Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Nov. 07, 2014
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
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		43,614,913

Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
ASSETS
Operating real estate	$ 1,927,359	$ 1,919,015
Construction in progress	153,958	67,389
Held for development	9,139	9,013
Total Real estate, at cost	2,090,456	1,995,417
Accumulated depreciation	(352,417)	(318,581)
Net real estate	1,738,039	1,676,836
Cash and cash equivalents	95,145	48,987
Restricted cash	11,835	9,124
Accounts receivable, net	7,552	7,295
Deferred rent receivables, net	34,814	32,531
Other assets, net	51,275	57,670
TOTAL ASSETS	1,938,660	1,832,443
LIABILITIES AND EQUITY
Secured notes payable	953,190	952,174
Term loan	100,000	0
Line of credit	0	93,000
Accounts payable and accrued expenses	53,231	37,063
Security deposits payable	5,276	5,163
Other liabilities and deferred credits, net	55,992	58,465
Total liabilities	1,167,689	1,145,865
Commitments and contingencies (Note 10)
American Assets Trust, Inc. stockholders’ equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 43,614,913 and 40,512,563 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	436	405
Additional paid-in capital	794,432	692,196
Accumulated dividends in excess of net income	(57,269)	(44,090)
Accumulated other comprehensive loss	624	0
Total American Assets Trust, Inc. stockholders’ equity	738,223	648,511
Noncontrolling interests	32,748	38,067
Total equity	770,971	686,578
TOTAL LIABILITIES AND EQUITY	$ 1,938,660	$ 1,832,443

Consolidated Balance Sheets (Unaudited) (Parenthetical) (Common Shares, USD $)	Sep. 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	43,614,913	40,512,563

Consolidated Statements of Comprehensive Income (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
REVENUE:
Rental income	$ 63,593	$ 62,405	$ 182,868	$ 181,332
Other property income	3,750	2,913	10,654	9,080
Total revenue	67,343	65,318	193,522	190,412
EXPENSES:
Rental expenses	17,374	17,430	50,494	50,402
Real estate taxes	5,899	5,768	17,054	16,044
General and administrative	4,682	4,031	13,929	12,658
Depreciation and amortization	16,352	16,648	50,902	50,614
Total operating expenses	44,307	43,877	132,379	129,718
OPERATING INCOME	23,036	21,441	61,143	60,694
Interest expense	(13,325)	(14,764)	(40,396)	(44,244)
Other income (expense), net	(621)	(419)	352	(763)
NET INCOME	9,090	6,258	21,099	15,687
Net income attributable to restricted shares	(95)	(132)	(259)	(397)
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable	(2,578)	(1,903)	(6,108)	(4,752)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	6,417	4,223	14,732	10,538
EARNINGS PER COMMON SHARE, BASIC
Earnings per common share, basic	$ 0.15	$ 0.11	$ 0.35	$ 0.27
Weighted average shares of common stock outstanding-basic	42,539,019	39,816,753	41,653,229	39,439,488
EARNINGS PER COMMON SHARE, DILUTED
Earnings per common share, diluted	$ 0.15	$ 0.11	$ 0.35	$ 0.27
Weighted average shares of common stock outstanding-diluted	60,444,276	57,777,667	59,559,944	57,423,959
Dividends declared per common share	$ 0.22	$ 0.21	$ 0.66	$ 0.63
COMPREHENSIVE INCOME
Net income	9,090	6,258	21,099	15,687
Other comprehensive income - unrealized gain on swap derivatives during the period	2,439	0	882	0
Comprehensive income	11,529	6,258	21,981	15,687
Comprehensive income attributable to non-controlling interest	(3,300)	(1,903)	(6,366)	(4,752)
Comprehensive income attributable to American Assets Trust, Inc.	$ 8,229	$ 4,355	$ 15,615	$ 10,935

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	21,099			14,991		6,108
Common shares issued (in shares)		3,110,067
Common shares issued	104,148	31	104,117
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	(39,988)			(28,170)		(11,818)
Stock-based compensation	2,571		2,571
Shares withheld for employee taxes (in shares)		(136,611)
Shares withheld for employee taxes	(4,319)	(1)	(4,318)
Other comprehensive income - change in value of interest rate swap	882				624	258
Ending Balance at Sep. 30, 2014	$ 770,971	$ 436	$ 794,432	$ (57,269)	$ 624	$ 32,748
Ending Balance (in shares) at Sep. 30, 2014		43,614,913

Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
OPERATING ACTIVITIES
Net income	$ 21,099	$ 15,687
Adjustments to reconcile income from operations to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(4,360)	(3,593)
Depreciation and amortization	50,902	50,614
Amortization of debt issuance costs and debt fair value adjustments	3,046	2,949
Stock-based compensation expense	2,571	2,119
Settlement of forward interest rate swap agreement	1,617	0
Other, net	(839)	804
Changes in operating assets and liabilities
Change in restricted cash	(1,438)	(1,549)
Change in accounts receivable	(195)	(1,019)
Change in other assets	(168)	(68)
Change in accounts payable and accrued expenses	7,298	8,071
Change in security deposits payable	113	154
Change in other liabilities and deferred credits	1,751	321
Net cash provided by operating activities	81,397	74,490
INVESTING ACTIVITIES
Capital expenditures	(94,877)	(33,503)
Change in restricted cash	(1,272)	305
Leasing commissions	(2,805)	(1,977)
Net cash used in investing activities	(98,954)	(35,175)
FINANCING ACTIVITIES
Change in restricted cash	0	(1,400)
Repayment of secured notes payable	(1,169)	(2,749)
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	104,148	24,790
Dividends paid to common stock and unitholders	(39,988)	(36,645)
Deferred offering costs	0	(68)
Shares withheld for employee taxes	(4,319)	0
Net cash (used in) provided by financing activities	63,715	(16,072)
Net increase (decrease) in cash and cash equivalents	46,158	23,243
Cash and cash equivalents, beginning of period	48,987	42,479
Cash and cash equivalents, end of period	$ 95,145	$ 65,722

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 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 September 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 September 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):



	Nine Months Ended September 30,
	2014			2013
Supplemental cash flow information
Total interest costs incurred	$	43,912		$	45,692
Interest capitalized	$	3,516		$	1,448
Interest expense	$	40,396		$	44,244
Cash paid for interest, net of amounts capitalized	$	37,557		$	41,189
Cash paid for income taxes	$	319		$	868
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for construction in progress	$	8,982		$	3,188
Accrued leasing commissions	$	(124	)	$	488
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 nine months ended September 30, 2014.

We record all derivatives on the balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of such derivatives, whether we have elected to designate a derivative as being in a hedging relationship, whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting and applying such hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. When we terminate a derivative for which cash flow hedging was being applied, the balance which was recorded in other comprehensive income is amortized to interest expense over the remaining contractual term of the swap. We include cash payments and receipts made to terminate interest rate swaps as an operating activity on the statement of cash flows, given the nature of the underlying cash flows that the derivative was hedging.

Hedge ineffectiveness has not impacted earnings as of September 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.

Reclassification

Certain amounts in the consolidated financial statements for prior periods have been reclassified to conform to current presentations.

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

9 Months Ended

Sep. 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 September 30, 2014 and December 31, 2013 (in thousands):



	September 30, 2014			December 31, 2013
In-place leases	$	54,024		$	62,813
Accumulated amortization	(34,131		)	(38,279		)
Above market leases	22,541			28,279
Accumulated amortization	(16,968		)	(20,880		)
Acquired lease intangible assets, net	$	25,466		$	31,933
Below market leases	$	70,070		$	76,502
Accumulated accretion	(25,959		)	(28,592		)
Acquired lease intangible liabilities, net	$	44,111		$	47,910

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 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. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

We measure the fair value of our deferred compensation liability, which is included in other liabilities and deferred credits on the consolidated balance sheet, on a recurring basis using Level 2 inputs. We measure the fair value of this liability based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques.

The fair value of the interest rate swap agreement on our term loan of $100 million is 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 September 30, 2014 was a liability of $0.7 million and is included in "other liabilities and deferred credits" on our consolidated balance sheets. For the three and nine months ended September 30, 2014, the change in valuation on our interest rate swaps was a increase of $0.8 million and a decrease of $0.7 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 September 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):



	September 30, 2014								December 31, 2013
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Deferred compensation liability	$	—	$	897	$	—	$	897	$	—	$	769	$	—	$	769
Interest rate swap	$	—	$	735	$	—	$	735	$	—	$	—	$	—	$	—

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 3.6% to 5.4%.

Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying values of our revolving credit facility and term loan set forth below are deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. A summary of the carrying amount and fair value of our secured financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands):



	September 30, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured notes payable	$	953,190	$	987,508	$	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

DERIVATIVE AND HEDGING

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE AND HEDGING ACTIVITIES

Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

Concurrent with the closing of our amended and restated credit facility, we 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. The following is a summary of the terms of the interest rate swap as of September 30, 2014 (dollars in thousands):



Swap Counterparty	Notional Amount	Effective Date	Maturity Date	Fair Value
Bank of America, N.A.	$100,000	1/9/2014	1/9/2019	$	735

The effective portion of changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded in accumulated other comprehensive income and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings.

The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves, and implied volatilities. The fair value of the interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

Forward Starting Swap

On August 19, 2014, we entered into a one-month forward-starting seven-year swap contract with Wells Fargo Bank, N.A. to reduce the interest rate variability exposure of the projected interest cash flows of our then-prospective Series A Notes (as defined below). The forward-starting seven-year swap contract had a notional amount of $150 million, a termination date of October 31, 2014, a fixed pay rate of 2.1305%, a receive rate equal to the one-month LIBOR, with fixed rate payments due quarterly on the last day of each January, April, July and October commencing January 30, 2015, floating payments due quarterly on the last day of each January, April, July and October commencing January 30, 2015, and floating reset dates two days prior to the first day of each calculation period. The forward-starting seven-year swap contract accrual period, October 31, 2014 to October 31, 2021, was designed to match the expected tenor of the Series A Notes.

The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge and we elected to designate the forward-starting swap contract as an accounting hedge. We settled the forward-starting seven-year swap contract on September 19, 2014 resulting in a gain of approximately $1.6 million. This gain is included in accumulated other comprehensive income and will be amortized to interest expense over the life of the Series A Notes.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

OTHER ASSETS

9 Months Ended

Sep. 30, 2014

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

OTHER ASSETS

Other assets consist of the following (in thousands):



	September 30, 2014		December 31, 2013
Leasing commissions, net of accumulated amortization of $20,496 and $19,606 respectively	$	17,316	$	18,071
Acquired above market leases, net	5,573		7,399
Acquired in-place leases, net	19,893		24,534
Lease incentives, net of accumulated amortization of $2,868 and $2,590, respectively	832		1,110
Other intangible assets, net of accumulated amortization of $1,553 and $1,554, respectively	497		655
Debt issuance costs, net of accumulated amortization of $3,847 and $2,985, respectively	3,727		2,632
Prepaid expenses and other	3,437		3,269
Total other assets	$	51,275	$	57,670

OTHER LIABILITIES AND DEFERRED CREDITS

9 Months Ended

Sep. 30, 2014

Other Liabilities Disclosure [Abstract]

OTHER LIABILITIES AND DEFERRED CREDITS

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



	September 30, 2014		December 31, 2013
Acquired below market leases, net	$	44,111	$	47,910
Prepaid rent and deferred revenue	6,994		7,506
Interest rate swap liability	735		—
Deferred rent expense and lease intangible	651		829
Deferred compensation	897		769
Deferred tax liability	233		233
Straight-line rent liability	2,263		1,145
Other liabilities	108		73
Total other liabilities and deferred credits, net	$	55,992	$	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

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

DEBT

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



	Principal Balance as of						Stated Interest Rate		Stated Maturity Date
Description of Debt	September 30, 2014			December 31, 2013			as of September 30, 2014		Stated Maturity Date
Waikele Center ⁽¹⁾⁽²⁾	$	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⁾⁽³⁾	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 ⁽⁴⁾	36,487			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 ⁽⁴⁾	21,152			21,377			7.22	%	June 1, 2019
Torrey Reserve—VCI, VCII, VCIII ⁽⁴⁾	7,127			7,200			6.36	%	June 1, 2020
Solana Beach Corporate Centre I-II ⁽⁴⁾	11,347			11,475			5.91	%	June 1, 2020
Solana Beach Towne Centre ⁽⁴⁾	37,823			38,249			5.91	%	June 1, 2020
City Center Bellevue ⁽¹⁾	111,000			111,000			3.98	%	November 1, 2022
	961,090			962,259
Unamortized fair value adjustment	(7,900		)	(10,085		)
Total Secured Notes Payable Outstanding	$	953,190		$	952,174


(1)	Interest only.


(2)	Loan repaid in full, without premium or penalty, on October 31, 2014 in connection with the closing of our privately placed debt offering of $150 million of seven-year senior guaranteed notes with an effective rate of approximately 3.88% (including interest rate swap costs).


(3)	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.


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

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

On October 31, 2014, we entered into a Note Purchase Agreement with a group of institutional purchasers that provided for the private placement of an aggregate of $350 million of senior guaranteed notes, of which (i) $150 million are designated as 4.04% Senior Guaranteed Notes, Series A, due October 31, 2021 (the “Series A Notes”), (ii) $100 million are designated as 4.45% Senior Guaranteed Notes, Series B, due February 2, 2025 (the “Series B Notes”) and (iii) $100 million are designated as 4.50% Senior Guaranteed Notes, Series C, due April 1, 2025 (the “Series C Notes”, and collectively with the Series A Notes and Series B Notes, are referred to herein as, the “Notes”). The Series A Notes were issued on October 31, 2014. The Series B Notes are expected to be issued on February 2, 2015 and the Series C Notes are expected to be issued on April 1, 2015, each subject to customary closing conditions. Upon issuance, the Notes will pay interest quarterly on the last day of January, April, July and October until their respective maturities. (Note 16)

We may prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of any series of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a Make-Whole Amount (as defined in the Note Purchase Agreement).

The Note Purchase Agreement contains a number of customary financial covenants, including, without limitation, tangible net worth thresholds, secured and unsecured leverage ratios and fixed charge coverage ratios. Subject to the terms of the Note Purchase Agreement and the Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, Make-Whole Amount or interest under the Notes, and (ii) a default in the payment of certain other indebtedness by us or our subsidiaries, the principal, accrued and unpaid interest, and the Make-Whole Amount on the outstanding Notes will become due and payable at the option of the purchasers.

Our obligations under the Notes are fully and unconditionally guaranteed by us and certain of our subsidiaries.

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 September 30, 2014, we were in compliance with the Amended and Restated Credit Facility financial covenants.

On October 16, 2014, we entered into a First Amendment to the Amended and Restated Credit Agreement that amends

provisions of the Amended and Restated Credit Agreement to, among other things, (i) describe the treatment of our pari passu obligations under the Amended and Restated Credit Agreement and (ii) remove the material acquisition provisions previously set forth in the Amended and Restated Credit Agreement. (Note 16)

- 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

9 Months Ended

Sep. 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 nine months ended September 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 September 30, 2014			Nine Months Ended September 30, 2014
Number of shares of common stock issued through ATM program	599,582			2,710,067
Weighted average price per share	$35.01			$33.84

Proceeds, gross	$	20,994		$	91,707
Sales agent compensation	(210		)	(918		)
Offering costs	(49		)	(145		)
Proceeds, net	$	20,735		$	90,644

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 September 30, 2014, we had the capacity to issue up to an additional $32.3 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.

On September 12, 2014, we entered into a common stock purchase agreement (the “Purchase Agreement”) with Insurance Company of the West, a California corporation ("ICW") which is an insurance company majority owned and controlled by Ernest Rady, the Executive Chairman of our board of directors. The Purchase Agreement provided for the sale by us to ICW, in a private placement, of 400,000 shares of our common stock at a purchase price of $33.76 per share, resulting in gross proceeds to us of approximately $13.5 million. The price per share paid by ICW was equal to the closing price of a share of our common stock on the New York Stock Exchange on the date of the Purchase Agreement. These shares are characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from us in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under securities laws only in certain limited circumstances. ICW must bear the economic risk of this investment indefinitely unless the shares are registered pursuant to applicable securities laws, or an exemption from registration is available.

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 29.3% of the ownership interests in our Operating Partnership at September 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 nine months ended September 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 nine months ended September 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
Third Quarter 2014	$	0.22	July 1, 2014 to September 30, 2014	September 26, 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 nine months ended September 30, 2014:



	Units		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2014	629,058		$	15.58
Granted	117,983		30.17
Vested	(313,998	)	15.57
Forfeited	(941	)	29.96
Nonvested at September 30, 2014	432,102		$	19.54

We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $2.6 million and $2.1 million, respectively, in noncash compensation expense for the nine months ended September 30, 2014 and 2013, which is included in general and administrative expense on the consolidated statements of comprehensive income. Unrecognized compensation expense was $2.6 million at September 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 432,311 and 629,835 for the three months ended September 30, 2014 and 2013, respectively, and 423,502 and 630,464 for the nine months ended September 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 nine months ended September 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 September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
NUMERATOR
Income from operations	$	9,090		$	6,258		$	21,099		$	15,687
Less: Net income attributable to restricted shares	(95		)	(132		)	(259		)	(397		)
Less: Income from operations attributable to unitholders in the Operating Partnership	(2,578		)	(1,903		)	(6,108		)	(4,752		)
Net income attributable to common stockholders—basic	$	6,417		$	4,223		$	14,732		$	10,538
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	$	6,417		$	4,223		$	14,732		$	10,538
Plus: Income from operations attributable to unitholders in the Operating Partnership	2,578			1,903			6,108			4,752
Net income attributable to common stockholders—diluted	$	8,995		$	6,126		$	20,840		$	15,290
DENOMINATOR
Weighted average common shares outstanding—basic	42,539,019			39,816,753			41,653,229			39,439,488
Effect of dilutive securities—conversion of Operating Partnership units	17,905,257			17,960,914			17,906,715			17,984,471
Weighted average common shares outstanding—diluted	60,444,276			57,777,667			59,559,944			57,423,959

Earnings per common share, basic	$	0.15		$	0.11		$	0.35		$	0.27
Earnings per common share, diluted	$	0.15		$	0.11		$	0.35		$	0.27

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 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 September 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 expense is recorded in other income (expense), net in our consolidated statements of comprehensive income. For the three and nine months ended September 30, 2014 we recorded an income tax expense of $0.7 million and $0.5 million, respectively. For the three and nine months ended September 30, 2013 we recorded an income tax expense of $0.5 million and $0.9 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

9 Months Ended

Sep. 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 September 30, 2014 (in thousands):



Year Ending December 31,
2014 (three months ending December 31, 2014)	$	649
2015	2,636
2016	1,709
2017	736		⁽¹⁾
2018	740
Thereafter	2,221
Total	$	8,691


(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 $6.5 million based on operating performance through September 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).

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 36.6% of total revenues for the nine months ended September 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 35.5% of total revenues for the nine months ended September 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 nine months ended September 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

9 Months Ended

Sep. 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 September 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 (three months ending December 31, 2014)	$	38,749
2015	157,238
2016	139,280
2017	122,082
2018	89,807
Thereafter	193,123
Total	$	740,279

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.

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COMPONENTS OF RENTAL INCOME AND EXPENSE

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Minimum rents
Retail	$	17,841	$	17,384	$	52,581	$	51,971
Office	20,534		20,736		60,970		61,534
Multifamily	3,992		3,837		11,723		11,107
Mixed-use	2,523		2,443		7,489		7,120
Cost reimbursement	7,405		7,093		21,115		20,006
Percentage rent	732		504		1,548		1,324
Hotel revenue	10,122		9,984		26,167		27,010
Other	444		424		1,275		1,260
Total rental income	$	63,593	$	62,405	$	182,868	$	181,332

Minimum rents include $0.8 million and $0.6 million for the three months ended September 30, 2014 and 2013, respectively, and $2.4 million and $1.8 million for the nine months ended September 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 $1.0 million for the three months ended September 30, 2014 and 2013, respectively, and $2.0 million and $1.8 million for the nine months ended September 30, 2014 and 2013, respectively.

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Rental operating	$	6,644	$	6,538	$	19,602	$	19,282
Hotel operating	5,777		5,654		16,303		16,574
Repairs and maintenance	2,404		2,727		7,398		7,330
Marketing	355		356		1,137		1,052
Rent	612		596		1,837		1,820
Hawaii excise tax	1,080		1,071		2,880		2,962
Management fees	502		488		1,337		1,382
Total rental expenses	$	17,374	$	17,430	$	50,494	$	50,402

OTHER INCOME , NET

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Interest and investment income	$	44		$	54		$	101		$	88
Income tax benefit (expense)	(665		)	(473		)	(494		)	(861		)
Termination fee income, net	—			—			745			10
Total other income (expense), net	$	(621	)	$	(419	)	$	352		$	(763	)

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2014
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS At ICW Plaza, we lease space to Insurance Company of the West, a California corporation ("ICW") which is an insurance company majority owned and controlled by Ernest Rady, our Executive Chairman of the Board. Rental revenue recognized on the leases of $1.6 million for each of the nine months ended September 30, 2014 and 2013, respectively, is included in rental income. Additionally, on July 1, 2014, we entered into a workers' compensation insurance policy with ICW. The policy premium is approximately $0.4 million for the period July 1, 2014 through July 1, 2015. On September 12, 2014, we entered into a Purchase Agreement with ICW. The Purchase Agreement provides for the sale by us to ICW, in a private placement, of 400,000 shares of common stock at a price of $33.76 per share, resulting in gross proceeds to us of approximately $13.5 million. The price per share paid by ICW was equal to the closing price of a share of our common stock on the New York Stock Exchange on the date of the Purchase Agreement. As of September 30, 2014, Mr. Rady and his affiliates owned approximately 13.7% of our outstanding common stock and 24.3% of our outstanding common units, which together represent an approximate 33.8% beneficial interest in our company on a fully diluted basis. 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 $0.9 million and $0.8 million were made for the nine months ended September 30, 2014 and 2013, respectively, 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.

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SEGMENT REPORTING

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Total Retail
Property revenue	$	24,177		$	23,524		$	70,746		$	69,175
Property expense	(6,197		)	(6,445		)	(18,703		)	(17,476		)
Segment profit	17,980			17,079			52,043			51,699
Total Office
Property revenue	23,416			22,664			68,721			67,598
Property expense	(6,813		)	(6,636		)	(19,791		)	(19,656		)
Segment profit	16,603			16,028			48,930			47,942
Total Multifamily
Property revenue	4,320			4,155			12,660			12,004
Property expense	(1,532		)	(1,525		)	(4,513		)	(4,383		)
Segment profit	2,788			2,630			8,147			7,621
Total Mixed-Use
Property revenue	15,430			14,975			41,395			41,635
Property expense	(8,731		)	(8,592		)	(24,541		)	(24,931		)
Segment profit	6,699			6,383			16,854			16,704
Total segments’ profit	$	44,070		$	42,120		$	125,974		$	123,966

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Total segments’ profit	$	44,070		$	42,120		$	125,974		$	123,966
General and administrative	(4,682		)	(4,031		)	(13,929		)	(12,658		)
Depreciation and amortization	(16,352		)	(16,648		)	(50,902		)	(50,614		)
Interest expense	(13,325		)	(14,764		)	(40,396		)	(44,244		)
Other income (expense), net	(621		)	(419		)	352			(763		)
Net income	9,090			6,258			21,099			15,687
Net income attributable to restricted shares	(95		)	(132		)	(259		)	(397		)
Net income attributable to unitholders in the Operating Partnership	(2,578		)	(1,903		)	(6,108		)	(4,752		)
Net income attributable to American Assets Trust, Inc. stockholders	$	6,417		$	4,223		$	14,732		$	10,538

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



	September 30, 2014		December 31, 2013
Net Real Estate
Retail	$	641,406	$	651,707
Office	754,608		750,890
Multifamily	146,302		74,612
Mixed-Use	195,723		199,627
	$	1,738,039	$	1,676,836
Secured Notes Payable ⁽¹⁾
Retail	$	302,823	$	303,249
Office	426,513		427,256
Multifamily	101,444		101,444
Mixed-Use	130,310		130,310
	$	961,090	$	962,259


(1)	Excludes unamortized fair market value adjustments of $7.9 million and $10.1 million as of September 30, 2014 and December 31, 2013, respectively.

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Capital Expenditures ⁽¹⁾
Retail	$	2,094	$	616	$	4,725	$	3,143
Office	7,247		6,785		22,928		20,674
Multifamily	25,007		5,256		66,647		11,017
Mixed-Use	445		275		3,382		646
	$	34,793	$	12,932	$	97,682	$	35,480


(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.

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+ Details

SUBSEQUENT EVENTS (Notes)	9 Months Ended
SUBSEQUENT EVENTS (Notes)	Sep. 30, 2014
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On October 16, 2014, we entered into a First Amendment to the Amended and Restated Credit Agreement that amends provisions of the Amended and Restated Credit Agreement to, among other things, (i) describe the treatment of our pari passu obligations under the Amended and Restated Credit Agreement and (ii) remove the material acquisition provisions previously set forth in the Amended and Restated Credit Agreement. On October 31, 2014, we entered into a Note Purchase Agreement with a group of institutional purchasers that provided for the private placement of an aggregate of $350 million of senior guaranteed notes, of which (i) $150 million are designated as 4.04% Senior Guaranteed Notes, Series A, due October 31, 2021 (the “Series A Notes”), (ii) $100 million are designated as 4.45% Senior Guaranteed Notes, Series B, due February 2, 2025 (the “Series B Notes”) and (iii) $100 million are designated as 4.50% Senior Guaranteed Notes, Series C, due April 1, 2025 (the “Series C Notes”, and collectively with the Series A Notes and Series B Notes, are referred to herein as, the “Notes”). The Series A Notes were issued on October 31, 2014. The Series B Notes are expected to be issued on February 2, 2015 and the Series C Notes are expected to be issued on April 1, 2015, each subject to customary closing conditions. Upon issuance, the Notes will pay interest quarterly on the last day of January, April, July and October until their respective maturities. We may prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of any series of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a Make-Whole Amount (as defined in the Note Purchase Agreement). The Note Purchase Agreement contains a number of customary financial covenants, including, without limitation, tangible net worth thresholds, secured and unsecured leverage ratios and fixed charge coverage ratios. Subject to the terms of the Note Purchase Agreement and the Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, Make-Whole Amount or interest under the Notes, and (ii) a default in the payment of certain other indebtedness by us or our subsidiaries, the principal, accrued and unpaid interest, and the Make-Whole Amount on the outstanding Notes will become due and payable at the option of the purchasers. Our obligations under the Notes are fully and unconditionally guaranteed by us and certain of our subsidiaries. On October 31, 2014 and concurrent with the closing of the Series A Notes, we repaid, without penalty or premium, the mortgage encumbering Waikele Center in the amount of approximately $140.7 million, utilizing funds raised from the issuance of the Series A Notes. The mortgage on Waikele Center had an original maturity date of November 1, 2014 and was secured by a first-priority deed of trust lien on the property, a security interest in all personal property used in connection with the property and an assignment of all leases, rents and security deposits relating to the property. As of November 7, 2014, $150.00 million of the Series A Notes was outstanding.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 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

Hedge ineffectiveness has not impacted earnings as of September 30, 2014, and we do not anticipate it will have a significant effect in the future.

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)

9 Months Ended

Sep. 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):



	Nine Months Ended September 30,
	2014			2013
Supplemental cash flow information
Total interest costs incurred	$	43,912		$	45,692
Interest capitalized	$	3,516		$	1,448
Interest expense	$	40,396		$	44,244
Cash paid for interest, net of amounts capitalized	$	37,557		$	41,189
Cash paid for income taxes	$	319		$	868
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for construction in progress	$	8,982		$	3,188
Accrued leasing commissions	$	(124	)	$	488
Reduction to capital for prepaid offering costs	$	—		$	437

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

9 Months Ended

Sep. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

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



	September 30, 2014			December 31, 2013
In-place leases	$	54,024		$	62,813
Accumulated amortization	(34,131		)	(38,279		)
Above market leases	22,541			28,279
Accumulated amortization	(16,968		)	(20,880		)
Acquired lease intangible assets, net	$	25,466		$	31,933
Below market leases	$	70,070		$	76,502
Accumulated accretion	(25,959		)	(28,592		)
Acquired lease intangible liabilities, net	$	44,111		$	47,910

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 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):



	September 30, 2014								December 31, 2013
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Deferred compensation liability	$	—	$	897	$	—	$	897	$	—	$	769	$	—	$	769
Interest rate swap	$	—	$	735	$	—	$	735	$	—	$	—	$	—	$	—

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):



	September 30, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured notes payable	$	953,190	$	987,508	$	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

DERIVATIVE AND HEDGING (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives [Table Text Block]

The following is a summary of the terms of the interest rate swap as of September 30, 2014 (dollars in thousands):



Swap Counterparty	Notional Amount	Effective Date	Maturity Date	Fair Value
Bank of America, N.A.	$100,000	1/9/2014	1/9/2019	$	735

OTHER ASSETS (Tables)

9 Months Ended

Sep. 30, 2014

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

Components of Other Assets

Other assets consist of the following (in thousands):



	September 30, 2014		December 31, 2013
Leasing commissions, net of accumulated amortization of $20,496 and $19,606 respectively	$	17,316	$	18,071
Acquired above market leases, net	5,573		7,399
Acquired in-place leases, net	19,893		24,534
Lease incentives, net of accumulated amortization of $2,868 and $2,590, respectively	832		1,110
Other intangible assets, net of accumulated amortization of $1,553 and $1,554, respectively	497		655
Debt issuance costs, net of accumulated amortization of $3,847 and $2,985, respectively	3,727		2,632
Prepaid expenses and other	3,437		3,269
Total other assets	$	51,275	$	57,670

DEBT (Tables)

9 Months Ended

Sep. 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 September 30, 2014 and December 31, 2013 (in thousands):



	Principal Balance as of						Stated Interest Rate		Stated Maturity Date
Description of Debt	September 30, 2014			December 31, 2013			as of September 30, 2014		Stated Maturity Date
Waikele Center ⁽¹⁾⁽²⁾	$	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⁾⁽³⁾	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 ⁽⁴⁾	36,487			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 ⁽⁴⁾	21,152			21,377			7.22	%	June 1, 2019
Torrey Reserve—VCI, VCII, VCIII ⁽⁴⁾	7,127			7,200			6.36	%	June 1, 2020
Solana Beach Corporate Centre I-II ⁽⁴⁾	11,347			11,475			5.91	%	June 1, 2020
Solana Beach Towne Centre ⁽⁴⁾	37,823			38,249			5.91	%	June 1, 2020
City Center Bellevue ⁽¹⁾	111,000			111,000			3.98	%	November 1, 2022
	961,090			962,259
Unamortized fair value adjustment	(7,900		)	(10,085		)
Total Secured Notes Payable Outstanding	$	953,190		$	952,174


(1)	Interest only.


(2)	Loan repaid in full, without premium or penalty, on October 31, 2014 in connection with the closing of our privately placed debt offering of $150 million of seven-year senior guaranteed notes with an effective rate of approximately 3.88% (including interest rate swap costs).


(3)	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.


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

EQUITY (Tables)

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Schedule of At-the-Market Program

During the three and nine months ended September 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 September 30, 2014			Nine Months Ended September 30, 2014
Number of shares of common stock issued through ATM program	599,582			2,710,067
Weighted average price per share	$35.01			$33.84

Proceeds, gross	$	20,994		$	91,707
Sales agent compensation	(210		)	(918		)
Offering costs	(49		)	(145		)
Proceeds, net	$	20,735		$	90,644

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 nine months ended September 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
Third Quarter 2014	$	0.22	July 1, 2014 to September 30, 2014	September 26, 2014

Activity of restricted stock awards

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



	Units		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2014	629,058		$	15.58
Granted	117,983		30.17
Vested	(313,998	)	15.57
Forfeited	(941	)	29.96
Nonvested at September 30, 2014	432,102		$	19.54

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 September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
NUMERATOR
Income from operations	$	9,090		$	6,258		$	21,099		$	15,687
Less: Net income attributable to restricted shares	(95		)	(132		)	(259		)	(397		)
Less: Income from operations attributable to unitholders in the Operating Partnership	(2,578		)	(1,903		)	(6,108		)	(4,752		)
Net income attributable to common stockholders—basic	$	6,417		$	4,223		$	14,732		$	10,538
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	$	6,417		$	4,223		$	14,732		$	10,538
Plus: Income from operations attributable to unitholders in the Operating Partnership	2,578			1,903			6,108			4,752
Net income attributable to common stockholders—diluted	$	8,995		$	6,126		$	20,840		$	15,290
DENOMINATOR
Weighted average common shares outstanding—basic	42,539,019			39,816,753			41,653,229			39,439,488
Effect of dilutive securities—conversion of Operating Partnership units	17,905,257			17,960,914			17,906,715			17,984,471
Weighted average common shares outstanding—diluted	60,444,276			57,777,667			59,559,944			57,423,959

Earnings per common share, basic	$	0.15		$	0.11		$	0.35		$	0.27
Earnings per common share, diluted	$	0.15		$	0.11		$	0.35		$	0.27

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 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 September 30, 2014 (in thousands):



Year Ending December 31,
2014 (three months ending December 31, 2014)	$	649
2015	2,636
2016	1,709
2017	736		⁽¹⁾
2018	740
Thereafter	2,221
Total	$	8,691


(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)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Minimum rents
Retail	$	17,841	$	17,384	$	52,581	$	51,971
Office	20,534		20,736		60,970		61,534
Multifamily	3,992		3,837		11,723		11,107
Mixed-use	2,523		2,443		7,489		7,120
Cost reimbursement	7,405		7,093		21,115		20,006
Percentage rent	732		504		1,548		1,324
Hotel revenue	10,122		9,984		26,167		27,010
Other	444		424		1,275		1,260
Total rental income	$	63,593	$	62,405	$	182,868	$	181,332

Principal components of rental expenses

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Rental operating	$	6,644	$	6,538	$	19,602	$	19,282
Hotel operating	5,777		5,654		16,303		16,574
Repairs and maintenance	2,404		2,727		7,398		7,330
Marketing	355		356		1,137		1,052
Rent	612		596		1,837		1,820
Hawaii excise tax	1,080		1,071		2,880		2,962
Management fees	502		488		1,337		1,382
Total rental expenses	$	17,374	$	17,430	$	50,494	$	50,402

OTHER INCOME , NET (Tables)

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Interest and investment income	$	44		$	54		$	101		$	88
Income tax benefit (expense)	(665		)	(473		)	(494		)	(861		)
Termination fee income, net	—			—			745			10
Total other income (expense), net	$	(621	)	$	(419	)	$	352		$	(763	)

SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Total Retail
Property revenue	$	24,177		$	23,524		$	70,746		$	69,175
Property expense	(6,197		)	(6,445		)	(18,703		)	(17,476		)
Segment profit	17,980			17,079			52,043			51,699
Total Office
Property revenue	23,416			22,664			68,721			67,598
Property expense	(6,813		)	(6,636		)	(19,791		)	(19,656		)
Segment profit	16,603			16,028			48,930			47,942
Total Multifamily
Property revenue	4,320			4,155			12,660			12,004
Property expense	(1,532		)	(1,525		)	(4,513		)	(4,383		)
Segment profit	2,788			2,630			8,147			7,621
Total Mixed-Use
Property revenue	15,430			14,975			41,395			41,635
Property expense	(8,731		)	(8,592		)	(24,541		)	(24,931		)
Segment profit	6,699			6,383			16,854			16,704
Total segments’ profit	$	44,070		$	42,120		$	125,974		$	123,966

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 September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Total segments’ profit	$	44,070		$	42,120		$	125,974		$	123,966
General and administrative	(4,682		)	(4,031		)	(13,929		)	(12,658		)
Depreciation and amortization	(16,352		)	(16,648		)	(50,902		)	(50,614		)
Interest expense	(13,325		)	(14,764		)	(40,396		)	(44,244		)
Other income (expense), net	(621		)	(419		)	352			(763		)
Net income	9,090			6,258			21,099			15,687
Net income attributable to restricted shares	(95		)	(132		)	(259		)	(397		)
Net income attributable to unitholders in the Operating Partnership	(2,578		)	(1,903		)	(6,108		)	(4,752		)
Net income attributable to American Assets Trust, Inc. stockholders	$	6,417		$	4,223		$	14,732		$	10,538

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):



	September 30, 2014		December 31, 2013
Net Real Estate
Retail	$	641,406	$	651,707
Office	754,608		750,890
Multifamily	146,302		74,612
Mixed-Use	195,723		199,627
	$	1,738,039	$	1,676,836
Secured Notes Payable ⁽¹⁾
Retail	$	302,823	$	303,249
Office	426,513		427,256
Multifamily	101,444		101,444
Mixed-Use	130,310		130,310
	$	961,090	$	962,259


(1)	Excludes unamortized fair market value adjustments of $7.9 million and $10.1 million as of September 30, 2014 and December 31, 2013, respectively.

Capital expenditures for each segment

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Capital Expenditures ⁽¹⁾
Retail	$	2,094	$	616	$	4,725	$	3,143
Office	7,247		6,785		22,928		20,674
Multifamily	25,007		5,256		66,647		11,017
Mixed-Use	445		275		3,382		646
	$	34,793	$	12,932	$	97,682	$	35,480


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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014 Segment Room Property Employee	Dec. 31, 2013	Jan. 09, 2014 Cash Flow Hedging Interest Rate Swap
Derivative [Line Items]
Interest rate on derivative			3.08%
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	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Supplement Disclosures Related to Consolidated Statements of Cash Flows (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Accounting Policies [Abstract]
Total interest costs incurred	$ 43,912	$ 45,692
Interest capitalized	3,516	1,448
Interest expense	40,396	44,244
Cash paid for interest, net of amounts capitalized	37,557	41,189
Cash paid for income taxes	319	868
Accounts payable and accrued liabilities for construction in progress	8,982	3,188
Accrued leasing commissions	(124)	488
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	Sep. 30, 2014	Dec. 31, 2013
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired above market leases, net	$ 5,573	$ 7,399
Other intangible assets, accumulated amortization	(1,553)	(1,554)
Below market leases	70,070	76,502
Below market leases, accumulated amortization	(25,959)	(28,592)
Acquired lease intangible liabilities, net	44,111	47,910
Leases, Acquired-in-Place
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired above market leases, net	54,024	62,813
Other intangible assets, accumulated amortization	(34,131)	(38,279)
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired above market leases, net	22,541	28,279
Other intangible assets, accumulated amortization	(16,968)	(20,880)
Lease Agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 25,466	$ 31,933

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) In Thousands, unless otherwise specified					3 Months Ended	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014 Minimum	Sep. 30, 2014 Maximum	Sep. 30, 2014 Interest Rate Swap	Sep. 30, 2014 Interest Rate Swap	Sep. 30, 2014 Interest Rate Swap Deferred Credits and Other Liabilities	Jan. 09, 2014 Amended and Restated Credit Facility
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Term loan	$ 100,000	$ 0						$ 100,000
Fair value of interest rate swap	735	0					735
Change in valuation of interest rate swaps					$ 800	$ (735)
Rates of secured notes payable			3.58%	5.44%

FAIR VALUE OF FINANCIAL INSTRUMENTS Financial Liabilities Fair Value Measurement on a Recurring Basis (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	$ 897	$ 769
Fair value of interest rate swap	735	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	897	769
Fair value of interest rate swap	735	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	Sep. 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	$ 953,190	$ 952,174
Secured notes payable \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	987,508	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

DERIVATIVE AND HEDGING (Details) (USD $)		0 Months Ended		0 Months Ended
DERIVATIVE AND HEDGING (Details) (USD $)	Jan. 09, 2014	Aug. 19, 2014 Interest Rate Swap	Aug. 19, 2014 Interest Rate Swap	Sep. 19, 2014 Cash Flow Hedging Designated as Hedging Instrument Interest Rate Swap	Sep. 30, 2014 Cash Flow Hedging Designated as Hedging Instrument Interest Rate Swap
Derivative [Line Items]
Term of interest rate swap (in years)		7 years
Notional Amount			$ 150,000,000		$ 100,000,000
Derivative fixed interest rate (in percent)	3.08%		2.1305%
Gain recognized in other comprehensive income (loss), effective portion				$ 1,600,000

DERIVATIVE AND HEDGING Schedule Interest Rate Swaps (Details) (USD $)				9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013	Aug. 19, 2014 Interest Rate Swap	Sep. 30, 2014 Interest Rate Swap Designated as Hedging Instrument Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount			$ 150,000,000	$ 100,000,000
Effective Date				Jan. 09, 2014
Maturity Date				Jan. 09, 2019
Fair Value	$ 735,000	$ 0		$ 735,000

OTHER ASSETS (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing commissions, net of accumulated amortization of $20,496 and $19,606 respectively	$ 17,316	$ 18,071
Acquired above market leases, net	5,573	7,399
Acquired in-place leases, net	19,893	24,534
Lease incentives, net of accumulated amortization of $2,868 and $2,590, respectively	832	1,110
Other intangible assets, net of accumulated amortization of $1,553 and $1,554, respectively	497	655
Debt issuance costs, net of accumulated amortization of $3,847 and $2,985, respectively	3,727	2,632
Prepaid expenses and other	3,437	3,269
Total other assets	$ 51,275	$ 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	Sep. 30, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing commissions, accumulative amortization	$ 20,496	$ 19,606
Lease incentives, accumulated amortization	2,868	2,590
Other intangible assets, accumulated amortization	1,553	1,554
Debt issuance costs, accumulated amortization	$ 3,847	$ 2,985

OTHER LIABILITIES AND DEFERRED CREDITS (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Other Liabilities Disclosure [Abstract]
Acquired below market leases, net	$ 44,111,000	$ 47,910,000
Prepaid rent and deferred revenue	6,994,000	7,506,000
Interest rate swap liability	735,000	0
Deferred rent expense and lease intangible	651,000	829,000
Deferred compensation	897,000	769,000
Deferred tax liability	233,000	233,000
Straight-line rent liability	2,263,000	1,145,000
Other liabilities	108,000	73,000
Total other liabilities and deferred credits, net	$ 55,992,000	$ 58,465,000

DEBT (Details) (USD $)					0 Months Ended																	0 Months Ended
DEBT (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Jan. 09, 2014 Amended and Restated Credit Facility	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	Oct. 31, 2014 Subsequent Event Senior Notes Note Purchase Agreement	Oct. 31, 2014 Subsequent Event Senior Notes Note Purchase Agreement	Oct. 31, 2014 Subsequent Event Senior Notes, Series A Note Purchase Agreement	Oct. 31, 2014 Subsequent Event Senior Notes, Series B Note Purchase Agreement	Oct. 31, 2014 Subsequent Event Senior Notes, Series C Note Purchase Agreement
Debt Instrument [Line Items]
Face amount of debt																							$ 350,000,000	$ 150,000,000	$ 100,000,000	$ 100,000,000
Stated Interest Rate (in percent)																								4.00%	4.00%	5.00%
Partial debt repayment, minimum percentage of principal (in percent)																						5.00%
Full debt repayment percentage of principal plus a Make-Whole Amount (in percent)																						100.00%
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 $)

9 Months Ended

0 Months Ended

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Waikele Center

Dec. 31, 2013

Waikele Center

Sep. 30, 2014

Shops At Kalakaua

Dec. 31, 2013

Shops At Kalakaua

Sep. 30, 2014

The Land Mark at One Market

Dec. 31, 2013

The Land Mark at One Market

Sep. 30, 2014

Del Monte Center

Dec. 31, 2013

Del Monte Center

Sep. 30, 2014

First And Main

Dec. 31, 2013

First And Main

Sep. 30, 2014

Imperial Beach Gardens

Dec. 31, 2013

Imperial Beach Gardens

Sep. 30, 2014

Mariners Point

Dec. 31, 2013

Mariners Point

Sep. 30, 2014

South Bay Marketplace

Dec. 31, 2013

South Bay Marketplace

Sep. 30, 2014

Waikiki Beach Walk - Retail

Dec. 31, 2013

Waikiki Beach Walk - Retail

Sep. 30, 2014

Solana Beach Corporate Centre Three To Four

Dec. 31, 2013

Solana Beach Corporate Centre Three To Four

Sep. 30, 2014

Loma Palisades

Dec. 31, 2013

Loma Palisades

Sep. 30, 2014

One Beach Street

Dec. 31, 2013

One Beach Street

Sep. 30, 2014

Torrey Reserve North Court

Dec. 31, 2013

Torrey Reserve North Court

Sep. 30, 2014

Torrey Reserve

Dec. 31, 2013

Torrey Reserve

Sep. 30, 2014

Solana Beach Corporate Centre One To Two

Dec. 31, 2013

Solana Beach Corporate Centre One To Two

Sep. 30, 2014

Solana Beach Towne Centre

Dec. 31, 2013

Solana Beach Towne Centre

Sep. 30, 2014

City Center Bellevue

Dec. 31, 2013

City Center Bellevue

Oct. 31, 2014

Senior Notes, Series A

Subsequent Event

Note Purchase Agreement

Nov. 07, 2014

Senior Notes, Series A

Subsequent Event

Note Purchase Agreement

Oct. 31, 2014

Senior Notes, Series A

Subsequent Event

Note Purchase Agreement

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

$ 140,700,000

^[1],[2]

$ 140,700,000

^[1],[2]

$ 19,000,000

^[1]

$ 19,000,000

^[1]

$ 133,000,000

^[1],[3]

$ 133,000,000

^[1],[3]

$ 82,300,000

^[1]

$ 82,300,000

^[1]

$ 84,500,000

^[1]

$ 84,500,000

^[1]

$ 20,000,000

^[1]

$ 20,000,000

^[1]

$ 7,700,000

^[1]

$ 7,700,000

^[1]

$ 23,000,000

^[1]

$ 23,000,000

^[1]

$ 130,310,000

^[1]

$ 130,310,000

^[1]

$ 36,487,000

^[4]

$ 36,804,000

^[4]

$ 73,744,000

^[1]

$ 73,744,000

^[1]

$ 21,900,000

^[1]

$ 21,900,000

^[1]

$ 21,152,000

^[4]

$ 21,377,000

^[4]

$ 7,127,000

^[4]

$ 7,200,000

^[4]

$ 11,347,000

^[4]

$ 11,475,000

^[4]

$ 37,823,000

^[4]

$ 38,249,000

^[4]

$ 111,000,000

^[1]

$ 111,000,000

^[1]

Stated Interest Rate (in percent)

5.15%

^[1],[2]

5.45%

^[1]

5.61%

^[1],[3]

4.93%

^[1]

3.97%

^[1]

6.16%

^[1]

6.09%

^[1]

5.48%

^[1]

5.39%

^[1]

6.39%

^[4]

6.09%

^[1]

3.94%

^[1]

7.22%

^[4]

6.36%

^[4]

5.91%

^[4]

5.91%

^[4]

3.98%

^[1]

4.00%

Stated Maturity Date

Nov. 01, 2014

^[1],[2]

May 01, 2015

^[1]

Jul. 05, 2015

^[1],[3]

Jul. 08, 2015

^[1]

Jul. 01, 2016

^[1]

Sep. 01, 2016

^[1]

Sep. 01, 2016

^[1]

Feb. 10, 2017

^[1]

Jul. 01, 2017

^[1]

Aug. 01, 2017

^[4]

Jul. 01, 2018

^[1]

Apr. 01, 2019

^[1]

Jun. 01, 2019

^[4]

Jun. 01, 2020

^[4]

Jun. 01, 2020

^[4]

Jun. 01, 2020

^[4]

Nov. 01, 2022

^[1]

Total

961,090,000

962,259,000

Unamortized fair value adjustment

(7,900,000)

(10,085,000)

Total Debt Outstanding

953,190,000

952,174,000

150,000,000

Period of amortization schedule (in years)

30 years

Face amount of debt

$ 150,000,000

Debt term (in years)

7 years

Effective rate of debt instrument (in percent)

3.88%

[1]	Interest only.
[2]	Loan repaid in full, without premium or penalty, on October 31, 2014 in connection with the closing of our privately placed debt offering of $150 million of seven-year senior guaranteed notes with an effective rate of approximately 3.88% (including interest rate swap costs).
[3]	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.
[4]	Principal payments based on a 30-year amortization schedule.

EQUITY (Details) (USD $)	3 Months Ended		9 Months Ended		0 Months Ended	3 Months Ended	9 Months Ended	0 Months Ended					9 Months Ended		0 Months Ended
EQUITY (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	May 06, 2013 At The Market Equity Program Agent	Sep. 30, 2014 At The Market Equity Program	Sep. 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	Sep. 30, 2014 Common Shares	Sep. 30, 2014 ICW Inc Board of Directors Chairman	Sep. 12, 2014 ICW Inc Board of Directors Chairman Private Placement	Sep. 12, 2014 ICW Inc Board of Directors Chairman Private Placement	Sep. 30, 2014 ICW Inc Board of Directors Chairman Common Shares
Equity [Line Items]
Number of sales agents					4
Aggregate offering price of common share					$ 150,000,000.0
Remaining capacity to issue						32,300,000	32,300,000
Common shares issued (in shares)						599,582	2,710,067						3,110,067		400,000
Share price (in dollars per share)																$ 33.76
Gross proceeds from issuance of common stock						20,994,000	91,707,000								13,500,000
Noncontrolling common units	17,905,257		17,905,257
Percentage of ownership interests classified as noncontrolling	29.30%		29.30%											33.80%			13.70%
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			2,600,000	2,100,000
Unrecognized compensation expense	$ 2,600,000		$ 2,600,000
Weighted average unvested shares outstanding	432,311	423,502	629,835	630,464

EQUITY ATM Equity Program (Details) (USD $) In Thousands, except Share data, unless otherwise specified	9 Months Ended		3 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014 At The Market Equity Program	Sep. 30, 2014 At The Market Equity Program	Sep. 30, 2014 Commissions At The Market Equity Program	Sep. 30, 2014 Commissions At The Market Equity Program	Sep. 30, 2014 Other Offering Costs At The Market Equity Program	Sep. 30, 2014 Other Offering Costs At The Market Equity Program
Equity [Line Items]
Number of shares of common stock issued through ATM program			599,582	2,710,067
Weighted average price per share			$ 35.01	$ 33.84
Proceeds, gross			$ 20,994	$ 91,707
Payments of stock issuance costs					(210)	(918)	(49)	(145)
Proceeds, net	$ 104,148	$ 24,790	$ 20,735	$ 90,644

EQUITY Dividends Declare and Paid on Shares on Common Stock and Noncontrolling Common Units (Details) (USD $)	3 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Equity [Abstract]
Dividends Period	Third Quarter 2014	Second Quarter 2014	First Quarter 2014
Amount per Share/Unit	$ 0.22	$ 0.22
Dividends Period Covered	July 1, 2014 to September 30, 2014	April 1, 2014 to June 30, 2014	January 1, 2014 to March 31, 2014
Dividends Payable, Date to be Paid	Sep. 26, 2014	Jun. 27, 2014	Mar. 28, 2014

EQUITY Summary of Activity of Restricted Stock Awards (Details) (Restricted Stock Units (RSUs), USD $)	9 Months Ended
	Sep. 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	(313,998)
Forfeited, Shares	(941)
Nonvested, End of year, shares	432,102
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	$ 15.57
Forfeited, Weighted Average Grant Date Fair Value	$ 29.96
Nonvested, End of Year, Weighted Average Grant Date Fair Value	$ 19.54

EQUITY Computation of Basic and Diluted EPS (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Equity [Abstract]
Income from continuing operations	$ 9,090	$ 6,258	$ 21,099	$ 15,687
Less: Net income attributable to restricted shares	(95)	(132)	(259)	(397)
Less: Income from continuing operations attributable to unitholders in the Operating Partnership	(2,578)	(1,903)	(6,108)	(4,752)
Net income attributable to common stockholders—basic	6,417	4,223	14,732	10,538
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	6,417	4,223	14,732	10,538
Net income attributable to common stockholders-diluted	$ 8,995	$ 6,126	$ 20,840	$ 15,290
Weighted average common shares outstanding-basic	42,539,019	39,816,753	41,653,229	39,439,488
Effect of dilutive securities-conversion of Operating Partnership units	17,905,257	17,960,914	17,906,715	17,984,471
Weighted average common shares outstanding - diluted	60,444,276	57,777,667	59,559,944	57,423,959
Earnings per common share, basic	$ 0.15	$ 0.11	$ 0.35	$ 0.27
Earnings per common share, diluted	$ 0.15	$ 0.11	$ 0.35	$ 0.27

INCOME TAXES (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Deferred tax liability	$ (233)		$ (233)		$ (233)
Income tax expense (benefit)	$ 665	$ 473	$ 494	$ 861

COMMITMENTS AND CONTINGENCIES (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2014 Property	Sep. 30, 2013
Commitment And Contingencies [Line Items]
Termination payment	$ 6.5
Percentage, partner's common units	50.00%
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	36.60%
Total Revenues \| Office
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by retail tenants	35.50%

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

Sep. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

2014 (three months ending December 31, 2014)

$ 649,000

2015

2,636,000

2016

1,709,000

2017

736,000

^[1]

2018

740,000

Thereafter

2,221,000

Total

8,691,000

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)	9 Months Ended
OPERATING LEASES (Details)	Sep. 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	Sep. 30, 2014
Leases [Abstract]
2014 (three months ending December 31, 2014)	$ 38,749
2015	157,238
2016	139,280
2017	122,082
2018	89,807
Thereafter	193,123
Total	$ 740,279

COMPONENTS OF RENTAL INCOME AND EXPENSE (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Operating Leases, Income Statement, Lease Revenue [Abstract]
Recognition of straight-line rents	$ 0.8	$ 0.6	$ 2.4	$ 1.8
Recognition of amortization of above and below market leases	$ 0.7	$ 1.0	$ 2.0	$ 1.8

COMPONENTS OF RENTAL INCOME AND EXPENSE Component of Rental Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Rental Income [Line Items]
Cost reimbursement	$ 7,405	$ 7,093	$ 21,115	$ 20,006
Percentage rent	732	504	1,548	1,324
Hotel revenue	10,122	9,984	26,167	27,010
Other	444	424	1,275	1,260
Total rental income	63,593	62,405	182,868	181,332
Total Retail
Rental Income [Line Items]
Minimum rents	17,841	17,384	52,581	51,971
Total Office
Rental Income [Line Items]
Minimum rents	20,534	20,736	60,970	61,534
Total Multifamily
Rental Income [Line Items]
Minimum rents	3,992	3,837	11,723	11,107
Total Mixed-Use
Rental Income [Line Items]
Minimum rents	$ 2,523	$ 2,443	$ 7,489	$ 7,120

COMPONENTS OF RENTAL INCOME AND EXPENSE Components of Rental Expenses (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Operating Leases, Income Statement, Lease Revenue [Abstract]
Rental operating	$ 6,644	$ 6,538	$ 19,602	$ 19,282
Hotel operating	5,777	5,654	16,303	16,574
Repairs and maintenance	2,404	2,727	7,398	7,330
Marketing	355	356	1,137	1,052
Rent	612	596	1,837	1,820
Hawaii excise tax	1,080	1,071	2,880	2,962
Management fees	502	488	1,337	1,382
Total rental expenses	$ 17,374	$ 17,430	$ 50,494	$ 50,402

OTHER INCOME , NET Components of Other Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Other Income and Expenses [Abstract]
Interest and investment income	$ 44	$ 54	$ 101	$ 88
Income tax expense	(665)	(473)	(494)	(861)
Other non-operating income	0	0	745	10
Total other income (expense), net	$ (621)	$ (419)	$ 352	$ (763)

RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended		9 Months Ended								0 Months Ended
RELATED PARTY TRANSACTIONS (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014 WBW CHP LLC	Sep. 30, 2013 WBW CHP LLC	Sep. 30, 2014 Common Shares	Sep. 30, 2014 ICW Inc Board of Directors Chairman	Sep. 30, 2013 ICW Inc Board of Directors Chairman	Jul. 01, 2014 ICW Inc Board of Directors Chairman	Sep. 12, 2014 ICW Inc Private Placement Board of Directors Chairman	Sep. 12, 2014 ICW Inc Private Placement Board of Directors Chairman	Sep. 30, 2014 ICW Inc Common Shares Board of Directors Chairman	Sep. 30, 2014 ICW Inc Member Units Board of Directors Chairman
Related Party Transaction [Line Items]
Total rental income	$ 63,593,000	$ 62,405,000	$ 182,868,000	$ 181,332,000				$ 1,600,000	$ 1,600,000
Prepaid Insurance										400,000
Common shares issued (in shares)							3,110,067				400,000
Share price (in dollars per share)												$ 33.76
Gross proceeds from issuance of common stock											13,500,000
Percentage of ownership interests classified as noncontrolling	29.30%		29.30%					33.80%					13.70%	24.30%
Investment in WBW CHP LLC (in percent)			47.70%
Amount Recovered For Reimbursements Of Operating Expense For Related Party					$ 900,000	$ 800,000

- Definition

Amount of asset related to consideration paid in advance for insurance that provides economic benefits within a future period of one year or the normal operating cycle, if longer.

+ References+ Details

SEGMENT REPORTING (Details)	9 Months Ended
SEGMENT REPORTING (Details)	Sep. 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		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Segment Reporting Information [Line Items]
OPERATING INCOME	$ 23,036	$ 21,441	$ 61,143	$ 60,694
Total Segments' profit	44,070	42,120	125,974	123,966
Total Retail
Segment Reporting Information [Line Items]
Property revenue	24,177	23,524	70,746	69,175
Property expense	(6,197)	(6,445)	(18,703)	(17,476)
OPERATING INCOME	17,980	17,079	52,043	51,699
Total Office
Segment Reporting Information [Line Items]
Property revenue	23,416	22,664	68,721	67,598
Property expense	(6,813)	(6,636)	(19,791)	(19,656)
OPERATING INCOME	16,603	16,028	48,930	47,942
Total Multifamily
Segment Reporting Information [Line Items]
Property revenue	4,320	4,155	12,660	12,004
Property expense	(1,532)	(1,525)	(4,513)	(4,383)
OPERATING INCOME	2,788	2,630	8,147	7,621
Total Mixed-Use
Segment Reporting Information [Line Items]
Property revenue	15,430	14,975	41,395	41,635
Property expense	(8,731)	(8,592)	(24,541)	(24,931)
OPERATING INCOME	$ 6,699	$ 6,383	$ 16,854	$ 16,704

SEGMENT REPORTING Reconciliation of Segment Profit to Net Income Attributable to Stockholders (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Segment Reporting [Abstract]
Total Segments' profit	$ 44,070	$ 42,120	$ 125,974	$ 123,966
General and administrative	(4,682)	(4,031)	(13,929)	(12,658)
Depreciation and amortization	(16,352)	(16,648)	(50,902)	(50,614)
Interest expense	13,325	14,764	40,396	44,244
Other income (expense), net	(621)	(419)	352	(763)
NET INCOME	9,090	6,258	21,099	15,687
Net income attributable to restricted shares	(95)	(132)	(259)	(397)
Net income attributable to unitholders in the Operating Partnership	2,578	1,903	6,108	4,752
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$ 6,417	$ 4,223	$ 14,732	$ 10,538

SEGMENT REPORTING Net Real Estate and Secured Note Payable Balances (Details) (USD $)
In Thousands, unless otherwise specified

Sep. 30, 2014

Dec. 31, 2013

Segment Reporting Information [Line Items]

Net Real Estate

$ 1,738,039

$ 1,676,836

Secured Notes Payable

961,090

^[1]

962,259

^[1]

Unamortized fair value adjustment

7,900

10,085

Total Retail

Segment Reporting Information [Line Items]

Net Real Estate

641,406

651,707

Secured Notes Payable

302,823

^[1]

303,249

^[1]

Total Office

Segment Reporting Information [Line Items]

Net Real Estate

754,608

750,890

Secured Notes Payable

426,513

^[1]

427,256

^[1]

Total Multifamily

Segment Reporting Information [Line Items]

Net Real Estate

146,302

74,612

Secured Notes Payable

101,444

^[1]

101,444

^[1]

Total Mixed-Use

Segment Reporting Information [Line Items]

Net Real Estate

195,723

199,627

Secured Notes Payable

$ 130,310

^[1]

$ 130,310

^[1]

[1]	Excludes unamortized fair market value adjustments of $7.9 million and $10.1 million as of September 30, 2014 and December 31, 2013, respectively.

SEGMENT REPORTING Capital Expenditures (Details) (USD $)
In Thousands, unless otherwise specified

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2012

Segment Reporting Information [Line Items]

Capital Expenditures

$ 34,793

^[1]

$ 12,932

^[1]

$ 97,682

^[1]

$ 35,480

^[1]

Total Retail

Segment Reporting Information [Line Items]

Capital Expenditures

2,094

^[1]

616

^[1]

4,725

^[1]

3,143

^[1]

Total Office

Segment Reporting Information [Line Items]

Capital Expenditures

7,247

^[1]

6,785

^[1]

22,928

^[1]

20,674

^[1]

Total Multifamily

Segment Reporting Information [Line Items]

Capital Expenditures

25,007

^[1]

5,256

^[1]

66,647

^[1]

11,017

^[1]

Total Mixed-Use

Segment Reporting Information [Line Items]

Capital Expenditures

$ 445

^[1]

$ 275

^[1]

$ 3,382

^[1]

$ 646

^[1]

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

SUBSEQUENT EVENTS (Details) (USD $)

9 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Waikele Center

Oct. 31, 2014

Waikele Center

Subsequent Event

Oct. 31, 2014

Senior Notes

Note Purchase Agreement

Subsequent Event

Oct. 31, 2014

Senior Notes

Note Purchase Agreement

Subsequent Event

Nov. 07, 2014

Senior Notes, Series A

Note Purchase Agreement

Subsequent Event

Oct. 31, 2014

Senior Notes, Series A

Note Purchase Agreement

Subsequent Event

Oct. 31, 2014

Senior Notes, Series B

Note Purchase Agreement

Subsequent Event

Oct. 31, 2014

Senior Notes, Series C

Note Purchase Agreement

Subsequent Event

Subsequent Event [Line Items]

Face amount of debt

$ 350,000,000

$ 150,000,000

$ 100,000,000

Stated Interest Rate (in percent)

5.15%

^[1],[2]

4.00%

5.00%

Repayments of Secured Debt

1,169,000

2,749,000

140,700,000

Long-term debt outstanding

$ 953,190,000

$ 952,174,000

$ 150,000,000

Partial debt repayment, minimum percentage of principal (in percent)

5.00%

Full debt repayment percentage of principal plus a Make-Whole Amount (in percent)

100.00%

[1]	Loan repaid in full, without premium or penalty, on October 31, 2014 in connection with the closing of our privately placed debt offering of $150 million of seven-year senior guaranteed notes with an effective rate of approximately 3.88% (including interest rate swap costs).
[2]	Interest only.

- 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