☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | (American Assets Trust, Inc.) | 27-3338708 | (American Assets Trust, Inc.) | |||||||||||
Maryland | (American Assets Trust, L.P.) | 27-3338894 | (American Assets Trust, L.P.) | |||||||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Registrant | Title of Each Class | Trading Symbol | Name Of Each Exchange On Which Registered | ||||||||
American Assets Trust, Inc. | Common Stock, $.01 par value per share | AAT | New York Stock Exchange | ||||||||
American Assets Trust, L.P. | None | None | None |
American Assets Trust, Inc. | None | ||||
American Assets Trust, L.P. | None |
American Assets Trust, Inc. | ☒ | Yes | ☐ | No | |||||||||||||
American Assets Trust, L.P. | ☐ | Yes | ☒ | No |
American Assets Trust, Inc. | ☐ | Yes | ☒ | No | |||||||||||||
American Assets Trust, L.P. | ☐ | Yes | ☒ | No |
American Assets Trust, Inc. | ☒ | Yes | ☐ | No | |||||||||||||
American Assets Trust, L.P. | ☒ | Yes | ☐ | No |
American Assets Trust, Inc. | ☒ | Yes | ☐ | No | |||||||||||||
American Assets Trust, L.P. | ☒ | Yes | ☐ | No |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | |||||||||||||||||
Non-Accelerated Filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging Growth Company | ☐ |
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | |||||||||||||||||
Non-Accelerated Filer | ☒ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging Growth Company | ☐ |
American Assets Trust, Inc. | ☐ | Yes | ☒ | No | |||||||||||||
American Assets Trust, L.P. | ☐ | Yes | ☒ | No |
•Irreplaceable Portfolio of High Quality Retail, Office and Multifamily Properties. We have acquired and developed a high quality portfolio of retail, office and multifamily properties located in affluent neighborhoods and sought-after business centers in Southern California, Northern California, Portland, Oregon, Bellevue, Washington, San Antonio, Texas and Oahu, Hawaii. Many of our properties are located in in-fill locations where developable land is scarce or where we believe current zoning, environmental and entitlement regulations significantly restrict new development. We believe that the location of many of our properties will provide us an advantage in terms of generating higher internal revenue growth on a relative basis. |
•Capitalizing on Acquisition Opportunities in High-Barrier-to-Entry Markets. We intend to pursue growth through the strategic acquisition of attractively priced, high quality properties that are well located in their submarkets, focusing on markets that generally are characterized by strong supply and demand characteristics, including high barriers to entry and diverse industry bases, that appeal to institutional investors. |
Property | Location | Year Built/ Renovated | Number of Buildings | Net Rentable Square Feet | Percentage Leased | Annualized Base Rent | Annualized Base Rent Per Leased Square Foot | Property | Location | Year Built/ Renovated | Number of Buildings | Net Rentable Square Feet | Percentage Leased | Annualized Base Rent | Annualized Base Rent Per Leased Square Foot | ||||||||||||||||||||||||||||||||||||||||||||||
OFFICE PROPERTIES | OFFICE PROPERTIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
La Jolla Commons (1) | San Diego, CA | 2008/2014 | 2 | 723,945 | 99.0 | % | $ | 36,197,608 | $ | 50.51 | La Jolla Commons (1) | San Diego, CA | 2008/2014 | 2 | 724,186 | 98.0 | % | $ | 39,961,852 | $ | 56.31 | ||||||||||||||||||||||||||||||||||||||||
Torrey Reserve Campus | San Diego, CA | 1996-2000/2014-2016 | 14 | 521,311 | 93.1 | % | 21,540,295 | 44.38 | Torrey Reserve Campus | San Diego, CA | 1996-2000/2014-2016 | 14 | 521,678 | 85.0 | % | 22,113,241 | 49.87 | ||||||||||||||||||||||||||||||||||||||||||||
Torrey Point | San Diego, CA | 2017 | 2 | 91,990 | 56.7 | 2,217,822 | 42.52 | Torrey Point | San Diego, CA | 2017 | 2 | 92,195 | 94.6 | 3,246,011 | 37.22 | ||||||||||||||||||||||||||||||||||||||||||||||
Solana Beach Corporate Centre | Solana Beach, CA | 1982/2005 | 4 | 212,614 | 97.3 | 7,882,527 | 38.10 | Solana Beach Corporate Centre | Solana Beach, CA | 1982/2005 | 4 | 212,614 | 93.0 | 8,689,159 | 43.94 | ||||||||||||||||||||||||||||||||||||||||||||||
The Landmark at One Market (2) | San Francisco, CA | 1917/2000 | 1 | 422,426 | 100.0 | 29,574,142 | 70.01 | The Landmark at One Market (2) | San Francisco, CA | 1917/2000 | 1 | 422,426 | 100.0 | 37,345,312 | 88.41 | ||||||||||||||||||||||||||||||||||||||||||||||
One Beach Street | San Francisco, CA | 1924/1972/1987/1992 | 1 | 97,614 | 45.0 | 2,407,267 | 54.80 | One Beach Street | San Francisco, CA | 1924/1972/1987/1992 | 1 | 100,270 | 15.4 | 950,488 | 61.55 | ||||||||||||||||||||||||||||||||||||||||||||||
First & Main | Portland, OR | 2010 | 1 | 360,641 | 98.7 | 11,315,061 | 31.79 | First & Main | Portland, OR | 2010 | 1 | 360,314 | 93.0 | 10,442,975 | 31.16 | ||||||||||||||||||||||||||||||||||||||||||||||
Lloyd District Portfolio | Portland, OR | 1940-2015 | 2 | 515,850 | 96.0 | 13,151,480 | 26.56 | Lloyd District Portfolio | Portland, OR | 1940-2015 | 3 | 515,929 | 99.8 | 16,454,913 | 31.96 | ||||||||||||||||||||||||||||||||||||||||||||||
City Center Bellevue | Bellevue, WA | 1987 | 1 | 497,488 | 98.9 | 21,222,347 | 43.13 | City Center Bellevue | Bellevue, WA | 1987 | 1 | 497,666 | 96.5 | 23,679,927 | 49.31 | ||||||||||||||||||||||||||||||||||||||||||||||
Subtotal / Weighted Average Office Portfolio (3) | Subtotal / Weighted Average Office Portfolio (3) | 28 | 3,443,879 | 95.0 | % | $ | 145,508,549 | $ | 44.48 | Subtotal / Weighted Average Office Portfolio (3) | 29 | 3,447,278 | 93.0 | % | $ | 162,883,878 | $ | 50.81 | |||||||||||||||||||||||||||||||||||||||||||
RETAIL PROPERTIES | RETAIL PROPERTIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carmel Country Plaza | San Diego, CA | 1991 | 9 | 78,098 | 94.6 | % | $ | 3,939,853 | $ | 53.33 | Carmel Country Plaza | San Diego, CA | 1991 | 9 | 78,098 | 89.4 | % | $ | 3,731,651 | $ | 53.45 | ||||||||||||||||||||||||||||||||||||||||
Carmel Mountain Plaza (4) | San Diego, CA | 1994/2014 | 15 | 528,416 | 97.0 | 14,113,184 | 27.53 | Carmel Mountain Plaza (4) | San Diego, CA | 1994/2014 | 15 | 528,416 | 95.0 | 13,373,531 | 26.64 | ||||||||||||||||||||||||||||||||||||||||||||||
South Bay Marketplace (4) | San Diego, CA | 1997 | 9 | 132,877 | 100.0 | 2,472,266 | 18.61 | South Bay Marketplace (4) | San Diego, CA | 1997 | 9 | 132,877 | 94.4 | 1,914,333 | 15.26 | ||||||||||||||||||||||||||||||||||||||||||||||
Gateway Marketplace | San Diego, CA | 1997/2016 | 3 | 127,861 | 100.0 | 2,412,123 | 18.87 | Gateway Marketplace | San Diego, CA | 1997/2016 | 3 | 127,861 | 100.0 | 2,483,725 | 19.43 | ||||||||||||||||||||||||||||||||||||||||||||||
Lomas Santa Fe Plaza | Solana Beach, CA | 1972/1997 | 9 | 208,030 | 97.7 | 6,046,434 | 29.75 | Lomas Santa Fe Plaza | Solana Beach, CA | 1972/1997 | 9 | 208,030 | 94.7 | 5,907,553 | 29.99 | ||||||||||||||||||||||||||||||||||||||||||||||
Solana Beach Towne Centre | Solana Beach, CA | 1973/2000/2004 | 12 | 247,535 | 97.7 | 6,223,473 | 25.73 | Solana Beach Towne Centre | Solana Beach, CA | 1973/2000/2004 | 12 | 246,730 | 94.4 | 6,250,003 | 26.83 | ||||||||||||||||||||||||||||||||||||||||||||||
Del Monte Center (4) | Monterey, CA | 1967/1984/2006 | 16 | 673,572 | 98.0 | 11,795,227 | 17.87 | Del Monte Center (4) | Monterey, CA | 1967/1984/2006 | 16 | 673,155 | 81.7 | 8,403,833 | 15.28 | ||||||||||||||||||||||||||||||||||||||||||||||
Geary Marketplace | Walnut Creek, CA | 2012 | 3 | 35,159 | 100.0 | 1,232,864 | 35.07 | Geary Marketplace | Walnut Creek, CA | 2012 | 3 | 35,159 | 100.0 | 1,187,924 | 33.79 | ||||||||||||||||||||||||||||||||||||||||||||||
The Shops at Kalakaua | Honolulu, HI | 1971/2006 | 3 | 11,671 | 100.0 | 1,878,736 | 160.97 | The Shops at Kalakaua | Honolulu, HI | 1971/2006 | 3 | 11,671 | 100.0 | 1,894,936 | 162.36 | ||||||||||||||||||||||||||||||||||||||||||||||
Waikele Center | Waipahu, HI | 1993/2008 | 9 | 418,047 | 99.5 | 12,534,073 | 30.13 | Waikele Center | Waipahu, HI | 1993/2008 | 9 | 418,047 | 100.0 | 11,524,589 | 27.57 | ||||||||||||||||||||||||||||||||||||||||||||||
Alamo Quarry Market (4) | San Antonio, TX | 1997/1999 | 16 | 588,148 | 97.2 | 14,170,932 | 24.79 | Alamo Quarry Market (4) | San Antonio, TX | 1997/1999 | 16 | 588,148 | 85.5 | 12,461,757 | 24.78 | ||||||||||||||||||||||||||||||||||||||||||||||
Hassalo on Eighth - Retail (5) | Portland, OR | 2015 | 3 | 44,236 | 89.5 | 986,185 | 24.91 | Hassalo on Eighth - Retail (5) | Portland, OR | 2015 | 3 | 44,236 | 71.0 | 940,668 | 29.95 | ||||||||||||||||||||||||||||||||||||||||||||||
Subtotal / Weighted Average Retail Portfolio (1) | Subtotal / Weighted Average Retail Portfolio (1) | 107 | 3,093,650 | 97.8 | % | $ | 77,805,350 | $ | 25.72 | Subtotal / Weighted Average Retail Portfolio (1) | 107 | 3,092,428 | 90.7 | % | $ | 70,074,503 | $ | 24.98 | |||||||||||||||||||||||||||||||||||||||||||
Total / Weighted Average Retail and Office Portfolio (1) | Total / Weighted Average Retail and Office Portfolio (1) | 135 | 6,537,529 | 96.3 | % | $ | 223,313,899 | $ | 35.47 | Total / Weighted Average Retail and Office Portfolio (1) | 136 | 6,539,706 | 91.9 | % | $ | 232,958,381 | $ | 38.76 |
Retail Portion | Location | Year Built/ Renovated | Number of Buildings | Net Rentable Square Feet | Percent Leased | Annualized Base Rent | Annualized Base Rent Per Leased Square Foot | ||||||||||||||||||||||||||||||||||
Waikiki Beach Walk—Retail (6) | Honolulu, HI | 2006 | 3 | 96,707 | 89.2 | % | $ | 9,411,407 | $ | 109.10 |
Retail Portion | Location | Year Built/ Renovated | Number of Buildings | Net Rentable Square Feet | Percent Leased | Annualized Base Rent | Annualized Base Rent Per Leased Square Foot | |||||||||||||
Waikiki Beach Walk—Retail (6) | Honolulu, HI | 2006 | 3 | 96,707 | 97.9 | % | $ | 11,130,250 | $ | 117.56 |
Hotel Portion | Location | Year Built/ Renovated | Number of Buildings | Units | Average Occupancy | Average Daily Rate | Revenue per Available Room | ||||||||||||||||||||||||||||||||||
Waikiki Beach Walk—Embassy SuitesTM | Honolulu, HI | 2008/2020 | 2 | 369 | 51.3 | % | $ | 248.52 | $ | 127.42 |
Hotel Portion | Location | Year Built/ Renovated | Number of Buildings | Units | Average Occupancy | Average Daily Rate | Revenue per Available Room | |||||||||||||
Waikiki Beach Walk—Embassy SuitesTM | Honolulu, HI | 2008/2014 | 2 | 369 | 91.7 | % | $ | 326.15 | $ | 299.19 |
Property | Location | Year Built/ Renovated | Number of Buildings | Units | Percentage Leased | Annualized Base Rent | Average Monthly Base Rent per Leased Unit | Property | Location | Year Built/ Renovated | Number of Buildings | Units | Percentage Leased | Annualized Base Rent | Average Monthly Base Rent per Leased Unit | ||||||||||||||||||||||||||||||||||||||||||||||
Loma Palisades | San Diego, CA | 1958/2001-2008 | 80 | 548 | 96.0 | % | $ | 13,966,392 | $ | 2,212 | Loma Palisades | San Diego, CA | 1958/2001-2008 | 80 | 548 | 95.3 | % | $ | 14,420,472 | $ | 2,301 | ||||||||||||||||||||||||||||||||||||||||
Imperial Beach Gardens | Imperial Beach, CA | 1959/2008 | 26 | 160 | 93.1 | 3,578,328 | 2,002 | Imperial Beach Gardens | Imperial Beach, CA | 1959/2008 | 26 | 160 | 94.4 | 3,920,016 | 2,163 | ||||||||||||||||||||||||||||||||||||||||||||||
Mariner’s Point | Imperial Beach, CA | 1986 | 8 | 88 | 93.2 | 1,775,364 | 1,804 | Mariner’s Point | Imperial Beach, CA | 1986 | 8 | 88 | 96.6 | 1,860,348 | 1,824 | ||||||||||||||||||||||||||||||||||||||||||||||
Santa Fe Park RV Resort (7) | San Diego, CA | 1971/2007-2008 | 1 | 126 | 88.1 | 1,367,484 | 1,027 | Santa Fe Park RV Resort (7) | San Diego, CA | 1971/2007-2008 | 1 | 126 | 77.8 | 1,250,460 | 1,063 | ||||||||||||||||||||||||||||||||||||||||||||||
Pacific Ridge Apartments | San Diego, CA | 2013 | 3 | 533 | 94.4 | 17,277,480 | 2,862 | Pacific Ridge Apartments | San Diego, CA | 2013 | 3 | 533 | 93.1 | 18,171,132 | 3,052 | ||||||||||||||||||||||||||||||||||||||||||||||
Hassalo on Eighth - Multifamily (5) | Portland, OR | 2015 | 3 | 657 | 89.6 | 11,395,716 | 1,613 | Hassalo on Eighth - Multifamily (5) | Portland, OR | 2015 | 3 | 657 | 71.2 | 9,278,952 | 1,653 | ||||||||||||||||||||||||||||||||||||||||||||||
Total / Weighted Average Multifamily | Total / Weighted Average Multifamily | 121 | 2,112 | 92.8 | % | $ | 49,360,764 | $ | 2,099 | Total / Weighted Average Multifamily | 121 | 2,112 | 86.2 | % | $ | 48,901,380 | $ | 2,238 |
Leased Square Feet | Annualized Base | Pro Forma Annualized | |||||||||||||
Under Signed But | Annualized | Rent per | Base Rent per | ||||||||||||
Not Commenced Leases (a) | Base Rent (b) | Leased Square Foot (b) | Leased Square Foot (c) | ||||||||||||
Office Portfolio | $ | 298,169 | $ | 17,498,233 | $ | 58.69 | $ | 49.80 | |||||||
Retail Portfolio | 28,249 | 737,855 | $ | 26.12 | $ | 25.98 | |||||||||
Total Retail and Office Portfolio | $ | 326,418 | $ | 18,236,088 | $ | 55.87 | $ | 38.35 |
Property | Number of Ground Leases | Square Footage Leased Pursuant to Ground Leases | Aggregate Annualized Base Rent | ||||||
Carmel Mountain Plaza | 5 | 17,607 | $ | 780,964 | |||||
South Bay Marketplace | 1 | 2,824 | $ | 102,276 | |||||
Del Monte Center | 1 | 212,500 | $ | 96,000 | |||||
Alamo Quarry Market | 4 | 31,994 | $ | 509,880 |
Leased Square Feet | Annualized Base | Pro Forma Annualized | |||||||||||||||||||||
Under Signed But | Annualized | Rent per | Base Rent per | ||||||||||||||||||||
Not Commenced Leases (a) | Base Rent (b) | Leased Square Foot (b) | Leased Square Foot (c) | ||||||||||||||||||||
Office Portfolio | $ | 32,253 | $ | 1,897,001 | $ | 58.82 | $ | 51.40 | |||||||||||||||
Retail Portfolio | 4,403 | 148,793 | $ | 33.79 | $ | 25.04 | |||||||||||||||||
Total Retail and Office Portfolio | $ | 36,656 | $ | 2,045,794 | $ | 55.81 | $ | 39.10 |
Property | Number of Ground Leases | Square Footage Leased Pursuant to Ground Leases | Aggregate Annualized Base Rent | ||||||||||||||
Carmel Mountain Plaza | 5 | 17,607 | $ | 741,962 | |||||||||||||
South Bay Marketplace | 1 | 2,824 | $ | 102,276 | |||||||||||||
Del Monte Center | 1 | 212,500 | $ | 96,000 | |||||||||||||
Alamo Quarry Market | 3 | 20,694 | $ | 385,506 |
•Percentage leased for each of our retail and office properties and the retail portion of the mixed-use property is calculated as square footage under leases as of December 31, 2020, divided by net rentable square feet, expressed as a percentage. The square footage under lease includes leases which may not have commenced as of December 31, 2020. Percentage leased for our multifamily properties is calculated as total units rented as of December 31, 2020, divided by total units available, expressed as a percentage. •Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents, before abatements) for the month ended December 31, 2020, by 12. Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage under lease as of December 31, 2020. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses. Total abatements for leases in effect as of December 31, 2020 for our retail and office portfolio equaled approximately $19.0 million for the year ended December 31, 2020. Total abatements for leases in effect as of December 31, 2020 for our mixed-use portfolio equaled approximately $0.9 million for the year ended December 31, 2020. Total abatements for leases in effect as of December 31, 2020 for our multifamily portfolio equaled approximately $0.8 million for the year ended December 31, 2020. •Units represent the total number of units available for sale/rent at December 31, 2020. •Average occupancy represents the percentage of available units that were sold during the 12-month period ended December 31, 2020, and is calculated by dividing the number of units sold by the product of the total number of units and the total number of days in the period. Average daily rate represents the average rate paid for the units sold and is calculated by dividing the total room revenue (i.e., excluding food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services) for the 12-month period ended December 31, 2020, by the number of units sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for the 12-month period ended December 31, 2020 and is calculated by multiplying average occupancy by the average daily rate. RevPAR does not include food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services. •Average monthly base rent per leased unit represents the average monthly base rent per leased units as of December 31, 2020. 35 |
Tenant | Property(ies) | Lease Expiration | Total Leased Square Feet | Rentable Square Feet as a Percentage of Total | Annualized Base Rent (1) | Annualized Base Rent as a Percentage of Total | ||||||||||||||||||||||||||||||||
Google LLC | The Landmark at One Market | 12/31/2029 | 253,198 | 3.8 | % | $ | 24,178,824 | 10.0 | % | |||||||||||||||||||||||||||||
LPL Holdings, Inc. | La Jolla Commons | 4/30/2029 | 421,001 | 6.3 | 18,143,812 | 7.5 | ||||||||||||||||||||||||||||||||
Autodesk, Inc. | The Landmark at One Market | 12/31/2022 12/31/2023 | 138,615 | 2.1 | 12,273,512 | 5.1 | ||||||||||||||||||||||||||||||||
Smartsheet, Inc. | City Center Bellevue | 12/31/2026 4/30/2029 | 124,217 | 1.9 | 6,572,101 | 2.7 | ||||||||||||||||||||||||||||||||
VMware, Inc. | City Center Bellevue | 11/30/2022 5/31/2025 9/30/2027 | 109,985 | 1.7 | 5,579,954 | 2.3 | ||||||||||||||||||||||||||||||||
Illumina, Inc. | La Jolla Commons | 10/31/2027 | 73,176 | 1.1 | 4,302,751 | 1.8 | ||||||||||||||||||||||||||||||||
Lowe's | Waikele Center | 5/31/2028 | 155,000 | 2.3 | 3,720,000 | 1.5 | ||||||||||||||||||||||||||||||||
Clearesult Operating, LLC | First & Main | 4/30/2025 | 101,848 | 1.5 | 2,902,976 | 1.2 | ||||||||||||||||||||||||||||||||
State of Oregon: Department of Environmental Quality | Lloyd District Portfolio | 10/31/2031 | 87,787 | 1.3 | 2,766,541 | 1.1 | ||||||||||||||||||||||||||||||||
Genentech, Inc. | Lloyd District Portfolio | 10/31/2026 | 66,852 | 1.0 | 2,203,442 | 0.9 | ||||||||||||||||||||||||||||||||
Internal Revenue Service (2) | First & Main | 8/31/2030 | 63,648 | 1.0 | 2,200,553 | 0.9 | ||||||||||||||||||||||||||||||||
Nordstrom Rack | Carmel Mountain Plaza, Alamo Quarry Market | 9/30/2022 10/31/2022 | 69,047 | 1.0 | 2,189,648 | 0.9 | ||||||||||||||||||||||||||||||||
Quiksilver | Waikiki Beach Walk | 12/31/2021 | 8,365 | 0.1 | 2,175,177 | 0.9 | ||||||||||||||||||||||||||||||||
Sprouts Farmers Market | Solana Beach Towne Centre, Carmel Mountain Plaza, Geary Marketplace | 6/30/2024 3/31/2025 9/30/2032 | 71,431 | 1.1 | 2,121,187 | 0.9 | ||||||||||||||||||||||||||||||||
Veterans Benefits Administration (2) | First & Main | 8/31/2030 | 74,885 | 1.1 | 2,009,451 | 0.8 | ||||||||||||||||||||||||||||||||
California Bank & Trust | Torrey Reserve Campus | 2/29/2024 | 34,731 | 0.5 | 1,917,767 | 0.8 | ||||||||||||||||||||||||||||||||
WeWork | Lloyd District Portfolio | 1/31/2032 | 55,395 | 0.8 | 1,883,430 | 0.8 | ||||||||||||||||||||||||||||||||
Industrious | City Center Bellevue | 3/31/2034 | 37,166 | 0.6 | 1,833,468 | 0.8 | ||||||||||||||||||||||||||||||||
Perkins Coie, LLP | Torrey Reserve Campus | 12/31/2028 | 36,980 | 0.6 | 1,805,438 | 0.7 | ||||||||||||||||||||||||||||||||
Marshalls | Solana Beach Towne Centre, Carmel Mountain Plaza | 1/31/2025 1/31/2029 | 68,055 | 1.0 | 1,728,228 | 0.7 | ||||||||||||||||||||||||||||||||
Troutman Sanders, LLP | Torrey Reserve Campus First & Main | 3/31/2025 4/30/2025 | 33,812 | 0.5 | 1,695,429 | 0.7 | ||||||||||||||||||||||||||||||||
MEI Pharma, Inc. | Torrey Reserve Campus | 3/31/2028 | 32,775 | 0.5 | 1,474,875 | 0.6 | ||||||||||||||||||||||||||||||||
Vons | Lomas Santa Fe Plaza | 12/31/2022 | 49,895 | 0.8 | 1,399,205 | 0.6 | ||||||||||||||||||||||||||||||||
At Home Stores | Carmel Mountain Plaza | 7/31/2029 | 107,870 | 1.6 | 1,384,552 | 0.6 | ||||||||||||||||||||||||||||||||
Cisco Systems, Inc. | City Center Bellevue | 2/28/2023 | 29,415 | 0.4 | 1,341,874 | 0.6 | ||||||||||||||||||||||||||||||||
TOTAL | 2,305,149 | 34.6 | % | $ | 109,804,195 | 45.4 | % |
Tenant | Property(ies) | Lease Expiration | Total Leased Square Feet | Rentable Square Feet as a Percentage of Total | Annualized Base Rent (1) | Annualized Base Rent as a Percentage of Total | |||||||||||
LPL Holdings, Inc. | La Jolla Commons | 4/30/2029 | 421,001 | 6.3 | % | $ | 17,562,831 | 7.5 | % | ||||||||
Google LLC (2) | The Landmark at One Market | 12/31/2029 | 253,198 | 3.8 | 16,766,202 | 7.2 | |||||||||||
Autodesk, Inc. | The Landmark at One Market | 12/31/2022 12/31/2023 | 138,615 | 2.1 | 11,938,530 | 5.1 | |||||||||||
Lowe's | Waikele Center | 5/31/2028 | 155,000 | 2.3 | 3,720,000 | 1.6 | |||||||||||
Smartsheet, Inc. | City Center Bellevue | 12/31/2026 | 73,669 | 1.1 | 3,517,695 | 1.5 | |||||||||||
VMware, Inc. | City Center Bellevue | 11/30/2022 5/31/2025 7/31/2027 | 91,246 | 1.4 | 3,397,298 | 1.4 | |||||||||||
Veterans Benefits Administration | First & Main | 8/31/2020 | 93,572 | 1.4 | 3,006,453 | 1.3 | |||||||||||
Clearesult Operating, LLC | First & Main | 4/30/2025 | 101,848 | 1.5 | 2,818,324 | 1.2 | |||||||||||
State of Oregon: Department of Environmental Quality | Lloyd District Portfolio | 10/31/2031 | 87,787 | 1.3 | 2,685,963 | 1.1 | |||||||||||
Nordstrom Rack | Carmel Mountain Plaza, Alamo Quarry Market | 9/30/2022 10/31/2022 | 69,047 | 1.0 | 2,189,648 | 0.9 | |||||||||||
Treasury Call Center (3) | First & Main | 8/31/2020 | 63,648 | 1.0 | 2,184,302 | 0.9 | |||||||||||
Genentech, Inc. | Lloyd District Portfolio | 10/31/2026 | 66,852 | 1.0 | 2,139,264 | 0.9 | |||||||||||
Quiksilver | Waikiki Beach Walk | 12/31/2021 | 8,365 | 0.1 | 2,137,606 | 0.9 | |||||||||||
Sprouts Farmers Market | Solana Beach Towne Centre, Carmel Mountain Plaza, Geary Marketplace | 6/30/2024 3/31/2025 9/30/2032 | 71,431 | 1.1 | 1,967,339 | 0.8 | |||||||||||
California Bank & Trust | Torrey Reserve Campus | 2/29/2024 | 34,731 | 0.5 | 1,861,910 | 0.8 | |||||||||||
Industrious | City Center Bellevue | 11/30/2033 | 37,166 | 0.6 | 1,780,066 | 0.8 | |||||||||||
Perkins Coie, LLP | Torrey Reserve Campus | 12/31/2028 | 36,980 | 0.6 | 1,752,852 | 0.7 | |||||||||||
Troutman Sanders, LLP | Torrey Reserve Campus First & Main | 3/31/2025 4/30/2025 | 33,812 | 0.5 | 1,646,047 | 0.7 | |||||||||||
Marshalls | Solana Beach Towne Centre, Carmel Mountain Plaza | 1/31/2025 1/31/2029 | 68,055 | 1.0 | 1,421,727 | 0.6 | |||||||||||
Vons | Lomas Santa Fe Plaza | 12/31/2022 | 49,895 | 0.8 | 1,399,205 | 0.6 | |||||||||||
Old Navy | Waikele Center, South Bay Marketplace, Alamo Quarry Market | 7/31/2020 4/30/2021 9/30/2022 | 59,780 | 0.9 | * | * | |||||||||||
At Home Stores | Carmel Mountain Plaza | 7/31/2029 | 107,870 | 1.6 | 1,384,552 | 0.6 | |||||||||||
GE Healthcare | City Center Bellevue | 12/31/2021 | 32,304 | 0.5 | 1,356,768 | 0.6 | |||||||||||
Cisco Systems, Inc. | City Center Bellevue | 2/28/2023 | 29,415 | 0.4 | 1,302,790 | 0.6 | |||||||||||
Ruth's Chris Steak House | Waikiki Beach Walk, Torrey Reserve Campus | 2/29/2028 1/31/2030 | 14,833 | 0.2 | 1,255,570 | 0.5 | |||||||||||
TOTAL | 2,200,120 | 33.0 | % | $ | 91,192,942 | 38.8 | % |
Region | Number of Properties | Net Rentable Square Feet | Percentage of Net Rentable Square Feet (1) | Region | Number of Properties | Net Rentable Square Feet | Percentage of Net Rentable Square Feet (1) | ||||||||||||||||||
Southern California | 10 | 2,872,677 | 43.3 | % | Southern California | 10 | 2,872,685 | 43.3 | % | ||||||||||||||||
Northern California | 4 | 1,228,771 | 18.5 | Northern California | 4 | 1,231,010 | 18.5 | ||||||||||||||||||
Oregon | 3 | 920,727 | 13.9 | Oregon | 3 | 920,479 | 13.9 | ||||||||||||||||||
Washington | 1 | 497,488 | 7.5 | Washington | 1 | 497,666 | 7.5 | ||||||||||||||||||
Texas | 1 | 588,148 | 8.9 | Texas | 1 | 588,148 | 8.9 | ||||||||||||||||||
Hawaii (2) | 3 | 526,425 | 7.9 | Hawaii (2) | 3 | 526,425 | 7.9 | ||||||||||||||||||
Total | 22 | 6,634,236 | 100.0 | % | Total | 22 | 6,636,413 | 100.0 | % |
Segment | Number of Properties | Property Operating Income | Percentage of Property Operating Income | Segment | Number of Properties | Property Operating Income | Percentage of Property Operating Income | |||||||||||||||||||
Office | Office | 9 | $ | 130,130 | 58.2 | % | ||||||||||||||||||||
Retail | 12 | $ | 76,971 | 32.8 | % | Retail | 12 | 60,906 | 27.3 | |||||||||||||||||
Office | 9 | 102,449 | 43.6 | |||||||||||||||||||||||
Mixed-Use | 1 | 30,203 | 12.9 | Mixed-Use | 1 | 28,253 | 12.6 | |||||||||||||||||||
Multifamily | 6 | 25,138 | 10.7 | Multifamily | 6 | 4,165 | 1.9 | |||||||||||||||||||
Total | 28 | $ | 234,761 | 100.0 | % | Total | 28 | $ | 223,454 | 100.0 | % |
Year of Lease Expiration | Square Footage of Expiring Leases | Percentage of Portfolio Net Rentable Square Feet | Annualized Base Rent (1) | Percentage of Portfolio Annualized Base Rent | Annualized Base Rent Per Leased Square Foot (2) | Year of Lease Expiration | Square Footage of Expiring Leases | Percentage of Portfolio Net Rentable Square Feet | Annualized Base Rent (1) | Percentage of Portfolio Annualized Base Rent | Annualized Base Rent Per Leased Square Foot (2) | ||||||||||||||||||||||||||||||||||||||
Available | 242,321 | 3.7 | % | $ | — | — | % | $ | — | Available | 540,119 | 8.1 | % | $ | — | — | % | $ | — | ||||||||||||||||||||||||||||||
Month to Month | 39,354 | 0.6 | 830,909 | 0.4 | 21.11 | Month to Month | 45,437 | 0.7 | 1,125,338 | 0.5 | 24.77 | ||||||||||||||||||||||||||||||||||||||
2020 | 579,560 | 8.7 | 18,271,854 | 8.2 | 31.53 | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 408,868 | 6.2 | 20,969,602 | 9.4 | 51.29 | 2021 | 329,507 | 5.0 | 17,075,850 | 7.4 | 51.82 | ||||||||||||||||||||||||||||||||||||||
2022 | 750,767 | 11.3 | 28,724,579 | 12.9 | 38.26 | 2022 | 707,206 | 10.7 | 27,743,291 | 11.9 | 39.23 | ||||||||||||||||||||||||||||||||||||||
2023 | 665,196 | 10.0 | 26,556,705 | 11.9 | 39.92 | 2023 | 566,734 | 8.5 | 23,025,741 | 9.9 | 40.63 | ||||||||||||||||||||||||||||||||||||||
2024 | 659,847 | 9.9 | 23,794,939 | 10.7 | 36.06 | 2024 | 659,439 | 9.9 | 23,863,295 | 10.3 | 36.19 | ||||||||||||||||||||||||||||||||||||||
2025 | 528,752 | 8.0 | 16,880,875 | 7.6 | 31.93 | 2025 | 630,399 | 9.5 | 22,158,482 | 9.5 | 35.15 | ||||||||||||||||||||||||||||||||||||||
2026 | 368,632 | 5.6 | 13,503,272 | 6.1 | 36.63 | 2026 | 490,605 | 7.4 | 17,313,063 | 7.5 | 35.29 | ||||||||||||||||||||||||||||||||||||||
2027 | 265,262 | 4.0 | 9,161,918 | 4.1 | 34.54 | 2027 | 322,692 | 4.9 | 13,905,325 | 6.0 | 43.09 | ||||||||||||||||||||||||||||||||||||||
2028 | 594,459 | 9.0 | 12,738,710 | 5.7 | 21.43 | 2028 | 712,361 | 10.7 | 15,900,916 | 6.8 | 22.32 | ||||||||||||||||||||||||||||||||||||||
2029 | 859,163 | 13.0 | 41,179,259 | 18.5 | 47.93 | 2029 | 935,874 | 14.1 | 50,072,627 | 21.6 | 53.50 | ||||||||||||||||||||||||||||||||||||||
2030 | 2030 | 236,661 | 3.6 | 7,173,274 | 3.1 | 30.31 | |||||||||||||||||||||||||||||||||||||||||||
Thereafter | 345,637 | 5.2 | 9,998,845 | 4.5 | 28.93 | Thereafter | 422,723 | 6.4 | 12,848,149 | 5.5 | 30.39 | ||||||||||||||||||||||||||||||||||||||
Signed Leases Not Commenced | 326,418 | 4.9 | — | — | — | Signed Leases Not Commenced | 36,656 | 0.6 | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total: | 6,634,236 | 100.0 | % | $ | 222,611,467 | 100.0 | % | $ | 33.55 | Total: | 6,636,413 | 100.0 | % | $ | 232,205,351 | 100.0 | % | $ | 34.99 |
Per Share Price | Dividend per Common Share | |||||||||||
Period | Low | High | ||||||||||
First Quarter 2018 | $ | 31.72 | $ | 38.16 | $ | 0.2700 | ||||||
Second Quarter 2018 | $ | 32.45 | $ | 38.79 | $ | 0.2700 | ||||||
Third Quarter 2018 | $ | 36.75 | $ | 39.64 | $ | 0.2700 | ||||||
Fourth Quarter 2018 | $ | 35.46 | $ | 42.81 | $ | 0.2800 | ||||||
First Quarter 2019 | $ | 39.30 | $ | 46.28 | $ | 0.2800 | ||||||
Second Quarter 2019 | $ | 43.69 | $ | 48.03 | $ | 0.2800 | ||||||
Third Quarter 2019 | $ | 45.58 | $ | 48.22 | $ | 0.2800 | ||||||
Fourth Quarter 2019 | $ | 44.36 | $ | 48.96 | $ | 0.3000 |
Period | Distribution per Unit | |||
First Quarter 2018 | $ | 0.27 | ||
Second Quarter 2018 | $ | 0.27 | ||
Third Quarter 2018 | $ | 0.27 | ||
Fourth Quarter 2018 | $ | 0.28 | ||
First Quarter 2019 | $ | 0.28 | ||
Second Quarter 2019 | $ | 0.28 | ||
Third Quarter 2019 | $ | 0.28 | ||
Fourth Quarter 2019 | $ | 0.30 |
American Assets Trust, Inc. | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Rental income | $ | 330,312 | $ | 343,865 | $ | 309,537 | $ | 298,803 | $ | 279,498 | |||||||||||||||||||
Other property income | 14,261 | 22,876 | 21,330 | 16,180 | 15,590 | ||||||||||||||||||||||||
Total revenues | 344,573 | 366,741 | 330,867 | 314,983 | 295,088 | ||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Rental expenses | 79,178 | 91,967 | 86,482 | 84,006 | 79,553 | ||||||||||||||||||||||||
Real estate taxes | 41,941 | 40,013 | 34,973 | 32,671 | 28,378 | ||||||||||||||||||||||||
General and administrative | 26,581 | 24,871 | 22,784 | 21,382 | 17,897 | ||||||||||||||||||||||||
Depreciation and amortization | 108,292 | 96,205 | 107,093 | 83,278 | 71,319 | ||||||||||||||||||||||||
Total operating expenses | 255,992 | 253,056 | 251,332 | 221,337 | 197,147 | ||||||||||||||||||||||||
Operating income | 88,581 | 113,685 | 79,535 | 93,646 | 97,941 | ||||||||||||||||||||||||
Interest expense | (53,440) | (54,008) | (52,248) | (53,848) | (51,936) | ||||||||||||||||||||||||
Gain on sale of real estate | — | 633 | — | — | — | ||||||||||||||||||||||||
Other income (expense), net | 447 | (122) | (85) | 334 | (368) | ||||||||||||||||||||||||
Net income | 35,588 | 60,188 | 27,202 | 40,132 | 45,637 | ||||||||||||||||||||||||
Net income attributable to restricted shares | (383) | (381) | (311) | (241) | (189) | ||||||||||||||||||||||||
Net income attributable to unitholders in the Operating Partnership | (7,545) | (14,089) | (7,205) | (10,814) | (12,863) | ||||||||||||||||||||||||
Net income attributable to American Assets Trust, Inc. stockholders | $ | 27,660 | $ | 45,718 | $ | 19,686 | $ | 29,077 | $ | 32,585 | |||||||||||||||||||
Net income attributable to common stockholders per share | |||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.46 | $ | 0.84 | $ | 0.42 | $ | 0.62 | $ | 0.72 | |||||||||||||||||||
Diluted earnings per share | $ | 0.46 | $ | 0.84 | $ | 0.42 | $ | 0.62 | $ | 0.72 | |||||||||||||||||||
Weighted average shares of common stock outstanding - basic | 59,806,309 | 54,110,949 | 46,950,812 | 46,715,520 | 45,332,471 | ||||||||||||||||||||||||
Weighted average shares of common stock outstanding - diluted | 76,119,763 | 70,786,132 | 64,136,559 | 64,087,250 | 63,228,159 | ||||||||||||||||||||||||
Dividends declared per share | $ | 1.00 | $ | 1.14 | $ | 1.09 | $ | 1.05 | $ | 1.01 |
American Assets Trust, Inc. | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Statement of Operations Data: | |||||||||||||||||||
Revenue: | |||||||||||||||||||
Rental income | $ | 343,865 | $ | 309,537 | $ | 298,803 | $ | 279,498 | $ | 261,887 | |||||||||
Other property income | 22,876 | 21,330 | 16,180 | 15,590 | 13,736 | ||||||||||||||
Total revenues | 366,741 | 330,867 | 314,983 | 295,088 | 275,623 | ||||||||||||||
Expenses: | |||||||||||||||||||
Rental expenses | 91,967 | 86,482 | 84,006 | 79,553 | 73,187 | ||||||||||||||
Real estate taxes | 40,013 | 34,973 | 32,671 | 28,378 | 24,819 | ||||||||||||||
General and administrative | 24,871 | 22,784 | 21,382 | 17,897 | 20,074 | ||||||||||||||
Depreciation and amortization | 96,205 | 107,093 | 83,278 | 71,319 | 63,392 | ||||||||||||||
Total operating expenses | 253,056 | 251,332 | 221,337 | 197,147 | 181,472 | ||||||||||||||
Operating income | 113,685 | 79,535 | 93,646 | 97,941 | 94,151 | ||||||||||||||
Interest expense | (54,008 | ) | (52,248 | ) | (53,848 | ) | (51,936 | ) | (47,260 | ) | |||||||||
Gain on sale of real estate | 633 | — | — | — | 7,121 | ||||||||||||||
Other income (expense), net | (122 | ) | (85 | ) | 334 | (368 | ) | (97 | ) | ||||||||||
Net income | 60,188 | 27,202 | 40,132 | 45,637 | 53,915 | ||||||||||||||
Net income attributable to restricted shares | (381 | ) | (311 | ) | (241 | ) | (189 | ) | (168 | ) | |||||||||
Net income attributable to unitholders in the Operating Partnership | (14,089 | ) | (7,205 | ) | (10,814 | ) | (12,863 | ) | (15,238 | ) | |||||||||
Net income attributable to American Assets Trust, Inc. stockholders | $ | 45,718 | $ | 19,686 | $ | 29,077 | $ | 32,585 | $ | 38,509 | |||||||||
Net income attributable to common stockholders per share | |||||||||||||||||||
Basic earnings per share | $ | 0.84 | $ | 0.42 | $ | 0.62 | $ | 0.72 | $ | 0.87 | |||||||||
Diluted earnings per share | $ | 0.84 | $ | 0.42 | $ | 0.62 | $ | 0.72 | $ | 0.86 | |||||||||
Weighted average shares of common stock outstanding - basic | 54,110,949 | 46,950,812 | 46,715,520 | 45,332,471 | 44,439,112 | ||||||||||||||
Weighted average shares of common stock outstanding - diluted | 70,786,132 | 64,136,559 | 64,087,250 | 63,228,159 | 62,339,163 | ||||||||||||||
Dividends declared per share | $ | 1.1400 | $ | 1.0900 | $ | 1.0500 | $ | 1.0100 | $ | 0.9475 |
American Assets Trust, Inc. | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||||||||||||
Net real estate | $ | 2,492,734 | $ | 2,523,475 | $ | 2,039,853 | $ | 2,076,707 | $ | 1,831,546 | |||||||||||||||||||
Total assets | 2,817,309 | 2,790,333 | 2,198,250 | 2,259,864 | 1,986,933 | ||||||||||||||||||||||||
Notes payable and line of credit | 1,406,751 | 1,357,659 | 1,290,772 | 1,325,020 | 1,061,530 | ||||||||||||||||||||||||
Total liabilities | 1,563,903 | 1,496,661 | 1,395,779 | 1,415,720 | 1,148,382 | ||||||||||||||||||||||||
Stockholders' equity | 1,271,442 | 1,313,917 | 802,977 | 833,710 | 809,556 | ||||||||||||||||||||||||
Noncontrolling interests | (18,036) | (20,245) | (506) | 10,434 | 28,995 | ||||||||||||||||||||||||
Total equity | 1,253,406 | 1,293,672 | 802,471 | 844,144 | 838,551 | ||||||||||||||||||||||||
Total liabilities and equity | 2,817,309 | 2,790,333 | 2,198,250 | 2,259,864 | 1,986,933 | ||||||||||||||||||||||||
Other Data: | |||||||||||||||||||||||||||||
Funds from operations (FFO) (1) | $ | 143,880 | $ | 155,760 | $ | 134,295 | $ | 123,410 | $ | 116,956 | |||||||||||||||||||
FFO attributable to common stock and units | 143,503 | 155,384 | 133,990 | 123,174 | 116,773 |
American Assets Trust, Inc. | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Net real estate | $ | 2,523,475 | $ | 2,039,853 | $ | 2,076,707 | $ | 1,831,546 | $ | 1,834,862 | |||||||||
Total assets | 2,790,333 | 2,198,250 | 2,259,864 | 1,986,933 | 1,974,289 | ||||||||||||||
Notes payable and line of credit | 1,357,659 | 1,290,772 | 1,325,020 | 1,061,530 | 1,055,613 | ||||||||||||||
Total liabilities | 1,496,661 | 1,395,779 | 1,415,720 | 1,148,382 | 1,145,362 | ||||||||||||||
Stockholders' equity | 1,313,917 | 802,977 | 833,710 | 809,556 | 799,562 | ||||||||||||||
Noncontrolling interests | (20,245 | ) | (506 | ) | 10,434 | 28,995 | 29,365 | ||||||||||||
Total equity | 1,293,672 | 802,471 | 844,144 | 838,551 | 828,927 | ||||||||||||||
Total liabilities and equity | 2,790,333 | 2,198,250 | 2,259,864 | 1,986,933 | 1,974,289 | ||||||||||||||
Other Data: | |||||||||||||||||||
Funds from operations (FFO) (1) | $ | 155,760 | $ | 134,295 | $ | 123,410 | $ | 116,956 | $ | 110,186 | |||||||||
FFO attributable to common stock and units | 155,384 | 133,990 | 123,174 | 116,773 | 110,027 |
Year Ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Net income | $ | 35,588 | $ | 60,188 | $ | 27,202 | $ | 40,132 | $ | 45,637 | |||||||||||||||||||
Plus: Real estate depreciation and amortization | 108,292 | 96,205 | 107,093 | 83,278 | 71,319 | ||||||||||||||||||||||||
Less: Gain on sale of real estate | — | (633) | — | — | — | ||||||||||||||||||||||||
Funds from operations, as defined by NAREIT | 143,880 | 155,760 | 134,295 | 123,410 | 116,956 | ||||||||||||||||||||||||
Less: Nonforfeitable dividends on restricted stock awards | (377) | (376) | (305) | (236) | (183) | ||||||||||||||||||||||||
FFO attributable to common stock and units | $ | 143,503 | $ | 155,384 | $ | 133,990 | $ | 123,174 | $ | 116,773 |
Year Ended December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Net income | $ | 60,188 | $ | 27,202 | $ | 40,132 | $ | 45,637 | $ | 53,915 | |||||||||
Plus: Real estate depreciation and amortization | 96,205 | 107,093 | 83,278 | 71,319 | 63,392 | ||||||||||||||
Less: Gain on sale of real estate | (633 | ) | — | — | — | (7,121 | ) | ||||||||||||
Funds from operations, as defined by NAREIT | 155,760 | 134,295 | 123,410 | 116,956 | 110,186 | ||||||||||||||
Less: Nonforfeitable dividends on restricted stock awards | (376 | ) | (305 | ) | (236 | ) | (183 | ) | (159 | ) | |||||||||
FFO attributable to common stock and units | $ | 155,384 | $ | 133,990 | $ | 123,174 | $ | 116,773 | $ | 110,027 |
December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Same-Store | 24 | 25 | 23 | ||||||||||||||
Non-Same Store | 4 | 3 | 4 | ||||||||||||||
Total Properties | 28 | 28 | 27 | ||||||||||||||
Redevelopment Same-Store | 26 | 26 | 24 | ||||||||||||||
Total Development Properties | 3 | 3 | 3 |
December 31, | ||||||||
2019 | 2018 | 2017 | ||||||
Same-Store | 25 | 23 | 21 | |||||
Non-Same Store | 3 | 4 | 5 | |||||
Total Properties | 28 | 27 | 26 | |||||
Redevelopment Same-Store | 26 | 24 | 22 | |||||
Total Development Properties | 3 | 3 | 4 |
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Segment | Tenant Improvements and Leasing Commissions | Maintenance Capital Expenditures | Total Tenant Improvements, Leasing Commissions and Maintenance Capital Expenditures | Redevelopment and Expansions | New Development | Total Capital Expenditures | ||||||||||||||||||||||||||||||||
Office Portfolio | $ | 35,732 | $ | 8,745 | $ | 44,477 | $ | 4,096 | $ | 4,309 | $ | 52,882 | ||||||||||||||||||||||||||
Retail Portfolio | 4,504 | 4,089 | 8,593 | 3 | — | 8,596 | ||||||||||||||||||||||||||||||||
Multifamily Portfolio | — | 3,897 | 3,897 | — | — | 3,897 | ||||||||||||||||||||||||||||||||
Mixed-Use Portfolio | 36 | 3,666 | 3,702 | — | — | 3,702 | ||||||||||||||||||||||||||||||||
Total | $ | 40,272 | $ | 20,397 | $ | 60,669 | $ | 4,099 | $ | 4,309 | $ | 69,077 | ||||||||||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Segment | Tenant Improvements and Leasing Commissions | Maintenance Capital Expenditures | Total Tenant Improvements, Leasing Commissions and Maintenance Capital Expenditures | Redevelopment and Expansions | New Development | Total Capital Expenditures | ||||||||||||||||||||||||||||||||
Office Portfolio | $ | 46,947 | $ | 10,501 | $ | 57,448 | $ | 6,165 | $ | 936 | $ | 64,549 | ||||||||||||||||||||||||||
Retail Portfolio | 5,654 | 16,882 | 22,536 | 308 | — | 22,844 | ||||||||||||||||||||||||||||||||
Multifamily Portfolio | — | 3,711 | 3,711 | — | — | 3,711 | ||||||||||||||||||||||||||||||||
Mixed-Use Portfolio | 323 | 8,167 | 8,490 | — | — | 8,490 | ||||||||||||||||||||||||||||||||
Total | $ | 52,924 | $ | 39,261 | $ | 92,185 | $ | 6,473 | $ | 936 | $ | 99,594 | ||||||||||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||
Segment | Tenant Improvements and Leasing Commissions | Maintenance Capital Expenditures | Total Tenant Improvements, Leasing Commissions and Maintenance Capital Expenditures | Redevelopment and Expansions | New Development | Total Capital Expenditures | ||||||||||||||||||
Office Portfolio | $ | 46,947 | $ | 10,501 | $ | 57,448 | $ | 6,165 | $ | 936 | $ | 64,549 | ||||||||||||
Retail Portfolio | 5,654 | 16,882 | 22,536 | 308 | — | 22,844 | ||||||||||||||||||
Multifamily Portfolio | — | 3,711 | 3,711 | — | — | 3,711 | ||||||||||||||||||
Mixed-Use Portfolio | 323 | 8,167 | 8,490 | — | — | 8,490 | ||||||||||||||||||
Total | $ | 52,924 | $ | 39,261 | $ | 92,185 | $ | 6,473 | $ | 936 | $ | 99,594 | ||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||||||
Segment | Tenant Improvements and Leasing Commissions | Maintenance Capital Expenditures | Total Tenant Improvements, Leasing Commissions and Maintenance Capital Expenditures | Redevelopment and Expansions | New Development | Total Capital Expenditures | ||||||||||||||||||
Office Portfolio | $ | 28,645 | $ | 8,439 | $ | 37,084 | $ | 6,730 | $ | 1,378 | $ | 45,192 | ||||||||||||
Retail Portfolio | 4,137 | 7,498 | 11,635 | 2,584 | — | 14,219 | ||||||||||||||||||
Multifamily Portfolio | — | 3,659 | 3,659 | — | — | 3,659 | ||||||||||||||||||
Mixed-Use Portfolio | 336 | 941 | 1,277 | — | — | 1,277 | ||||||||||||||||||
Total | $ | 33,118 | $ | 20,537 | $ | 53,655 | $ | 9,314 | $ | 1,378 | $ | 64,347 | ||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | % | 2020 | 2019 | Change | % | ||||||||||||||||||||||||||||||
Revenues | Revenues | ||||||||||||||||||||||||||||||||||||
Rental income | $ | 343,865 | $ | 309,537 | $ | 34,328 | 11 | % | Rental income | $ | 330,312 | $ | 343,865 | $ | (13,553) | (4) | % | ||||||||||||||||||||
Other property income | 22,876 | 21,330 | 1,546 | 7 | Other property income | 14,261 | 22,876 | (8,615) | (38) | ||||||||||||||||||||||||||||
Total property revenues | 366,741 | 330,867 | 35,874 | 11 | Total property revenues | 344,573 | 366,741 | (22,168) | (6) | ||||||||||||||||||||||||||||
Expenses | Expenses | ||||||||||||||||||||||||||||||||||||
Rental expenses | 91,967 | 86,482 | 5,485 | 6 | Rental expenses | 79,178 | 91,967 | (12,789) | (14) | ||||||||||||||||||||||||||||
Real estate taxes | 40,013 | 34,973 | 5,040 | 14 | Real estate taxes | 41,941 | 40,013 | 1,928 | 5 | ||||||||||||||||||||||||||||
Total property expenses | 131,980 | 121,455 | 10,525 | 9 | Total property expenses | 121,119 | 131,980 | (10,861) | (8) | ||||||||||||||||||||||||||||
Net operating income | 234,761 | 209,412 | 25,349 | 12 | Net operating income | 223,454 | 234,761 | (11,307) | (5) | ||||||||||||||||||||||||||||
General and administrative | (24,871 | ) | (22,784 | ) | (2,087 | ) | 9 | General and administrative | (26,581) | (24,871) | (1,710) | 7 | |||||||||||||||||||||||||
Depreciation and amortization | (96,205 | ) | (107,093 | ) | 10,888 | (10 | ) | Depreciation and amortization | (108,292) | (96,205) | (12,087) | 13 | |||||||||||||||||||||||||
Interest expense | (54,008 | ) | (52,248 | ) | (1,760 | ) | 3 | Interest expense | (53,440) | (54,008) | 568 | (1) | |||||||||||||||||||||||||
Gain on sale of real estate | 633 | — | 633 | 100 | Gain on sale of real estate | — | 633 | (633) | 100 | ||||||||||||||||||||||||||||
Other income (expense), net | (122 | ) | (85 | ) | (37 | ) | 44 | Other income (expense), net | 447 | (122) | 569 | (466) | |||||||||||||||||||||||||
Net income | 60,188 | 27,202 | 32,986 | 121 | Net income | 35,588 | 60,188 | (24,600) | (41) | ||||||||||||||||||||||||||||
Net income attributable to restricted shares | (381 | ) | (311 | ) | (70 | ) | 23 | Net income attributable to restricted shares | (383) | (381) | (2) | 1 | |||||||||||||||||||||||||
Net income attributable to unitholders in the Operating Partnership | (14,089 | ) | (7,205 | ) | (6,884 | ) | 96 | Net income attributable to unitholders in the Operating Partnership | (7,545) | (14,089) | 6,544 | (46) | |||||||||||||||||||||||||
Net income attributable to American Assets Trust, Inc. stockholders | $ | 45,718 | $ | 19,686 | $ | 26,032 | 132 | % | Net income attributable to American Assets Trust, Inc. stockholders | $ | 27,660 | $ | 45,718 | $ | (18,058) | (39) | % |
Percentage Leased (1) Year Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Office | 93.0 | % | 95.0 | % | |||||||
Retail | 90.7 | % | 97.8 | % | |||||||
Multifamily | 86.2 | % | 92.8 | % | |||||||
Mixed-Use (2) | 89.2 | % | 97.9 | % |
Percentage Leased (1) Year Ended December 31, | |||||
2019 | 2018 | ||||
Retail | 97.8 | % | 93.9 | % | |
Office | 95.0 | % | 90.9 | % | |
Multifamily | 92.8 | % | 93.6 | % | |
Mixed-Use (2) | 97.9 | % | 96.1 | % |
Total Portfolio | Same-Store Portfolio (1) | Total Portfolio | Same-Store Portfolio (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | % | 2019 | 2018 | Change | % | 2020 | 2019 | Change | % | 2020 | 2019 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | $ | 137,380 | $ | 102,618 | $ | 34,762 | 34 | % | $ | 115,300 | $ | 102,192 | $ | 13,108 | 13 | % | Office | $ | 171,955 | $ | 137,380 | $ | 34,575 | 25 | % | $ | 128,375 | $ | 113,088 | $ | 15,287 | 14 | % | |||||||||||||||||||||||||||||||||||||||||||
Retail | 101,841 | 103,671 | (1,830 | ) | (2 | )% | 86,856 | 87,256 | (400 | ) | — | % | Retail | 86,204 | 101,841 | (15,637) | (15) | % | 71,033 | 86,856 | (15,823) | (18) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | 47,630 | 47,076 | 554 | 1 | 47,630 | 47,076 | 554 | 1 | Multifamily | 47,274 | 47,630 | (356) | (1) | 47,274 | 47,630 | (356) | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mixed-Use | 57,014 | 56,172 | 842 | 1 | — | — | — | — | Mixed-Use | 24,879 | 57,014 | (32,135) | (56) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 343,865 | $ | 309,537 | $ | 34,328 | 11 | % | $ | 249,786 | $ | 236,524 | $ | 13,262 | 6 | % | $ | 330,312 | $ | 343,865 | $ | (13,553) | (4) | % | $ | 246,682 | $ | 247,574 | $ | (892) | — | % |
Total Portfolio | Same-Store Portfolio | Total Portfolio | Same-Store Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | % | 2019 | 2018 | Change | % | 2020 | 2019 | Change | % | 2020 | 2019 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | $ | 7,303 | $ | 9,744 | $ | (2,441 | ) | (25 | )% | $ | 6,878 | $ | 8,350 | $ | (1,472 | ) | (18 | )% | Office | $ | 5,599 | $ | 7,303 | $ | (1,704) | (23) | % | $ | 4,834 | $ | 6,876 | $ | (2,042) | (30) | % | |||||||||||||||||||||||||||||||||||||||||
Retail | 5,763 | 1,881 | 3,882 | 206 | % | 4,774 | 1,028 | 3,746 | 364 | % | Retail | 2,076 | 5,763 | (3,687) | (64) | % | 1,369 | 4,774 | (3,405) | (71) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | 3,436 | 3,551 | (115 | ) | (3 | ) | 3,436 | 3,551 | (115 | ) | (3 | ) | Multifamily | 3,053 | 3,436 | (383) | (11) | 3,053 | 3,436 | (383) | (11) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mixed-Use | 6,374 | 6,154 | 220 | 4 | — | — | — | — | Mixed-Use | 3,533 | 6,374 | (2,841) | (45) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 22,876 | $ | 21,330 | $ | 1,546 | 7 | % | $ | 15,088 | $ | 12,929 | $ | 2,159 | 17 | % | $ | 14,261 | $ | 22,876 | $ | (8,615) | (38) | % | $ | 9,256 | $ | 15,086 | $ | (5,830) | (39) | % |
Total Portfolio | Same-Store Portfolio | Total Portfolio | Same-Store Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | % | 2019 | 2018 | Change | % | 2020 | 2019 | Change | % | 2020 | 2019 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | $ | 26,881 | $ | 21,934 | $ | 4,947 | 23 | % | $ | 23,312 | $ | 21,718 | $ | 1,594 | 7 | % | Office | $ | 28,234 | $ | 26,881 | $ | 1,353 | 5 | % | $ | 22,588 | $ | 23,300 | $ | (712) | (3) | % | |||||||||||||||||||||||||||||||||||||||||||
Retail | 16,063 | 16,273 | (210 | ) | (1 | )% | 12,695 | 12,790 | (95 | ) | (1 | )% | Retail | 15,446 | 16,063 | (617) | (4) | % | 12,212 | 12,695 | (483) | (4) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | 14,362 | 14,264 | 98 | 1 | 14,362 | 14,264 | 98 | 1 | Multifamily | 15,324 | 14,362 | 962 | 7 | 15,324 | 14,362 | 962 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mixed-Use | 34,661 | 34,011 | 650 | 2 | — | — | — | — | Mixed-Use | 20,174 | 34,661 | (14,487) | (42) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 91,967 | $ | 86,482 | $ | 5,485 | 6 | % | $ | 50,369 | $ | 48,772 | $ | 1,597 | 3 | % | $ | 79,178 | $ | 91,967 | $ | (12,789) | (14) | % | $ | 50,124 | $ | 50,357 | $ | (233) | — | % |
Total Portfolio | Same-Store Portfolio | Total Portfolio | Same-Store Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | % | 2019 | 2018 | Change | % | 2020 | 2019 | Change | % | 2020 | 2019 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | $ | 15,353 | $ | 11,926 | $ | 3,427 | 29 | % | $ | 11,660 | $ | 11,516 | $ | 144 | 1 | % | Office | $ | 19,190 | $ | 15,353 | $ | 3,837 | 25 | % | $ | 12,237 | $ | 11,526 | $ | 711 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||
Retail | 14,570 | 13,805 | 765 | 6 | % | 11,674 | 11,107 | 567 | 5 | % | Retail | 11,928 | 14,570 | (2,642) | (18) | % | 8,809 | 11,674 | (2,865) | (25) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | 6,501 | 6,177 | 324 | 5 | 6,501 | 6,177 | 324 | 5 | Multifamily | 6,750 | 6,501 | 249 | 4 | 6,750 | 6,501 | 249 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mixed-Use | 3,589 | 3,065 | 524 | 17 | — | — | — | — | Mixed-Use | 4,073 | 3,589 | 484 | 13 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 40,013 | $ | 34,973 | $ | 5,040 | 14 | % | $ | 29,835 | $ | 28,800 | $ | 1,035 | 4 | % | $ | 41,941 | $ | 40,013 | $ | 1,928 | 5 | % | $ | 27,796 | $ | 29,701 | $ | (1,905) | (6) | % |
Total Portfolio | Same-Store Portfolio | Total Portfolio | Same-Store Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | % | 2019 | 2018 | Change | % | 2020 | 2019 | Change | % | 2020 | 2019 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | $ | 102,449 | $ | 78,502 | $ | 23,947 | 31 | % | $ | 87,206 | $ | 77,308 | $ | 9,898 | 13 | % | Office | $ | 130,130 | $ | 102,449 | $ | 27,681 | 27 | % | $ | 98,384 | $ | 85,138 | $ | 13,246 | 16 | % | |||||||||||||||||||||||||||||||||||||||||||
Retail | 76,971 | 75,474 | 1,497 | 2 | 67,261 | 64,387 | 2,874 | 4 | Retail | 60,906 | 76,971 | (16,065) | (21) | 51,381 | 67,261 | (15,880) | (24) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | 30,203 | 30,186 | 17 | — | 30,203 | 30,186 | 17 | — | Multifamily | 28,253 | 30,203 | (1,950) | (6) | 28,253 | 30,203 | (1,950) | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mixed-Use | 25,138 | 25,250 | (112 | ) | — | — | — | — | — | Mixed-Use | 4,165 | 25,138 | (20,973) | (83) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 234,761 | $ | 209,412 | $ | 25,349 | 12 | % | $ | 184,670 | $ | 171,881 | $ | 12,789 | 7 | % | $ | 223,454 | $ | 234,761 | $ | (11,307) | (5) | % | $ | 178,018 | $ | 182,602 | $ | (4,584) | (3) | % |
Payments by Period | |||||||||||||||||||||||||||||||||||||||||
Contractual Obligations | Total | Within 1 Year | 2 Years | 3 Years | 4 Years | 5 Years | More than 5 Years | ||||||||||||||||||||||||||||||||||
Principal payments on long-term indebtedness | $ | 1,311,000 | $ | 150,000 | $ | 211,000 | $ | 150,000 | $ | 100,000 | $ | 200,000 | $ | 500,000 | |||||||||||||||||||||||||||
Line of credit (1) | 100,000 | — | 100,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Interest payments | 235,730 | 48,669 | 41,943 | 34,576 | 31,859 | 21,976 | 56,707 | ||||||||||||||||||||||||||||||||||
Operating lease | 36,444 | 3,215 | 3,232 | 3,328 | 3,428 | 3,531 | 19,710 | ||||||||||||||||||||||||||||||||||
Tenant-related commitments | 45,213 | 41,585 | 3,428 | — | 200 | — | — | ||||||||||||||||||||||||||||||||||
Construction-related commitments | 14,715 | 14,715 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 1,743,102 | $ | 258,184 | $ | 359,603 | $ | 187,904 | $ | 135,487 | $ | 225,507 | $ | 576,417 |
Payments by Period | |||||||||||||||||||||||||||
Contractual Obligations | Total | Within 1 Year | 2 Years | 3 Years | 4 Years | 5 Years | More than 5 Years | ||||||||||||||||||||
Principal payments on long-term indebtedness | $ | 1,362,003 | $ | 51,003 | $ | 250,000 | $ | 111,000 | $ | 150,000 | $ | 100,000 | $ | 700,000 | |||||||||||||
Interest payments | 288,554 | 53,979 | 47,667 | 41,790 | 34,576 | 31,859 | 78,683 | ||||||||||||||||||||
Operating lease | 5,575 | 3,422 | 2,153 | — | — | — | — | ||||||||||||||||||||
Tenant-related commitments | 47,622 | 44,728 | 1,242 | 1,652 | — | — | — | ||||||||||||||||||||
Construction-related commitments | 9,946 | 9,946 | — | — | — | — | — | ||||||||||||||||||||
Total | $ | 1,713,700 | $ | 163,078 | $ | 301,062 | $ | 154,442 | $ | 184,576 | $ | 131,859 | $ | 778,683 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net operating income | $ | 223,454 | $ | 234,761 | $ | 209,412 | |||||||||||
General and administrative | (26,581) | (24,871) | (22,784) | ||||||||||||||
Depreciation and amortization | (108,292) | (96,205) | (107,093) | ||||||||||||||
Interest expense | (53,440) | (54,008) | (52,248) | ||||||||||||||
Gain on sale of real estate | — | 633 | — | ||||||||||||||
Other income (expense), net | 447 | (122) | (85) | ||||||||||||||
Net income | $ | 35,588 | $ | 60,188 | $ | 27,202 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net operating income | $ | 234,761 | $ | 209,412 | $ | 198,306 | |||||
General and administrative | (24,871 | ) | (22,784 | ) | (21,382 | ) | |||||
Depreciation and amortization | (96,205 | ) | (107,093 | ) | (83,278 | ) | |||||
Interest expense | (54,008 | ) | (52,248 | ) | (53,848 | ) | |||||
Gain on sale of real estate | 633 | — | — | ||||||||
Other income (expense), net | (122 | ) | (85 | ) | 334 | ||||||
Net income | $ | 60,188 | $ | 27,202 | $ | 40,132 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net income | $ | 60,188 | $ | 27,202 | $ | 40,132 | |||||
Plus: Real estate depreciation and amortization | 96,205 | 107,093 | 83,278 | ||||||||
Less: Gain on sale of real estate | (633 | ) | — | — | |||||||
Funds from operations, as defined by NAREIT | $ | 155,760 | $ | 134,295 | $ | 123,410 | |||||
Less: Nonforfeitable dividends on restricted stock awards | (376 | ) | (305 | ) | (236 | ) | |||||
FFO attributable to common stock and units | $ | 155,384 | $ | 133,990 | $ | 123,174 | |||||
FFO per diluted share/unit | $ | 2.20 | $ | 2.09 | $ | 1.92 | |||||
Weighted average number of common shares and units, diluted (1) | 70,788,597 | 64,139,437 | 64,089,921 |
(1)For the years ended December 31, 2020, 2019 and 2018 the weighted average common shares used to compute FFO per diluted share include unvested restricted stock awards that are subject to time vesting, as the vesting of the restricted stock awards is dilutive in the computation of FFO per diluted 64 shares, but is anti-dilutive for the computation of diluted EPS for the periods. Diluted shares exclude incentive restricted stock as these awards are considered contingently issuable. |
Exhibit No. | Description | ||||
3.1(1) | |||||
3.2(1) | |||||
3.3(2) | |||||
4.1(1) | |||||
4.3* | |||||
10.3(1) | |||||
10.4(1) | |||||
10.5* | |||||
10.7(1) | |||||
10.8(1) | |||||
Description | |||||
10.23(11) | |||||
23.1* | |||||
23.2* | |||||
31.1* | |||||
31.2* | |||||
31.3* | |||||
31.4* | |||||
32.1* | |||||
32.2* | |||||
101.INS* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL Document. | ||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
American Assets Trust, Inc. | American Assets Trust, L.P. | |||||||
By: American Assets Trust, Inc. | ||||||||
Its: General Partner | ||||||||
/s/ ERNEST RADY | /s/ ERNEST RADY | |||||||
Ernest Rady | Ernest Rady | |||||||
Chairman, President and Chief Executive Officer | Chairman, President and Chief Executive Officer | |||||||
(Principal Executive Officer) | (Principal Executive Officer) | |||||||
/s/ ROBERT F. BARTON | /s/ ROBERT F. BARTON | |||||||
Robert F. Barton Executive Vice President and Chief Financial Officer | Robert F. Barton Executive Vice President and Chief Financial Officer | |||||||
(Principal Financial and Accounting Officer) | (Principal Financial and Accounting Officer) |
Signature | Title | Date | ||||||||||||
/s/ ERNEST RADY | Chairman of the Board, President and Chief Executive Officer | February 16, 2021 | ||||||||||||
Ernest Rady | ||||||||||||||
/s/ ROBERT F. BARTON | Executive Vice President, Chief Financial Officer and Treasurer | February 16, 2021 | ||||||||||||
Robert F. Barton | ||||||||||||||
/s/ JOY L. SCHAEFER | Director | February 16, 2021 | ||||||||||||
Joy L. Schaefer | ||||||||||||||
/s/ DUANE A. NELLES | Director | February 16, 2021 | ||||||||||||
Duane A. Nelles | ||||||||||||||
/s/ THOMAS S. OLINGER | Director | February 16, 2021 | ||||||||||||
Thomas S. Olinger | ||||||||||||||
/s/ ROBERT S. SULLIVAN | Director | February 16, 2021 | ||||||||||||
Robert S. Sullivan | ||||||||||||||
American Assets Trust, Inc. | |||||
Consolidated Balance Sheets as of December 31, | |||||
Consolidated Statements of Comprehensive Income for the years ended December 31, 2020, 2019, | |||||
Consolidated Statements of Equity for the years ended December 31, 2020, 2019, | |||||
Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019, | |||||
American Assets Trust, L.P. | |||||
Consolidated Balance Sheets as of December 31, | |||||
Consolidated Statements of Comprehensive Income for the years ended December 31, 2020, 2019, | |||||
Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019, | |||||
Impairment of real estate properties | |||||
Description of the Matter | The Company’s net real estate properties totaled $2.5 billion as of December 31, Auditing the Company's impairment assessment for real estate properties is challenging because of the subjective auditor judgment necessary in evaluating management’s identification of indictors of potential impairment and the related assessment of the severity of such indicators in determining whether a triggering event has occurred that requires the Company to evaluate the recoverability of the asset. Additionally, for real estate properties where a triggering event has occurred, the auditing involves a high degree of auditor judgment and increased extent of audit effort to evaluate management’s estimates underlying projected future cash flows as they are based on subjective assumptions such as market rents, occupancy rates and hold periods, which are affected by expectations about future market or economic conditions. | ||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s property impairment review process. For example, we tested controls over management’s process for identifying and evaluating potential impairment Our testing of the Company’s impairment assessment included, among other procedures, evaluating significant judgments applied in determining whether indicators of impairment were present at any given property by obtaining evidence to corroborate such judgments and searching for evidence contrary to such judgments. For example, we searched for tenants or groups of tenants with large reserved balances or upcoming lease expirations that occupy a substantial portion of any particular property and searched for significant declines in operating results of any particular property due to occupancy changes, tenant bankruptcies, environmental issues, adverse changes in legal factors or natural disasters. Additionally, for real estate properties where a triggering event has occurred, our testing also included, among other procedures, involving our internal valuation specialists and evaluating and testing the methodologies and significant assumptions used in the models as well as evaluating and testing the completeness and accuracy of the underlying prospective financial data. | ||||
Collectability of accounts receivable and straight-line rents receivable | |||||
Description of the Matter | Auditing the |
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s Our testing of the Company’s |
Impairment of real estate properties | |||||
Description of the Matter | The Company’s net real estate properties totaled $2.5 billion as of December 31, Auditing the Company's impairment assessment for real estate properties is challenging because of the subjective auditor judgment necessary in evaluating management’s identification of indictors of potential impairment and the related assessment of the severity of such indicators in determining whether a triggering event has occurred that requires the Company to evaluate the recoverability of the asset. Additionally, for real estate properties where a triggering event has occurred, the auditing involves a high degree of auditor judgment and increased extent of audit effort to evaluate management’s estimates underlying projected future cash flows as they are based on subjective assumptions such as market rents, occupancy rates and hold periods, which are affected by expectations about future market or economic conditions. | ||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s property impairment review process. For example, we tested controls over management’s process for identifying and evaluating potential impairment Our testing of the Company’s impairment assessment included, among other procedures, evaluating significant judgments applied in determining whether indicators of impairment were present at any given property by obtaining evidence to corroborate such judgments and searching for evidence contrary to such judgments. For example, we searched for tenants or groups of tenants with large reserved balances or upcoming lease expirations that occupy a substantial portion of any particular property and searched for significant declines in operating results of any particular property due to occupancy changes, tenant bankruptcies, environmental issues, adverse changes in legal factors or natural disasters. Additionally, for real estate properties where a triggering event has occurred, our testing also included, among other procedures, involving our internal valuation specialists and evaluating and testing the methodologies and significant assumptions used in the models as well as evaluating and testing the completeness and accuracy of the underlying prospective financial data. | ||||
Collectability of accounts receivable and straight-line rents receivable | |||||
Description of the Matter | Auditing the |
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s Our testing of the Company’s |
December 31, 2019 | December 31, 2018 | December 31, 2020 | December 31, 2019 | |||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Real estate, at cost | Real estate, at cost | |||||||||||||||||
Operating real estate | $ | 3,096,886 | $ | 2,549,571 | Operating real estate | $ | 3,155,280 | $ | 3,096,886 | |||||||||
Construction in progress | 91,264 | 71,228 | Construction in progress | 91,047 | 91,264 | |||||||||||||
Held for development | 547 | 9,392 | Held for development | 547 | 547 | |||||||||||||
3,188,697 | 2,630,191 | 3,246,874 | 3,188,697 | |||||||||||||||
Accumulated depreciation | (665,222 | ) | (590,338 | ) | Accumulated depreciation | (754,140) | (665,222) | |||||||||||
Net real estate | 2,523,475 | 2,039,853 | Net real estate | 2,492,734 | 2,523,475 | |||||||||||||
Cash and cash equivalents | 99,303 | 47,956 | Cash and cash equivalents | 137,333 | 99,303 | |||||||||||||
Restricted cash | 10,148 | 9,316 | Restricted cash | 1,716 | 10,148 | |||||||||||||
Accounts receivable, net | 12,016 | 9,289 | Accounts receivable, net | 6,938 | 12,016 | |||||||||||||
Deferred rent receivables, net | 52,171 | 39,815 | Deferred rent receivables, net | 72,476 | 52,171 | |||||||||||||
Other assets, net | 93,220 | 52,021 | Other assets, net | 106,112 | 93,220 | |||||||||||||
TOTAL ASSETS | $ | 2,790,333 | $ | 2,198,250 | TOTAL ASSETS | $ | 2,817,309 | $ | 2,790,333 | |||||||||
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | |||||||||||||||||
LIABILITIES: | LIABILITIES: | |||||||||||||||||
Secured notes payable | $ | 161,879 | $ | 182,572 | ||||||||||||||
Unsecured notes payable | 1,195,780 | 1,045,863 | ||||||||||||||||
Unsecured line of credit | — | 62,337 | ||||||||||||||||
Secured notes payable, net | Secured notes payable, net | $ | 110,923 | $ | 161,879 | |||||||||||||
Unsecured notes payable, net | Unsecured notes payable, net | 1,196,677 | 1,195,780 | |||||||||||||||
Unsecured line of credit, net | Unsecured line of credit, net | 99,151 | 0 | |||||||||||||||
Accounts payable and accrued expenses | 62,576 | 46,616 | Accounts payable and accrued expenses | 59,262 | 62,576 | |||||||||||||
Security deposits payable | 8,316 | 8,844 | Security deposits payable | 6,590 | 8,316 | |||||||||||||
Other liabilities and deferred credits | 68,110 | 49,547 | Other liabilities and deferred credits | 91,300 | 68,110 | |||||||||||||
Total liabilities | 1,496,661 | 1,395,779 | Total liabilities | 1,563,903 | 1,496,661 | |||||||||||||
Commitments and contingencies (Note 12) | Commitments and contingencies (Note 12) | 0 | 0 | |||||||||||||||
EQUITY: | EQUITY: | |||||||||||||||||
American Assets Trust, Inc. stockholders' equity | American Assets Trust, Inc. stockholders' equity | |||||||||||||||||
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,068,228 and 47,335,409 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 601 | 474 | ||||||||||||||||
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,476,292 and 60,068,228 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | Common stock, $0.01 par value, 490,000,000 shares authorized, 60,476,292 and 60,068,228 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 605 | 601 | |||||||||||||||
Additional paid-in capital | 1,452,014 | 920,661 | Additional paid-in capital | 1,445,644 | 1,452,014 | |||||||||||||
Accumulated dividends in excess of net income | (144,378 | ) | (128,778 | ) | Accumulated dividends in excess of net income | (176,560) | (144,378) | |||||||||||
Accumulated other comprehensive income | 5,680 | 10,620 | Accumulated other comprehensive income | 1,753 | 5,680 | |||||||||||||
Total American Assets Trust, Inc. stockholders' equity | 1,313,917 | 802,977 | Total American Assets Trust, Inc. stockholders' equity | 1,271,442 | 1,313,917 | |||||||||||||
Noncontrolling interests | (20,245 | ) | (506 | ) | Noncontrolling interests | (18,036) | (20,245) | |||||||||||
Total equity | 1,293,672 | 802,471 | Total equity | 1,253,406 | 1,293,672 | |||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 2,790,333 | $ | 2,198,250 | TOTAL LIABILITIES AND EQUITY | $ | 2,817,309 | $ | 2,790,333 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
REVENUE: | |||||||||||||||||
Rental income | $ | 330,312 | $ | 343,865 | $ | 309,537 | |||||||||||
Other property income | 14,261 | 22,876 | 21,330 | ||||||||||||||
Total revenue | 344,573 | 366,741 | 330,867 | ||||||||||||||
EXPENSES: | |||||||||||||||||
Rental expenses | 79,178 | 91,967 | 86,482 | ||||||||||||||
Real estate taxes | 41,941 | 40,013 | 34,973 | ||||||||||||||
General and administrative | 26,581 | 24,871 | 22,784 | ||||||||||||||
Depreciation and amortization | 108,292 | 96,205 | 107,093 | ||||||||||||||
Total operating expenses | 255,992 | 253,056 | 251,332 | ||||||||||||||
OPERATING INCOME | 88,581 | 113,685 | 79,535 | ||||||||||||||
Interest expense | (53,440) | (54,008) | (52,248) | ||||||||||||||
Gain on sale of real estate | 0 | 633 | 0 | ||||||||||||||
Other income (expense), net | 447 | (122) | (85) | ||||||||||||||
NET INCOME | 35,588 | 60,188 | 27,202 | ||||||||||||||
Net income attributable to restricted shares | (383) | (381) | (311) | ||||||||||||||
Net income attributable to unitholders in the Operating Partnership | (7,545) | (14,089) | (7,205) | ||||||||||||||
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS | $ | 27,660 | $ | 45,718 | $ | 19,686 | |||||||||||
EARNINGS PER COMMON SHARE, BASIC | |||||||||||||||||
Basic income attributable to common stockholders per share | $ | 0.46 | $ | 0.84 | $ | 0.42 | |||||||||||
Weighted average shares of common stock outstanding - basic | 59,806,309 | 54,110,949 | 46,950,812 | ||||||||||||||
EARNINGS PER COMMON SHARE, DILUTED | |||||||||||||||||
Diluted income attributable to common stockholders per share | $ | 0.46 | $ | 0.84 | $ | 0.42 | |||||||||||
Weighted average shares of common stock outstanding - diluted | 76,119,763 | 70,786,132 | 64,136,559 | ||||||||||||||
COMPREHENSIVE INCOME | |||||||||||||||||
Net income | $ | 35,588 | $ | 60,188 | $ | 27,202 | |||||||||||
Other comprehensive (loss) gain - unrealized (loss) gain on swap derivatives during the period | (3,649) | (5,571) | 120 | ||||||||||||||
Reclassification of amortization of forward starting swap included in interest expense | (1,330) | (1,304) | (1,279) | ||||||||||||||
Comprehensive income | 30,609 | 53,313 | 26,043 | ||||||||||||||
Comprehensive income attributable to noncontrolling interest | (6,496) | (12,301) | (6,877) | ||||||||||||||
Comprehensive income attributable to American Assets Trust, Inc. | $ | 24,113 | $ | 41,012 | $ | 19,166 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
REVENUE: | |||||||||||
Rental income | $ | 343,865 | $ | 309,537 | $ | 298,803 | |||||
Other property income | 22,876 | 21,330 | 16,180 | ||||||||
Total revenue | 366,741 | 330,867 | 314,983 | ||||||||
EXPENSES: | |||||||||||
Rental expenses | 91,967 | 86,482 | 84,006 | ||||||||
Real estate taxes | 40,013 | 34,973 | 32,671 | ||||||||
General and administrative | 24,871 | 22,784 | 21,382 | ||||||||
Depreciation and amortization | 96,205 | 107,093 | 83,278 | ||||||||
Total operating expenses | 253,056 | 251,332 | 221,337 | ||||||||
OPERATING INCOME | 113,685 | 79,535 | 93,646 | ||||||||
Interest expense | (54,008 | ) | (52,248 | ) | (53,848 | ) | |||||
Gain on sale of real estate | 633 | — | — | ||||||||
Other income (expense), net | (122 | ) | (85 | ) | 334 | ||||||
NET INCOME | 60,188 | 27,202 | 40,132 | ||||||||
Net income attributable to restricted shares | (381 | ) | (311 | ) | (241 | ) | |||||
Net income attributable to unitholders in the Operating Partnership | (14,089 | ) | (7,205 | ) | (10,814 | ) | |||||
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS | $ | 45,718 | $ | 19,686 | $ | 29,077 | |||||
EARNINGS PER COMMON SHARE, BASIC | |||||||||||
Basic income attributable to common stockholders per share | $ | 0.84 | $ | 0.42 | $ | 0.62 | |||||
Weighted average shares of common stock outstanding - basic | 54,110,949 | 46,950,812 | 46,715,520 | ||||||||
EARNINGS PER COMMON SHARE, DILUTED | |||||||||||
Diluted income attributable to common stockholders per share | $ | 0.84 | $ | 0.42 | $ | 0.62 | |||||
Weighted average shares of common stock outstanding - diluted | 70,786,132 | 64,136,559 | 64,087,250 | ||||||||
COMPREHENSIVE INCOME | |||||||||||
Net income | $ | 60,188 | $ | 27,202 | $ | 40,132 | |||||
Other comprehensive (loss) gain - unrealized (loss) gain on swap derivative during the period | (5,571 | ) | 120 | 386 | |||||||
Reclassification of amortization of forward starting swap included in interest expense | (1,304 | ) | (1,279 | ) | (1,114 | ) | |||||
Comprehensive income | 53,313 | 26,043 | 39,404 | ||||||||
Comprehensive income attributable to noncontrolling interest | (12,301 | ) | (6,877 | ) | (10,433 | ) | |||||
Comprehensive income attributable to American Assets Trust, Inc. | $ | 41,012 | $ | 19,166 | $ | 28,971 |
American Assets Trust, Inc. Stockholders' Equity | Noncontrolling Interests - Unitholders in the Operating Partnership | Total | |||||||||||||||||||||||||||||||||||||||
Common Shares | Additional Paid-in Capital | Accumulated Dividends in Excess of Net Income | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | 47,204,588 | $ | 473 | $ | 919,066 | $ | (97,280) | $ | 11,451 | $ | 10,434 | $ | 844,144 | ||||||||||||||||||||||||||||
Net income | — | — | — | 19,997 | — | 7,205 | 27,202 | ||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 205,110 | 2 | (2) | — | — | — | 0 | ||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock | (78,975) | (1) | 1 | — | — | — | 0 | ||||||||||||||||||||||||||||||||||
Conversion of operating partnership units | 17,372 | 0 | (916) | — | — | 916 | 0 | ||||||||||||||||||||||||||||||||||
Dividends declared and paid | — | — | — | (51,495) | — | (18,733) | (70,228) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 3,039 | — | — | — | 3,039 | ||||||||||||||||||||||||||||||||||
Shares withheld for employee taxes | (12,686) | 0 | (527) | — | — | — | (527) | ||||||||||||||||||||||||||||||||||
Other comprehensive income - change in value of interest rate swaps | — | — | — | — | 105 | 15 | 120 | ||||||||||||||||||||||||||||||||||
Reclassification of amortization of forward starting swaps included in interest expense | — | — | — | — | (936) | (343) | (1,279) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 47,335,409 | 474 | 920,661 | (128,778) | 10,620 | (506) | 802,471 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | 46,099 | — | 14,089 | 60,188 | ||||||||||||||||||||||||||||||||||
Common shares issued | 11,871,552 | 118 | 515,236 | — | — | — | 515,354 | ||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 173,008 | 2 | (2) | — | — | — | 0 | ||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock | (70,641) | (1) | 1 | — | — | — | 0 | ||||||||||||||||||||||||||||||||||
Conversion of operating partnership units | 787,060 | 8 | 12,979 | — | 148 | (13,135) | 0 | ||||||||||||||||||||||||||||||||||
Dividends declared and paid | — | — | — | (61,699) | — | (18,906) | (80,605) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 4,477 | — | — | — | 4,477 | ||||||||||||||||||||||||||||||||||
Shares withheld for employee taxes | (28,160) | 0 | (1,338) | — | — | — | (1,338) | ||||||||||||||||||||||||||||||||||
Other comprehensive loss - change in value of interest rate swaps | — | — | — | — | (4,482) | (1,602) | (6,084) | ||||||||||||||||||||||||||||||||||
Other comprehensive income - unrealized gain on forward-starting interest rate swap | — | — | — | — | 392 | 121 | 513 | ||||||||||||||||||||||||||||||||||
Reclassification of amortization of forward starting swaps included in interest expense | — | — | — | — | (998) | (306) | (1,304) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 60,068,228 | 601 | 1,452,014 | (144,378) | 5,680 | (20,245) | 1,293,672 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | 28,043 | — | 7,545 | 35,588 | ||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 317,574 | 3 | (3) | — | — | — | 0 | ||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock | (95,086) | (1) | 1 | — | — | — | 0 | ||||||||||||||||||||||||||||||||||
Conversion of operating partnership units | 209,011 | 2 | (12,003) | — | 3 | 11,998 | 0 | ||||||||||||||||||||||||||||||||||
Dividends declared and paid | — | — | — | (60,225) | — | (16,285) | (76,510) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 6,307 | — | — | — | 6,307 | ||||||||||||||||||||||||||||||||||
Shares withheld for employee taxes | (23,435) | 0 | (672) | — | — | — | (672) |
American Assets Trust, Inc. Stockholders' Equity | Noncontrolling Interests - Unitholders in the Operating Partnership | Total | ||||||||||||||||||||||||
Common Shares | Additional Paid-in Capital | Accumulated Dividends in Excess of Net Income | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||
Balance at December 31, 2016 | 45,732,109 | $ | 457 | $ | 874,597 | $ | (77,296 | ) | $ | 11,798 | $ | 28,995 | $ | 838,551 | ||||||||||||
Net income | — | — | — | 29,318 | — | 10,814 | 40,132 | |||||||||||||||||||
Common shares issued | 700,000 | 7 | 29,866 | — | — | — | 29,873 | |||||||||||||||||||
Issuance of restricted stock | 150,098 | 2 | (2 | ) | — | — | — | — | ||||||||||||||||||
Forfeiture of restricted stock | (48,624 | ) | — | — | — | — | — | — | ||||||||||||||||||
Conversion of operating partnership units | 693,842 | 7 | 10,752 | — | — | (10,759 | ) | — | ||||||||||||||||||
Dividends declared and paid | — | — | — | (49,302 | ) | — | (18,235 | ) | (67,537 | ) | ||||||||||||||||
Stock-based compensation | — | — | 4,735 | — | — | — | 4,735 | |||||||||||||||||||
Shares withheld for employee taxes | (22,837 | ) | — | (882 | ) | — | — | — | (882 | ) | ||||||||||||||||
Other comprehensive loss - change in value of interest rate swap | — | — | — | — | (7,310 | ) | (2,971 | ) | (10,281 | ) | ||||||||||||||||
Other comprehensive income - unrealized gain on forward-starting interest rate swaps | — | — | — | — | 7,775 | 2,892 | 10,667 | |||||||||||||||||||
Reclassification of amortization of forward starting swap included in interest expense | — | — | — | — | (812 | ) | (302 | ) | (1,114 | ) | ||||||||||||||||
Balance at December 31, 2017 | 47,204,588 | 473 | 919,066 | (97,280 | ) | 11,451 | 10,434 | 844,144 | ||||||||||||||||||
Net income | — | — | — | 19,997 | — | 7,205 | 27,202 | |||||||||||||||||||
Common shares issued | — | — | — | — | — | — | — | |||||||||||||||||||
Issuance of restricted stock | 205,110 | 2 | (2 | ) | — | — | — | — | ||||||||||||||||||
Forfeiture of restricted stock | (78,975 | ) | (1 | ) | 1 | — | — | — | — | |||||||||||||||||
Conversion of operating partnership units | 17,372 | — | (916 | ) | — | — | 916 | — | ||||||||||||||||||
Dividends declared and paid | — | — | — | (51,495 | ) | — | (18,733 | ) | (70,228 | ) | ||||||||||||||||
Stock-based compensation | — | — | 3,039 | — | — | — | 3,039 | |||||||||||||||||||
Shares withheld for employee taxes | (12,686 | ) | — | (527 | ) | — | — | — | (527 | ) | ||||||||||||||||
Other comprehensive income - change in value of interest rate swap | — | — | — | — | 105 | 15 | 120 | |||||||||||||||||||
Reclassification of amortization of forward starting swap included in interest expense | — | — | — | — | (936 | ) | (343 | ) | (1,279 | ) | ||||||||||||||||
Balance at December 31, 2018 | 47,335,409 | 474 | 920,661 | (128,778 | ) | 10,620 | (506 | ) | 802,471 | |||||||||||||||||
Net income | — | — | — | 46,099 | — | 14,089 | 60,188 | |||||||||||||||||||
Common shares issued | 11,871,552 | 118 | 515,236 | — | — | — | 515,354 | |||||||||||||||||||
Issuance of restricted stock | 173,008 | 2 | (2 | ) | — | — | — | — | ||||||||||||||||||
Forfeiture of restricted stock | (70,641 | ) | (1 | ) | 1 | — | — | — | — | |||||||||||||||||
Conversion of operating partnership units | 787,060 | 8 | 12,979 | — | 148 | (13,135 | ) | — | ||||||||||||||||||
Dividends declared and paid | — | — | — | (61,699 | ) | — | (18,906 | ) | (80,605 | ) |
Other comprehensive loss - change in value of interest rate swaps | — | — | — | — | (2,885) | (764) | (3,649) | ||||||||||||||||||||||||||||||||||
Reclassification of amortization of forward-starting swaps included in interest expense | — | — | — | — | (1,045) | (285) | (1,330) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 60,476,292 | $ | 605 | $ | 1,445,644 | $ | (176,560) | $ | 1,753 | $ | (18,036) | $ | 1,253,406 |
Stock-based compensation | — | — | 4,477 | — | — | — | 4,477 | |||||||||||||||||||
Shares withheld for employee taxes | (28,160 | ) | — | (1,338 | ) | — | — | — | (1,338 | ) | ||||||||||||||||
Other comprehensive loss - change in value of interest rate swap | — | — | — | — | (4,482 | ) | (1,602 | ) | (6,084 | ) | ||||||||||||||||
Other comprehensive income - unrealized gain on forward-starting interest rate swaps | — | — | — | — | 392 | 121 | 513 | |||||||||||||||||||
Reclassification of amortization of forward-starting swap included in interest expense | — | — | — | — | (998 | ) | (306 | ) | (1,304 | ) | ||||||||||||||||
Balance at December 31, 2019 | 60,068,228 | $ | 601 | $ | 1,452,014 | $ | (144,378 | ) | $ | 5,680 | $ | (20,245 | ) | $ | 1,293,672 |
Year ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 35,588 | $ | 60,188 | $ | 27,202 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Deferred rent revenue and amortization of lease intangibles | (31,242) | (6,985) | (1,157) | ||||||||||||||
Depreciation and amortization | 108,292 | 96,205 | 107,093 | ||||||||||||||
Amortization of debt issuance costs and debt fair value adjustments | 1,477 | 1,467 | 1,530 | ||||||||||||||
Provision for uncollectable rental income | 18,427 | 1,751 | 790 | ||||||||||||||
Gain on sale of real estate | 0 | (633) | 0 | ||||||||||||||
Stock-based compensation expense | 6,307 | 4,477 | 3,039 | ||||||||||||||
Settlement of forward interest rate swap agreement | 0 | 513 | 0 | ||||||||||||||
Lease termination income | 0 | (4,518) | 0 | ||||||||||||||
Other noncash interest expense | (1,330) | (1,304) | (1,279) | ||||||||||||||
Other, net | (695) | 4,746 | (407) | ||||||||||||||
Changes in operating assets and liabilities | |||||||||||||||||
Change in accounts receivable | (4,940) | (1,071) | (336) | ||||||||||||||
Change in other assets | 141 | (2,420) | (227) | ||||||||||||||
Change in accounts payable and accrued expenses | (2,108) | 5,956 | (3,297) | ||||||||||||||
Change in security deposits payable | (1,726) | (971) | 2,274 | ||||||||||||||
Change in other liabilities and deferred credits | (1,206) | (3,585) | 1,282 | ||||||||||||||
Net cash provided by operating activities | 126,985 | 153,816 | 136,507 | ||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Acquisition of real estate, net | 0 | (507,780) | 0 | ||||||||||||||
Capital expenditures | (63,488) | (88,327) | (54,411) | ||||||||||||||
Proceeds from sale of real estate, net of selling costs | 0 | 8,191 | 0 | ||||||||||||||
Leasing commissions | (5,589) | (11,267) | (9,936) | ||||||||||||||
Net cash used in investing activities | (69,077) | (599,183) | (64,347) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Repayment of secured notes payable | (51,003) | (20,762) | (97,124) | ||||||||||||||
Proceeds from unsecured line of credit | 100,000 | 59,000 | 84,000 | ||||||||||||||
Repayment of unsecured line of credit | 0 | (123,000) | (20,000) | ||||||||||||||
Proceeds from issuance of unsecured notes payable | 0 | 150,000 | 0 | ||||||||||||||
Debt issuance costs | (125) | (1,103) | (2,727) | ||||||||||||||
Proceeds from issuance of common stock, net | 0 | 515,354 | (236) | ||||||||||||||
Dividends paid to common stock and unitholders | (76,510) | (80,605) | (70,228) | ||||||||||||||
Shares withheld for employee taxes | (672) | (1,338) | (527) | ||||||||||||||
Net cash provided by (used in) financing activities | (28,310) | 497,546 | (106,842) | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 29,598 | 52,179 | (34,682) | ||||||||||||||
Cash, cash equivalents and restricted cash, beginning of year | 109,451 | 57,272 | 91,954 | ||||||||||||||
Cash, cash equivalents and restricted cash, end of year | $ | 139,049 | $ | 109,451 | $ | 57,272 |
Year ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 60,188 | $ | 27,202 | $ | 40,132 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Deferred rent revenue and amortization of lease intangibles | (6,985 | ) | (1,157 | ) | (2,547 | ) | |||||
Depreciation and amortization | 96,205 | 107,093 | 83,278 | ||||||||
Amortization of debt issuance costs and debt fair value adjustments | 1,467 | 1,530 | 3,058 | ||||||||
Gain on sale of real estate | (633 | ) | — | — | |||||||
Stock-based compensation expense | 4,477 | 3,039 | 4,735 | ||||||||
Settlement of forward interest rate swap agreement | 513 | — | 10,667 | ||||||||
Lease termination income | (4,518 | ) | — | — | |||||||
Other noncash interest expense | (1,304 | ) | (1,279 | ) | (1,114 | ) | |||||
Other, net | 6,497 | 383 | 901 | ||||||||
Changes in operating assets and liabilities | |||||||||||
Change in accounts receivable | (1,071 | ) | (336 | ) | (1,116 | ) | |||||
Change in other assets | (2,420 | ) | (227 | ) | (499 | ) | |||||
Change in accounts payable and accrued expenses | 5,956 | (3,297 | ) | 7,632 | |||||||
Change in security deposits payable | (971 | ) | 2,274 | 456 | |||||||
Change in other liabilities and deferred credits | (3,585 | ) | 1,282 | 270 | |||||||
Net cash provided by operating activities | 153,816 | 136,507 | 145,853 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Acquisition of real estate, net | (507,780 | ) | — | (278,141 | ) | ||||||
Capital expenditures | (88,327 | ) | (54,411 | ) | (47,496 | ) | |||||
Proceeds from sale of real estate, net of selling costs | 8,191 | — | — | ||||||||
Leasing commissions | (11,267 | ) | (9,936 | ) | (4,927 | ) | |||||
Net cash used in investing activities | (599,183 | ) | (64,347 | ) | (330,564 | ) | |||||
FINANCING ACTIVITIES | |||||||||||
Repayment of secured notes payable | (20,762 | ) | (97,124 | ) | (167,139 | ) | |||||
Proceeds from unsecured line of credit | 59,000 | 84,000 | 173,000 | ||||||||
Repayment of unsecured line of credit | (123,000 | ) | (20,000 | ) | (193,000 | ) | |||||
Proceeds from issuance of unsecured notes payable | 150,000 | — | 450,000 | ||||||||
Debt issuance costs | (1,103 | ) | (2,727 | ) | (2,401 | ) | |||||
Proceeds from issuance of common stock, net | 515,354 | (236 | ) | 29,873 | |||||||
Dividends paid to common stock and unitholders | (80,605 | ) | (70,228 | ) | (67,537 | ) | |||||
Shares withheld for employee taxes | (1,338 | ) | (527 | ) | (882 | ) | |||||
Net cash provided by (used in) financing activities | 497,546 | (106,842 | ) | 221,914 | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 52,179 | (34,682 | ) | 37,203 | |||||||
Cash, cash equivalents and restricted cash, beginning of year | 57,272 | 91,954 | 54,751 | ||||||||
Cash, cash equivalents and restricted cash, end of year | $ | 109,451 | $ | 57,272 | $ | 91,954 |
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 99,303 | $ | 47,956 | $ | 82,610 | Cash and cash equivalents | $ | 137,333 | $ | 99,303 | $ | 47,956 | |||||||||||||||
Restricted cash | 10,148 | 9,316 | 9,344 | Restricted cash | 1,716 | 10,148 | 9,316 | |||||||||||||||||||||
Total cash, cash equivalents and restricted cash shown in Statement of Cash Flows | $ | 109,451 | $ | 57,272 | $ | 91,954 | Total cash, cash equivalents and restricted cash shown in Statement of Cash Flows | $ | 139,049 | $ | 109,451 | $ | 57,272 |
December 31, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost | |||||||||||
Operating real estate | $ | 3,155,280 | $ | 3,096,886 | |||||||
Construction in progress | 91,047 | 91,264 | |||||||||
Held for development | 547 | 547 | |||||||||
3,246,874 | 3,188,697 | ||||||||||
Accumulated depreciation | (754,140) | (665,222) | |||||||||
Net real estate | 2,492,734 | 2,523,475 | |||||||||
Cash and cash equivalents | 137,333 | 99,303 | |||||||||
Restricted cash | 1,716 | 10,148 | |||||||||
Accounts receivable, net | 6,938 | 12,016 | |||||||||
Deferred rent receivables, net | 72,476 | 52,171 | |||||||||
Other assets, net | 106,112 | 93,220 | |||||||||
TOTAL ASSETS | $ | 2,817,309 | $ | 2,790,333 | |||||||
LIABILITIES AND CAPITAL | |||||||||||
LIABILITIES: | |||||||||||
Secured notes payable, net | $ | 110,923 | $ | 161,879 | |||||||
Unsecured notes payable, net | 1,196,677 | 1,195,780 | |||||||||
Unsecured line of credit, net | 99,151 | 0 | |||||||||
Accounts payable and accrued expenses | 59,262 | 62,576 | |||||||||
Security deposits payable | 6,590 | 8,316 | |||||||||
Other liabilities and deferred credits | 91,300 | 68,110 | |||||||||
Total liabilities | 1,563,903 | 1,496,661 | |||||||||
Commitments and contingencies (Note 12) | |||||||||||
CAPITAL: | |||||||||||
Limited partners' capital, 16,181,537 and 16,390,548 units issued and outstanding as of December 31, 2020 and December 31, 2019, respectively | (19,020) | (22,281) | |||||||||
General partner's capital, 60,476,292 and 60,068,228 units issued and outstanding as of December 31, 2020 and December 31, 2019, respectively | 1,269,689 | 1,308,237 | |||||||||
Accumulated other comprehensive income | 2,737 | 7,716 | |||||||||
Total capital | 1,253,406 | 1,293,672 | |||||||||
TOTAL LIABILITIES AND CAPITAL | $ | 2,817,309 | $ | 2,790,333 |
December 31, | December 31, | ||||||
2019 | 2018 | ||||||
ASSETS | |||||||
Real estate, at cost | |||||||
Operating real estate | $ | 3,096,886 | $ | 2,549,571 | |||
Construction in progress | 91,264 | 71,228 | |||||
Held for development | 547 | 9,392 | |||||
3,188,697 | 2,630,191 | ||||||
Accumulated depreciation | (665,222 | ) | (590,338 | ) | |||
Net real estate | 2,523,475 | 2,039,853 | |||||
Cash and cash equivalents | 99,303 | 47,956 | |||||
Restricted cash | 10,148 | 9,316 | |||||
Accounts receivable, net | 12,016 | 9,289 | |||||
Deferred rent receivables, net | 52,171 | 39,815 | |||||
Other assets, net | 93,220 | 52,021 | |||||
TOTAL ASSETS | $ | 2,790,333 | $ | 2,198,250 | |||
LIABILITIES AND CAPITAL | |||||||
LIABILITIES: | |||||||
Secured notes payable | $ | 161,879 | $ | 182,572 | |||
Unsecured notes payable | 1,195,780 | 1,045,863 | |||||
Unsecured line of credit | — | 62,337 | |||||
Accounts payable and accrued expenses | 62,576 | 46,616 | |||||
Security deposits payable | 8,316 | 8,844 | |||||
Other liabilities and deferred credits | 68,110 | 49,547 | |||||
Total liabilities | 1,496,661 | 1,395,779 | |||||
Commitments and contingencies (Note 12) | |||||||
CAPITAL: | |||||||
Limited partners' capital, 16,390,548 and 17,177,608 units issued and outstanding as of December 31, 2019 and December 31, 2018, respectively | (22,281 | ) | (4,477 | ) | |||
General partner's capital, 60,068,228 and 47,335,409 units issued and outstanding as of December 31, 2019 and December 31, 2018, respectively | 1,308,237 | 792,357 | |||||
Accumulated other comprehensive income | 7,716 | 14,591 | |||||
Total capital | 1,293,672 | 802,471 | |||||
TOTAL LIABILITIES AND CAPITAL | $ | 2,790,333 | $ | 2,198,250 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
REVENUE: | |||||||||||||||||
Rental income | $ | 330,312 | $ | 343,865 | $ | 309,537 | |||||||||||
Other property income | 14,261 | 22,876 | 21,330 | ||||||||||||||
Total revenue | 344,573 | 366,741 | 330,867 | ||||||||||||||
EXPENSES: | |||||||||||||||||
Rental expenses | 79,178 | 91,967 | 86,482 | ||||||||||||||
Real estate taxes | 41,941 | 40,013 | 34,973 | ||||||||||||||
General and administrative | 26,581 | 24,871 | 22,784 | ||||||||||||||
Depreciation and amortization | 108,292 | 96,205 | 107,093 | ||||||||||||||
Total operating expenses | 255,992 | 253,056 | 251,332 | ||||||||||||||
OPERATING INCOME | 88,581 | 113,685 | 79,535 | ||||||||||||||
Interest expense | (53,440) | (54,008) | (52,248) | ||||||||||||||
Gain on sale of real estate | 0 | 633 | 0 | ||||||||||||||
Other income (expense), net | 447 | (122) | (85) | ||||||||||||||
NET INCOME | 35,588 | 60,188 | 27,202 | ||||||||||||||
Net income attributable to restricted shares | (383) | (381) | (311) | ||||||||||||||
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, L.P. | $ | 35,205 | $ | 59,807 | $ | 26,891 | |||||||||||
EARNINGS PER UNIT - BASIC | |||||||||||||||||
Earnings per unit, basic | $ | 0.46 | $ | 0.84 | $ | 0.42 | |||||||||||
Weighted average units outstanding, basic | 76,119,763 | 70,786,132 | 64,136,559 | ||||||||||||||
EARNINGS PER UNIT - DILUTED | |||||||||||||||||
Earnings per unit, diluted | $ | 0.46 | $ | 0.84 | $ | 0.42 | |||||||||||
Weighted average units outstanding, diluted | 76,119,763 | 70,786,132 | 64,136,559 | ||||||||||||||
DISTRIBUTIONS PER UNIT | $ | 1.00 | $ | 1.14 | $ | 1.09 | |||||||||||
COMPREHENSIVE INCOME | |||||||||||||||||
Net income | $ | 35,588 | $ | 60,188 | $ | 27,202 | |||||||||||
Other comprehensive (loss) gain - unrealized (loss) gain on swap derivatives during the period | (3,649) | (5,571) | 120 | ||||||||||||||
Reclassification of amortization of forward starting swaps included in interest expense | (1,330) | (1,304) | (1,279) | ||||||||||||||
Comprehensive income | 30,609 | 53,313 | 26,043 | ||||||||||||||
Comprehensive income attributable to Limited Partners | (6,496) | (12,301) | (6,877) | ||||||||||||||
Comprehensive income attributable to General Partner | $ | 24,113 | $ | 41,012 | $ | 19,166 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
REVENUE: | |||||||||||
Rental income | $ | 343,865 | $ | 309,537 | $ | 298,803 | |||||
Other property income | 22,876 | 21,330 | 16,180 | ||||||||
Total revenue | 366,741 | 330,867 | 314,983 | ||||||||
EXPENSES: | |||||||||||
Rental expenses | 91,967 | 86,482 | 84,006 | ||||||||
Real estate taxes | 40,013 | 34,973 | 32,671 | ||||||||
General and administrative | 24,871 | 22,784 | 21,382 | ||||||||
Depreciation and amortization | 96,205 | 107,093 | 83,278 | ||||||||
Total operating expenses | 253,056 | 251,332 | 221,337 | ||||||||
OPERATING INCOME | 113,685 | 79,535 | 93,646 | ||||||||
Interest expense | (54,008 | ) | (52,248 | ) | (53,848 | ) | |||||
Gain on sale of real estate | 633 | — | — | ||||||||
Other income (expense), net | (122 | ) | (85 | ) | 334 | ||||||
NET INCOME | 60,188 | 27,202 | 40,132 | ||||||||
Net income attributable to restricted shares | (381 | ) | (311 | ) | (241 | ) | |||||
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, L.P. | $ | 59,807 | $ | 26,891 | $ | 39,891 | |||||
EARNINGS PER UNIT - BASIC | |||||||||||
Earnings per unit, basic | $ | 0.84 | $ | 0.42 | $ | 0.62 | |||||
Weighted average units outstanding, basic | 70,786,132 | 64,136,559 | 64,087,250 | ||||||||
EARNINGS PER UNIT - DILUTED | |||||||||||
Earnings per unit, diluted | $ | 0.84 | $ | 0.42 | $ | 0.62 | |||||
Weighted average units outstanding, diluted | 70,786,132 | 64,136,559 | 64,087,250 | ||||||||
DISTRIBUTIONS PER UNIT | $ | 1.14 | $ | 1.09 | $ | 1.05 | |||||
COMPREHENSIVE INCOME | |||||||||||
Net income | $ | 60,188 | $ | 27,202 | $ | 40,132 | |||||
Other comprehensive (loss) gain - unrealized (loss) gain on swap derivative during the period | (5,571 | ) | 120 | 386 | |||||||
Reclassification of amortization of forward starting swap included in interest expense | (1,304 | ) | (1,279 | ) | (1,114 | ) | |||||
Comprehensive income | 53,313 | 26,043 | 39,404 | ||||||||
Comprehensive income attributable to Limited Partners | (12,301 | ) | (6,877 | ) | (10,433 | ) | |||||
Comprehensive income attributable to General Partner | $ | 41,012 | $ | 19,166 | $ | 28,971 |
Limited Partners' Capital (1) | General Partner's Capital (2) | Accumulated Other Comprehensive Income (Loss) | Total Capital | ||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | ||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | 17,194,980 | $ | 6,135 | 47,204,588 | $ | 822,259 | $ | 15,750 | $ | 844,144 | |||||||||||||||||||||||||
Net income | — | 7,205 | — | 19,997 | — | 27,202 | |||||||||||||||||||||||||||||
Conversion of operating partnership units | (17,372) | 916 | 17,372 | (916) | — | — | |||||||||||||||||||||||||||||
Issuance of restricted units | — | — | 205,110 | — | — | — | |||||||||||||||||||||||||||||
Forfeiture of restricted units | — | — | (78,975) | — | — | — | |||||||||||||||||||||||||||||
Distributions | — | (18,733) | — | (51,495) | — | (70,228) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 3,039 | — | 3,039 | |||||||||||||||||||||||||||||
Units withheld for employee taxes | — | — | (12,686) | (527) | — | (527) | |||||||||||||||||||||||||||||
Other comprehensive income - change in value of interest rate swaps | — | — | — | — | 120 | 120 | |||||||||||||||||||||||||||||
Reclassification of amortization of forward starting swaps included in interest expense | — | — | — | — | (1,279) | (1,279) | |||||||||||||||||||||||||||||
Balance at December 31, 2018 | 17,177,608 | (4,477) | 47,335,409 | 792,357 | 14,591 | 802,471 | |||||||||||||||||||||||||||||
Net income | — | 14,089 | — | 46,099 | — | 60,188 | |||||||||||||||||||||||||||||
Contributions from American Assets Trust, Inc. | — | — | 11,871,552 | 515,354 | — | 515,354 | |||||||||||||||||||||||||||||
Conversion of operating partnership units | (787,060) | (12,987) | 787,060 | 12,987 | — | — | |||||||||||||||||||||||||||||
Issuance of restricted units | — | — | 173,008 | — | — | — | |||||||||||||||||||||||||||||
Forfeiture of restricted units | — | — | (70,641) | — | — | — | |||||||||||||||||||||||||||||
Distributions | — | (18,906) | — | (61,699) | — | (80,605) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 4,477 | — | 4,477 | |||||||||||||||||||||||||||||
Units withheld for employee taxes | — | — | (28,160) | (1,338) | — | (1,338) | |||||||||||||||||||||||||||||
Other comprehensive loss - change in value of interest rate swaps | — | — | — | — | (6,084) | (6,084) | |||||||||||||||||||||||||||||
Other comprehensive income - unrealized gain on forward-starting interest rate swap | — | — | — | — | 513 | 513 | |||||||||||||||||||||||||||||
Reclassification of amortization of forward starting swaps included in interest expense | — | — | — | — | (1,304) | (1,304) | |||||||||||||||||||||||||||||
Balance at December 31, 2019 | 16,390,548 | (22,281) | 60,068,228 | 1,308,237 | 7,716 | 1,293,672 | |||||||||||||||||||||||||||||
Net income | — | 7,545 | — | 28,043 | — | 35,588 | |||||||||||||||||||||||||||||
Conversion of operating partnership units | (209,011) | 12,001 | 209,011 | (12,001) | — | — | |||||||||||||||||||||||||||||
Issuance of restricted units | — | — | 317,574 | — | — | — | |||||||||||||||||||||||||||||
Forfeiture of restricted units | — | — | (95,086) | — | — | — | |||||||||||||||||||||||||||||
Distributions | — | (16,285) | — | (60,225) | — | (76,510) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 6,307 | — | 6,307 | |||||||||||||||||||||||||||||
Units withheld for employee taxes | — | — | (23,435) | (672) | — | (672) | |||||||||||||||||||||||||||||
Other comprehensive loss - change in value of interest rate swaps | — | — | — | — | (3,649) | (3,649) | |||||||||||||||||||||||||||||
Limited Partners' Capital (1) | General Partner's Capital (2) | Accumulated Other Comprehensive Income (Loss) | Total Capital | ||||||||||||||||||
Units | Amount | Units | Amount | ||||||||||||||||||
Balance at December 31, 2016 | 17,888,822 | $ | 24,315 | 45,732,109 | $ | 797,758 | $ | 16,478 | $ | 838,551 | |||||||||||
Net income | — | 10,814 | — | 29,318 | — | 40,132 | |||||||||||||||
Contributions from American Assets Trust, Inc. | — | — | 700,000 | 29,873 | — | 29,873 | |||||||||||||||
Conversion of operating partnership units | (693,842 | ) | (10,759 | ) | 693,842 | 10,759 | — | — | |||||||||||||
Issuance of restricted units | — | — | 150,098 | — | — | — | |||||||||||||||
Forfeiture of restricted units | — | — | (48,624 | ) | — | — | — | ||||||||||||||
Distributions | — | (18,235 | ) | — | (49,302 | ) | — | (67,537 | ) | ||||||||||||
Stock-based compensation | — | — | — | 4,735 | — | 4,735 | |||||||||||||||
Units withheld for employee taxes | — | — | (22,837 | ) | (882 | ) | — | (882 | ) | ||||||||||||
Other comprehensive loss - change in value of interest rate swap | — | — | — | — | (10,281 | ) | (10,281 | ) | |||||||||||||
Other comprehensive income - unrealized gain on forward-starting interest rate swaps | — | — | — | — | 10,667 | 10,667 | |||||||||||||||
Reclassification of amortization of forward starting swap included in interest expense | — | — | — | — | (1,114 | ) | (1,114 | ) | |||||||||||||
Balance at December 31, 2017 | 17,194,980 | 6,135 | 47,204,588 | 822,259 | 15,750 | 844,144 | |||||||||||||||
Net income | — | 7,205 | — | 19,997 | — | 27,202 | |||||||||||||||
Conversion of operating partnership units | (17,372 | ) | 916 | 17,372 | (916 | ) | — | — | |||||||||||||
Issuance of restricted units | — | — | 205,110 | — | — | — | |||||||||||||||
Forfeiture of restricted units | — | — | (78,975 | ) | — | — | — | ||||||||||||||
Distributions | — | (18,733 | ) | — | (51,495 | ) | — | (70,228 | ) | ||||||||||||
Stock-based compensation | — | — | — | 3,039 | — | 3,039 | |||||||||||||||
Units withheld for employee taxes | — | — | (12,686 | ) | (527 | ) | — | (527 | ) | ||||||||||||
Other comprehensive income - change in value of interest rate swap | — | — | — | — | 120 | 120 | |||||||||||||||
Reclassification of amortization of forward starting swap included in interest expense | — | — | — | — | (1,279 | ) | (1,279 | ) | |||||||||||||
Balance at December 31, 2018 | 17,177,608 | (4,477 | ) | 47,335,409 | 792,357 | 14,591 | 802,471 | ||||||||||||||
Net income | — | 14,089 | — | 46,099 | — | 60,188 | |||||||||||||||
Contributions from American Assets Trust, Inc. | — | — | 11,871,552 | 515,354 | — | 515,354 | |||||||||||||||
Conversion of operating partnership units | (787,060 | ) | (12,987 | ) | 787,060 | 12,987 | — | — | |||||||||||||
Issuance of restricted units | — | — | 173,008 | — | — | — | |||||||||||||||
Forfeiture of restricted units | — | — | (70,641 | ) | — | — | — | ||||||||||||||
Distributions | — | (18,906 | ) | — | (61,699 | ) | — | (80,605 | ) | ||||||||||||
Stock-based compensation | — | — | — | 4,477 | — | 4,477 | |||||||||||||||
Units withheld for employee taxes | — | — | (28,160 | ) | (1,338 | ) | — | (1,338 | ) |
Reclassification of amortization of forward-starting swaps included in interest expense | — | — | — | — | (1,330) | (1,330) | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | 16,181,537 | $ | (19,020) | 60,476,292 | $ | 1,269,689 | $ | 2,737 | $ | 1,253,406 |
Other comprehensive loss - change in value of interest rate swap | — | — | — | — | (6,084 | ) | (6,084 | ) | |||||||||||||
Other comprehensive income - unrealized gain on forward-starting interest rate swaps | — | — | — | — | 513 | 513 | |||||||||||||||
Reclassification of amortization of forward-starting swap included in interest expense | — | — | — | — | (1,304 | ) | (1,304 | ) | |||||||||||||
Balance at December 31, 2019 | 16,390,548 | $ | (22,281 | ) | 60,068,228 | $ | 1,308,237 | $ | 7,716 | $ | 1,293,672 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 35,588 | $ | 60,188 | $ | 27,202 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Deferred rent revenue and amortization of lease intangibles | (31,242) | (6,985) | (1,157) | ||||||||||||||
Depreciation and amortization | 108,292 | 96,205 | 107,093 | ||||||||||||||
Amortization of debt issuance costs and debt fair value adjustments | 1,477 | 1,467 | 1,530 | ||||||||||||||
Provision for uncollectable rental income | 18,427 | 1,751 | 790 | ||||||||||||||
Gain on sale of real estate | 0 | (633) | 0 | ||||||||||||||
Stock-based compensation expense | 6,307 | 4,477 | 3,039 | ||||||||||||||
Settlement of forward interest rate swap agreement | 0 | 513 | 0 | ||||||||||||||
Lease termination income | 0 | (4,518) | 0 | ||||||||||||||
Other noncash interest expense | (1,330) | (1,304) | (1,279) | ||||||||||||||
Other, net | (695) | 4,746 | (407) | ||||||||||||||
Changes in operating assets and liabilities | |||||||||||||||||
Change in accounts receivable and deferred rent receivables | (4,940) | (1,071) | (336) | ||||||||||||||
Change in other assets | 141 | (2,420) | (227) | ||||||||||||||
Change in accounts payable and accrued expenses | (2,108) | 5,956 | (3,297) | ||||||||||||||
Change in security deposits payable | (1,726) | (971) | 2,274 | ||||||||||||||
Change in other liabilities and deferred credits | (1,206) | (3,585) | 1,282 | ||||||||||||||
Net cash provided by operating activities | 126,985 | 153,816 | 136,507 | ||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Acquisition of real estate, net | 0 | (507,780) | 0 | ||||||||||||||
Capital expenditures | (63,488) | (88,327) | (54,411) | ||||||||||||||
Proceeds from sale of real estate, net of selling costs | 0 | 8,191 | 0 | ||||||||||||||
Leasing commissions | (5,589) | (11,267) | (9,936) | ||||||||||||||
Net cash used in investing activities | (69,077) | (599,183) | (64,347) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Repayment of secured notes payable | (51,003) | (20,762) | (97,124) | ||||||||||||||
Proceeds from unsecured line of credit | 100,000 | 59,000 | 84,000 | ||||||||||||||
Repayment of unsecured line of credit | 0 | (123,000) | (20,000) | ||||||||||||||
Proceeds from issuance of unsecured notes payable | 0 | 150,000 | 0 | ||||||||||||||
Debt issuance costs | (125) | (1,103) | (2,727) | ||||||||||||||
Contributions from American Assets Trust, Inc. | 0 | 515,354 | (236) | ||||||||||||||
Distributions | (76,510) | (80,605) | (70,228) | ||||||||||||||
Shares withheld for employee taxes | (672) | (1,338) | (527) | ||||||||||||||
Net cash provided by (used in) financing activities | (28,310) | 497,546 | (106,842) | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 29,598 | 52,179 | (34,682) | ||||||||||||||
Cash, cash equivalents and restricted cash, beginning of year | 109,451 | 57,272 | 91,954 | ||||||||||||||
Cash, cash equivalents and restricted cash, end of year | $ | 139,049 | $ | 109,451 | $ | 57,272 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 60,188 | $ | 27,202 | $ | 40,132 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Deferred rent revenue and amortization of lease intangibles | (6,985 | ) | (1,157 | ) | (2,547 | ) | |||||
Depreciation and amortization | 96,205 | 107,093 | 83,278 | ||||||||
Amortization of debt issuance costs and debt fair value adjustments | 1,467 | 1,530 | 3,058 | ||||||||
Gain on sale of real estate | (633 | ) | — | — | |||||||
Stock-based compensation expense | 4,477 | 3,039 | 4,735 | ||||||||
Settlement of forward interest rate swap agreement | 513 | — | 10,667 | ||||||||
Lease termination income | (4,518 | ) | — | — | |||||||
Other noncash interest expense | (1,304 | ) | (1,279 | ) | (1,114 | ) | |||||
Other, net | 6,497 | 383 | 901 | ||||||||
Changes in operating assets and liabilities | |||||||||||
Change in accounts receivable | (1,071 | ) | (336 | ) | (1,116 | ) | |||||
Change in other assets | (2,420 | ) | (227 | ) | (499 | ) | |||||
Change in accounts payable and accrued expenses | 5,956 | (3,297 | ) | 7,632 | |||||||
Change in security deposits payable | (971 | ) | 2,274 | 456 | |||||||
Change in other liabilities and deferred credits | (3,585 | ) | 1,282 | 270 | |||||||
Net cash provided by operating activities | 153,816 | 136,507 | 145,853 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Acquisition of real estate, net | (507,780 | ) | — | (278,141 | ) | ||||||
Capital expenditures | (88,327 | ) | (54,411 | ) | (47,496 | ) | |||||
Proceeds from sale of real estate, net of selling costs | 8,191 | — | — | ||||||||
Leasing commissions | (11,267 | ) | (9,936 | ) | (4,927 | ) | |||||
Net cash used in investing activities | (599,183 | ) | (64,347 | ) | (330,564 | ) | |||||
FINANCING ACTIVITIES | |||||||||||
Repayment of secured notes payable | (20,762 | ) | (97,124 | ) | (167,139 | ) | |||||
Proceeds from unsecured line of credit | 59,000 | 84,000 | 173,000 | ||||||||
Repayment of unsecured line of credit | (123,000 | ) | (20,000 | ) | (193,000 | ) | |||||
Proceeds from issuance of unsecured notes payable | 150,000 | — | 450,000 | ||||||||
Debt issuance costs | (1,103 | ) | (2,727 | ) | (2,401 | ) | |||||
Contributions from American Assets Trust, Inc. | 515,354 | (236 | ) | 29,873 | |||||||
Distributions | (80,605 | ) | (70,228 | ) | (67,537 | ) | |||||
Shares withheld for employee taxes | (1,338 | ) | (527 | ) | (882 | ) | |||||
Net cash provided by (used in) financing activities | 497,546 | (106,842 | ) | 221,914 | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 52,179 | (34,682 | ) | 37,203 | |||||||
Cash, cash equivalents and restricted cash, beginning of year | 57,272 | 91,954 | 54,751 | ||||||||
Cash, cash equivalents and restricted cash, end of year | $ | 109,451 | $ | 57,272 | $ | 91,954 |
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 99,303 | $ | 47,956 | $ | 82,610 | Cash and cash equivalents | $ | 137,333 | $ | 99,303 | $ | 47,956 | |||||||||||||||
Restricted cash | 10,148 | 9,316 | 9,344 | Restricted cash | 1,716 | 10,148 | 9,316 | |||||||||||||||||||||
Total cash, cash equivalents and restricted cash shown in Statement of Cash Flows | $ | 109,451 | $ | 57,272 | $ | 91,954 | Total cash, cash equivalents and restricted cash shown in Statement of Cash Flows | $ | 139,049 | $ | 109,451 | $ | 57,272 |
Retail | ||||||||
Carmel Country Plaza | Gateway Marketplace | Alamo Quarry Market | ||||||
Carmel Mountain Plaza | Del Monte Center | Hassalo on Eighth - Retail | ||||||
South Bay Marketplace | Geary Marketplace | |||||||
Lomas Santa Fe Plaza | The Shops at Kalakaua | |||||||
Solana Beach Towne Centre | Waikele Center |
Office | ||||||||
La Jolla Commons | One Beach Street | |||||||
Torrey Reserve Campus | First & Main | |||||||
Torrey Point | Lloyd District Portfolio | |||||||
Solana Crossing (formerly Solana Beach Corporate Centre) | City Center Bellevue | |||||||
The Landmark at One Market |
Multifamily | ||||||||
Loma Palisades | Hassalo on Eighth - Multifamily | |||||||
Imperial Beach Gardens | ||||||||
Mariner's Point | ||||||||
Santa Fe Park RV Resort | ||||||||
Pacific Ridge Apartments |
Mixed-Use | ||||||||
Waikiki Beach Walk Retail and Embassy Suites™ Hotel |
Held for Development and Construction in Progress | ||||||||
La Jolla Commons - Land | ||||||||
Solana Crossing – Land | ||||||||
Lloyd District Portfolio – Construction in Progress |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Supplemental cash flow information | |||||||||||
Total interest costs incurred | $ | 54,636 | $ | 53,736 | $ | 55,418 | |||||
Interest capitalized | $ | 628 | $ | 1,488 | $ | 1,570 | |||||
Interest expense | $ | 54,008 | $ | 52,248 | $ | 53,848 | |||||
Cash paid for interest, net of amounts capitalized | $ | 51,975 | $ | 52,632 | $ | 47,473 | |||||
Cash paid for income taxes | $ | 971 | $ | 462 | $ | 461 | |||||
Supplemental schedule of noncash investing and financing activities | |||||||||||
Accounts payable and accrued liabilities for construction in progress | $ | 25,413 | $ | 14,440 | $ | 6,863 | |||||
Accrued leasing commissions | $ | 3,345 | $ | 5,229 | $ | 1,694 | |||||
Reduction to capital for prepaid equity financing costs | $ | — | $ | 241 | $ | — | |||||
Building recorded in termination of ground lease | $ | 4,518 | $ | — | $ | — |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Supplemental cash flow information | |||||||||||||||||
Total interest costs incurred | $ | 54,510 | $ | 54,636 | $ | 53,736 | |||||||||||
Interest capitalized | $ | 1,070 | $ | 628 | $ | 1,488 | |||||||||||
Interest expense | $ | 53,440 | $ | 54,008 | $ | 52,248 | |||||||||||
Cash paid for interest, net of amounts capitalized | $ | 53,467 | $ | 51,975 | $ | 52,632 | |||||||||||
Cash paid for income taxes | $ | 844 | $ | 971 | $ | 462 | |||||||||||
Supplemental schedule of noncash investing and financing activities | |||||||||||||||||
Accounts payable and accrued liabilities for construction in progress | $ | 22,884 | $ | 25,413 | $ | 14,440 | |||||||||||
Accrued leasing commissions | $ | 555 | $ | 3,345 | $ | 5,229 | |||||||||||
Reduction to capital for prepaid equity financing costs | $ | 0 | $ | 0 | $ | 241 | |||||||||||
Building recorded in termination of ground lease | $ | 0 | $ | 4,518 | $ | 0 |
Retail | Office | Multifamily | Mixed-Use | Total | ||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Land | $ | 254,016 | $ | 225,238 | $ | 72,668 | $ | 76,635 | $ | 628,557 | ||||||||||||||||||||||
Buildings | 526,522 | 1,137,711 | 392,224 | 128,477 | 2,184,934 | |||||||||||||||||||||||||||
Land improvements | 47,425 | 11,672 | 7,346 | 2,606 | 69,049 | |||||||||||||||||||||||||||
Tenant improvements | 88,326 | 186,423 | 0 | 1,890 | 276,639 | |||||||||||||||||||||||||||
Furniture, fixtures, and equipment | 1,069 | 3,236 | 16,480 | 15,651 | 36,436 | |||||||||||||||||||||||||||
Construction in progress | 5,170 | 43,595 | 1,831 | 663 | 51,259 | (1) | ||||||||||||||||||||||||||
922,528 | 1,607,875 | 490,549 | 225,922 | 3,246,874 | ||||||||||||||||||||||||||||
Accumulated depreciation | (314,610) | (290,768) | (100,745) | (48,017) | (754,140) | |||||||||||||||||||||||||||
Net real estate | $ | 607,918 | $ | 1,317,107 | $ | 389,804 | $ | 177,905 | $ | 2,492,734 | ||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||
Land | $ | 254,016 | $ | 225,238 | $ | 72,668 | $ | 76,635 | $ | 628,557 | ||||||||||||||||||||||
Buildings | 523,645 | 1,132,990 | 390,379 | 126,726 | 2,173,740 | |||||||||||||||||||||||||||
Land improvements | 46,335 | 11,097 | 7,106 | 2,606 | 67,144 | |||||||||||||||||||||||||||
Tenant improvements | 87,707 | 151,662 | 0 | 2,252 | 241,621 | |||||||||||||||||||||||||||
Furniture, fixtures, and equipment | 911 | 3,065 | 14,995 | 7,187 | 26,158 | |||||||||||||||||||||||||||
Construction in progress | 6,487 | 35,397 | 2,212 | 7,381 | 51,477 | (1) | ||||||||||||||||||||||||||
919,101 | 1,559,449 | 487,360 | 222,787 | 3,188,697 | ||||||||||||||||||||||||||||
Accumulated depreciation | (294,189) | (241,595) | (86,208) | (43,230) | (665,222) | |||||||||||||||||||||||||||
Net real estate | $ | 624,912 | $ | 1,317,854 | $ | 401,152 | $ | 179,557 | $ | 2,523,475 |
Retail | Office | Multifamily | Mixed-Use | Total | ||||||||||||||||
December 31, 2019 | ||||||||||||||||||||
Land | $ | 254,016 | $ | 225,238 | $ | 72,668 | $ | 76,635 | $ | 628,557 | ||||||||||
Buildings | 523,645 | 1,132,990 | 390,379 | 126,726 | 2,173,740 | |||||||||||||||
Land improvements | 46,335 | 11,097 | 7,106 | 2,606 | 67,144 | |||||||||||||||
Tenant improvements | 87,707 | 151,662 | — | 2,252 | 241,621 | |||||||||||||||
Furniture, fixtures, and equipment | 911 | 3,065 | 14,995 | 7,187 | 26,158 | |||||||||||||||
Construction in progress | 6,487 | 35,397 | 2,212 | 7,381 | 51,477 | (1) | ||||||||||||||
919,101 | 1,559,449 | 487,360 | 222,787 | 3,188,697 | ||||||||||||||||
Accumulated depreciation | (294,189 | ) | (241,595 | ) | (86,208 | ) | (43,230 | ) | (665,222 | ) | ||||||||||
Net real estate | $ | 624,912 | $ | 1,317,854 | $ | 401,152 | $ | 179,557 | $ | 2,523,475 | ||||||||||
December 31, 2018 | ||||||||||||||||||||
Land | $ | 262,860 | $ | 143,467 | $ | 72,668 | $ | 76,635 | $ | 555,630 | ||||||||||
Buildings | 516,566 | 743,474 | 389,831 | 125,859 | 1,775,730 | |||||||||||||||
Land improvements | 43,412 | 8,825 | 6,778 | 2,606 | 61,621 | |||||||||||||||
Tenant improvements | 70,210 | 91,612 | — | 1,918 | 163,740 | |||||||||||||||
Furniture, fixtures, and equipment | 570 | 2,671 | 13,844 | 6,826 | 23,911 | |||||||||||||||
Construction in progress | 8,598 | 39,511 | 854 | 596 | 49,559 | (1) | ||||||||||||||
902,216 | 1,029,560 | 483,975 | 214,440 | 2,630,191 | ||||||||||||||||
Accumulated depreciation | (273,482 | ) | (206,986 | ) | (71,933 | ) | (37,937 | ) | (590,338 | ) | ||||||||||
Net real estate | $ | 628,734 | $ | 822,574 | $ | 412,042 | $ | 176,503 | $ | 2,039,853 |
La Jolla Commons | |||
Land | $ | 82,759 | |
Building | 361,471 | ||
Land improvements | 1,359 | ||
Furniture, fixtures, and equipment | 30,822 | ||
Total real estate | 476,411 | ||
Lease intangibles | 40,082 | ||
Prepaid expenses and other assets | 13 | ||
Assets acquired | $ | 516,506 | |
Accounts payable and accrued expenses | $ | 3,578 | |
Security deposits payable | 443 | ||
Other liabilities and deferred credits | 3,817 | ||
Liabilities assumed | $ | 7,838 |
La Jolla Commons | |||||
Land | $ | 82,759 | |||
Building | 361,471 | ||||
Land improvements | 1,359 | ||||
Furniture, fixtures, and equipment | 30,822 | ||||
Total real estate | 476,411 | ||||
Lease intangibles | 40,082 | ||||
Prepaid expenses and other assets | 13 | ||||
Assets acquired | $ | 516,506 | |||
Accounts payable and accrued expenses | $ | 3,578 | |||
Security deposits payable | 443 | ||||
Other liabilities and deferred credits | 3,817 | ||||
Liabilities assumed | $ | 7,838 |
June 20, 2019 through December 31, 2019 | |||
Revenues | $ | 20,579 | |
Operating expenses | $ | 18,140 | |
Operating income | $ | 2,439 | |
Net income attributable to American Assets Trust, Inc. | $ | 2,650 |
June 20, 2019 through December 31, 2019 | |||||||||||
Revenues | $ | 20,579 | |||||||||
Operating expenses | $ | 18,140 | |||||||||
Operating income | $ | 2,439 | |||||||||
Net income attributable to American Assets Trust, Inc. | $ | 2,650 |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | ||||||||||||||||||||||
As Reported | ProForma | As Reported | ProForma | ||||||||||||||||||||
Total revenue | $ | 366,741 | $ | 383,125 | $ | 330,867 | $ | 365,326 | |||||||||||||||
Total operating expenses | $ | 253,056 | $ | 264,107 | $ | 251,332 | $ | 281,253 | |||||||||||||||
Operating income | $ | 113,685 | $ | 119,018 | $ | 79,535 | $ | 84,073 | |||||||||||||||
Net income | $ | 60,188 | $ | 64,278 | $ | 27,202 | $ | 30,662 |
December 31, 2019 | December 31, 2018 | December 31, 2020 | December 31, 2019 | |||||||||||||||
In-place leases | $ | 63,896 | $ | 40,884 | In-place leases | $ | 60,965 | $ | 63,896 | |||||||||
Accumulated amortization | (32,672 | ) | (34,603 | ) | Accumulated amortization | (34,758) | (32,672) | |||||||||||
Above market leases | 7,534 | 11,963 | Above market leases | 5,389 | 7,534 | |||||||||||||
Accumulated amortization | (7,351 | ) | (11,445 | ) | Accumulated amortization | (5,268) | (7,351) | |||||||||||
Acquired lease intangible assets, net | $ | 31,407 | $ | 6,799 | Acquired lease intangible assets, net | $ | 26,328 | $ | 31,407 | |||||||||
Below market leases | $ | 62,126 | $ | 63,172 | Below market leases | $ | 56,677 | $ | 62,126 | |||||||||
Accumulated accretion | (36,674 | ) | (37,220 | ) | Accumulated accretion | (35,219) | (36,674) | |||||||||||
Acquired lease intangible liabilities, net | $ | 25,452 | $ | 25,952 | Acquired lease intangible liabilities, net | $ | 21,458 | $ | 25,452 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Amortization of in-place leases | $ | (4,762 | ) | $ | (2,090 | ) | $ | (8,769 | ) | ||
Amortization of above market leases | (345 | ) | (660 | ) | (934 | ) | |||||
Amortization of below market leases | 4,131 | 4,230 | 4,239 | ||||||||
Net income (loss) | $ | (976 | ) | $ | 1,480 | $ | (5,464 | ) |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Amortization of in-place leases | $ | (5,018) | $ | (4,762) | $ | (2,090) | |||||||||||
Amortization of above market leases | (62) | (345) | (660) | ||||||||||||||
Amortization of below market leases | 3,994 | 4,131 | 4,230 | ||||||||||||||
Net income (loss) | $ | (1,086) | $ | (976) | $ | 1,480 |
In-Place Leases | Above Market Leases | Below Market Leases | In-Place Leases | Above Market Leases | Below Market Leases | |||||||||||||||||||||||
Year Ending December 31, | Year Ending December 31, | |||||||||||||||||||||||||||
2020 | $ | 4,903 | $ | 62 | $ | 3,382 | ||||||||||||||||||||||
2021 | 4,244 | 28 | 3,148 | 2021 | $ | 4,215 | $ | 28 | $ | 3,035 | ||||||||||||||||||
2022 | 3,589 | 28 | 2,579 | 2022 | 3,560 | 28 | 2,467 | |||||||||||||||||||||
2023 | 3,363 | 27 | 2,329 | 2023 | 3,341 | 26 | 2,232 | |||||||||||||||||||||
2024 | 3,178 | 24 | 2,038 | 2024 | 3,156 | 24 | 1,932 | |||||||||||||||||||||
2025 | 2025 | 2,918 | 15 | 1,564 | ||||||||||||||||||||||||
Thereafter | 11,947 | 14 | 11,976 | Thereafter | 9,017 | 0 | 10,228 | |||||||||||||||||||||
$ | 31,224 | $ | 183 | $ | 25,452 | $ | 26,207 | $ | 121 | $ | 21,458 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Deferred compensation liability | $ | — | $ | 1,669 | $ | — | $ | 1,669 | $ | — | $ | 1,424 | $ | — | $ | 1,424 | |||||||||
Interest rate swap asset | $ | — | $ | 434 | $ | — | $ | 434 | $ | — | $ | 6,002 | $ | — | $ | 6,002 | |||||||||
Interest rate swap liability | $ | — | $ | 1,317 | $ | — | $ | 1,317 | $ | — | $ | 801 | $ | — | $ | 801 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Deferred compensation liability | $ | 0 | $ | 2,059 | $ | 0 | $ | 2,059 | $ | 0 | $ | 1,669 | $ | 0 | $ | 1,669 | |||||||||||||
Interest rate swap asset | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 434 | $ | 0 | $ | 434 | |||||||||||||
Interest rate swap liability | $ | 0 | $ | 4,531 | $ | 0 | $ | 4,531 | $ | 0 | $ | 1,317 | $ | 0 | $ | 1,317 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Secured notes payable | $ | 110,923 | $ | 114,074 | $ | 161,879 | $ | 166,885 | |||||||||||||||
Unsecured term loan | $ | 249,233 | $ | 250,000 | $ | 248,864 | $ | 250,000 | |||||||||||||||
Unsecured senior guaranteed notes | $ | 947,444 | $ | 1,017,378 | $ | 946,916 | $ | 975,291 | |||||||||||||||
Unsecured line of credit | $ | 99,151 | $ | 100,000 | $ | 0 | $ | 0 |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Secured notes payable | $ | 161,879 | $ | 166,885 | $ | 182,572 | $ | 183,253 | |||||||
Unsecured term loan | $ | 248,864 | $ | 250,000 | $ | 248,765 | $ | 250,000 | |||||||
Unsecured senior guaranteed notes | $ | 946,916 | $ | 975,291 | $ | 797,098 | $ | 790,267 | |||||||
Unsecured line of credit | $ | — | $ | — | $ | 62,337 | $ | 64,000 |
December 31, 2019 | December 31, 2018 | ||||||
Leasing commissions, net of accumulated amortization of $30,775 and $28,597, respectively | $ | 42,539 | $ | 28,796 | |||
Interest rate swap asset | 434 | 6,002 | |||||
Acquired above market leases, net | 183 | 518 | |||||
Acquired in-place leases, net | 31,224 | 6,281 | |||||
Lease incentives, net of accumulated amortization of $565 and $299, respectively | 2,603 | 747 | |||||
Other intangible assets, net of accumulated amortization of $1,031 and $981, respectively | 2,893 | 2,994 | |||||
Debt issuance costs, net of accumulated amortization of $814 and $0, respectively | 1,256 | — | |||||
Right-of-use lease asset, net | 4,863 | — | |||||
Prepaid expenses, deposits and other | 7,225 | 6,683 | |||||
Total other assets | $ | 93,220 | $ | 52,021 |
December 31, 2020 | December 31, 2019 | ||||||||||
Leasing commissions, net of accumulated amortization of $35,167 and $30,775, respectively | $ | 38,173 | $ | 42,539 | |||||||
Interest rate swap asset | 0 | 434 | |||||||||
Acquired above market leases, net | 121 | 183 | |||||||||
Acquired in-place leases, net | 26,207 | 31,224 | |||||||||
Lease incentives, net of accumulated amortization of $802 and $565, respectively | 994 | 2,603 | |||||||||
Other intangible assets, net of accumulated amortization of $1,213 and $1,031, respectively | 2,565 | 2,893 | |||||||||
Debt issuance costs, net of accumulated amortization of $0 and $814, respectively | 0 | 1,256 | |||||||||
Right-of-use lease asset, net | 29,350 | 4,863 | |||||||||
Prepaid expenses, deposits and other | 8,702 | 7,225 | |||||||||
Total other assets | $ | 106,112 | $ | 93,220 |
December 31, 2019 | December 31, 2018 | ||||||
Acquired below market leases, net | $ | 25,452 | $ | 25,952 | |||
Prepaid rent and deferred revenue | 16,969 | 11,634 | |||||
Interest rate swap liability | 1,317 | 801 | |||||
Straight-line rent liability | 16,903 | 7,393 | |||||
Deferred rent expense and lease intangible | 28 | 2,210 | |||||
Deferred compensation | 1,669 | 1,424 | |||||
Deferred tax liability | 332 | 93 | |||||
Lease liability | 5,380 | — | |||||
Other liabilities | 60 | 40 | |||||
Total other liabilities and deferred credits, net | $ | 68,110 | $ | 49,547 |
December 31, 2020 | December 31, 2019 | ||||||||||
Acquired below market leases, net | $ | 21,458 | $ | 25,452 | |||||||
Prepaid rent and deferred revenue | 14,518 | 16,969 | |||||||||
Interest rate swap liability | 4,531 | 1,317 | |||||||||
Straight-line rent liability | 18,049 | 16,903 | |||||||||
Deferred rent expense and lease intangible | 16 | 28 | |||||||||
Deferred compensation | 2,059 | 1,669 | |||||||||
Deferred tax liability | 570 | 332 | |||||||||
Lease liability | 30,060 | 5,380 | |||||||||
Other liabilities | 39 | 60 | |||||||||
Total other liabilities and deferred credits, net | $ | 91,300 | $ | 68,110 |
Description of Debt | Principal Balance as of | Stated Interest Rate | Stated Maturity Date | |||||||||
December 31, 2019 | December 31, 2018 | as of December 31, 2019 | ||||||||||
Torrey Reserve—North Court (1)(2) | — | 19,620 | 7.22 | % | June 1, 2019 | |||||||
Torrey Reserve—VCI, VCII, VCIII (2) | 6,498 | 6,635 | 6.36 | % | June 1, 2020 | |||||||
Solana Beach Corporate Centre I-II (2) | 10,270 | 10,502 | 5.91 | % | June 1, 2020 | |||||||
Solana Beach Towne Centre (2) | 34,235 | 35,008 | 5.91 | % | June 1, 2020 | |||||||
City Center Bellevue (3) | 111,000 | 111,000 | 3.98 | % | November 1, 2022 | |||||||
162,003 | 182,765 | |||||||||||
Debt issuance costs, net of accumulated amortization of $449 and $671, respectively | (124 | ) | (193 | ) | ||||||||
Total Secured Notes Payable | $ | 161,879 | $ | 182,572 |
Description of Debt | Principal Balance as of | Stated Interest Rate | Stated Maturity Date | ||||||||||||||||||||
December 31, 2020 | December 31, 2019 | as of December 31, 2020 | |||||||||||||||||||||
Torrey Reserve—VCI, VCII, VCIII (1)(2) | 0 | 6,498 | 6.36 | % | June 1, 2020 | ||||||||||||||||||
Solana Beach Corporate Centre I-II (1)(2) | 0 | 10,270 | 5.91 | % | June 1, 2020 | ||||||||||||||||||
Solana Beach Towne Centre (1)(2) | 0 | 34,235 | 5.91 | % | June 1, 2020 | ||||||||||||||||||
City Center Bellevue (3) | 111,000 | 111,000 | 3.98 | % | November 1, 2022 | ||||||||||||||||||
111,000 | 162,003 | ||||||||||||||||||||||
Debt issuance costs, net of accumulated amortization of $345 and $449, respectively | (77) | (124) | |||||||||||||||||||||
Total Secured Notes Payable | $ | 110,923 | $ | 161,879 |
Description of Debt | Principal Balance as of | Stated Interest Rate | Stated Maturity Date | Description of Debt | Principal Balance as of | Stated Interest Rate | Stated Maturity Date | ||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | as of December 31, 2019 | December 31, 2020 | December 31, 2019 | as of December 31, 2020 | ||||||||||||||||||||||||||||||||||
Term Loan A | $ | 100,000 | $ | 100,000 | Variable | (1) | January 9, 2021 | Term Loan A | $ | 100,000 | $ | 100,000 | Variable | (1) | January 9, 2022 | ||||||||||||||||||||||||
Senior Guaranteed Notes, Series A | 150,000 | 150,000 | 4.04 | % | (2) | October 31, 2021 | Senior Guaranteed Notes, Series A | 150,000 | 150,000 | 4.04 | % | (2) | October 31, 2021 | ||||||||||||||||||||||||||
Term Loan B | 100,000 | 100,000 | Variable | (3) | March 1, 2023 | Term Loan B | 100,000 | 100,000 | Variable | (3) | March 1, 2023 | ||||||||||||||||||||||||||||
Term Loan C | 50,000 | 50,000 | Variable | (4) | March 1, 2023 | Term Loan C | 50,000 | 50,000 | Variable | (4) | March 1, 2023 | ||||||||||||||||||||||||||||
Senior Guaranteed Notes, Series F | 100,000 | 100,000 | 3.78 | % | (5) | July 19, 2024 | Senior Guaranteed Notes, Series F | 100,000 | 100,000 | 3.78 | % | (5) | July 19, 2024 | ||||||||||||||||||||||||||
Senior Guaranteed Notes, Series B | 100,000 | 100,000 | 4.45 | % | February 2, 2025 | Senior Guaranteed Notes, Series B | 100,000 | 100,000 | 4.45 | % | February 2, 2025 | ||||||||||||||||||||||||||||
Senior Guaranteed Notes, Series C | 100,000 | 100,000 | 4.50 | % | April 1, 2025 | Senior Guaranteed Notes, Series C | 100,000 | 100,000 | 4.50 | % | April 1, 2025 | ||||||||||||||||||||||||||||
Senior Guaranteed Notes, Series D | 250,000 | 250,000 | 4.29 | % | (6) | March 1, 2027 | Senior Guaranteed Notes, Series D | 250,000 | 250,000 | 4.29 | % | (6) | March 1, 2027 | ||||||||||||||||||||||||||
Senior Guaranteed Notes, Series E | 100,000 | 100,000 | 4.24 | % | (7) | May 23, 2029 | Senior Guaranteed Notes, Series E | 100,000 | 100,000 | 4.24 | % | (7) | May 23, 2029 | ||||||||||||||||||||||||||
Senior Guaranteed Notes, Series G | 150,000 | — | 3.91 | % | (8) | July 30, 2030 | Senior Guaranteed Notes, Series G | 150,000 | 150,000 | 3.91 | % | (8) | July 30, 2030 | ||||||||||||||||||||||||||
1,200,000 | 1,050,000 | 1,200,000 | 1,200,000 | ||||||||||||||||||||||||||||||||||||
Debt issuance costs, net of accumulated amortization of $7,835 and $6,844, respectively | (4,220 | ) | (4,137 | ) | |||||||||||||||||||||||||||||||||||
Debt issuance costs, net of accumulated amortization of $8,856 and $7,835, respectively | Debt issuance costs, net of accumulated amortization of $8,856 and $7,835, respectively | (3,323) | (4,220) | ||||||||||||||||||||||||||||||||||||
Total Unsecured Notes Payable | $ | 1,195,780 | $ | 1,045,863 | Total Unsecured Notes Payable | $ | 1,196,677 | $ | 1,195,780 |
2020 | $ | 51,003 | |
2021 | 250,000 | ||
2022 | 111,000 | ||
2023 | 150,000 | ||
2024 | 100,000 | ||
Thereafter | 700,000 | ||
$ | 1,362,003 |
2021 | $ | 150,000 | |||
2022 | 211,000 | ||||
2023 | 150,000 | ||||
2024 | 100,000 | ||||
2025 | 200,000 | ||||
Thereafter | 500,000 | ||||
$ | 1,311,000 |
Swap Counterparty | Notional Amount | Effective Date | Maturity Date | Fair Value | ||||||||
Bank of America, N.A. | $ | 100,000 | 1/9/2019 | 1/9/2021 | $ | (1,317 | ) | |||||
U.S. Bank N.A. | $ | 100,000 | 3/1/2016 | 3/1/2023 | $ | 279 | ||||||
Wells Fargo Bank, N.A. | $ | 50,000 | 5/2/2016 | 3/1/2023 | $ | 155 |
Swap Counterparty | Notional Amount | Effective Date | Maturity Date | Fair Value | |||||||||||||||||||||||||
Bank of America, N.A. | $ | 100,000 | 1/9/2019 | 1/9/2021 | $ | (85) | |||||||||||||||||||||||
U.S. Bank N.A. | $ | 100,000 | 3/1/2016 | 3/1/2023 | $ | (2,972) | |||||||||||||||||||||||
Wells Fargo Bank, N.A. | $ | 50,000 | 5/2/2016 | 3/1/2023 | $ | (1,474) |
Period | Amount per Share/Unit | Period Covered | Dividend Paid Date | |||||||||||||||||
First Quarter 2018 | $ | 0.27 | January 1, 2018 to March 31, 2018 | March 19, 2018 | ||||||||||||||||
Second Quarter 2018 | $ | 0.27 | April 1, 2018 to June 30, 2018 | June 28, 2018 | ||||||||||||||||
Third Quarter 2018 | $ | 0.27 | July 1, 2018 to September 30, 2018 | September 27, 2018 | ||||||||||||||||
Fourth Quarter 2018 | $ | 0.28 | October 1, 2018 to December 31, 2018 | December 27, 2018 | ||||||||||||||||
First Quarter 2019 | $ | 0.28 | January 1, 2019 to March 31, 2019 | March 28, 2019 | ||||||||||||||||
Second Quarter 2019 | $ | 0.28 | April 1, 2019 to June 30, 2019 | June 27, 2019 | ||||||||||||||||
Third Quarter 2019 | $ | 0.28 | July 1, 2019 to September 30, 2019 | September 26, 2019 | ||||||||||||||||
Fourth Quarter 2019 | $ | 0.30 | October 1, 2019 to December 31, 2019 | December 26, 2019 | ||||||||||||||||
First Quarter 2020 | $ | 0.30 | January 1, 2020 to March 31, 2020 | March 26, 2020 | ||||||||||||||||
Second Quarter 2020 | $ | 0.20 | April 1, 2020 to June 30, 2020 | June 25, 2020 | ||||||||||||||||
Third Quarter 2020 | $ | 0.25 | July 1, 2020 to September 30, 2020 | September 24, 2020 | ||||||||||||||||
Fourth Quarter 2020 | $ | 0.25 | October 1, 2020 to December 31, 2020 | December 24, 2020 |
Period | Amount per Share/Unit | Period Covered | Dividend Paid Date | |||||
First Quarter 2017 | $ | 0.26 | January 1, 2017 to March 31, 2017 | March 30, 2017 | ||||
Second Quarter 2017 | $ | 0.26 | April 1, 2017 to June 30, 2017 | June 29, 2017 | ||||
Third Quarter 2017 | $ | 0.26 | July 1, 2017 to September 30, 2017 | September 28, 2017 | ||||
Fourth Quarter 2017 | $ | 0.27 | October 1, 2017 to December 31, 2017 | December 21, 2017 | ||||
First Quarter 2018 | $ | 0.27 | January 1, 2018 to March 31, 2018 | March 19, 2018 | ||||
Second Quarter 2018 | $ | 0.27 | April 1, 2018 to June 30, 2018 | June 28, 2018 | ||||
Third Quarter 2018 | $ | 0.27 | July 1, 2018 to September 30, 2018 | September 27, 2018 | ||||
Fourth Quarter 2018 | $ | 0.28 | October 1, 2018 to December 31, 2018 | December 27, 2018 | ||||
First Quarter 2019 | $ | 0.28 | January 1, 2019 to March 31, 2019 | March 28, 2019 | ||||
Second Quarter 2019 | $ | 0.28 | April 1, 2019 to June 30, 2019 | June 27, 2019 | ||||
Third Quarter 2019 | $ | 0.28 | July 1, 2019 to September 30, 2019 | September 26, 2019 | ||||
Fourth Quarter 2019 | $ | 0.30 | October 1, 2019 to December 31, 2019 | December 26, 2019 |
Year Ended December 31, | |||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||
Per Share | % | Per Share | % | Per Share | % | ||||||||||||||||
Ordinary income | $ | 1.09 | 95.6 | % | $ | 1.05 | 96.3 | % | $ | 1.05 | 100.0 | % | |||||||||
Capital gain | — | — | % | — | — | % | — | — | % | ||||||||||||
Return of capital | 0.05 | 4.4 | % | 0.04 | 3.7 | % | — | — | % | ||||||||||||
Total | $ | 1.14 | 100.0 | % | $ | 1.09 | 100.0 | % | $ | 1.05 | 100.0 | % |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
Per Share | % | Per Share | % | Per Share | % | |||||||||||||||||||||||||||||||||
Ordinary income | $ | 0.66 | 66.0 | % | $ | 1.09 | 95.6 | % | $ | 1.05 | 96.3 | % | ||||||||||||||||||||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | |||||||||||||||||||||||||||||
Return of capital | 0.34 | 34.0 | % | 0.05 | 4.4 | % | 0.04 | 3.7 | % | |||||||||||||||||||||||||||||
Total | $ | 1.00 | 100.0 | % | $ | 1.14 | 100.0 | % | $ | 1.09 | 100.0 | % |
Grant | Fair Value at Grant Date | Number | ||||||
June 12, 2018 (1) | $37.58 | 5,320 | ||||||
December 6, 2018 (2) | $25.68 - $28.18 | 199,790 | ||||||
June 11, 2019 (1) | $45.35 | 4,412 | ||||||
December 9, 2019 (3) | $28.06 - $30.97 | 168,596 | ||||||
June 9, 2020 (1) | $33.29 | 6,008 | ||||||
December 4, 2020 (4) | $19.02 - $20.83 | 311,566 |
Grant | Fair Value at Grant Date | Number | |
June 13, 2017 (1) | $40.99 | 4,880 | |
December 15, 2017 (2) | $27.27 | 145,218 | |
June 12, 2018 (1) | $37.58 | 5,320 | |
December 6, 2018 (3) | $25.68 - $28.18 | 199,790 | |
June 11, 2019 (1) | $45.35 | 4,412 | |
December 9, 2019 (4) | $28.06 - $30.97 | 168,596 |
2019 | ||||||
Units | Weighted Average Grant Date Fair Value | |||||
Balance at beginning of year | 342,093 | $ | 28.33 | |||
Granted | 173,008 | 29.99 | ||||
Vested | (99,304 | ) | 28.23 | |||
Forfeited | (70,644 | ) | 30.44 | |||
Balance at end of year | 345,153 | $ | 28.75 |
2020 | |||||||||||
Units | Weighted Average Grant Date Fair Value | ||||||||||
Balance at beginning of year | 345,156 | $ | 28.75 | ||||||||
Granted | 317,574 | 20.20 | |||||||||
Vested | (75,687) | 28.46 | |||||||||
Forfeited | (95,086) | 27.49 | |||||||||
Balance at end of year | 491,957 | $ | 23.53 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
NUMERATOR | |||||||||||||||||
Net income | $ | 35,588 | $ | 60,188 | $ | 27,202 | |||||||||||
Less: Net income attributable to restricted shares | (383) | (381) | (311) | ||||||||||||||
Less: Income attributable to unitholders in the Operating Partnership | (7,545) | (14,089) | (7,205) | ||||||||||||||
Net income attributable to common stockholders—basic | $ | 27,660 | $ | 45,718 | $ | 19,686 | |||||||||||
Income attributable to American Assets Trust, Inc. common stockholders—basic | $ | 27,660 | $ | 45,718 | $ | 19,686 | |||||||||||
Plus: Income attributable to unitholders in the Operating Partnership | 7,545 | 14,089 | 7,205 | ||||||||||||||
Net income attributable to common stockholders—diluted | $ | 35,205 | $ | 59,807 | $ | 26,891 | |||||||||||
DENOMINATOR | |||||||||||||||||
Weighted average common shares outstanding—basic | 59,806,309 | 54,110,949 | 46,950,812 | ||||||||||||||
Effect of dilutive securities—conversion of Operating Partnership units | 16,313,454 | 16,675,183 | 17,185,747 | ||||||||||||||
Weighted average common shares outstanding—diluted | 76,119,763 | 70,786,132 | 64,136,559 | ||||||||||||||
Earnings per common share, basic | $ | 0.46 | $ | 0.84 | $ | 0.42 | |||||||||||
Earnings per common share, diluted | $ | 0.46 | $ | 0.84 | $ | 0.42 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
NUMERATOR | |||||||||||
Net income | $ | 60,188 | $ | 27,202 | $ | 40,132 | |||||
Less: Net income attributable to restricted shares | (381 | ) | (311 | ) | (241 | ) | |||||
Less: Income attributable to unitholders in the Operating Partnership | (14,089 | ) | (7,205 | ) | (10,814 | ) | |||||
Net income attributable to common stockholders—basic | $ | 45,718 | $ | 19,686 | $ | 29,077 | |||||
Income attributable to American Assets Trust, Inc. common stockholders—basic | $ | 45,718 | $ | 19,686 | $ | 29,077 | |||||
Plus: Income attributable to unitholders in the Operating Partnership | 14,089 | 7,205 | 10,814 | ||||||||
Net income attributable to common stockholders—diluted | $ | 59,807 | $ | 26,891 | $ | 39,891 | |||||
DENOMINATOR | |||||||||||
Weighted average common shares outstanding—basic | 54,110,949 | 46,950,812 | 46,715,520 | ||||||||
Effect of dilutive securities—conversion of Operating Partnership units | 16,675,183 | 17,185,747 | 17,371,730 | ||||||||
Weighted average common shares outstanding—diluted | 70,786,132 | 64,136,559 | 64,087,250 | ||||||||
Earnings per common share, basic | $ | 0.84 | $ | 0.42 | $ | 0.62 | |||||
Earnings per common share, diluted | $ | 0.84 | $ | 0.42 | $ | 0.62 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | (542) | $ | 48 | $ | 60 | |||||||||||
State | 412 | 625 | 465 | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | $ | (80) | $ | 237 | $ | (6) | |||||||||||
State | 201 | (91) | (192) | ||||||||||||||
Provision for income taxes (benefit) | $ | (9) | $ | 819 | $ | 327 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Current: | |||||||||||
Federal | $ | 48 | $ | 60 | $ | — | |||||
State | 625 | 465 | 422 | ||||||||
Deferred: | |||||||||||
Federal | $ | 237 | $ | (6 | ) | $ | — | ||||
State | (91 | ) | (192 | ) | (208 | ) | |||||
Provision for income taxes | $ | 819 | $ | 327 | $ | 214 |
2020 | $ | 216,969 | |
2021 | 212,728 | ||
2022 | 196,345 | ||
2023 | 175,686 | ||
2024 | 146,164 | ||
Thereafter | 523,183 | ||
Total | $ | 1,471,075 |
2021 | $ | 222,357 | |||
2022 | 210,536 | ||||
2023 | 192,702 | ||||
2024 | 163,025 | ||||
2025 | 142,446 | ||||
Thereafter | 435,100 | ||||
Total | $ | 1,366,166 |
Year Ending December 31, | ||||||||
2021 | $ | 3,215 | ||||||
2022 | 3,232 | |||||||
2023 | 3,328 | |||||||
2024 | 3,428 | |||||||
2025 | 3,531 | |||||||
Thereafter | 19,710 | |||||||
Total lease payments | $ | 36,444 | ||||||
Imputed interest | $ | (6,384) | ||||||
Present value of lease liability | $ | 30,060 |
Year Ending December 31, | |||
2020 | $ | 3,422 | |
2021 | 2,153 | ||
2022 | — | ||
2023 | — | ||
2024 | — | ||
Thereafter | — | ||
Total lease payments | $ | 5,575 | |
Imputed interest | $ | (195 | ) |
Present value of lease liability | $ | 5,380 |
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Operating lease cost | $ | 3,902 | $ | 3,334 | ||||
Variable lease cost | 0 | 0 | ||||||
Sublease income | (4,297) | (3,098) | ||||||
Total lease (income) cost | $ | (395) | $ | 236 | ||||
Weighted-average remaining lease term - operating leases (in years) | 10.2 | |||||||
Weighted-average discount rate - operating leases | 3.22 | % |
Year Ended December 31, | |||
2019 | |||
Operating lease cost | $ | 3,334 | |
Variable lease cost | — | ||
Sublease income | (3,098 | ) | |
Total lease (income) cost | $ | 236 | |
Weighted-average remaining lease term - operating leases (in years) | 1.7 | ||
Weighted-average discount rate - operating leases | 4.13 | % |
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Operating cash flow information: | ||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 3,422 | $ | 3,347 | ||||
Non-cash activity: | ||||||||
Right-of-use assets obtained in exchange for operating lease obligations | $ | 27,321 | $ | 7,661 |
Year Ended December 31, | |||
2019 | |||
Operating cash flow information: | |||
Cash paid for amounts included in the measurement of lease liabilities | $ | 3,347 | |
Non-cash activity: | |||
Right-of-use assets obtained in exchange for operating lease obligations | $ | 7,661 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Minimum rents | |||||||||||
Office | $ | 136,118 | $ | 95,081 | $ | 93,128 | |||||
Retail | 99,601 | 77,147 | 76,201 | ||||||||
Multifamily | 47,448 | 46,897 | 40,217 | ||||||||
Mixed-Use | 15,702 | 11,019 | 10,564 | ||||||||
Cost reimbursement | — | 34,584 | 34,267 | ||||||||
Percentage rent | 2,476 | 3,149 | 3,214 | ||||||||
Hotel revenue | 40,297 | 40,049 | 39,545 | ||||||||
Other | 2,223 | 1,611 | 1,667 | ||||||||
Total rental income | $ | 343,865 | $ | 309,537 | $ | 298,803 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Minimum rents | |||||||||||||||||
Office | $ | 170,853 | $ | 136,118 | $ | 95,081 | |||||||||||
Retail | 82,176 | 99,601 | 77,147 | ||||||||||||||
Multifamily | 47,071 | 47,448 | 46,897 | ||||||||||||||
Mixed-Use | 7,302 | 15,702 | 11,019 | ||||||||||||||
Cost reimbursement | 0 | 0 | 34,584 | ||||||||||||||
Percentage rent | 3,516 | 2,476 | 3,149 | ||||||||||||||
Hotel revenue | 17,209 | 40,297 | 40,049 | ||||||||||||||
Other | 2,185 | 2,223 | 1,611 | ||||||||||||||
Total rental income | $ | 330,312 | $ | 343,865 | $ | 309,537 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Rental operating | $ | 38,194 | $ | 38,331 | $ | 37,322 | |||||||||||
Hotel operating | 13,691 | 24,522 | 24,030 | ||||||||||||||
Repairs and maintenance | 17,813 | 17,035 | 13,486 | ||||||||||||||
Marketing | 2,023 | 2,538 | 2,108 | ||||||||||||||
Rent | 3,955 | 3,372 | 3,216 | ||||||||||||||
Hawaii excise tax | 2,479 | 4,160 | 4,333 | ||||||||||||||
Management fees | 1,023 | 2,009 | 1,987 | ||||||||||||||
Total rental expenses | $ | 79,178 | $ | 91,967 | $ | 86,482 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Rental operating | $ | 38,331 | $ | 37,322 | $ | 34,944 | |||||
Hotel operating | 24,522 | 24,030 | 24,254 | ||||||||
Repairs and maintenance | 17,035 | 13,486 | 13,136 | ||||||||
Marketing | 2,538 | 2,108 | 2,053 | ||||||||
Rent | 3,372 | 3,216 | 3,119 | ||||||||
Hawaii excise tax | 4,160 | 4,333 | 4,454 | ||||||||
Management fees | 2,009 | 1,987 | 2,046 | ||||||||
Total rental expenses | $ | 91,967 | $ | 86,482 | $ | 84,006 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Interest and investment income | $ | 696 | $ | 238 | $ | 548 | Interest and investment income | $ | 436 | $ | 696 | $ | 238 | |||||||||||||||
Income tax expense | (819 | ) | (327 | ) | (214 | ) | ||||||||||||||||||||||
Income tax benefit (expense) | Income tax benefit (expense) | 9 | (819) | (327) | ||||||||||||||||||||||||
Other non-operating income | 1 | 4 | — | Other non-operating income | 2 | 1 | 4 | |||||||||||||||||||||
Total other income (expense) | $ | (122 | ) | $ | (85 | ) | $ | 334 | Total other income (expense) | $ | 447 | $ | (122) | $ | (85) |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Total Office | |||||||||||
Property revenue | 144,683 | 112,362 | 105,694 | ||||||||
Property expense | (42,234 | ) | (33,860 | ) | (33,120 | ) | |||||
Segment profit | 102,449 | 78,502 | 72,574 | ||||||||
Total Retail | |||||||||||
Property revenue | $ | 107,604 | $ | 105,552 | $ | 103,968 | |||||
Property expense | (30,633 | ) | (30,078 | ) | (28,524 | ) | |||||
Segment profit | 76,971 | 75,474 | 75,444 | ||||||||
Total Multifamily | |||||||||||
Property revenue | 51,066 | 50,627 | 43,533 | ||||||||
Property expense | (20,863 | ) | (20,441 | ) | (17,898 | ) | |||||
Segment profit | 30,203 | 30,186 | 25,635 | ||||||||
Total Mixed-Use | |||||||||||
Property revenue | 63,388 | 62,326 | 61,788 | ||||||||
Property expense | (38,250 | ) | (37,076 | ) | (37,135 | ) | |||||
Segment profit | 25,138 | 25,250 | 24,653 | ||||||||
Total segments’ profit | $ | 234,761 | $ | 209,412 | $ | 198,306 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Total Office | |||||||||||||||||
Property revenue | 177,554 | 144,683 | 112,362 | ||||||||||||||
Property expense | (47,424) | (42,234) | (33,860) | ||||||||||||||
Segment profit | 130,130 | 102,449 | 78,502 | ||||||||||||||
Total Retail | |||||||||||||||||
Property revenue | $ | 88,280 | $ | 107,604 | $ | 105,552 | |||||||||||
Property expense | (27,374) | (30,633) | (30,078) | ||||||||||||||
Segment profit | 60,906 | 76,971 | 75,474 | ||||||||||||||
Total Multifamily | |||||||||||||||||
Property revenue | 50,327 | 51,066 | 50,627 | ||||||||||||||
Property expense | (22,074) | (20,863) | (20,441) | ||||||||||||||
Segment profit | 28,253 | 30,203 | 30,186 | ||||||||||||||
Total Mixed-Use | |||||||||||||||||
Property revenue | 28,412 | 63,388 | 62,326 | ||||||||||||||
Property expense | (24,247) | (38,250) | (37,076) | ||||||||||||||
Segment profit | 4,165 | 25,138 | 25,250 | ||||||||||||||
Total segments’ profit | $ | 223,454 | $ | 234,761 | $ | 209,412 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Total segments' profit | $ | 223,454 | $ | 234,761 | $ | 209,412 | |||||||||||
General and administrative | (26,581) | (24,871) | (22,784) | ||||||||||||||
Depreciation and amortization | (108,292) | (96,205) | (107,093) | ||||||||||||||
Interest expense | (53,440) | (54,008) | (52,248) | ||||||||||||||
Gain on sale of real estate | 0 | 633 | 0 | ||||||||||||||
Other income (expense), net | 447 | (122) | (85) | ||||||||||||||
Net income | 35,588 | 60,188 | 27,202 | ||||||||||||||
Net income attributable to restricted shares | (383) | (381) | (311) | ||||||||||||||
Net income attributable to unitholders in the Operating Partnership | (7,545) | (14,089) | (7,205) | ||||||||||||||
Net income attributable to American Assets Trust, Inc. stockholders | $ | 27,660 | $ | 45,718 | $ | 19,686 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Total segments' profit | $ | 234,761 | $ | 209,412 | $ | 198,306 | |||||
General and administrative | (24,871 | ) | (22,784 | ) | (21,382 | ) | |||||
Depreciation and amortization | (96,205 | ) | (107,093 | ) | (83,278 | ) | |||||
Interest expense | (54,008 | ) | (52,248 | ) | (53,848 | ) | |||||
Gain on sale of real estate | 633 | — | — | ||||||||
Other income (expense), net | (122 | ) | (85 | ) | 334 | ||||||
Net income | 60,188 | 27,202 | 40,132 | ||||||||
Net income attributable to restricted shares | (381 | ) | (311 | ) | (241 | ) | |||||
Net income attributable to unitholders in the Operating Partnership | (14,089 | ) | (7,205 | ) | (10,814 | ) | |||||
Net income attributable to American Assets Trust, Inc. stockholders | $ | 45,718 | $ | 19,686 | $ | 29,077 |
December 31, 2020 | December 31, 2019 | ||||||||||
Net real estate | |||||||||||
Office | $ | 1,317,107 | $ | 1,317,854 | |||||||
Retail | 607,918 | 624,912 | |||||||||
Multifamily | 389,804 | 401,152 | |||||||||
Mixed-Use | 177,905 | 179,557 | |||||||||
$ | 2,492,734 | $ | 2,523,475 | ||||||||
Secured Notes Payable (1) | |||||||||||
Office | $ | 111,000 | $ | 127,768 | |||||||
Retail | 0 | 34,235 | |||||||||
$ | 111,000 | $ | 162,003 | ||||||||
Capital Expenditures (2) | |||||||||||
Office | $ | 52,882 | $ | 64,549 | |||||||
Retail | 8,596 | 22,844 | |||||||||
Multifamily | 3,897 | 3,711 | |||||||||
Mixed-Use | 3,702 | 8,490 | |||||||||
$ | 69,077 | $ | 99,594 |
December 31, 2019 | December 31, 2018 | ||||||
Net real estate | |||||||
Office | $ | 1,317,854 | $ | 822,574 | |||
Retail | 624,912 | 628,734 | |||||
Multifamily | 401,152 | 412,042 | |||||
Mixed-Use | 179,557 | 176,503 | |||||
$ | 2,523,475 | $ | 2,039,853 | ||||
Secured Notes Payable (1) | |||||||
Office | $ | 127,768 | $ | 147,757 | |||
Retail | 34,235 | 35,008 | |||||
$ | 162,003 | $ | 182,765 | ||||
Capital Expenditures (2) | |||||||
Office | $ | 64,549 | $ | 45,192 | |||
Retail | 22,844 | 14,219 | |||||
Multifamily | 3,711 | 3,659 | |||||
Mixed-Use | 8,490 | 1,277 | |||||
$ | 99,594 | $ | 64,347 |
Three Months Ended | |||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||||||
Total revenue | $ | 81,347 | $ | 84,374 | $ | 82,109 | $ | 96,743 | |||||||||||||||
Operating income | 16,415 | 20,323 | 22,995 | 28,848 | |||||||||||||||||||
Net income | 3,788 | 6,490 | 9,826 | 15,484 | |||||||||||||||||||
Net income attributable to restricted shares | (123) | (87) | (69) | (104) | |||||||||||||||||||
Net income loss attributable to unitholders in the Operating Partnership | (767) | (1,365) | (2,101) | (3,312) | |||||||||||||||||||
Net income attributable to American Assets Trust, Inc. stockholders | $ | 2,898 | $ | 5,038 | $ | 7,656 | $ | 12,068 | |||||||||||||||
Net income per share attributable to common stockholders - basic and diluted | $ | 0.05 | $ | 0.08 | $ | 0.13 | $ | 0.20 | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||
December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | ||||||||||||||||||||
Total revenue | $ | 98,947 | $ | 98,362 | $ | 84,113 | $ | 85,319 | |||||||||||||||
Operating income | 29,993 | 30,384 | 24,487 | 28,821 | |||||||||||||||||||
Net income (loss) | 16,485 | 16,519 | 11,941 | 15,243 | |||||||||||||||||||
Net (income) loss attributable to restricted shares | (104) | (92) | (92) | (93) | |||||||||||||||||||
Net (income) loss attributable to unitholders in the Operating Partnership | (3,536) | (3,565) | (2,933) | (4,055) | |||||||||||||||||||
Net income (loss) attributable to American Assets Trust, Inc. stockholders | $ | 12,845 | $ | 12,862 | $ | 8,916 | $ | 11,095 | |||||||||||||||
Net income (loss) per share attributable to common stockholders - basic and diluted | $ | 0.22 | $ | 0.22 | $ | 0.18 | $ | 0.24 |
Three Months Ended | |||||||||||||||
December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | ||||||||||||
Total revenue | $ | 98,947 | $ | 98,362 | $ | 84,113 | $ | 85,319 | |||||||
Operating income | 29,993 | 30,384 | 24,487 | 28,821 | |||||||||||
Net income | 16,485 | 16,519 | 11,941 | 15,243 | |||||||||||
Net income attributable to restricted shares | (104 | ) | (92 | ) | (92 | ) | (93 | ) | |||||||
Net income loss attributable to unitholders in the Operating Partnership | (3,536 | ) | (3,565 | ) | (2,933 | ) | (4,055 | ) | |||||||
Net income attributable to American Assets Trust, Inc. stockholders | $ | 12,845 | $ | 12,862 | $ | 8,916 | $ | 11,095 | |||||||
Net income per share attributable to common stockholders - basic and diluted | $ | 0.22 | $ | 0.22 | $ | 0.18 | $ | 0.24 | |||||||
Three Months Ended | |||||||||||||||
December 31, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | ||||||||||||
Total revenue | $ | 82,605 | $ | 82,507 | $ | 85,023 | $ | 80,732 | |||||||
Operating income | 22,091 | 27,275 | 17,249 | 12,920 | |||||||||||
Net income (loss) | 9,209 | 14,271 | 4,413 | (691 | ) | ||||||||||
Net (income) loss attributable to restricted shares | (96 | ) | (71 | ) | (216 | ) | 72 | ||||||||
Net (income) loss attributable to unitholders in the Operating Partnership | (2,440 | ) | (3,806 | ) | (1,125 | ) | 166 | ||||||||
Net income (loss) attributable to American Assets Trust, Inc. stockholders | $ | 6,673 | $ | 10,394 | $ | 3,072 | $ | (453 | ) | ||||||
Net income (loss) per share attributable to common stockholders - basic and diluted | $ | 0.14 | $ | 0.22 | $ | 0.07 | $ | (0.01 | ) |
Three Months Ended | |||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||||||
Total revenue | $ | 81,347 | $ | 84,374 | $ | 82,109 | $ | 96,743 | |||||||||||||||
Operating income | 16,415 | 20,323 | 22,995 | 28,848 | |||||||||||||||||||
Net income | 3,788 | 6,490 | 9,826 | 15,484 | |||||||||||||||||||
Net income attributable to restricted shares | (123) | (87) | (69) | (104) | |||||||||||||||||||
Net income attributable to American Assets Trust, L.P. unit holders | $ | 3,665 | $ | 6,403 | $ | 9,757 | $ | 15,380 | |||||||||||||||
Net income per unit attributable to unit holders - basic and diluted | $ | 0.05 | $ | 0.08 | $ | 0.13 | $ | 0.20 | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||
December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | ||||||||||||||||||||
Total revenue | $ | 98,947 | $ | 98,362 | $ | 84,113 | $ | 85,319 | |||||||||||||||
Operating income | 29,993 | 30,384 | 24,487 | 28,821 | |||||||||||||||||||
Net income (loss) | 16,485 | 16,519 | 11,941 | 15,243 | |||||||||||||||||||
Net (income) loss attributable to restricted shares | (104) | (92) | (92) | (93) | |||||||||||||||||||
Net income (loss) attributable to American Assets Trust, L.P. unit holders | $ | 16,381 | $ | 16,427 | $ | 11,849 | $ | 15,150 | |||||||||||||||
Net income per unit attributable to common unit holders - basic and diluted | $ | 0.22 | $ | 0.22 | $ | 0.18 | $ | 0.24 |
Three Months Ended | |||||||||||||||
December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | ||||||||||||
Total revenue | $ | 98,947 | $ | 98,362 | $ | 84,113 | $ | 85,319 | |||||||
Operating income | 29,993 | 30,384 | 24,487 | 28,821 | |||||||||||
Net income | 16,485 | 16,519 | 11,941 | 15,243 | |||||||||||
Net income attributable to restricted shares | (104 | ) | (92 | ) | (92 | ) | (93 | ) | |||||||
Net income attributable to American Assets Trust, L.P. unit holders | $ | 16,381 | $ | 16,427 | $ | 11,849 | $ | 15,150 | |||||||
Net income per unit attributable to unit holders - basic and diluted | $ | 0.22 | $ | 0.22 | $ | 0.18 | $ | 0.24 | |||||||
Three Months Ended | |||||||||||||||
December 31, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | ||||||||||||
Total revenue | $ | 82,605 | $ | 82,507 | $ | 85,023 | $ | 80,732 | |||||||
Operating income | 22,091 | 27,275 | 17,249 | 12,920 | |||||||||||
Net income (loss) | 9,209 | 14,271 | 4,413 | (691 | ) | ||||||||||
Net (income) loss attributable to restricted shares | (96 | ) | (71 | ) | (216 | ) | 72 | ||||||||
Net income (loss) attributable to American Assets Trust, L.P. unit holders | $ | 9,113 | $ | 14,200 | $ | 4,197 | $ | (619 | ) | ||||||
Net income per unit attributable to common unit holders - basic and diluted | $ | 0.14 | $ | 0.22 | $ | 0.07 | $ | (0.01 | ) |
Encumbrance as of December 31, 2020 | Initial Cost | Cost Capitalized Subsequent to Acquisition | Gross Carrying Amount at December 31, 2020 | Accumulated Depreciation and Amortization | Year Built/ Renovated | Date Acquired | Life on which depreciation in latest income statements is computed | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Land | Building and Improvements | Land | Building and Improvements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alamo Quarry Market | $ | 0 | $ | 26,396 | $ | 109,294 | $ | 18,227 | $ | 26,816 | $ | 127,101 | $ | (64,168) | 1997/1999 | 12/9/2003 | 35 years | ||||||||||||||||||||||||||||||||||||||||||
Carmel Country Plaza | 0 | 4,200 | 0 | 13,074 | 4,200 | 13,074 | (9,006) | 1991 | 1/10/1989 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Carmel Mountain Plaza | 0 | 22,477 | 65,217 | 38,934 | 31,034 | 95,594 | (47,365) | 1994/2014 | 3/28/2003 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Del Monte Center | 0 | 27,412 | 87,570 | 35,136 | 27,117 | 123,001 | (70,136) | 1967/1984/2006 | 4/8/2004 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Gateway Marketplace | 0 | 17,363 | 21,644 | 1,239 | 17,363 | 22,883 | (2,889) | 1997/2016 | 7/6/2017 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Geary Marketplace | 0 | 8,239 | 12,353 | 212 | 8,239 | 12,565 | (3,190) | 2012 | 12/19/2012 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Hassalo on Eighth - Retail | 0 | 0 | 0 | 28,529 | 597 | 27,932 | (6,356) | 2015 | 7/1/2011 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Lomas Santa Fe Plaza | 0 | 8,600 | 11,282 | 13,767 | 8,620 | 25,029 | (17,927) | 1972/1997 | 6/12/1995 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
The Shops at Kalakaua | 0 | 13,993 | 10,817 | 144 | 14,006 | 10,948 | (4,989) | 1971/2006 | 3/31/2005 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Solana Beach Towne Centre | 0 | 40,980 | 38,842 | 4,287 | 40,980 | 43,129 | (13,754) | 1973/2000/2004 | 1/19/2011 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
South Bay Marketplace | 0 | 4,401 | 0 | 12,513 | 4,401 | 12,513 | (8,009) | 1997 | 9/16/1995 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Waikele Center | 0 | 55,593 | 126,858 | 42,934 | 70,643 | 154,742 | (66,820) | 1993/2008 | 9/16/2004 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
City Center Bellevue | 111,000 | 25,135 | 190,998 | 53,599 | 25,135 | 244,597 | (62,613) | 1987 | 8/21/2012 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
First & Main | 0 | 14,697 | 109,739 | 5,933 | 14,697 | 115,672 | (34,125) | 2010 | 3/11/2011 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
The Landmark at One Market | 0 | 34,575 | 141,196 | 27,900 | 34,575 | 169,096 | (40,885) | 1917/2000 | 6/30/2010 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Lloyd District Portfolio | 0 | 18,660 | 61,401 | 101,072 | 11,845 | 169,288 | (43,017) | 1940-2015 | 7/1/2011 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
One Beach Street | 0 | 15,332 | 18,017 | 4,192 | 15,332 | 22,209 | (6,284) | 1924/1972/1987/1992 | 1/24/2012 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Solana Beach Corporate Centre: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solana Beach Corporate Centre I-II | 0 | 7,111 | 17,100 | 7,514 | 7,111 | 24,614 | (7,623) | 1982/2005 | 1/19/2011 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Solana Beach Corporate Centre III-IV | 0 | 7,298 | 27,887 | 5,678 | 7,298 | 33,565 | (9,616) | 1982/2005 | 1/19/2011 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Solana Beach Corporate Centre Land | 0 | 487 | 0 | 60 | 547 | 0 | 0 | N/A | 1/19/2011 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
Torrey Reserve Campus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Torrey Plaza | 0 | 4,095 | 0 | 56,586 | 5,408 | 55,273 | (20,723) | 1996-1997/2014 | 6/6/1989 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Pacific North Court | 0 | 3,263 | 0 | 26,645 | 4,309 | 25,599 | (12,808) | 1997-1998 | 6/6/1989 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Pacific South Court | 0 | 3,285 | 0 | 40,066 | 4,226 | 39,125 | (16,498) | 1996-1997 | 6/6/1989 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Pacific VC | 0 | 1,413 | 0 | 10,521 | 2,148 | 9,786 | (5,651) | 1998/2000 | 6/6/1989 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Pacific Torrey Daycare | 0 | 715 | 0 | 1,941 | 911 | 1,745 | (984) | 1996-1997 | 6/6/1989 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Torrey Reserve Building 6 | 0 | 0 | 0 | 8,012 | 682 | 7,330 | (2,081) | 2013 | 6/6/1989 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Torrey Reserve Building 5 | 0 | 0 | 0 | 4,012 | 1,017 | 2,995 | (518) | 2014 | 6/6/1989 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Torrey Reserve Building 13 & 14 | 0 | 0 | 0 | 16,138 | 2,188 | 13,950 | (2,770) | 2015 | 6/6/1989 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Torrey Point | 0 | 2,073 | 741 | 49,668 | 5,050 | 47,432 | (3,346) | 2018 | 5/9/1997 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
La Jolla Commons | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
La Jolla Commons I-II | 0 | 62,312 | 393,662 | 2,407 | 62,312 | 396,069 | (21,227) | 2008-2014 | 6/20/2019 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
La Jolla Commons Land | 0 | 20,446 | 0 | 4,294 | 20,446 | 4,294 | 0 | N/A | 6/20/2019 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
Imperial Beach Gardens | 0 | 1,281 | 4,820 | 5,445 | 1,281 | 10,265 | (8,425) | 1959/2008 | 7/31/1985 | 30 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Loma Palisades | 0 | 14,000 | 16,570 | 29,900 | 14,052 | 46,418 | (30,582) | 1958/2001-2008 | 7/20/1990 | 30 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Mariner’s Point | 0 | 2,744 | 4,540 | 1,731 | 2,744 | 6,271 | (3,949) | 1986 | 5/9/2001 | 30 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Santa Fe Park RV Resort | 0 | 401 | 928 | 1,263 | 401 | 2,191 | (1,562) | 1971/2007-2008 | 6/1/1979 | 30 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Pacific Ridge Apartments | 0 | 47,971 | 178,497 | 2,062 | 47,971 | 180,559 | (24,598) | 2013 | 4/28/2017 | 30 years |
Encumbrance as of December 31, 2019 | Initial Cost | Cost Capitalized Subsequent to Acquisition | Gross Carrying Amount at December 31, 2019 | Accumulated Depreciation and Amortization | Year Built/ Renovated | Date Acquired | Life on which depreciation in latest income statements is computed | ||||||||||||||||||||||||||
Description | Land | Building and Improvements | Land | Building and Improvements | |||||||||||||||||||||||||||||
Alamo Quarry Market | $ | — | $ | 26,396 | $ | 109,294 | $ | 18,142 | $ | 26,816 | $ | 127,016 | $ | (61,257 | ) | 1997/1999 | 12/9/2003 | 35 years | |||||||||||||||
Carmel Country Plaza | — | 4,200 | — | 12,899 | 4,200 | 12,899 | (8,675 | ) | 1991 | 1/10/1989 | 35 years | ||||||||||||||||||||||
Carmel Mountain Plaza | — | 22,477 | 65,217 | 38,563 | 31,034 | 95,223 | (44,156 | ) | 1994/2014 | 3/28/2003 | 35 years | ||||||||||||||||||||||
Del Monte Center | — | 27,412 | 87,570 | 34,379 | 27,117 | 122,244 | (66,204 | ) | 1967/1984/2006 | 4/8/2004 | 35 years | ||||||||||||||||||||||
Gateway Marketplace | — | 17,363 | 21,644 | 1,097 | 17,363 | 22,741 | (2,040 | ) | 1997/2016 | 7/6/2017 | 35 years | ||||||||||||||||||||||
Geary Marketplace | — | 8,239 | 12,353 | 171 | 8,239 | 12,524 | (2,800 | ) | 2012 | 12/19/2012 | 35 years | ||||||||||||||||||||||
Hassalo on Eighth - Retail | — | — | — | 28,364 | 597 | 27,767 | (5,106 | ) | 2015 | 7/1/2011 | 35 years | ||||||||||||||||||||||
Lomas Santa Fe Plaza | — | 8,600 | 11,282 | 13,805 | 8,620 | 25,067 | (17,166 | ) | 1972/1997 | 6/12/1995 | 35 years | ||||||||||||||||||||||
The Shops at Kalakaua | — | 13,993 | 10,817 | (6 | ) | 14,006 | 10,798 | (4,674 | ) | 1971/2006 | 3/31/2005 | 35 years | |||||||||||||||||||||
Solana Beach Towne Centre | 34,235 | 40,980 | 38,842 | 4,222 | 40,980 | 43,064 | (12,291 | ) | 1973/2000/2004 | 1/19/2011 | 35 years | ||||||||||||||||||||||
South Bay Marketplace | — | 4,401 | — | 12,760 | 4,401 | 12,760 | (7,695 | ) | 1997 | 9/16/1995 | 35 years | ||||||||||||||||||||||
Waikele Center | — | 55,593 | 126,858 | 41,174 | 70,643 | 152,982 | (62,126 | ) | 1993/2008 | 9/16/2004 | 35 years | ||||||||||||||||||||||
City Center Bellevue | 111,000 | 25,135 | 190,998 | 46,320 | 25,135 | 237,318 | (52,543 | ) | 1987 | 8/21/2012 | 40 years | ||||||||||||||||||||||
First & Main | — | 14,697 | 109,739 | 7,708 | 14,697 | 117,447 | (32,259 | ) | 2010 | 3/11/2011 | 40 years | ||||||||||||||||||||||
The Landmark at One Market | — | 34,575 | 141,196 | 13,351 | 34,575 | 154,547 | (36,102 | ) | 1917/2000 | 6/30/2010 | 40 years | ||||||||||||||||||||||
Lloyd District Portfolio | — | 18,660 | 61,401 | 90,191 | 11,845 | 158,407 | (34,828 | ) | 1940-2015 | 7/1/2011 | 40 years | ||||||||||||||||||||||
One Beach Street | — | 15,332 | 18,017 | 3,353 | 15,332 | 21,370 | (5,716 | ) | 1924/1972/1987/1992 | 1/24/2012 | 40 years | ||||||||||||||||||||||
Solana Beach Corporate Centre: | |||||||||||||||||||||||||||||||||
Solana Beach Corporate Centre I-II | 10,270 | 7,111 | 17,100 | 6,876 | 7,111 | 23,976 | (6,515 | ) | 1982/2005 | 1/19/2011 | 40 years | ||||||||||||||||||||||
Solana Beach Corporate Centre III-IV | — | 7,298 | 27,887 | 4,448 | 7,298 | 32,335 | (8,429 | ) | 1982/2005 | 1/19/2011 | 40 years | ||||||||||||||||||||||
Solana Beach Corporate Centre Land | — | 487 | — | 60 | 547 | — | — | N/A | 1/19/2011 | N/A | |||||||||||||||||||||||
Torrey Reserve Campus: | |||||||||||||||||||||||||||||||||
Torrey Plaza | — | 4,095 | — | 52,130 | 5,408 | 50,817 | (18,440 | ) | 1996-1997/2014 | 6/6/1989 | 40 years | ||||||||||||||||||||||
Pacific North Court | — | 3,263 | — | 26,182 | 4,309 | 25,136 | (12,015 | ) | 1997-1998 | 6/6/1989 | 40 years | ||||||||||||||||||||||
Pacific South Court | — | 3,285 | — | 39,489 | 4,226 | 38,548 | (14,733 | ) | 1996-1997 | 6/6/1989 | 40 years | ||||||||||||||||||||||
Pacific VC | 6,498 | 1,413 | — | 10,154 | 2,148 | 9,419 | (5,234 | ) | 1998/2000 | 6/6/1989 | 40 years | ||||||||||||||||||||||
Pacific Torrey Daycare | — | 715 | — | 1,914 | 911 | 1,718 | (939 | ) | 1996-1997 | 6/6/1989 | 40 years | ||||||||||||||||||||||
Torrey Reserve Building 6 | — | — | — | 8,006 | 682 | 7,324 | (1,787 | ) | 2013 | 6/6/1989 | 40 years | ||||||||||||||||||||||
Torrey Reserve Building 5 | — | — | — | 4,010 | 1,017 | 2,993 | (358 | ) | 2014 | 6/6/1989 | 40 years | ||||||||||||||||||||||
Torrey Reserve Building 13 & 14 | — | — | — | 15,916 | 2,188 | 13,728 | (1,981 | ) | 2015 | 6/6/1989 | 40 years | ||||||||||||||||||||||
Torrey Point | — | 2,073 | 741 | 45,229 | 5,050 | 42,993 | (1,655 | ) | 2018 | 5/9/1997 | 40 years | ||||||||||||||||||||||
La Jolla Commons | |||||||||||||||||||||||||||||||||
La Jolla Commons I-II | — | 62,312 | 393,662 | 882 | 62,312 | 394,544 | (8,060 | ) | 2008-2014 | 6/20/2019 | 40 years | ||||||||||||||||||||||
La Jolla Commons Land | — | 20,446 | — | 1,592 | 20,446 | 1,592 | — | N/A | 6/20/2019 | N/A | |||||||||||||||||||||||
Imperial Beach Gardens | — | 1,281 | 4,820 | 5,049 | 1,281 | 9,869 | (8,209 | ) | 1959/2008 | 7/31/1985 | 30 years | ||||||||||||||||||||||
Loma Palisades | — | 14,000 | 16,570 | 28,085 | 14,052 | 44,603 | (29,226 | ) | 1958/2001-2008 | 7/20/1990 | 30 years | ||||||||||||||||||||||
Mariner’s Point | — | 2,744 | 4,540 | 1,695 | 2,744 | 6,235 | (3,683 | ) | 1986 | 5/9/2001 | 30 years | ||||||||||||||||||||||
Santa Fe Park RV Resort | — | 401 | 928 | 1,061 | 401 | 1,989 | (1,515 | ) | 1971/2007-2008 | 6/1/1979 | 30 years | ||||||||||||||||||||||
Pacific Ridge Apartments | — | 47,971 | 178,497 | 1,643 | 47,971 | 180,140 | (17,930 | ) | 2013 | 4/28/2017 | 30 years | ||||||||||||||||||||||
Hassalo on Eighth - Multifamily | — | — | — | 178,075 | 6,219 | 171,856 | (25,645 | ) | 2015 | 7/1/2011 | 30 years |
Encumbrance as of December 31, 2019 | Initial Cost | Cost Capitalized Subsequent to Acquisition | Gross Carrying Amount at December 31, 2019 | Accumulated Depreciation and Amortization | Year Built/ Renovated | Date Acquired | Life on which depreciation in latest income statements is computed | Encumbrance as of December 31, 2020 | Initial Cost | Cost Capitalized Subsequent to Acquisition | Gross Carrying Amount at December 31, 2020 | Accumulated Depreciation and Amortization | Year Built/ Renovated | Date Acquired | Life on which depreciation in latest income statements is computed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Land | Building and Improvements | Land | Building and Improvements | Description | Land | Building and Improvements | Land | Building and Improvements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hassalo on Eighth - Multifamily | Hassalo on Eighth - Multifamily | 0 | 0 | 0 | 178,397 | 6,219 | 172,178 | (31,629) | 2015 | 7/1/2011 | 30 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Waikiki Beach Walk: | Waikiki Beach Walk: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | — | 45,995 | 74,943 | 851 | 45,995 | 75,794 | (21,039 | ) | 2006 | 1/19/2011 | 35 years | Retail | 0 | 45,995 | 74,943 | 428 | 45,995 | 75,371 | (22,940) | 2006 | 1/19/2011 | 35 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel | — | 30,640 | 60,029 | 10,329 | 30,640 | 70,358 | (22,191 | ) | 2008/2014 | 1/19/2011 | 35 years | Hotel | 0 | 30,640 | 60,029 | 13,886 | 30,640 | 73,915 | (25,077) | 2008/2020 | 1/19/2011 | 35 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 162,003 | $ | 593,583 | $ | 1,784,945 | $ | 810,169 | $ | 628,556 | $ | 2,560,141 | $ | (665,222 | ) | $ | 111,000 | $ | 593,583 | $ | 1,784,945 | $ | 868,346 | $ | 628,556 | $ | 2,618,318 | $ | (754,140) |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Real estate assets | |||||||||||||||||
Balance, beginning of period | $ | 3,188,697 | 2,630,191 | 2,614,138 | |||||||||||||
Additions: | |||||||||||||||||
Property acquisitions | 0 | 476,421 | 0 | ||||||||||||||
Improvements | 64,997 | 101,285 | 62,790 | ||||||||||||||
Deductions: | |||||||||||||||||
Cost of Real Estate Sold | 0 | (8,845) | 0 | ||||||||||||||
Other (1) | (6,820) | (10,355) | (46,737) | ||||||||||||||
Balance, end of period | $ | 3,246,874 | $ | 3,188,697 | $ | 2,630,191 | |||||||||||
Accumulated depreciation | |||||||||||||||||
Balance, beginning of period | $ | 665,222 | $ | 590,338 | $ | 537,431 | |||||||||||
Additions—depreciation | 95,738 | 85,428 | 99,644 | ||||||||||||||
Deductions: | |||||||||||||||||
Cost of Real Estate Sold | 0 | (189) | 0 | ||||||||||||||
Other (1) | (6,820) | (10,355) | (46,737) | ||||||||||||||
Balance, end of period | $ | 754,140 | $ | 665,222 | $ | 590,338 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Real estate assets | |||||||||||
Balance, beginning of period | $ | 2,630,191 | 2,614,138 | 2,301,006 | |||||||
Additions: | |||||||||||
Property acquisitions | 476,421 | — | 270,602 | ||||||||
Improvements | 101,285 | 62,790 | 44,755 | ||||||||
Deductions: | |||||||||||
Cost of Real Estate Sold | (8,845 | ) | — | — | |||||||
Other (1) | (10,355 | ) | (46,737 | ) | (2,225 | ) | |||||
Balance, end of period | $ | 3,188,697 | $ | 2,630,191 | $ | 2,614,138 | |||||
Accumulated depreciation | |||||||||||
Balance, beginning of period | $ | 590,338 | $ | 537,431 | $ | 469,460 | |||||
Additions—depreciation | 85,428 | 99,644 | 70,196 | ||||||||
Deductions: | |||||||||||
Cost of Real Estate Sold | (189 | ) | — | — | |||||||
Other (1) | (10,355 | ) | (46,737 | ) | (2,225 | ) | |||||
Balance, end of period | $ | 665,222 | $ | 590,338 | $ | 537,431 |
(1) |