Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 21, 2014 | Jun. 28, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'AAT | ' | ' |
Entity Registrant Name | 'AMERICAN ASSETS TRUST, INC. | ' | ' |
Entity Central Index Key | '0001500217 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 40,387,804 | ' |
Entity Public Float | ' | ' | $1,058 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Operating real estate | $1,919,015 | $1,891,549 |
Construction in progress | 67,389 | 32,183 |
Held for development | 9,013 | 14,944 |
Total Real estate, at cost | 1,995,417 | 1,938,676 |
Accumulated depreciation | -318,581 | -270,494 |
Net real estate | 1,676,836 | 1,668,182 |
Cash and cash equivalents | 48,987 | 42,479 |
Restricted cash | 9,124 | 7,421 |
Accounts receivable, net | 7,295 | 6,440 |
Deferred rent receivables, net | 32,531 | 29,395 |
Other assets, net | 57,670 | 73,670 |
TOTAL ASSETS | 1,832,443 | 1,827,587 |
LIABILITIES AND EQUITY | ' | ' |
Secured notes payable | 952,174 | 1,044,682 |
Line of credit | 93,000 | 0 |
Accounts payable and accrued expenses | 37,063 | 29,509 |
Security deposits payable | 5,163 | 4,856 |
Other liabilities and deferred credits | 58,465 | 62,811 |
Total liabilities | 1,145,865 | 1,141,858 |
Commitments and contingencies (Note 11) | ' | ' |
American Assets Trust, Inc. stockholders' equity | ' | ' |
Common stock, $0.01 par value, 490,000,000 shares authorized, 40,512,563 and 39,664,212 shares issued and outstanding at December 31, 2013 and 2012, respectively | 405 | 397 |
Additional paid-in capital | 692,196 | 663,589 |
Accumulated dividends in excess of net income | -44,090 | -25,625 |
Total American Assets Trust, Inc. stockholders' equity | 648,511 | 638,361 |
Noncontrolling interests | 38,067 | 47,368 |
Total equity | 686,578 | 685,729 |
TOTAL LIABILITIES AND EQUITY | $1,832,443 | $1,827,587 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 490,000,000 | 490,000,000 |
Common stock, shares outstanding | 40,512,563 | 39,664,212 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUE: | ' | ' | ' |
Rental income | $242,757 | $225,249 | $194,168 |
Other property income | 12,300 | 10,217 | 8,617 |
Total revenue | 255,057 | 235,466 | 202,785 |
EXPENSES: | ' | ' | ' |
Rental expenses | 68,608 | 64,089 | 58,133 |
Real estate taxes | 21,378 | 22,025 | 18,746 |
General and administrative | 17,195 | 15,593 | 13,627 |
Depreciation and amortization | 66,775 | 61,853 | 55,936 |
Total operating expenses | 173,956 | 163,560 | 146,442 |
Operating income (loss) | 81,101 | 71,906 | 56,343 |
Interest expense | -58,020 | -57,328 | -54,580 |
Early extinguishment of debt | 0 | 0 | -25,867 |
Loan transfer and consent fees | 0 | 0 | -8,808 |
Gain on acquisition | 0 | 0 | 46,371 |
Other income (expense), net | -487 | -629 | 212 |
INCOME FROM CONTINUING OPERATIONS | 22,594 | 13,949 | 13,671 |
Discontinued operations | ' | ' | ' |
Income from discontinued operations | 0 | 932 | 1,672 |
Gain on sale of real estate property | 0 | 36,720 | 3,981 |
Results from discontinued operations | 0 | 37,652 | 5,653 |
NET INCOME | 22,594 | 51,601 | 19,324 |
Net income attributable to restricted shares | -536 | -529 | -482 |
Net loss attributable to Predecessor's noncontrolling interests in consolidated real estate entities | 0 | 0 | 2,458 |
Net income attributable to Predecessor's controlled owners' equity | 0 | 0 | -16,995 |
Net income attributable to unitholders in the Operating Partnership | -6,838 | -16,133 | -1,388 |
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS | $15,220 | $34,939 | $2,917 |
EARNINGS (LOSS) PER COMMON SHARE, BASIC | ' | ' | ' |
Continuing operations | $0.38 | $0.24 | ($0.02) |
Discontinued operations | $0 | $0.66 | $0.10 |
Basic net income attributable to common stockholders per share | $0.38 | $0.90 | $0.08 |
Weighted average shares of common stock outstanding-basic | 39,539,457 | 38,736,113 | 36,748,806 |
EARNINGS (LOSS) PER COMMON SHARE, DILUTED | ' | ' | ' |
Continuing operations | $0.38 | $0.24 | ($0.02) |
Discontinued operations | $0 | $0.66 | $0.10 |
Diluted net income attributable to common stockholders per share | $0.38 | $0.90 | $0.08 |
Weighted average shares of common stock outstanding-diluted | 57,515,810 | 57,053,909 | 54,219,807 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Predecessor | Common Shares | Additional Paid-in Capital | Accumulated dividends in excess of net income | Noncontrolling Interests - Unitholders in the Operating Partnership | Noncontrolling Interests - Unitholders in the Operating Partnership |
In Thousands, except Share data, unless otherwise specified | Predecessor | ||||||
Beginning Balance at Dec. 31, 2010 | $155,121 | $121,874 | $0 | $0 | $0 | $0 | $33,247 |
Beginning Balance (in shares) at Dec. 31, 2010 | ' | ' | 0 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 19,324 | 16,995 | ' | ' | 3,399 | 1,388 | -2,458 |
Distributions | -39,960 | -33,435 | ' | ' | ' | ' | -6,525 |
Common shares issued (in shares) | ' | ' | 31,625,000 | ' | ' | ' | ' |
Common shares issued | 588,011 | ' | 316 | 587,695 | ' | ' | ' |
Cash paid to non-accredited investors | -6,075 | ' | ' | ' | ' | ' | -6,075 |
Issuance of restricted stock (in shares) | ' | ' | 630,663 | ' | ' | ' | ' |
Issuance of restricted stock | ' | ' | 6 | -6 | ' | ' | ' |
Forfeiture of restricted stock (in shares) | ' | ' | -1,951 | ' | ' | ' | ' |
Issuance of common shares and units for acquisition of properties (in shares) | ' | ' | 262,486 | ' | ' | ' | ' |
Issuance of common shares and units for acquisition of properties | 33,854 | ' | 3 | 6,081 | ' | 27,770 | ' |
Proceeds from private placement | 5,410 | ' | ' | ' | ' | 5,410 | ' |
Notes receivable from affiliate settled in common units | -21,797 | ' | ' | ' | ' | -21,797 | ' |
Notes payable to affiliates settled in common units | 828 | ' | ' | ' | ' | 828 | ' |
Dividends declared and paid | -46,123 | ' | ' | ' | -31,406 | -14,717 | ' |
Stock-based compensation | 2,615 | ' | ' | 2,615 | ' | ' | ' |
Distribution of investment in joint venture not acquired | -11,480 | -9,084 | ' | ' | ' | ' | -2,396 |
Exchange of owners' equity for common stock and units, Shares | ' | ' | 6,767,598 | ' | ' | ' | ' |
Exchange of owners' equity for common stock and units | ' | -96,350 | 68 | 57,260 | ' | 54,815 | -15,793 |
Ending Balance at Dec. 31, 2011 | 679,728 | 0 | 393 | 653,645 | -28,007 | 53,697 | 0 |
Ending Balance (in shares) at Dec. 31, 2011 | ' | ' | 39,283,796 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 51,601 | ' | ' | ' | 35,467 | 16,134 | ' |
Conversion of operating partnership units (in shares) | ' | ' | 372,654 | ' | ' | ' | ' |
Conversion of operating partnership units | ' | ' | 4 | 7,092 | ' | -7,096 | ' |
Issuance of restricted stock (in shares) | ' | ' | 10,015 | ' | ' | ' | ' |
Forfeiture of restricted stock (in shares) | ' | ' | -2,253 | ' | ' | ' | ' |
Issuance of common shares and units for acquisition of properties | 0 | ' | ' | ' | ' | ' | ' |
Dividends declared and paid | -48,452 | ' | ' | ' | -33,085 | -15,367 | ' |
Stock-based compensation | 2,852 | ' | ' | 2,852 | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | 685,729 | 0 | 397 | 663,589 | -25,625 | 47,368 | 0 |
Ending Balance (in shares) at Dec. 31, 2012 | 39,664,212 | ' | 39,664,212 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 22,594 | ' | ' | ' | 15,756 | 6,838 | ' |
Conversion of operating partnership units (in shares) | ' | ' | 106,326 | ' | ' | ' | ' |
Conversion of operating partnership units | 0 | ' | 1 | 859 | ' | -860 | ' |
Common shares issued (in shares) | ' | ' | 741,452 | ' | ' | ' | ' |
Common shares issued | 24,910 | ' | 7 | 24,903 | ' | ' | ' |
Issuance of restricted stock (in shares) | ' | ' | 5,004 | ' | ' | ' | ' |
Issuance of restricted stock | ' | ' | 0 | ' | ' | ' | ' |
Forfeiture of restricted stock (in shares) | ' | ' | -4,431 | ' | ' | ' | ' |
Forfeiture of restricted stock | ' | ' | 0 | ' | ' | ' | ' |
Issuance of common shares and units for acquisition of properties | 0 | ' | ' | ' | ' | ' | ' |
Dividends declared and paid | -49,500 | ' | ' | ' | -34,221 | -15,279 | ' |
Stock-based compensation | 2,845 | ' | ' | 2,845 | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | $686,578 | $0 | $405 | $692,196 | ($44,090) | $38,067 | $0 |
Ending Balance (in shares) at Dec. 31, 2013 | 40,512,563 | ' | 40,512,563 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income | $22,594 | $51,601 | $19,324 |
Results from discontinued operations | 0 | -37,652 | -5,653 |
Income from continuing operations | 22,594 | 13,949 | 13,671 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | ' | ' | ' |
Deferred rent revenue and amortization of lease intangibles | -4,997 | -6,967 | -3,735 |
Depreciation and amortization | 66,775 | 61,853 | 55,936 |
Amortization of debt issuance costs and debt fair value adjustments | 3,932 | 3,911 | 3,883 |
Early extinguishment of debt | 0 | 0 | 25,867 |
Loan transfer and consent fees | 0 | 0 | 8,808 |
Gain on acquisition of controlling interests | 0 | 0 | -46,371 |
Stock-based compensation expense | 2,845 | 2,852 | 2,615 |
Loss from real estate joint ventures | -160 | 0 | 188 |
Other, net | 1,008 | 2,422 | 2,666 |
Changes in operating assets and liabilities | ' | ' | ' |
Change in restricted cash | -755 | -1,000 | 97 |
Change in accounts receivable | -45 | 63 | -3,570 |
Change in other assets | -88 | 143 | -2,040 |
Change in accounts payable and accrued expenses | 1,167 | -1,799 | 2,128 |
Change in security deposits payable | 307 | -50 | 82 |
Change in other liabilities and deferred credits | 151 | 186 | -1,025 |
Net cash provided by operating activities of continuing operations | 92,734 | 75,563 | 59,200 |
Net cash provided by operating activities of discontinued operations | 0 | 382 | 6,164 |
Net cash provided by operating activities | 92,734 | 75,945 | 65,364 |
INVESTING ACTIVITIES | ' | ' | ' |
Acquisition of real estate, net of cash acquired | 0 | -273,990 | -231,558 |
Capital expenditures | -55,675 | -34,582 | -10,777 |
Change in restricted cash, reserves for capital improvements | 453 | 2,557 | -3,069 |
Cash acquired from acquisition of controlling interests in real estate joint ventures | 0 | 0 | 15,222 |
Leasing commissions | -3,032 | -3,456 | -2,444 |
Purchase of marketable securities | 0 | 0 | -33,103 |
Maturity of marketable securities | 0 | 4,384 | 4,993 |
Sale of marketable securities | 0 | 23,191 | 0 |
Net cash used in investing activities of continuing operations | -58,254 | -281,896 | -260,736 |
Net cash provided by investing activities of discontinued operations | 0 | 87,601 | 29,047 |
Net cash used in investing activities | -58,254 | -194,295 | -231,689 |
FINANCING ACTIVITIES | ' | ' | ' |
Change in restricted cash | -1,400 | 0 | 0 |
Issuance of secured notes payable | 0 | 132,900 | 84,500 |
Repayment of secured notes payable | -95,420 | -34,626 | -264,250 |
Defeasance costs on repayment of secured notes payable | 0 | 0 | -24,345 |
Proceeds from unsecured line of credit | 93,000 | 164,000 | 0 |
Repayment of unsecured line of credit | 0 | -164,000 | 0 |
Loan transfer and consent fees paid | 0 | 0 | -8,350 |
Repayment of unsecured notes payable | 0 | 0 | -38,013 |
Repayment of notes payable to affiliates | 0 | 0 | -19,279 |
Debt issuance costs | 0 | -1,355 | -2,961 |
Proceeds from issuance of common stock, net | 25,348 | 0 | 596,541 |
Proceeds from private placement of common units | 0 | 0 | 5,410 |
Dividends paid to common stock and unitholders | -49,500 | -48,452 | -46,123 |
Payments to nonaccredited investors | 0 | 0 | -6,075 |
Deferred offering costs | 0 | -361 | 0 |
Distributions to Predecessor's controlling and noncontrolling interests | 0 | 0 | -39,960 |
Net cash (used in) provided by financing activities | -27,972 | 48,106 | 237,095 |
Net (decrease) increase in cash and cash equivalents | 6,508 | -70,244 | 70,770 |
Cash and cash equivalents, beginning of period | 42,479 | 112,723 | 41,953 |
Cash and cash equivalents, end of period | $48,987 | $42,479 | $112,723 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Business and Organization | ||||||||||||
American Assets Trust, Inc. (which may be referred to in these financial statements as the “Company,” “we,” “us,” or “our”) is a Maryland corporation formed on July 16, 2010 that did not have any operating activity until the consummation of our initial public offering (the “Offering”) and the related acquisition of certain assets of our Predecessor (as defined below) on January 19, 2011. The Company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The Company's operations are carried on through our Operating Partnership and its subsidiaries, including our taxable REIT subsidiary. Since the formation of our Operating Partnership, the Company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. | ||||||||||||
Our “Predecessor” is not a legal entity but rather a combination of entities whose assets included entities owned and/or controlled by Ernest S. Rady and his affiliates, including the Ernest Rady Trust U/D/T March 13, 1983 (the “Rady Trust”), which in turn owned (1) controlling interests in entities owning 17 properties and the property management business of American Assets, Inc. (“AAI”) (the “controlled entities”), and (2) noncontrolling interests in entities owning four properties (the “noncontrolled entities”) (the assets described at (1) and (2) are the “Acquired Assets,” and do not include our Predecessor’s noncontrolling 25% ownership interest in Novato FF Venture, LLC, the entity that owns the Fireman’s Fund Headquarters in Novato, California). The Formation Transactions included the acquisition by our Operating Partnership of the (a) Acquired Assets, (b) the entities that own Waikiki Beach Walk (a mixed-use property consisting of a retail portion and a hotel portion) (the “Waikiki Beach Walk entities”) and (c) the entities that own Solana Beach Towne Centre and Solana Beach Corporate Centre (the “Solana Beach Centre entities”) (including our Predecessor’s ownership interest in these entities). | ||||||||||||
We are a vertically integrated and self-administered REIT with 116 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. | ||||||||||||
Any reference to the number of properties or units and square footage or acres are unaudited and outside the scope of our independent registered public accounting firm's audit of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. | ||||||||||||
As of December 31, 2013, we owned or had a controlling interest in 23 office, retail, multifamily and mixed-use operating properties, the operations of which we consolidate. Additionally, as of December 31, 2013, we owned land at five of our properties that we classify as held for development and construction in progress. A summary of the properties owned by us is as follows: | ||||||||||||
Retail | ||||||||||||
Carmel Country Plaza | Del Monte Center | |||||||||||
Carmel Mountain Plaza | Geary Marketplace | |||||||||||
South Bay Marketplace | The Shops at Kalakaua | |||||||||||
Rancho Carmel Plaza | Waikele Center | |||||||||||
Lomas Santa Fe Plaza | Alamo Quarry Market | |||||||||||
Solana Beach Towne Centre | ||||||||||||
Office | ||||||||||||
Torrey Reserve Campus | Lloyd District Portfolio | |||||||||||
Solana Beach Corporate Centre | City Center Bellevue | |||||||||||
The Landmark at One Market | ||||||||||||
One Beach Street | ||||||||||||
First & Main | ||||||||||||
Multifamily | ||||||||||||
Loma Palisades | ||||||||||||
Imperial Beach Gardens | ||||||||||||
Mariner's Point | ||||||||||||
Santa Fe Park RV Resort | ||||||||||||
Mixed-Use | ||||||||||||
Waikiki Beach Walk Retail and Embassy Suites™ Hotel | ||||||||||||
Held for Development and Construction in Progress | ||||||||||||
Solana Beach Corporate Centre – Land | ||||||||||||
Solana Beach – Highway 101 – Land | ||||||||||||
Sorrento Pointe – Land | ||||||||||||
Torrey Reserve – Land | ||||||||||||
Lloyd District Portfolio – Land | ||||||||||||
Basis of Presentation | ||||||||||||
Our consolidated/combined financial statements include the accounts of the Company, our Operating Partnership and our subsidiaries. The equity interests of other investors in our Operating Partnership are reflected as noncontrolling interests. | ||||||||||||
All significant intercompany transactions and balances are eliminated in consolidation. | ||||||||||||
In August 2011, we sold Valencia Corporate Center. In December 2012, we sold 160 King Street. We have reclassified our financial statements for all periods prior to the sale to reflect Valencia Corporate Center and 160 King Street as discontinued operations. Unless noted otherwise, discussions in these notes pertain to our continuing operations. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. | ||||||||||||
Consolidated Statements of Cash Flows-Supplemental Disclosures | ||||||||||||
The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Supplemental cash flow information | ||||||||||||
Total interest costs incurred | $ | 60,133 | $ | 58,074 | $ | 54,580 | ||||||
Interest capitalized | $ | 2,113 | $ | 746 | $ | — | ||||||
Interest expense | $ | 58,020 | $ | 57,328 | $ | 54,580 | ||||||
Cash paid for interest, net of amounts capitalized (including discontinued operations) | $ | 54,345 | $ | 55,349 | $ | 52,713 | ||||||
Cash paid for income taxes | $ | 901 | $ | 1,239 | $ | 172 | ||||||
Supplemental schedule of noncash investing and financing activities | ||||||||||||
Accounts payable and accrued liabilities for construction in progress | $ | 5,001 | $ | 4,944 | $ | 2,396 | ||||||
Accrued leasing commissions | $ | 1,385 | $ | (782 | ) | $ | — | |||||
Assumption of debt upon acquisition | $ | — | $ | — | $ | 268,008 | ||||||
Assumption of notes to affiliates upon acquisition | $ | — | $ | — | $ | 14,824 | ||||||
Acquisition of working capital deficit, net of cash | $ | — | $ | — | $ | (4,176 | ) | |||||
Distribution of investment in joint venture not acquired | $ | — | $ | — | $ | 11,480 | ||||||
Issuance of common shares and units for acquisition of properties | $ | — | $ | — | $ | 33,854 | ||||||
Notes receivable from affiliate settled in common units | $ | — | $ | — | $ | 21,797 | ||||||
Notes payable to affiliates settled in common units | $ | — | $ | — | $ | 828 | ||||||
Reduction to capital for prepaid equity financing costs | $ | 437 | $ | — | $ | 1,974 | ||||||
Transfer taxes accrued at time of initial public offering | $ | — | $ | — | $ | 6,556 | ||||||
Offering Costs | ||||||||||||
In connection with the Offering, affiliates incurred legal, accounting and related costs, which were assumed or reimbursed by the Company upon the consummation of the Offering and such costs were deducted from the gross proceeds of the Offering. | ||||||||||||
Revenue Recognition and Accounts Receivable | ||||||||||||
Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, net of valuation adjustments, based on management's assessment of credit, collection and other business risks. In instances in which we fund tenant improvements and the improvements are deemed to be owned by us, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When we determine that the tenant allowances are lease incentives, we commence revenue recognition and lease incentive amortization when possession or control of the space is turned over to the tenant for tenant work to begin. Percentage rents, which represent additional rents based upon the level of sales achieved by certain tenants, are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved and the percentage rents are collectible. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. | ||||||||||||
Other property income includes parking income, general excise tax billed to tenants and fees charged to tenants at our multifamily properties. Other property income is recognized when earned. We recognize general excise tax gross, with the amounts billed to tenants and customers recorded in other property income and the related taxes paid as rental expense. The general excise tax included in other income was $3.5 million, $3.3 million and $3.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees for which the tenant has relinquished control of the space are generally recognized on the termination date. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. | ||||||||||||
We recognize revenue on the hotel portion of our mixed-use property from the rental of hotel rooms and guest services when the rooms are occupied and services have been provided. Food and beverage sales are recognized when the customer has been served or at the time the transaction occurs. Revenue from room rental is included in rental revenue on the statement of income. Revenue from other sales and services provided is included in other property income on the statement of income. | ||||||||||||
We make estimates of the collectability of our accounts receivable related to minimum rents, straight-line rents, expense reimbursements and other revenue. Accounts receivable and deferred rent receivable are carried net of this allowance for doubtful accounts. We generally do not require collateral or other security from our tenants, other than letters of credit or security deposits. Our determination as to the collectability of accounts receivable and correspondingly, the adequacy of this allowance, is based primarily upon evaluations of individual receivables, current economic conditions, historical experience and other relevant factors. The allowance for doubtful accounts is increased or decreased through bad debt expense. In some cases, primarily relating to straight-line rents, the collection of these amounts extends beyond one year. Our experience relative to unbilled straight-line rents is that a portion of the amounts otherwise recognizable as revenue is never billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Accordingly, the extended collection period for straight-line rents along with our evaluation of tenant credit risk may result in the nonrecognition of a portion of straight-line rental income until the collection of such income is reasonably assured. If our evaluation of tenant credit risk changes indicating more straight-line revenue is reasonably collectible than previously estimated and realized, the additional straight-line rental income is recognized as revenue. If our evaluation of tenant credit risk changes indicating a portion of realized straight-line rental income is no longer collectible, a reserve and bad debt expense is recorded. At December 31, 2013 and December 31, 2012, our allowance for doubtful accounts was $1.0 million and $1.2 million, respectively, and our allowance for deferred rent receivables was $1.2 million and $1.5 million, respectively. Total bad debt expense was $0.1 million, $0.6 million and $2.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
We recognize gains on sales of properties upon the closing of the transaction with the purchaser. Gains on properties sold are recognized using the full accrual method when (1) the collectability of the sales price is reasonably assured, (2) we are not obligated to perform significant activities after the sale, (3) the initial investment from the buyer is sufficient and (4) other profit recognition criteria have been satisfied. Gains on sales of properties may be deferred in whole or in part until the requirements for gain recognition have been met. | ||||||||||||
We receive various fee income from unconsolidated real estate joint ventures including property management fees, construction management fees, acquisition and disposition fees, leasing fees, asset management fees and financing fees. Fee income is recorded as earned in accordance with the respective fee agreement. Profit from these fees, if any, is eliminated to the extent of our ownership interest in these entities. Subsequent to the Formations Transactions and the acquisition of the outside interests in unconsolidated joint ventures, we no longer earn fee revenue (Note 15). | ||||||||||||
Real Estate | ||||||||||||
Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 30 years to a maximum of 40 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 3 years to 15 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to the contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. For the years ended December 31, 2013, 2012 and 2011, real estate depreciation expense was $52.0 million, $47.8 million and $42.5 million, respectively, including amounts from discontinued operations. | ||||||||||||
Acquisitions of properties are accounted for in accordance with the authoritative accounting guidance on acquisitions and business combinations. Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and appraised values. When we acquire operating real estate properties, the purchase price is allocated to land and buildings, intangibles such as in-place leases, and to current assets and liabilities acquired, if any. Such valuations include a consideration of the noncancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below market renewal options are determined based on a review of several qualitative and quantitative factors on a lease-by-lease basis at acquisition to determine whether it is probable that the tenant would exercise its option to renew the lease agreement. These factors include: (1) the type of tenant in relation to the property it occupies, (2) the quality of the tenant, including the tenant's long term business prospects and (3) whether the fixed rate renewal option was sufficiently lower than the fair rental of the property at the date the option becomes exercisable such that it would appear to be reasonably assured that the tenant would exercise the option to renew. The value allocated to in-place leases is amortized over the related lease term and reflected as depreciation and amortization in the statement of income. | ||||||||||||
The value of above and below market leases associated with the original noncancelable lease terms are amortized to rental income over the terms of the respective noncancelable lease periods and are reflected as either an increase (for below market leases) or a decrease (for above market leases) to rental income in the statement of income. The value of the leases associated with below market lease renewal options that are likely to be exercised are amortized to rental income over the respective renewal periods. If a tenant vacates its space prior to contractual termination of its lease or the lease is not renewed, the unamortized balance of any in-place lease value is written off to rental income and amortization expense. Acquisition-related expenses are expensed in the period incurred. | ||||||||||||
Capitalized Costs | ||||||||||||
We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance and construction costs and salaries and related costs of personnel directly involved. Additionally, we capitalize interest costs related to development and significant redevelopment activities. Capitalization of these costs begins when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine that the completion of development or redevelopment is no longer probable, we expense all capitalized costs which are not recoverable. | ||||||||||||
Impairment of Long Lived Assets | ||||||||||||
We review for impairment on a property by property basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. The sale or disposal of a “component of an entity” is treated as discontinued operations. The operating properties sold by us typically meet the definition of a component of an entity and as such the revenues and expenses associated with sold properties are reclassified to discontinued operations for all periods presented. | ||||||||||||
Financial Instruments | ||||||||||||
The estimated fair values of financial instruments are determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair values. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges. | ||||||||||||
Derivative Instruments | ||||||||||||
At times, we may use derivative instruments to manage exposure to variable interest rate risk. We may enter into interest rate swaps to manage our exposure to variable interest rate risk. If and when we enter into derivative instruments, we ensure that such instruments qualify as cash flow hedges and would not enter into derivative instruments for speculative purposes. | ||||||||||||
Any interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. We had no hedging instruments outstanding during 2013, 2012 and 2011. Concurrent with the closing of the amended and restated credit facility, we entered into an interest rate swap agreement that is intended to fix the interest rate associated with the term loan at approximately 3.08% through its maturity date and extension options, subject to adjustments based on our consolidated leverage ratio (see Note 18). | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity of less than 3 months. Cash balances in individual banks may exceed the federally insured limit of $250,000 by the Federal Deposit Insurance Corporation (the "FDIC"). No losses have been experienced related to such accounts. At December 31, 2013 and December 31, 2012, we had $29.0 million and $33.0 million, respectively, in excess of the FDIC insured limit. At December 31, 2013 and December 31, 2012, we had $11.0 million and $0.9 million, respectively, in money market funds that are not FDIC insured. | ||||||||||||
Restricted Cash | ||||||||||||
Restricted cash consists of amounts held by lenders to provide for future real estate tax expenditures, insurance expenditures and reserves for capital improvements. Activity for accounts related to real estate tax and insurance expenditures is classified as operating activities in the statement of cash flows. Changes in reserves for capital improvements are classified as investing activities in the statement of cash flows. At December 31, 2013 and 2012, we had $9.1 million and $7.4 million, respectively, in restricted cash. | ||||||||||||
Marketable Securities | ||||||||||||
Our portfolio of marketable securities was comprised of debt securities that are classified as trading. Trading securities are presented on our consolidated balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the mark-to-market of these securities were recognized as unrealized and realized gains or losses in income. | ||||||||||||
Other Assets | ||||||||||||
Other assets consist primarily of lease costs, lease incentives, acquired in-place leases, acquired above market leases and debt issuance costs. Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place and include third party commissions related to obtaining a lease. Capitalized lease costs are amortized over the life of the related lease and included in depreciation and amortization expense on the statement of income. If a tenant vacates its space prior to the contractual termination of its lease, the unamortized balance of any lease costs are written off. We view these lease costs as part of the up-front initial investment we made in order to generate a long-term cash inflow. Therefore, we classify cash outflows for lease costs as an investing activity in our consolidated statements of cash flows. | ||||||||||||
Costs related to the issuance of debt instruments are capitalized and are amortized as interest expense over the estimated life of the related issue using the straight-line method which approximates the effective interest method. If a debt instrument is paid off prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.” For the years ended December 31, 2013 and 2012, there were no early extinguishments of debt or write offs of debt issuance costs. For the year ended December 31, 2011, $0.6 million in debt issuance costs were written off and included in early extinguishment of debt. | ||||||||||||
Variable Interest Entities | ||||||||||||
Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as variable interest entities (“VIEs”). VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is the party that has a controlling interest in the VIE. Identifying the party with the controlling interest requires a focus on which entity has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (1) the obligation to absorb the expected losses of the VIE or (2) the right to receive the benefits from the VIE. We have evaluated our investments in certain joint ventures and determined that these joint ventures do not meet the requirements of a VIE and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method. | ||||||||||||
Investments in Real Estate Joint Ventures | ||||||||||||
We analyze our investments in real estate joint ventures under applicable guidance to determine if the venture is considered a VIE and would require consolidation. To the extent that the ventures do not qualify as VIEs, we further assess the venture to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights in order to determine whether consolidation is required. | ||||||||||||
We consolidate those ventures that are considered to be VIEs where we are the primary beneficiary. Control is further demonstrated by the ability of the general partner to manage day-to-day operations, refinance debt and sell the assets of the venture without the consent of the limited partner and inability of the limited partner to replace the general partner. We use the equity method of accounting for those ventures where we do not have control over operating and financial policies. Under the equity method of accounting, the investment in each venture is included on our balance sheet; however, the assets and liabilities of the ventures for which we use the equity method are not included in the balance sheet. The investment is adjusted for contributions, distributions and our proportionate share of the net earnings or losses of each respective venture. | ||||||||||||
We assess whether there has been impairment in the value of our investments in real estate joint ventures periodically. An impairment charge is recorded when events or changes in circumstances indicate that a decline in the fair value below the carrying value has occurred and such decline is other-than-temporary. The ultimate realization of the investments in unconsolidated real estate joint ventures is dependent on a number of factors, including the performance of the investments and market conditions. | ||||||||||||
Stock-Based Compensation | ||||||||||||
We grant stock-based compensation awards to our employees and directors typically in the form of restricted shares of common stock, options to purchase common stock and/or shares of common stock. We measure stock-based compensation expense based on the fair value of the award on the grant date and recognize the expense ratably over the vesting period. | ||||||||||||
Deferred Compensation | ||||||||||||
Our Operating Partnership has adopted the American Assets Trust Executive Deferral Plan V (“EDP V”) and the American Assets Trust Executive Deferral Plan VI (“EDP VI”). These plans were adopted by our Operating Partnership as successor plans to those deferred compensation plans maintained by American Assets Inc. ("AAI") in which certain employees of AAI, who were transferred to us in connection with the Offering (the “Transferred Participants”), participated prior to the Offering. EDP V and EDP VI contain substantially the same terms and conditions as these predecessor plans. AAI transferred to our Operating Partnership the Transferred Participants' account balances under the predecessor plans. These transferred account balances represent amounts deferred by the Transferred Participants prior to the Offering while they were employed by AAI. | ||||||||||||
At the time eligible participants defer compensation, we record compensation cost and a corresponding deferred compensation plan liability, which is included in other liabilities and deferred credits on our consolidated balance sheets. This liability is adjusted to fair value at the end of each accounting period based on the performance of the benchmark funds selected by each participant, and the impact of adjusting the liability to fair value is recorded as an increase or decrease to compensation cost. | ||||||||||||
Income Taxes | ||||||||||||
We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with the taxable year ending December 31, 2011. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we maintain our qualification for taxation as a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. If we fail to maintain our qualification as a REIT in any taxable year, and are unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to federal income tax at regular corporate rates, including any applicable alternative minimum tax. We are subject to certain state and local income taxes. | ||||||||||||
We, together with one of our subsidiaries, have elected to treat such subsidiary as a taxable REIT subsidiary (a “TRS”) for federal income tax purposes. Certain activities that we undertake must be conducted by a TRS, such as non-customary services for our tenants, and holding assets that we cannot hold directly. A TRS is subject to federal and state income taxes. | ||||||||||||
Segment Information | ||||||||||||
Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel. | ||||||||||||
Reclassifications | ||||||||||||
Certain items in the consolidated financial statements for prior periods have been reclassified to conform to current classifications. | ||||||||||||
Recent Accounting Pronouncements | ||||||||||||
In February 2013, the FASB issued ASU 2013-2, Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-2 requires entities to disclose certain information relating to amounts reclassified out of accumulated other comprehensive income. This pronouncement became effective for us in the first quarter of 2013 and did not have a significant impact on our consolidated financial statements. |
Real_Estate_Notes
Real Estate (Notes) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||||||
REAL ESTATE | ' | ||||||||||||||||||||
NOTE 2. REAL ESTATE | |||||||||||||||||||||
A summary of our real estate investments is as follows (in thousands): | |||||||||||||||||||||
Retail | Office | Multifamily | Mixed-Use | Total | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Land | $ | 248,008 | $ | 150,300 | $ | 18,477 | $ | 76,635 | $ | 493,420 | (1) | ||||||||||
Buildings | 499,091 | 618,077 | 42,270 | 123,142 | 1,282,580 | ||||||||||||||||
Land improvements | 39,892 | 7,528 | 3,010 | 2,363 | 52,793 | ||||||||||||||||
Tenant improvements | 46,649 | 51,016 | — | 1,697 | 99,362 | ||||||||||||||||
Furniture, fixtures, and equipment | 489 | 517 | 5,482 | 10,080 | 16,568 | ||||||||||||||||
Construction in progress | 2,673 | 46,727 | 19 | 1,275 | 50,694 | ||||||||||||||||
836,802 | 874,165 | 69,258 | 215,192 | 1,995,417 | |||||||||||||||||
Accumulated depreciation | (185,095 | ) | (84,012 | ) | (33,909 | ) | (15,565 | ) | (318,581 | ) | |||||||||||
Net real estate | $ | 651,707 | $ | 790,153 | $ | 35,349 | $ | 199,627 | $ | 1,676,836 | |||||||||||
December 31, 2012 | |||||||||||||||||||||
Land | $ | 247,884 | $ | 150,300 | $ | 18,477 | $ | 76,635 | $ | 493,296 | (1) | ||||||||||
Buildings | 497,922 | 600,146 | 41,968 | 123,084 | 1,263,120 | ||||||||||||||||
Land improvements | 39,882 | 7,528 | 2,990 | 2,363 | 52,763 | ||||||||||||||||
Tenant improvements | 46,393 | 44,232 | — | 1,757 | 92,382 | ||||||||||||||||
Furniture, fixtures, and equipment | 486 | 1,124 | 5,082 | 9,563 | 16,255 | ||||||||||||||||
Construction in progress | 1,903 | 18,698 | 1 | 258 | 20,860 | ||||||||||||||||
834,470 | 822,028 | 68,518 | 213,660 | 1,938,676 | |||||||||||||||||
Accumulated depreciation | (165,293 | ) | (62,825 | ) | (32,127 | ) | (10,249 | ) | (270,494 | ) | |||||||||||
Net real estate | $ | 669,177 | $ | 759,203 | $ | 36,391 | $ | 203,411 | $ | 1,668,182 | |||||||||||
(1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets. | |||||||||||||||||||||
Acquisitions | |||||||||||||||||||||
2012 Acquisitions | |||||||||||||||||||||
On January 24, 2012, we acquired One Beach Street, consisting of approximately 97,000 square feet in a three-story fully renovated historic office building located along the Embarcadero in San Francisco's North Waterfront District. The purchase price was approximately $36.5 million, excluding closing costs of approximately $0.02 million, which are included in other income (expense), net on the statement of income. The identified intangible assets and liabilities are being amortized over a weighted average life of 7.0 years. | |||||||||||||||||||||
On August 21, 2012, we acquired City Center Bellevue, a 27-story LEED-EB Gold certified office tower, consisting of approximately 497,000 square feet, located in Bellevue, Washington. The purchase price was approximately $228.8 million, excluding closing costs of approximately $0.1 million, which are included in other income (expense), net on the statement of income. Additionally, we received credits to our purchase price of approximately $6.9 million that primarily relate to outstanding tenant improvement obligations and rent abatements. The identified intangible assets and liabilities are being amortized over a weighted average life of 5.8 years. | |||||||||||||||||||||
On December 19, 2012, we acquired Geary Marketplace, a newly constructed, approximately 35,000 square foot, 100% leased, grocery-anchored shopping center in Walnut Creek, California. The purchase price was approximately $21.0 million, excluding closing costs of approximately $0.02 million, which are included in other income (expense), net on the statement of income. The identified intangible assets and liabilities are being amortized over a weighted average life of 19.8 years. | |||||||||||||||||||||
The fair values assigned to identifiable intangible assets acquired were based on estimates and assumptions determined by management. Using information available at the time the acquisition closed, we allocated the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. The allocation of the purchase price for each of One Beach Street, City Center Bellevue and Geary Marketplace is as follows (in thousands): | |||||||||||||||||||||
One Beach Street | City Center Bellevue | Geary Marketplace | Total | ||||||||||||||||||
Land | $ | 15,332 | $ | 25,135 | $ | 8,239 | $ | 48,706 | |||||||||||||
Building | 16,764 | 185,653 | 11,179 | 213,596 | |||||||||||||||||
Land improvements | 30 | 154 | 704 | 888 | |||||||||||||||||
Tenant improvements | 1,223 | 5,191 | 470 | 6,884 | |||||||||||||||||
Total real estate | 33,349 | 216,133 | 20,592 | 270,074 | |||||||||||||||||
Lease intangibles | 4,141 | 11,870 | 1,017 | 17,028 | |||||||||||||||||
Prepaid expenses and other assets | 1 | 2,596 | 414 | 3,011 | |||||||||||||||||
Total assets | $ | 37,491 | $ | 230,599 | $ | 22,023 | $ | 290,113 | |||||||||||||
Accounts payable and accrued expenses | $ | 94 | $ | 456 | $ | — | $ | 550 | |||||||||||||
Security deposits payable | 75 | 740 | — | 815 | |||||||||||||||||
Lease intangibles | 1,382 | 8,733 | 1,124 | 11,239 | |||||||||||||||||
Other liabilities and deferred credits | 22 | 497 | — | 519 | |||||||||||||||||
Total liabilities | $ | 1,573 | $ | 10,426 | $ | 1,124 | $ | 13,123 | |||||||||||||
We have included the results of operations for One Beach Street, City Center Bellevue and Geary Marketplace in our consolidated statements of income from the date of acquisition. For the period of acquisition through December 31, 2012, One Beach Street contributed $3.9 million to total revenue, $1.0 million to operating expenses, $2.9 million to operating income and $0.6 million to net income. For the period of acquisition through December 31, 2012, City Center Bellevue contributed $7.0 million to total revenue, $1.6 million to operating expenses, $5.4 million to operating income and an insignificant amount to net income. For the period of acquisition through December 31, 2012, Geary Marketplace contributed an insignificant amount to total revenue, expenses, operating income and net income. | |||||||||||||||||||||
Dispositions | |||||||||||||||||||||
On August 30, 2011, we sold Valencia Corporate Center for a sales price of $31.0 million. The property is located in Santa Clarita, California and was previously included in our office segment. The decision to sell Valencia Corporate Center was a result of our desire to focus resources on our core, high-barrier-to-entry markets. The sale was completed as a reverse tax deferred exchange in conjunction with the acquisition of First & Main pursuant to the provisions of Section 1031 of the Code and applicable state revenue and taxation code sections. As a result of the sale, Valencia Corporate Center no longer serves as a borrowing base property under our revolving credit facility. | |||||||||||||||||||||
On December 4, 2012, we sold 160 King Street for a sales price of approximately $93.8 million. The property is located in San Francisco, California and was previously included in our office segment. The decision to sell 160 King Street was a result of our desire to focus resources on our core, high-barrier-to-entry markets. The sale was completed as a reverse tax deferred exchange in conjunction with the acquisition of City Center Bellevue pursuant to the provisions of Section 1031 of the Code and applicable state revenue and taxation code sections. As a result of the sale, 160 King Street no longer serves as a borrowing base property under our revolving credit facility. | |||||||||||||||||||||
We determined that Valencia Corporate Center became a discontinued operation in the third quarter of 2011. We determined that 160 King Street became a discontinued operation in the fourth quarter of 2012. We have, therefore, classified Valencia Corporate Center's and 160 King Street's net assets, liabilities and operating results as discontinued operations on our balance sheets and our statements of income for all periods prior to the sale. | |||||||||||||||||||||
Net revenue and net income from the property's discontinued operations were as follows (in thousands): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Net revenue from discontinued operations | $ | — | $ | 6,734 | $ | 10,133 | |||||||||||||||
Results from discontinued operations | |||||||||||||||||||||
Income from discontinued operations | — | 932 | 1,672 | ||||||||||||||||||
Gain on sale of real estate from discontinued operations | — | 36,720 | 3,981 | ||||||||||||||||||
Total income from discontinued operations | $ | — | $ | 37,652 | $ | 5,653 | |||||||||||||||
Acquired_InPlace_Leases_and_Ab
Acquired In-Place Leases and Above/Below Market Leases (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES | ' | |||||||||||
ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES | ||||||||||||
The following summarizes our acquired lease intangibles, which are included in other assets and other liabilities and deferred credits (in thousands): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
In-place leases | $ | 62,813 | $ | 72,598 | ||||||||
Accumulated amortization | (38,279 | ) | (38,290 | ) | ||||||||
Above market leases | 28,279 | 32,846 | ||||||||||
Accumulated amortization | (20,880 | ) | (21,363 | ) | ||||||||
Acquired lease intangible assets, net | $ | 31,933 | $ | 45,791 | ||||||||
Below market leases | $ | 76,502 | $ | 80,071 | ||||||||
Accumulated accretion | (28,592 | ) | (25,721 | ) | ||||||||
Acquired lease intangible liabilities, net | $ | 47,910 | $ | 54,350 | ||||||||
The value allocated to in-place leases is amortized over the related lease term as depreciation and amortization expense in the statement of income. Above and below market leases are amortized over the related lease term as additional rental income for below market leases or a reduction of rental income for above market leases in the statement of income. Rental income (loss) included net amortization from acquired above and below market leases of $2.4 million, $(0.2) million and $(1.1) million in 2013, 2012 and 2011, respectively. The remaining weighted-average amortization period as of December 31, 2013, is 3.8 years, 2.3 years and 8.7 years for in-place leases, above market leases and below market leases, respectively. Below market leases include $21.0 million related to below market renewal options, and the weighted-average period prior to the commencement of the renewal options is 9.9 years. | ||||||||||||
Increases (decreases) in net income as a result of amortization of our in-place leases, above market leases and below market leases are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Amortization of in-place leases | $ | (9,120 | ) | $ | (10,248 | ) | $ | (8,859 | ) | |||
Amortization of above market leases | (4,052 | ) | (5,739 | ) | (5,684 | ) | ||||||
Amortization of below market leases | 6,440 | 5,502 | 4,567 | |||||||||
Net loss | $ | (6,732 | ) | $ | (10,485 | ) | $ | (9,976 | ) | |||
As of December 31, 2013, the amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows (in thousands): | ||||||||||||
In-Place | Above Market | Below Market | ||||||||||
Leases | Leases | Leases | ||||||||||
Year Ending December 31, | ||||||||||||
2014 | $ | 5,849 | $ | 2,296 | $ | 4,989 | ||||||
2015 | 4,777 | 1,752 | 4,588 | |||||||||
2016 | 3,958 | 1,263 | 4,453 | |||||||||
2017 | 3,193 | 932 | 4,097 | |||||||||
2018 | 1,897 | 628 | 3,577 | |||||||||
Thereafter | 4,860 | 528 | 26,206 | |||||||||
$ | 24,534 | $ | 7,399 | $ | 47,910 | |||||||
Marketable_Securities_Notes
Marketable Securities (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | ' |
MARKETABLE SECURITIES | ' |
MARKETABLE SECURITIES | |
Our portfolio of marketable securities was comprised of debt securities that were classified as trading securities. Our marketable securities consisted of investments in mortgage-backed securities issued by the Government National Mortgage Association (“GNMA securities”). We reported our trading securities at fair value, using prices provided by independent market participants that are based on observable inputs using market-based valuation techniques (Level 2 of the fair value hierarchy-see Note 5). On August 20, 2012, we sold all of our outstanding GNMA securities with a realized loss of $0.7 million for the year ended December 31, 2012. For the year ended December 31, 2011, gains and losses resulting from the mark-to-market of these securities were recognized as unrealized gains or losses in income. Unrealized (losses) and gains in our statement of income for the year ended December 31, 2011 were $0.1 million and included in other income (expense). |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments (Notes) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | |||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||||||||||||
A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy for inputs used in measuring fair value is as follows: | ||||||||||||||||||||||||||
1 | Level 1 Inputs—quoted prices in active markets for identical assets or liabilities | |||||||||||||||||||||||||
2 | Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities | |||||||||||||||||||||||||
3 | Level 3 Inputs—unobservable inputs | |||||||||||||||||||||||||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||||||||||||||
Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. Financial assets and liabilities whose fair values we measure on a recurring basis using Level 2 inputs consist of GNMA securities and our deferred compensation liability. We measure the fair values of these assets and liability based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques provided by third parties using proprietary valuation models and analytical tools as of December 31, 2013 and 2012. These valuation models and analytical tools use market pricing or similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. The Company validates the valuations received from its primary pricing vendors for its level 2 securities by examining the inputs used in that vendor's pricing process and determines whether they are reasonable and observable. The Company also compares those valuations to recent reported trades for those securities. The Company did not adjust any of the valuations received from these third parties with respect to any of its level 2 securities at December 31, 2013 and 2012. | ||||||||||||||||||||||||||
A summary of our financial liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy is as follows (in thousands): | ||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Deferred compensation liability | $ | — | $ | 769 | $ | — | $ | 769 | $ | — | $ | 637 | $ | — | $ | 637 | ||||||||||
The fair value of our secured notes payable and unsecured notes payable is sensitive to fluctuations in interest rates. Discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable, using rates ranging from 3.75% to 5.71%. | ||||||||||||||||||||||||||
Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the carrying amount and fair value of our financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands): | ||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||
Secured notes payable | 952,174 | 990,296 | 1,044,682 | 1,116,162 | ||||||||||||||||||||||
Line of credit | 93,000 | 93,000 | — | — | ||||||||||||||||||||||
Other_Assets_Notes
Other Assets (Notes) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
OTHER ASSETS | ' | |||||||
OTHER ASSETS | ||||||||
Other assets consist of the following (in thousands): | ||||||||
31-Dec-13 | 31-Dec-12 | |||||||
Leasing commissions, net of accumulated amortization of $19,606 and $16,829 respectively | $ | 18,071 | $ | 18,329 | ||||
Acquired above market leases, net | 7,399 | 11,483 | ||||||
Acquired in-place leases, net | 24,534 | 34,308 | ||||||
Lease incentives, net of accumulated amortization of $2,590 and $2,220, respectively | 1,110 | 1,480 | ||||||
Other intangible assets, net of accumulated amortization of $1,554 and $4,239, respectively | 655 | 960 | ||||||
Debt issuance costs, net of accumulated amortization of $2,985 and $2,374, respectively | 2,632 | 3,651 | ||||||
Prepaid expenses, deposits and other | 3,269 | 3,459 | ||||||
Total other assets | $ | 57,670 | $ | 73,670 | ||||
Lease incentives are amortized over the term of the related lease and included as a reduction of rental income in the statement of income. |
Other_Liabilities_and_Deferred
Other Liabilities and Deferred Credits (Notes) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
OTHER LIABILITIES AND DEFERRED CREDITS | ' | |||||||
OTHER LIABILITIES AND DEFERRED CREDITS | ||||||||
Other liabilities and deferred credits consist of the following (in thousands): | ||||||||
31-Dec-13 | 31-Dec-12 | |||||||
Acquired below market leases, net | $ | 47,910 | $ | 54,350 | ||||
Prepaid rent and deferred revenue | 7,506 | 6,383 | ||||||
Straight-line rent liability | 1,145 | 63 | ||||||
Deferred rent expense | 829 | 1,008 | ||||||
Deferred compensation | 769 | 637 | ||||||
Deferred tax liability | 233 | 320 | ||||||
Other liabilities | 73 | 50 | ||||||
Total other liabilities and deferred credits | $ | 58,465 | $ | 62,811 | ||||
Straight-line rent liability relates to leases which have rental payments that decrease over time or one-time upfront payments for which the rental revenue is deferred and recognized on a straight-line basis. |
Debt_Notes
Debt (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
DEBT | ' | ||||||||||||
DEBT | |||||||||||||
The following is a summary of our total secured notes payable outstanding as of December 31, 2013 and December 31, 2012 (in thousands): | |||||||||||||
Description of Debt | Principal Balance as of | Stated Interest Rate | Stated Maturity Date | ||||||||||
31-Dec-13 | 31-Dec-12 | as of December 31, 2013 | |||||||||||
Alamo Quarry Market (1) | $ | — | $ | 93,942 | |||||||||
Waikele Center (3) | 140,700 | 140,700 | 5.15 | % | November 1, 2014 | ||||||||
The Shops at Kalakaua (3) | 19,000 | 19,000 | 5.45 | % | May 1, 2015 | ||||||||
The Landmark at One Market (2)(3) | 133,000 | 133,000 | 5.61 | % | July 5, 2015 | ||||||||
Del Monte Center (3) | 82,300 | 82,300 | 4.93 | % | July 8, 2015 | ||||||||
First & Main (3) | 84,500 | 84,500 | 3.97 | % | July 1, 2016 | ||||||||
Imperial Beach Gardens (3) | 20,000 | 20,000 | 6.16 | % | September 1, 2016 | ||||||||
Mariner’s Point (3) | 7,700 | 7,700 | 6.09 | % | September 1, 2016 | ||||||||
South Bay Marketplace (3) | 23,000 | 23,000 | 5.48 | % | February 10, 2017 | ||||||||
Waikiki Beach Walk—Retail (3) | 130,310 | 130,310 | 5.39 | % | July 1, 2017 | ||||||||
Solana Beach Corporate Centre III-IV | 36,804 | 37,204 | 6.39 | % | August 1, 2017 | ||||||||
Loma Palisades (3) | 73,744 | 73,744 | 6.09 | % | July 1, 2018 | ||||||||
One Beach Street (3) | 21,900 | 21,900 | 3.94 | % | April 1, 2019 | ||||||||
Torrey Reserve—North Court (1) | 21,377 | 21,659 | 7.22 | % | June 1, 2019 | ||||||||
Torrey Reserve—VCI, VCII, VCIII (1) | 7,200 | 7,294 | 6.36 | % | June 1, 2020 | ||||||||
Solana Beach Corporate Centre I-II (1) | 11,475 | 11,637 | 5.91 | % | June 1, 2020 | ||||||||
Solana Beach Towne Centre (1) | 38,249 | 38,790 | 5.91 | % | June 1, 2020 | ||||||||
City Center Bellevue (3) | 111,000 | 111,000 | 3.98 | % | November 1, 2022 | ||||||||
Total | 962,259 | 1,057,680 | |||||||||||
Unamortized fair value adjustment | (10,085 | ) | (12,998 | ) | |||||||||
Total Secured Notes Payable Balance | $ | 952,174 | $ | 1,044,682 | |||||||||
-1 | Principal payments based on a 30-year amortization schedule. | ||||||||||||
-2 | Maturity Date is the earlier of the loan maturity date under the loan agreement, or the “Anticipated Repayment Date” as specifically defined in the loan agreement, which is the date after which substantial economic penalties apply if the loan has not been paid off. | ||||||||||||
-3 | Interest only. | ||||||||||||
On October 10, 2012, we entered into a ten-year non-recourse mortgage loan with PNC Bank, National Association with an original principal amount of $111.0 million. The loan is secured by a first-priority deed of trust on City Center Bellevue and an assignment of all leases, rents and security deposits relating to City Center Bellevue. The loan has a maturity date of November 1, 2022, bears interest at a fixed rate per annum of 3.98% and is interest only. | |||||||||||||
On March 29, 2012, we entered into a seven-year non-recourse mortgage loan with PNC Bank, National Association with an original principal amount of $21.9 million. The loan is secured by a first-priority deed of trust on One Beach Street and an assignment of all leases, rents and security deposits relating to One Beach Street. The loan has a maturity date of April 1, 2019, bears interest at a fixed rate per annum of 3.94% and is interest only. | |||||||||||||
Certain loans require us to comply with various financial covenants, including the maintenance of minimum debt coverage ratios. As of December 31, 2013, we were in compliance with all loan covenants. | |||||||||||||
Scheduled principal payments on notes payable as of December 31, 2013 are as follows (in thousands): | |||||||||||||
2014 | $ | 142,276 | |||||||||||
2015 | 235,980 | ||||||||||||
2016 | 113,974 | ||||||||||||
2017 | 190,139 | ||||||||||||
2018 | 75,224 | ||||||||||||
Thereafter | 204,666 | ||||||||||||
$ | 962,259 | ||||||||||||
Credit Facility | |||||||||||||
On January 19, 2011, upon completion of our Offering, we entered into a revolving credit facility, or the credit facility. A group of lenders for which an affiliate of Merrill Lynch, Pierce, Fenner & Smith Incorporated acts as administrative agent and joint arranger, and an affiliate of Wells Fargo Securities, LLC acts as syndication agent and joint arranger, provided commitments for a revolving credit facility allowing borrowings of up to $250.0 million. At December 31, 2013, our maximum allowable borrowing amount was $222.3 million, of which $93.0 million was outstanding. The credit facility also had an accordion feature that allowed us to increase the availability thereunder up to a maximum of $400.0 million, subject to meeting specified requirements and obtaining additional commitments from lenders. The credit facility bore interest at the rate of either LIBOR or a base rate, in each case plus a margin that varied depending on our leverage ratio. At December 31, 2013, the interest rate on our outstanding credit facility was 1.8%. For the year ended December 31, 2013, we incurred approximately $0.4 million of interest expense on amounts drawn on our credit facility. The amount available for us to borrow under the credit facility was subject to the net operating income of our properties that form the borrowing base of the facility and a minimum implied debt yield of such properties. | |||||||||||||
On March 7, 2011, the credit facility was amended to allow us or our Operating Partnership to purchase GNMA securities with maturities of up to 30 years. On January 10, 2012, the credit facility was amended a second time to (1) extend the maturity date to January 10, 2016 (with a one-year extension option), (2) decrease the applicable interest rates and (3) modify certain financial covenants contained therein. On September 7, 2012, the credit facility was amended a third time to allow our consolidated total secured indebtedness to be up to 55% of our secured total asset value for the period commencing upon the date that a material acquisition (generally, greater than $100 million) was consummated through and including the last day of the third fiscal quarter that followed such date. | |||||||||||||
The amended credit facility included a number of customary financial covenants, including: | |||||||||||||
• | a maximum leverage ratio (defined as total indebtedness net of certain unrestricted cash and cash equivalents to total asset value) of 60%, | ||||||||||||
• | a minimum fixed charge coverage ratio (defined as consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges) of 1.50x, | ||||||||||||
• | a maximum secured leverage ratio (defined as total secured indebtedness to secured total asset value) of up to 55% in circumstances, | ||||||||||||
• | a minimum tangible net worth equal to at least 75% of our tangible net worth at January 19, 2011, plus 85% of the net proceeds of any additional equity issuances (other than additional equity issuances in connection with any dividend reinvestment program), and | ||||||||||||
• | a $35.0 million limit on the maximum principal amount of recourse indebtedness we may have outstanding at any time, other than under the credit facility. | ||||||||||||
The credit facility provided that our annual distributions may not exceed the greater of (1) 95.0% of our funds from operations or (2) the amount required for us to (a) qualify and maintain our REIT status and (b) avoid the payment of federal or state income or excise tax. If certain events of default existed or resulted from a distribution, we would have been precluded from making distributions other than those necessary to qualify and maintain our status as a REIT. | |||||||||||||
We and certain of our subsidiaries guaranteed the obligations under the credit facility, and certain of our subsidiaries pledged specified equity interests in our subsidiaries as collateral for our obligations under the credit facility. | |||||||||||||
As of December 31, 2013, we were in compliance with all then in-place credit facility covenants. | |||||||||||||
On January 9, 2014, we entered into an amended and restated credit agreement, or the amended and restated credit facility, which amended and restated the then in-place credit facility. The amended and restated credit facility provides for aggregate, unsecured borrowing of $350 million, consisting of a revolving line of credit of $250 million, or the revolver loan, and a term loan of $100 million, or the term loan. The amended and restated credit facility has an accordion feature that may allow us to increase the availability thereunder up to an additional $250 million, subject to meeting specified requirements and obtaining additional commitments from lenders. | |||||||||||||
Borrowings under the amended and restated credit facility initially bear interest at floating rates equal to, at our option, either (1) LIBOR, plus a spread which ranges from (a) 1.35%-1.95% (with respect to the revolver loan) and (b) 1.30% to 1.90% (with respect to the term loan), in each case based on our consolidated leverage ratio, or (2) a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 50 bps or (c) the Eurodollar rate plus 100 bps, plus a spread which ranges from (i) 0.35%-0.95% (with respect to the revolver loan) and (ii) 0.30% to 0.90% (with respect to the term loan), in each case based on our consolidated leverage ratio. The foregoing rates are more favorable than previously contained in the credit agreement in place as of December 31, 2013. If we obtain an investment-grade debt rating, under the terms set forth in the amended and restated credit facility, the spreads will further improve. | |||||||||||||
The revolver loan initially matures on January 9, 2018, subject to our option to extend the revolver loan up to two times, with each such extension for a six-month period. The term loan initially matures on January 9, 2016, subject to our option to extend the term loan up to three times, with each such extension for a 12-month period. The foregoing extension options are exercisable by us subject to the satisfaction of certain conditions. | |||||||||||||
Concurrent with the closing of the amended and restated credit facility, we drew down on the entirety of the $100 million term loan and entered into an interest rate swap agreement that is intended to fix the interest rate associated with the term loan at approximately 3.08% through its maturity date and extension options, subject to adjustments based on our consolidated leverage ratio. | |||||||||||||
Additionally, the amended and restated credit facility includes a number of customary financial covenants, including: | |||||||||||||
• | A maximum leverage ratio (defined as total indebtedness net of certain cash and cash equivalents to total asset value) of 60%, and during any material acquisition period the maximum leverage ratio allowable is 65%, | ||||||||||||
• | A maximum secured leverage ratio (defined as total secured debt to secured total asset value) of 45% at any time prior to December 31, 2015, and 40% thereafter, during a material acquisition period the maximum secured leverage ratio is increased to 50% at any time prior to December 31, 2015 and 45% thereafter, | ||||||||||||
• | A minimum fixed charge coverage ratio (defined as consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges) of 1.50x, | ||||||||||||
• | A minimum unsecured interest coverage ratio of 1.75x, | ||||||||||||
• | A maximum unsecured leverage ratio of 60%, and during any material acquisition period the maximum unsecured leverage ratio allowable is 65%, | ||||||||||||
• | A minimum tangible net worth of $721.16 million, and 75% of the net proceeds of any additional equity issuances (other than additional equity issuances in connection with any dividend reinvestment program), and | ||||||||||||
• | Recourse indebtedness at any time cannot exceed 15% of total asset value. | ||||||||||||
The amended and restated credit facility provides that our annual distributions may not exceed the greater of (1) 95% of our funds from operations (“FFO”) or (2) the amount required for us to (a) qualify and maintain our REIT status and (b) avoid the payment of federal or state income or excise tax. If certain events of default exist or would result from a distribution, we may be precluded from making distributions other than those necessary to qualify and maintain our status as a REIT. |
Equity_Notes
Equity (Notes) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||
EQUITY | ' | |||||||||||||||||||||
EQUITY | ||||||||||||||||||||||
Stockholders' Equity | ||||||||||||||||||||||
On May 6, 2013, we entered into an at-the-market (“ATM”) equity program with four sales agents in which we may, from time to time, offer and sell shares of our common stock having an aggregate offering price of up to $150.0 million. The sales of shares of our common stock made through the ATM equity program are made in "at-the-market" offerings as defined in Rule 415 of the Securities Act of 1933, as amended. For the three months ended December 31, 2013, we issued 22,738 shares of common stock through the ATM equity program at a weighted average price per share of $32.25 for gross proceeds of $0.7 million and paid $0.01 million in sales agent compensation and $0.1 million in additional offering expenses related to the sales of these shares of common stock. For the year ended December 31, 2013, we issued 741,452 shares of common stock through the ATM equity program at a weighted average price per share of $35.00 for gross proceeds of $26.0 million and paid $0.3 million in sales agent compensation and $0.8 million in additional offering expenses related to the sales of these shares of common stock. As of December 31, 2013, we had the capacity to issue up to an additional $124.0 million in shares of our common stock under our ATM equity program. Actual future sales will depend on a variety of factors including, but not limited to, market conditions, the trading price of our common stock and our capital needs. We have no obligation to sell the remaining shares available for sale under the ATM equity program. | ||||||||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||
Noncontrolling interests in our Operating Partnership are interests in the Operating Partnership that are not owned by us. Noncontrolling interests consisted of 17,917,109 common units (the “noncontrolling common units”), and represented approximately 31% of the ownership interests in our Operating Partnership at December 31, 2013. Common units and shares of our common stock have essentially the same economic characteristics in that common units and shares of our common stock share equally in the total net income or loss distributions of our Operating Partnership. Investors who own common units have the right to cause our Operating Partnership to redeem any or all of their common units for cash equal to the then-current market value of one share of our common stock, or, at our election, shares of our common stock on a one-for-one basis. | ||||||||||||||||||||||
On February 14, 2011, we completed a private placement transaction of 251,050 common units for approximately $5.4 million. | ||||||||||||||||||||||
During the years ended December 31, 2013 and 2012, 106,236 and 372,654, respectively, common units were converted into shares of our common stock. During the year ended December 31, 2011, no common units were converted into shares of our common stock. | ||||||||||||||||||||||
Preferred Stock Authorized Shares | ||||||||||||||||||||||
We have authorized to issue 10,000,000 shares of preferred stock with a par value of $0.01, of which no shares were outstanding at December 31, 2013. Upon issuance, our Board of Directors has the ability to define the terms of the preferred shares, including voting rights, liquidation preferences, conversion and redemption provisions and dividend rates. | ||||||||||||||||||||||
Dividends | ||||||||||||||||||||||
The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||
Period | Amount per Share/Unit | Period Covered | Dividend Paid Date | |||||||||||||||||||
First Quarter 2011 | $ | 0.17 | January 19, 2011 to March 31, 2011 | March 31, 2011 | ||||||||||||||||||
Second Quarter 2011 | $ | 0.21 | April 1, 2011 to June 30, 2011 | June 30, 2011 | ||||||||||||||||||
Third Quarter 2011 | $ | 0.21 | July 1, 2011 to September 30, 2011 | September 30, 2011 | ||||||||||||||||||
Fourth Quarter 2011 | $ | 0.21 | October 1, 2011 to December 31, 2011 | December 29, 2011 | ||||||||||||||||||
First Quarter 2012 | $ | 0.21 | January 1, 2012 to March 31, 2012 | March 30, 2012 | ||||||||||||||||||
Second Quarter 2012 | $ | 0.21 | April 1, 2012 to June 30, 2012 | June 29, 2012 | ||||||||||||||||||
Third Quarter 2012 | $ | 0.21 | July 1, 2012 to September 30, 2012 | September 28, 2012 | ||||||||||||||||||
Fourth Quarter 2012 | $ | 0.21 | October 1, 2012 to December 31, 2012 | December 28, 2012 | ||||||||||||||||||
First Quarter 2013 | $ | 0.21 | January 1, 2013 to March 31, 2013 | March 29, 2013 | ||||||||||||||||||
Second Quarter 2013 | $ | 0.21 | April 1, 2013 to June 30, 2013 | June 28, 2013 | ||||||||||||||||||
Third Quarter 2013 | $ | 0.21 | July 1, 2013 to September 30, 2013 | September 27, 2013 | ||||||||||||||||||
Fourth Quarter 2013 | $ | 0.22 | October 1, 2013 to December 31, 2013 | December 27, 2013 | ||||||||||||||||||
Taxability of Dividends | ||||||||||||||||||||||
Earnings and profits, which determine the taxability of distributions to stockholders and holders of common units, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of loss on extinguishment of debt, revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation. A summary of the income tax status of dividends per share paid is as follows: | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share | % | Per Share | % | Per Share | % | |||||||||||||||||
Ordinary income | $ | 0.83 | 97.6 | % | $ | 0.56 | 66.7 | % | $ | 0.22 | 27.5 | % | ||||||||||
Return of capital | 0.02 | 2.4 | % | 0.28 | 33.3 | % | 0.58 | 72.5 | % | |||||||||||||
Total | $ | 0.85 | 100 | % | $ | 0.84 | 100 | % | $ | 0.8 | 100 | % | ||||||||||
Stock-Based Compensation | ||||||||||||||||||||||
In connection with Offering, we adopted our 2011 Equity Incentive Award Plan (“2011 Plan”). The 2011 Plan provides for grants to directors, employees and consultants of the Company and the Operating Partnership of stock options, restricted stock, dividend equivalents, stock payments, performance shares, LTIP units, stock appreciation rights and other incentive awards. An aggregate of 4,054,411 shares of our common stock are authorized for issuance under awards granted pursuant to the 2011 Plan, and as of December 31, 2013, 3,425,353 shares of common stock remain available for future issuance. | ||||||||||||||||||||||
Concurrently with the closing of the Offering, we made grants of restricted shares of our common stock to certain executive officers under the 2011 Plan. At such time, we granted to such executive officers a total of 198,000 shares that are subject to timing-based vesting and 297,000 shares that are subject to performance-based vesting, with fair market values of $4.1 million for the timing-based vesting awards and $3.9 million for the performance-based vesting awards. Those awards subject to time-based vesting vest, subject to the recipient's continued employment, in two substantially equal installments. The first installment vested on the third anniversary of the date of grant and the second installment will vest on the fourth anniversary of the date of grant. The vesting of those restricted stock awards subject to performance-based vesting was based on the achievement of absolute and relative total stockholder return hurdles over a three-year performance period, commencing on January 19, 2011. Following the completion of the three-year performance period, our compensation committee determined the number of shares to which the executive officer was entitled based on our performance relative to the performance hurdles set forth in the restricted stock award agreement he entered into in connection with his initial award grant. These shares then vest in two substantially equal installments, with the first installment vested on the third anniversary of the date of grant and the second installment vesting on the fourth anniversary of the date of grant, subject to the executive officer's continued employment on those dates. | ||||||||||||||||||||||
Concurrently with the closing of the Offering, we also granted each of our non-employee directors 1,951 restricted shares of our common stock pursuant to the 2011 Plan. These awards of restricted stock vested ratably as to one-third of the shares granted on each of the first three anniversaries of the date of grant, subject to the director's continued service on our board of directors, and had an aggregate fair value of $0.2 million on the date of the grants. | ||||||||||||||||||||||
We granted each of our non-employee directors restricted shares of our common stock pursuant to the 2011 Plan, either concurrently with the closing of the Offering or at the time the director was formally appointed to our board of directors (the "Board"). Additionally, on June 13, 2013 and July 10, 2012, we granted a total of 5,004 and 8,015 restricted shares of our common stock, respectively, to members of our Board. These awards of restricted stock will vest ratably as to one-third of the shares granted on each of the first three anniversaries of the date of grant, subject to the director’s continued service on our Board pursuant to our independent director compensation policy. | ||||||||||||||||||||||
On March 16, 2011, we granted a total of 123,950 restricted shares of our common stock to certain other employees pursuant to the 2011 Plan with a fair value of $1.6 million. These shares are subject to performance-based vesting, with the terms described above related to performance-based vesting. | ||||||||||||||||||||||
For the performance-based stock awards, the fair value of the awards was estimated using a Monte Carlo Simulation model. Our stock price, along with the stock prices of the group of peer REITs, is assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on the stock price of the Company and the group REITs were estimated based on a three year look-back period. The expected growth rate of the stock prices over the “derived service period” of the employee is determined with consideration of the risk free rate as of the grant date. For the restricted stock grants that are time-vesting, we estimate the stock compensation expense based on the fair value of the stock at the grant date. | ||||||||||||||||||||||
The following table summarizes the activity of non-vested restricted stock awards during the year ended December 31, 2013: | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||
Units | Weighted Average Grant Date Fair Value | |||||||||||||||||||||
Balance at beginning of year | 633,222 | $ | 15.64 | |||||||||||||||||||
Granted | 5,004 | 31.97 | ||||||||||||||||||||
Vested | (4,737 | ) | 22.55 | |||||||||||||||||||
Forfeited | (4,431 | ) | 19.38 | |||||||||||||||||||
Balance at end of year | 629,058 | $ | 15.58 | |||||||||||||||||||
We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $2.8 million, $2.9 million and $2.6 million in noncash compensation expense for the years ended December 31, 2013, 2012 and 2011, each of which is included in general and administrative expense on the statement of income. Unrecognized compensation expense was $1.6 million at December 31, 2013, which will be recognized over a weighted-average period of 0.6 years. | ||||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||
We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating security is calculated according to dividends declared and participation rights in undistributed earnings. For the years ended December 31, 2013, 2012 and 2011, we had a weighted average of approximately 630,130, 629,493 and 578,489 unvested shares outstanding, respectively, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares. | ||||||||||||||||||||||
Diluted EPS is calculated by dividing the net income attributable to common stockholders for the period by the weighted average number of common and dilutive instruments outstanding during the period using the treasury stock method. For the year ended December 31, 2013, diluted shares exclude incentive restricted stock as these awards are considered contingently issuable. Additionally, the unvested restricted stock awards subject to time vesting are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. | ||||||||||||||||||||||
The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts): | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
NUMERATOR | ||||||||||||||||||||||
Income from continuing operations | $ | 22,594 | $ | 13,949 | $ | 13,671 | ||||||||||||||||
Less: Net income attributable to restricted shares | (536 | ) | (529 | ) | (482 | ) | ||||||||||||||||
Plus: Loss from continuing operations attributable to Predecessor's noncontrolling interests in consolidated real estate entities | — | — | 2,455 | |||||||||||||||||||
Less: Income from continuing operations attributable to Predecessor's controlled owners' equity | — | — | (16,962 | ) | ||||||||||||||||||
Plus: (Income) loss from continuing operations attributable to unitholders in the Operating Partnership | (6,838 | ) | (4,239 | ) | 425 | |||||||||||||||||
Income (loss) from continuing operations attributable to American Assets Trust, Inc. common stockholders—basic | 15,220 | 9,181 | (893 | ) | ||||||||||||||||||
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders | — | 25,758 | 3,810 | |||||||||||||||||||
Net income attributable to common stockholders—basic | $ | 15,220 | $ | 34,939 | $ | 2,917 | ||||||||||||||||
Income (loss) from continuing operations attributable to American Assets Trust, Inc. common stockholders—basic | $ | 15,220 | $ | 9,181 | $ | (893 | ) | |||||||||||||||
Less: Income (loss) from continuing operations attributable to unitholders in the Operating Partnership | 6,838 | 4,239 | (425 | ) | ||||||||||||||||||
Income (loss) from continuing operations attributable to common stockholders—diluted | 22,058 | 13,420 | (1,318 | ) | ||||||||||||||||||
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders | — | 25,758 | 3,810 | |||||||||||||||||||
Plus: Results from discontinued operations attributable to unitholders in the Operating Partnership | — | 11,894 | 1,813 | |||||||||||||||||||
Net income attributable to common stockholders—diluted | $ | 22,058 | $ | 51,072 | $ | 4,305 | ||||||||||||||||
DENOMINATOR | ||||||||||||||||||||||
Weighted average common shares outstanding—basic | 39,539,457 | 38,736,113 | 36,748,806 | |||||||||||||||||||
Effect of dilutive securities—conversion of Operating Partnership units | 17,976,353 | 18,317,796 | 17,471,001 | |||||||||||||||||||
Weighted average common shares outstanding—diluted | 57,515,810 | 57,053,909 | 54,219,807 | |||||||||||||||||||
Earnings (loss) per common share—basic | ||||||||||||||||||||||
Continuing operations | $ | 0.38 | $ | 0.24 | $ | (0.02 | ) | |||||||||||||||
Discontinued operations | — | 0.66 | 0.1 | |||||||||||||||||||
$ | 0.38 | $ | 0.9 | $ | 0.08 | |||||||||||||||||
Earnings (loss) per common share—diluted | ||||||||||||||||||||||
Continuing operations | $ | 0.38 | $ | 0.24 | $ | (0.02 | ) | |||||||||||||||
Discontinued operations | — | 0.66 | 0.1 | |||||||||||||||||||
$ | 0.38 | $ | 0.9 | $ | 0.08 | |||||||||||||||||
Income_Taxes_Notes
Income Taxes (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
INCOME TAXES | ' | |||||||||||
INCOME TAXES | ||||||||||||
We elected to be taxed as a REIT and operate in a manner that allows us to qualify as a REIT, for federal income tax purposes commencing with our taxable year ending December 31, 2011. As a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. Taxable income from non-REIT activities managed through our TRS is subject to federal and state income taxes. | ||||||||||||
We lease our hotel property to a wholly owned TRS that is subject to federal and state income taxes. We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between GAAP carrying amounts and their respective tax bases. Additionally, we classify certain state taxes as income taxes for financial reporting purposes in accordance with ASC Topic 740, Income Taxes. | ||||||||||||
A deferred tax (asset)/liability is included in our consolidated balance sheets of $(0.1) million and $0.3 million as of December 31, 2013 and 2012, in relation to real estate asset basis differences and prepaid expenses for our TRS. | ||||||||||||
The income tax provision included in other income (expense) on the consolidated statement of income is as follows (in thousands): | ||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 370 | $ | 361 | $ | 483 | ||||||
State | 362 | 335 | 90 | |||||||||
Deferred: | ||||||||||||
Federal | $ | (47 | ) | $ | 118 | $ | — | |||||
State | (40 | ) | 202 | — | ||||||||
Provision for income taxes | $ | 645 | $ | 1,016 | $ | 573 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
COMMITMENTS AND CONTINGENCIES | |||||
Legal | |||||
We are sometimes involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. | |||||
We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. We do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also, under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us as owner of the properties due to certain matters relating to the operation of the properties by the tenant. | |||||
Commitments | |||||
At The Landmark at One Market, we lease, as lessee, a building adjacent to The Landmark under an operating lease effective through June 30, 2016, which we have the option to extend until 2026 by way of two five-year extension options. | |||||
At Waikiki Beach Walk, we sublease a portion of the building of which Quiksilver is currently in possession, under an operating lease effective through December 31, 2021, which we have the option to extend at fair rental value in the event the sublessor extends its lease for the space with the master landlord. The lease payments under the lease will increase by approximately 3.4% annually through 2017 and, thereafter, will be equal to fair rental value, as defined in the lease, through lease expiration. | |||||
Current minimum annual payments under the leases are as follows, as of December 31, 2013 (in thousands): | |||||
2014 | $ | 2,569 | |||
2015 | 2,636 | ||||
2016 | 1,709 | ||||
2017 | 736 | (1) | |||
2018 | 740 | ||||
Thereafter | 2,221 | ||||
Total | $ | 10,611 | |||
-1 | Lease payments on the Waikiki Beach Walk lease will be equal to fair rental value from March 2017 through the end of the lease term. In the table, we have shown the lease payments for this period based on the stated rate for the month of February 2017 of $61,690. | ||||
We have management agreements with Outrigger Hotels & Resorts or an affiliate thereof (“Outrigger”) pursuant to which Outrigger manages each of the retail and hotel portions of the Waikiki Beach Walk property. Under the management agreement with Outrigger relating to the retail portion of Waikiki Beach Walk (the “retail management agreement”), we pay Outrigger a monthly management fee of 3.0% of net revenues from the retail portion of Waikiki Beach Walk. Pursuant to the terms of the retail management agreement, if the agreement is terminated in certain instances, including our election not to repair damage or destruction at the property, a condemnation or our failure to make required working capital infusions, we would be obligated to pay Outrigger a termination fee equal to the sum of the management fees paid for the two calendar months immediately preceding the termination date. The retail management agreement may not be terminated by us or by Outrigger without cause. Under our management agreement with Outrigger relating to the hotel portion of Waikiki Beach Walk (the “hotel management agreement”), we pay Outrigger a monthly management fee of 6.0% of the hotel's gross operating profit, as well as 3.0% of the hotel's gross revenues; provided that the aggregate management fee payable to Outrigger for any year shall not exceed 3.5% of the hotel's gross revenues for such fiscal year. Pursuant to the terms of the hotel management agreement, if the agreement is terminated in certain instances, including upon a transfer by us of the hotel or upon a default by us under the hotel management agreement, we would be required to pay a cancellation fee calculated by multiplying (1) the management fees for the previous 12 months by (2) (a) eight, if the agreement is terminated in the first 11 years of its term, or (b) four, three, two or one, if the agreement is terminated in the twelfth, thirteenth, fourteenth or fifteenth year, respectively, of its term. The hotel management agreement may not be terminated by us or by Outrigger without cause. | |||||
A wholly owned subsidiary of our Operating Partnership, WBW Hotel Lessee LLC, entered into a franchise license agreement with Embassy Suites Franchise LLC, the franchisor of the brand “Embassy Suites™,” to obtain the non-exclusive right to operate the hotel under the Embassy Suites brand for 20 years. The franchise license agreement provides that WBW Hotel Lessee LLC must comply with certain management, operational, record keeping, accounting, reporting and marketing standards and procedures. In connection with this agreement, we are also subject to the terms of a product improvement plan pursuant to which we expect to undertake certain actions to ensure that our hotel's infrastructure is maintained in compliance with the franchisor's brand standards. In addition, we must pay to Embassy Suites Franchise LLC a monthly franchise royalty fee equal to 4.0% of the hotel's gross room revenue through December 2021 and 5.0% of the hotel's gross room revenue thereafter, as well as a monthly program fee equal to 4.0% of the hotel's gross room revenue. If the franchise license is terminated due to our failure to make required improvements or to otherwise comply with its terms, we may be liable to the franchisor for a termination payment, which could be as high as $6.4 million based on operating performance through December 31, 2013. | |||||
In connection with our acquisition of Lloyd District Portfolio, we entered into a property management agreement with Ashforth Pacific, Inc., which was subsequently assigned to Langley Investment Properties, Inc. (“Langley”). Pursuant to the property management agreement, Langley manages and operates Lloyd District Portfolio, and we pay Langley a monthly management fee of 3.5% of “gross receipts,” as defined in the property management agreement, as well as leasing commissions and construction oversight fees in certain situations. The property management agreement is for an initial term of two years, with three one-year renewal options, exercisable by us in our sole discretion. The property management agreement may not be terminated by us or by Langley without cause during the initial term, except by mutual consent of both parties. On February 1, 2013, we agreed to terminate our property management agreement with Langley. | |||||
Our Del Monte Center property has ongoing environmental remediation related to ground water contamination. The environmental issue existed at purchase and remediation is expected to conclude within the next three years. The work performed is financed through an escrow account funded by the seller upon purchase of the property. We believe the funds in the escrow account are sufficient for the remaining work to be performed. However, if further work is required costing more than the remaining escrow funds, we could be required to pay such overage, although we may have a contractual claim for such costs against the prior owner or our environmental remediation consultant. | |||||
In connection with the Offering, we entered into tax protection agreements with certain limited partners of our Operating Partnership. These agreements provide that if we dispose of any interest with respect to Carmel Country Plaza, Carmel Mountain Plaza, Del Monte Center, Loma Palisades, Lomas Santa Fe Plaza, Waikele Center or the ICW Plaza portion of Torrey Reserve Campus, in a taxable transaction during the period from the closing of the Offering through January 19, 2018, we will indemnify such limited partners for their tax liabilities attributable to their share of the built-in gain that existed with respect to such property interest as of the time of the Offering and tax liabilities incurred as a result of the reimbursement payment. Subject to certain exceptions and limitations, the indemnification rights will terminate for any such protected partner that sells, exchanges or otherwise disposes of more than 50% of his or her common units. We have no present intention to sell or otherwise dispose of the properties or interest therein in taxable transactions during the restriction period. If we were to trigger the tax protection provisions under these agreements, we would be required to pay damages in the amount of the taxes owed by these limited partners (plus additional damages in the amount of the taxes incurred as a result of such payment). | |||||
As of December 31, 2013, the Company accrued approximately $6.6 million for transfer taxes that the Company expected to incur on its California properties in connection with its Offering. The Company believes that it has filed all necessary forms with the requisite taxing authorities, but can offer no assurances that the taxing authorities will agree with the Company's estimate above. | |||||
Concentrations of Credit Risk | |||||
Our properties are located in Southern California, Northern California, Hawaii, Oregon, Texas and Washington. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate. Twelve of our consolidated properties, representing 28.7% of our total revenue for the year ended December 31, 2013, are located in Southern California, which exposes us to greater economic risks than if we owned a more geographically diverse portfolio. Our mixed-use property located in Honolulu, Hawaii accounted for 21.5% of total revenues for the year ended December 31, 2013. | |||||
Tenants in the retail industry accounted for 36.6% and 39.1% of total revenues for the years December 31, 2013 and 2012, respectively. This makes us susceptible to demand for retail rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the retail industry. Two retail properties, Alamo Quarry Market and Waikele Center, accounted for 15.8% and 17.1% of total revenues for the years ended December 31, 2013 and 2012, respectively. | |||||
Tenants in the office industry accounted for 35.5% and 33.2% of total revenues for the years December 31, 2013 and 2012, respectively. This makes us susceptible to demand for office rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the office industry. | |||||
For the years ended December 31, 2013 and 2012, no tenant accounted for more than 10% of our total rental revenue. At December 31, 2013, salesforce.com, inc. at The Landmark at One Market accounted for 7.9% of total annualized base rent. Five other tenants (Autodesk, Inc., Lowe's, Kmart, Veterans Benefits Administration, and Foodland Super Market) comprise 12.1% of our total annualized base rent at December 31, 2013, in the aggregate. No other tenants represent greater than 2.0% of our total annualized base rent. Total annualized base rent used for the percentage calculations includes the annualized base rent as of December 31, 2013 for our office properties, retail properties and the retail portion of our mixed-use property. |
Operating_Leases_Notes
Operating Leases (Notes) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases, Operating [Abstract] | ' | |||
OPERATING LEASES | ' | |||
OPERATING LEASES | ||||
At December 31, 2013, our retail, office and mixed-use properties are located in five states: California, Oregon, Hawaii, Washington and Texas. At December 31, 2013, we had approximately 818 leases with office and retail tenants, including the retail portion of our mixed-use property. Our multifamily properties are located in Southern California, and we had approximately 783 leases with residential tenants at December 31, 2013, excluding Santa Fe Park RV Resort. | ||||
Our leases with office, retail, mixed-use and residential tenants are classified as operating leases. Leases at our office and retail properties and the retail portion of our mixed-use property generally range from three to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, usually provide for cost recoveries for the tenant's share of certain operating costs and also may include percentage rents based on the tenant's level of sales achieved. Leases on apartments generally range from seven to fifteen months, with a majority having 12 month lease terms. Rooms at the hotel portion of our mixed-use property are rented on a nightly basis. | ||||
As of December 31, 2013, minimum future rentals from noncancelable operating leases before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows for the years ended December 31 (in thousands): | ||||
2014 | $ | 153,059 | ||
2015 | 145,172 | |||
2016 | 125,696 | |||
2017 | 108,442 | |||
2018 | 76,315 | |||
Thereafter | 146,522 | |||
Total | $ | 755,206 | ||
The above future minimum rentals exclude residential leases, which are typically range from seven to 15 months, and exclude the hotel, as rooms are rented on a nightly basis. |
Component_of_Rental_Income_and
Component of Rental Income and Expense (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Operating Leases, Income Statement, Lease Revenue [Abstract] | ' | |||||||||||
COMPONENTS OF RENTAL INCOME AND EXPENSE | ' | |||||||||||
COMPONENTS OF RENTAL INCOME AND EXPENSE | ||||||||||||
The principal components of rental income are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Minimum rents | ||||||||||||
Retail | $ | 69,374 | $ | 67,046 | $ | 63,996 | ||||||
Office | 81,845 | 71,817 | 53,457 | |||||||||
Multifamily | 14,926 | 13,796 | 13,246 | |||||||||
Mixed-Use | 9,549 | 8,893 | 8,478 | |||||||||
Cost reimbursement | 27,583 | 27,763 | 24,463 | |||||||||
Percentage rent | 2,655 | 2,608 | 1,967 | |||||||||
Hotel revenue | 35,137 | 31,729 | 27,125 | |||||||||
Other | 1,688 | 1,597 | 1,436 | |||||||||
Total rental income | $ | 242,757 | $ | 225,249 | $ | 194,168 | ||||||
Minimum rents include $2.6 million, $7.2 million and $4.8 million for the years ended December 31, 2013, 2012 and 2011, respectively, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $2.4 million, $(0.2) million and $(1.1) million for the years ended December 31, 2013, 2012 and 2011, respectively, to recognize the amortization of above and below market leases. | ||||||||||||
The principal components of rental expenses are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Rental operating | $ | 26,028 | $ | 24,264 | $ | 22,008 | ||||||
Hotel operating | 22,115 | 20,905 | 18,885 | |||||||||
Repairs and maintenance | 10,514 | 9,452 | 8,082 | |||||||||
Marketing | 1,547 | 1,266 | 1,390 | |||||||||
Rent | 2,442 | 2,378 | 2,767 | |||||||||
Hawaii excise tax | 4,153 | 3,813 | 3,379 | |||||||||
Management fees | 1,809 | 2,011 | 1,622 | |||||||||
Total rental expenses | $ | 68,608 | $ | 64,089 | $ | 58,133 | ||||||
Other_Income_Expenses_Notes
Other Income (Expenses) (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
OTHER INCOME (EXPENSE) | ' | |||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
The principal components of other income (expense), net are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest and investment income | $ | 148 | $ | 336 | $ | 1,621 | ||||||
Income tax expense | (645 | ) | (1,016 | ) | (831 | ) | ||||||
Loss from real estate joint ventures | — | — | (188 | ) | ||||||||
Acquisition related expenses | — | (152 | ) | (434 | ) | |||||||
Fee income from real estate joint ventures | — | — | 44 | |||||||||
Other non-operating income | 10 | 203 | — | |||||||||
Total other income (expense) | $ | (487 | ) | $ | (629 | ) | $ | 212 | ||||
Related_Party_Transactions_Not
Related Party Transactions (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
RELATED PARTY TRANSACTIONS | ' | |||||||||||
RELATED PARTY TRANSACTIONS | ||||||||||||
Prior to the Offering, we acted as the manager for certain unconsolidated real estate joint ventures and earned fees for these services (excluding Waikiki Beach Walk). Each unconsolidated joint venture (excluding Waikiki Beach Walk) had a master management agreement with additional agreements covering property management, construction management, acquisition, disposition and leasing and asset management. These agreements provided for the following fees to be paid to us by these unconsolidated joint ventures: | ||||||||||||
• | Property Management Fees-Property management fees were incurred for the operation and management of the properties. Fees ranged from 1.25% to 5.5% of gross monthly cash collections each month, with minimum monthly fees ranging from $2,500 to $5,000. | |||||||||||
• | Construction Management Fees-Construction management fees were incurred for the management and supervision of construction projects owned by the unconsolidated joint ventures. Fees ranged from 3.0% to 5.0% of construction and development costs on buildings and improvements for most properties although certain agreements provided for a flat fee. For tenant improvements, fees were 10.0% of costs for projects where we directly supervised construction subcontractors or 3.0% for projects where we managed a general contractor, plus hourly fees for employees directly working on the tenant improvements. | |||||||||||
• | Acquisition and Disposition Fees-Acquisition and disposition fees were incurred for services provided in conjunction with acquisition and disposition of the properties owned by the unconsolidated real estate joint ventures. Fees were either 0.5% or 1.0% of the total value of all the acquisitions or dispositions. | |||||||||||
• | Leasing Fees-Leasing fees were incurred for services provided to procure tenants for the properties owned by the unconsolidated joint ventures. Fees were 1.0% of the total value of all leases executed for the properties, including new leases, renewals, extensions or other modifications. | |||||||||||
• | Asset Management Fees/Financing Fees-Asset management fees were incurred for evaluating property value, performance and/or condition, appealing property assessments or tax valuations, recommending ways to enhance value and procuring financing. The fees were charged at hourly rates ranging from $40 to $125 for asset management services. In addition, financing fees were paid for any permanent financing placed on the properties, with fees of either 25 to 50 basis points of the financed amount or a flat fee of $50,000. | |||||||||||
In addition to the fees noted above, certain unconsolidated joint ventures also reimbursed us for monthly maintenance and facilities management services provided to the properties owned by the unconsolidated joint ventures. | ||||||||||||
Fees earned by us from the unconsolidated joint ventures, which are included in other income (expense), net, are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Property management fees | $ | — | $ | — | $ | 38 | ||||||
Maintenance reimbursements | — | — | 6 | |||||||||
$ | — | $ | — | $ | 44 | |||||||
Subsequent to the Offering, we no longer earn fees from unconsolidated joint ventures. | ||||||||||||
Certain affiliated entities made loans to an affiliate in order to attain a higher return on excess cash balances, and these loans were classified as notes receivable from affiliate. The notes bore interest at LIBOR and were to be repaid upon demand. The notes receivable were settled as part of the Offering. A summary of the outstanding notes receivable from affiliate balances and related interest income are as follows (in thousands): | ||||||||||||
As of and for the year ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Notes receivable from affiliate | $ | — | $ | — | $ | — | ||||||
Interest income | $ | — | $ | — | $ | 3 | ||||||
We received unsecured loans on January 15, 2008, from certain of the entities that own Del Monte Center, for $12.0 million, the proceeds of which were used to fund construction at the property. The notes bore interest at 10.0% and required monthly principal and interest payments until maturity on March 1, 2013. The notes were classified as notes payable to affiliates. The notes were repaid using proceeds from the Offering or were otherwise settled in connection with the Offering. | ||||||||||||
At ICW Plaza, we lease space to Insurance Company of the West, which is under the indirect control of Ernest Rady, our Executive Chairman of the Board. Rental revenue recognized on the leases of $2.2 million, $2.1 million and $2.3 million for the years ended December 31, 2013, 2012 and 2011, respectively, is included in rental income. In May 2011, the lease agreement at ICW Plaza was amended to terminate the lease of approximately 12,000 square feet and reduce base rent on one suite in line with market rent. Additionally, we leased space to Insurance Company of the West at Valencia Corporate Center until the sale of Valencia Corporate Center on August 30, 2011, and rental revenue recognized on these leases of $0.0 million, $0.0 million and $1.2 million for the years ended December 31, 2013, 2012 and 2011, respectively, is included in discontinued operations. | ||||||||||||
The Waikiki Beach Walk entities have a 47.7% investment in WBW CHP LLC, an entity that was formed to, among other things, construct a chilled water plant to provide air conditioning to the property and other adjacent facilities. The operating expenses of WBW CHP LLC are recovered through reimbursements from its members, and reimbursements to WBW CHP LLC of $1.1 million, $1.0 million and $1.0 million were made for years ended December 31, 2013, 2012 and 2011 and included in rental expenses on the statements of income. |
Segment_Reporting_Notes
Segment Reporting (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
SEGMENT REPORTING | ' | |||||||||||
SEGMENT REPORTING | ||||||||||||
Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. However, we have aggregated our properties into reportable segments as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies. | ||||||||||||
We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel. | ||||||||||||
We evaluate the performance of our segments based on segment profit which is defined as property revenue less property expenses. We do not use asset information as a measure to assess performance and make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, interest expense, depreciation and amortization expense and other income and expense are not included in segment profit as our internal reporting addresses these items on a corporate level. | ||||||||||||
Segment profit is not a measure of operating income or cash flows from operating activities as measured by GAAP, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit in the same manner. We consider segment profit to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our properties. | ||||||||||||
The following table represents operating activity within our reportable segments (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total Retail | ||||||||||||
Property revenue | $ | 93,449 | $ | 91,991 | $ | 86,511 | ||||||
Property expense | (23,900 | ) | (24,955 | ) | (24,512 | ) | ||||||
Segment profit | 69,549 | 67,036 | 61,999 | |||||||||
Total Office | ||||||||||||
Property revenue | 90,527 | 78,101 | 57,319 | |||||||||
Property expense | (26,688 | ) | (23,780 | ) | (18,015 | ) | ||||||
Segment profit | 63,839 | 54,321 | 39,304 | |||||||||
Total Multifamily | ||||||||||||
Property revenue | 16,125 | 14,852 | 14,321 | |||||||||
Property expense | (5,917 | ) | (5,914 | ) | (5,578 | ) | ||||||
Segment profit | 10,208 | 8,938 | 8,743 | |||||||||
Total Mixed-Use | ||||||||||||
Property revenue | 54,956 | 50,522 | 44,634 | |||||||||
Property expense | (33,481 | ) | (31,465 | ) | (28,774 | ) | ||||||
Segment profit | 21,475 | 19,057 | 15,860 | |||||||||
Total segments’ profit | $ | 165,071 | $ | 149,352 | $ | 125,906 | ||||||
The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total segments' profit | $ | 165,071 | $ | 149,352 | $ | 125,906 | ||||||
General and administrative | (17,195 | ) | (15,593 | ) | (13,627 | ) | ||||||
Depreciation and amortization | (66,775 | ) | (61,853 | ) | (55,936 | ) | ||||||
Interest expense | (58,020 | ) | (57,328 | ) | (54,580 | ) | ||||||
Early extinguishment of debt | — | — | (25,867 | ) | ||||||||
Loan transfer and consent fees | — | — | (8,808 | ) | ||||||||
Gain on acquisition | — | — | 46,371 | |||||||||
Other income (expense), net | (487 | ) | (629 | ) | 212 | |||||||
Income from continuing operations | 22,594 | 13,949 | 13,671 | |||||||||
Discontinued operations | ||||||||||||
Income from discontinued operations | — | 932 | 1,672 | |||||||||
Gain on sale of real estate property | — | 36,720 | 3,981 | |||||||||
Results from discontinued operations | — | 37,652 | 5,653 | |||||||||
Net income | 22,594 | 51,601 | 19,324 | |||||||||
Net income attributable to restricted shares | (536 | ) | (529 | ) | (482 | ) | ||||||
Net loss attributable to Predecessor's noncontrolling interests in consolidated real estate entities | — | — | 2,458 | |||||||||
Net income attributable to Predecessor's controlled owners' equity | — | — | (16,995 | ) | ||||||||
Net income attributable to unitholders in the Operating Partnership | (6,838 | ) | (16,133 | ) | (1,388 | ) | ||||||
Net income attributable to American Assets Trust, Inc. stockholders | $ | 15,220 | $ | 34,939 | $ | 2,917 | ||||||
The following table shows net real estate and secured note payable balances for each of the segments, along with their capital expenditures for each year (in thousands): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Net real estate | ||||||||||||
Retail | $ | 651,707 | $ | 669,177 | ||||||||
Office | 790,153 | 759,203 | ||||||||||
Multifamily | 35,349 | 36,391 | ||||||||||
Mixed-Use | 199,627 | 203,411 | ||||||||||
$ | 1,676,836 | $ | 1,668,182 | |||||||||
Secured Notes Payable (1) | ||||||||||||
Retail | $ | 303,249 | $ | 397,732 | ||||||||
Office | 427,256 | 428,194 | ||||||||||
Multifamily | 101,444 | 101,444 | ||||||||||
Mixed-Use | 130,310 | 130,310 | ||||||||||
$ | 962,259 | $ | 1,057,680 | |||||||||
Capital Expenditures (2) | ||||||||||||
Retail | $ | 4,849 | $ | 14,211 | ||||||||
Office | 27,275 | 22,136 | ||||||||||
Multifamily | 24,641 | 964 | ||||||||||
Mixed-Use | 1,942 | 727 | ||||||||||
$ | 58,707 | $ | 38,038 | |||||||||
-1 | Excludes unamortized fair market value adjustment of $10.1 million and $13.0 million as of December 31, 2013 and 2012, respectively. | |||||||||||
-2 | Capital expenditures represent cash paid for capital expenditures during the year and include leasing commissions paid. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ' | |||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||
The tables below reflect selected quarterly information for 2013 and 2012 (in thousands): | ||||||||||||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Total revenue | $ | 64,645 | $ | 65,318 | $ | 62,914 | $ | 62,180 | ||||||||
Operating income | 20,407 | 21,441 | 19,373 | 19,880 | ||||||||||||
Net income | 6,907 | 6,258 | 4,564 | 4,865 | ||||||||||||
Net income attributable to restricted shares | (139 | ) | (132 | ) | (133 | ) | (132 | ) | ||||||||
Net income attributable to unitholders in the Operating Partnership | (2,086 | ) | (1,903 | ) | (1,354 | ) | (1,495 | ) | ||||||||
Net income attributable to American Assets Trust, Inc. stockholders | $ | 4,682 | $ | 4,223 | $ | 3,077 | $ | 3,238 | ||||||||
Net income from continuing operations attributable to common stockholders - basic and diluted | $ | 0.11 | $ | 0.11 | $ | 0.08 | $ | 0.08 | ||||||||
Net income attributable to common stockholders - basic and diluted | $ | 0.11 | $ | 0.11 | $ | 0.08 | $ | 0.08 | ||||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
Total revenue | $ | 63,120 | $ | 60,766 | $ | 56,131 | $ | 55,449 | ||||||||
Operating income | 20,247 | 18,206 | 16,641 | 16,812 | ||||||||||||
Income from continuing operations | 4,822 | 3,968 | 2,396 | 2,763 | ||||||||||||
Results from discontinued operations | 36,999 | 317 | 228 | 108 | ||||||||||||
Net income | 41,821 | 4,285 | 2,624 | 2,871 | ||||||||||||
Net income attributable to restricted shares | (133 | ) | (133 | ) | (131 | ) | (132 | ) | ||||||||
Net income attributable to unitholders in the Operating Partnership | (13,111 | ) | (1,335 | ) | (804 | ) | (883 | ) | ||||||||
Net income attributable to American Assets Trust, Inc. stockholders | $ | 28,577 | $ | 2,817 | $ | 1,689 | $ | 1,856 | ||||||||
Net income from continuing operations attributable to common stockholders- basic and diluted | $ | 0.08 | $ | 0.07 | $ | 0.04 | $ | 0.05 | ||||||||
Net income from discontinued operations attributable to common stockholders - basic and diluted | $ | 0.65 | $ | 0.01 | $ | — | $ | — | ||||||||
Net income attributable to common stockholders - basic and diluted | $ | 0.73 | $ | 0.08 | $ | 0.04 | $ | 0.05 | ||||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENT | ' |
SUBSEQUENT EVENTS | |
On January 9, 2014, we entered into an amended and restated credit agreement. The amended and restated credit facility provides for aggregate, unsecured borrowing of $350 million, consisting of a revolving line of credit of $250 million, with two, six-month extension options, and a term loan of $100 million, with three, twelve-month extension options. The credit facility has an accordion feature that may allow us to increase the availability thereunder up to an additional $250 million, subject to meeting specified requirements and obtaining additional commitments from lenders. As of February 21, 2014, the Company had a term loan of $100.0 million outstanding and no outstanding amounts on the revolving line of credit. | |
Concurrent with the closing of the amended and restated credit facility, the Company entered into an interest rate swap agreement that is intended to fix the variable portion of the interest rate associated with the term loan through its maturity date and extension options. |
SCHEDULE_IIIConsolidated_Real_
SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation (Notes) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||
SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation | ' | |||||||||||||||||||||||||||||||||
Encumbrance as of December 31, 2013 | Initial Cost | Cost Capitalized Subsequent to Acquisition | Gross Carrying Amount | Accumulated | Year Built/ | Date Acquired | Life on which depreciation in latest income statements is computed | |||||||||||||||||||||||||||
at December 31, 2013 | Depreciation and | Renovated | ||||||||||||||||||||||||||||||||
Description | Land | Building and | Land | Building and | Amortization | |||||||||||||||||||||||||||||
Improvements | Improvements | |||||||||||||||||||||||||||||||||
Alamo Quarry Market | $ | — | $ | 26,396 | $ | 109,294 | $ | 11,629 | $ | 26,816 | $ | 120,503 | $ | (37,804 | ) | 1997/1999 | 12/9/03 | 35 years | ||||||||||||||||
Carmel Country Plaza | — | 4,200 | — | 11,442 | 4,200 | 11,442 | (6,536 | ) | 1991 | 1/10/89 | 35 years | |||||||||||||||||||||||
Carmel Mountain Plaza | — | 22,477 | 65,217 | 21,000 | 31,035 | 77,659 | (25,985 | ) | 1994 | 3/28/03 | 35 years | |||||||||||||||||||||||
Del Monte Center | 82,300 | 27,412 | 87,570 | 21,796 | 27,117 | 109,661 | (40,558 | ) | 1967/1984/2006 | 4/8/04 | 35 years | |||||||||||||||||||||||
Geary Marketplace | — | 8,239 | 12,353 | 37 | 8,238 | 12,391 | (422 | ) | 2012 | 12/19/12 | 35 years | |||||||||||||||||||||||
Lomas Santa Fe Plaza | — | 8,600 | 11,282 | 9,622 | 8,620 | 20,884 | (12,630 | ) | 1972/1997 | 6/12/95 | 35 years | |||||||||||||||||||||||
Rancho Carmel Plaza | — | 3,450 | — | 3,763 | 3,487 | 3,726 | (2,101 | ) | 1993 | 4/30/90 | 35 years | |||||||||||||||||||||||
The Shops at Kalakaua | 19,000 | 13,993 | 10,919 | 100 | 14,006 | 11,006 | (3,044 | ) | 1971/2006 | 3/31/05 | 35 years | |||||||||||||||||||||||
Solana Beach Towne Centre | 38,249 | 40,980 | 38,842 | 1,715 | 40,980 | 40,557 | (4,038 | ) | 1973/2000/2004 | 1/19/11 | 35 years | |||||||||||||||||||||||
South Bay Marketplace | 23,000 | 4,401 | — | 10,626 | 4,401 | 10,626 | (5,845 | ) | 1997 | 9/16/95 | 35 years | |||||||||||||||||||||||
Waikele Center | 140,700 | 55,593 | 126,858 | 58,530 | 70,643 | 170,338 | (45,943 | ) | 1993/2008 | 9/16/04 | 35 years | |||||||||||||||||||||||
City Center Bellevue | 111,000 | 25,135 | 190,998 | 5,589 | 25,135 | 196,587 | (8,655 | ) | 1987 | 8/21/12 | 40 years | |||||||||||||||||||||||
First & Main | 84,500 | 14,697 | 109,739 | 2,968 | 14,697 | 112,707 | (10,454 | ) | 2010 | 3/11/11 | 40 years | |||||||||||||||||||||||
The Landmark at One Market | 133,000 | 34,575 | 141,196 | 7,887 | 34,575 | 149,083 | (15,818 | ) | 1917/2000 | 6/30/10 | 40 years | |||||||||||||||||||||||
Lloyd District Portfolio | — | 18,660 | 61,401 | 34,910 | 18,660 | 96,311 | (7,427 | ) | 1940-2011 | 7/1/11 | 40 years | |||||||||||||||||||||||
One Beach Street | 21,900 | 15,332 | 18,017 | 1,933 | 15,332 | 19,950 | (1,224 | ) | 1924/1972/1987/1992 | 1/24/12 | 40 years | |||||||||||||||||||||||
Solana Beach Corporate Centre: | ||||||||||||||||||||||||||||||||||
Solana Beach Corporate Centre I-II | 11,475 | 7,111 | 17,100 | 2,221 | 7,111 | 19,321 | (1,845 | ) | 1982/2005 | 1/19/11 | 40 years | |||||||||||||||||||||||
Solana Beach Corporate Centre III-IV | 36,804 | 7,298 | 27,887 | 1,102 | 7,298 | 28,989 | (3,036 | ) | 1982/2005 | 1/19/11 | 40 years | |||||||||||||||||||||||
Solana Beach Corporate Centre Land | — | 487 | — | 60 | 547 | — | — | N/A | 1/19/11 | N/A | ||||||||||||||||||||||||
Torrey Reserve: | ||||||||||||||||||||||||||||||||||
ICW Plaza | — | 4,095 | — | 34,941 | 4,788 | 34,248 | (10,084 | ) | 1996-1997 | 6/6/89 | 40 years | |||||||||||||||||||||||
Pacific North Court | 21,377 | 3,263 | — | 22,801 | 4,309 | 21,755 | (10,284 | ) | 1997-1998 | 6/6/89 | 40 years | |||||||||||||||||||||||
Pacific South Court | — | 3,285 | — | 21,589 | 4,226 | 20,648 | (9,289 | ) | 1996-1997 | 6/6/89 | 40 years | |||||||||||||||||||||||
Pacific VC | 7,200 | 1,413 | — | 8,585 | 2,148 | 7,850 | (4,158 | ) | 1998/2000 | 6/6/89 | 40 years | |||||||||||||||||||||||
Pacific Torrey Daycare | — | 715 | — | 1,671 | 911 | 1,475 | (738 | ) | 1996-1997 | 6/6/89 | 40 years | |||||||||||||||||||||||
Torrey Reserve Building 6 | — | — | — | 7,795 | 682 | 7,113 | (36 | ) | 2013 | 6/6/89 | 40 years | |||||||||||||||||||||||
Torrey Reserve Land | — | 229 | — | 10,678 | 3,825 | 7,082 | — | N/A | 6/6/89 | N/A | ||||||||||||||||||||||||
Imperial Beach Gardens | 20,000 | 1,281 | 4,820 | 4,013 | 1,281 | 8,833 | (7,208 | ) | 1959/2008-present | 7/31/85 | 30 years | |||||||||||||||||||||||
Loma Palisades | 73,744 | 14,000 | 16,570 | 18,063 | 14,051 | 34,582 | (23,035 | ) | 1958/2001-2008 | 7/20/90 | 30 years | |||||||||||||||||||||||
Mariner’s Point | 7,700 | 2,744 | 4,540 | 1,124 | 2,744 | 5,664 | (2,313 | ) | 1986 | 5/9/01 | 30 years | |||||||||||||||||||||||
Santa Fe Park RV Resort | — | 401 | 928 | 774 | 401 | 1,702 | (1,353 | ) | 1971/2007-2008 | 6/1/79 | 30 years | |||||||||||||||||||||||
Waikiki Beach Walk: | ||||||||||||||||||||||||||||||||||
Retail | 130,310 | 45,995 | 74,943 | 63 | 45,995 | 75,006 | (6,984 | ) | 2006 | 1/19/11 | 35 years | |||||||||||||||||||||||
Hotel | — | 30,640 | 60,029 | 3,522 | 30,640 | 63,551 | (8,581 | ) | 2008 | 1/19/11 | 35 years | |||||||||||||||||||||||
Solana Beach - Highway 101 Land | — | 7,847 | 202 | 417 | 8,466 | — | (189 | ) | N/A | 9/20/11 | N/A | |||||||||||||||||||||||
Sorrento Valley Holdings Land | — | 2,073 | 741 | 3,988 | 6,055 | 747 | (964 | ) | N/A | 5/9/97 | N/A | |||||||||||||||||||||||
$ | 962,259 | $ | 457,017 | $ | 1,191,446 | $ | 346,954 | $ | 493,420 | $ | 1,501,997 | $ | (318,581 | ) | ||||||||||||||||||||
(1) For Federal tax purposes, the aggregate tax basis is approximately $1.4 billion as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Real estate assets | ||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,938,676 | 1,687,276 | 1,165,097 | ||||||||||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||||||||
Property acquisitions | — | 270,082 | 563,858 | |||||||||||||||||||||||||||||||
Improvements (1) | 60,677 | 41,303 | 13,595 | |||||||||||||||||||||||||||||||
Deductions: | ||||||||||||||||||||||||||||||||||
Cost of Real Estate Sold | — | (57,188 | ) | (37,599 | ) | |||||||||||||||||||||||||||||
Other (1)(2) | (3,936 | ) | (2,797 | ) | (17,675 | ) | ||||||||||||||||||||||||||||
Balance, end of period | $ | 1,995,417 | $ | 1,938,676 | $ | 1,687,276 | ||||||||||||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 270,494 | $ | 234,595 | $ | 221,997 | ||||||||||||||||||||||||||||
Additions—depreciation (1) | 51,949 | 47,792 | 42,498 | |||||||||||||||||||||||||||||||
Deductions: | ||||||||||||||||||||||||||||||||||
Cost of Real Estate Sold | — | (9,216 | ) | (12,225 | ) | |||||||||||||||||||||||||||||
Other (1)(2) | (3,862 | ) | (2,677 | ) | (17,675 | ) | ||||||||||||||||||||||||||||
Balance, end of period | $ | 318,581 | $ | 270,494 | $ | 234,595 | ||||||||||||||||||||||||||||
-1 | Includes discontinued operations for 160 King Street, which was sold on December 4, 2012 and Valencia Corporate Center, which was sold on August 30, 2011. | |||||||||||||||||||||||||||||||||
-2 | Other deductions for the years ended December 31, 2013, 2012 and 2011 represent the write-off of fully depreciated assets. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Business and Organization | ' | |||||||||||
Business and Organization | ||||||||||||
American Assets Trust, Inc. (which may be referred to in these financial statements as the “Company,” “we,” “us,” or “our”) is a Maryland corporation formed on July 16, 2010 that did not have any operating activity until the consummation of our initial public offering (the “Offering”) and the related acquisition of certain assets of our Predecessor (as defined below) on January 19, 2011. The Company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The Company's operations are carried on through our Operating Partnership and its subsidiaries, including our taxable REIT subsidiary. Since the formation of our Operating Partnership, the Company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. | ||||||||||||
Our “Predecessor” is not a legal entity but rather a combination of entities whose assets included entities owned and/or controlled by Ernest S. Rady and his affiliates, including the Ernest Rady Trust U/D/T March 13, 1983 (the “Rady Trust”), which in turn owned (1) controlling interests in entities owning 17 properties and the property management business of American Assets, Inc. (“AAI”) (the “controlled entities”), and (2) noncontrolling interests in entities owning four properties (the “noncontrolled entities”) (the assets described at (1) and (2) are the “Acquired Assets,” and do not include our Predecessor’s noncontrolling 25% ownership interest in Novato FF Venture, LLC, the entity that owns the Fireman’s Fund Headquarters in Novato, California). The Formation Transactions included the acquisition by our Operating Partnership of the (a) Acquired Assets, (b) the entities that own Waikiki Beach Walk (a mixed-use property consisting of a retail portion and a hotel portion) (the “Waikiki Beach Walk entities”) and (c) the entities that own Solana Beach Towne Centre and Solana Beach Corporate Centre (the “Solana Beach Centre entities”) (including our Predecessor’s ownership interest in these entities). | ||||||||||||
We are a vertically integrated and self-administered REIT with 116 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. | ||||||||||||
Any reference to the number of properties or units and square footage or acres are unaudited and outside the scope of our independent registered public accounting firm's audit of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. | ||||||||||||
As of December 31, 2013, we owned or had a controlling interest in 23 office, retail, multifamily and mixed-use operating properties, the operations of which we consolidate. Additionally, as of December 31, 2013, we owned land at five of our properties that we classify as held for development and construction in progress. A summary of the properties owned by us is as follows: | ||||||||||||
Retail | ||||||||||||
Carmel Country Plaza | Del Monte Center | |||||||||||
Carmel Mountain Plaza | Geary Marketplace | |||||||||||
South Bay Marketplace | The Shops at Kalakaua | |||||||||||
Rancho Carmel Plaza | Waikele Center | |||||||||||
Lomas Santa Fe Plaza | Alamo Quarry Market | |||||||||||
Solana Beach Towne Centre | ||||||||||||
Office | ||||||||||||
Torrey Reserve Campus | Lloyd District Portfolio | |||||||||||
Solana Beach Corporate Centre | City Center Bellevue | |||||||||||
The Landmark at One Market | ||||||||||||
One Beach Street | ||||||||||||
First & Main | ||||||||||||
Multifamily | ||||||||||||
Loma Palisades | ||||||||||||
Imperial Beach Gardens | ||||||||||||
Mariner's Point | ||||||||||||
Santa Fe Park RV Resort | ||||||||||||
Mixed-Use | ||||||||||||
Waikiki Beach Walk Retail and Embassy Suites™ Hotel | ||||||||||||
Held for Development and Construction in Progress | ||||||||||||
Solana Beach Corporate Centre – Land | ||||||||||||
Solana Beach – Highway 101 – Land | ||||||||||||
Sorrento Pointe – Land | ||||||||||||
Torrey Reserve – Land | ||||||||||||
Lloyd District Portfolio – Land | ||||||||||||
Basis of Presentation | ' | |||||||||||
Basis of Presentation | ||||||||||||
Our consolidated/combined financial statements include the accounts of the Company, our Operating Partnership and our subsidiaries. The equity interests of other investors in our Operating Partnership are reflected as noncontrolling interests. | ||||||||||||
All significant intercompany transactions and balances are eliminated in consolidation. | ||||||||||||
In August 2011, we sold Valencia Corporate Center. In December 2012, we sold 160 King Street. We have reclassified our financial statements for all periods prior to the sale to reflect Valencia Corporate Center and 160 King Street as discontinued operations. Unless noted otherwise, discussions in these notes pertain to our continuing operations. | ||||||||||||
Use of Estimates | ' | |||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. | ||||||||||||
Consolidated Statements of Cash Flows-Supplemental Disclosures | ' | |||||||||||
Consolidated Statements of Cash Flows-Supplemental Disclosures | ||||||||||||
The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Supplemental cash flow information | ||||||||||||
Total interest costs incurred | $ | 60,133 | $ | 58,074 | $ | 54,580 | ||||||
Interest capitalized | $ | 2,113 | $ | 746 | $ | — | ||||||
Interest expense | $ | 58,020 | $ | 57,328 | $ | 54,580 | ||||||
Cash paid for interest, net of amounts capitalized (including discontinued operations) | $ | 54,345 | $ | 55,349 | $ | 52,713 | ||||||
Cash paid for income taxes | $ | 901 | $ | 1,239 | $ | 172 | ||||||
Supplemental schedule of noncash investing and financing activities | ||||||||||||
Accounts payable and accrued liabilities for construction in progress | $ | 5,001 | $ | 4,944 | $ | 2,396 | ||||||
Accrued leasing commissions | $ | 1,385 | $ | (782 | ) | $ | — | |||||
Assumption of debt upon acquisition | $ | — | $ | — | $ | 268,008 | ||||||
Assumption of notes to affiliates upon acquisition | $ | — | $ | — | $ | 14,824 | ||||||
Acquisition of working capital deficit, net of cash | $ | — | $ | — | $ | (4,176 | ) | |||||
Distribution of investment in joint venture not acquired | $ | — | $ | — | $ | 11,480 | ||||||
Issuance of common shares and units for acquisition of properties | $ | — | $ | — | $ | 33,854 | ||||||
Notes receivable from affiliate settled in common units | $ | — | $ | — | $ | 21,797 | ||||||
Notes payable to affiliates settled in common units | $ | — | $ | — | $ | 828 | ||||||
Reduction to capital for prepaid equity financing costs | $ | 437 | $ | — | $ | 1,974 | ||||||
Transfer taxes accrued at time of initial public offering | $ | — | $ | — | $ | 6,556 | ||||||
Offering Costs | ' | |||||||||||
Offering Costs | ||||||||||||
In connection with the Offering, affiliates incurred legal, accounting and related costs, which were assumed or reimbursed by the Company upon the consummation of the Offering and such costs were deducted from the gross proceeds of the Offering. | ||||||||||||
Revenue Recognition and Accounts Receivable | ' | |||||||||||
Revenue Recognition and Accounts Receivable | ||||||||||||
Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, net of valuation adjustments, based on management's assessment of credit, collection and other business risks. In instances in which we fund tenant improvements and the improvements are deemed to be owned by us, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When we determine that the tenant allowances are lease incentives, we commence revenue recognition and lease incentive amortization when possession or control of the space is turned over to the tenant for tenant work to begin. Percentage rents, which represent additional rents based upon the level of sales achieved by certain tenants, are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved and the percentage rents are collectible. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. | ||||||||||||
Other property income includes parking income, general excise tax billed to tenants and fees charged to tenants at our multifamily properties. Other property income is recognized when earned. We recognize general excise tax gross, with the amounts billed to tenants and customers recorded in other property income and the related taxes paid as rental expense. The general excise tax included in other income was $3.5 million, $3.3 million and $3.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees for which the tenant has relinquished control of the space are generally recognized on the termination date. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. | ||||||||||||
We recognize revenue on the hotel portion of our mixed-use property from the rental of hotel rooms and guest services when the rooms are occupied and services have been provided. Food and beverage sales are recognized when the customer has been served or at the time the transaction occurs. Revenue from room rental is included in rental revenue on the statement of income. Revenue from other sales and services provided is included in other property income on the statement of income. | ||||||||||||
We make estimates of the collectability of our accounts receivable related to minimum rents, straight-line rents, expense reimbursements and other revenue. Accounts receivable and deferred rent receivable are carried net of this allowance for doubtful accounts. We generally do not require collateral or other security from our tenants, other than letters of credit or security deposits. Our determination as to the collectability of accounts receivable and correspondingly, the adequacy of this allowance, is based primarily upon evaluations of individual receivables, current economic conditions, historical experience and other relevant factors. The allowance for doubtful accounts is increased or decreased through bad debt expense. In some cases, primarily relating to straight-line rents, the collection of these amounts extends beyond one year. Our experience relative to unbilled straight-line rents is that a portion of the amounts otherwise recognizable as revenue is never billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Accordingly, the extended collection period for straight-line rents along with our evaluation of tenant credit risk may result in the nonrecognition of a portion of straight-line rental income until the collection of such income is reasonably assured. If our evaluation of tenant credit risk changes indicating more straight-line revenue is reasonably collectible than previously estimated and realized, the additional straight-line rental income is recognized as revenue. If our evaluation of tenant credit risk changes indicating a portion of realized straight-line rental income is no longer collectible, a reserve and bad debt expense is recorded. At December 31, 2013 and December 31, 2012, our allowance for doubtful accounts was $1.0 million and $1.2 million, respectively, and our allowance for deferred rent receivables was $1.2 million and $1.5 million, respectively. Total bad debt expense was $0.1 million, $0.6 million and $2.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
We recognize gains on sales of properties upon the closing of the transaction with the purchaser. Gains on properties sold are recognized using the full accrual method when (1) the collectability of the sales price is reasonably assured, (2) we are not obligated to perform significant activities after the sale, (3) the initial investment from the buyer is sufficient and (4) other profit recognition criteria have been satisfied. Gains on sales of properties may be deferred in whole or in part until the requirements for gain recognition have been met. | ||||||||||||
We receive various fee income from unconsolidated real estate joint ventures including property management fees, construction management fees, acquisition and disposition fees, leasing fees, asset management fees and financing fees. Fee income is recorded as earned in accordance with the respective fee agreement. Profit from these fees, if any, is eliminated to the extent of our ownership interest in these entities. Subsequent to the Formations Transactions and the acquisition of the outside interests in unconsolidated joint ventures, we no longer earn fee revenue (Note 15). | ||||||||||||
Real Estate | ' | |||||||||||
Real Estate | ||||||||||||
Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 30 years to a maximum of 40 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 3 years to 15 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to the contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. For the years ended December 31, 2013, 2012 and 2011, real estate depreciation expense was $52.0 million, $47.8 million and $42.5 million, respectively, including amounts from discontinued operations. | ||||||||||||
Acquisitions of properties are accounted for in accordance with the authoritative accounting guidance on acquisitions and business combinations. Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and appraised values. When we acquire operating real estate properties, the purchase price is allocated to land and buildings, intangibles such as in-place leases, and to current assets and liabilities acquired, if any. Such valuations include a consideration of the noncancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below market renewal options are determined based on a review of several qualitative and quantitative factors on a lease-by-lease basis at acquisition to determine whether it is probable that the tenant would exercise its option to renew the lease agreement. These factors include: (1) the type of tenant in relation to the property it occupies, (2) the quality of the tenant, including the tenant's long term business prospects and (3) whether the fixed rate renewal option was sufficiently lower than the fair rental of the property at the date the option becomes exercisable such that it would appear to be reasonably assured that the tenant would exercise the option to renew. The value allocated to in-place leases is amortized over the related lease term and reflected as depreciation and amortization in the statement of income. | ||||||||||||
The value of above and below market leases associated with the original noncancelable lease terms are amortized to rental income over the terms of the respective noncancelable lease periods and are reflected as either an increase (for below market leases) or a decrease (for above market leases) to rental income in the statement of income. The value of the leases associated with below market lease renewal options that are likely to be exercised are amortized to rental income over the respective renewal periods. If a tenant vacates its space prior to contractual termination of its lease or the lease is not renewed, the unamortized balance of any in-place lease value is written off to rental income and amortization expense. Acquisition-related expenses are expensed in the period incurred. | ||||||||||||
Capitalized Costs | ' | |||||||||||
Capitalized Costs | ||||||||||||
We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance and construction costs and salaries and related costs of personnel directly involved. Additionally, we capitalize interest costs related to development and significant redevelopment activities. Capitalization of these costs begins when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine that the completion of development or redevelopment is no longer probable, we expense all capitalized costs which are not recoverable. | ||||||||||||
Impairment of Long Lived Assets | ' | |||||||||||
Impairment of Long Lived Assets | ||||||||||||
We review for impairment on a property by property basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. The sale or disposal of a “component of an entity” is treated as discontinued operations. The operating properties sold by us typically meet the definition of a component of an entity and as such the revenues and expenses associated with sold properties are reclassified to discontinued operations for all periods presented. | ||||||||||||
Financial Instruments | ' | |||||||||||
Financial Instruments | ||||||||||||
The estimated fair values of financial instruments are determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair values. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges. | ||||||||||||
Derivative Instruments | ' | |||||||||||
Derivative Instruments | ||||||||||||
At times, we may use derivative instruments to manage exposure to variable interest rate risk. We may enter into interest rate swaps to manage our exposure to variable interest rate risk. If and when we enter into derivative instruments, we ensure that such instruments qualify as cash flow hedges and would not enter into derivative instruments for speculative purposes. | ||||||||||||
Any interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. We had no hedging instruments outstanding during 2013, 2012 and 2011. Concurrent with the closing of the amended and restated credit facility, we entered into an interest rate swap agreement that is intended to fix the interest rate associated with the term loan at approximately 3.08% through its maturity date and extension options, subject to adjustments based on our consolidated leverage ratio (see Note 18). | ||||||||||||
Cash and Cash Equivalents | ' | |||||||||||
Cash and Cash Equivalents | ||||||||||||
We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity of less than 3 months. Cash balances in individual banks may exceed the federally insured limit of $250,000 by the Federal Deposit Insurance Corporation (the "FDIC"). No losses have been experienced related to such accounts. | ||||||||||||
Restricted Cash | ' | |||||||||||
Restricted Cash | ||||||||||||
Restricted cash consists of amounts held by lenders to provide for future real estate tax expenditures, insurance expenditures and reserves for capital improvements. Activity for accounts related to real estate tax and insurance expenditures is classified as operating activities in the statement of cash flows. Changes in reserves for capital improvements are classified as investing activities in the statement of cash flows. | ||||||||||||
Marketable Securities | ' | |||||||||||
Marketable Securities | ||||||||||||
Our portfolio of marketable securities was comprised of debt securities that are classified as trading. Trading securities are presented on our consolidated balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the mark-to-market of these securities were recognized as unrealized and realized gains or losses in income. | ||||||||||||
Other Assets | ' | |||||||||||
Other Assets | ||||||||||||
Other assets consist primarily of lease costs, lease incentives, acquired in-place leases, acquired above market leases and debt issuance costs. Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place and include third party commissions related to obtaining a lease. Capitalized lease costs are amortized over the life of the related lease and included in depreciation and amortization expense on the statement of income. If a tenant vacates its space prior to the contractual termination of its lease, the unamortized balance of any lease costs are written off. We view these lease costs as part of the up-front initial investment we made in order to generate a long-term cash inflow. Therefore, we classify cash outflows for lease costs as an investing activity in our consolidated statements of cash flows. | ||||||||||||
Costs related to the issuance of debt instruments are capitalized and are amortized as interest expense over the estimated life of the related issue using the straight-line method which approximates the effective interest method. If a debt instrument is paid off prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.” | ||||||||||||
Variable Interest Entities | ' | |||||||||||
Variable Interest Entities | ||||||||||||
Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as variable interest entities (“VIEs”). VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is the party that has a controlling interest in the VIE. Identifying the party with the controlling interest requires a focus on which entity has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (1) the obligation to absorb the expected losses of the VIE or (2) the right to receive the benefits from the VIE. We have evaluated our investments in certain joint ventures and determined that these joint ventures do not meet the requirements of a VIE and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method. | ||||||||||||
Investments in Real Estate Joint Ventures | ' | |||||||||||
Investments in Real Estate Joint Ventures | ||||||||||||
We analyze our investments in real estate joint ventures under applicable guidance to determine if the venture is considered a VIE and would require consolidation. To the extent that the ventures do not qualify as VIEs, we further assess the venture to determine whether a general partner, or the general partners as a group, controls a limited partnership or similar entity when the limited partners have certain rights in order to determine whether consolidation is required. | ||||||||||||
We consolidate those ventures that are considered to be VIEs where we are the primary beneficiary. Control is further demonstrated by the ability of the general partner to manage day-to-day operations, refinance debt and sell the assets of the venture without the consent of the limited partner and inability of the limited partner to replace the general partner. We use the equity method of accounting for those ventures where we do not have control over operating and financial policies. Under the equity method of accounting, the investment in each venture is included on our balance sheet; however, the assets and liabilities of the ventures for which we use the equity method are not included in the balance sheet. The investment is adjusted for contributions, distributions and our proportionate share of the net earnings or losses of each respective venture. | ||||||||||||
We assess whether there has been impairment in the value of our investments in real estate joint ventures periodically. An impairment charge is recorded when events or changes in circumstances indicate that a decline in the fair value below the carrying value has occurred and such decline is other-than-temporary. The ultimate realization of the investments in unconsolidated real estate joint ventures is dependent on a number of factors, including the performance of the investments and market conditions. | ||||||||||||
Stock-Based Compensation | ' | |||||||||||
Stock-Based Compensation | ||||||||||||
We grant stock-based compensation awards to our employees and directors typically in the form of restricted shares of common stock, options to purchase common stock and/or shares of common stock. We measure stock-based compensation expense based on the fair value of the award on the grant date and recognize the expense ratably over the vesting period. | ||||||||||||
Deferred Compensation | ' | |||||||||||
Deferred Compensation | ||||||||||||
Our Operating Partnership has adopted the American Assets Trust Executive Deferral Plan V (“EDP V”) and the American Assets Trust Executive Deferral Plan VI (“EDP VI”). These plans were adopted by our Operating Partnership as successor plans to those deferred compensation plans maintained by American Assets Inc. ("AAI") in which certain employees of AAI, who were transferred to us in connection with the Offering (the “Transferred Participants”), participated prior to the Offering. EDP V and EDP VI contain substantially the same terms and conditions as these predecessor plans. AAI transferred to our Operating Partnership the Transferred Participants' account balances under the predecessor plans. These transferred account balances represent amounts deferred by the Transferred Participants prior to the Offering while they were employed by AAI. | ||||||||||||
At the time eligible participants defer compensation, we record compensation cost and a corresponding deferred compensation plan liability, which is included in other liabilities and deferred credits on our consolidated balance sheets. This liability is adjusted to fair value at the end of each accounting period based on the performance of the benchmark funds selected by each participant, and the impact of adjusting the liability to fair value is recorded as an increase or decrease to compensation cost. | ||||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with the taxable year ending December 31, 2011. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we maintain our qualification for taxation as a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. If we fail to maintain our qualification as a REIT in any taxable year, and are unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to federal income tax at regular corporate rates, including any applicable alternative minimum tax. We are subject to certain state and local income taxes. | ||||||||||||
We, together with one of our subsidiaries, have elected to treat such subsidiary as a taxable REIT subsidiary (a “TRS”) for federal income tax purposes. Certain activities that we undertake must be conducted by a TRS, such as non-customary services for our tenants, and holding assets that we cannot hold directly. A TRS is subject to federal and state income taxes. | ||||||||||||
Segment Information | ' | |||||||||||
Segment Information | ||||||||||||
Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel. | ||||||||||||
Reclassifications | ' | |||||||||||
Reclassifications | ||||||||||||
Certain items in the consolidated financial statements for prior periods have been reclassified to conform to current classifications. | ||||||||||||
Recent Accounting Pronouncements | ' | |||||||||||
Recent Accounting Pronouncements | ||||||||||||
In February 2013, the FASB issued ASU 2013-2, Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-2 requires entities to disclose certain information relating to amounts reclassified out of accumulated other comprehensive income. This pronouncement became effective for us in the first quarter of 2013 and did not have a significant impact on our consolidated financial statements. | ||||||||||||
Fair Value Measurements | ' | |||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||
A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy for inputs used in measuring fair value is as follows: | ||||||||||||
1 | Level 1 Inputs—quoted prices in active markets for identical assets or liabilities | |||||||||||
2 | Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities | |||||||||||
3 | Level 3 Inputs—unobservable inputs | |||||||||||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Summary of Properties Owned | ' | ||||||||||||||||||||
A summary of the properties owned by us is as follows: | |||||||||||||||||||||
Retail | |||||||||||||||||||||
Carmel Country Plaza | Del Monte Center | ||||||||||||||||||||
Carmel Mountain Plaza | Geary Marketplace | ||||||||||||||||||||
South Bay Marketplace | The Shops at Kalakaua | ||||||||||||||||||||
Rancho Carmel Plaza | Waikele Center | ||||||||||||||||||||
Lomas Santa Fe Plaza | Alamo Quarry Market | ||||||||||||||||||||
Solana Beach Towne Centre | |||||||||||||||||||||
Office | |||||||||||||||||||||
Torrey Reserve Campus | Lloyd District Portfolio | ||||||||||||||||||||
Solana Beach Corporate Centre | City Center Bellevue | ||||||||||||||||||||
The Landmark at One Market | |||||||||||||||||||||
One Beach Street | |||||||||||||||||||||
First & Main | |||||||||||||||||||||
Multifamily | |||||||||||||||||||||
Loma Palisades | |||||||||||||||||||||
Imperial Beach Gardens | |||||||||||||||||||||
Mariner's Point | |||||||||||||||||||||
Santa Fe Park RV Resort | |||||||||||||||||||||
Mixed-Use | |||||||||||||||||||||
Waikiki Beach Walk Retail and Embassy Suites™ Hotel | |||||||||||||||||||||
Held for Development and Construction in Progress | |||||||||||||||||||||
Solana Beach Corporate Centre – Land | |||||||||||||||||||||
Solana Beach – Highway 101 – Land | |||||||||||||||||||||
Sorrento Pointe – Land | |||||||||||||||||||||
Torrey Reserve – Land | |||||||||||||||||||||
Lloyd District Portfolio – Land | |||||||||||||||||||||
NOTE 2. REAL ESTATE | |||||||||||||||||||||
A summary of our real estate investments is as follows (in thousands): | |||||||||||||||||||||
Retail | Office | Multifamily | Mixed-Use | Total | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Land | $ | 248,008 | $ | 150,300 | $ | 18,477 | $ | 76,635 | $ | 493,420 | (1) | ||||||||||
Buildings | 499,091 | 618,077 | 42,270 | 123,142 | 1,282,580 | ||||||||||||||||
Land improvements | 39,892 | 7,528 | 3,010 | 2,363 | 52,793 | ||||||||||||||||
Tenant improvements | 46,649 | 51,016 | — | 1,697 | 99,362 | ||||||||||||||||
Furniture, fixtures, and equipment | 489 | 517 | 5,482 | 10,080 | 16,568 | ||||||||||||||||
Construction in progress | 2,673 | 46,727 | 19 | 1,275 | 50,694 | ||||||||||||||||
836,802 | 874,165 | 69,258 | 215,192 | 1,995,417 | |||||||||||||||||
Accumulated depreciation | (185,095 | ) | (84,012 | ) | (33,909 | ) | (15,565 | ) | (318,581 | ) | |||||||||||
Net real estate | $ | 651,707 | $ | 790,153 | $ | 35,349 | $ | 199,627 | $ | 1,676,836 | |||||||||||
December 31, 2012 | |||||||||||||||||||||
Land | $ | 247,884 | $ | 150,300 | $ | 18,477 | $ | 76,635 | $ | 493,296 | (1) | ||||||||||
Buildings | 497,922 | 600,146 | 41,968 | 123,084 | 1,263,120 | ||||||||||||||||
Land improvements | 39,882 | 7,528 | 2,990 | 2,363 | 52,763 | ||||||||||||||||
Tenant improvements | 46,393 | 44,232 | — | 1,757 | 92,382 | ||||||||||||||||
Furniture, fixtures, and equipment | 486 | 1,124 | 5,082 | 9,563 | 16,255 | ||||||||||||||||
Construction in progress | 1,903 | 18,698 | 1 | 258 | 20,860 | ||||||||||||||||
834,470 | 822,028 | 68,518 | 213,660 | 1,938,676 | |||||||||||||||||
Accumulated depreciation | (165,293 | ) | (62,825 | ) | (32,127 | ) | (10,249 | ) | (270,494 | ) | |||||||||||
Net real estate | $ | 669,177 | $ | 759,203 | $ | 36,391 | $ | 203,411 | $ | 1,668,182 | |||||||||||
(1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets. | |||||||||||||||||||||
Consolidated Statements of Cash Flows-Supplemental Disclosures | ' | ||||||||||||||||||||
The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Supplemental cash flow information | |||||||||||||||||||||
Total interest costs incurred | $ | 60,133 | $ | 58,074 | $ | 54,580 | |||||||||||||||
Interest capitalized | $ | 2,113 | $ | 746 | $ | — | |||||||||||||||
Interest expense | $ | 58,020 | $ | 57,328 | $ | 54,580 | |||||||||||||||
Cash paid for interest, net of amounts capitalized (including discontinued operations) | $ | 54,345 | $ | 55,349 | $ | 52,713 | |||||||||||||||
Cash paid for income taxes | $ | 901 | $ | 1,239 | $ | 172 | |||||||||||||||
Supplemental schedule of noncash investing and financing activities | |||||||||||||||||||||
Accounts payable and accrued liabilities for construction in progress | $ | 5,001 | $ | 4,944 | $ | 2,396 | |||||||||||||||
Accrued leasing commissions | $ | 1,385 | $ | (782 | ) | $ | — | ||||||||||||||
Assumption of debt upon acquisition | $ | — | $ | — | $ | 268,008 | |||||||||||||||
Assumption of notes to affiliates upon acquisition | $ | — | $ | — | $ | 14,824 | |||||||||||||||
Acquisition of working capital deficit, net of cash | $ | — | $ | — | $ | (4,176 | ) | ||||||||||||||
Distribution of investment in joint venture not acquired | $ | — | $ | — | $ | 11,480 | |||||||||||||||
Issuance of common shares and units for acquisition of properties | $ | — | $ | — | $ | 33,854 | |||||||||||||||
Notes receivable from affiliate settled in common units | $ | — | $ | — | $ | 21,797 | |||||||||||||||
Notes payable to affiliates settled in common units | $ | — | $ | — | $ | 828 | |||||||||||||||
Reduction to capital for prepaid equity financing costs | $ | 437 | $ | — | $ | 1,974 | |||||||||||||||
Transfer taxes accrued at time of initial public offering | $ | — | $ | — | $ | 6,556 | |||||||||||||||
Real_Estate_Tables
Real Estate (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Summary of Real Estate Investments | ' | ||||||||||||||||||||
A summary of the properties owned by us is as follows: | |||||||||||||||||||||
Retail | |||||||||||||||||||||
Carmel Country Plaza | Del Monte Center | ||||||||||||||||||||
Carmel Mountain Plaza | Geary Marketplace | ||||||||||||||||||||
South Bay Marketplace | The Shops at Kalakaua | ||||||||||||||||||||
Rancho Carmel Plaza | Waikele Center | ||||||||||||||||||||
Lomas Santa Fe Plaza | Alamo Quarry Market | ||||||||||||||||||||
Solana Beach Towne Centre | |||||||||||||||||||||
Office | |||||||||||||||||||||
Torrey Reserve Campus | Lloyd District Portfolio | ||||||||||||||||||||
Solana Beach Corporate Centre | City Center Bellevue | ||||||||||||||||||||
The Landmark at One Market | |||||||||||||||||||||
One Beach Street | |||||||||||||||||||||
First & Main | |||||||||||||||||||||
Multifamily | |||||||||||||||||||||
Loma Palisades | |||||||||||||||||||||
Imperial Beach Gardens | |||||||||||||||||||||
Mariner's Point | |||||||||||||||||||||
Santa Fe Park RV Resort | |||||||||||||||||||||
Mixed-Use | |||||||||||||||||||||
Waikiki Beach Walk Retail and Embassy Suites™ Hotel | |||||||||||||||||||||
Held for Development and Construction in Progress | |||||||||||||||||||||
Solana Beach Corporate Centre – Land | |||||||||||||||||||||
Solana Beach – Highway 101 – Land | |||||||||||||||||||||
Sorrento Pointe – Land | |||||||||||||||||||||
Torrey Reserve – Land | |||||||||||||||||||||
Lloyd District Portfolio – Land | |||||||||||||||||||||
NOTE 2. REAL ESTATE | |||||||||||||||||||||
A summary of our real estate investments is as follows (in thousands): | |||||||||||||||||||||
Retail | Office | Multifamily | Mixed-Use | Total | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Land | $ | 248,008 | $ | 150,300 | $ | 18,477 | $ | 76,635 | $ | 493,420 | (1) | ||||||||||
Buildings | 499,091 | 618,077 | 42,270 | 123,142 | 1,282,580 | ||||||||||||||||
Land improvements | 39,892 | 7,528 | 3,010 | 2,363 | 52,793 | ||||||||||||||||
Tenant improvements | 46,649 | 51,016 | — | 1,697 | 99,362 | ||||||||||||||||
Furniture, fixtures, and equipment | 489 | 517 | 5,482 | 10,080 | 16,568 | ||||||||||||||||
Construction in progress | 2,673 | 46,727 | 19 | 1,275 | 50,694 | ||||||||||||||||
836,802 | 874,165 | 69,258 | 215,192 | 1,995,417 | |||||||||||||||||
Accumulated depreciation | (185,095 | ) | (84,012 | ) | (33,909 | ) | (15,565 | ) | (318,581 | ) | |||||||||||
Net real estate | $ | 651,707 | $ | 790,153 | $ | 35,349 | $ | 199,627 | $ | 1,676,836 | |||||||||||
December 31, 2012 | |||||||||||||||||||||
Land | $ | 247,884 | $ | 150,300 | $ | 18,477 | $ | 76,635 | $ | 493,296 | (1) | ||||||||||
Buildings | 497,922 | 600,146 | 41,968 | 123,084 | 1,263,120 | ||||||||||||||||
Land improvements | 39,882 | 7,528 | 2,990 | 2,363 | 52,763 | ||||||||||||||||
Tenant improvements | 46,393 | 44,232 | — | 1,757 | 92,382 | ||||||||||||||||
Furniture, fixtures, and equipment | 486 | 1,124 | 5,082 | 9,563 | 16,255 | ||||||||||||||||
Construction in progress | 1,903 | 18,698 | 1 | 258 | 20,860 | ||||||||||||||||
834,470 | 822,028 | 68,518 | 213,660 | 1,938,676 | |||||||||||||||||
Accumulated depreciation | (165,293 | ) | (62,825 | ) | (32,127 | ) | (10,249 | ) | (270,494 | ) | |||||||||||
Net real estate | $ | 669,177 | $ | 759,203 | $ | 36,391 | $ | 203,411 | $ | 1,668,182 | |||||||||||
(1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets. | |||||||||||||||||||||
Net Revenue and Net Income from Discontinued Operations | ' | ||||||||||||||||||||
Net revenue and net income from the property's discontinued operations were as follows (in thousands): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Net revenue from discontinued operations | $ | — | $ | 6,734 | $ | 10,133 | |||||||||||||||
Results from discontinued operations | |||||||||||||||||||||
Income from discontinued operations | — | 932 | 1,672 | ||||||||||||||||||
Gain on sale of real estate from discontinued operations | — | 36,720 | 3,981 | ||||||||||||||||||
Total income from discontinued operations | $ | — | $ | 37,652 | $ | 5,653 | |||||||||||||||
2012 Acquisitions | ' | ||||||||||||||||||||
Allocation of Purchase Price | ' | ||||||||||||||||||||
The allocation of the purchase price for each of One Beach Street, City Center Bellevue and Geary Marketplace is as follows (in thousands): | |||||||||||||||||||||
One Beach Street | City Center Bellevue | Geary Marketplace | Total | ||||||||||||||||||
Land | $ | 15,332 | $ | 25,135 | $ | 8,239 | $ | 48,706 | |||||||||||||
Building | 16,764 | 185,653 | 11,179 | 213,596 | |||||||||||||||||
Land improvements | 30 | 154 | 704 | 888 | |||||||||||||||||
Tenant improvements | 1,223 | 5,191 | 470 | 6,884 | |||||||||||||||||
Total real estate | 33,349 | 216,133 | 20,592 | 270,074 | |||||||||||||||||
Lease intangibles | 4,141 | 11,870 | 1,017 | 17,028 | |||||||||||||||||
Prepaid expenses and other assets | 1 | 2,596 | 414 | 3,011 | |||||||||||||||||
Total assets | $ | 37,491 | $ | 230,599 | $ | 22,023 | $ | 290,113 | |||||||||||||
Accounts payable and accrued expenses | $ | 94 | $ | 456 | $ | — | $ | 550 | |||||||||||||
Security deposits payable | 75 | 740 | — | 815 | |||||||||||||||||
Lease intangibles | 1,382 | 8,733 | 1,124 | 11,239 | |||||||||||||||||
Other liabilities and deferred credits | 22 | 497 | — | 519 | |||||||||||||||||
Total liabilities | $ | 1,573 | $ | 10,426 | $ | 1,124 | $ | 13,123 | |||||||||||||
Acquired_InPlace_Leases_and_Ab1
Acquired In-Place Leases and Above/Below Market Leases (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Schedule of acquired lease intangibles included in other assets and other liabilities | ' | |||||||||||
Increases (decreases) in net income as a result of amortization of our in-place leases, above market leases and below market leases are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Amortization of in-place leases | $ | (9,120 | ) | $ | (10,248 | ) | $ | (8,859 | ) | |||
Amortization of above market leases | (4,052 | ) | (5,739 | ) | (5,684 | ) | ||||||
Amortization of below market leases | 6,440 | 5,502 | 4,567 | |||||||||
Net loss | $ | (6,732 | ) | $ | (10,485 | ) | $ | (9,976 | ) | |||
The following summarizes our acquired lease intangibles, which are included in other assets and other liabilities and deferred credits (in thousands): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
In-place leases | $ | 62,813 | $ | 72,598 | ||||||||
Accumulated amortization | (38,279 | ) | (38,290 | ) | ||||||||
Above market leases | 28,279 | 32,846 | ||||||||||
Accumulated amortization | (20,880 | ) | (21,363 | ) | ||||||||
Acquired lease intangible assets, net | $ | 31,933 | $ | 45,791 | ||||||||
Below market leases | $ | 76,502 | $ | 80,071 | ||||||||
Accumulated accretion | (28,592 | ) | (25,721 | ) | ||||||||
Acquired lease intangible liabilities, net | $ | 47,910 | $ | 54,350 | ||||||||
Future Amortization for Acquired In-Place Leases | ' | |||||||||||
As of December 31, 2013, the amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows (in thousands): | ||||||||||||
In-Place | Above Market | Below Market | ||||||||||
Leases | Leases | Leases | ||||||||||
Year Ending December 31, | ||||||||||||
2014 | $ | 5,849 | $ | 2,296 | $ | 4,989 | ||||||
2015 | 4,777 | 1,752 | 4,588 | |||||||||
2016 | 3,958 | 1,263 | 4,453 | |||||||||
2017 | 3,193 | 932 | 4,097 | |||||||||
2018 | 1,897 | 628 | 3,577 | |||||||||
Thereafter | 4,860 | 528 | 26,206 | |||||||||
$ | 24,534 | $ | 7,399 | $ | 47,910 | |||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||
Financial liabilities measured at fair value on recurring basis | ' | |||||||||||||||||||||||||
A summary of our financial liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy is as follows (in thousands): | ||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Deferred compensation liability | $ | — | $ | 769 | $ | — | $ | 769 | $ | — | $ | 637 | $ | — | $ | 637 | ||||||||||
Carrying amount and fair value of financial instruments | ' | |||||||||||||||||||||||||
A summary of the carrying amount and fair value of our financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands): | ||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||
Secured notes payable | 952,174 | 990,296 | 1,044,682 | 1,116,162 | ||||||||||||||||||||||
Line of credit | 93,000 | 93,000 | — | — | ||||||||||||||||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Components of Prepaid Expenses and Other Assets | ' | |||||||
Other assets consist of the following (in thousands): | ||||||||
31-Dec-13 | 31-Dec-12 | |||||||
Leasing commissions, net of accumulated amortization of $19,606 and $16,829 respectively | $ | 18,071 | $ | 18,329 | ||||
Acquired above market leases, net | 7,399 | 11,483 | ||||||
Acquired in-place leases, net | 24,534 | 34,308 | ||||||
Lease incentives, net of accumulated amortization of $2,590 and $2,220, respectively | 1,110 | 1,480 | ||||||
Other intangible assets, net of accumulated amortization of $1,554 and $4,239, respectively | 655 | 960 | ||||||
Debt issuance costs, net of accumulated amortization of $2,985 and $2,374, respectively | 2,632 | 3,651 | ||||||
Prepaid expenses, deposits and other | 3,269 | 3,459 | ||||||
Total other assets | $ | 57,670 | $ | 73,670 | ||||
Other_Liabilities_and_Deferred1
Other Liabilities and Deferred Credits (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other liabilities and deferred credits | ' | |||||||
Other liabilities and deferred credits consist of the following (in thousands): | ||||||||
31-Dec-13 | 31-Dec-12 | |||||||
Acquired below market leases, net | $ | 47,910 | $ | 54,350 | ||||
Prepaid rent and deferred revenue | 7,506 | 6,383 | ||||||
Straight-line rent liability | 1,145 | 63 | ||||||
Deferred rent expense | 829 | 1,008 | ||||||
Deferred compensation | 769 | 637 | ||||||
Deferred tax liability | 233 | 320 | ||||||
Other liabilities | 73 | 50 | ||||||
Total other liabilities and deferred credits | $ | 58,465 | $ | 62,811 | ||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Summary of total secured notes payable outstanding | ' | ||||||||||||
The following is a summary of our total secured notes payable outstanding as of December 31, 2013 and December 31, 2012 (in thousands): | |||||||||||||
Description of Debt | Principal Balance as of | Stated Interest Rate | Stated Maturity Date | ||||||||||
31-Dec-13 | 31-Dec-12 | as of December 31, 2013 | |||||||||||
Alamo Quarry Market (1) | $ | — | $ | 93,942 | |||||||||
Waikele Center (3) | 140,700 | 140,700 | 5.15 | % | November 1, 2014 | ||||||||
The Shops at Kalakaua (3) | 19,000 | 19,000 | 5.45 | % | May 1, 2015 | ||||||||
The Landmark at One Market (2)(3) | 133,000 | 133,000 | 5.61 | % | July 5, 2015 | ||||||||
Del Monte Center (3) | 82,300 | 82,300 | 4.93 | % | July 8, 2015 | ||||||||
First & Main (3) | 84,500 | 84,500 | 3.97 | % | July 1, 2016 | ||||||||
Imperial Beach Gardens (3) | 20,000 | 20,000 | 6.16 | % | September 1, 2016 | ||||||||
Mariner’s Point (3) | 7,700 | 7,700 | 6.09 | % | September 1, 2016 | ||||||||
South Bay Marketplace (3) | 23,000 | 23,000 | 5.48 | % | February 10, 2017 | ||||||||
Waikiki Beach Walk—Retail (3) | 130,310 | 130,310 | 5.39 | % | July 1, 2017 | ||||||||
Solana Beach Corporate Centre III-IV | 36,804 | 37,204 | 6.39 | % | August 1, 2017 | ||||||||
Loma Palisades (3) | 73,744 | 73,744 | 6.09 | % | July 1, 2018 | ||||||||
One Beach Street (3) | 21,900 | 21,900 | 3.94 | % | April 1, 2019 | ||||||||
Torrey Reserve—North Court (1) | 21,377 | 21,659 | 7.22 | % | June 1, 2019 | ||||||||
Torrey Reserve—VCI, VCII, VCIII (1) | 7,200 | 7,294 | 6.36 | % | June 1, 2020 | ||||||||
Solana Beach Corporate Centre I-II (1) | 11,475 | 11,637 | 5.91 | % | June 1, 2020 | ||||||||
Solana Beach Towne Centre (1) | 38,249 | 38,790 | 5.91 | % | June 1, 2020 | ||||||||
City Center Bellevue (3) | 111,000 | 111,000 | 3.98 | % | November 1, 2022 | ||||||||
Total | 962,259 | 1,057,680 | |||||||||||
Unamortized fair value adjustment | (10,085 | ) | (12,998 | ) | |||||||||
Total Secured Notes Payable Balance | $ | 952,174 | $ | 1,044,682 | |||||||||
-1 | Principal payments based on a 30-year amortization schedule. | ||||||||||||
-2 | Maturity Date is the earlier of the loan maturity date under the loan agreement, or the “Anticipated Repayment Date” as specifically defined in the loan agreement, which is the date after which substantial economic penalties apply if the loan has not been paid off. | ||||||||||||
-3 | Interest only. | ||||||||||||
Scheduled Principal Payments on Notes Payable | ' | ||||||||||||
Scheduled principal payments on notes payable as of December 31, 2013 are as follows (in thousands): | |||||||||||||
2014 | $ | 142,276 | |||||||||||
2015 | 235,980 | ||||||||||||
2016 | 113,974 | ||||||||||||
2017 | 190,139 | ||||||||||||
2018 | 75,224 | ||||||||||||
Thereafter | 204,666 | ||||||||||||
$ | 962,259 | ||||||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||
Dividends declared and paid on shares of common stock and noncontrolling common units | ' | |||||||||||||||||||||
The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||
Period | Amount per Share/Unit | Period Covered | Dividend Paid Date | |||||||||||||||||||
First Quarter 2011 | $ | 0.17 | January 19, 2011 to March 31, 2011 | March 31, 2011 | ||||||||||||||||||
Second Quarter 2011 | $ | 0.21 | April 1, 2011 to June 30, 2011 | June 30, 2011 | ||||||||||||||||||
Third Quarter 2011 | $ | 0.21 | July 1, 2011 to September 30, 2011 | September 30, 2011 | ||||||||||||||||||
Fourth Quarter 2011 | $ | 0.21 | October 1, 2011 to December 31, 2011 | December 29, 2011 | ||||||||||||||||||
First Quarter 2012 | $ | 0.21 | January 1, 2012 to March 31, 2012 | March 30, 2012 | ||||||||||||||||||
Second Quarter 2012 | $ | 0.21 | April 1, 2012 to June 30, 2012 | June 29, 2012 | ||||||||||||||||||
Third Quarter 2012 | $ | 0.21 | July 1, 2012 to September 30, 2012 | September 28, 2012 | ||||||||||||||||||
Fourth Quarter 2012 | $ | 0.21 | October 1, 2012 to December 31, 2012 | December 28, 2012 | ||||||||||||||||||
First Quarter 2013 | $ | 0.21 | January 1, 2013 to March 31, 2013 | March 29, 2013 | ||||||||||||||||||
Second Quarter 2013 | $ | 0.21 | April 1, 2013 to June 30, 2013 | June 28, 2013 | ||||||||||||||||||
Third Quarter 2013 | $ | 0.21 | July 1, 2013 to September 30, 2013 | September 27, 2013 | ||||||||||||||||||
Fourth Quarter 2013 | $ | 0.22 | October 1, 2013 to December 31, 2013 | December 27, 2013 | ||||||||||||||||||
Summary of Income Tax Status of Dividends Per Share Paid | ' | |||||||||||||||||||||
A summary of the income tax status of dividends per share paid is as follows: | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share | % | Per Share | % | Per Share | % | |||||||||||||||||
Ordinary income | $ | 0.83 | 97.6 | % | $ | 0.56 | 66.7 | % | $ | 0.22 | 27.5 | % | ||||||||||
Return of capital | 0.02 | 2.4 | % | 0.28 | 33.3 | % | 0.58 | 72.5 | % | |||||||||||||
Total | $ | 0.85 | 100 | % | $ | 0.84 | 100 | % | $ | 0.8 | 100 | % | ||||||||||
Activity of restricted stock awards | ' | |||||||||||||||||||||
The following table summarizes the activity of non-vested restricted stock awards during the year ended December 31, 2013: | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||
Units | Weighted Average Grant Date Fair Value | |||||||||||||||||||||
Balance at beginning of year | 633,222 | $ | 15.64 | |||||||||||||||||||
Granted | 5,004 | 31.97 | ||||||||||||||||||||
Vested | (4,737 | ) | 22.55 | |||||||||||||||||||
Forfeited | (4,431 | ) | 19.38 | |||||||||||||||||||
Balance at end of year | 629,058 | $ | 15.58 | |||||||||||||||||||
Computation of basic and diluted EPS | ' | |||||||||||||||||||||
The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts): | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
NUMERATOR | ||||||||||||||||||||||
Income from continuing operations | $ | 22,594 | $ | 13,949 | $ | 13,671 | ||||||||||||||||
Less: Net income attributable to restricted shares | (536 | ) | (529 | ) | (482 | ) | ||||||||||||||||
Plus: Loss from continuing operations attributable to Predecessor's noncontrolling interests in consolidated real estate entities | — | — | 2,455 | |||||||||||||||||||
Less: Income from continuing operations attributable to Predecessor's controlled owners' equity | — | — | (16,962 | ) | ||||||||||||||||||
Plus: (Income) loss from continuing operations attributable to unitholders in the Operating Partnership | (6,838 | ) | (4,239 | ) | 425 | |||||||||||||||||
Income (loss) from continuing operations attributable to American Assets Trust, Inc. common stockholders—basic | 15,220 | 9,181 | (893 | ) | ||||||||||||||||||
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders | — | 25,758 | 3,810 | |||||||||||||||||||
Net income attributable to common stockholders—basic | $ | 15,220 | $ | 34,939 | $ | 2,917 | ||||||||||||||||
Income (loss) from continuing operations attributable to American Assets Trust, Inc. common stockholders—basic | $ | 15,220 | $ | 9,181 | $ | (893 | ) | |||||||||||||||
Less: Income (loss) from continuing operations attributable to unitholders in the Operating Partnership | 6,838 | 4,239 | (425 | ) | ||||||||||||||||||
Income (loss) from continuing operations attributable to common stockholders—diluted | 22,058 | 13,420 | (1,318 | ) | ||||||||||||||||||
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders | — | 25,758 | 3,810 | |||||||||||||||||||
Plus: Results from discontinued operations attributable to unitholders in the Operating Partnership | — | 11,894 | 1,813 | |||||||||||||||||||
Net income attributable to common stockholders—diluted | $ | 22,058 | $ | 51,072 | $ | 4,305 | ||||||||||||||||
DENOMINATOR | ||||||||||||||||||||||
Weighted average common shares outstanding—basic | 39,539,457 | 38,736,113 | 36,748,806 | |||||||||||||||||||
Effect of dilutive securities—conversion of Operating Partnership units | 17,976,353 | 18,317,796 | 17,471,001 | |||||||||||||||||||
Weighted average common shares outstanding—diluted | 57,515,810 | 57,053,909 | 54,219,807 | |||||||||||||||||||
Earnings (loss) per common share—basic | ||||||||||||||||||||||
Continuing operations | $ | 0.38 | $ | 0.24 | $ | (0.02 | ) | |||||||||||||||
Discontinued operations | — | 0.66 | 0.1 | |||||||||||||||||||
$ | 0.38 | $ | 0.9 | $ | 0.08 | |||||||||||||||||
Earnings (loss) per common share—diluted | ||||||||||||||||||||||
Continuing operations | $ | 0.38 | $ | 0.24 | $ | (0.02 | ) | |||||||||||||||
Discontinued operations | — | 0.66 | 0.1 | |||||||||||||||||||
$ | 0.38 | $ | 0.9 | $ | 0.08 | |||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income tax provision | ' | |||||||||||
The income tax provision included in other income (expense) on the consolidated statement of income is as follows (in thousands): | ||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 370 | $ | 361 | $ | 483 | ||||||
State | 362 | 335 | 90 | |||||||||
Deferred: | ||||||||||||
Federal | $ | (47 | ) | $ | 118 | $ | — | |||||
State | (40 | ) | 202 | — | ||||||||
Provision for income taxes | $ | 645 | $ | 1,016 | $ | 573 | ||||||
Commitments_and_Contingencies_1
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Current minimum annual payments under the leases | ' | ||||
Current minimum annual payments under the leases are as follows, as of December 31, 2013 (in thousands): | |||||
2014 | $ | 2,569 | |||
2015 | 2,636 | ||||
2016 | 1,709 | ||||
2017 | 736 | (1) | |||
2018 | 740 | ||||
Thereafter | 2,221 | ||||
Total | $ | 10,611 | |||
-1 | Lease payments on the Waikiki Beach Walk lease will be equal to fair rental value from March 2017 through the end of the lease term. In the table, we have shown the lease payments for this period based on the stated rate for the month of February 2017 of $61,690. | ||||
As of December 31, 2013, minimum future rentals from noncancelable operating leases before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows for the years ended December 31 (in thousands): | |||||
2014 | $ | 153,059 | |||
2015 | 145,172 | ||||
2016 | 125,696 | ||||
2017 | 108,442 | ||||
2018 | 76,315 | ||||
Thereafter | 146,522 | ||||
Total | $ | 755,206 | |||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases, Operating [Abstract] | ' | ||||
Current minimum future rentals under the leases | ' | ||||
Current minimum annual payments under the leases are as follows, as of December 31, 2013 (in thousands): | |||||
2014 | $ | 2,569 | |||
2015 | 2,636 | ||||
2016 | 1,709 | ||||
2017 | 736 | (1) | |||
2018 | 740 | ||||
Thereafter | 2,221 | ||||
Total | $ | 10,611 | |||
-1 | Lease payments on the Waikiki Beach Walk lease will be equal to fair rental value from March 2017 through the end of the lease term. In the table, we have shown the lease payments for this period based on the stated rate for the month of February 2017 of $61,690. | ||||
As of December 31, 2013, minimum future rentals from noncancelable operating leases before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows for the years ended December 31 (in thousands): | |||||
2014 | $ | 153,059 | |||
2015 | 145,172 | ||||
2016 | 125,696 | ||||
2017 | 108,442 | ||||
2018 | 76,315 | ||||
Thereafter | 146,522 | ||||
Total | $ | 755,206 | |||
Component_of_Rental_Income_and1
Component of Rental Income and Expense (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Operating Leases, Income Statement, Lease Revenue [Abstract] | ' | |||||||||||
Principal components of rental income | ' | |||||||||||
The principal components of rental income are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Minimum rents | ||||||||||||
Retail | $ | 69,374 | $ | 67,046 | $ | 63,996 | ||||||
Office | 81,845 | 71,817 | 53,457 | |||||||||
Multifamily | 14,926 | 13,796 | 13,246 | |||||||||
Mixed-Use | 9,549 | 8,893 | 8,478 | |||||||||
Cost reimbursement | 27,583 | 27,763 | 24,463 | |||||||||
Percentage rent | 2,655 | 2,608 | 1,967 | |||||||||
Hotel revenue | 35,137 | 31,729 | 27,125 | |||||||||
Other | 1,688 | 1,597 | 1,436 | |||||||||
Total rental income | $ | 242,757 | $ | 225,249 | $ | 194,168 | ||||||
Principal components of rental expenses | ' | |||||||||||
The principal components of rental expenses are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Rental operating | $ | 26,028 | $ | 24,264 | $ | 22,008 | ||||||
Hotel operating | 22,115 | 20,905 | 18,885 | |||||||||
Repairs and maintenance | 10,514 | 9,452 | 8,082 | |||||||||
Marketing | 1,547 | 1,266 | 1,390 | |||||||||
Rent | 2,442 | 2,378 | 2,767 | |||||||||
Hawaii excise tax | 4,153 | 3,813 | 3,379 | |||||||||
Management fees | 1,809 | 2,011 | 1,622 | |||||||||
Total rental expenses | $ | 68,608 | $ | 64,089 | $ | 58,133 | ||||||
Other_Income_Expenses_Tables
Other Income (Expenses) (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
Principal components of other income (expense), net | ' | |||||||||||
The principal components of other income (expense), net are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest and investment income | $ | 148 | $ | 336 | $ | 1,621 | ||||||
Income tax expense | (645 | ) | (1,016 | ) | (831 | ) | ||||||
Loss from real estate joint ventures | — | — | (188 | ) | ||||||||
Acquisition related expenses | — | (152 | ) | (434 | ) | |||||||
Fee income from real estate joint ventures | — | — | 44 | |||||||||
Other non-operating income | 10 | 203 | — | |||||||||
Total other income (expense) | $ | (487 | ) | $ | (629 | ) | $ | 212 | ||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Fees earned from unconsolidated joint ventures | ' | |||||||||||
Fees earned by us from the unconsolidated joint ventures, which are included in other income (expense), net, are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Property management fees | $ | — | $ | — | $ | 38 | ||||||
Maintenance reimbursements | — | — | 6 | |||||||||
$ | — | $ | — | $ | 44 | |||||||
Outstanding Notes Receivable from Affiliate Balances and Related Interest Income | ' | |||||||||||
A summary of the outstanding notes receivable from affiliate balances and related interest income are as follows (in thousands): | ||||||||||||
As of and for the year ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Notes receivable from affiliate | $ | — | $ | — | $ | — | ||||||
Interest income | $ | — | $ | — | $ | 3 | ||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of segments operating activity | ' | |||||||||||
The following table represents operating activity within our reportable segments (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total Retail | ||||||||||||
Property revenue | $ | 93,449 | $ | 91,991 | $ | 86,511 | ||||||
Property expense | (23,900 | ) | (24,955 | ) | (24,512 | ) | ||||||
Segment profit | 69,549 | 67,036 | 61,999 | |||||||||
Total Office | ||||||||||||
Property revenue | 90,527 | 78,101 | 57,319 | |||||||||
Property expense | (26,688 | ) | (23,780 | ) | (18,015 | ) | ||||||
Segment profit | 63,839 | 54,321 | 39,304 | |||||||||
Total Multifamily | ||||||||||||
Property revenue | 16,125 | 14,852 | 14,321 | |||||||||
Property expense | (5,917 | ) | (5,914 | ) | (5,578 | ) | ||||||
Segment profit | 10,208 | 8,938 | 8,743 | |||||||||
Total Mixed-Use | ||||||||||||
Property revenue | 54,956 | 50,522 | 44,634 | |||||||||
Property expense | (33,481 | ) | (31,465 | ) | (28,774 | ) | ||||||
Segment profit | 21,475 | 19,057 | 15,860 | |||||||||
Total segments’ profit | $ | 165,071 | $ | 149,352 | $ | 125,906 | ||||||
Reconciliation of segment profit to net income attributable to stockholders | ' | |||||||||||
The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total segments' profit | $ | 165,071 | $ | 149,352 | $ | 125,906 | ||||||
General and administrative | (17,195 | ) | (15,593 | ) | (13,627 | ) | ||||||
Depreciation and amortization | (66,775 | ) | (61,853 | ) | (55,936 | ) | ||||||
Interest expense | (58,020 | ) | (57,328 | ) | (54,580 | ) | ||||||
Early extinguishment of debt | — | — | (25,867 | ) | ||||||||
Loan transfer and consent fees | — | — | (8,808 | ) | ||||||||
Gain on acquisition | — | — | 46,371 | |||||||||
Other income (expense), net | (487 | ) | (629 | ) | 212 | |||||||
Income from continuing operations | 22,594 | 13,949 | 13,671 | |||||||||
Discontinued operations | ||||||||||||
Income from discontinued operations | — | 932 | 1,672 | |||||||||
Gain on sale of real estate property | — | 36,720 | 3,981 | |||||||||
Results from discontinued operations | — | 37,652 | 5,653 | |||||||||
Net income | 22,594 | 51,601 | 19,324 | |||||||||
Net income attributable to restricted shares | (536 | ) | (529 | ) | (482 | ) | ||||||
Net loss attributable to Predecessor's noncontrolling interests in consolidated real estate entities | — | — | 2,458 | |||||||||
Net income attributable to Predecessor's controlled owners' equity | — | — | (16,995 | ) | ||||||||
Net income attributable to unitholders in the Operating Partnership | (6,838 | ) | (16,133 | ) | (1,388 | ) | ||||||
Net income attributable to American Assets Trust, Inc. stockholders | $ | 15,220 | $ | 34,939 | $ | 2,917 | ||||||
Net Real Estate and Secured note payable balances by Segments | ' | |||||||||||
The following table shows net real estate and secured note payable balances for each of the segments, along with their capital expenditures for each year (in thousands): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Net real estate | ||||||||||||
Retail | $ | 651,707 | $ | 669,177 | ||||||||
Office | 790,153 | 759,203 | ||||||||||
Multifamily | 35,349 | 36,391 | ||||||||||
Mixed-Use | 199,627 | 203,411 | ||||||||||
$ | 1,676,836 | $ | 1,668,182 | |||||||||
Secured Notes Payable (1) | ||||||||||||
Retail | $ | 303,249 | $ | 397,732 | ||||||||
Office | 427,256 | 428,194 | ||||||||||
Multifamily | 101,444 | 101,444 | ||||||||||
Mixed-Use | 130,310 | 130,310 | ||||||||||
$ | 962,259 | $ | 1,057,680 | |||||||||
Capital Expenditures (2) | ||||||||||||
Retail | $ | 4,849 | $ | 14,211 | ||||||||
Office | 27,275 | 22,136 | ||||||||||
Multifamily | 24,641 | 964 | ||||||||||
Mixed-Use | 1,942 | 727 | ||||||||||
$ | 58,707 | $ | 38,038 | |||||||||
-1 | Excludes unamortized fair market value adjustment of $10.1 million and $13.0 million as of December 31, 2013 and 2012, respectively. | |||||||||||
-2 | Capital expenditures represent cash paid for capital expenditures during the year and include leasing commissions paid. |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Selected Quarterly Information | ' | |||||||||||||||
The tables below reflect selected quarterly information for 2013 and 2012 (in thousands): | ||||||||||||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Total revenue | $ | 64,645 | $ | 65,318 | $ | 62,914 | $ | 62,180 | ||||||||
Operating income | 20,407 | 21,441 | 19,373 | 19,880 | ||||||||||||
Net income | 6,907 | 6,258 | 4,564 | 4,865 | ||||||||||||
Net income attributable to restricted shares | (139 | ) | (132 | ) | (133 | ) | (132 | ) | ||||||||
Net income attributable to unitholders in the Operating Partnership | (2,086 | ) | (1,903 | ) | (1,354 | ) | (1,495 | ) | ||||||||
Net income attributable to American Assets Trust, Inc. stockholders | $ | 4,682 | $ | 4,223 | $ | 3,077 | $ | 3,238 | ||||||||
Net income from continuing operations attributable to common stockholders - basic and diluted | $ | 0.11 | $ | 0.11 | $ | 0.08 | $ | 0.08 | ||||||||
Net income attributable to common stockholders - basic and diluted | $ | 0.11 | $ | 0.11 | $ | 0.08 | $ | 0.08 | ||||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
Total revenue | $ | 63,120 | $ | 60,766 | $ | 56,131 | $ | 55,449 | ||||||||
Operating income | 20,247 | 18,206 | 16,641 | 16,812 | ||||||||||||
Income from continuing operations | 4,822 | 3,968 | 2,396 | 2,763 | ||||||||||||
Results from discontinued operations | 36,999 | 317 | 228 | 108 | ||||||||||||
Net income | 41,821 | 4,285 | 2,624 | 2,871 | ||||||||||||
Net income attributable to restricted shares | (133 | ) | (133 | ) | (131 | ) | (132 | ) | ||||||||
Net income attributable to unitholders in the Operating Partnership | (13,111 | ) | (1,335 | ) | (804 | ) | (883 | ) | ||||||||
Net income attributable to American Assets Trust, Inc. stockholders | $ | 28,577 | $ | 2,817 | $ | 1,689 | $ | 1,856 | ||||||||
Net income from continuing operations attributable to common stockholders- basic and diluted | $ | 0.08 | $ | 0.07 | $ | 0.04 | $ | 0.05 | ||||||||
Net income from discontinued operations attributable to common stockholders - basic and diluted | $ | 0.65 | $ | 0.01 | $ | — | $ | — | ||||||||
Net income attributable to common stockholders - basic and diluted | $ | 0.73 | $ | 0.08 | $ | 0.04 | $ | 0.05 | ||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 16, 2010 | Jan. 09, 2014 | |
Segment | Minimum | Money Market Funds | Money Market Funds | Building And Improvement | Building And Improvement | Furniture And Equipment | Furniture And Equipment | Deferred Rent Receivables | Deferred Rent Receivables | Other Income | Other Income | Other Income | Predecessor | Subsequent Event | ||||
Room | Minimum | Maximum | Minimum | Maximum | Property | Term Loan | ||||||||||||
Property | ||||||||||||||||||
Employee | ||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit interest rate (in percents) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.08% |
Properties of entities with controlling ownership interest (property) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 | ' |
Properties of entities with non-controlling ownership interests (property) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' |
Investments in certain real estate joint ventures, noncontrolling ownership interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' |
Number of employees | ' | 116 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of office, retail, multifamily and mixed-use operating properties | ' | 23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Properties held for development | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General excise tax recognized, gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,500,000 | $3,300,000 | $3,000,000 | ' | ' |
Allowance for doubtful accounts | ' | 1,000,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | 1,500,000 | ' | ' | ' | ' | ' |
Total bad debt expense | ' | 100,000 | 600,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate, estimated useful lives | ' | ' | ' | ' | ' | ' | ' | '30 years | '40 years | '3 years | '15 years | ' | ' | ' | ' | ' | ' | ' |
Real estate depreciation expense | ' | 52,000,000 | 47,800,000 | 42,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short term liquid investments, initial maturity | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash balance at banks, federally insured amount | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash balance at banks, excess of FDIC insured limit | ' | 29,000,000 | 33,000,000 | ' | ' | 11,000,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash | ' | 9,124,000 | 7,421,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs written off | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of taxable income required to distribute to qualify as real estate investment trust (REIT) | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Room in mixed-use segment all-suite hotel | ' | 369 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Supplemental Disclosures Related to Consolidated Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental cash flow information | ' | ' | ' |
Total interest costs incurred | $60,133 | $58,074 | $54,580 |
Interest capitalized | 2,113 | 746 | 0 |
Interest expense | 58,020 | 57,328 | 54,580 |
Cash paid for interest, net of amounts capitalized (including discontinued operations) | 54,345 | 55,349 | 52,713 |
Cash paid for income taxes | 901 | 1,239 | 172 |
Supplemental schedule of noncash investing and financing activities | ' | ' | ' |
Accounts payable and accrued liabilities for construction in progress | 5,001 | 4,944 | 2,396 |
Accrued leasing commissions | 1,385 | -782 | 0 |
Assumption of debt upon acquisition | 0 | 0 | 268,008 |
Assumption of notes to affiliates upon acquisition | 0 | 0 | 14,824 |
Acquisition of working capital deficit, net of cash | 0 | 0 | -4,176 |
Distribution of investment in joint venture not acquired | 0 | 0 | 11,480 |
Issuance of common shares and units for acquisition of properties | 0 | 0 | 33,854 |
Notes receivable from affiliate settled in common units | 0 | 0 | 21,797 |
Notes payable to affiliates settled in common units | 0 | 0 | 828 |
Reduction to capital for prepaid equity financing costs | 437 | 0 | 1,974 |
Transfer taxes accrued at time of initial public offering | $0 | $0 | $6,556 |
Real_Estate_Details
Real Estate (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 4 Months Ended | 1 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 04, 2012 | Jan. 24, 2012 | Dec. 31, 2012 | Aug. 21, 2012 | Dec. 31, 2012 | Dec. 19, 2012 | Aug. 31, 2011 | |
160 King Street | One Beach Street | One Beach Street | City Center | City Center | Geary Marketplace | Valencia Corporate Center | ||||||||||||
sqft | sqft | sqft | ||||||||||||||||
Story | Story | |||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 24-Jan-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rentable square feet of a specific real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,000 | ' | 497,000 | ' | 35,000 | ' |
Purchase price of a specific real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $36,500,000 | ' | $228,800,000 | ' | $21,000,000 | ' |
Closing costs for a specific real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | 100,000 | ' | 20,000 | ' |
Business acquisition, identifiable intangible assets and liabilities, weighted average life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | '5 years 9 months | ' | '19 years 9 months | ' |
Number of stories in a real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | 27 | ' | ' | ' |
Approximate additional credits received to purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | ' | ' | ' |
Percentage of leased real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Total revenue of specific real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | 12,300,000 | 10,217,000 | 8,617,000 | ' | ' | 3,900,000 | ' | 7,000,000 | ' | ' |
Operating expenses of specific real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | 173,956,000 | 163,560,000 | 146,442,000 | ' | ' | 1,000,000 | ' | 1,600,000 | ' | ' |
Operating income (loss) | 20,407,000 | 21,441,000 | 19,373,000 | 19,880,000 | 20,247,000 | 18,206,000 | 16,641,000 | 16,812,000 | 81,101,000 | 71,906,000 | 56,343,000 | ' | ' | 2,900,000 | ' | 5,400,000 | ' | ' |
Net income | 6,907,000 | 6,258,000 | 4,564,000 | 4,865,000 | 41,821,000 | 4,285,000 | 2,624,000 | 2,871,000 | 22,594,000 | 51,601,000 | 19,324,000 | ' | ' | 600,000 | ' | ' | ' | ' |
Sales price of a specific real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $93,800,000 | ' | ' | ' | ' | ' | $31,000,000 |
Real_Estate_Summary_of_Real_Es
Real Estate Summary of Real Estate Investments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Real Estate Properties [Line Items] | ' | ' | ||
Construction in progress | $67,389 | $32,183 | ||
Total Real estate, at cost | 1,995,417 | 1,938,676 | ||
Accumulated depreciation | -318,581 | -270,494 | ||
Net real estate | 1,676,836 | 1,668,182 | ||
Total Retail | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Net real estate | 651,707 | 669,177 | ||
Total Office | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Net real estate | 790,153 | 759,203 | ||
Total Multifamily | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Net real estate | 35,349 | 36,391 | ||
Total Mixed-Use | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Net real estate | 199,627 | 203,411 | ||
Real Estate Investment | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Land | 493,420 | [1] | 493,296 | [1] |
Buildings | 1,282,580 | 1,263,120 | ||
Land improvements | 52,793 | 52,763 | ||
Tenant improvements | 99,362 | 92,382 | ||
Furniture, fixtures, and equipment | 16,568 | 16,255 | ||
Construction in progress | 50,694 | 20,860 | ||
Total Real estate, at cost | 1,995,417 | 1,938,676 | ||
Accumulated depreciation | -318,581 | -270,494 | ||
Net real estate | 1,676,836 | 1,668,182 | ||
Real Estate Investment | Total Retail | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Land | 248,008 | 247,884 | ||
Buildings | 499,091 | 497,922 | ||
Land improvements | 39,892 | 39,882 | ||
Tenant improvements | 46,649 | 46,393 | ||
Furniture, fixtures, and equipment | 489 | 486 | ||
Construction in progress | 2,673 | 1,903 | ||
Total Real estate, at cost | 836,802 | 834,470 | ||
Accumulated depreciation | -185,095 | -165,293 | ||
Net real estate | 651,707 | 669,177 | ||
Real Estate Investment | Total Office | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Land | 150,300 | 150,300 | ||
Buildings | 618,077 | 600,146 | ||
Land improvements | 7,528 | 7,528 | ||
Tenant improvements | 51,016 | 44,232 | ||
Furniture, fixtures, and equipment | 517 | 1,124 | ||
Construction in progress | 46,727 | 18,698 | ||
Total Real estate, at cost | 874,165 | 822,028 | ||
Accumulated depreciation | -84,012 | -62,825 | ||
Net real estate | 790,153 | 759,203 | ||
Real Estate Investment | Total Multifamily | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Land | 18,477 | 18,477 | ||
Buildings | 42,270 | 41,968 | ||
Land improvements | 3,010 | 2,990 | ||
Tenant improvements | 0 | 0 | ||
Furniture, fixtures, and equipment | 5,482 | 5,082 | ||
Construction in progress | 19 | 1 | ||
Total Real estate, at cost | 69,258 | 68,518 | ||
Accumulated depreciation | -33,909 | -32,127 | ||
Net real estate | 35,349 | 36,391 | ||
Real Estate Investment | Total Mixed-Use | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Land | 76,635 | 76,635 | ||
Buildings | 123,142 | 123,084 | ||
Land improvements | 2,363 | 2,363 | ||
Tenant improvements | 1,697 | 1,757 | ||
Furniture, fixtures, and equipment | 10,080 | 9,563 | ||
Construction in progress | 1,275 | 258 | ||
Total Real estate, at cost | 215,192 | 213,660 | ||
Accumulated depreciation | -15,565 | -10,249 | ||
Net real estate | $199,627 | $203,411 | ||
[1] | Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets. |
Real_Estate_Allocation_of_Purc
Real Estate Allocation of Purchase Price (Details) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Land | $48,706 |
Building | 213,596 |
Land improvements | 888 |
Tenant improvements | 6,884 |
Total real estate | 270,074 |
Lease intangibles | 17,028 |
Prepaid expenses and other assets | 3,011 |
Total assets | 290,113 |
Accounts payable and accrued expenses | 550 |
Security deposits payable | 815 |
Lease intangibles | 11,239 |
Other liabilities and deferred credits | 519 |
Total liabilities | 13,123 |
One Beach Street | ' |
Business Acquisition [Line Items] | ' |
Land | 15,332 |
Building | 16,764 |
Land improvements | 30 |
Tenant improvements | 1,223 |
Total real estate | 33,349 |
Lease intangibles | 4,141 |
Prepaid expenses and other assets | 1 |
Total assets | 37,491 |
Accounts payable and accrued expenses | 94 |
Security deposits payable | 75 |
Lease intangibles | 1,382 |
Other liabilities and deferred credits | 22 |
Total liabilities | 1,573 |
City Center Bellevue | ' |
Business Acquisition [Line Items] | ' |
Land | 25,135 |
Building | 185,653 |
Land improvements | 154 |
Tenant improvements | 5,191 |
Total real estate | 216,133 |
Lease intangibles | 11,870 |
Prepaid expenses and other assets | 2,596 |
Total assets | 230,599 |
Accounts payable and accrued expenses | 456 |
Security deposits payable | 740 |
Lease intangibles | 8,733 |
Other liabilities and deferred credits | 497 |
Total liabilities | 10,426 |
Geary Marketplace | ' |
Business Acquisition [Line Items] | ' |
Land | 8,239 |
Building | 11,179 |
Land improvements | 704 |
Tenant improvements | 470 |
Total real estate | 20,592 |
Lease intangibles | 1,017 |
Prepaid expenses and other assets | 414 |
Total assets | 22,023 |
Accounts payable and accrued expenses | 0 |
Security deposits payable | 0 |
Lease intangibles | 1,124 |
Other liabilities and deferred credits | 0 |
Total liabilities | $1,124 |
Real_Estate_Net_Revenue_and_Ne
Real Estate Net Revenue and Net Income from Property Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Net revenue from discontinued operations | ' | ' | ' | ' | $0 | $6,734 | $10,133 |
Results from discontinued operations | ' | ' | ' | ' | ' | ' | ' |
Income from discontinued operations | ' | ' | ' | ' | 0 | 932 | 1,672 |
Gain on sale of real estate from discontinued operations | ' | ' | ' | ' | 0 | 36,720 | 3,981 |
Results from discontinued operations | $36,999 | $317 | $228 | $108 | $0 | $37,652 | $5,653 |
Acquired_InPlace_Leases_and_Ab2
Acquired In-Place Leases and Above/Below Market Leases (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization of acquired above and below market leases | $2.40 | ($0.20) | ($1.10) |
Weighted-average amortization period of below market leases | '8 years 8 months | ' | ' |
Acquired lease, below market renewal options | $21 | ' | ' |
Weighted-average amortization period of acquired leases prior to the commencement of renewal option | '9 years 10 months 20 days | ' | ' |
In-place leases | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted-average amortization period of acquired leases | '3 years 9 months | ' | ' |
Above Market Leases | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted-average amortization period of acquired leases | '2 years 3 months | ' | ' |
Acquired_InPlace_Leases_and_Ab3
Acquired In-Place Leases and Above/Below Market Leases Summary of Acquired Lease Intangibles (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Gross [Abstract] | ' | ' |
Acquired lease intangible assets | $7,399 | $11,483 |
Net of accumulated amortization of other intangible assets | -1,554 | -4,239 |
Below Market Lease [Abstract] | ' | ' |
Below market leases | 76,502 | 80,071 |
Accumulated accretion | -28,592 | -25,721 |
Acquired lease intangible liabilities, net | 47,910 | 54,350 |
In-place leases | ' | ' |
Finite-Lived Intangible Assets, Gross [Abstract] | ' | ' |
Acquired lease intangible assets | 62,813 | 72,598 |
Net of accumulated amortization of other intangible assets | -38,279 | -38,290 |
Acquired lease intangible assets, net | 24,534 | ' |
Above Market Leases | ' | ' |
Finite-Lived Intangible Assets, Gross [Abstract] | ' | ' |
Acquired lease intangible assets | 28,279 | 32,846 |
Net of accumulated amortization of other intangible assets | -20,880 | -21,363 |
Acquired lease intangible assets, net | 7,399 | ' |
Acquired lease intangible assets | ' | ' |
Finite-Lived Intangible Assets, Gross [Abstract] | ' | ' |
Acquired lease intangible assets, net | $31,933 | $45,791 |
Acquired_InPlace_Leases_and_Ab4
Acquired In-Place Leases and Above/Below Market Leases Increases (Decreases) in Net Income as Result of Amortization of In-Place Leases Above Market Leases and Below Market Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization of leases | ($6,732) | ($10,485) | ($9,976) |
Amortization of below market leases | 6,440 | 5,502 | 4,567 |
In-place leases | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization of leases | -9,120 | -10,248 | -8,859 |
Above Market Leases | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization of leases | ($4,052) | ($5,739) | ($5,684) |
Acquired_InPlace_Leases_and_Ab5
Acquired In-Place Leases and Above/Below Market Leases Amortization for Acquired In-Place Leases During Next Five Years and Thereafter Assuming No Early Lease Terminations (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract] | ' | ' |
2014 | $4,989 | ' |
2015 | 4,588 | ' |
2016 | 4,453 | ' |
2017 | 4,097 | ' |
2018 | 3,577 | ' |
Thereafter | 26,206 | ' |
Acquired lease intangible liabilities, net | 47,910 | 54,350 |
In-place leases | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 | 5,849 | ' |
2015 | 4,777 | ' |
2016 | 3,958 | ' |
2017 | 3,193 | ' |
2018 | 1,897 | ' |
Thereafter | 4,860 | ' |
Acquired lease intangible assets, net | 24,534 | ' |
Above Market Leases | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 | 2,296 | ' |
2015 | 1,752 | ' |
2016 | 1,263 | ' |
2017 | 932 | ' |
2018 | 628 | ' |
Thereafter | 528 | ' |
Acquired lease intangible assets, net | $7,399 | ' |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Realized Loss | $0.70 | ' |
Unrealized gains on marketable securities | ' | $0.10 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Interest rate used to estimate fair value of mortgages and notes payable (in percents) | 3.75% |
Maximum | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Interest rate used to estimate fair value of mortgages and notes payable (in percents) | 5.71% |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments Liabilities Fair Value Measurement on a Recurring Basis (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation liability | $769 | $637 |
Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation liability | 0 | 0 |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation liability | 769 | 637 |
Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation liability | $0 | $0 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments Carrying Amount and Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Secured Debt | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Secured notes payable | $952,174 | $1,044,682 |
Secured Debt | Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Secured notes payable | 990,296 | 1,116,162 |
Line of Credit | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Secured notes payable | 93,000 | 0 |
Line of Credit | Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Secured notes payable | $93,000 | $0 |
Other_Assets_Details
Other Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Leasing commissions, net of accumulated amortization of $19,606 and $16,829 respectively | $18,071 | $18,329 |
Acquired above market leases, net | 7,399 | 11,483 |
Acquired in-place leases, net | 24,534 | 34,308 |
Lease incentives, net of accumulated amortization of $2,590 and $2,220, respectively | 1,110 | 1,480 |
Other intangible assets, net of accumulated amortization of $1,554 and $4,239, respectively | 655 | 960 |
Debt issuance costs, net of accumulated amortization of $2,985 and $2,374, respectively | 2,632 | 3,651 |
Prepaid expenses, deposits and other | 3,269 | 3,459 |
Total other assets | $57,670 | $73,670 |
Other_Assets_Parenthetical_Det
Other Assets (Parenthetical) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Leasing commissions, accumulative amortization | $19,606 | $16,829 |
Lease incentives, accumulated amortization | 2,590 | 2,220 |
Other intangible assets, accumulated amortization | 1,554 | 4,239 |
Debt issuance costs, accumulated amortization | $2,985 | $2,374 |
Other_Liabilities_and_Deferred2
Other Liabilities and Deferred Credits (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Acquired below market leases, net | $47,910 | $54,350 |
Prepaid rent and deferred revenue | 7,506 | 6,383 |
Straight-line rent liability | 1,145 | 63 |
Deferred rent expense | 829 | 1,008 |
Deferred compensation | 769 | 637 |
Deferred tax Liability | 233 | 320 |
Other liabilities | 73 | 50 |
Total other liabilities and deferred credits | $58,465 | $62,811 |
Debt_Details
Debt (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||||
Sep. 07, 2012 | Jan. 10, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 10, 2012 | Mar. 29, 2012 | Mar. 07, 2011 | Jan. 19, 2011 | Jan. 19, 2011 | Dec. 31, 2013 | Jan. 09, 2014 | Jan. 09, 2014 | Jan. 09, 2014 | Jan. 09, 2014 | Feb. 21, 2014 | Jan. 09, 2014 | Jan. 09, 2014 | Jan. 09, 2014 | Jan. 09, 2014 | Jan. 09, 2014 | Jan. 09, 2014 | Jan. 09, 2014 | Jan. 09, 2014 | Jan. 09, 2014 | Jan. 09, 2014 | Jan. 09, 2014 | Jan. 09, 2014 | Jan. 09, 2014 | Jan. 09, 2014 | |
Subject to meeting specified requirements and obtaining additional commitments | Line of Credit | Subsequent Event | Subsequent Event | Revolving Credit Facility | Revolving Credit Facility | Term Loan | Term Loan | Term Loan | LIBOR | Base Rate | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Prior to December 31, 2015 | After December 31, 2015 | |||||||||||
Line of Credit | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | LIBOR | LIBOR | Base Rate | Base Rate | LIBOR | LIBOR | Base Rate | Base Rate | Subsequent Event | Subsequent Event | ||||||||||||||
Line of Credit | Line of Credit | Line of Credit | Line of Credit | Revolving Credit Facility | Term Loan | Revolving Credit Facility | Term Loan | Revolving Credit Facility | Term Loan | Revolving Credit Facility | Term Loan | Line of Credit | Line of Credit | ||||||||||||||||||
Extension_Option | Extension_Option | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | ||||||||||||||||||||||
Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recourse mortgage loan | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original principal amount of non-recourse mortgage loan | ' | ' | ' | ' | ' | ' | $111,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date of loan | ' | ' | 1-Nov-22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | 3.98% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of year non-recourse mortgage loan | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal of non-recourse mortgage loan | ' | ' | ' | ' | ' | ' | ' | 21,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate interest on non-recourse loan | ' | ' | ' | ' | ' | ' | ' | 3.94% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility borrowing limit, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | 400,000,000 | ' | 350,000,000 | ' | 250,000,000 | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility borrowing limit, maximum allowable borrowing amount | ' | ' | ' | 222,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility outstanding amount | ' | ' | ' | 93,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on outstanding credit facility | ' | ' | ' | 1.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | 58,020,000 | 57,328,000 | 54,580,000 | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Years, maximum maturities of securities | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Year, extension on term of revolving credit facility | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of secured indebtedness of the company's secured total asset value | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility material acquisition | 'greater than $100 million | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum leverage ratio of revolving credit facility | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum fixed charge coverage ratio on revolving credit facility | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 |
Maximum secured leverage ratio on revolving credit facility | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | 40.00% |
Percent minimum tangible net worth in relation to tangible net worth as of Offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of net proceeds of any additional equity issuances in relation to net proceeds as of Offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum principal amount of recourse indebtedness outstanding at any time, aside from revolving credit facility | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage annual distributions cannot exceed funds from operations | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowable additional borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' LIBOR | 'base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate (in percents) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.35% | 1.30% | 0.35% | 0.30% | 1.95% | 1.90% | 0.95% | 0.90% | ' | ' |
Prime rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'prime rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal funds rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'federal funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Points added to federal funds rate (in percents) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Eurodollar | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Eurodollar | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Points added to Eurodollar rate (in percents) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension term (in months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of extensions available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit interest rate (in percents) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.08% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum leverage ratio during a material acquisition period (in percents) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum secured leverage ratio during a material acquisition period (in percents) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 45.00% |
Minimum unsecured interest coverage ratio (in percents) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175.00% |
Maximum unsecured leverage ratio (in percents) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum unsecured leverage ratio during a material acquisition period (in percents) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum tangible net worth | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $721,160,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum recourse indebtedness of total asset value (in percents) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Summary_of_Total_Secured_
Debt Summary of Total Secured Notes Payable Outstanding (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 29, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Total | $962,259 | $1,057,680 | ' | ||
Unamortized fair value adjustment | -10,085 | -12,998 | ' | ||
Total Secured Notes Payable Balance | 952,174 | 1,044,682 | ' | ||
Stated Interest Rate | ' | ' | 3.94% | ||
Number of year amortization schedule | '30 years | ' | ' | ||
Alamo Quarry Market | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 0 | [1] | 93,942 | [1] | ' |
Waikele Center | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 140,700 | [2] | 140,700 | [2] | ' |
Stated Interest Rate | 5.15% | [2] | ' | ' | |
Stated Maturity Date | 1-Nov-14 | [2] | ' | ' | |
The Shops at Kalakaua | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 19,000 | [2] | 19,000 | [2] | ' |
Stated Interest Rate | 5.45% | [2] | ' | ' | |
Stated Maturity Date | 1-May-15 | [2] | ' | ' | |
The Land Mark at One Market | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 133,000 | [2],[3] | 133,000 | [2],[3] | ' |
Stated Interest Rate | 5.61% | [2],[3] | ' | ' | |
Stated Maturity Date | 5-Jul-15 | [2],[3] | ' | ' | |
Del Monte Center | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 82,300 | [2] | 82,300 | [2] | ' |
Stated Interest Rate | 4.93% | [2] | ' | ' | |
Stated Maturity Date | 8-Jul-15 | [2] | ' | ' | |
First & Main | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 84,500 | [2] | 84,500 | [2] | ' |
Stated Interest Rate | 3.97% | [2] | ' | ' | |
Stated Maturity Date | 1-Jul-16 | [2] | ' | ' | |
Imperial Beach Gardens | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 20,000 | [2] | 20,000 | [2] | ' |
Stated Interest Rate | 6.16% | [2] | ' | ' | |
Stated Maturity Date | 1-Sep-16 | [2] | ' | ' | |
Mariner's Point | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 7,700 | [2] | 7,700 | [2] | ' |
Stated Interest Rate | 6.09% | [2] | ' | ' | |
Stated Maturity Date | 1-Sep-16 | [2] | ' | ' | |
South Bay Marketplace | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 23,000 | [2] | 23,000 | [2] | ' |
Stated Interest Rate | 5.48% | [2] | ' | ' | |
Stated Maturity Date | 10-Feb-17 | [2] | ' | ' | |
Waikiki Beach Walk - Retail | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 130,310 | [2] | 130,310 | [2] | ' |
Stated Interest Rate | 5.39% | [2] | ' | ' | |
Stated Maturity Date | 1-Jul-17 | [2] | ' | ' | |
Solana Beach Corporate Centre III-IV | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 36,804 | 37,204 | ' | ||
Stated Interest Rate | 6.39% | ' | ' | ||
Stated Maturity Date | 1-Aug-17 | ' | ' | ||
Loma Palisades | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 73,744 | [2] | 73,744 | [2] | ' |
Stated Interest Rate | 6.09% | [2] | ' | ' | |
Stated Maturity Date | 1-Jul-18 | [2] | ' | ' | |
One Beach Street | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 21,900 | [2] | 21,900 | [2] | ' |
Stated Interest Rate | 3.94% | [2] | ' | ' | |
Stated Maturity Date | 1-Apr-19 | [2] | ' | ' | |
Torrey Reserve - North Court | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 21,377 | [1] | 21,659 | [1] | ' |
Stated Interest Rate | 7.22% | [1] | ' | ' | |
Stated Maturity Date | 1-Jun-19 | [1] | ' | ' | |
Torrey Reserve-VCI, VCII, VCIII | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 7,200 | [1] | 7,294 | [1] | ' |
Stated Interest Rate | 6.36% | [1] | ' | ' | |
Stated Maturity Date | 1-Jun-20 | [1] | ' | ' | |
Solana Beach Corporate Centre I-II | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 11,475 | [1] | 11,637 | [1] | ' |
Stated Interest Rate | 5.91% | [1] | ' | ' | |
Stated Maturity Date | 1-Jun-20 | [1] | ' | ' | |
Solana Beach Towne Centre | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | 38,249 | [1] | 38,790 | [1] | ' |
Stated Interest Rate | 5.91% | [1] | ' | ' | |
Stated Maturity Date | 1-Jun-20 | [1] | ' | ' | |
City Center Bellevue | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Secured notes payable, Principal Balance | $111,000 | [2] | $111,000 | [2] | ' |
Stated Interest Rate | 3.98% | [2] | ' | ' | |
Stated Maturity Date | 1-Nov-22 | [2] | ' | ' | |
[1] | Principal payments based on a 30-year amortization schedule. | ||||
[2] | Interest only. | ||||
[3] | Maturity Date is the earlier of the loan maturity date under the loan agreement, or the bAnticipated Repayment Dateb as specifically defined in the loan agreement, which is the date after which substantial economic penalties apply if the loan has not been paid off. |
Debt_Scheduled_Principal_Payme
Debt Scheduled Principal Payments on Notes Payable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Debt Disclosure [Abstract] | ' | ' | ||
2014 | $142,276 | ' | ||
2015 | 235,980 | ' | ||
2016 | 113,974 | ' | ||
2017 | 190,139 | ' | ||
2018 | 75,224 | ' | ||
Thereafter | 204,666 | ' | ||
Notes payable, total | $962,259 | [1] | $1,057,680 | [1] |
[1] | Excludes unamortized fair market value adjustment of $10.1 million and $13.0 million as of DecemberB 31, 2013 and 2012, respectively. |
Equity_Details
Equity (Details) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Feb. 14, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 | Jan. 31, 2011 | Dec. 31, 2013 | Jun. 13, 2013 | Jul. 10, 2012 | Jan. 31, 2011 | Jan. 31, 2011 | Jan. 31, 2011 | 6-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Time Based Restricted Stock | Performance Based Restricted Stock | At The Market Equity Program | At The Market Equity Program | At The Market Equity Program | Commissions | Commissions | Other Offering Costs | Other Offering Costs | |||||
Installment | Non Employee Directors | Executive Officers | Executive Officers | Agent | At The Market Equity Program | At The Market Equity Program | At The Market Equity Program | At The Market Equity Program | |||||||||||
Installment | |||||||||||||||||||
Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sales agents for the at-the-market equity program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' |
Aggregate offering price for the at-the-market equity program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000,000 | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 251,050 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,738 | 741,452 | ' | ' | ' | ' |
Weighted average price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32.25 | $35 | ' | ' | ' | ' |
Proceeds from issuance of common stock, net | ' | 25,348,000 | 0 | 596,541,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 26,000,000 | ' | ' | ' | ' |
Payments of stock issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | 300,000 | 100,000 | 800,000 |
Remaining capacity available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,000,000 | 124,000,000 | ' | ' | ' | ' |
Noncontrolling common units | ' | 17,917,109 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interests classified as noncontrolling | ' | 31.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from private placement of common units | 5,400,000 | 0 | 0 | 5,410,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock | ' | 106,236 | 372,654 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par-value | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity incentive award plan, common stock authorized for issuance | ' | 4,054,411 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity incentive award plan, common stock available for future issuance | ' | 3,425,353 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity incentive award plan, granted | ' | ' | ' | ' | 123,950 | ' | ' | ' | ' | 1,951 | 198,000 | 297,000 | ' | ' | ' | ' | ' | ' | ' |
Equity incentive award plan, fair value | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | 200,000 | 4,100,000 | 3,900,000 | ' | ' | ' | ' | ' | ' | ' |
Performance period to which performance-based vesting is subject, years | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting installments of restricted shares | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one-third | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock awards ratable vesting periods (First installment) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares granted to members for board (in shares) | ' | ' | ' | ' | ' | ' | ' | 5,004 | 8,015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncash compensation expense recognized | ' | 2,800,000 | 2,900,000 | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | ' | $1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense, weighted-average recognition period (in years) | ' | ' | ' | ' | ' | ' | '7 months 2 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average unvested shares outstanding | ' | 630,130 | 629,493 | 578,489 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Dividends_Declared_and_
Equity Dividends Declared and Paid on Shares of Common Stock and Noncontrolling Common Units (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend Period | 'Fourth Quarter 2013 | 'Third Quarter 2013 | 'Second Quarter 2013 | 'First Quarter 2013 | 'Fourth Quarter 2012 | 'Third Quarter 2012 | 'Second Quarter 2012 | 'First Quarter 2012 | 'Fourth Quarter 2011 | 'Third Quarter 2011 | 'Second Quarter 2011 | 'First Quarter 2011 | ' | ' | ' |
Amount per Share/Unit | $0.22 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.17 | $0.85 | $0.84 | $0.80 |
Dividends Period Covered | 'October 1, 2013 to December 31, 2013 | 'July 1, 2013 to September 30, 2013 | 'April 1, 2013 to June 30, 2013 | 'January 1, 2013 to March 31, 2013 | 'October 1, 2012 to December 31, 2012 | 'July 1, 2012 to September 30, 2012 | 'April 1, 2012 to June 30, 2012 | 'January 1, 2012 to March 31, 2012 | 'October 1, 2011 to December 31, 2011 | 'July 1, 2011 to September 30, 2011 | 'April 1, 2011 to June 30, 2011 | 'January 19, 2011 to March 31, 2011 | ' | ' | ' |
Dividend Paid Date | 27-Dec-13 | 27-Sep-13 | 28-Jun-13 | 29-Mar-13 | 28-Dec-12 | 28-Sep-12 | 29-Jun-12 | 30-Mar-12 | 29-Dec-11 | 30-Sep-11 | 30-Jun-11 | 31-Mar-11 | ' | ' | ' |
Equity_Summary_of_Income_Tax_S
Equity Summary of Income Tax Status of Dividends Per Share Paid (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ordinary income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.83 | $0.56 | $0.22 |
Return of capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.02 | $0.28 | $0.58 |
Total | $0.22 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.17 | $0.85 | $0.84 | $0.80 |
Ordinary income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97.60% | 66.70% | 27.50% |
Return of capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.40% | 33.30% | 72.50% |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
Equity_Summary_of_Activity_of_
Equity Summary of Activity of Restricted Stock Awards (Details) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Stock Units (RSUs) | ' |
Nonvested, Number of Shares | ' |
Nonvested, Beginning, Shares | 633,222 |
Granted, Shares | 5,004 |
Vested, Shares | -4,737 |
Forfeited, Shares | -4,431 |
Nonvested, Ending, Shares | 629,058 |
Nonvested, Weighted Average Grant Date Fair Value | ' |
Nonvested, Beginning, Weighted Average Grant Date Fair Value | $15.64 |
Granted, Weighted Average Grant Date Fair Value | $31.97 |
Vested, Weighted Average Grant Date Fair Value | $22.55 |
Forfeited, Weighted Average Grant Date Fair Value | $19.38 |
Nonvested, Ending, Weighted Average Grant Date Fair Value | $15.58 |
Equity_Computation_of_Basic_an
Equity Computation of Basic and Diluted EPS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
NUMERATOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | ' | ' | ' | ' | $4,822 | $3,968 | $2,396 | $2,763 | $22,594 | $13,949 | $13,671 |
Less: Net income attributable to restricted shares | -139 | -132 | -133 | -132 | -133 | -133 | -131 | -132 | -536 | -529 | -482 |
Plus: Loss from continuing operations attributable to Predecessor's noncontrolling interests in consolidated real estate entities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 2,455 |
Less: Income from continuing operations attributable to Predecessor's controlled owners' equity | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -16,962 |
Plus: (Income) loss from continuing operations attributable to unitholders in the Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | -6,838 | -4,239 | 425 |
Income (loss) from continuing operations attributable to American Assets Trust, Inc. common stockholders-basic | ' | ' | ' | ' | ' | ' | ' | ' | 15,220 | 9,181 | -893 |
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 25,758 | 3,810 |
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS | 4,682 | 4,223 | 3,077 | 3,238 | 28,577 | 2,817 | 1,689 | 1,856 | 15,220 | 34,939 | 2,917 |
Income (loss) from continuing operations attributable to American Assets Trust, Inc. common stockholdersbbasic | ' | ' | ' | ' | ' | ' | ' | ' | 15,220 | 9,181 | -893 |
Less: Income (loss) from continuing operations attributable to unitholders in the Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | 6,838 | 4,239 | -425 |
Income (loss) from continuing operations attributable to common stockholders-diluted | ' | ' | ' | ' | ' | ' | ' | ' | 22,058 | 13,420 | -1,318 |
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 25,758 | 3,810 |
Plus: Results from discontinued operations attributable to unitholders in the Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 11,894 | 1,813 |
Net income attributable to common stockholders-diluted | ' | ' | ' | ' | ' | ' | ' | ' | $22,058 | $51,072 | $4,305 |
DENOMINATOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding-basic | ' | ' | ' | ' | ' | ' | ' | ' | 39,539,457 | 38,736,113 | 36,748,806 |
Effect of dilutive securities-conversion of Operating Partnership units | ' | ' | ' | ' | ' | ' | ' | ' | 17,976,353 | 18,317,796 | 17,471,001 |
Weighted average common shares outstanding - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 57,515,810 | 57,053,909 | 54,219,807 |
Earnings (loss) per common share-basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $0.38 | $0.24 | ($0.02) |
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0.66 | $0.10 |
Basic net income attributable to common stockholders per share | ' | ' | ' | ' | ' | ' | ' | ' | $0.38 | $0.90 | $0.08 |
Earnings (loss) per common share-diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $0.38 | $0.24 | ($0.02) |
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0.66 | $0.10 |
Diluted net income attributable to common stockholders per share | ' | ' | ' | ' | ' | ' | ' | ' | $0.38 | $0.90 | $0.08 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Deferred tax assets | $87 | ' |
Deferred tax Liability | $233 | $320 |
Income_Taxes_Income_Tax_Provis
Income Taxes Income Tax Provision Included in Other Income Expense on Consolidated Statement of Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Federal | $370 | $361 | $483 |
State | 362 | 335 | 90 |
Federal | -47 | 118 | 0 |
State | -40 | 202 | 0 |
Provision for income taxes | $645 | $1,016 | $573 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property | ||
Commitment And Contingencies [Line Items] | ' | ' |
Termination payment | $6.40 | ' |
Percentage, partner's common units | 50.00% | ' |
Transfer taxes accrued in connection with the Offering | $6.60 | ' |
Number of consolidated properties located in Southern California | 12 | ' |
Maximum percentage of total revenue provided by any single tenant | 10.00% | 10.00% |
Total Revenue | Southern California | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Percentage of total revenue provided by properties | 28.70% | ' |
Total Revenue | Hawaii | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Percentage of total revenue provided by properties | 21.50% | ' |
Rental Income | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Percentage of total revenue provided by properties | 12.10% | ' |
Number of tenants that comprise 10.7% of total annualized based rent | 5 | ' |
Maximum | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Property management fee, percent | 5.50% | ' |
Maximum | Tenants | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Percentage of total revenue provided by properties | 2.00% | ' |
The Land Mark at One Market | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Number of lease extension options | 2 | ' |
Years, lease extension options length | '5 years | ' |
Quicksilver | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Percent annual lease amount increase | 3.40% | ' |
Waikiki Beach Walk - Retail | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Property management fee, percent | 3.00% | ' |
Outrigger Hotels | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Property management fee, percent | 6.00% | ' |
Number of calendar months termination fee is based | '2 months | ' |
Maximum percentage of hotel's fiscal year gross revenues paid for aggregate yearly management fee | 3.50% | ' |
Previous months of management fees | '12 months | ' |
Hotel management agreement default penalty factor of previous twelve months of management fees in first 11 years of term | 8 | ' |
Years in hotel management agreement term | '11 years | ' |
Hotel management agreement default penalty factor of previous twelve months of management fees in twelfth year of term | 4 | ' |
Hotel management agreement default penalty factor of previous twelve months of management fees in thirteenth year of term | 3 | ' |
Hotel management agreement default penalty factor of previous twelve months of management fees in fourteenth year of term | 2 | ' |
Hotel management agreement default penalty factor of previous twelve months of management fees in fifteenth year of term | 1 | ' |
Outrigger Hotels | Future Year Period One | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Years in hotel management agreement term | '15 years | ' |
Outrigger Hotels | Future Year Period Two | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Years in hotel management agreement term | '14 years | ' |
Outrigger Hotels | Future Year Period Three | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Years in hotel management agreement term | '13 years | ' |
Outrigger Hotels | Future Year Period Four | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Years in hotel management agreement term | '12 years | ' |
Outrigger Hotels | Maximum | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Property management fee, percent | 3.00% | ' |
Del Monte Center | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Years, environmental remediation length | '3 years | ' |
Wbw Hotel Lessee Llc | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Years of contract | '20 years | ' |
Percentage of hotel occupancy gross revenue paid for program fee | 4.00% | ' |
Wbw Hotel Lessee Llc | Future Time Period Prior to 12-31-2021 | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Percentage of hotel occupancy gross revenue paid for franchise royalty fee | 4.00% | ' |
Wbw Hotel Lessee Llc | Future Time Period After 12-31-2021 | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Percentage of hotel occupancy gross revenue paid for franchise royalty fee | 5.00% | ' |
Lloyd District Portfolio | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Property management fee, percent | 3.50% | ' |
Initial term of contract | '2 years | ' |
Contract renewal options | 3 | ' |
Years, contract renewal option length | '1 year | ' |
Total Revenues | Retail industry | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Percentage of total revenue provided by properties | 36.60% | 39.10% |
Total Revenues | Office industry | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Percentage of total revenue provided by properties | 35.50% | 33.20% |
Base Rent | salesforce.com, inc. | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Percentage of total revenue provided by properties | 7.90% | ' |
Alamo Quarry Market and Waikele Center | Total Revenue | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Percentage of total revenue provided by properties | 15.80% | 17.10% |
Commitments_and_Contingencies_3
Commitments and Contingencies Current Minimum Annual Payments under Leases (Details) (USD $) | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' | |
2014 | $2,569,000 | |
2015 | 2,636,000 | |
2016 | 1,709,000 | |
2017 | 736,000 | [1] |
2018 | 740,000 | |
Thereafter | 2,221,000 | |
Total | 10,611,000 | |
Stated monthly lease rate for February 2017 | $61,690 | |
[1] | Lease payments on the Waikiki Beach Walk lease will be equal to fair rental value from March 2017 through the end of the lease term. In the table, we have shown the lease payments for this period based on the stated rate for the month of February 2017 of $61,690. |
Operating_Leases_Details
Operating Leases (Details) | 12 Months Ended |
Dec. 31, 2013 | |
State | |
Property | |
Operating Leased Assets [Line Items] | ' |
Number of states where retail, office and mixed-use properties are located | 5 |
Number of leased properties | 23 |
Years, minimum term range of office and retail leases | '3 years |
Years, maximum term range of office and retail leases | '10 years |
Months, minimum term of apartment leases | '7 months |
Months, maximum term of apartment leases | '15 months |
Retail Or Office | ' |
Operating Leased Assets [Line Items] | ' |
Number of leased properties | 818 |
Residential Property | ' |
Operating Leased Assets [Line Items] | ' |
Number of leased properties | 783 |
Operating_Leases_Minimum_Futur
Operating Leases Minimum Future Rentals from Noncancelable Operating Leases (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases, Operating [Abstract] | ' |
2014 | $153,059 |
2015 | 145,172 |
2016 | 125,696 |
2017 | 108,442 |
2018 | 76,315 |
Thereafter | 146,522 |
Total | $755,206 |
Component_of_Rental_Income_and2
Component of Rental Income and Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leases, Income Statement, Lease Revenue [Abstract] | ' | ' | ' |
Recognition of straight-line rents | $2.60 | $7.20 | $4.80 |
Recognition of amortization of above and below market leases | $2.40 | ($0.20) | ($1.10) |
Component_of_Rental_Income_and3
Component of Rental Income and Expense Components of Rental Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Rental Income [Line Items] | ' | ' | ' |
Cost reimbursement | $27,583 | $27,763 | $24,463 |
Percentage rent | 2,655 | 2,608 | 1,967 |
Hotel revenue | 35,137 | 31,729 | 27,125 |
Other | 1,688 | 1,597 | 1,436 |
Total rental income | 242,757 | 225,249 | 194,168 |
Total Retail | ' | ' | ' |
Rental Income [Line Items] | ' | ' | ' |
Minimum rents | 69,374 | 67,046 | 63,996 |
Total Office | ' | ' | ' |
Rental Income [Line Items] | ' | ' | ' |
Minimum rents | 81,845 | 71,817 | 53,457 |
Total Multifamily | ' | ' | ' |
Rental Income [Line Items] | ' | ' | ' |
Minimum rents | 14,926 | 13,796 | 13,246 |
Total Mixed-Use | ' | ' | ' |
Rental Income [Line Items] | ' | ' | ' |
Minimum rents | $9,549 | $8,893 | $8,478 |
Component_of_Rental_Income_and4
Component of Rental Income and Expense Components of Rental Expenses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leases, Income Statement, Lease Revenue [Abstract] | ' | ' | ' |
Rental operating | $26,028 | $24,264 | $22,008 |
Hotel operating | 22,115 | 20,905 | 18,885 |
Repairs and maintenance | 10,514 | 9,452 | 8,082 |
Marketing | 1,547 | 1,266 | 1,390 |
Rent | 2,442 | 2,378 | 2,767 |
Hawaii excise tax | 4,153 | 3,813 | 3,379 |
Management fees | 1,809 | 2,011 | 1,622 |
Total rental expenses | $68,608 | $64,089 | $58,133 |
Other_Income_Expenses_Details
Other Income (Expenses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Interest and investment income | $148 | $336 | $1,621 |
Income tax expense | -645 | -1,016 | -831 |
Loss from real estate joint ventures | 0 | 0 | -188 |
Acquisition related expenses | 0 | -152 | -434 |
Fee income from real estate joint ventures | 0 | 0 | 44 |
Other non-operating income | 10 | 203 | 0 |
Total other income (expense) | ($487) | ($629) | $212 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 15, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Del Monte Center | ICW Plaza | ICW Plaza | ICW Plaza | ICW Plaza | Valencia Corporate Center | Valencia Corporate Center | Valencia Corporate Center | WBW CHP LLC | WBW CHP LLC | WBW CHP LLC | Management and supervision of tenant improvements | Management and supervision of tenant improvements | Minimum | Minimum | Maximum | Maximum | ||||
sqft | For projects where the Company directly supervised construction subcontractors | For projects where the Company managed a general contractor | Management and supervision of buildings and improvements | Management and supervision of buildings and improvements | ||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property management fees, percentage of gross monthly cash collections | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | 5.50% | ' |
Property management fees, minimum monthly fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,500 | ' | $5,000 | ' |
Construction management fees, percentage of construction and development costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 3.00% | ' | 3.00% | ' | 5.00% |
Acquisition and Disposition Fees, percentage of value of all acquisitions or dispositions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | 1.00% | ' |
Leasing fees, percentage of value of all leases executed | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset management fees, hourly rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' | 125 | ' |
Financing Fees as a percentage of financed amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | 0.50% | ' |
Financing fees, flat fee | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured loans | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage interest on notes payable to affiliates | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total rental income | 242,757,000 | 225,249,000 | 194,168,000 | ' | 2,200,000 | 2,100,000 | 2,300,000 | ' | 0 | 0 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Square footage of property | ' | ' | ' | ' | ' | ' | ' | 12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in WBW CHP LLC, in percentage | 47.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered reimbursements of operating expenses of WBW CHP LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,100,000 | $1,000,000 | $1,000,000 | ' | ' | ' | ' | ' | ' |
Fees_Earned_from_Unconsolidate
Fees Earned from Unconsolidated Joint Ventures Prior to Formation Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' |
Property management fees | $0 | $0 | $38 |
Maintenance reimbursements | 0 | 0 | 6 |
Total fee income from real estate joint ventures | $0 | $0 | $44 |
Related_Party_Transactions_Sum
Related Party Transactions Summary of Outstanding Notes Receivable from Affiliate Balances and Related Interest Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' |
Notes receivable from affiliate | $0 | $0 | $0 |
Interest income | $0 | $0 | $3 |
Segment_Reporting_Details
Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Room | |
Segment Reporting [Abstract] | ' |
Number of operating segments | 4 |
Room in mixed-use segment all-suite hotel | 369 |
Segment_Reporting_Operating_Ac
Segment Reporting Operating Activity Within Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | $20,407 | $21,441 | $19,373 | $19,880 | $20,247 | $18,206 | $16,641 | $16,812 | $81,101 | $71,906 | $56,343 |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 165,071 | 149,352 | 125,906 |
Total Retail | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property revenue | ' | ' | ' | ' | ' | ' | ' | ' | 93,449 | 91,991 | 86,511 |
Property expense | ' | ' | ' | ' | ' | ' | ' | ' | -23,900 | -24,955 | -24,512 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 69,549 | 67,036 | 61,999 |
Total Office | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property revenue | ' | ' | ' | ' | ' | ' | ' | ' | 90,527 | 78,101 | 57,319 |
Property expense | ' | ' | ' | ' | ' | ' | ' | ' | -26,688 | -23,780 | -18,015 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 63,839 | 54,321 | 39,304 |
Total Multifamily | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property revenue | ' | ' | ' | ' | ' | ' | ' | ' | 16,125 | 14,852 | 14,321 |
Property expense | ' | ' | ' | ' | ' | ' | ' | ' | -5,917 | -5,914 | -5,578 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 10,208 | 8,938 | 8,743 |
Total Mixed-Use | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property revenue | ' | ' | ' | ' | ' | ' | ' | ' | 54,956 | 50,522 | 44,634 |
Property expense | ' | ' | ' | ' | ' | ' | ' | ' | -33,481 | -31,465 | -28,774 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $21,475 | $19,057 | $15,860 |
Segment_Reporting_Reconciliati
Segment Reporting Reconciliation of Segment Profit to Net Income Attributable to Stockholders (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | $165,071 | $149,352 | $125,906 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | -17,195 | -15,593 | -13,627 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -66,775 | -61,853 | -55,936 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -58,020 | -57,328 | -54,580 |
Early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -25,867 |
Loan transfer and consent fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -8,808 |
Gain on acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 46,371 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -487 | -629 | 212 |
Income from continuing operations | ' | ' | ' | ' | 4,822 | 3,968 | 2,396 | 2,763 | 22,594 | 13,949 | 13,671 |
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 932 | 1,672 |
Gain on sale of real estate property | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 36,720 | 3,981 |
Results from discontinued operations | ' | ' | ' | ' | 36,999 | 317 | 228 | 108 | 0 | 37,652 | 5,653 |
Net income | 6,907 | 6,258 | 4,564 | 4,865 | 41,821 | 4,285 | 2,624 | 2,871 | 22,594 | 51,601 | 19,324 |
Net income attributable to restricted shares | -139 | -132 | -133 | -132 | -133 | -133 | -131 | -132 | -536 | -529 | -482 |
Net loss attributable to Predecessor's noncontrolling interests in consolidated real estate entities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 2,458 |
Net income attributable to Predecessor's controlled owners' equity | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -16,995 |
Net income attributable to unitholders in the Operating Partnership | -2,086 | -1,903 | -1,354 | -1,495 | -13,111 | -1,335 | -804 | -883 | -6,838 | -16,133 | -1,388 |
Net income attributable to American Assets Trust, Inc. stockholders | $4,682 | $4,223 | $3,077 | $3,238 | $28,577 | $2,817 | $1,689 | $1,856 | $15,220 | $34,939 | $2,917 |
Segment_Reporting_Net_Real_Est
Segment Reporting Net Real Estate and Secured Note Payable Balances for Each Segment (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net Real Estate | $1,676,836 | $1,668,182 | ||
Secured Notes Payable | 962,259 | [1] | 1,057,680 | [1] |
Capital Expenditures and Leasing Commissions | 58,707 | [2] | 38,038 | [2] |
Unamortized fair value adjustment | 10,085 | 12,998 | ||
Total Retail | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net Real Estate | 651,707 | 669,177 | ||
Secured Notes Payable | 303,249 | [1] | 397,732 | [1] |
Capital Expenditures and Leasing Commissions | 4,849 | [2] | 14,211 | [2] |
Total Office | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net Real Estate | 790,153 | 759,203 | ||
Secured Notes Payable | 427,256 | [1] | 428,194 | [1] |
Capital Expenditures and Leasing Commissions | 27,275 | [2] | 22,136 | [2] |
Total Multifamily | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net Real Estate | 35,349 | 36,391 | ||
Secured Notes Payable | 101,444 | [1] | 101,444 | [1] |
Capital Expenditures and Leasing Commissions | 24,641 | [2] | 964 | [2] |
Total Mixed-Use | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net Real Estate | 199,627 | 203,411 | ||
Secured Notes Payable | 130,310 | [1] | 130,310 | [1] |
Capital Expenditures and Leasing Commissions | $1,942 | [2] | $727 | [2] |
[1] | Excludes unamortized fair market value adjustment of $10.1 million and $13.0 million as of DecemberB 31, 2013 and 2012, respectively. | |||
[2] | Capital expenditures represent cash paid for capital expenditures during the year and include leasing commissions paid. |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) Selected Quarterly Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $64,645 | $65,318 | $62,914 | $62,180 | $63,120 | $60,766 | $56,131 | $55,449 | $255,057 | $235,466 | $202,785 |
Operating income (loss) | 20,407 | 21,441 | 19,373 | 19,880 | 20,247 | 18,206 | 16,641 | 16,812 | 81,101 | 71,906 | 56,343 |
Income (loss) from continuing operations | ' | ' | ' | ' | 4,822 | 3,968 | 2,396 | 2,763 | 22,594 | 13,949 | 13,671 |
Results from discontinued operations | ' | ' | ' | ' | 36,999 | 317 | 228 | 108 | 0 | 37,652 | 5,653 |
Net income | 6,907 | 6,258 | 4,564 | 4,865 | 41,821 | 4,285 | 2,624 | 2,871 | 22,594 | 51,601 | 19,324 |
Net income attributable to restricted shares | -139 | -132 | -133 | -132 | -133 | -133 | -131 | -132 | -536 | -529 | -482 |
Net income attributable to unitholders in the Operating Partnership | -2,086 | -1,903 | -1,354 | -1,495 | -13,111 | -1,335 | -804 | -883 | -6,838 | -16,133 | -1,388 |
Net income (loss) attributable to American Assets Trust, Inc. stockholders | $4,682 | $4,223 | $3,077 | $3,238 | $28,577 | $2,817 | $1,689 | $1,856 | $15,220 | $34,939 | $2,917 |
Net income from continuing operations attributable to common stockholders-basic and diluted | $0.11 | $0.11 | $0.08 | $0.08 | $0.08 | $0.07 | $0.04 | $0.05 | ' | ' | ' |
Net income from discontinued operations attributable to common stockholders-basic and diluted | ' | ' | ' | ' | $0.65 | $0.01 | $0 | $0 | ' | ' | ' |
Net income attributable to common stockholders-basic and diluted | $0.11 | $0.11 | $0.08 | $0.08 | $0.73 | $0.08 | $0.04 | $0.05 | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Dec. 31, 2013 | Jan. 19, 2011 | Jan. 09, 2014 | Jan. 09, 2014 | Feb. 21, 2014 | Jan. 09, 2014 | Jan. 09, 2014 | Jan. 09, 2014 |
Subsequent Event | Revolving Credit Facility | Term Loan | Term Loan | Line of Credit | Line of Credit | |||
Subsequent Event | Subsequent Event | Subsequent Event | Revolving Credit Facility | Term Loan | ||||
Subsequent Event | Subsequent Event | |||||||
Extension_Option | Extension_Option | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility borrowing limit, maximum borrowing capacity | ' | $250,000,000 | $350,000,000 | $250,000,000 | ' | $100,000,000 | ' | ' |
Number of extensions available | ' | ' | ' | ' | ' | ' | 2 | 3 |
Extension term (in months) | ' | ' | ' | ' | ' | ' | '6 months | '12 months |
Allowable additional borrowing capacity | ' | ' | 250,000,000 | ' | ' | ' | ' | ' |
Revolving credit facility outstanding amount | $93,000,000 | ' | ' | ' | $100,000,000 | $100,000,000 | ' | ' |
SCHEDULE_IIIConsolidated_Real_1
SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Alamo Quarry Market | Carmel Country Plaza | Carmel Mountain Plaza | Del Monte Center | Geary Marketplace | Lomas Santa Fe Plaza | Rancho Carmel Plaza | The Shops at Kalakaua | Solana Beach Towne Centre | South Bay Marketplace | Waikele Center | City Center Bellevue | First & Main | The Land Mark at One Market | Lloyd District Portfolio | One Beach Street | Solana Beach Corporate Centre I-II | Solana Beach Corporate Centre III-IV | Solana Beach Corporate Centre Land | ICW Plaza | Pacific North Court | Pacific South Court | Pacific VC | Pacific Torrey Daycare | Torrey Reserve Building 6 | Torrey Reserve Land | Imperial Beach Gardens | Loma Palisades | Mariner's Point | Santa Fe Park Rv Resort | Waikiki Beach Walk - Retail | Waikiki Beach Walk Hotel | Solana Beach Highway 101 Land | Sorrento Valley Holdings Land | |||||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Encumbrance as of December 31, 2013 | $962,259,000 | ' | ' | ' | $0 | $0 | $0 | $82,300,000 | $0 | $0 | $0 | $19,000,000 | $38,249,000 | $23,000,000 | $140,700,000 | $111,000,000 | $84,500,000 | $133,000,000 | $0 | $21,900,000 | $11,475,000 | $36,804,000 | $0 | $0 | $21,377,000 | $0 | $7,200,000 | $0 | $0 | $0 | $20,000,000 | $73,744,000 | $7,700,000 | $0 | $130,310,000 | $0 | $0 | $0 |
Initial Cost, Land | 457,017,000 | ' | ' | ' | 26,396,000 | 4,200,000 | 22,477,000 | 27,412,000 | 8,239,000 | 8,600,000 | 3,450,000 | 13,993,000 | 40,980,000 | 4,401,000 | 55,593,000 | 25,135,000 | 14,697,000 | 34,575,000 | 18,660,000 | 15,332,000 | 7,111,000 | 7,298,000 | 487,000 | 4,095,000 | 3,263,000 | 3,285,000 | 1,413,000 | 715,000 | 0 | 229,000 | 1,281,000 | 14,000,000 | 2,744,000 | 401,000 | 45,995,000 | 30,640,000 | 7,847,000 | 2,073,000 |
Initial Cost, Building and Improvements | 1,191,446,000 | ' | ' | ' | 109,294,000 | 0 | 65,217,000 | 87,570,000 | 12,353,000 | 11,282,000 | 0 | 10,919,000 | 38,842,000 | 0 | 126,858,000 | 190,998,000 | 109,739,000 | 141,196,000 | 61,401,000 | 18,017,000 | 17,100,000 | 27,887,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,820,000 | 16,570,000 | 4,540,000 | 928,000 | 74,943,000 | 60,029,000 | 202,000 | 741,000 |
Cost Capitalized Subsequent to Acquisition | 346,954,000 | ' | ' | ' | 11,629,000 | 11,442,000 | 21,000,000 | 21,796,000 | 37,000 | 9,622,000 | 3,763,000 | 100,000 | 1,715,000 | 10,626,000 | 58,530,000 | 5,589,000 | 2,968,000 | 7,887,000 | 34,910,000 | 1,933,000 | 2,221,000 | 1,102,000 | 60,000 | 34,941,000 | 22,801,000 | 21,589,000 | 8,585,000 | 1,671,000 | 7,795,000 | 10,678,000 | 4,013,000 | 18,063,000 | 1,124,000 | 774,000 | 63,000 | 3,522,000 | 417,000 | 3,988,000 |
Gross Carrying Amount, Land | 493,420,000 | ' | ' | ' | 26,816,000 | 4,200,000 | 31,035,000 | 27,117,000 | 8,238,000 | 8,620,000 | 3,487,000 | 14,006,000 | 40,980,000 | 4,401,000 | 70,643,000 | 25,135,000 | 14,697,000 | 34,575,000 | 18,660,000 | 15,332,000 | 7,111,000 | 7,298,000 | 547,000 | 4,788,000 | 4,309,000 | 4,226,000 | 2,148,000 | 911,000 | 682,000 | 3,825,000 | 1,281,000 | 14,051,000 | 2,744,000 | 401,000 | 45,995,000 | 30,640,000 | 8,466,000 | 6,055,000 |
Gross Carrying Amount, Building and Improvements | 1,501,997,000 | ' | ' | ' | 120,503,000 | 11,442,000 | 77,659,000 | 109,661,000 | 12,391,000 | 20,884,000 | 3,726,000 | 11,006,000 | 40,557,000 | 10,626,000 | 170,338,000 | 196,587,000 | 112,707,000 | 149,083,000 | 96,311,000 | 19,950,000 | 19,321,000 | 28,989,000 | 0 | 34,248,000 | 21,755,000 | 20,648,000 | 7,850,000 | 1,475,000 | 7,113,000 | 7,082,000 | 8,833,000 | 34,582,000 | 5,664,000 | 1,702,000 | 75,006,000 | 63,551,000 | 0 | 747,000 |
Accumulated Depreciation and Amortization | -318,581,000 | -270,494,000 | -234,595,000 | -221,997,000 | -37,804,000 | -6,536,000 | -25,985,000 | -40,558,000 | -422,000 | -12,630,000 | -2,101,000 | -3,044,000 | -4,038,000 | -5,845,000 | -45,943,000 | -8,655,000 | -10,454,000 | -15,818,000 | -7,427,000 | -1,224,000 | -1,845,000 | -3,036,000 | 0 | -10,084,000 | -10,284,000 | -9,289,000 | -4,158,000 | -738,000 | -36,000 | 0 | -7,208,000 | -23,035,000 | -2,313,000 | -1,353,000 | -6,984,000 | -8,581,000 | -189,000 | -964,000 |
Year Built/ Renovated | ' | ' | ' | ' | '1997/1999 | '1991 | '1994 | '1967/1984/2006 | '2012 | '1972/1997 | '1993 | '1971/2006 | '1973/2000/2004 | '1997 | '1993/2008 | '1987 | '2010 | '1917/2000 | '1940-2011 | '1924/1972/1987/1992 | '1982/2005 | '1982/2005 | 'N/A | '1996-1997 | '1997-1998 | '1996-1997 | '1998/2000 | '1996-1997 | '2013 | 'N/A | '1959/2008-present | '1958/2001-2008 | '1986 | '1971/2007-2008 | '2006 | '2008 | 'N/A | 'N/A |
Date Acquired | ' | ' | ' | ' | 9-Dec-03 | 10-Jan-89 | 28-Mar-03 | 8-Apr-04 | 19-Dec-12 | 12-Jun-95 | 30-Apr-90 | 31-Mar-05 | 19-Jan-11 | 16-Sep-95 | 16-Sep-04 | 21-Aug-12 | 11-Mar-11 | 30-Jun-10 | 1-Jul-11 | 24-Jan-12 | 19-Jan-11 | 19-Jan-11 | 19-Jan-11 | 6-Jun-89 | 6-Jun-89 | 6-Jun-89 | 6-Jun-89 | 6-Jun-89 | 6-Jun-89 | 6-Jun-89 | 31-Jul-85 | 20-Jul-90 | 9-May-01 | 1-Jun-79 | 19-Jan-11 | 19-Jan-11 | 20-Sep-11 | 9-May-97 |
Life on which depreciation in latest income statements is computed | ' | ' | ' | ' | '35 years | '35 years | '35 years | '35 years | '35 years | '35 years | '35 years | '35 years | '35 years | '35 years | '35 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | ' | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | ' | '30 years | '30 years | '30 years | '30 years | '35 years | '35 years | ' | ' |
The Aggregate tax basis for Federal tax purposes | $1,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SCHEDULE_IIIConsolidated_Real_2
SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation Rollforward (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Real estate assets | ' | ' | ' | |||
Balance, beginning of period | $1,938,676 | $1,687,276 | $1,165,097 | |||
Property acquisitions | 0 | 270,082 | 563,858 | |||
Improvements | 60,677 | [1] | 41,303 | [1] | 13,595 | [1] |
Cost of Real Estate Sold | 0 | -57,188 | -37,599 | |||
Other | -3,936 | [1],[2] | -2,797 | [1],[2] | -17,675 | [1],[2] |
Balance, end of period | 1,995,417 | 1,938,676 | 1,687,276 | |||
Accumulated depreciation | ' | ' | ' | |||
Balance, beginning of period | 270,494 | 234,595 | 221,997 | |||
Additions-depreciation | 51,949 | [1] | 47,792 | [1] | 42,498 | [1] |
Cost of Real Estate Sold | 0 | -9,216 | -12,225 | |||
Other | -3,862 | [1],[2] | -2,677 | [1],[2] | -17,675 | [1],[2] |
Balance, end of period | $318,581 | $270,494 | $234,595 | |||
[1] | Includes discontinued operations for 160 King Street, which was sold on December 4, 2012 and Valencia Corporate Center, which was sold on August 30, 2011. | |||||
[2] | Other deductions for the years ended DecemberB 31, 2013, 2012 and 2011 represent the write-off of fully depreciated assets. |