferred tax liability	233	233
Straight-line rent liability	931	1,145
Other liabilities	115	73
Total other liabilities and deferred credits	$ 57,675	$ 58,465

DEBT (Details) (USD $)						0 Months Ended
DEBT (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jan. 09, 2014 Amended and Restated Credit Facility	Jan. 09, 2014 Amended and Restated Credit Facility Subject to meeting specified requirements and obtaining additional commitments	Jan. 09, 2014 Line of credit Amended and Restated Credit Facility	Jan. 09, 2014 Line of credit Amended and Restated Credit Facility Revolving Credit Facility Extension_Option	Jan. 09, 2014 Line of credit Amended and Restated Credit Facility London Interbank Offered Rate (LIBOR) Revolving Credit Facility	Jan. 09, 2014 Line of credit Amended and Restated Credit Facility Base Rate	Jan. 09, 2014 Term loan Amended and Restated Credit Facility Extension_Option	Jan. 09, 2014 Term loan Amended and Restated Credit Facility London Interbank Offered Rate (LIBOR)	Jan. 09, 2014 Minimum Amended and Restated Credit Facility Base Rate Revolving Credit Facility	Jan. 09, 2014 Minimum Line of credit Amended and Restated Credit Facility London Interbank Offered Rate (LIBOR) Revolving Credit Facility	Jan. 09, 2014 Minimum Term loan Amended and Restated Credit Facility London Interbank Offered Rate (LIBOR)	Jan. 09, 2014 Minimum Term loan Amended and Restated Credit Facility Base Rate	Jan. 09, 2014 Maximum Amended and Restated Credit Facility Base Rate Revolving Credit Facility	Jan. 09, 2014 Maximum Line of credit Amended and Restated Credit Facility London Interbank Offered Rate (LIBOR) Revolving Credit Facility	Jan. 09, 2014 Maximum Term loan Amended and Restated Credit Facility London Interbank Offered Rate (LIBOR)	Jan. 09, 2014 Maximum Term loan Amended and Restated Credit Facility Base Rate	Jan. 09, 2014 Future Year Period Two Line of credit	Jan. 09, 2014 Future Year Period Two Line of credit Amended and Restated Credit Facility	Jan. 09, 2014 Future Year Period One Line of credit Amended and Restated Credit Facility	Jan. 09, 2014 Interest Rate Swap Cash Flow Hedging
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity			$ 350,000,000			$ 250,000,000			$ 100,000,000
Maximum leverage ratio of revolving credit facility (in percent)					60.00%
Maximum Leverage Ratio, Material Acquisition Period					65.00%
Minimum fixed charge coverage ratio on revolving credit facility (in percent)																			1.5
Maximum secured leverage ratio on revolving credit facility (in percent)																				40.00%	45.00%
Percent of net proceeds of any additional equity issuances in relation to net proceeds as of Offering					75.00%
Maximum Recourse Indebtedness of Total Asset Value					15.00%
Line of Credit Facility, Allowable Additional Borrowing Capacity				250,000,000
Debt Instrument, Description of Variable Rate Basis							LIBOR	base rate		LIBOR
Debt Instrument, Variable Rate Basis, One								prime rate
Debt Instrument, Basis Spread on Variable Rate											0.35%	1.35%	1.30%	0.30%	0.95%	1.95%	1.90%	0.90%
Debt Instrument, Spread on Variable Rate Basis, Two								0.50%
Debt Instrument, Spread on Variable Rate Basis, Three								1.00%
Minimum Unsecured Interest Coverage Ratio																			175.00%
Debt Instrument, Variable Rate Basis, Two								federal funds rate
Debt Instrument, Variable Rate Basis, Three								Eurodollar
Debt Instrument, Extension Options						2			3
Debt Instrument, Extension Term						6 months			12 months
Line of credit	0	93,000,000	100,000,000
Interest rate on derivative																						3.08%
Maximum Secured Leverage Ratio, Material Acquisition Period																				45.00%	50.00%
Maximum Unsecured Leverage Ratio					60.00%
Maximum Unsecured Leverage Ratio, Material Acquisition Period					65.00%
Minimum Tangible Net Worth					$ 721,160,000
Percentage Limit On Annual Distributions In Relation To Funds From Operations					95.00%

DEBT Summary of Total Secured Notes Payable Outstanding (Details) (USD $)
In Thousands, unless otherwise specified

6 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Debt Instrument [Line Items]

Total

$ 961,475

$ 962,259

Unamortized fair value adjustment

(8,628)

(10,085)

Total Debt Outstanding

952,847

952,174

Period of amortization schedule (in years)

30 years

Waikele Center

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

140,700

^[1]

140,700

^[1]

Stated Interest Rate (in percent)

5.15%

^[1]

Stated Maturity Date

Nov. 01, 2014

^[1]

Shops At Kalakaua

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

19,000

^[1]

19,000

^[1]

Stated Interest Rate (in percent)

5.45%

^[1]

Stated Maturity Date

May 01, 2015

^[1]

The Land Mark at One Market

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

133,000

^[1],[2]

133,000

^[1],[2]

Stated Interest Rate (in percent)

5.61%

^[1],[2]

Stated Maturity Date

Jul. 05, 2015

^[1],[2]

Del Monte Center

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

82,300

^[1]

82,300

^[1]

Stated Interest Rate (in percent)

4.93%

^[1]

Stated Maturity Date

Jul. 08, 2015

^[1]

First And Main

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

84,500

^[1]

84,500

^[1]

Stated Interest Rate (in percent)

3.97%

^[1]

Stated Maturity Date

Jul. 01, 2016

^[1]

Imperial Beach Gardens

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

20,000

^[1]

20,000

^[1]

Stated Interest Rate (in percent)

6.16%

^[1]

Stated Maturity Date

Sep. 01, 2016

^[1]

Mariners Point

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

7,700

^[1]

7,700

^[1]

Stated Interest Rate (in percent)

6.09%

^[1]

Stated Maturity Date

Sep. 01, 2016

^[1]

South Bay Marketplace

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

23,000

^[1]

23,000

^[1]

Stated Interest Rate (in percent)

5.48%

^[1]

Stated Maturity Date

Feb. 10, 2017

^[1]

Waikiki Beach Walk - Retail

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

130,310

^[1]

130,310

^[1]

Stated Interest Rate (in percent)

5.39%

^[1]

Stated Maturity Date

Jul. 01, 2017

^[1]

Solana Beach Corporate Centre Three To Four

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

36,590

^[3]

36,804

^[3]

Stated Interest Rate (in percent)

6.39%

^[3]

Stated Maturity Date

Aug. 01, 2017

^[3]

Loma Palisades

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

73,744

^[1]

73,744

^[1]

Stated Interest Rate (in percent)

6.09%

^[1]

Stated Maturity Date

Jul. 01, 2018

^[1]

One Beach Street

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

21,900

^[1]

21,900

^[1]

Stated Interest Rate (in percent)

3.94%

^[1]

Stated Maturity Date

Apr. 01, 2019

^[1]

Torrey Reserve North Court

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

21,228

^[3]

21,377

^[3]

Stated Interest Rate (in percent)

7.22%

^[3]

Stated Maturity Date

Jun. 01, 2019

^[3]

Torrey Reserve

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

7,151

^[3]

7,200

^[3]

Stated Interest Rate (in percent)

6.36%

^[3]

Stated Maturity Date

Jun. 01, 2020

^[3]

Solana Beach Corporate Centre One To Two

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

11,389

^[3]

11,475

^[3]

Stated Interest Rate (in percent)

5.91%

^[3]

Stated Maturity Date

Jun. 01, 2020

^[3]

Solana Beach Towne Centre

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

37,963

^[3]

38,249

^[3]

Stated Interest Rate (in percent)

5.91%

^[3]

Stated Maturity Date

Jun. 01, 2020

^[3]

City Center Bellevue

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

$ 111,000

^[1]

$ 111,000

^[1]

Stated Interest Rate (in percent)

3.98%

^[1]

Stated Maturity Date

Nov. 01, 2022

^[1]

[1]	Interest only.
[2]	Maturity Date is the earlier of the loan maturity date under the loan agreement, or the “Anticipated Repayment Date” as specifically defined in the loan agreement, which is the date after which substantial economic penalties apply if the loan has not been paid off.
[3]	Principal payments based on a 30-year amortization schedule

- Definition

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References+ Details

EQUITY (Details) (USD $)	3 Months Ended		6 Months Ended		0 Months Ended		0 Months Ended					6 Months Ended
EQUITY (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	May 06, 2013 At The Market Equity Program Agent	Jun. 30, 2014 At The Market Equity Program	Mar. 25, 2014 Performance Based Restricted Stock Equity Incentive Award Plan 2011	Jun. 17, 2014 Service Based Restricted Stock Equity Incentive Award Plan 2011	Mar. 25, 2014 November 30, 2014 Performance Based Restricted Stock Equity Incentive Award Plan 2011	Mar. 25, 2014 November 30, 2015 Performance Based Restricted Stock Equity Incentive Award Plan 2011	Mar. 25, 2014 November 30, 2016 Performance Based Restricted Stock Equity Incentive Award Plan 2011	Jun. 30, 2014 Common Shares
Equity [Line Items]
Number of sales agents					4
Aggregate offering price of common share					$ 150,000,000.0
Remaining capacity to issue						53,300,000
Noncontrolling common units	17,905,257		17,905,257
Percentage of ownership interests classified as noncontrolling	29.80%		29.80%
Conversion of operating partnership units (in shares)												11,852
Shares of restricted stock awarded							112,119	5,864
Award vesting right, percentage									33.30%	33.30%	33.30%
Noncash compensation expense			1,500,000	1,400,000
Unrecognized compensation expense	$ 3,700,000		$ 3,700,000
Weighted average unvested shares outstanding	431,059	419,024	630,374	630,784

EQUITY ATM Equity Program (Details) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended		3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014 At The Market Equity Program	Jun. 30, 2014 At The Market Equity Program	Jun. 30, 2014 Commissions At The Market Equity Program	Jun. 30, 2014 Commissions At The Market Equity Program	Jun. 30, 2014 Other Offering Costs At The Market Equity Program	Jun. 30, 2014 Other Offering Costs At The Market Equity Program
Equity [Line Items]
Number of shares of common stock issued through ATM program			675,270	2,110,485
Weighted average price per share			$ 34.46	$ 33.51
Proceeds, gross			$ 23,266	$ 70,713
Payments of stock issuance costs					(233)	(708)	(51)	(96)
Proceeds, net	$ 69,909	$ 24,922	$ 22,982	$ 69,909

EQUITY Dividends Declare and Paid on Shares on Common Stock and Noncontrolling Common Units (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013
Equity [Abstract]
Dividends Period		First Quarter 2014	Second Quarter 2014
Amount per Share/Unit	$ 0.22		$ 0.22
Dividends Period Covered		January 1, 2014 to March 31, 2014	April 1, 2014 to June 30, 2014
Dividends Payable, Date to be Paid	Mar. 28, 2014		Jun. 27, 2014

EQUITY Summary of Activity of Restricted Stock Awards (Details) (Restricted Stock Units (RSUs), USD $)	6 Months Ended
	Jun. 30, 2014
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, Beginning, Shares	629,058
Granted, Shares	117,983
Vested, Shares	(311,862)
Forfeited, Shares	(941)
Nonvested, End of year, shares	434,238
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	$ 15.58
Granted, Weighted Average Grant Date Fair Value	$ 30.17
Vested, Weighted Average Grant Date Fair Value	$ 15.50
Forfeited, Weighted Average Grant Date Fair Value	$ 29.96
Nonvested, End of Year, Weighted Average Grant Date Fair Value	$ 19.57

EQUITY Computation of Basic and Diluted EPS (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Equity [Abstract]
Income from continuing operations	$ 5,351	$ 4,564	$ 12,009	$ 9,429
Less: Net income attributable to restricted shares	(94)	(133)	(164)	(265)
Less: Income from continuing operations attributable to unitholders in the Operating Partnership	(1,544)	(1,354)	(3,530)	(2,849)
Net income attributable to common stockholders—basic	3,713	3,077	8,315	6,315
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	3,713	3,077	8,315	6,315
Net income attributable to common stockholders-diluted	$ 5,257	$ 4,431	$ 11,845	$ 9,164
Weighted average common shares outstanding-basic	41,816,379	39,460,086	41,202,993	39,247,729
Effect of dilutive securities-conversion of Operating Partnership units	17,905,257	17,969,751	17,907,457	17,996,445
Weighted average common shares outstanding - diluted	59,721,636	57,429,837	59,110,450	57,244,174
Earnings per common share, basic	$ 0.09	$ 0.08	$ 0.20	$ 0.16
Earnings per common share, diluted	$ 0.09	$ 0.08	$ 0.20	$ 0.16

INCOME TAXES (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Deferred tax liability	$ (233)		$ (233)		$ (233)
Income tax expense (benefit)	$ (283)	$ 91	$ (171)	$ 388

COMMITMENTS AND CONTINGENCIES (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2014 Property	Jun. 30, 2013
Commitment And Contingencies [Line Items]
Termination payment	$ 6.4
Percentage, partner's common units	50.00%
Transfer taxes accrued at time of Offering	$ 6.6
Number of consolidated properties located in Southern California	12
Maximum percentage of total revenue provided by any single tenant	10.00%	10.00%
The Land Mark at One Market
Commitment And Contingencies [Line Items]
Number of lease extension options	2
Years, lease extension options length (in years)	5 years
Quicksilver
Commitment And Contingencies [Line Items]
Percent annual lease amount increase (in percent)	3.40%
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 \| 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
Outrigger Hotels \| Maximum
Commitment And Contingencies [Line Items]
Property management fee, percent (in percent)	3.00%
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%
Lloyd District Portfolio
Commitment And Contingencies [Line Items]
Property management fee, percent (in percent)	3.50%
Del Monte Center \| Maximum
Commitment And Contingencies [Line Items]
Years, environmental remediation length	10 years
Del Monte Center \| Minimum
Commitment And Contingencies [Line Items]
Years, environmental remediation length	2 years
Total Revenues \| Retail
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by retail tenants	36.90%
Total Revenues \| Office
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by retail tenants	35.90%

COMMITMENTS AND CONTINGENCIES Current Minimum Annual Payments under Leases (Details) (USD $)

Jun. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

2014 (six months ending December 31, 2014)

$ 1,297,000

2015

2,636,000

2016

1,709,000

2017

736,000

^[1]

2018

740,000

Thereafter

2,221,000

Total

9,339,000

Stated monthly lease rate for February 2017

$ 61,690

[1]	Lease payments on the Waikiki Beach Walk lease will be equal to fair rental value from March 2017 through the end of the lease term. In the table, we have shown the lease payments for this period based on the stated rate for the month of February 2017 of $61,690.

OPERATING LEASES (Details)	6 Months Ended
OPERATING LEASES (Details)	Jun. 30, 2014 M
Leases [Abstract]
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
Future minimum rentals term, maximum	12

OPERATING LEASES Minimum Future Rentals from Noncancelable Operating Leases (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014
Leases [Abstract]
2014 (six months ending December 31, 2014)	$ 77,933
2015	153,467
2016	134,562
2017	117,141
2018	85,310
Thereafter	178,610
Total	$ 747,023

COMPONENTS OF RENTAL INCOME AND EXPENSE (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Operating Leases, Income Statement, Lease Revenue [Abstract]
Recognition of straight-line rents	$ 0.6	$ 0.5	$ 1.6	$ 1.2
Recognition of amortization of above and below market leases	$ 0.7	$ 0.2	$ 1.2	$ 0.7

COMPONENTS OF RENTAL INCOME AND EXPENSE Component of Rental Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Rental Income [Line Items]
Cost reimbursement	$ 6,906	$ 7,242	$ 13,710	$ 12,913
Percentage rent	391	402	816	820
Hotel revenue	7,043	8,178	16,045	17,026
Other	412	405	831	836
Total rental income	58,793	59,705	119,275	118,927
Total Retail
Rental Income [Line Items]
Minimum rents	17,448	17,236	34,740	34,587
Total Office
Rental Income [Line Items]
Minimum rents	20,200	20,298	40,436	40,798
Total Multifamily
Rental Income [Line Items]
Minimum rents	3,897	3,687	7,731	7,270
Total Mixed-Use
Rental Income [Line Items]
Minimum rents	$ 2,496	$ 2,257	$ 4,966	$ 4,677

COMPONENTS OF RENTAL INCOME AND EXPENSE Components of Rental Expenses (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Operating Leases, Income Statement, Lease Revenue [Abstract]
Rental operating	$ 6,432	$ 6,430	$ 12,958	$ 12,744
Hotel operating	4,973	5,438	10,526	10,920
Repairs and maintenance	2,872	2,489	4,994	4,603
Marketing	392	344	782	696
Rent	614	611	1,225	1,224
Hawaii excise tax	835	952	1,800	1,891
Management fees	382	422	835	894
Total rental expenses	$ 16,500	$ 16,686	$ 33,120	$ 32,972

OTHER INCOME , NET Components of Other Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Other Income and Expenses [Abstract]
Interest and investment income	$ 50	$ 26	$ 98	$ 34
Income tax expense	283	(91)	171	(388)
Other non-operating income	745	0	745	10
Total other income (expense), net	$ 1,078	$ (65)	$ 1,014	$ (344)

RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended		6 Months Ended
RELATED PARTY TRANSACTIONS (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Related Party Transaction [Line Items]
Total rental income	$ 58,793,000	$ 59,705,000	$ 119,275,000	$ 118,927,000
Investment in WBW CHP LLC (in percent)			47.70%
ICW Plaza
Related Party Transaction [Line Items]
Total rental income			1,100,000	1,100,000
WBW CHP LLC [Member]
Related Party Transaction [Line Items]
Amount Recovered For Reimbursements Of Operating Expense For Related Party			$ 500,000	$ 500,000

SEGMENT REPORTING (Details)	6 Months Ended
SEGMENT REPORTING (Details)	Jun. 30, 2014 Segment Room
Segment Reporting [Abstract]
Number of operating segments	4
Room in mixed-use segment all-suite hotel	369

SEGMENT REPORTING Operating Activity Within Reportable Segments (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Segment Reporting Information [Line Items]
OPERATING INCOME	$ 17,712	$ 19,373	$ 38,066	$ 39,253
Total Segments' profit	40,556	40,752	81,863	81,846
Total Retail
Segment Reporting Information [Line Items]
Property revenue	23,570	23,497	46,569	45,651
Property expense	(6,448)	(6,060)	(12,506)	(11,031)
OPERATING INCOME	17,122	17,437	34,063	34,620
Total Office
Segment Reporting Information [Line Items]
Property revenue	22,433	22,512	45,264	44,934
Property expense	(6,085)	(6,584)	(12,978)	(13,020)
OPERATING INCOME	16,348	15,928	32,286	31,914
Total Multifamily
Segment Reporting Information [Line Items]
Property revenue	4,210	3,974	8,340	7,849
Property expense	(1,554)	(1,416)	(2,981)	(2,858)
OPERATING INCOME	2,656	2,558	5,359	4,991
Total Mixed-Use
Segment Reporting Information [Line Items]
Property revenue	11,972	12,931	25,965	26,660
Property expense	(7,542)	(8,102)	(15,810)	(16,339)
OPERATING INCOME	$ 4,430	$ 4,829	$ 10,155	$ 10,321

SEGMENT REPORTING Reconciliation of Segment Profit to Net Income Attributable to Stockholders (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Segment Reporting [Abstract]
Total Segments' profit	$ 40,556	$ 40,752	$ 81,863	$ 81,846
General and administrative	(4,635)	(4,426)	(9,247)	(8,627)
Depreciation and amortization	(18,209)	(16,953)	(34,550)	(33,966)
Interest expense	13,439	14,744	27,071	29,480
Other income (expense), net	1,078	(65)	1,014	(344)
NET INCOME	5,351	4,564	12,009	9,429
Net income attributable to restricted shares	(94)	(133)	(164)	(265)
Net income attributable to unitholders in the Operating Partnership	1,544	1,354	3,530	2,849
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$ 3,713	$ 3,077	$ 8,315	$ 6,315