Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2014	Feb. 20, 2015	Jun. 30, 2014
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	AAT
Entity Registrant Name	AMERICAN ASSETS TRUST, INC.
Entity Central Index Key	0001500217
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		43,567,365
Entity Public Float			$ 1,256,800,000
American Assets Trust, L.P.
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Entity Registrant Name	AMERICAN ASSETS TRUST, L.P.
Entity Central Index Key	0001509570
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	No
Entity Voluntary Filers	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		0
Entity Public Float			$ 0

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
ASSETS
Operating real estate	$ 1,931,698	$ 1,919,015
Construction in progress	195,736	67,389
Held for development	9,390	9,013
Total Real estate, at cost	2,136,824	1,995,417
Accumulated depreciation	(361,424)	(318,581)
Net real estate	1,775,400	1,676,836
Cash and cash equivalents	59,357	48,987	42,479
Restricted cash	10,994	9,124
Accounts receivable, net	6,727	7,295
Deferred rent receivables, net	35,883	32,531
Other assets, net	53,401	57,670
TOTAL ASSETS	1,941,762	1,832,443
LIABILITIES AND EQUITY
Secured notes payable	812,811	952,174
Unsecured notes payable	250,000	0
Unsecured line of credit	0	93,000
Accounts payable and accrued expenses	50,861	37,063
Security deposits payable	5,521	5,163
Other liabilities and deferred credits	55,993	58,465
Total liabilities	1,175,186	1,145,865
Commitments and contingencies (Note 13)
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 43,701,669 and 40,512,563 shares issued and outstanding at December 31, 2014 and 2013, respectively	437	405
Additional paid-in capital	795,065	692,196
Accumulated dividends in excess of net income	(60,291)	(44,090)
Accumulated other comprehensive income	92	0
Total American Assets Trust, Inc. stockholders' equity	735,303	648,511
Noncontrolling interests	31,273	38,067
Total equity	766,576	686,578	685,729
TOTAL LIABILITIES AND EQUITY	1,941,762	1,832,443
American Assets Trust, L.P.
ASSETS
Operating real estate	1,931,698	1,919,015
Construction in progress	195,736	67,389
Held for development	9,390	9,013
Total Real estate, at cost	2,136,824	1,995,417
Accumulated depreciation	(361,424)	(318,581)
Net real estate	1,775,400	1,676,836
Cash and cash equivalents	59,357	48,987	42,479
Restricted cash	10,994	9,124
Accounts receivable, net	6,727	7,295
Deferred rent receivables, net	35,883	32,531
Other assets, net	53,401	57,670
TOTAL ASSETS	1,941,762	1,832,443
LIABILITIES AND EQUITY
Secured notes payable	812,811	952,174
Unsecured notes payable	250,000	0
Unsecured line of credit	0	93,000
Accounts payable and accrued expenses	50,861	37,063
Security deposits payable	5,521	5,163
Other liabilities and deferred credits	55,993	58,465
Total liabilities	1,175,186	1,145,865
American Assets Trust, Inc. stockholders' equity
Accumulated other comprehensive income	130	0
TOTAL LIABILITIES AND EQUITY	1,941,762	1,832,443
Partners' Capital [Abstract]
Limited partners' capital, 17,905,257 and 17,917,109 units issued and outstanding as of December 31, 2014 and December 31, 2013, respectively	31,235	38,067
General partners' capital, 43,701,669 and 40,512,563 units issued and outstanding as of December 31, 2014 and December 31, 2013, respectively	735,211	648,511
Total capital	$ 766,576	$ 686,578	$ 685,729

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	490,000,000	490,000,000
Common stock, shares outstanding	43,701,669	40,512,563
American Assets Trust, L.P.
Limited Partners' Capital Account, Units Issued	17,905,257	17,917,109
Limited Partners' Capital Account, Units Outstanding	17,905,257	17,917,109
General Partners' Capital Account, Units Issued	43,701,669	40,512,563
General Partners' Capital Account, Units Outstanding	43,701,669	40,512,563

Consolidated Statements of Income (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REVENUE:
Rental income	$ 246,078	$ 242,757	$ 225,249
Other property income	13,922	12,300	10,217
Total revenue	260,000	255,057	235,466
EXPENSES:
Rental expenses	68,267	68,608	64,089
Real estate taxes	22,964	21,378	22,025
General and administrative	18,532	17,195	15,593
Depreciation and amortization	66,568	66,775	61,853
Total operating expenses	176,331	173,956	163,560
Operating income (loss)	83,669	81,101	71,906
Interest expense	(52,965)	(58,020)	(57,328)
Other income (expense), net	441	(487)	(629)
INCOME FROM CONTINUING OPERATIONS	31,145	22,594	13,949
Discontinued operations
Income from discontinued operations	0	0	932
Gain on sale of real estate property	0	0	36,720
Results from discontinued operations	0	0	37,652
NET INCOME	31,145	22,594	51,601
Net income attributable to restricted shares	(374)	(536)	(529)
Net income attributable to unitholders in the Operating Partnership	(9,015)	(6,838)	(16,134)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	21,756	15,220	34,938
EARNINGS PER COMMON SHARE, BASIC
Continuing operations (in dollars per share)	$ 0.52	$ 0.38	$ 0.24
Discontinued operations (in dollars per share)	$ 0.00	$ 0.00	$ 0.66
Basic net income attributable to common stockholders per share (in dollars per share)	$ 0.52	$ 0.38	$ 0.90
Weighted average shares of common stock outstanding-basic (in shares)	42,041,126	39,539,457	38,736,113
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations (in dollars per share)	$ 0.51	$ 0.38	$ 0.24
Discontinued operations (in dollars per share)	$ 0.00	$ 0.00	$ 0.66
Diluted net income attributable to common stockholders per share (in dollars per share)	$ 0.51	$ 0.38	$ 0.90
Weighted average shares of common stock outstanding-diluted (in shares)	59,947,474	57,515,810	57,053,909
COMPREHENSIVE INCOME
Net income	31,145	22,594	51,601
Reclassification of amortization of forward starting swap included in interest expense	(39)	0	0
Comprehensive income	31,275	22,594	51,601
Comprehensive income attributable to non-controlling interest	(9,053)	(6,838)	(16,134)
Comprehensive income attributable to American Assets Trust, Inc.	22,222	15,756	35,467
American Assets Trust, L.P.
REVENUE:
Rental income	246,078	242,757	225,249
Other property income	13,922	12,300	10,217
Total revenue	260,000	255,057	235,466
EXPENSES:
Rental expenses	68,267	68,608	64,089
Real estate taxes	22,964	21,378	22,025
General and administrative	18,532	17,195	15,593
Depreciation and amortization	66,568	66,775	61,853
Total operating expenses	176,331	173,956	163,560
Operating income (loss)	83,669	81,101	71,906
Interest expense	(52,965)	(58,020)	(57,328)
Other income (expense), net	441	(487)	(629)
INCOME FROM CONTINUING OPERATIONS	31,145	22,594	13,949
Discontinued operations
Income from discontinued operations	0	0	932
Gain on sale of real estate property	0	0	36,720
Results from discontinued operations	0	0	37,652
NET INCOME	31,145	22,594	51,601
Net income attributable to restricted shares	(374)	(536)	(529)
Net income attributable to unitholders in the Operating Partnership	(9,015)	(6,838)	(16,134)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	21,756	15,220	34,938
EARNINGS PER COMMON SHARE, BASIC
Continuing operations (in dollars per share)	$ 0.52	$ 0.38	$ 0.24
Discontinued operations (in dollars per share)	$ 0.00	$ 0.00	$ 0.66
Basic net income attributable to common stockholders per share (in dollars per share)	$ 0.52	$ 0.38	$ 0.90
Weighted average shares of common stock outstanding-basic (in shares)	42,041,126	39,539,457	38,736,113
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations (in dollars per share)	$ 0.51	$ 0.38	$ 0.24
Discontinued operations (in dollars per share)	$ 0.00	$ 0.00	$ 0.66
Diluted net income attributable to common stockholders per share (in dollars per share)	$ 0.51	$ 0.38	$ 0.90
Weighted average shares of common stock outstanding-diluted (in shares)	59,947,474	57,515,810	57,053,909
DISTRIBUTIONS PER UNIT	$ 0.8925	$ 0.85	$ 0.84
COMPREHENSIVE INCOME
Net income	31,145	22,594	51,601
Reclassification of amortization of forward starting swap included in interest expense	(39)	0	0
Comprehensive income	31,275	22,594	51,601
Limited Partner \| American Assets Trust, L.P.
Discontinued operations
NET INCOME	9,015	6,838	16,134
COMPREHENSIVE INCOME
Net income	9,015	6,838	16,134
Comprehensive income attributable to American Assets Trust, Inc.	(9,053)	(6,838)	(16,134)
General Partner \| American Assets Trust, L.P.
Discontinued operations
NET INCOME	22,130	15,756	35,467
COMPREHENSIVE INCOME
Net income	22,130	15,756	35,467
Comprehensive income attributable to American Assets Trust, Inc.	22,222	15,756	35,467
Swap
COMPREHENSIVE INCOME
Other comprehensive loss - unrealized loss on swap derivative during the period	(1,448)	0	0
Swap \| American Assets Trust, L.P.
COMPREHENSIVE INCOME
Other comprehensive loss - unrealized loss on swap derivative during the period	(1,448)
Forward Contracts
COMPREHENSIVE INCOME
Other comprehensive loss - unrealized loss on swap derivative during the period	1,617	0	0
Forward Contracts \| American Assets Trust, L.P.
COMPREHENSIVE INCOME
Other comprehensive loss - unrealized loss on swap derivative during the period	$ 1,617

Consolidated Statements of Equity (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Stock	Additional Paid-in Capital	Accumulated dividends in excess of net income	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests - Unitholders in the Operating Partnership	American Assets Trust, L.P.	Swap	Swap Accumulated Other Comprehensive Income (Loss)	Swap Noncontrolling Interests - Unitholders in the Operating Partnership	Swap American Assets Trust, L.P.	Forward Contracts	Forward Contracts Accumulated Other Comprehensive Income (Loss)	Forward Contracts Noncontrolling Interests - Unitholders in the Operating Partnership	Forward Contracts American Assets Trust, L.P.	Limited Partner American Assets Trust, L.P.	General Partner American Assets Trust, L.P.	Accumulated Other Comprehensive Income (Loss) American Assets Trust, L.P.	Accumulated Other Comprehensive Income (Loss) Swap American Assets Trust, L.P.	Accumulated Other Comprehensive Income (Loss) Forward Contracts American Assets Trust, L.P.
Partners' Capital at Dec. 31, 2011							$ 679,728									$ 53,697	$ 626,031	$ 0
Beginning Balance at Dec. 31, 2011	679,728	393	653,645	(28,007)	0	53,697
Partners' Capital Account, Units at Dec. 31, 2011																18,396,089	39,283,796
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	51,601			35,467		16,134	51,601									16,134	35,467
Conversion of operating partnership units (in shares)		372,654
Conversion of operating partnership units		4	7,092			(7,096)
Issuance of restricted stock (in shares)		10,015
Forfeiture of restricted stock (in shares)		(2,253)
Dividends declared and paid	(48,452)			(33,085)		(15,367)
Stock-based compensation	2,852		2,852
Other comprehensive income (loss) unrealized gain (loss) on derivatives								0				0
Reclassification of amortization of forward starting swap included in interest expense	0						0
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	51,601			35,467		16,134	51,601									16,134	35,467
Conversion of operating partnership units (in shares)																(372,654)	372,654
Conversion of operating partnership units																(7,096)	7,096
Issuance of restricted units (in shares)																	10,015
Forfeiture of restricted units																	(2,253)
Distributions							(48,452)									(15,367)	(33,085)
Stock-based compensation							2,852										2,852
Shares, Outstanding		39,664,212
Partners' Capital at Dec. 31, 2012							685,729									47,368	638,361	0
Ending Balance at Dec. 31, 2012	685,729	397	663,589	(25,625)	0	47,368
Partners' Capital Account, Units at Dec. 31, 2012																18,023,435	39,664,212
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,865						4,865
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	4,865						4,865
Partners' Capital at Mar. 31, 2013
Partners' Capital at Dec. 31, 2012							685,729									47,368	638,361	0
Beginning Balance at Dec. 31, 2012	685,729	397	663,589	(25,625)	0	47,368
Partners' Capital Account, Units at Dec. 31, 2012																18,023,435	39,664,212
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	22,594			15,756		6,838	22,594									6,838	15,756
Common shares issued (in shares)		741,452
Common shares issued	24,910	7	24,903
Conversion of operating partnership units (in shares)		106,326
Conversion of operating partnership units	0	1	859			(860)
Issuance of restricted stock (in shares)		5,004
Issuance of restricted stock	0	0
Forfeiture of restricted stock (in shares)		(4,431)
Forfeiture of restricted stock	0	0
Dividends declared and paid	(49,500)			(34,221)		(15,279)
Stock-based compensation	2,845		2,845
Other comprehensive income (loss) unrealized gain (loss) on derivatives								0				0
Reclassification of amortization of forward starting swap included in interest expense	0						0
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	22,594			15,756		6,838	22,594									6,838	15,756
Conversion of operating partnership units (in shares)																(106,326)	106,326
Conversion of operating partnership units																(860)	860
Issuance of restricted units (in shares)																	5,004
Forfeiture of restricted units																	(4,431)
Distributions							(49,500)									(15,279)	(34,221)
Stock-based compensation							2,845										2,845
Contributions from American Assets Trust, Inc. (in shares)																	741,452
Contributions from American Assets Trust, Inc.							24,910										24,910
Shares, Outstanding		40,512,563
Partners' Capital at Dec. 31, 2013							686,578									38,067	648,511
Ending Balance at Dec. 31, 2013	686,578	405	692,196	(44,090)		38,067
Partners' Capital Account, Units at Dec. 31, 2013																17,917,109	40,512,563
Ending Balance (in shares) at Dec. 31, 2013	40,512,563
Partners' Capital at Sep. 30, 2013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,907						6,907
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	6,907						6,907
Partners' Capital at Dec. 31, 2013							686,578
Ending Balance at Dec. 31, 2013	686,578
Ending Balance (in shares) at Dec. 31, 2013	40,512,563
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,658						6,658
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	6,658						6,658
Partners' Capital at Mar. 31, 2014
Partners' Capital at Dec. 31, 2013							686,578									38,067	648,511	0
Beginning Balance at Dec. 31, 2013	686,578	405	692,196	(44,090)	0	38,067
Partners' Capital Account, Units at Dec. 31, 2013																17,917,109	40,512,563
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	31,145			22,130		9,015	31,145									9,015	22,130
Common shares issued (in shares)		3,110,067
Common shares issued	104,148	31	104,117
Conversion of operating partnership units (in shares)		11,852
Conversion of operating partnership units			(133)			133
Issuance of restricted stock (in shares)		216,748
Issuance of restricted stock	0	2	(2)
Forfeiture of restricted stock (in shares)		(1,192)
Forfeiture of restricted stock	0	0
Dividends declared and paid	(54,311)			(38,331)		(15,980)
Stock-based compensation	3,666		3,666
Shares withheld for employee taxes (in shares)		(148,369)															148,369
Shares withheld for employee taxes	(4,780)	(1)	(4,779)				4,780										4,780
Other comprehensive income (loss) unrealized gain (loss) on derivatives								(1,448)	(1,024)	(424)	(1,448)	1,617	1,144	473	1,617				(1,448)	1,617
Reclassification of amortization of forward starting swap included in interest expense	(39)				(28)	(11)	(39)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	31,145			22,130		9,015	31,145									9,015	22,130
Conversion of operating partnership units (in shares)																(11,852)	11,852
Conversion of operating partnership units																133	(133)
Issuance of restricted units (in shares)																	216,748
Forfeiture of restricted units																	(1,192)
Distributions							(54,311)									(15,980)	(38,331)
Stock-based compensation							3,666										3,666
Contributions from American Assets Trust, Inc. (in shares)																	3,110,067
Contributions from American Assets Trust, Inc.							104,148										104,148
Reclassification of amortization of forward starting swap included in interest expense							(39)											(39)
Shares, Outstanding		43,701,669
Partners' Capital at Dec. 31, 2014							766,576									31,235	735,211	130
Ending Balance at Dec. 31, 2014	766,576	437	795,065	(60,291)	92	31,273
Partners' Capital Account, Units at Dec. 31, 2014																17,905,257	43,701,669
Ending Balance (in shares) at Dec. 31, 2014	43,701,669
Partners' Capital at Sep. 30, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	10,046						10,046
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	10,046						10,046
Partners' Capital at Dec. 31, 2014							766,576
Ending Balance at Dec. 31, 2014	$ 766,576
Ending Balance (in shares) at Dec. 31, 2014	43,701,669

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
OPERATING ACTIVITIES
Net income	$ 31,145	$ 22,594	$ 51,601
Results from discontinued operations	0	0	(37,652)
Income from continuing operations	31,145	22,594	13,949
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(4,623)	(4,997)	(6,967)
Depreciation and amortization	66,568	66,775	61,853
Amortization of debt issuance costs and debt fair value adjustments	4,075	3,932	3,911
Stock-based compensation expense	3,666	2,845	2,852
Settlement of forward interest rate swap agreement	1,617	0	0
Other noncash interest expense	(39)	0	0
Other, net	(95)	848	2,422
Changes in operating assets and liabilities
Change in restricted cash	1,198	(755)	(1,000)
Change in accounts receivable	279	(45)	63
Change in other assets	(107)	(88)	143
Change in accounts payable and accrued expenses	1,381	1,167	(1,799)
Change in security deposits payable	358	307	(50)
Change in other liabilities and deferred credits	188	151	186
Net cash provided by operating activities of continuing operations	105,611	92,734	75,563
Net cash provided by operating activities of discontinued operations	0	0	382
Net cash provided by operating activities	105,611	92,734	75,945
INVESTING ACTIVITIES
Acquisition of real estate, net of cash acquired	0	0	(273,990)
Capital expenditures	(144,674)	(55,675)	(34,582)
Change in restricted cash, reserves for capital improvements	(3,068)	453	2,557
Leasing commissions	(5,098)	(3,032)	(3,456)
Maturity of marketable securities	0	0	4,384
Sale of marketable securities	0	0	23,191
Net cash used in investing activities of continuing operations	(152,840)	(58,254)	(281,896)
Net cash provided by investing activities of discontinued operations	0	0	87,601
Net cash used in investing activities	(152,840)	(58,254)	(194,295)
FINANCING ACTIVITIES
Change in restricted cash	0	(1,400)	0
Issuance of secured notes payable	0	0	132,900
Repayment of secured notes payable	(142,276)	(95,420)	(34,626)
Proceeds from term loan	100,000	0	0
Proceeds from unsecured line of credit	0	93,000	164,000
Repayment of unsecured line of credit	93,000	0	164,000
Proceeds from issuance of senior guaranteed notes payable	150,000	0	0
Debt issuance costs	(2,141)	0	(1,355)
Proceeds from issuance of common stock, net	104,107	25,348	0
Dividends paid to common stock and unitholders	(54,311)	(49,500)	(48,452)
Deferred offering costs	0	0	(361)
Shares withheld for employee taxes	(4,780)	0	0
Net cash provided by (used in) financing activities	57,599	(27,972)	48,106
Net (decrease) increase in cash and cash equivalents	10,370	6,508	(70,244)
Cash and cash equivalents, beginning of period	48,987	42,479	112,723
Cash and cash equivalents, end of period	59,357	48,987	42,479
American Assets Trust, L.P.
OPERATING ACTIVITIES
Net income	31,145	22,594	51,601
Results from discontinued operations	0	0	(37,652)
Income from continuing operations	31,145	22,594	13,949
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(4,623)	(4,997)	(6,967)
Depreciation and amortization	66,568	66,775	61,853
Amortization of debt issuance costs and debt fair value adjustments	4,075	3,932	3,911
Stock-based compensation expense	3,666	2,845	2,852
Settlement of forward interest rate swap agreement	1,617	0	0
Other noncash interest expense	(39)	0	0
Other, net	(95)	848	2,422
Changes in operating assets and liabilities
Change in restricted cash	1,198	(755)	(1,000)
Change in accounts receivable	279	(45)	63
Change in other assets	(107)	(88)	143
Change in accounts payable and accrued expenses	1,381	1,167	(1,799)
Change in security deposits payable	358	307	(50)
Change in other liabilities and deferred credits	188	151	186
Net cash provided by operating activities of continuing operations	105,611	92,734	75,563
Net cash provided by operating activities of discontinued operations	0	0	382
Net cash provided by operating activities	105,611	92,734	75,945
INVESTING ACTIVITIES
Acquisition of real estate, net of cash acquired	0	0	(273,990)
Capital expenditures	(144,674)	(55,675)	(34,582)
Change in restricted cash, reserves for capital improvements	(3,068)	453	2,557
Leasing commissions	(5,098)	(3,032)	(3,456)
Maturity of marketable securities	0	0	4,384
Sale of marketable securities	0	0	23,191
Net cash used in investing activities of continuing operations	(152,840)	(58,254)	(281,896)
Net cash provided by investing activities of discontinued operations	0	0	87,601
Net cash used in investing activities	(152,840)	(58,254)	(194,295)
FINANCING ACTIVITIES
Change in restricted cash	0	(1,400)	0
Issuance of secured notes payable	0	0	132,900
Repayment of secured notes payable	(142,276)	(95,420)	(34,626)
Proceeds from term loan	100,000	0	0
Proceeds from unsecured line of credit	0	93,000	164,000
Repayment of unsecured line of credit	93,000	0	164,000
Proceeds from issuance of senior guaranteed notes payable	150,000	0	0
Debt issuance costs	(2,141)	0	(1,355)
Proceeds from issuance of common stock, net	104,107	25,348	0
Dividends paid to common stock and unitholders	(54,311)	(49,500)	(48,452)
Deferred offering costs	0	0	(361)
Shares withheld for employee taxes	(4,780)	0	0
Net cash provided by (used in) financing activities	57,599	(27,972)	48,106
Net (decrease) increase in cash and cash equivalents	10,370	6,508	(70,244)
Cash and cash equivalents, beginning of period	48,987	42,479	112,723
Cash and cash equivalents, end of period	$ 59,357	$ 48,987	$ 42,479

Summary of Significant Accounting Policies (Notes)

12 Months Ended

Dec. 31, 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 (the “Offering”) and the related acquisition on January 19, 2011 of certain assets of a combination of entities whose assets included entities owned and/or controlled by Ernest S. Rady and his affiliates, including the Rady Trust, which in turn owned (1) controlling interests in entities owning 17 properties and the property management business of American Assets, Inc. and (2) noncontrolling interests in entities owning four properties. 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 REIT subsidiary. 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 vertically integrated and self-administered REIT with 113 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing.

Any reference to the number of properties or units and square footage or acres are unaudited and outside the scope of our independent registered public accounting firm's audit of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.

As of December 31, 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 December 31, 2014, we owned land at five of our properties that we classify as held for development and 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 – Construction in Progress
Lloyd District Portfolio – Construction in Progress

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.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management 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 management's best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.

Consolidated Statements of Cash Flows-Supplemental Disclosures

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



	Year Ended December 31,
	2014		2013		2012
Supplemental cash flow information
Total interest costs incurred	$	58,455	$	60,133	$	58,074
Interest capitalized	$	5,490	$	2,113	$	746
Interest expense	$	52,965	$	58,020	$	57,328
Cash paid for interest, net of amounts capitalized (including discontinued operations)	$	48,032	$	54,345	$	55,349
Cash paid for income taxes	$	404	$	901	$	1,239
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for construction in progress	$	9,908	$	5,001	$	4,944
Accrued leasing commissions	$	763	$	1,385	$	(782	)
Accrued placement fees for senior guaranteed notes payable	$	750	$	—	$	—
Reduction to capital for prepaid equity financing costs	$	40	$	437	$	—

Revenue Recognition and Accounts Receivable

Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, net of valuation adjustments, based on management's assessment of credit, collection and other business risks. When we determine that we are the owner of tenant improvements and the tenant has reimbursed us for a portion or all of the tenant improvement costs, we consider the amount paid to be additional rent, which is recognized on a straight-line basis over the term of the related lease. For first generation tenants, in instances in which we fund tenant improvements and the improvements are deemed to be owned by us, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When we determine that the tenant is the owner of tenant improvements, tenant allowances are recorded as lease incentives and we commence revenue recognition and lease incentive amortization when possession or control of the space is turned over to the tenant for tenant work to begin. Percentage rents, which represent additional rents based upon the level of sales achieved by certain tenants, are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved and the percentage rents are collectible. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred.

Other property income includes parking income, general excise tax billed to tenants and fees charged to tenants at our multifamily properties. Other property income is recognized when earned. We recognize general excise tax gross, with the amounts billed to tenants and customers recorded in other property income and the related taxes paid as rental expense. The general excise tax included in other income was $3.4 million, $3.5 million and $3.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees for which the tenant has relinquished control of the space are generally recognized on the termination date. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement.

We recognize revenue on the hotel portion of our mixed-use property from the rental of hotel rooms and guest services when the rooms are occupied and services have been provided. Food and beverage sales are recognized when the customer has been served or at the time the transaction occurs. Revenue from room rental is included in rental revenue on the statement of income. Revenue from other sales and services provided is included in other property income on the statement of income.

We make estimates of the collectability of our accounts receivable related to minimum rents, straight-line rents, expense reimbursements and other revenue. Accounts receivable and deferred rent receivable are carried net of this allowance for doubtful accounts. We generally do not require collateral or other security from our tenants, other than letters of credit or security deposits. Our determination as to the collectability of accounts receivable and correspondingly, the adequacy of this allowance, is based primarily upon evaluations of individual receivables, current economic conditions, historical experience and other relevant factors. The allowance for doubtful accounts is increased or decreased through bad debt expense. In some cases, primarily relating to straight-line rents, the collection of these amounts extends beyond one year. Our experience relative to unbilled straight-line rents is that a portion of the amounts otherwise recognizable as revenue is never billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Accordingly, the extended collection period for straight-line rents along with our evaluation of tenant credit risk may result in the nonrecognition of a portion of straight-line rental income until the collection of such income is reasonably assured. If our evaluation of tenant credit risk changes indicating more straight-line revenue is reasonably collectible than previously estimated and realized, the additional straight-line rental income is recognized as revenue. If our evaluation of tenant credit risk changes indicating a portion of realized straight-line rental income is no longer collectible, a reserve and bad debt expense is recorded. At December 31, 2014 and December 31, 2013, our allowance for doubtful accounts was $0.8 million and $1.0 million, respectively, and our allowance for deferred rent receivables was $1.2 million and $1.2 million, respectively. Total bad debt expense was $0.2 million, $0.1 million and $0.6 million for the years ended December 31, 2014, 2013 and 2012, respectively.

We recognize gains on sales of properties upon the closing of the transaction with the purchaser. Gains on properties sold are recognized using the full accrual method when (1) the collectability of the sales price is reasonably assured, (2) we are not obligated to perform significant activities after the sale, (3) the initial investment from the buyer is sufficient and (4) other profit recognition criteria have been satisfied. Gains on sales of properties may be deferred in whole or in part until the requirements for gain recognition have been met.

Real Estate

Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 30 years to a maximum of 40 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 3 years to 15 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to the contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. For the years ended December 31, 2014, 2013 and 2012, real estate depreciation expense was $56.0 million, $52.0 million and $47.8 million, respectively, including amounts from discontinued operations.

Acquisitions of properties are accounted for in accordance with the authoritative accounting guidance on acquisitions and business combinations. Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and appraised values. When we acquire operating real estate properties, the purchase price is allocated to land and buildings, intangibles such as in-place leases, and to current assets and liabilities acquired, if any. Such valuations include a consideration of the noncancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below market renewal options are determined based on a review of several qualitative and quantitative factors on a lease-by-lease basis at acquisition to determine whether it is probable that the tenant would exercise its option to renew the lease agreement. These factors include: (1) the type of tenant in relation to the property it occupies, (2) the quality of the tenant, including the tenant's long term business prospects and (3) whether the fixed rate renewal option was sufficiently lower than the fair rental of the property at the date the option becomes exercisable such that it would appear to be reasonably assured that the tenant would exercise the option to renew. The value allocated to in-place leases is amortized over the related lease term and reflected as depreciation and amortization in the statement of income.

The value of above and below market leases associated with the original noncancelable lease terms are amortized to rental income over the terms of the respective noncancelable lease periods and are reflected as either an increase (for below market leases) or a decrease (for above market leases) to rental income in the statement of income. The value of the leases associated with below market lease renewal options that are likely to be exercised are amortized to rental income over the respective renewal periods. If a tenant vacates its space prior to contractual termination of its lease or the lease is not renewed, the unamortized balance of any in-place lease value is written off to rental income and amortization expense. Acquisition-related expenses are expensed in the period incurred.

Capitalized Costs

We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance and construction costs and salaries and related costs of personnel directly involved. Additionally, we capitalize interest costs related to development and significant redevelopment activities. Capitalization of these costs begins when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine that the completion of development or redevelopment is no longer probable, we expense all capitalized costs which are not recoverable.

Impairment of Long Lived Assets

We review for impairment on a property by property basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell.

Financial Instruments

The estimated fair values of financial instruments are determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair values. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges.

Derivative Instruments

At times, we may use derivative instruments to manage exposure to variable interest rate risk. We may enter into interest rate swaps to manage our exposure to variable interest rate risk. If and when we enter into derivative instruments, we ensure that such instruments qualify as cash flow hedges and would not enter into derivative instruments for speculative purposes.

Any interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. We had no hedging instruments outstanding during 2013 or 2012. Concurrent with the closing of the 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 (see Note 9).

Cash and Cash Equivalents

We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity of less than 3 months. Cash balances in individual banks may exceed the federally insured limit of $250,000 by the Federal Deposit Insurance Corporation (the "FDIC"). No losses have been experienced related to such accounts. At December 31, 2014 and December 31, 2013, we had $32.4 million and $29.0 million, respectively, in excess of the FDIC insured limit. At December 31, 2014 and December 31, 2013, we had $20.0 million and $11.0 million, respectively, in money market funds that are not FDIC insured.

Restricted Cash

Restricted cash consists of amounts held by lenders to provide for future real estate tax expenditures, insurance expenditures and reserves for capital improvements. Activity for accounts related to real estate tax and insurance expenditures is classified as operating activities in the statement of cash flows. Changes in reserves for capital improvements are classified as investing activities in the statement of cash flows. At December 31, 2014 and 2013, we had $11.0 million and $9.1 million, respectively, in restricted cash.

Marketable Securities

Our portfolio of marketable securities was comprised of debt securities that are classified as trading. Trading securities are presented on our consolidated balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the mark-to-market of these securities were recognized as unrealized and realized gains or losses in income.

Other Assets

Other assets consist primarily of lease costs, lease incentives, acquired in-place leases, acquired above market leases and debt issuance costs. Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place and include third party commissions related to obtaining a lease. Capitalized lease costs are amortized over the life of the related lease and included in depreciation and amortization expense on the statement of income. If a tenant vacates its space prior to the contractual termination of its lease, the unamortized balance of any lease costs are written off. We view these lease costs as part of the up-front initial investment we made in order to generate a long-term cash inflow. Therefore, we classify cash outflows for lease costs as an investing activity in our consolidated statements of cash flows.

Costs related to the issuance of debt instruments are capitalized and are amortized as interest expense over the estimated life of the related issue using the straight-line method which approximates the effective interest method. If a debt instrument is paid off prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.” For the years ended December 31, 2014, 2013 and 2012 there were no early extinguishments of debt or write offs of debt issuance costs.

Variable Interest Entities

Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as variable interest entities (“VIEs”). VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is the party that has a controlling interest in the VIE. Identifying the party with the controlling interest requires a focus on which entity has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (1) the obligation to absorb the expected losses of the VIE or (2) the right to receive the benefits from the VIE. At December 31, 2014 we have no investments in real estate joint ventures and, accordingly we have no VEIs which need to be consolidated.

Stock-Based Compensation

We grant stock-based compensation awards to our employees and directors typically in the form of restricted shares of common stock, options to purchase common stock and/or shares of common stock. We measure stock-based compensation expense based on the fair value of the award on the grant date and recognize the expense ratably over the vesting period.

Deferred Compensation

Our Operating Partnership has adopted the American Assets Trust Executive Deferral Plan V (“EDP V”) and the American Assets Trust Executive Deferral Plan VI (“EDP VI”). These plans were adopted by our Operating Partnership as successor plans to those deferred compensation plans maintained by American Assets Inc. ("AAI") in which certain employees of AAI, who were transferred to us in connection with the Offering (the “Transferred Participants”), participated prior to the Offering. EDP V and EDP VI contain substantially the same terms and conditions as these predecessor plans. AAI transferred to our Operating Partnership the Transferred Participants' account balances under the predecessor plans. These transferred account balances represent amounts deferred by the Transferred Participants prior to the Offering while they were employed by AAI.

At the time eligible participants defer compensation, we record compensation cost and a corresponding deferred compensation plan liability, which is included in other liabilities and deferred credits on our consolidated balance sheets. This liability is adjusted to fair value at the end of each accounting period based on the performance of the benchmark funds selected by each participant, and the impact of adjusting the liability to fair value is recorded as an increase or decrease to compensation cost.

Income Taxes

We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with the taxable year ending December 31, 2011. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we maintain our qualification for taxation 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. If we fail to maintain our qualification as a REIT in any taxable year, and are unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to federal income tax at regular corporate rates, including any applicable alternative minimum tax. We are subject to certain state and local income taxes.

We, together with one of our subsidiaries, have elected to treat such subsidiary as a taxable REIT subsidiary (a “TRS”) for federal income tax purposes. Certain activities that we undertake must be conducted by a TRS, such as non-customary services for our tenants, and holding assets that we cannot hold directly. A TRS is subject to federal and state income taxes.

Segment Information

Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel.

Recent Accounting Pronouncements

In February 2013, the 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

Real Estate (Notes)

12 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

REAL ESTATE

A summary of our real estate investments is as follows (in thousands):



	Retail			Office			Multifamily			Mixed-Use			Total
December 31, 2014
Land	$	248,386		$	143,575		$	25,507		$	76,635		$	494,103
Buildings	500,088			621,343			42,270			125,798			1,289,499
Land improvements	39,999			8,273			3,085			2,363			53,720
Tenant improvements	50,504			56,127			—			1,679			108,310
Furniture, fixtures, and equipment	491			750			5,832			5,383			12,456
Construction in progress	5,327			31,878			141,205			326			178,736			⁽¹⁾
	844,795			861,946			217,899			212,184			2,136,824
Accumulated depreciation	(205,339		)	(104,092		)	(35,431		)	(16,562		)	(361,424		)
Net real estate	$	639,456		$	757,854		$	182,468		$	195,622		$	1,775,400
December 31, 2013
Land	$	248,008		$	143,575		$	25,507		$	76,635		$	493,725
Buildings	499,091			618,077			42,270			123,142			1,282,580
Land improvements	39,892			7,528			3,010			2,363			52,793
Tenant improvements	46,649			51,016			—			1,697			99,362
Furniture, fixtures, and equipment	489			517			5,482			10,080			16,568
Construction in progress	2,673			14,189			32,252			1,275			50,389			⁽¹⁾
	836,802			834,902			108,521			215,192			1,995,417
Accumulated depreciation	(185,095		)	(84,012		)	(33,909		)	(15,565		)	(318,581		)
Net real estate	$	651,707		$	750,890		$	74,612		$	199,627		$	1,676,836

(1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets.

Acquisitions

2012 Acquisitions

On January 24, 2012, we acquired One Beach Street, consisting of approximately 97,000 square feet in a three-story fully renovated historic office building located along the Embarcadero in San Francisco's North Waterfront District. The purchase price was approximately $36.5 million, excluding closing costs of approximately $0.02 million, which are included in other income (expense), net on the statement of income. The identified intangible assets and liabilities are being amortized over a weighted average life of 7.0 years.

On August 21, 2012, we acquired City Center Bellevue, a 27-story LEED-EB Gold certified office tower, consisting of approximately 497,000 square feet, located in Bellevue, Washington. The purchase price was approximately $228.8 million, excluding closing costs of approximately $0.1 million, which are included in other income (expense), net on the statement of income. Additionally, we received credits to our purchase price of approximately $6.9 million that primarily relate to outstanding tenant improvement obligations and rent abatements. The identified intangible assets and liabilities are being amortized over a weighted average life of 5.8 years.

On December 19, 2012, we acquired Geary Marketplace, a newly constructed, approximately 35,000 square foot, 100% leased, grocery-anchored shopping center in Walnut Creek, California. The purchase price was approximately $21.0 million, excluding closing costs of approximately $0.02 million, which are included in other income (expense), net on the statement of income. The identified intangible assets and liabilities are being amortized over a weighted average life of 19.8 years.

The fair values assigned to identifiable intangible assets acquired were based on estimates and assumptions determined by management. Using information available at the time the acquisition closed, we allocated the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. The allocation of the purchase price for each of One Beach Street, City Center Bellevue and Geary Marketplace is as follows (in thousands):



	One Beach Street		City Center Bellevue		Geary Marketplace		Total
Land	$	15,332	$	25,135	$	8,239	$	48,706
Building	16,764		185,653		11,179		213,596
Land improvements	30		154		704		888
Tenant improvements	1,223		5,191		470		6,884
Total real estate	33,349		216,133		20,592		270,074
Lease intangibles	4,141		11,870		1,017		17,028
Prepaid expenses and other assets	1		2,596		414		3,011
Total assets	$	37,491	$	230,599	$	22,023	$	290,113
Accounts payable and accrued expenses	$	94	$	456	$	—	$	550
Security deposits payable	75		740		—		815
Lease intangibles	1,382		8,733		1,124		11,239
Other liabilities and deferred credits	22		497		—		519
Total liabilities	$	1,573	$	10,426	$	1,124	$	13,123

We have included the results of operations for One Beach Street, City Center Bellevue and Geary Marketplace in our consolidated statements of income from the date of acquisition. For the period of acquisition through December 31, 2012, One Beach Street contributed $3.9 million to total revenue, $1.0 million to operating expenses, $2.9 million to operating income and $0.6 million to net income. For the period of acquisition through December 31, 2012, City Center Bellevue contributed $7.0 million to total revenue, $1.6 million to operating expenses, $5.4 million to operating income and an insignificant amount to net income. For the period of acquisition through December 31, 2012, Geary Marketplace contributed an insignificant amount to total revenue, expenses, operating income and net income.

Dispositions

On December 4, 2012, we sold 160 King Street for a sales price of approximately $93.8 million. The property is located in San Francisco, California and was previously included in our office segment. The decision to sell 160 King Street was a result of our desire to focus resources on our core, high-barrier-to-entry markets. The sale was completed as a reverse tax deferred exchange in conjunction with the acquisition of City Center Bellevue pursuant to the provisions of Section 1031 of the Code and applicable state revenue and taxation code sections. As a result of the sale, 160 King Street no longer serves as a borrowing base property under our amended and restated credit facility.

We determined that 160 King Street became a discontinued operation in the fourth quarter of 2012. We have, therefore, classified 160 King Street's net assets, liabilities and operating results as discontinued operations on our balance sheets and our statements of income for all periods prior to the sale.

Net revenue and net income from the property's discontinued operations were as follows (in thousands):



	Year Ended December 31,
	2014		2013		2012
Net revenue from discontinued operations	$	—	$	—	$	6,734
Results from discontinued operations
Income from discontinued operations	—		—		932
Gain on sale of real estate from discontinued operations	—		—		36,720
Total income from discontinued operations	$	—	$	—	$	37,652

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References+ Details

Acquired In-Place Leases and Above/Below Market Leases (Notes)

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES

The following summarizes our acquired lease intangibles, which are included in other assets and other liabilities and deferred credits (in thousands):



	December 31, 2014			December 31, 2013
In-place leases	$	53,967		$	62,813
Accumulated amortization	(35,336		)	(38,279		)
Above market leases	22,500			28,279
Accumulated amortization	(17,397		)	(20,880		)
Acquired lease intangible assets, net	$	23,734		$	31,933
Below market leases	$	70,013		$	76,502
Accumulated accretion	(27,161		)	(28,592		)
Acquired lease intangible liabilities, net	$	42,852		$	47,910

The value allocated to in-place leases is amortized over the related lease term as depreciation and amortization expense in the statement of income. Above and below market leases are amortized over the related lease term as additional rental income for below market leases or a reduction of rental income for above market leases in the statement of income. Rental income (loss) includes net amortization from acquired above and below market leases of $2.8 million, $2.4 million and $(0.2) million in 2014, 2013 and 2012, respectively. The remaining weighted-average amortization period as of December 31, 2014, is 2.4 years, 1.4 years and 8.5 years for in-place leases, above market leases and below market leases, respectively. Below market leases include $17.5 million related to below market renewal options, and the weighted-average period prior to the commencement of the renewal options is 10.8 years.

Increases (decreases) in net income as a result of amortization of our in-place leases, above market leases and below market leases are as follows (in thousands):



	Year Ended December 31,
	2014			2013			2012
Amortization of in-place leases	$	(5,903	)	$	(9,120	)	$	(10,248	)
Amortization of above market leases	(2,296		)	(4,052		)	(5,739		)
Amortization of below market leases	5,057			6,440			5,502
Net loss	$	(3,142	)	$	(6,732	)	$	(10,485	)

As of December 31, 2014, the amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows (in thousands):



	In-Place Leases		Above Market Leases		Below Market Leases
Year Ending December 31,
2015	$	4,744	$	1,752	$	4,667
2016	3,954		1,263		4,525
2017	3,189		932		4,169
2018	1,893		628		3,649
2019	1,452		318		3,560
Thereafter	3,399		210		22,282
	$	18,631	$	5,103	$	42,852

Marketable Securities (Notes)	12 Months Ended
Marketable Securities (Notes)	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES Our portfolio of marketable securities was comprised of debt securities that were classified as trading securities. Our marketable securities consisted of investments in mortgage-backed securities issued by the Government National Mortgage Association (“GNMA securities”). We reported our trading securities at fair value, using prices provided by independent market participants that are based on observable inputs using market-based valuation techniques (Level 2 of the fair value hierarchy-see Note 5). On August 20, 2012, we sold all of our outstanding GNMA securities with a realized loss of $0.7 million for the year ended December 31, 2012.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

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

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+ Details

Fair Value of Financial Instruments (Notes)

12 Months Ended

Dec. 31, 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

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.

Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. Financial assets and liabilities whose fair values we measure on a recurring basis using Level 2 inputs consist of our deferred compensation liability and interest rate swap liability. We measure the fair values of these liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques provided by third parties using proprietary valuation models and analytical tools as of December 31, 2014 and 2013. These valuation models and analytical tools use market pricing or similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers.

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):



	December 31, 2014								December 31, 2013
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Deferred compensation liability	$	—	$	981	$	—	$	981	$	—	$	769	$	—	$	769
Interest rate swap liability	$	—	$	1,448	$	—	$	1,448	$	—	$	—	$	—	$	—

The fair value of our secured notes payable and unsecured notes payable is sensitive to fluctuations in interest rates. Discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable, using rates ranging from 3.6% to 5.7%.

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 line of credit and term loan set forth below are deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. A summary of the carrying amount and fair value of our financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands):



	December 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured notes payable	$	812,811	$	850,475	$	952,174	$	990,296
Term loan	$	100,000	$	100,000	$	—	$	—
Senior guaranteed notes, Series A	$	150,000	$	154,560	$	—	$	—
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

Debt (Notes)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

DEBT

Debt of American Assets Trust, Inc.

American Assets Trust, Inc. does not hold any indebtedness. All debt is held directly or indirectly by the Operating Partnership; however, American Assets Trust, Inc. has guaranteed the Operating Partnership's amended and restated credit facility, term loan and carve-out guarantees on property-level debt.

Debt of American Assets Trust, L.P.

Secured notes payable

The following is a summary of the Operating Partnership's total secured notes payable outstanding as of December 31, 2014 and December 31, 2013 (in thousands):



Description of Debt	Principal Balance as of						Stated Interest Rate		Stated Maturity Date
Description of Debt	December 31, 2014			December 31, 2013			as of December 31, 2014		Stated Maturity Date
Waikele Center ⁽¹⁾⁽²⁾	—			140,700			—		November 1, 2014
The Shops at Kalakaua ⁽¹⁾⁽³⁾	19,000			19,000			5.45	%	May 1, 2015
The Landmark at One Market ⁽¹⁾⁽⁵⁾	133,000			133,000			5.61	%	July 5, 2015
Del Monte Center ⁽¹⁾⁽⁴⁾	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 ⁽⁶⁾	36,376			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 ⁽⁶⁾	21,075			21,377			7.22	%	June 1, 2019
Torrey Reserve—VCI, VCII, VCIII ⁽⁶⁾	7,101			7,200			6.36	%	June 1, 2020
Solana Beach Corporate Centre I-II ⁽⁶⁾	11,302			11,475			5.91	%	June 1, 2020
Solana Beach Towne Centre ⁽⁶⁾	37,675			38,249			5.91	%	June 1, 2020
City Center Bellevue ⁽¹⁾	111,000			111,000			3.98	%	November 1, 2022
Total	819,983			962,259
Unamortized fair value adjustment	(7,172		)	(10,085		)
Total Secured Notes Payable	$	812,811		$	952,174


(1)	Interest only.


(2)	Loan repaid in full, without premium or penalty, on October 31, 2014


(3)	Loan repaid in full, without premium or penalty, on February 2, 2015.


(4)	Loan repaid in full, without premium or penalty, on February 6, 2015.


(5)	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.


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

On October 10, 2012, the Operating Partnership entered into a ten-year non-recourse mortgage loan with PNC Bank, National Association with an original principal amount of $111.0 million. The loan is secured by a first-priority deed of trust on City Center Bellevue and an assignment of all leases, rents and security deposits relating to City Center Bellevue. The loan has a maturity date of November 1, 2022, bears interest at a fixed rate per annum of 3.98% and is interest only.

On March 29, 2012, the Operating Partnership entered into a seven-year non-recourse mortgage loan with PNC Bank, National Association with an original principal amount of $21.9 million. The loan is secured by a first-priority deed of trust on One Beach Street and an assignment of all leases, rents and security deposits relating to One Beach Street. The loan has a maturity date of April 1, 2019, bears interest at a fixed rate per annum of 3.94% and is interest only.

Unsecured notes payable

The following is a summary of the Operating Partnership's total unsecured notes payable outstanding as of December 31, 2014 and December 31, 2013 (in thousands):



Description of Debt	Principal Balance as of				Stated Interest Rate	Stated Maturity Date
Description of Debt	December 31, 2014		December 31, 2013		as of December 31, 2014	Stated Maturity Date
Term Loan	$	100,000	$	—	Variable ⁽¹⁾	January 9, 2019 ⁽²⁾
Senior Guaranteed Notes, Series A	150,000		—		4.04% ⁽³⁾	October 31, 2021
Total Unsecured Notes Payable	$	250,000	$	—


(1)	The company has entered into an interest rate swap agreement that is intended to fix the interest rate associated with the loan term at approximately 3.08% through its maturity date and extension options, subject to adjustments based on the Operating Partnership's consolidated leverage ratio.


(2)	The Operating Partnership has an 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 the Operating Partnership subject to the satisfaction of certain conditions.


(3)	The company entered into a one-month forward-starting seven-year swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately $1.6 million (see Note 9). The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.

On October 31, 2014, the Operating Partnership entered into a note purchase agreement (the "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 (1) $150 million are designated as 4.04% Senior Guaranteed Notes, Series A, due October 31, 2021 (the “Series A Notes”), (2) $100 million are designated as 4.45% Senior Guaranteed Notes, Series B, due February 2, 2025 (the “Series B Notes”) and (3) $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 were issued on February 2, 2015 and the Series C Notes are expected to be issued on April 1, 2015, 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. As of December 31, 2014, $150 million of the Series A Notes were outstanding with an all in effective interest rate of approximately 3.88% (including interest rate swap costs).

The Operating Partnership 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.

The Operating Partnership's obligations under the Notes are fully and unconditionally guaranteed by the Operating Partnership and certain of the Operating Partnership's subsidiaries.

Certain loans require the Operating Partnership to comply with various financial covenants, including the maintenance of minimum debt coverage ratios. As of December 31, 2014, the Operating Partnership was in compliance with all loan covenants.

Scheduled principal payments on secured and unsecured notes payable as of December 31, 2014 are as follows (in thousands):



2015	$	235,980
2016	113,974
2017	190,139
2018	75,224
2019	142,662
Thereafter	312,004
	$	1,069,983

Credit Facility

On January 19, 2011, the company and the Operating Partnership entered into a revolving credit facility, or the credit facility. A group of lenders for which an affiliate of Merrill Lynch, Pierce, Fenner & Smith Incorporated acts as administrative agent and joint arranger, and an affiliate of Wells Fargo Securities, LLC acts as syndication agent and joint arranger, provided commitments for a revolving credit facility allowing borrowings of up to $250.0 million. The credit facility also had an accordion feature that allowed the Operating Partnership to increase the availability thereunder up to a maximum of $400.0 million, subject to meeting specified requirements and obtaining additional commitments from lenders. The credit facility bore interest at the rate of either LIBOR or a base rate, in each case plus a margin that varied depending on our leverage ratio. The amount available for us to borrow under the credit facility was subject to the net operating income of our properties that form the borrowing base of the facility and a minimum implied debt yield of such properties.

On March 7, 2011, the credit facility was amended to allow the company or the Operating Partnership to purchase GNMA securities with maturities of up to 30 years. On January 10, 2012, the credit facility was amended a second time to (1) extend the maturity date to January 10, 2016 (with a one-year extension option), (2) decrease the applicable interest rates and (3) modify certain financial covenants contained therein. On September 7, 2012, the credit facility was amended a third time to allow our consolidated total secured indebtedness to be up to 55% of our secured total asset value for the period commencing upon the date that a material acquisition (generally, greater than $100 million) was consummated through and including the last day of the third fiscal quarter that followed such date.

On January 9, 2014, the company and the Operating Partnership entered into an amended and restated credit agreement, or 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, or the revolver loan, and a term loan of $100 million, or the term loan. The amended and restated credit facility has an accordion feature that may allow the Operating Partnership to increase the availability thereunder up to an additional $250 million, subject to meeting specified requirements and obtaining additional commitments from lenders.

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, (1) describe the treatment of our pari passu obligations under the amended and restated credit agreement and (2) remove the material acquisition provisions previously set forth in the amended and restated credit agreement.

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. The foregoing rates are more favorable than previously contained in the credit agreement in place as of December 31, 2013. If American Assets Trust, Inc. obtains 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 the Operating Partnership's option to extend the revolver loan up to two times, with each such extension for a six-month period.

Concurrent with the closing of the amended and restated credit facility, the Operating Partnership drew down on the entirety of the $100 million term loan remains outstanding and is included in unsecured notes payable as discussed above.

Additionally, the amended and restated credit facility includes a number of financial covenants, including:


•	A maximum leverage ratio (defined as total indebtedness net of certain cash and cash equivalents to total asset value) of 60%,


•	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,


•	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%,


•	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 American Assets Trust, Inc.'s annual distributions may not exceed the greater of (1) 95% of our funds from operations (“FFO”) or (2) the amount required for us to (a) qualify and maintain our REIT status and (b) avoid the payment of federal or state income or excise tax. If certain events of default exist or would result from a distribution, we may be precluded from making distributions other than those necessary to qualify and maintain our status as a REIT.

American Assets Trust, Inc. and certain of its subsidiaries guaranteed the obligations under the amended and restated credit facility, and certain of its subsidiaries pledged specified equity interests in our subsidiaries as collateral for our obligations under the amended and restated credit facility.

As of December 31, 2014, the Operating Partnership was in compliance with all then in-place amended and restated credit facility covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

Derivative and Hedging (Notes)

12 Months Ended

Dec. 31, 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 exposure to interest rate movement. To accomplish these objectives, we 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 our term loan of $100 million 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 December 31, 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	$	1,448

The effective portion of changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded as 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. 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's 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.

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+ Details

Partners Capital of American Assets Trust, L.P. (Notes)	12 Months Ended
Partners Capital of American Assets Trust, L.P. (Notes)	Dec. 31, 2014
Equity [Abstract]
PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. As of December 31, 2014, the Operating Partnership had 17,905,257 common units (the “Noncontrolling Common Units”) outstanding. American Assets Trust, Inc. owned 70.7% of the Operating Partnership at December 31, 2014. The remaining 29.3% of the partnership interests are owned by non-affiliated investors and certain of our directors and executive officers. Common units and shares of the company's common stock have essentially the same economic characteristics in that common units and shares of the company's common stock share equally in the total net income or loss distributions of the Operating Partnership. American Assets Trust, Inc. is the Operating Partnership’s general partner and is responsible for the management of the Operating Partnership’s business. As the general partner of the Operating Partnership, the company effectively controls the ability to issue common stock of American Assets Trust, Inc. upon a limited partner’s notice of redemption. Investors who own common units have the right to cause the Operating Partnership to redeem any or all of their common units for cash equal to the then-current market value of one share of the company's common stock, or, at the company's election, shares of the company's common stock on a one-for-one basis. In addition, American Assets Trust, Inc. has generally acquired common units upon a limited partner’s notice of redemption in exchange for shares of the company's common stock. The redemption provisions of common units owned by limited partners that permit the Operating Partnership to settle in either cash or common stock at the option of the company are further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Operating Partnership evaluated this guidance, including the requirement to settle in unregistered shares, and determined that these common units meet the requirements to qualify for presentation as permanent equity. During the years ended December 31, 2014, 2013 and 2012, approximately 11,852, 106,326 and 372,654, respectively, common units were converted into shares of the company's common stock.

- Definition

The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units.

+ References+ Details

Equity of American Assets Trust, Inc. (Notes)

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

EQUITY OF AMERICAN ASSETS TRUST, INC.

Stockholders' Equity

On May 6, 2013, we entered into an at-the-market (“ATM”) equity program with four sales agents pursuant to 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 ("the Securities Act"). For the year ended December 31, 2014, we issued 2,710,067 shares of common stock through the ATM equity program at a weighted average price per share of $33.84 for gross proceeds of $91.7 million and paid $0.9 million in sales agent compensation and $0.1 million in additional offering expenses related to the sales of these shares of common stock. As of December 31, 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 ("Board of Directors"). The Purchase Agreement provided for the sale by the company to ICW, in a private placement, of 400,000 shares of the company's common stock at a purchase price of $33.76 per share, resulting in gross proceeds to the company of approximately $13.5 million. The price per share paid by ICW was equal to the closing price of a share of the company's common stock on the New York Stock Exchange on the date of the Purchase Agreement. These shares were registered in connection with the filing of our universal shelf registration statement on Form S-3 ASR on February 6, 2015.

Preferred Stock Authorized Shares

We have been authorized to issue 10,000,000 shares of preferred stock with a par value of $0.01, of which no shares were outstanding at December 31, 2014. Upon issuance, our Board of Directors has the ability to define the terms of the preferred shares, including voting rights, liquidation preferences, conversion and redemption provisions and dividend rates.

Dividends

The following table lists the dividends declared and paid on our shares of common stock and Noncontrolling Common Units for the years ended December 31, 2014, 2013 and 2012:



Period	Amount per Share/Unit		Period Covered	Dividend Paid Date
First Quarter 2012	$	0.2100	January 1, 2012 to March 31, 2012	March 30, 2012
Second Quarter 2012	$	0.2100	April 1, 2012 to June 30, 2012	June 29, 2012
Third Quarter 2012	$	0.2100	July 1, 2012 to September 30, 2012	September 28, 2012
Fourth Quarter 2012	$	0.2100	October 1, 2012 to December 31, 2012	December 28, 2012
First Quarter 2013	$	0.2100	January 1, 2013 to March 31, 2013	March 29, 2013
Second Quarter 2013	$	0.2100	April 1, 2013 to June 30, 2013	June 28, 2013
Third Quarter 2013	$	0.2100	July 1, 2013 to September 30, 2013	September 27, 2013
Fourth Quarter 2013	$	0.2200	October 1, 2013 to December 31, 2013	December 27, 2013
First Quarter 2014	$	0.2200	January 1, 2014 to March 31, 2014	March 28, 2014
Second Quarter 2014	$	0.2200	April 1, 2014 to June 30, 2014	June 27, 2014
Third Quarter 2014	$	0.2200	July 1, 2014 to September 30, 2014	September 26, 2014
Fourth Quarter 2014	$	0.2325	October 1, 2014 to December 31, 2014	December 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 loss on extinguishment of debt, revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation. A summary of the income tax status of dividends per share paid is as follows:



	Year Ended December 31,
	2014				2013				2012
	Per Share		%		Per Share		%		Per Share		%
Ordinary income	$	0.61	68.9	%	$	0.83	97.6	%	$	0.56	66.7	%
Return of capital	0.28		31.1	%	0.02		2.4	%	0.28		33.3	%
Total	$	0.89	100.0	%	$	0.85	100.0	%	$	0.84	100.0	%

Stock-Based Compensation

The company has established the 2011 Equity Incentive Award Plan (the "2011 Plan"), which provides for grants to directors, employees and consultants of the company and the Operating Partnership of stock options, restricted stock, dividend equivalents, stock payments, performance shares, LTIP units, stock appreciation rights and other incentive awards. An aggregate of 4,054,411 shares of our common stock are authorized for issuance under awards granted pursuant to the 2011 Plan, and as of December 31, 2014, 3,560,872 shares of common stock remain available for future issuance.

The following shares of restricted common stock have been issued as of December 31, 2014:



Grant	Price at Grant Date	Number
January 19, 2012 ⁽¹⁾	$11.91 - $12.61	2,000
July 10, 2012 ⁽²⁾	$25.05	8,015
July 13, 2013 ⁽²⁾	$31.97	5,004
March 25, 2014 ⁽³⁾	$28.89 - $31.25	112,119
June 17, 2014 ⁽⁴⁾	$34.10	5,864
December 1, 2014 ⁽⁵⁾	$36.28 - $36.32	98,765

⁽¹⁾Restricted common stock issued to certain of the company's senior management and other employees, which are subject to performance-based vesting. These shares vest in two substantially equal installments, with the first installment vested on the third anniversary of the date of grant and the second installment vesting on the fourth anniversary of the date of grant, subject to the employee's continued employment on those dates.

⁽²⁾ Restricted common stock issued to members of the company's non-employee directors. These awards of restricted stock vest ratably as to one-third of the shares granted on each of the first three anniversaries of the date of grant, subject to the director's continued service on our Board of Directors.

⁽³⁾ Restricted common stock issued to certain of the company's senior management and other employees, which are subject to pre-defined market specific performance criteria based vesting. Up to one-third of the shares of restricted stock may vest on each of November 30, 2014, 2015 and 2016, subject to the employee's continued employment on those dates.

⁽⁴⁾ Restricted common stock issued to members of the company's non-employee directors. These awards of restricted stock will vest subject to the director's continued service on the Board of Directors 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 of Directors until the next annual meeting of stockholders, but not thereafter, pursuant to our independent director compensation policy.

⁽⁵⁾ Restricted common stock issued to certain of the company's senior management and other employees, which are subject to pre-defined market specific performance criteria based vesting. Up to one-third of the shares of restricted stock may vest on each of November 30, 2015, 2016 and 2017, subject to the employee's continued employment on those dates.

For the performance-based stock awards, the fair value of the awards was estimated using a Monte Carlo Simulation model. Our stock price, along with the stock prices of the 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 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. For the restricted stock grants that are time-vesting, we estimate the stock compensation expense based on the fair value of the stock at the grant date.

The following table summarizes the activity of non-vested restricted stock awards during the year ended December 31, 2014:



	2014
	Units		Weighted Average Grant Date Fair Value
Balance at beginning of year	629,058		$	15.58
Granted	216,748		32.96
Vested	(351,075	)	17.22
Forfeited	(1,192	)	29.83
Balance at end of year	493,539		$	22.01

We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $3.7 million, $2.8 million and $2.9 million in noncash compensation expense for the years ended December 31, 2014, 2013 and 2012, each of which is included in general and administrative expense on the statement of income. Unrecognized compensation expense was $5.1 million at December 31, 2014, which will be recognized over a weighted-average period of 1.0 years.

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. For the years ended December 31, 2014, 2013 and 2012, we had a weighted average of approximately 430,584shares_, 630,130 shares and 629,493 unvested shares outstanding, respectively, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares.

Diluted EPS is calculated by dividing the net income attributable 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 year ended December 31, 2014, 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.

Earnings Per Unit of the Operating Partnership

Basic earnings (loss) per unit (“EPU”) of the Operating Partnership is computed by dividing income (loss) applicable to unitholders by the weighted average Operating Partnership units outstanding, as adjusted for the effect of participating securities. Operating Partnership units granted in equity-based payment transactions are considered participating securities prior to vesting. The impact of unvested Operating Partnership unit awards on EPU has been calculated using the two-class method whereby earnings are allocated to the unvested Operating Partnership unit awards based on distributions and the unvested Operating Partnership units’ participation rights in undistributed earnings (losses).

The calculation of diluted earnings per unit for the year ended December 31, 2014, 2013, and 2012 does not include 430,584 units, 630,130 units, and 629,493 unvested weighted average Operating Partnership units, respectively, as the effect of including these equity securities was anti-dilutive to income from continuing operations and net income attributable to the unitholders.

The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts):



	Year Ended December 31,
	2014			2013			2012
NUMERATOR
Income from continuing operations	$	31,145		$	22,594		$	13,949
Less: Net income attributable to restricted shares	(374		)	(536		)	(529		)
Less: Income from continuing operations attributable to unitholders in the Operating Partnership	(9,015		)	(6,838		)	(4,239		)
Income from continuing operations attributable to American Assets Trust, Inc. common stockholders—basic	21,756			15,220			9,181
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders	—			—			25,757
Net income attributable to common stockholders—basic	$	21,756		$	15,220		$	34,938
Income from continuing operations attributable to American Assets Trust, Inc. common stockholders—basic	$	21,756		$	15,220		$	9,181
Plus: Income from continuing operations attributable to unitholders in the Operating Partnership	9,015			6,838			4,239
Income from continuing operations attributable to common stockholders—diluted	30,771			22,058			13,420
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders	—			—			25,757
Plus: Results from discontinued operations attributable to unitholders in the Operating Partnership	—			—			11,895
Net income attributable to common stockholders—diluted	$	30,771		$	22,058		$	51,072
DENOMINATOR
Weighted average common shares outstanding—basic	42,041,126			39,539,457			38,736,113
Effect of dilutive securities—conversion of Operating Partnership units	17,906,348			17,976,353			18,317,796
Weighted average common shares outstanding—diluted	59,947,474			57,515,810			57,053,909
Earnings per common share—basic
Continuing operations	$	0.52		$	0.38		$	0.24
Discontinued operations	—			—			0.66
	$	0.52		$	0.38		$	0.90
Earnings per common share—diluted
Continuing operations	$	0.51		$	0.38		$	0.24
Discontinued operations	—			—			0.66
	$	0.51		$	0.38		$	0.90

Income Taxes (Notes)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

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 taxable year ending December 31, 2011. As a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. Taxable income from non-REIT activities managed through our TRS is subject to federal and state income taxes.

We lease our hotel property to a wholly owned TRS that is subject to federal and state income taxes. We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between GAAP carrying amounts and their respective tax bases. Additionally, we classify certain state taxes as income taxes for financial reporting purposes in accordance with ASC Topic 740, Income Taxes.

A deferred tax liability is included in our consolidated balance sheets of $0.2 million as of December 31, 2014 and 2013, in relation to real estate asset basis differences and prepaid expenses for our TRS.

The income tax provision included in other income (expense) on the consolidated statement of income is as follows (in thousands):



	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Current:
Federal	$	190		$	370		$	361
State	284			362			335
Deferred:
Federal	$	—		$	(47	)	$	118
State	(14		)	(40		)	202
Provision for income taxes	$	460		$	645		$	1,016

- 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 (Notes)

12 Months Ended

Dec. 31, 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 2031 by way of three 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 December 31, 2014 (in thousands):



2015	$	2,636
2016	2,682		⁽¹⁾
2017	2,686		⁽²⁾
2018	2,686
2019	2,686
Thereafter	23,856
Total	$	37,232


(1)	Lease payments on The Landmark at One Market lease will be equal to fair rental value from July 2016 through the end of the options lease term. In the table, we have shown the option lease payments for this period based on the stated rate for the month of June 2016 of $162,140.


(2)	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 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 $6.6 million based on operating performance through December 31, 2014.

Our Del Monte Center property has ongoing environmental remediation related to ground water contamination. The environmental issue existed at purchase and is currently in the final stages of remediation. The final stages of the remediation will include routine, long term ground monitoring by the appropriate regulatory agency over the next two to nine years. The work performed is financed through an escrow account funded by the seller upon our 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 the 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 the 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 the Offering and tax liabilities incurred as a result of the reimbursement payment. Subject to certain exceptions and limitations, the indemnification rights will terminate for any such protected partner that sells, exchanges or otherwise disposes of more than 50% of his or her common units. We have no present intention to sell or otherwise dispose of the properties or interest therein in taxable transactions during the restriction period. If we were to trigger the tax protection provisions under these agreements, we would be required to pay damages in the amount of the taxes owed by these limited partners (plus additional damages in the amount of the taxes incurred as a result of such payment).

As of December 31, 2014, the company accrued approximately $6.6 million for transfer taxes in connection with its Offering. The company believes that it has filed all necessary forms with the requisite taxing authorities.

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, representing 29.9% of our total revenue for the year ended December 31, 2014, are located in Southern California, which exposes us to greater economic risks than if we owned a more geographically diverse portfolio. Our mixed-use property located in Honolulu, Hawaii accounted for 20.9% of total revenues for the year ended December 31, 2014.

Tenants in the retail industry accounted for 37.0% and 36.6% of total revenues for the years December 31, 2014 and 2013, respectively. 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. Two retail properties, Alamo Quarry Market and Waikele Center, accounted for 15.6% and 15.8% of total revenues for the years ended December 31, 2014 and 2013, respectively.

Tenants in the office industry accounted for 35.6% and 35.5% of total revenues for the years December 31, 2014 and 2013, respectively. 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 years ended December 31, 2014 and 2013, no tenant accounted for more than 10.0% of our total rental revenue. At December 31, 2014, salesforce.com, inc. at The Landmark at One Market accounted for 8.0% of total annualized base rent. Three other tenants (Autodesk, Inc., Lowe's, and Kmart) comprise 8.7% of our total annualized base rent at December 31, 2014, in the aggregate. No other tenants represent greater than 2.0% of our total annualized base rent. Total annualized base rent used for the percentage calculations includes the annualized base rent as of December 31, 2014 for our office properties, retail properties and the retail portion of our mixed-use property.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

Operating Leases (Notes)

12 Months Ended

Dec. 31, 2014

Leases, Operating [Abstract]

OPERATING LEASES

At December 31, 2014, our retail, office and mixed-use properties are located in five states: California, Oregon, Hawaii, Washington and Texas. At December 31, 2014, we had approximately 829 leases with office and retail tenants, including the retail portion of our mixed-use property. Our multifamily properties are located in Southern California, and we had approximately 794 leases with residential tenants at December 31, 2014, excluding Santa Fe Park RV Resort.

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 seven to fifteen 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 December 31, 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 for the years ended December 31 (in thousands):



2015	$	159,988
2016	144,660
2017	128,865
2018	96,844
2019	69,309
Thereafter	193,704
Total	$	793,370

The above future minimum rentals exclude residential leases, which are typically range from seven to 15 months, 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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Component of Rental Income and Expense (Notes)

12 Months Ended

Dec. 31, 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):



	Year Ended December 31,
	2014		2013		2012
Minimum rents
Retail	$	70,573	$	69,374	$	67,046
Office	82,018		81,845		71,817
Multifamily	15,732		14,926		13,796
Mixed-Use	10,004		9,549		8,893
Cost reimbursement	29,052		27,583		27,763
Percentage rent	3,107		2,655		2,608
Hotel revenue	33,911		35,137		31,729
Other	1,681		1,688		1,597
Total rental income	$	246,078	$	242,757	$	225,249

Minimum rents include $1.9 million, $2.6 million and $7.2 million for the years ended December 31, 2014, 2013 and 2012, respectively, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $2.8 million, $2.4 million and $(0.2) million for the years ended December 31, 2014, 2013 and 2012, respectively, to recognize the amortization of above and below market leases.

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



	Year Ended December 31,
	2014		2013		2012
Rental operating	$	26,371	$	26,028	$	24,264
Hotel operating	21,488		22,115		20,905
Repairs and maintenance	10,600		10,514		9,452
Marketing	1,623		1,547		1,266
Rent	2,452		2,442		2,378
Hawaii excise tax	3,981		4,153		3,813
Management fees	1,752		1,809		2,011
Total rental expenses	$	68,267	$	68,608	$	64,089

Related Party Transactions (Notes)	12 Months Ended
Related Party Transactions (Notes)	Dec. 31, 2014
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS At Torrey Reserve Campus, we lease space to ICW. Rental revenue recognized on the leases of $2.2 million, $2.2 million and $2.1 million for the years ended December 31, 2014, 2013 and 2012, 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, the company entered into a common stock purchase agreement (the “Purchase Agreement”) with ICW. The Purchase Agreement provides for the sale by the company 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 the company of approximately $13.5 million. See Note 11. 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 $1.1 million, $1.1 million and $1.0 million were made for the years ended December 31, 2014, 2013 and 2012 and included in rental expenses on the statements of income.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details

Segment Reporting (Notes)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

SEGMENT REPORTING

Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. However, we have aggregated our properties into reportable segments as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies.

We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel.

We evaluate the performance of our segments based on segment profit which is defined as property revenue less property expenses. We do not use asset information as a measure to assess performance and make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, interest expense, depreciation and amortization expense and other income and expense are not included in segment profit as our internal reporting addresses these items on a corporate level.

Segment profit is not a measure of operating income or cash flows from operating activities as measured by GAAP, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit in the same manner. We consider segment profit to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our properties.

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



	Year Ended December 31,
	2014			2013			2012
Total Retail
Property revenue	$	96,140		$	93,449		$	91,991
Property expense	(25,451		)	(23,900		)	(24,955		)
Segment profit	70,689			69,549			67,036
Total Office
Property revenue	92,474			90,527			78,101
Property expense	(27,003		)	(26,688		)	(23,780		)
Segment profit	65,471			63,839			54,321
Total Multifamily
Property revenue	16,976			16,125			14,852
Property expense	(6,099		)	(5,917		)	(5,914		)
Segment profit	10,877			10,208			8,938
Total Mixed-Use
Property revenue	54,410			54,956			50,522
Property expense	(32,678		)	(33,481		)	(31,465		)
Segment profit	21,732			21,475			19,057
Total segments’ profit	$	168,769		$	165,071		$	149,352

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



	Year Ended December 31,
	2014			2013			2012
Total segments' profit	$	168,769		$	165,071		$	149,352
General and administrative	(18,532		)	(17,195		)	(15,593		)
Depreciation and amortization	(66,568		)	(66,775		)	(61,853		)
Interest expense	(52,965		)	(58,020		)	(57,328		)
Other income (expense), net	441			(487		)	(629		)
Income from continuing operations	31,145			22,594			13,949
Discontinued operations
Income from discontinued operations	—			—			932
Gain on sale of real estate property	—			—			36,720
Results from discontinued operations	—			—			37,652
Net income	31,145			22,594			51,601
Net income attributable to restricted shares	(374		)	(536		)	(529		)
Net income attributable to unitholders in the Operating Partnership	(9,015		)	(6,838		)	(16,134		)
Net income attributable to American Assets Trust, Inc. stockholders	$	21,756		$	15,220		$	34,938

The following table shows net real estate and secured note payable balances for each of the segments, along with their capital expenditures for each year (in thousands):



	December 31, 2014		December 31, 2013
Net real estate
Retail	$	639,456	$	651,707
Office	757,854		750,890
Multifamily	182,468		74,612
Mixed-Use	195,622		199,627
	$	1,775,400	$	1,676,836
Secured Notes Payable ⁽¹⁾
Retail	$	161,975	$	303,249
Office	426,254		427,256
Multifamily	101,444		101,444
Mixed-Use	130,310		130,310
	$	819,983	$	962,259
Capital Expenditures ⁽²⁾
Retail	$	8,671	$	4,849
Office	34,577		27,275
Multifamily	101,392		24,641
Mixed-Use	5,132		1,942
	$	149,772	$	58,707


(1)	Excludes unamortized fair market value adjustment of $7.2 million and $10.1 million as of December 31, 2014 and 2013, respectively.


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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Quarterly Financial Information (Unaudited) (Notes)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The tables below reflect selected American Assets Trust, Inc. quarterly information for 2014 and 2013 (in thousands, except per shares data):



	Three Months Ended
	December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Total revenue	$	66,478		$	67,343		$	62,199		$	63,980
Operating income	22,526			23,036			17,726			20,381
Net income	10,046			9,090			5,351			6,658
Net income attributable to restricted shares	(115		)	(95		)	(94		)	(70		)
Net income attributable to unitholders in the Operating Partnership	(2,907		)	(2,578		)	(1,544		)	(1,986		)
Net income attributable to American Assets Trust, Inc. stockholders	$	7,024		$	6,417		$	3,713		$	4,602
Net income from continuing operations attributable to common stockholders - basic and diluted	$	0.16		$	0.15		$	0.09		$	0.11
Net income attributable to common stockholders - basic and diluted	$	0.16		$	0.15		$	0.09		$	0.11

	Three Months Ended
	December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Total revenue	$	64,645		$	65,318		$	62,914		$	62,180
Operating income	20,407			21,441			19,373			19,880
Net income	6,907			6,258			4,564			4,865
Net income attributable to restricted shares	(139		)	(132		)	(133		)	(132		)
Net income attributable to unitholders in the Operating Partnership	(2,086		)	(1,903		)	(1,354		)	(1,495		)
Net income attributable to American Assets Trust, Inc. stockholders	$	4,682		$	4,223		$	3,077		$	3,238
Net income from continuing operations attributable to common stockholders- basic and diluted	$	0.11		$	0.11		$	0.08		$	0.08
Net income attributable to common stockholders - basic and diluted	$	0.11		$	0.11		$	0.08		$	0.08

The tables below reflect selected American Assets Trust, L.P. quarterly information for 2014 and 2013 (in thousands, except per shares data):



	Three Months Ended
	December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Total revenue	$	66,478		$	67,343		$	62,199		$	63,980
Operating income	22,526			23,036			17,726			20,381
Net income	10,046			9,090			5,351			6,658
Net income attributable to restricted shares	(115		)	(95		)	(94		)	(70		)
Net income attributable to unitholders in the Operating Partnership	(2,907		)	(2,578		)	(1,544		)	(1,986		)
Net income attributable to American Assets Trust, L.P. stockholders	$	7,024		$	6,417		$	3,713		$	4,602
Net income from continuing operations attributable to common stockholders - basic and diluted	$	0.16		$	0.15		$	0.09		$	0.11
Net income attributable to common stockholders - basic and diluted	$	0.16		$	0.15		$	0.09		$	0.11

	Three Months Ended
	December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Total revenue	$	64,645		$	65,318		$	62,914		$	62,180
Operating income	20,407			21,441			19,373			19,880
Net income	6,907			6,258			4,564			4,865
Net income attributable to restricted shares	(139		)	(132		)	(133		)	(132		)
Net income attributable to unitholders in the Operating Partnership	(2,086		)	(1,903		)	(1,354		)	(1,495		)
Net income attributable to American Assets Trust, L.P. stockholders	$	4,682		$	4,223		$	3,077		$	3,238
Net income from continuing operations attributable to common stockholders- basic and diluted	$	0.11		$	0.11		$	0.08		$	0.08
Net income attributable to common stockholders - basic and diluted	$	0.11		$	0.11		$	0.08		$	0.08

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details

SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation (Notes)

12 Months Ended

Dec. 31, 2014

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation



	Encumbrance as of December 31, 2014		Initial Cost				Cost Capitalized Subsequent to Acquisition		Gross Carrying Amount at December 31, 2014				Accumulated Depreciation and Amortization			Year Built/ Renovated	Date Acquired	Life on which depreciation in latest income statements is computed
Description	Encumbrance as of December 31, 2014		Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Accumulated Depreciation and Amortization			Year Built/ Renovated	Date Acquired
Alamo Quarry Market	$	—	$	26,396	$	109,294	$	13,181	$	26,816	$	122,055	$	(41,786	)	1997/1999	12/9/2003	35 years
Carmel Country Plaza	—		4,200		—		11,639		4,200		11,639		(6,871		)	1991	1/10/1989	35 years
Carmel Mountain Plaza	—		22,477		65,217		23,719		31,035		80,378		(28,807		)	1994/2014	3/28/2003	35 years
Del Monte Center	82,300		27,412		87,570		22,300		27,117		110,165		(45,368		)	1967/1984/2006	4/8/2004	35 years
Geary Marketplace	—		8,239		12,353		129		8,238		12,483		(818		)	2012	12/19/2012	35 years
Lomas Santa Fe Plaza	—		8,600		11,282		11,269		8,620		22,531		(13,225		)	1972/1997	6/12/1995	35 years
Rancho Carmel Plaza	—		3,450		—		3,914		3,487		3,877		(2,243		)	1993	4/30/1990	35 years
The Shops at Kalakaua	19,000		13,993		10,919		100		14,006		11,006		(3,364		)	1971/2006	3/31/2005	35 years
Solana Beach Towne Centre	37,675		40,980		38,842		1,854		40,980		40,696		(5,419		)	1973/2000/2004	1/19/2011	35 years
South Bay Marketplace	23,000		4,401		—		10,751		4,401		10,751		(6,112		)	1997	9/16/1995	35 years
Waikele Center	—		55,593		126,858		59,021		70,643		170,829		(51,137		)	1993/2008	9/16/2004	35 years
City Center Bellevue	111,000		25,135		190,998		10,674		25,135		201,672		(15,254		)	1987	8/21/2012	40 years
First & Main	84,500		14,697		109,739		3,095		14,697		112,834		(13,796		)	2010	3/11/2011	40 years
The Landmark at One Market	133,000		34,575		141,196		7,994		34,575		149,190		(20,780		)	1917/2000	6/30/2010	40 years
Lloyd District Portfolio	—		18,660		61,401		151,933		18,875		213,119		(9,597		)	1940-2011/present	7/1/2011	40 years
One Beach Street	21,900		15,332		18,017		2,367		15,332		20,384		(1,971		)	1924/1972/1987/1992	1/24/2012	40 years
Solana Beach Corporate Centre:
Solana Beach Corporate Centre I-II	11,302		7,111		17,100		2,795		7,111		19,895		(2,480		)	1982/2005	1/19/2011	40 years
Solana Beach Corporate Centre III-IV	36,376		7,298		27,887		1,231		7,298		29,118		(4,003		)	1982/2005	1/19/2011	40 years
Solana Beach Corporate Centre Land	—		487		—		60		547		—		—			N/A	1/19/2011	N/A
Torrey Reserve:
ICW Plaza	—		4,095		—		39,064		5,408		37,751		(10,918		)	1996-1997/2014	6/6/1989	40 years
Pacific North Court	21,075		3,263		—		20,885		4,309		19,839		(9,160		)	1997-1998	6/6/1989	40 years
Pacific South Court	—		3,285		—		22,021		4,226		21,080		(10,003		)	1996-1997	6/6/1989	40 years
Pacific VC	7,101		1,413		—		8,180		2,148		7,445		(4,099		)	1998/2000	6/6/1989	40 years
Pacific Torrey Daycare	—		715		—		1,671		911		1,475		(769		)	1996-1997	6/6/1989	40 years
Torrey Reserve Building 6	—		—		—		7,907		682		7,225		(297		)	2013	6/6/1989	40 years
Torrey Reserve Land	—		229		—		19,912		3,205		16,936		—			2014-present	6/6/1989	N/A
Imperial Beach Gardens	20,000		1,281		4,820		4,180		1,281		9,000		(7,512		)	1959/2008-present	7/31/1985	30 years
Loma Palisades	73,744		14,000		16,570		18,304		14,051		34,823		(24,049		)	1958/2001-2008	7/20/1990	30 years
Mariner’s Point	7,700		2,744		4,540		1,187		2,744		5,727		(2,479		)	1986	5/9/2001	30 years
Santa Fe Park RV Resort	—		401		928		818		401		1,746		(1,391		)	1971/2007-2008	6/1/1979	30 years
Waikiki Beach Walk:
Retail	130,310		45,995		74,943		42		45,995		74,985		(9,315		)	2006	1/19/2011	35 years
Hotel	—		30,640		60,029		535		30,640		60,564		(7,248		)	2008/2014	1/19/2011	35 years
Solana Beach - Highway 101 Land	—		7,847		202		795		8,844		—		(189		)	N/A	9/20/2011	N/A
Sorrento Valley Holdings Land	—		2,073		741		4,834		6,145		1,503		(964		)	N/A	5/9/1997	N/A
	$	819,983	$	457,017	$	1,191,446	$	488,361	$	494,103	$	1,642,721	$	(361,424	)

(1) For Federal tax purposes, the aggregate tax basis is approximately $1.4 billion as of December 31, 2014.



	Year Ended December 31,
	2014			2013			2012
Real estate assets
Balance, beginning of period	$	1,995,417		1,938,676			1,687,276
Additions:
Property acquisitions	—			—			270,082
Improvements ⁽¹⁾	154,594			60,677			41,303
Deductions:
Cost of Real Estate Sold	—			—			(57,188		)
Other ⁽¹⁾⁽²⁾	(13,187		)	(3,936		)	(2,797		)
Balance, end of period	$	2,136,824		$	1,995,417		$	1,938,676
Accumulated depreciation
Balance, beginning of period	$	318,581		$	270,494		$	234,595
Additions—depreciation ⁽¹⁾	55,159			51,949			47,792
Deductions:
Cost of Real Estate Sold	—			—			(9,216		)
Other ⁽¹⁾⁽²⁾	(12,316		)	(3,862		)	(2,677		)
Balance, end of period	$	361,424		$	318,581		$	270,494


(1)	Includes discontinued operations for 160 King Street, which was sold on December 4, 2012.


(2)	Other deductions for the years ended December 31, 2014, 2013 and 2012 represent the write-off of fully depreciated assets.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 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 – Construction in Progress
Lloyd District Portfolio – Construction in Progress

Basis of Presentation

All significant intercompany transactions and balances are eliminated in consolidation.

Use of Estimates

Consolidated Statements of Cash Flows-Supplemental Disclosures

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



	Year Ended December 31,
	2014		2013		2012
Supplemental cash flow information
Total interest costs incurred	$	58,455	$	60,133	$	58,074
Interest capitalized	$	5,490	$	2,113	$	746
Interest expense	$	52,965	$	58,020	$	57,328
Cash paid for interest, net of amounts capitalized (including discontinued operations)	$	48,032	$	54,345	$	55,349
Cash paid for income taxes	$	404	$	901	$	1,239
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for construction in progress	$	9,908	$	5,001	$	4,944
Accrued leasing commissions	$	763	$	1,385	$	(782	)
Accrued placement fees for senior guaranteed notes payable	$	750	$	—	$	—
Reduction to capital for prepaid equity financing costs	$	40	$	437	$	—

Revenue Recognition and Accounts Receivable

Real Estate

Capitalized Costs

Impairment of Long Lived Assets

Financial Instruments

Derivative Instruments

Cash and Cash Equivalents

Restricted Cash

Marketable Securities

Other Assets

Variable Interest Entities

Stock-Based Compensation

Deferred Compensation

Income Taxes

Segment Information

Recent Accounting Pronouncements

Fair Value Measurements

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

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Summary of Properties Owned

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 – Construction in Progress
Lloyd District Portfolio – Construction in Progress

A summary of our real estate investments is as follows (in thousands):



	Retail			Office			Multifamily			Mixed-Use			Total
December 31, 2014
Land	$	248,386		$	143,575		$	25,507		$	76,635		$	494,103
Buildings	500,088			621,343			42,270			125,798			1,289,499
Land improvements	39,999			8,273			3,085			2,363			53,720
Tenant improvements	50,504			56,127			—			1,679			108,310
Furniture, fixtures, and equipment	491			750			5,832			5,383			12,456
Construction in progress	5,327			31,878			141,205			326			178,736			⁽¹⁾
	844,795			861,946			217,899			212,184			2,136,824
Accumulated depreciation	(205,339		)	(104,092		)	(35,431		)	(16,562		)	(361,424		)
Net real estate	$	639,456		$	757,854		$	182,468		$	195,622		$	1,775,400
December 31, 2013
Land	$	248,008		$	143,575		$	25,507		$	76,635		$	493,725
Buildings	499,091			618,077			42,270			123,142			1,282,580
Land improvements	39,892			7,528			3,010			2,363			52,793
Tenant improvements	46,649			51,016			—			1,697			99,362
Furniture, fixtures, and equipment	489			517			5,482			10,080			16,568
Construction in progress	2,673			14,189			32,252			1,275			50,389			⁽¹⁾
	836,802			834,902			108,521			215,192			1,995,417
Accumulated depreciation	(185,095		)	(84,012		)	(33,909		)	(15,565		)	(318,581		)
Net real estate	$	651,707		$	750,890		$	74,612		$	199,627		$	1,676,836

(1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets.

Consolidated Statements of Cash Flows-Supplemental Disclosures

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



	Year Ended December 31,
	2014		2013		2012
Supplemental cash flow information
Total interest costs incurred	$	58,455	$	60,133	$	58,074
Interest capitalized	$	5,490	$	2,113	$	746
Interest expense	$	52,965	$	58,020	$	57,328
Cash paid for interest, net of amounts capitalized (including discontinued operations)	$	48,032	$	54,345	$	55,349
Cash paid for income taxes	$	404	$	901	$	1,239
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for construction in progress	$	9,908	$	5,001	$	4,944
Accrued leasing commissions	$	763	$	1,385	$	(782	)
Accrued placement fees for senior guaranteed notes payable	$	750	$	—	$	—
Reduction to capital for prepaid equity financing costs	$	40	$	437	$	—

Real Estate (Tables)

12 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

Summary of Real Estate Investments

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 – Construction in Progress
Lloyd District Portfolio – Construction in Progress

A summary of our real estate investments is as follows (in thousands):



	Retail			Office			Multifamily			Mixed-Use			Total
December 31, 2014
Land	$	248,386		$	143,575		$	25,507		$	76,635		$	494,103
Buildings	500,088			621,343			42,270			125,798			1,289,499
Land improvements	39,999			8,273			3,085			2,363			53,720
Tenant improvements	50,504			56,127			—			1,679			108,310
Furniture, fixtures, and equipment	491			750			5,832			5,383			12,456
Construction in progress	5,327			31,878			141,205			326			178,736			⁽¹⁾
	844,795			861,946			217,899			212,184			2,136,824
Accumulated depreciation	(205,339		)	(104,092		)	(35,431		)	(16,562		)	(361,424		)
Net real estate	$	639,456		$	757,854		$	182,468		$	195,622		$	1,775,400
December 31, 2013
Land	$	248,008		$	143,575		$	25,507		$	76,635		$	493,725
Buildings	499,091			618,077			42,270			123,142			1,282,580
Land improvements	39,892			7,528			3,010			2,363			52,793
Tenant improvements	46,649			51,016			—			1,697			99,362
Furniture, fixtures, and equipment	489			517			5,482			10,080			16,568
Construction in progress	2,673			14,189			32,252			1,275			50,389			⁽¹⁾
	836,802			834,902			108,521			215,192			1,995,417
Accumulated depreciation	(185,095		)	(84,012		)	(33,909		)	(15,565		)	(318,581		)
Net real estate	$	651,707		$	750,890		$	74,612		$	199,627		$	1,676,836

(1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets.

Allocation of Purchase Price

The allocation of the purchase price for each of One Beach Street, City Center Bellevue and Geary Marketplace is as follows (in thousands):



	One Beach Street		City Center Bellevue		Geary Marketplace		Total
Land	$	15,332	$	25,135	$	8,239	$	48,706
Building	16,764		185,653		11,179		213,596
Land improvements	30		154		704		888
Tenant improvements	1,223		5,191		470		6,884
Total real estate	33,349		216,133		20,592		270,074
Lease intangibles	4,141		11,870		1,017		17,028
Prepaid expenses and other assets	1		2,596		414		3,011
Total assets	$	37,491	$	230,599	$	22,023	$	290,113
Accounts payable and accrued expenses	$	94	$	456	$	—	$	550
Security deposits payable	75		740		—		815
Lease intangibles	1,382		8,733		1,124		11,239
Other liabilities and deferred credits	22		497		—		519
Total liabilities	$	1,573	$	10,426	$	1,124	$	13,123

Net Revenue and Net Income from Discontinued Operations

Net revenue and net income from the property's discontinued operations were as follows (in thousands):



	Year Ended December 31,
	2014		2013		2012
Net revenue from discontinued operations	$	—	$	—	$	6,734
Results from discontinued operations
Income from discontinued operations	—		—		932
Gain on sale of real estate from discontinued operations	—		—		36,720
Total income from discontinued operations	$	—	$	—	$	37,652

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References+ Details

Acquired In-Place Leases and Above/Below Market Leases (Tables)

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

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

Increases (decreases) in net income as a result of amortization of our in-place leases, above market leases and below market leases are as follows (in thousands):



	Year Ended December 31,
	2014			2013			2012
Amortization of in-place leases	$	(5,903	)	$	(9,120	)	$	(10,248	)
Amortization of above market leases	(2,296		)	(4,052		)	(5,739		)
Amortization of below market leases	5,057			6,440			5,502
Net loss	$	(3,142	)	$	(6,732	)	$	(10,485	)

The following summarizes our acquired lease intangibles, which are included in other assets and other liabilities and deferred credits (in thousands):



	December 31, 2014			December 31, 2013
In-place leases	$	53,967		$	62,813
Accumulated amortization	(35,336		)	(38,279		)
Above market leases	22,500			28,279
Accumulated amortization	(17,397		)	(20,880		)
Acquired lease intangible assets, net	$	23,734		$	31,933
Below market leases	$	70,013		$	76,502
Accumulated accretion	(27,161		)	(28,592		)
Acquired lease intangible liabilities, net	$	42,852		$	47,910

Future Amortization for Acquired In-Place Leases

As of December 31, 2014, the amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows (in thousands):



	In-Place Leases		Above Market Leases		Below Market Leases
Year Ending December 31,
2015	$	4,744	$	1,752	$	4,667
2016	3,954		1,263		4,525
2017	3,189		932		4,169
2018	1,893		628		3,649
2019	1,452		318		3,560
Thereafter	3,399		210		22,282
	$	18,631	$	5,103	$	42,852

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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):



	December 31, 2014								December 31, 2013
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Deferred compensation liability	$	—	$	981	$	—	$	981	$	—	$	769	$	—	$	769
Interest rate swap liability	$	—	$	1,448	$	—	$	1,448	$	—	$	—	$	—	$	—

Carrying amount and fair value of financial instruments

A summary of the carrying amount and fair value of our financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands):



	December 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured notes payable	$	812,811	$	850,475	$	952,174	$	990,296
Term loan	$	100,000	$	100,000	$	—	$	—
Senior guaranteed notes, Series A	$	150,000	$	154,560	$	—	$	—
Line of credit	$	—	$	—	$	93,000	$	93,000

Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Summary of total secured notes payable outstanding

The following is a summary of the Operating Partnership's total secured notes payable outstanding as of December 31, 2014 and December 31, 2013 (in thousands):



Description of Debt	Principal Balance as of						Stated Interest Rate		Stated Maturity Date
Description of Debt	December 31, 2014			December 31, 2013			as of December 31, 2014		Stated Maturity Date
Waikele Center ⁽¹⁾⁽²⁾	—			140,700			—		November 1, 2014
The Shops at Kalakaua ⁽¹⁾⁽³⁾	19,000			19,000			5.45	%	May 1, 2015
The Landmark at One Market ⁽¹⁾⁽⁵⁾	133,000			133,000			5.61	%	July 5, 2015
Del Monte Center ⁽¹⁾⁽⁴⁾	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 ⁽⁶⁾	36,376			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 ⁽⁶⁾	21,075			21,377			7.22	%	June 1, 2019
Torrey Reserve—VCI, VCII, VCIII ⁽⁶⁾	7,101			7,200			6.36	%	June 1, 2020
Solana Beach Corporate Centre I-II ⁽⁶⁾	11,302			11,475			5.91	%	June 1, 2020
Solana Beach Towne Centre ⁽⁶⁾	37,675			38,249			5.91	%	June 1, 2020
City Center Bellevue ⁽¹⁾	111,000			111,000			3.98	%	November 1, 2022
Total	819,983			962,259
Unamortized fair value adjustment	(7,172		)	(10,085		)
Total Secured Notes Payable	$	812,811		$	952,174


(1)	Interest only.


(2)	Loan repaid in full, without premium or penalty, on October 31, 2014


(3)	Loan repaid in full, without premium or penalty, on February 2, 2015.


(4)	Loan repaid in full, without premium or penalty, on February 6, 2015.


(5)	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.


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

Scheduled principal payments on notes payable

Scheduled principal payments on secured and unsecured notes payable as of December 31, 2014 are as follows (in thousands):



2015	$	235,980
2016	113,974
2017	190,139
2018	75,224
2019	142,662
Thereafter	312,004
	$	1,069,983

Equity of American Assets Trust, Inc. (Tables)

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Dividends declared and paid on shares of common stock and noncontrolling common units

The following table lists the dividends declared and paid on our shares of common stock and Noncontrolling Common Units for the years ended December 31, 2014, 2013 and 2012:



Period	Amount per Share/Unit		Period Covered	Dividend Paid Date
First Quarter 2012	$	0.2100	January 1, 2012 to March 31, 2012	March 30, 2012
Second Quarter 2012	$	0.2100	April 1, 2012 to June 30, 2012	June 29, 2012
Third Quarter 2012	$	0.2100	July 1, 2012 to September 30, 2012	September 28, 2012
Fourth Quarter 2012	$	0.2100	October 1, 2012 to December 31, 2012	December 28, 2012
First Quarter 2013	$	0.2100	January 1, 2013 to March 31, 2013	March 29, 2013
Second Quarter 2013	$	0.2100	April 1, 2013 to June 30, 2013	June 28, 2013
Third Quarter 2013	$	0.2100	July 1, 2013 to September 30, 2013	September 27, 2013
Fourth Quarter 2013	$	0.2200	October 1, 2013 to December 31, 2013	December 27, 2013
First Quarter 2014	$	0.2200	January 1, 2014 to March 31, 2014	March 28, 2014
Second Quarter 2014	$	0.2200	April 1, 2014 to June 30, 2014	June 27, 2014
Third Quarter 2014	$	0.2200	July 1, 2014 to September 30, 2014	September 26, 2014
Fourth Quarter 2014	$	0.2325	October 1, 2014 to December 31, 2014	December 26, 2014

Summary of income tax status of dividends per share paid

A summary of the income tax status of dividends per share paid is as follows:



	Year Ended December 31,
	2014				2013				2012
	Per Share		%		Per Share		%		Per Share		%
Ordinary income	$	0.61	68.9	%	$	0.83	97.6	%	$	0.56	66.7	%
Return of capital	0.28		31.1	%	0.02		2.4	%	0.28		33.3	%
Total	$	0.89	100.0	%	$	0.85	100.0	%	$	0.84	100.0	%

Schedule of restricted common stock

The following shares of restricted common stock have been issued as of December 31, 2014:



Grant	Price at Grant Date	Number
January 19, 2012 ⁽¹⁾	$11.91 - $12.61	2,000
July 10, 2012 ⁽²⁾	$25.05	8,015
July 13, 2013 ⁽²⁾	$31.97	5,004
March 25, 2014 ⁽³⁾	$28.89 - $31.25	112,119
June 17, 2014 ⁽⁴⁾	$34.10	5,864
December 1, 2014 ⁽⁵⁾	$36.28 - $36.32	98,765

Activity of restricted stock awards

The following table summarizes the activity of non-vested restricted stock awards during the year ended December 31, 2014:



	2014
	Units		Weighted Average Grant Date Fair Value
Balance at beginning of year	629,058		$	15.58
Granted	216,748		32.96
Vested	(351,075	)	17.22
Forfeited	(1,192	)	29.83
Balance at end of year	493,539		$	22.01

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):



	Year Ended December 31,
	2014			2013			2012
NUMERATOR
Income from continuing operations	$	31,145		$	22,594		$	13,949
Less: Net income attributable to restricted shares	(374		)	(536		)	(529		)
Less: Income from continuing operations attributable to unitholders in the Operating Partnership	(9,015		)	(6,838		)	(4,239		)
Income from continuing operations attributable to American Assets Trust, Inc. common stockholders—basic	21,756			15,220			9,181
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders	—			—			25,757
Net income attributable to common stockholders—basic	$	21,756		$	15,220		$	34,938
Income from continuing operations attributable to American Assets Trust, Inc. common stockholders—basic	$	21,756		$	15,220		$	9,181
Plus: Income from continuing operations attributable to unitholders in the Operating Partnership	9,015			6,838			4,239
Income from continuing operations attributable to common stockholders—diluted	30,771			22,058			13,420
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders	—			—			25,757
Plus: Results from discontinued operations attributable to unitholders in the Operating Partnership	—			—			11,895
Net income attributable to common stockholders—diluted	$	30,771		$	22,058		$	51,072
DENOMINATOR
Weighted average common shares outstanding—basic	42,041,126			39,539,457			38,736,113
Effect of dilutive securities—conversion of Operating Partnership units	17,906,348			17,976,353			18,317,796
Weighted average common shares outstanding—diluted	59,947,474			57,515,810			57,053,909
Earnings per common share—basic
Continuing operations	$	0.52		$	0.38		$	0.24
Discontinued operations	—			—			0.66
	$	0.52		$	0.38		$	0.90
Earnings per common share—diluted
Continuing operations	$	0.51		$	0.38		$	0.24
Discontinued operations	—			—			0.66
	$	0.51		$	0.38		$	0.90

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income tax provision

The income tax provision included in other income (expense) on the consolidated statement of income is as follows (in thousands):



	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Current:
Federal	$	190		$	370		$	361
State	284			362			335
Deferred:
Federal	$	—		$	(47	)	$	118
State	(14		)	(40		)	202
Provision for income taxes	$	460		$	645		$	1,016

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2014 (in thousands):



2015	$	2,636
2016	2,682		⁽¹⁾
2017	2,686		⁽²⁾
2018	2,686
2019	2,686
Thereafter	23,856
Total	$	37,232


(1)	Lease payments on The Landmark at One Market lease will be equal to fair rental value from July 2016 through the end of the options lease term. In the table, we have shown the option lease payments for this period based on the stated rate for the month of June 2016 of $162,140.


(2)	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.



2015	$	159,988
2016	144,660
2017	128,865
2018	96,844
2019	69,309
Thereafter	193,704
Total	$	793,370

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2014

Leases, Operating [Abstract]

Current minimum future rentals under the leases

Current minimum annual payments under the leases are as follows, as of December 31, 2014 (in thousands):



2015	$	2,636
2016	2,682		⁽¹⁾
2017	2,686		⁽²⁾
2018	2,686
2019	2,686
Thereafter	23,856
Total	$	37,232


(1)	Lease payments on The Landmark at One Market lease will be equal to fair rental value from July 2016 through the end of the options lease term. In the table, we have shown the option lease payments for this period based on the stated rate for the month of June 2016 of $162,140.


(2)	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.



2015	$	159,988
2016	144,660
2017	128,865
2018	96,844
2019	69,309
Thereafter	193,704
Total	$	793,370

Component of Rental Income and Expense (Tables)

12 Months Ended

Dec. 31, 2014

Operating Leases, Income Statement, Lease Revenue [Abstract]

Principal components of rental income

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



	Year Ended December 31,
	2014		2013		2012
Minimum rents
Retail	$	70,573	$	69,374	$	67,046
Office	82,018		81,845		71,817
Multifamily	15,732		14,926		13,796
Mixed-Use	10,004		9,549		8,893
Cost reimbursement	29,052		27,583		27,763
Percentage rent	3,107		2,655		2,608
Hotel revenue	33,911		35,137		31,729
Other	1,681		1,688		1,597
Total rental income	$	246,078	$	242,757	$	225,249

Principal components of rental expenses

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



	Year Ended December 31,
	2014		2013		2012
Rental operating	$	26,371	$	26,028	$	24,264
Hotel operating	21,488		22,115		20,905
Repairs and maintenance	10,600		10,514		9,452
Marketing	1,623		1,547		1,266
Rent	2,452		2,442		2,378
Hawaii excise tax	3,981		4,153		3,813
Management fees	1,752		1,809		2,011
Total rental expenses	$	68,267	$	68,608	$	64,089

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Schedule of segments operating activity

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



	Year Ended December 31,
	2014			2013			2012
Total Retail
Property revenue	$	96,140		$	93,449		$	91,991
Property expense	(25,451		)	(23,900		)	(24,955		)
Segment profit	70,689			69,549			67,036
Total Office
Property revenue	92,474			90,527			78,101
Property expense	(27,003		)	(26,688		)	(23,780		)
Segment profit	65,471			63,839			54,321
Total Multifamily
Property revenue	16,976			16,125			14,852
Property expense	(6,099		)	(5,917		)	(5,914		)
Segment profit	10,877			10,208			8,938
Total Mixed-Use
Property revenue	54,410			54,956			50,522
Property expense	(32,678		)	(33,481		)	(31,465		)
Segment profit	21,732			21,475			19,057
Total segments’ profit	$	168,769		$	165,071		$	149,352

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):



	Year Ended December 31,
	2014			2013			2012
Total segments' profit	$	168,769		$	165,071		$	149,352
General and administrative	(18,532		)	(17,195		)	(15,593		)
Depreciation and amortization	(66,568		)	(66,775		)	(61,853		)
Interest expense	(52,965		)	(58,020		)	(57,328		)
Other income (expense), net	441			(487		)	(629		)
Income from continuing operations	31,145			22,594			13,949
Discontinued operations
Income from discontinued operations	—			—			932
Gain on sale of real estate property	—			—			36,720
Results from discontinued operations	—			—			37,652
Net income	31,145			22,594			51,601
Net income attributable to restricted shares	(374		)	(536		)	(529		)
Net income attributable to unitholders in the Operating Partnership	(9,015		)	(6,838		)	(16,134		)
Net income attributable to American Assets Trust, Inc. stockholders	$	21,756		$	15,220		$	34,938

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, along with their capital expenditures for each year (in thousands):



	December 31, 2014		December 31, 2013
Net real estate
Retail	$	639,456	$	651,707
Office	757,854		750,890
Multifamily	182,468		74,612
Mixed-Use	195,622		199,627
	$	1,775,400	$	1,676,836
Secured Notes Payable ⁽¹⁾
Retail	$	161,975	$	303,249
Office	426,254		427,256
Multifamily	101,444		101,444
Mixed-Use	130,310		130,310
	$	819,983	$	962,259
Capital Expenditures ⁽²⁾
Retail	$	8,671	$	4,849
Office	34,577		27,275
Multifamily	101,392		24,641
Mixed-Use	5,132		1,942
	$	149,772	$	58,707


(1)	Excludes unamortized fair market value adjustment of $7.2 million and $10.1 million as of December 31, 2014 and 2013, respectively.


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

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Information

The tables below reflect selected American Assets Trust, Inc. quarterly information for 2014 and 2013 (in thousands, except per shares data):



	Three Months Ended
	December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Total revenue	$	66,478		$	67,343		$	62,199		$	63,980
Operating income	22,526			23,036			17,726			20,381
Net income	10,046			9,090			5,351			6,658
Net income attributable to restricted shares	(115		)	(95		)	(94		)	(70		)
Net income attributable to unitholders in the Operating Partnership	(2,907		)	(2,578		)	(1,544		)	(1,986		)
Net income attributable to American Assets Trust, Inc. stockholders	$	7,024		$	6,417		$	3,713		$	4,602
Net income from continuing operations attributable to common stockholders - basic and diluted	$	0.16		$	0.15		$	0.09		$	0.11
Net income attributable to common stockholders - basic and diluted	$	0.16		$	0.15		$	0.09		$	0.11

	Three Months Ended
	December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Total revenue	$	64,645		$	65,318		$	62,914		$	62,180
Operating income	20,407			21,441			19,373			19,880
Net income	6,907			6,258			4,564			4,865
Net income attributable to restricted shares	(139		)	(132		)	(133		)	(132		)
Net income attributable to unitholders in the Operating Partnership	(2,086		)	(1,903		)	(1,354		)	(1,495		)
Net income attributable to American Assets Trust, Inc. stockholders	$	4,682		$	4,223		$	3,077		$	3,238
Net income from continuing operations attributable to common stockholders- basic and diluted	$	0.11		$	0.11		$	0.08		$	0.08
Net income attributable to common stockholders - basic and diluted	$	0.11		$	0.11		$	0.08		$	0.08

Summary of Significant Accounting Policies (Details) (USD $)	12 Months Ended						12 Months Ended						12 Months Ended
	Dec. 31, 2014 Segment Room Employee Property	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014 Minimum	Dec. 31, 2014 Money Market Funds	Dec. 31, 2013 Money Market Funds	Dec. 31, 2014 Building And Improvement Minimum	Dec. 31, 2014 Building And Improvement Maximum	Dec. 31, 2014 Furniture And Equipment Minimum	Dec. 31, 2014 Furniture And Equipment Maximum	Dec. 31, 2014 Deferred Rent Receivables	Dec. 31, 2013 Deferred Rent Receivables	Dec. 31, 2014 Other Income	Dec. 31, 2013 Other Income	Dec. 31, 2012 Other Income	Jan. 09, 2014 Term Loan
Summary Of Significant Accounting Policies [Line Items]
Number of employees	113
Number of office, retail, multifamily and mixed-use operating properties	23
Properties held for development	5
General excise tax recognized, gross													$ 3,400,000	$ 3,500,000	$ 3,300,000
Allowance for doubtful accounts	(800,000)	(1,000,000)									(1,200,000)	(1,200,000)
Total bad debt expense	200,000	100,000	600,000
Real Estate, estimated useful lives							30 years	40 years	3 years	15 years
Real estate depreciation expense	56,000,000	52,000,000	47,800,000
Line of credit interest rate (in percents)																3.08%
Short term liquid investments, initial maturity	3 months
Cash balance at banks, federally insured amount		250,000
Cash balance at banks, excess of FDIC insured limit	32,400,000	29,000,000			20,000,000	11,000,000
Restricted cash	$ 10,994,000	$ 9,124,000
Percentage of taxable income required to distribute to qualify as real estate investment trust (REIT)				90.00%
Number of operating segments	4
Room in mixed-use segment all-suite hotel	369

Summary of Significant Accounting Policies Supplemental Disclosures Related to Consolidated Statements of Cash Flows (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Supplemental cash flow information
Total interest costs incurred	$ 58,455	$ 60,133	$ 58,074
Interest capitalized	5,490	2,113	746
Interest expense	52,965	58,020	57,328
Cash paid for interest, net of amounts capitalized (including discontinued operations)	48,032	54,345	55,349
Cash paid for income taxes	404	901	1,239
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for construction in progress	9,908	5,001	4,944
Accrued leasing commissions	763	1,385	(782)
Accrued placement fees for senior guaranteed notes payable	750	0	0
Reduction to capital for prepaid equity financing costs	$ 40	$ 437	$ 0

Real Estate (Details) (USD $)	3 Months Ended								12 Months Ended			0 Months Ended		1 Months Ended	12 Months Ended	0 Months Ended	1 Months Ended	4 Months Ended	0 Months Ended	1 Months Ended
Real Estate (Details) (USD $)	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 04, 2012 160 King Street	Jan. 24, 2014 One Beach Street	Jan. 24, 2012 One Beach Street sqft Story	Dec. 31, 2012 One Beach Street	Aug. 21, 2012 City Center	Aug. 21, 2012 City Center sqft Story	Dec. 31, 2012 City Center	Dec. 19, 2012 Geary Marketplace	Dec. 19, 2012 Geary Marketplace sqft
Real Estate Properties [Line Items]
Date of acquisition													Jan. 24, 2012			Aug. 21, 2012			Dec. 19, 2012
Rentable square feet of a specific real estate property														97,000			497,000			35,000
Number of stories in a real estate property														3			27
Purchase price of a specific real estate property														$ 36,500,000			$ 228,800,000			$ 21,000,000
Closing costs for a specific real estate property														20,000			100,000			20,000
Business acquisition, identifiable intangible assets and liabilities, weighted average life														7 years			5 years 9 months			19 years 9 months
Approximate additional credits received to purchase price																	6,900,000
Percentage of leased real estate property																				100.00%
Total revenue of specific real estate properties									13,922,000	12,300,000	10,217,000				3,900,000			7,000,000
Operating expenses of specific real estate properties									176,331,000	173,956,000	163,560,000				1,000,000			1,600,000
Operating income (loss)	22,526,000	23,036,000	17,726,000	20,381,000	20,407,000	21,441,000	19,373,000	19,880,000	83,669,000	81,101,000	71,906,000				2,900,000			5,400,000
Net income	10,046,000	9,090,000	5,351,000	6,658,000	6,907,000	6,258,000	4,564,000	4,865,000	31,145,000	22,594,000	51,601,000				600,000
Sales price of a specific real estate property												$ 93,800,000

Real Estate Summary of Real Estate Investments (Details) (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2014

Dec. 31, 2013

Real Estate Properties [Line Items]

Construction in progress

$ 195,736

$ 67,389

Total Real estate, at cost

2,136,824

1,995,417

Accumulated depreciation

(361,424)

(318,581)

Net real estate

1,775,400

1,676,836

Total Retail

Real Estate Properties [Line Items]

Net real estate

639,456

651,707

Total Office

Real Estate Properties [Line Items]

Net real estate

757,854

750,890

Total Multifamily

Real Estate Properties [Line Items]

Net real estate

182,468

74,612

Total Mixed-Use

Real Estate Properties [Line Items]

Net real estate

195,622

199,627

Real Estate Investment

Real Estate Properties [Line Items]

Land

494,103

493,725

Buildings

1,289,499

1,282,580

Land improvements

53,720

52,793

Tenant improvements

108,310

99,362

Furniture, fixtures, and equipment

12,456

16,568

Construction in progress

178,736

^[1]

50,389

^[1]

Total Real estate, at cost

2,136,824

1,995,417

Accumulated depreciation

(361,424)

(318,581)

Net real estate

1,775,400

1,676,836

Real Estate Investment | Total Retail

Real Estate Properties [Line Items]

Land

248,386

248,008

Buildings

500,088

499,091

Land improvements

39,999

39,892

Tenant improvements

50,504

46,649

Furniture, fixtures, and equipment

491

489

Construction in progress

5,327

2,673

Total Real estate, at cost

844,795

836,802

Accumulated depreciation

(205,339)

(185,095)

Net real estate

639,456

651,707

Real Estate Investment | Total Office

Real Estate Properties [Line Items]

Land

143,575

Buildings

621,343

618,077

Land improvements

8,273

7,528

Tenant improvements

56,127

51,016

Furniture, fixtures, and equipment

750

517

Construction in progress

31,878

14,189

Total Real estate, at cost

861,946

834,902

Accumulated depreciation

(104,092)

(84,012)

Net real estate

757,854

750,890

Real Estate Investment | Total Multifamily

Real Estate Properties [Line Items]

Land

25,507

Buildings

42,270

Land improvements

3,085

3,010

Tenant improvements

Furniture, fixtures, and equipment

5,832

5,482

Construction in progress

141,205

32,252

Total Real estate, at cost

217,899

108,521

Accumulated depreciation

(35,431)

(33,909)

Net real estate

182,468

74,612

Real Estate Investment | Total Mixed-Use

Real Estate Properties [Line Items]

Land

76,635

Buildings

125,798

123,142

Land improvements

2,363

Tenant improvements

1,679

1,697

Furniture, fixtures, and equipment

5,383

10,080

Construction in progress

326

1,275

Total Real estate, at cost

212,184

215,192

Accumulated depreciation

(16,562)

(15,565)

Net real estate

$ 195,622

$ 199,627

[1]	Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets.

Real Estate Allocation of Purchase Price (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012
Business Acquisition [Line Items]
Land	$ 48,706
Building	213,596
Land improvements	888
Tenant improvements	6,884
Total real estate	270,074
Lease intangibles	17,028
Prepaid expenses and other assets	3,011
Total assets	290,113
Accounts payable and accrued expenses	550
Security deposits payable	815
Lease intangibles	11,239
Other liabilities and deferred credits	519
Total liabilities	13,123
One Beach Street
Business Acquisition [Line Items]
Land	15,332
Building	16,764
Land improvements	30
Tenant improvements	1,223
Total real estate	33,349
Lease intangibles	4,141
Prepaid expenses and other assets	1
Total assets	37,491
Accounts payable and accrued expenses	94
Security deposits payable	75
Lease intangibles	1,382
Other liabilities and deferred credits	22
Total liabilities	1,573
City Center Bellevue
Business Acquisition [Line Items]
Land	25,135
Building	185,653
Land improvements	154
Tenant improvements	5,191
Total real estate	216,133
Lease intangibles	11,870
Prepaid expenses and other assets	2,596
Total assets	230,599
Accounts payable and accrued expenses	456
Security deposits payable	740
Lease intangibles	8,733
Other liabilities and deferred credits	497
Total liabilities	10,426
Geary Marketplace
Business Acquisition [Line Items]
Land	8,239
Building	11,179
Land improvements	704
Tenant improvements	470
Total real estate	20,592
Lease intangibles	1,017
Prepaid expenses and other assets	414
Total assets	22,023
Accounts payable and accrued expenses	0
Security deposits payable	0
Lease intangibles	1,124
Other liabilities and deferred credits	0
Total liabilities	$ 1,124

Real Estate Net Revenue and Net Income from Property Discontinued Operations (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate [Abstract]
Net revenue from discontinued operations	$ 0	$ 0	$ 6,734
Results from discontinued operations
Income from discontinued operations	0	0	932
Gain on sale of real estate from discontinued operations	0	0	36,720
Results from discontinued operations	$ 0	$ 0	$ 37,652

- Definition

Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References+ Details

Acquired In-Place Leases and Above/Below Market Leases (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of acquired above and below market leases	$ 2.8	$ 2.4	$ (0.2)
Weighted-average amortization period of below market leases	8 years 6 months
Acquired lease, below market renewal options	$ 17.5
Weighted-average amortization period of acquired leases prior to the commencement of renewal option	10 years 9 months
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period of acquired leases	2 years 5 months
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period of acquired leases	1 year 5 months

Acquired In-Place Leases and Above/Below Market Leases Summary of Acquired Lease Intangibles (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets, Gross [Abstract]
Acquired lease intangible assets	$ 5,103	$ 7,399
Net of accumulated amortization of other intangible assets	(1,590)	(1,554)
Below Market Lease [Abstract]
Below market leases	70,013	76,502
Accumulated accretion	(27,161)	(28,592)
Acquired lease intangible liabilities, net	42,852	47,910
In-place leases
Finite-Lived Intangible Assets, Gross [Abstract]
Acquired lease intangible assets	53,967	62,813
Net of accumulated amortization of other intangible assets	(35,336)	(38,279)
Acquired lease intangible assets, net	18,631
Above Market Leases
Finite-Lived Intangible Assets, Gross [Abstract]
Acquired lease intangible assets	22,500	28,279
Net of accumulated amortization of other intangible assets	(17,397)	(20,880)
Acquired lease intangible assets, net	5,103
Acquired lease intangible assets
Finite-Lived Intangible Assets, Gross [Abstract]
Acquired lease intangible assets, net	$ 23,734	$ 31,933

Acquired In-Place Leases and Above/Below Market Leases Increases (Decreases) in Net Income as Result of Amortization of In-Place Leases Above Market Leases and Below Market Leases (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of leases	$ (3,142)	$ (6,732)	$ (10,485)
Amortization of below market leases	5,057	6,440	5,502
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of leases	(5,903)	(9,120)	(10,248)
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of leases	$ (2,296)	$ (4,052)	$ (5,739)

Acquired In-Place Leases and Above/Below Market Leases Amortization for Acquired In-Place Leases During Next Five Years and Thereafter Assuming No Early Lease Terminations (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
2015	$ 4,667
2016	4,525
2017	4,169
2018	3,649
2019	3,560
Thereafter	22,282
Acquired lease intangible liabilities, net	42,852	47,910
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
2015	4,744
2016	3,954
2017	3,189
2018	1,893
2019	1,452
Thereafter	3,399
Acquired lease intangible assets, net	18,631
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
2015	1,752
2016	1,263
2017	932
2018	628
2019	318
Thereafter	210
Acquired lease intangible assets, net	$ 5,103

Marketable Securities (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]
Realized Loss	$ 0.7

- Definition

This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any losses recognized for other than temporary impairments (OTTI) of the subject investments in debt and equity securities.

+ References+ Details

Fair Value of Financial Instruments Liabilities Fair Value Measurement on a Recurring Basis (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	$ 981	$ 769
Interest rate swap liability	1,448	0
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	0	0
Interest rate swap liability	0	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	981	769
Interest rate swap liability	1,448	0
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	0	0
Interest rate swap liability	$ 0	$ 0

Fair Value of Financial Instruments Carrying Amount and Fair Value of Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Secured Debt \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured notes payable	$ 812,811	$ 952,174
Secured Debt \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured notes payable	850,475	990,296
Term Loan \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured notes payable	100,000	0
Term Loan \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured notes payable	100,000	0
Line of Credit \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured notes payable	0	93,000
Line of Credit \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured notes payable	0	93,000
Senior Notes, Series A \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured notes payable	150,000	0
Senior Notes, Series A \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured notes payable	$ 154,560	$ 0

Other Assets (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing commissions, net of accumulated amortization of $20,659 and $19,606 respectively	$ 19,484	$ 18,071
Acquired above market leases, net	5,103	7,399
Acquired in-place leases, net	18,631	24,534
Lease incentives, net of accumulated amortization of $2,960 and $2,590, respectively	740	1,110
Other intangible assets, net of accumulated amortization of $1,590 and $1,554, respectively	453	655
Debt issuance costs, net of accumulated amortization of $4,147 and $2,985, respectively	5,361	2,632
Prepaid expenses, deposits and other	3,629	3,269
Total other assets	$ 53,401	$ 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	Dec. 31, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing commissions, accumulative amortization	$ 20,659	$ 19,606
Lease incentives, accumulated amortization	2,960	2,590
Other intangible assets, accumulated amortization	1,590	1,554
Debt issuance costs, accumulated amortization	$ 4,147	$ 2,985

Other Liabilities and Deferred Credits (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Other Liabilities Disclosure [Abstract]
Acquired below market leases, net	$ 42,852	$ 47,910
Prepaid rent and deferred revenue	7,288	7,506
Derivative Liability	1,448	0
Straight-line rent liability	2,533	1,145
Deferred rent expense	584	829
Deferred compensation	981	769
Deferred tax Liability	219	233
Other liabilities	88	73
Total other liabilities and deferred credits	$ 55,993	$ 58,465

Debt (Details) (USD $)				0 Months Ended			0 Months Ended				1 Months Ended									0 Months Ended		0 Months Ended
Debt (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Jan. 09, 2014 Line of Credit	Jan. 09, 2014 Base Rate Line of Credit	Jan. 09, 2014 Prior to December 31, 2015 Line of Credit	Jan. 09, 2014 After December 31, 2015 Line of Credit	Sep. 07, 2012 American Assets Trust, L.P.	Mar. 29, 2012 American Assets Trust, L.P.	Jan. 10, 2012 American Assets Trust, L.P.	Mar. 07, 2011 American Assets Trust, L.P.	Oct. 31, 2012 American Assets Trust, L.P.	Dec. 31, 2014 American Assets Trust, L.P.	Jan. 09, 2014 American Assets Trust, L.P.	Dec. 31, 2013 American Assets Trust, L.P.	Oct. 10, 2012 American Assets Trust, L.P.	Mar. 29, 2012 American Assets Trust, L.P.	Jan. 19, 2011 American Assets Trust, L.P.	Jan. 19, 2011 American Assets Trust, L.P. Subject to meeting specified requirements and obtaining additional commitments	Jan. 09, 2014 American Assets Trust, L.P. Revolving Credit Facility	Jan. 09, 2014 American Assets Trust, L.P. Revolving Credit Facility Line of Credit Extension_Option	Jan. 09, 2014 American Assets Trust, L.P. Term Loan	Jan. 09, 2014 American Assets Trust, L.P. LIBOR Line of Credit	Jan. 09, 2014 American Assets Trust, L.P. Base Rate Line of Credit	Jan. 09, 2014 American Assets Trust, L.P. Minimum LIBOR Revolving Credit Facility Line of Credit	Jan. 09, 2014 American Assets Trust, L.P. Minimum LIBOR Term Loan Line of Credit	Jan. 09, 2014 American Assets Trust, L.P. Minimum Base Rate Revolving Credit Facility Line of Credit	Jan. 09, 2014 American Assets Trust, L.P. Minimum Base Rate Term Loan Line of Credit	Jan. 09, 2014 American Assets Trust, L.P. Maximum LIBOR Revolving Credit Facility Line of Credit	Jan. 09, 2014 American Assets Trust, L.P. Maximum LIBOR Term Loan Line of Credit	Jan. 09, 2014 American Assets Trust, L.P. Maximum Base Rate Revolving Credit Facility Line of Credit	Jan. 09, 2014 American Assets Trust, L.P. Maximum Base Rate Term Loan Line of Credit	Oct. 31, 2014 American Assets Trust, L.P. Note Purchase Agreement Senior Notes	Oct. 31, 2014 American Assets Trust, L.P. Note Purchase Agreement Senior Notes	Dec. 31, 2014 American Assets Trust, L.P. Note Purchase Agreement Senior Notes, Series A	Oct. 31, 2014 American Assets Trust, L.P. Note Purchase Agreement Senior Notes, Series A	Oct. 31, 2014 American Assets Trust, L.P. Note Purchase Agreement Senior Notes, Series B	Oct. 31, 2014 American Assets Trust, L.P. Note Purchase Agreement Senior Notes, Series C
Debt Instrument [Line Items]
Non-recourse mortgage loan											10 years
Original principal amount of non-recourse mortgage loan															$ 111,000,000.0
Maturity date of loan											Nov. 01, 2022
Interest rate											3.98%
Number of year non-recourse mortgage loan								7 years
Principal of non-recourse mortgage loan																21,900,000.0																	350,000,000		150,000,000	100,000,000	100,000,000
Stated Interest Rate																3.94%																			4.04%	4.45%	4.50%
Revolving credit facility borrowing limit, maximum borrowing capacity													350,000,000				250,000,000.0	400,000,000.0	250,000,000		100,000,000
Years, maximum maturities of securities										30 years
Year, extension on term of revolving credit facility									1 year
Percent of secured indebtedness of the company's secured total asset value							55.00%
Line of credit facility material acquisition							greater than $100 million
Maximum leverage ratio of revolving credit facility			60.00%
Minimum fixed charge coverage ratio on revolving credit facility						1.5
Maximum secured leverage ratio on revolving credit facility					45.00%	40.00%
Percent of net proceeds of any additional equity issuances in relation to net proceeds as of Offering			75.00%
Percentage annual distributions cannot exceed funds from operations			95.00%
Allowable additional borrowing capacity													250,000,000
Variable rate basis																						LIBOR	base rate
Basis spread on variable rate (in percents)																								1.35%	1.30%	0.35%	0.30%	1.95%	1.90%	0.95%	0.90%
Prime rate																							prime rate
Federal funds rate																							federal funds
Points added to federal funds rate (in percents)				0.50%
Eurodollar																							Eurodollar
Points added to Eurodollar rate (in percents)				1.00%
Extension term (in months)																				6 months
Unsecured notes payable	250,000,000	0										250,000,000		0							100,000,000
Number of extensions available																				2
Minimum unsecured interest coverage ratio (in percents)						175.00%
Maximum unsecured leverage ratio (in percents)			60.00%
Minimum tangible net worth			721,160,000.00
Maximum recourse indebtedness of total asset value (in percents)			15.00%
Senior Notes																																		$ 150,000,000
Effective interest rate (percent)																																			3.88%
Debt Instrument, Partial Repayment, Minimum Percentage of Principal																																5.00%
Debt Instrument, Prepayment, Percentage of Principal Plus a Stated Amount																																100.00%

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

12 Months Ended

Dec. 31, 2014

Mar. 29, 2012

American Assets Trust, L.P.

Dec. 31, 2014

American Assets Trust, L.P.

Waikele Center

Dec. 31, 2014

American Assets Trust, L.P.

The Shops at Kalakaua

Dec. 31, 2014

American Assets Trust, L.P.

The Land Mark at One Market

Dec. 31, 2014

American Assets Trust, L.P.

Del Monte Center

Dec. 31, 2014

American Assets Trust, L.P.

First & Main

Dec. 31, 2014

American Assets Trust, L.P.

Imperial Beach Gardens

Dec. 31, 2014

American Assets Trust, L.P.

Mariner's Point

Dec. 31, 2014

American Assets Trust, L.P.

South Bay Marketplace

Dec. 31, 2014

American Assets Trust, L.P.

Waikiki Beach Walk - Retail

Dec. 31, 2014

American Assets Trust, L.P.

Solana Beach Corporate Centre III-IV

Dec. 31, 2014

American Assets Trust, L.P.

Loma Palisades

Dec. 31, 2014

American Assets Trust, L.P.

One Beach Street

Dec. 31, 2014

American Assets Trust, L.P.

Torrey Reserve - North Court

Dec. 31, 2014

American Assets Trust, L.P.

Torrey Reserve-VCI, VCII, VCIII

Dec. 31, 2014

American Assets Trust, L.P.

Solana Beach Corporate Centre I-II

Dec. 31, 2014

American Assets Trust, L.P.

Solana Beach Towne Centre

Dec. 31, 2014

American Assets Trust, L.P.

City Center Bellevue

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

Waikele Center

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

Waikele Center

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

The Shops at Kalakaua

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

The Shops at Kalakaua

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

The Land Mark at One Market

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

The Land Mark at One Market

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

Del Monte Center

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

Del Monte Center

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

First & Main

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

First & Main

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

Imperial Beach Gardens

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

Imperial Beach Gardens

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

Mariner's Point

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

Mariner's Point

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

South Bay Marketplace

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

South Bay Marketplace

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

Waikiki Beach Walk - Retail

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

Waikiki Beach Walk - Retail

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

Solana Beach Corporate Centre III-IV

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

Solana Beach Corporate Centre III-IV

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

Loma Palisades

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

Loma Palisades

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

One Beach Street

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

One Beach Street

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

Torrey Reserve - North Court

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

Torrey Reserve - North Court

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

Torrey Reserve-VCI, VCII, VCIII

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

Torrey Reserve-VCI, VCII, VCIII

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

Solana Beach Corporate Centre I-II

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

Solana Beach Corporate Centre I-II

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

Solana Beach Towne Centre

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

Solana Beach Towne Centre

Dec. 31, 2014

Secured Debt

American Assets Trust, L.P.

City Center Bellevue

Dec. 31, 2013

Secured Debt

American Assets Trust, L.P.

City Center Bellevue

Debt Instrument [Line Items]

Secured notes payable, Principal Balance

$ 819,983

$ 962,259

$ 0

^[1],[2]

$ 140,700

^[1],[2]

$ 19,000

^[1],[3]

$ 19,000

^[1],[3]

$ 133,000

^[1],[4]

$ 133,000

^[1],[4]

$ 82,300

^[1],[5]

$ 82,300

^[1],[5]

$ 84,500

^[1]

$ 84,500

^[1]

$ 20,000

^[1]

$ 20,000

^[1]

$ 7,700

^[1]

$ 7,700

^[1]

$ 23,000

^[1]

$ 23,000

^[1]

$ 130,310

^[1]

$ 130,310

^[1]

$ 36,376

^[6]

$ 36,804

^[6]

$ 73,744

^[1]

$ 73,744

^[1]

$ 21,900

^[1]

$ 21,900

^[1]

$ 21,075

^[6]

$ 21,377

^[6]

$ 7,101

^[6]

$ 7,200

^[6]

$ 11,302

^[6]

$ 11,475

^[6]

$ 37,675

^[6]

$ 38,249

^[6]

$ 111,000

^[1]

$ 111,000

^[1]

Unamortized fair value adjustment

(7,172)

(10,085)

Notes payable, total

$ 1,069,983

$ 812,811

$ 952,174

Stated Interest Rate

3.94%

0.00%

^[1],[2]

5.45%

^[1],[3]

5.61%

^[1],[4]

4.93%

^[1],[5]

3.97%

^[1]

6.16%

^[1]

6.09%

^[1]

5.48%

^[1]

5.39%

^[1]

6.39%

^[6]

6.09%

^[1]

3.94%

^[1]

7.22%

^[6]

6.36%

^[6]

5.91%

^[6]

5.91%

^[6]

3.98%

^[1]

Stated Maturity Date

Nov. 01, 2014

^[1],[2]

May 01, 2015

^[1],[3]

Jul. 05, 2015

^[1],[4]

Jul. 08, 2015

^[1],[5]

Jul. 01, 2016

^[1]

Sep. 01, 2016

^[1]

Sep. 01, 2016

^[1]

Feb. 10, 2017

^[1]

Jul. 01, 2017

^[1]

Aug. 01, 2017

^[6]

Jul. 01, 2018

^[1]

Apr. 01, 2019

^[1]

Jun. 01, 2019

^[6]

Jun. 01, 2020

^[6]

Jun. 01, 2020

^[6]

Jun. 01, 2020

^[6]

Nov. 01, 2022

^[1]

Number of year amortization schedule

30 years

[1]	Interest only.
[2]	Loan repaid in full, without premium or penalty, on October 31, 2014
[3]	Loan repaid in full, without premium or penalty, on February 2, 2015.
[4]	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.
[5]	Loan repaid in full, without premium or penalty, on February 6, 2015.
[6]	Principal payments based on a 30-year amortization schedule.

- Definition

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

+ References+ Details

Debt Summary of Total Unsecured Notes Payable Outstanding (Details) (USD $)

12 Months Ended

0 Months Ended

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

American Assets Trust, L.P.

Dec. 31, 2013

American Assets Trust, L.P.

Mar. 29, 2012

American Assets Trust, L.P.

Dec. 31, 2014

American Assets Trust, L.P.

Term Loan

Extension_Option

Dec. 31, 2013

American Assets Trust, L.P.

Term Loan

Dec. 31, 2014

American Assets Trust, L.P.

Senior Guaranteed Notes, Series A

Dec. 31, 2013

American Assets Trust, L.P.

Senior Guaranteed Notes, Series A

Aug. 19, 2014

Interest Rate Swap

Aug. 19, 2014

Interest Rate Swap

Dec. 31, 2014

Interest Rate Swap

American Assets Trust, L.P.

Dec. 31, 2014

Forward Contracts

American Assets Trust, L.P.

Debt Instrument [Line Items]

Unsecured notes payable

$ 250,000,000

$ 0

$ 250,000,000

$ 0

$ 100,000,000

$ 0

$ 150,000,000

$ 0

Stated Interest Rate

3.94%

4.04%

^[1]

Stated Maturity Date

Jan. 09, 2019

^[2]

Oct. 31, 2021

Fixed interest rate on derivative

2.1305%

3.08%

Number of extensions available

Term of derivative contract

7 years

1 month

Gain on derivatives

$ 1,600,000

Effective interest rate (percent)

3.88%

[1]	The company entered into a one-month forward-starting seven-year swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately $1.6 million (see Note 9). The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.
[2]	The Operating Partnership has an 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 the Operating Partnership subject to the satisfaction of certain conditions.

Debt Scheduled Principal Payments on Notes Payable (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Debt Disclosure [Abstract]
2015	$ 235,980
2016	113,974
2017	190,139
2018	75,224
2019	142,662
Thereafter	312,004
Notes payable, total	$ 1,069,983

- Definition

+ References+ Details

Derivative and Hedging (Details) (USD $)			0 Months Ended		0 Months Ended	12 Months Ended
Derivative and Hedging (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	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	Dec. 31, 2014 Cash Flow Hedging Designated as Hedging Instrument Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed interest rate on derivative				2.1305%		3.08%
Notional amount				$ 150,000,000		$ 100,000,000
Derivative, Inception Date						Jan. 09, 2014
Derivative, Maturity Date						Jan. 09, 2019
Derivative liabilities at fair value	1,448,000	0				1,448,000
Derivative Liability	1,448,000	0
Term of derivative contract			7 years
Gain recognized in other comprehensive income (loss)					$ 1,600,000

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References+ Details

Partners Capital of American Assets Trust, L.P. (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Capital Unit [Line Items]
Noncontrolling common units	17,905,257
Noncontrolling Interest, Ownership Percentage by Parent	70.70%
Percentage of ownership interests classified as noncontrolling	29.30%
Common Stock
Capital Unit [Line Items]
Conversion of operating partnership units (in shares)	11,852	106,326	372,654

- Definition

The number of shares issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit).

+ References+ Details

Equity of American Assets Trust, Inc. (Details) (USD $)	12 Months Ended				0 Months Ended	12 Months Ended			0 Months Ended		3 Months Ended
Equity of American Assets Trust, Inc. (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014 Restricted Stock	May 06, 2013 At The Market Equity Program Agent	Dec. 31, 2014 At The Market Equity Program	Dec. 31, 2014 Commissions At The Market Equity Program	Dec. 31, 2014 Other Offering Costs At The Market Equity Program	Sep. 12, 2014 ICW Plaza Board of Directors Chairman Private Placement	Sep. 12, 2014 ICW Plaza Board of Directors Chairman Private Placement	Mar. 31, 2014 American Assets Trust, L.P.	Mar. 31, 2013 American Assets Trust, L.P.	Mar. 31, 2012 American Assets Trust, L.P.
Equity [Line Items]
Number of Sales Agents					4
Aggregate Offering Price Of Common Share					$ 150,000,000.0
Common shares issued (in shares)						2,710,067			400,000
Share Price										$ 33.76
Weighted average price per share						$ 33.84
Proceeds from Issuance of Common Stock, Gross						91,700,000			13,500,000
Payments of Stock Issuance Costs							(900,000)	(100,000)
Remaining capacity available for issuance						32,300,000
Noncontrolling common units	17,905,257
Noncontrolling Interest, Ownership Percentage by Parent	70.70%
Percentage of ownership interests classified as noncontrolling	29.30%
Preferred stock, shares authorized	10,000,000
Preferred stock, par-value	$ 0.01
Equity incentive award plan, common stock authorized for issuance	4,054,411
Equity incentive award plan, common stock available for future issuance	3,560,872
Noncash compensation expense recognized	3,700,000	2,800,000	2,900,000
Unrecognized compensation expense	$ 5,100,000
Unrecognized compensation expense, weighted-average recognition period (in years)				11 months 19 days
Weighted average unvested shares outstanding	430,584	630,130	629,493
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount											430,584	630,130	629,493

Equity of American Assets Trust, Inc. Dividends Declared and Paid on Shares of Common Stock and Noncontrolling Common Units (Details) (USD $)	3 Months Ended												12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Equity [Abstract]
Dividend Period	Fourth Quarter 2014	Third Quarter 2014	Second Quarter 2014	First Quarter 2014	Fourth Quarter 2013	Third Quarter 2013	Second Quarter 2013	First Quarter 2013	Fourth Quarter 2012	Third Quarter 2012	Second Quarter 2012	First Quarter 2012
Amount per Share/Unit	$ 0.2325	$ 0.22	$ 0.22	$ 0.22	$ 0.22	$ 0.21	$ 0.21	$ 0.2100	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.89	$ 0.85	$ 0.84
Dividends Period Covered	October 1, 2014 to December 31, 2014	July 1, 2014 to September 30, 2014	April 1, 2014 to June 30, 2014	January 1, 2014 to March 31, 2014	October 1, 2013 to December 31, 2013	July 1, 2013 to September 30, 2013	April 1, 2013 to June 30, 2013	January 1, 2013 to March 31, 2013	October 1, 2012 to December 31, 2012	July 1, 2012 to September 30, 2012	April 1, 2012 to June 30, 2012	January 1, 2012 to March 31, 2012
Dividend Paid Date	Dec. 26, 2014	Sep. 26, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 27, 2013	Jun. 28, 2013	Mar. 29, 2013	Dec. 28, 2012	Sep. 28, 2012	Jun. 29, 2012	Mar. 30, 2012

Equity of American Assets Trust, Inc. Summary of Income Tax Status of Dividends Per Share Paid (Details) (USD $)	3 Months Ended												12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Equity [Abstract]
Ordinary income													$ 0.61	$ 0.83	$ 0.56
Return of capital													$ 0.28	$ 0.02	$ 0.28
Total	$ 0.2325	$ 0.22	$ 0.22	$ 0.22	$ 0.22	$ 0.21	$ 0.21	$ 0.2100	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.89	$ 0.85	$ 0.84
Ordinary income													68.90%	97.60%	66.70%
Return of capital													31.10%	2.40%	33.30%
Total													100.00%	100.00%	100.00%

Equity of American Assets Trust, Inc. Restricted Common Stock Issued (Details) (Restricted Stock, USD $)	0 Months Ended
	Dec. 01, 2014	Jun. 17, 2014	Mar. 25, 2014	Jul. 13, 2013	Jul. 10, 2012	Jan. 19, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Weighted Average Grant Date Fair Value		$ 34.10		$ 31.97	$ 25.05
Granted, Shares	98,765	5,864	112,119	5,004	8,015	2,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Weighted Average Grant Date Fair Value	$ 36.28		$ 28.89			$ 11.91
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Weighted Average Grant Date Fair Value	$ 36.32		$ 31.25			$ 12.61

Equity of American Assets Trust, Inc. Summary of Activity of Restricted Stock Awards (Details) (Restricted Stock Units (RSUs), USD $)	12 Months Ended
	Dec. 31, 2014
Restricted Stock Units (RSUs)
Nonvested, Number of Shares
Nonvested, Beginning, Shares	629,058
Granted, Shares	216,748
Vested, Shares	(351,075)
Forfeited, Shares	(1,192)
Nonvested, Ending, Shares	493,539
Nonvested, Weighted Average Grant Date Fair Value
Nonvested, Beginning, Weighted Average Grant Date Fair Value	$ 15.58
Granted, Weighted Average Grant Date Fair Value	$ 32.96
Vested, Weighted Average Grant Date Fair Value	$ 17.22
Forfeited, Weighted Average Grant Date Fair Value	$ 29.83
Nonvested, Ending, Weighted Average Grant Date Fair Value	$ 22.01

Equity of American Assets Trust, Inc. Computation of Basic and Diluted EPS (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
NUMERATOR
Income from continuing operations									$ 31,145	$ 22,594	$ 13,949
Less: Net income attributable to restricted shares	(115)	(95)	(94)	(70)	(139)	(132)	(133)	(132)	(374)	(536)	(529)
Less: Income from continuing operations attributable to unitholders in the Operating Partnership									(9,015)	(6,838)	(4,239)
Income (loss) from continuing operations attributable to American Assets Trust, Inc. common stockholders-basic									21,756	15,220	9,181
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders									0	0	25,757
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	7,024	6,417	3,713	4,602	4,682	4,223	3,077	3,238	21,756	15,220	34,938
Income from continuing operations attributable to American Assets Trust, Inc. common stockholders—basic									21,756	15,220	9,181
Plus: Income from continuing operations attributable to unitholders in the Operating Partnership									9,015	6,838	4,239
Income (loss) from continuing operations attributable to common stockholders-diluted									30,771	22,058	13,420
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders									0	0	25,757
Plus: Results from discontinued operations attributable to unitholders in the Operating Partnership									0	0	11,895
Net income attributable to common stockholders-diluted									$ 30,771	$ 22,058	$ 51,072
DENOMINATOR
Weighted average shares of common stock outstanding-basic (in shares)									42,041,126	39,539,457	38,736,113
Effect of dilutive securities-conversion of Operating Partnership units									17,906,348	17,976,353	18,317,796
Weighted average common shares outstanding - diluted									59,947,474	57,515,810	57,053,909
Earnings (loss) per common share-basic
Continuing operations (in dollars per share)									$ 0.52	$ 0.38	$ 0.24
Discontinued operations (in dollars per share)									$ 0.00	$ 0.00	$ 0.66
Basic net income attributable to common stockholders per share (in dollars per share)									$ 0.52	$ 0.38	$ 0.90
Earnings (loss) per common share-diluted
Continuing operations (in dollars per share)									$ 0.51	$ 0.38	$ 0.24
Discontinued operations (in dollars per share)									$ 0.00	$ 0.00	$ 0.66
Diluted net income attributable to common stockholders per share (in dollars per share)									$ 0.51	$ 0.38	$ 0.90

Income Taxes Income Tax Provision Included in Other Income Expense on Consolidated Statement of Operations (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement [Abstract]
Federal	$ 190	$ 370	$ 361
State	284	362	335
Federal	0	(47)	118
State	(14)	(40)	202
Provision for income taxes	$ 460	$ 645	$ 1,016

- Definition

Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of deferred federal income tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of deferred state and local tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

Commitments and Contingencies (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended																		12 Months Ended
	Dec. 31, 2014 Property	Dec. 31, 2012	Dec. 31, 2014 Total Revenue Southern California	Dec. 31, 2014 Total Revenue Hawaii	Dec. 31, 2014 Rental Income Customer	Dec. 31, 2014 Maximum Tenants	Dec. 31, 2014 The Land Mark at One Market OptionPlan	Dec. 31, 2014 Quicksilver	Dec. 31, 2014 Waikiki Beach Walk - Retail	Dec. 31, 2014 Outrigger Hotels M	Dec. 31, 2014 Outrigger Hotels Future Year Period One	Dec. 31, 2014 Outrigger Hotels Future Year Period Two	Dec. 31, 2014 Outrigger Hotels Future Year Period Three	Dec. 31, 2014 Outrigger Hotels Future Year Period Four	Dec. 31, 2014 Outrigger Hotels Maximum	Dec. 31, 2014 Wbw Hotel Lessee Llc	Dec. 31, 2014 Wbw Hotel Lessee Llc Future Time Period Prior to 12-31-2021	Dec. 31, 2014 Wbw Hotel Lessee Llc Future Time Period After 12-31-2021	Dec. 31, 2014 Total Revenues Retail industry	Dec. 31, 2013 Total Revenues Retail industry	Dec. 31, 2014 Total Revenues Office industry	Dec. 31, 2013 Total Revenues Office industry	Dec. 31, 2014 Base Rent salesforce.com, inc.	Dec. 31, 2014 Alamo Quarry Market and Waikele Center Total Revenue	Dec. 31, 2013 Alamo Quarry Market and Waikele Center Total Revenue	Dec. 31, 2014 Del Monte Center Ground Water Contamination Maximum	Dec. 31, 2014 Del Monte Center Ground Water Contamination Minimum
Commitment And Contingencies [Line Items]
Number of lease extension options							3
Years, lease extension options length							5 years
Percent annual lease amount increase								3.40%
Property management fee, percent									3.00%	6.00%					3.00%
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
Years in hotel management agreement term											15 years	14 years	13 years	12 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
Years of contract																20 years
Percentage of hotel occupancy gross revenue paid for franchise royalty fee																	4.00%	5.00%
Percentage of hotel occupancy gross revenue paid for program fee																4.00%
Termination payment	$ 6.6
Environmental remediation monitoring period																										9 years	2 years
Percentage, partner's common units	50.00%
Transfer taxes accrued in connection with the Offering	$ 6.6
Number of consolidated properties located in Southern California	12
Percentage of total revenue provided by properties			29.90%	20.90%	8.70%	2.00%													37.00%	36.60%	35.60%	35.50%	8.00%	15.60%	15.80%
Maximum percentage of total revenue provided by any single tenant	10.00%	10.00%
Number of tenants that comprise 10.7% of total annualized based rent					3

Commitments and Contingencies Current Minimum Annual Payments under Leases (Details) (USD $)	Dec. 31, 2014	Jun. 30, 2016 Scenario, Forecast The Land Mark at One Market	Feb. 28, 2017 Scenario, Forecast Waikiki Beach Walk
Operating Leased Assets [Line Items]
2015	$ 2,636,000
2016	2,682,000
2017	2,686,000
2018	2,686,000
2019	2,686,000
Thereafter	23,856,000
Total	37,232,000
Stated monthly lease rate		$ 162,140	$ 61,690

Operating Leases (Details)	12 Months Ended
Operating Leases (Details)	Dec. 31, 2014 State Property
Operating Leased Assets [Line Items]
Number of states where retail, office and mixed-use properties are located	5
Number of leased properties	23
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
Retail Or Office
Operating Leased Assets [Line Items]
Number of leased properties	829
Residential Property
Operating Leased Assets [Line Items]
Number of leased properties	794

Operating Leases Minimum Future Rentals from Noncancelable Operating Leases (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Leases, Operating [Abstract]
2015	$ 159,988
2016	144,660
2017	128,865
2018	96,844
2019	69,309
Thereafter	193,704
Total	$ 793,370

Component of Rental Income and Expense Components of Rental Income (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Rental Income [Line Items]
Cost reimbursement	$ 29,052	$ 27,583	$ 27,763
Percentage rent	3,107	2,655	2,608
Hotel revenue	33,911	35,137	31,729
Other	1,681	1,688	1,597
Total rental income	246,078	242,757	225,249
Total Retail
Rental Income [Line Items]
Minimum rents	70,573	69,374	67,046
Total Office
Rental Income [Line Items]
Minimum rents	82,018	81,845	71,817
Total Multifamily
Rental Income [Line Items]
Minimum rents	15,732	14,926	13,796
Total Mixed-Use
Rental Income [Line Items]
Minimum rents	$ 10,004	$ 9,549	$ 8,893

Component of Rental Income and Expense Components of Rental Expenses (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating Leases, Income Statement, Lease Revenue [Abstract]
Rental operating	$ 26,371	$ 26,028	$ 24,264
Hotel operating	21,488	22,115	20,905
Repairs and maintenance	10,600	10,514	9,452
Marketing	1,623	1,547	1,266
Rent	2,452	2,442	2,378
Hawaii excise tax	3,981	4,153	3,813
Management fees	1,752	1,809	2,011
Total rental expenses	$ 68,267	$ 68,608	$ 64,089

Other Income (Expenses) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other Income and Expenses [Abstract]
Interest and investment income	$ 155	$ 148	$ 336
Income tax expense	(460)	(645)	(1,016)
Acquisition related expenses	0	0	(152)
Other non-operating income	746	10	203
Total other income (expense)	$ 441	$ (487)	$ (629)

Related Party Transactions (Details) (USD $)	12 Months Ended										0 Months Ended
Related Party Transactions (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014 WBW CHP LLC	Dec. 31, 2013 WBW CHP LLC	Dec. 31, 2012 WBW CHP LLC	Dec. 31, 2014 ICW Plaza Board of Directors Chairman	Dec. 31, 2013 ICW Plaza Board of Directors Chairman	Dec. 31, 2012 ICW Plaza Board of Directors Chairman	Jul. 01, 2014 ICW Plaza Board of Directors Chairman	Sep. 12, 2014 Private Placement ICW Plaza Board of Directors Chairman	Sep. 12, 2014 Private Placement ICW Plaza Board of Directors Chairman
Related Party Transaction [Line Items]
Total rental income	$ 246,078,000	$ 242,757,000	$ 225,249,000				$ 2,200,000	$ 2,200,000	$ 2,100,000
Prepaid Insurance										400,000
Common shares issued (in shares)											400,000
Share Price												$ 33.76
Proceeds from Issuance of Common Stock, Gross											13,500,000
Investment in WBW CHP LLC, in percentage	47.70%
Recovered reimbursements of operating expenses of WBW CHP LLC				$ 1,100,000	$ 1,100,000	$ 1,000,000

- 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 Operating Activity Within Reportable Segments (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Operating income (loss)	$ 22,526	$ 23,036	$ 17,726	$ 20,381	$ 20,407	$ 21,441	$ 19,373	$ 19,880	$ 83,669	$ 81,101	$ 71,906
Gross Profit									168,769	165,071	149,352
Total Retail
Segment Reporting Information [Line Items]
Property revenue									96,140	93,449	91,991
Property expense									(25,451)	(23,900)	(24,955)
Operating income (loss)									70,689	69,549	67,036
Total Office
Segment Reporting Information [Line Items]
Property revenue									92,474	90,527	78,101
Property expense									(27,003)	(26,688)	(23,780)
Operating income (loss)									65,471	63,839	54,321
Total Multifamily
Segment Reporting Information [Line Items]
Property revenue									16,976	16,125	14,852
Property expense									(6,099)	(5,917)	(5,914)
Operating income (loss)									10,877	10,208	8,938
Total Mixed-Use
Segment Reporting Information [Line Items]
Property revenue									54,410	54,956	50,522
Property expense									(32,678)	(33,481)	(31,465)
Operating income (loss)									$ 21,732	$ 21,475	$ 19,057

Segment Reporting Reconciliation of Segment Profit to Net Income Attributable to Stockholders (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting [Abstract]
Gross Profit									$ 168,769	$ 165,071	$ 149,352
General and administrative									(18,532)	(17,195)	(15,593)
Depreciation and amortization									(66,568)	(66,775)	(61,853)
Interest expense									(52,965)	(58,020)	(57,328)
Other income (expense), net									441	(487)	(629)
Income from continuing operations									31,145	22,594	13,949
Discontinued operations
Income from discontinued operations									0	0	932
Gain on sale of real estate property									0	0	36,720
Results from discontinued operations									0	0	37,652
Net income	10,046	9,090	5,351	6,658	6,907	6,258	4,564	4,865	31,145	22,594	51,601
Net income attributable to restricted shares	(115)	(95)	(94)	(70)	(139)	(132)	(133)	(132)	(374)	(536)	(529)
Net income attributable to unitholders in the Operating Partnership	(2,907)	(2,578)	(1,544)	(1,986)	(2,086)	(1,903)	(1,354)	(1,495)	(9,015)	(6,838)	(16,134)
Net income attributable to American Assets Trust, Inc. stockholders	$ 7,024	$ 6,417	$ 3,713	$ 4,602	$ 4,682	$ 4,223	$ 3,077	$ 3,238	$ 21,756	$ 15,220	$ 34,938

Segment Reporting Net Real Estate and Secured Note Payable Balances for Each Segment (Details) (USD $)
In Thousands, unless otherwise specified

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Segment Reporting Information [Line Items]

Net Real Estate

$ 1,775,400

$ 1,676,836

Secured Notes Payable

819,983

^[1]

962,259

^[1]

Capital Expenditures and Leasing Commissions

149,772

^[2]

58,707

^[2]

Total Retail

Segment Reporting Information [Line Items]

Net Real Estate

639,456

651,707

Secured Notes Payable

161,975

303,249

Capital Expenditures and Leasing Commissions

8,671

4,849

Total Office

Segment Reporting Information [Line Items]

Net Real Estate

757,854

750,890

Secured Notes Payable

426,254

427,256

Capital Expenditures and Leasing Commissions

34,577

27,275

Total Multifamily

Segment Reporting Information [Line Items]

Net Real Estate

182,468

74,612

Secured Notes Payable

101,444

Capital Expenditures and Leasing Commissions

101,392

24,641

Total Mixed-Use

Segment Reporting Information [Line Items]

Net Real Estate

195,622

199,627

Secured Notes Payable

130,310

Capital Expenditures and Leasing Commissions

$ 5,132

$ 1,942

[1]	Excludes unamortized fair market value adjustment of $7.2 million and $10.1 million as of December 31, 2014 and 2013, respectively.
[2]	Capital expenditures represent cash paid for capital expenditures during the year and include leasing commissions paid.

Quarterly Financial Information (Unaudited) Selected Quarterly Information (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information [Line Items]
Total revenue	$ 66,478	$ 67,343	$ 62,199	$ 63,980	$ 64,645	$ 65,318	$ 62,914	$ 62,180	$ 260,000	$ 255,057	$ 235,466
Operating income (loss)	22,526	23,036	17,726	20,381	20,407	21,441	19,373	19,880	83,669	81,101	71,906
Income (loss) from continuing operations									31,145	22,594	13,949
Results from discontinued operations									0	0	37,652
Net income	10,046	9,090	5,351	6,658	6,907	6,258	4,564	4,865	31,145	22,594	51,601
Net income attributable to restricted shares	(115)	(95)	(94)	(70)	(139)	(132)	(133)	(132)	(374)	(536)	(529)
Net income from continuing operations attributable to common stockholders-basic and diluted	$ 0.16	$ 0.15	$ 0.09	$ 0.11	$ 0.11	$ 0.11	$ 0.08	$ 0.08
Net income attributable to common stockholders-basic and diluted	$ 0.16	$ 0.15	$ 0.09	$ 0.11	$ 0.11	$ 0.11	$ 0.08	$ 0.08
American Assets Trust, L.P.
Quarterly Financial Information [Line Items]
Total revenue	66,478	67,343	62,199	63,980	64,645	65,318	62,914	62,180	260,000	255,057	235,466
Operating income (loss)	22,526	23,036	17,726	20,381	20,407	21,441	19,373	19,880	83,669	81,101	71,906
Income (loss) from continuing operations									31,145	22,594	13,949
Results from discontinued operations									0	0	37,652
Net income	10,046	9,090	5,351	6,658	6,907	6,258	4,564	4,865	31,145	22,594	51,601
Net income attributable to restricted shares	115	95	94	70	139	132	133	132	(374)	(536)	(529)
Net income from continuing operations attributable to common stockholders-basic and diluted	$ 0.16	$ 0.15	$ 0.09	$ 0.11	$ 0.11	$ 0.11	$ 0.08	$ 0.08
Net income attributable to common stockholders-basic and diluted	$ 0.16	$ 0.15	$ 0.09	$ 0.11	$ 0.11	$ 0.11	$ 0.08	$ 0.08
Net Income (Loss) Allocated to Limited Partners	(2,907)	(2,578)	(1,544)	(1,986)	(2,086)	(1,903)	(1,354)	(1,495)
Net Income (Loss) Allocated to General Partners	$ 7,024	$ 6,417	$ 3,713	$ 4,602	$ 4,682	$ 4,223	$ 3,077	$ 3,238

SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation (Details) (USD $)					12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014 Alamo Quarry Market	Dec. 31, 2014 Carmel Country Plaza	Dec. 31, 2014 Carmel Mountain Plaza	Dec. 31, 2014 Del Monte Center	Dec. 31, 2014 Geary Marketplace	Dec. 31, 2014 Lomas Santa Fe Plaza	Dec. 31, 2014 Rancho Carmel Plaza	Dec. 31, 2014 The Shops at Kalakaua	Dec. 31, 2014 Solana Beach Towne Centre	Dec. 31, 2014 South Bay Marketplace	Dec. 31, 2014 Waikele Center	Dec. 31, 2014 City Center Bellevue	Dec. 31, 2014 First & Main	Dec. 31, 2014 The Land Mark at One Market	Dec. 31, 2014 Lloyd District Portfolio	Dec. 31, 2014 One Beach Street	Dec. 31, 2014 Solana Beach Corporate Centre I-II	Dec. 31, 2014 Solana Beach Corporate Centre III-IV	Dec. 31, 2014 Solana Beach Corporate Centre Land	Dec. 31, 2014 ICW Plaza	Dec. 31, 2014 Pacific North Court	Dec. 31, 2014 Pacific South Court	Dec. 31, 2014 Pacific VC	Dec. 31, 2014 Pacific Torrey Daycare	Dec. 31, 2014 Torrey Reserve Building 6	Dec. 31, 2014 Torrey Reserve Land	Dec. 31, 2014 Imperial Beach Gardens	Dec. 31, 2014 Loma Palisades	Dec. 31, 2014 Mariner's Point	Dec. 31, 2014 Santa Fe Park Rv Resort	Dec. 31, 2014 Waikiki Beach Walk - Retail	Dec. 31, 2014 Waikiki Beach Walk Hotel	Dec. 31, 2014 Solana Beach Highway 101 Land	Dec. 31, 2014 Sorrento Valley Holdings Land
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2013	$ 819,983,000				$ 0	$ 0	$ 0	$ 82,300,000	$ 0	$ 0	$ 0	$ 19,000,000	$ 37,675,000	$ 23,000,000	$ 0	$ 111,000,000	$ 84,500,000	$ 133,000,000	$ 0	$ 21,900,000	$ 11,302,000	$ 36,376,000	$ 0	$ 0	$ 21,075,000	$ 0	$ 7,101,000	$ 0	$ 0	$ 0	$ 20,000,000	$ 73,744,000	$ 7,700,000	$ 0	$ 130,310,000	$ 0	$ 0	$ 0
Initial Cost, Land	457,017,000				26,396,000	4,200,000	22,477,000	27,412,000	8,239,000	8,600,000	3,450,000	13,993,000	40,980,000	4,401,000	55,593,000	25,135,000	14,697,000	34,575,000	18,660,000	15,332,000	7,111,000	7,298,000	487,000	4,095,000	3,263,000	3,285,000	1,413,000	715,000	0	229,000	1,281,000	14,000,000	2,744,000	401,000	45,995,000	30,640,000	7,847,000	2,073,000
Initial Cost, Building and Improvements	1,191,446,000				109,294,000	0	65,217,000	87,570,000	12,353,000	11,282,000	0	10,919,000	38,842,000	0	126,858,000	190,998,000	109,739,000	141,196,000	61,401,000	18,017,000	17,100,000	27,887,000	0	0	0	0	0	0	0	0	4,820,000	16,570,000	4,540,000	928,000	74,943,000	60,029,000	202,000	741,000
Cost Capitalized Subsequent to Acquisition	488,361,000				13,181,000	11,639,000	23,719,000	22,300,000	129,000	11,269,000	3,914,000	100,000	1,854,000	10,751,000	59,021,000	10,674,000	3,095,000	7,994,000	151,933,000	2,367,000	2,795,000	1,231,000	60,000	39,064,000	20,885,000	22,021,000	8,180,000	1,671,000	7,907,000	19,912,000	4,180,000	18,304,000	1,187,000	818,000	42,000	535,000	795,000	4,834,000
Gross Carrying Amount, Land	494,103,000				26,816,000	4,200,000	31,035,000	27,117,000	8,238,000	8,620,000	3,487,000	14,006,000	40,980,000	4,401,000	70,643,000	25,135,000	14,697,000	34,575,000	18,875,000	15,332,000	7,111,000	7,298,000	547,000	5,408,000	4,309,000	4,226,000	2,148,000	911,000	682,000	3,205,000	1,281,000	14,051,000	2,744,000	401,000	45,995,000	30,640,000	8,844,000	6,145,000
Gross Carrying Amount, Building and Improvements	1,642,721,000				122,055,000	11,639,000	80,378,000	110,165,000	12,483,000	22,531,000	3,877,000	11,006,000	40,696,000	10,751,000	170,829,000	201,672,000	112,834,000	149,190,000	213,119,000	20,384,000	19,895,000	29,118,000	0	37,751,000	19,839,000	21,080,000	7,445,000	1,475,000	7,225,000	16,936,000	9,000,000	34,823,000	5,727,000	1,746,000	74,985,000	60,564,000	0	1,503,000
Accumulated Depreciation and Amortization	(361,424,000)	(318,581,000)	(270,494,000)	(234,595,000)	(41,786,000)	(6,871,000)	(28,807,000)	(45,368,000)	(818,000)	(13,225,000)	(2,243,000)	(3,364,000)	(5,419,000)	(6,112,000)	(51,137,000)	(15,254,000)	(13,796,000)	(20,780,000)	(9,597,000)	(1,971,000)	(2,480,000)	(4,003,000)	0	(10,918,000)	(9,160,000)	(10,003,000)	(4,099,000)	(769,000)	(297,000)	0	(7,512,000)	(24,049,000)	(2,479,000)	(1,391,000)	(9,315,000)	(7,248,000)	(189,000)	(964,000)
Year Built/ Renovated					1997/1999	1991	1994/2014	1967/1984/2006	2012	1972/1997	1993	1971/2006	1973/2000/2004	1997	1993/2008	1987	2010	1917/2000	1940-2011/present	1924/1972/1987/1992	1982/2005	1982/2005	N/A	1996-1997/2014	1997-1998	1996-1997	1998/2000	1996-1997	2013	2014-present	1959/2008-present	1958/2001-2008	1986	1971/2007-2008	2006	2008/2014	N/A	N/A
Date Acquired					Dec. 09, 2003	Jan. 10, 1989	Mar. 28, 2003	Apr. 08, 2004	Dec. 19, 2012	Jun. 12, 1995	Apr. 30, 1990	Mar. 31, 2005	Jan. 19, 2011	Sep. 16, 1995	Sep. 16, 2004	Aug. 21, 2012	Mar. 11, 2011	Jun. 30, 2010	Jul. 01, 2011	Jan. 24, 2012	Jan. 19, 2011	Jan. 19, 2011	Jan. 19, 2011	Jun. 06, 1989	Jun. 06, 1989	Jun. 06, 1989	Jun. 06, 1989	Jun. 06, 1989	Jun. 06, 1989	Jun. 06, 1989	Jul. 31, 1985	Jul. 20, 1990	May 09, 2001	Jun. 01, 1979	Jan. 19, 2011	Jan. 19, 2011	Sep. 20, 2011	May 09, 1997
Life on which depreciation in latest income statements is computed					35 years	35 years	35 years	35 years	35 years	35 years	35 years	35 years	35 years	35 years	35 years	40 years	40 years	40 years	40 years	40 years	40 years	40 years		40 years	40 years	40 years	40 years	40 years	40 years		30 years	30 years	30 years	30 years	35 years	35 years
The Aggregate tax basis for Federal tax purposes	$ 1,400,000,000

SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation Rollforward (Details) (USD $)
In Thousands, unless otherwise specified

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Real estate assets

Balance, beginning of period

$ 1,995,417

$ 1,938,676

$ 1,687,276

Property acquisitions

270,082

Improvements

154,594

^[1]

60,677

^[1]

41,303

^[1]

Cost of Real Estate Sold

(57,188)

Other

(13,187)

^[1],[2]

(3,936)

^[1],[2]

(2,797)

^[1],[2]

Balance, end of period

2,136,824

1,995,417

1,938,676

Accumulated depreciation

Balance, beginning of period

318,581

270,494

234,595

Additions-depreciation

55,159

^[1]

51,949

^[1]

47,792

^[1]

Cost of Real Estate Sold

(9,216)

Other

(12,316)

^[1],[2]

(3,862)

^[1],[2]

(2,677)

^[1],[2]

Balance, end of period

$ 361,424

$ 318,581

$ 270,494

[1]	Includes discontinued operations for 160 King Street, which was sold on December 4, 2012.
[2]	Other deductions for the years ended December 31, 2014, 2013 and 2012 represent the write-off of fully depreciated assets.

Subsequent Events (Notes)	12 Months Ended
Subsequent Events (Notes)	Dec. 31, 2014
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENTS On February 2, 2015, we closed on and issued our Series B Notes. As of February 20, 2015, $100 million of the Series B Notes was outstanding. Additionally, on February 2, 2015 and February 6, 2015, we prepaid in full, without penalty or premium, the secured mortgages encumbering The Shops at Kalakaua and Del Monte Center, respectively.

Fair Value of Financial Instruments (Details) (Fair Value, Inputs, Level 2)	12 Months Ended
	Dec. 31, 2014
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Interest rate used to estimate fair value of mortgages and notes payable (in percents)	3.62%
Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Interest rate used to estimate fair value of mortgages and notes payable (in percents)	5.73%

Income Taxes (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Deferred tax Liability	$ 219	$ 233

Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Dec. 31, 2014 Segment Room
Segment Reporting [Abstract]
Number of operating segments	4
Room in mixed-use segment all-suite hotel	369

Subsequent Events (Details) (Note Purchase Agreement, Senior Notes, Series B, Subsequent Event, USD $)	Feb. 20, 2015
Note Purchase Agreement \| Senior Notes, Series B \| Subsequent Event
Subsequent Event [Line Items]
Debt Instrument, Face Amount	$ 100,000,000