American Assets Trust (AAT) 10-Q 1 Nov 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Document Information [Line Items]
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001500217
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity Registrant Name	AMERICAN ASSETS TRUST, INC.
Entity File Number	001-35030
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3338708
Entity Address, Address Line One	1455 El Camino Real, Suite 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	350-2600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	AAT
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		59,956,972
American Assets Trust, L.P.
Document Information [Line Items]
Entity Central Index Key	0001509570
Entity Registrant Name	AMERICAN ASSETS TRUST, L.P.
Entity File Number	333-202342-01
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3338894
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Operating real estate	$ 3,082,598	$ 2,549,571
Construction in progress	73,340	71,228
Held for development	547	9,392
Total Real estate, at cost	3,156,485	2,630,191
Accumulated depreciation	(642,188)	(590,338)
Net real estate	2,514,297	2,039,853
Cash and cash equivalents	115,568	47,956
Restricted cash	10,494	9,316
Accounts receivable, net	9,561	9,289
Deferred rent receivables, net	47,361	39,815
Other assets, net	91,677	52,021
Total assets	2,788,958	2,198,250
LIABILITIES AND EQUITY
Secured notes payable, net	162,159	182,572
Unsecured notes payable, net	1,195,525	1,045,863
Unsecured line of credit, net	0	62,337
Accounts payable and accrued expenses	63,205	46,616
Security deposits payable	7,855	8,844
Other liabilities and deferred credits, net	61,990	49,547
Total liabilities	1,490,734	1,395,779
Commitments and contingencies (Note 12)
American Assets Trust, Inc. stockholders’ equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 59,956,972 and 47,335,409 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	599	474
Additional paid-in capital	1,450,816	920,661
Accumulated dividends in excess of net income	(139,307)	(128,778)
Accumulated other comprehensive income	5,162	10,620
Total American Assets Trust, Inc. stockholders’ equity	1,317,270	802,977
Noncontrolling interests	(19,046)	(506)
Total equity	1,298,224	802,471
CAPITAL:
TOTAL LIABILITIES AND EQUITY	2,788,958	2,198,250
American Assets Trust, L.P.
ASSETS
Operating real estate	3,082,598	2,549,571
Construction in progress	73,340	71,228
Held for development	547	9,392
Total Real estate, at cost	3,156,485	2,630,191
Accumulated depreciation	(642,188)	(590,338)
Net real estate	2,514,297	2,039,853
Cash and cash equivalents	115,568	47,956
Restricted cash	10,494	9,316
Accounts receivable, net	9,561	9,289
Deferred rent receivables, net	47,361	39,815
Other assets, net	91,677	52,021
Total assets	2,788,958	2,198,250
LIABILITIES AND EQUITY
Secured notes payable, net	162,159	182,572
Unsecured notes payable, net	1,195,525	1,045,863
Unsecured line of credit, net	0	62,337
Accounts payable and accrued expenses	63,205	46,616
Security deposits payable	7,855	8,844
Other liabilities and deferred credits, net	61,990	49,547
Total liabilities	1,490,734	1,395,779
Commitments and contingencies (Note 12)
American Assets Trust, Inc. stockholders’ equity
Accumulated other comprehensive income	7,015	14,591
CAPITAL:
Limited partners' capital, 16,390,548 and 17,177,608 units issued and outstanding as of September 30, 2019 and December 31, 2018, respectively	(20,899)	(4,477)
General partner's capital, 59,956,972 and 47,335,409 units issued and outstanding as of September 30, 2019 and December 31, 2018, respectively	1,312,108	792,357
Total capital	1,298,224	802,471
TOTAL LIABILITIES AND EQUITY	$ 2,788,958	$ 2,198,250

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Common Shares
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	490,000,000	490,000,000
Common stock, shares outstanding (shares)	59,956,972	47,335,409
Common stock, shares issued (in shares)	59,956,972	47,335,409
American Assets Trust, L.P.
Limited partners' capital, units issued (in shares)	16,390,548	17,177,608
Limited partners' capital, units outstanding (in shares)	16,390,548	17,177,608
General partners' capital, units issued (in shares)	59,956,972	47,335,409
General partners' capital, units outstanding (in shares)	59,956,972	47,335,409

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
REVENUE:
Rental income		$ 93,147	$ 78,079	$ 249,634	$ 231,172
Other property income		5,215	4,428	18,160	17,090
Total revenue		98,362	82,507	267,794	248,262
EXPENSES:
Rental expenses		23,989	21,383	66,611	62,685
Real estate taxes		10,942	8,787	29,263	25,961
General and administrative		6,479	5,176	18,495	16,139
Depreciation and amortization		26,568	19,886	69,733	86,033
Total operating expenses		67,978	55,232	184,102	190,818
OPERATING INCOME		30,384	27,275	83,692	57,444
Interest expense		(13,734)	(12,879)	(40,212)	(39,387)
Gain on sale of real estate		0	0	633	0
Other (expense) income, net		(131)	(125)	(410)	(64)
NET INCOME		16,519	14,271	43,703	17,993
Net income attributable to restricted shares		(92)	(71)	(277)	(215)
Net income attributable to unitholders in the Operating Partnership		(3,565)	(3,806)	(10,553)	(4,765)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS		$ 12,862	$ 10,394	$ 32,873	$ 13,013
EARNINGS PER COMMON SHARE
Earnings per common share, basic (in USD per share)		$ 0.22	$ 0.22	$ 0.63	$ 0.28
Weighted average shares of common stock outstanding-basic (in shares)		59,441,887	46,959,752	52,239,668	46,945,095
EARNINGS PER COMMON SHARE, DILUTED
Earnings per common share, diluted (in USD per share)		$ 0.22	$ 0.22	$ 0.63	$ 0.28
Weighted average shares of common stock outstanding-diluted (in shares)		75,832,435	64,137,360	69,010,772	64,133,584
Dividends declared per common share (in USD per share)		$ 0.28	$ 0.27	$ 0.84	$ 0.81
COMPREHENSIVE INCOME
Reclassification of amortization of forward-starting swap included in interest expense		$ (333)	$ (320)	$ (972)	$ (959)
Comprehensive income		15,605	14,518	36,127	21,337
Comprehensive income attributable to non-controlling interest		(3,364)	(3,872)	(8,582)	(5,645)
Comprehensive income attributable to American Assets Trust, Inc.		12,241	10,646	27,545	15,692
American Assets Trust, L.P.
REVENUE:
Rental income		93,147	78,079	249,634	231,172
Other property income		5,215	4,428	18,160	17,090
Total revenue		98,362	82,507	267,794	248,262
EXPENSES:
Rental expenses		23,989	21,383	66,611	62,685
Real estate taxes		10,942	8,787	29,263	25,961
General and administrative		6,479	5,176	18,495	16,139
Depreciation and amortization		26,568	19,886	69,733	86,033
Total operating expenses		67,978	55,232	184,102	190,818
OPERATING INCOME		30,384	27,275	83,692	57,444
Interest expense		(13,734)	(12,879)	(40,212)	(39,387)
Gain on sale of real estate		0	0	633	0
Other (expense) income, net		(131)	(125)	(410)	(64)
NET INCOME		16,519	14,271	43,703	17,993
Net income attributable to restricted shares		(92)	(71)	(277)	(215)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS		$ 16,427	$ 14,200	$ 43,426	$ 17,778
EARNINGS PER COMMON SHARE
Earnings per common share, basic (in USD per share)		$ 0.22	$ 0.22	$ 0.63	$ 0.28
Weighted average shares of common stock outstanding-basic (in shares)		75,832,435	64,137,360	69,010,772	64,133,584
EARNINGS PER COMMON SHARE, DILUTED
Earnings per common share, diluted (in USD per share)		$ 0.22	$ 0.22	$ 0.63	$ 0.28
Weighted average shares of common stock outstanding-diluted (in shares)		75,832,435	64,137,360	69,010,772	64,133,584
Distributions per unit (in USD per share)		$ 0.28	$ 0.27	$ 0.84	$ 0.81
COMPREHENSIVE INCOME
Reclassification of amortization of forward-starting swap included in interest expense		$ (333)	$ (320)	$ (972)	$ (959)
Comprehensive income		15,605	14,518	36,127	21,337
Limited Partner | American Assets Trust, L.P.
EXPENSES:
NET INCOME	[1]	3,565	3,806
COMPREHENSIVE INCOME
Comprehensive income attributable to American Assets Trust, Inc.		(3,364)	(3,872)	(8,582)	(5,645)
General Partner | American Assets Trust, L.P.
EXPENSES:
NET INCOME	[2]	12,954	10,465
COMPREHENSIVE INCOME
Comprehensive income attributable to American Assets Trust, Inc.		12,241	10,646	27,545	15,692
Interest Rate Swap
COMPREHENSIVE INCOME
Other comprehensive (loss) income - unrealized gain (loss) on derivatives		(1,094)	567	(7,117)	4,303
Interest Rate Swap | American Assets Trust, L.P.
COMPREHENSIVE INCOME
Other comprehensive (loss) income - unrealized gain (loss) on derivatives		(1,094)	567	(7,117)	4,303
Forward Contracts
COMPREHENSIVE INCOME
Other comprehensive (loss) income - unrealized gain (loss) on derivatives		513	0	513	0
Forward Contracts | American Assets Trust, L.P.
COMPREHENSIVE INCOME
Other comprehensive (loss) income - unrealized gain (loss) on derivatives		$ 513	$ 0	$ 513	$ 0
[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general partnership interests held by American Assets Trust, Inc.

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - USD ($) $ in Thousands		Total	American Assets Trust, L.P.	American Assets Trust, L.P.Accumulated Other Comprehensive Income (Loss)	American Assets Trust, L.P.Limited Partner	[1]	American Assets Trust, L.P.General Partner		Common Shares	Common SharesAmerican Assets Trust, L.P.	Common SharesAmerican Assets Trust, L.P.Limited Partner	Additional Paid-in Capital	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests - Unitholders in the Operating Partnership	Swap	SwapAmerican Assets Trust, L.P.	SwapAmerican Assets Trust, L.P.Accumulated Other Comprehensive Income (Loss)	SwapAccumulated Other Comprehensive Income (Loss)	SwapNoncontrolling Interests - Unitholders in the Operating Partnership	Forward Contracts	Forward ContractsAmerican Assets Trust, L.P.	Forward ContractsAmerican Assets Trust, L.P.Accumulated Other Comprehensive Income (Loss)	Forward ContractsAccumulated Other Comprehensive Income (Loss)	Forward ContractsNoncontrolling Interests - Unitholders in the Operating Partnership
Beginning Balance (shares) at Dec. 31, 2017									47,204,588
Beginning Balance at Dec. 31, 2017		$ 844,144							$ 473			$ 919,066	$ (97,280)	$ 11,451	$ 10,434
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		(691)	$ (691)		$ (166)		$ (525)	[2]					(525)		(166)
Forfeiture of restricted stock (shares)									(1,104)
Dividends declared and paid		(17,388)											(12,745)
Dividends declared and paid (noncontrolling interest)															(4,643)
Stock-based compensation		727										727
Other comprehensive income - change in value of interest rate swaps																$ 2,861	$ 2,861	$ 2,861	$ 2,107	$ 754
Reclassification of amortization of forward-starting swap included in interest expense		(320)	(320)	$ (320)										(234)	(86)
Ending Balance (shares) at Mar. 31, 2018									47,203,484
Ending Balance at Mar. 31, 2018		829,333							$ 473			919,793	(110,550)	13,324	6,293
Beginning partners' capital account (shares) at Dec. 31, 2017					17,194,980		47,204,588	[2]
Beginning partners' capital account at Dec. 31, 2017			844,144	15,750	$ 6,135		$ 822,259	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		(691)	(691)		(166)		$ (525)	[2]					(525)		(166)
Partners' Capital Account, Restricted Units Forfeiture	[2]						(1,104)
Distributions			(17,388)		$ (4,643)		$ (12,745)	[2]
Stock-based compensation			727				$ 727	[2]
Other comprehensive (loss) income - unrealized (loss) income on swap derivative during the period																2,861	2,861	2,861	2,107	754
Reclassification of amortization of forward-starting swap included in interest expense		(320)	(320)	(320)										(234)	(86)
Ending partners' capital account (shares) at Mar. 31, 2018					17,194,980		47,203,484	[2]
Ending partners' capital account at Mar. 31, 2018			829,333	18,291	$ 1,326		$ 809,716	[2]
Beginning Balance (shares) at Dec. 31, 2017									47,204,588
Beginning Balance at Dec. 31, 2017		844,144							$ 473			919,066	(97,280)	11,451	10,434
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		17,993	17,993
Other comprehensive income - change in value of interest rate swaps																					$ 0	$ 0
Reclassification of amortization of forward-starting swap included in interest expense		(959)	(959)
Ending Balance (shares) at Sep. 30, 2018									47,222,121
Ending Balance at Sep. 30, 2018		815,491							$ 473			920,324	(122,293)	13,915	3,072
Beginning partners' capital account (shares) at Dec. 31, 2017					17,194,980		47,204,588	[2]
Beginning partners' capital account at Dec. 31, 2017			844,144	15,750	$ 6,135		$ 822,259	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		17,993	17,993
Units withheld for employee taxes		6	6
Other comprehensive (loss) income - unrealized (loss) income on swap derivative during the period																					0	0
Reclassification of amortization of forward-starting swap included in interest expense		(959)	(959)
Ending partners' capital account (shares) at Sep. 30, 2018					17,177,608		47,222,121	[2]
Ending partners' capital account at Sep. 30, 2018			815,491	19,094	$ (2,107)		$ 798,504	[2]
Beginning Balance (shares) at Mar. 31, 2018									47,203,484
Beginning Balance at Mar. 31, 2018		829,333							$ 473			919,793	(110,550)	13,324	6,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		$ 4,413	4,413		$ 1,125		$ 3,288	[2]					3,288		1,125
Issuance of restricted stock (shares)		5,320
Forfeiture of restricted stock (shares)									(2,208)
Conversion of operating partnership units (in shares)									17,372
Conversion of operating partnership units												(916)			916
Dividends declared and paid		$ (17,388)											(12,746)
Dividends declared and paid (noncontrolling interest)															(4,642)
Stock-based compensation		$ 727										727
Shares withheld for employee taxes (shares)		(159)					159
Shares withheld for employee taxes												(6)
Other comprehensive income - change in value of interest rate swaps																875	875	875	643	232
Reclassification of amortization of forward-starting swap included in interest expense		$ (319)	(319)	(319)										(233)	(86)
Ending Balance (shares) at Jun. 30, 2018									47,223,809
Ending Balance at Jun. 30, 2018		817,635							$ 473			919,598	(120,008)	13,734	3,838
Beginning partners' capital account (shares) at Mar. 31, 2018					17,194,980		47,203,484	[2]
Beginning partners' capital account at Mar. 31, 2018			829,333	18,291	$ 1,326		$ 809,716	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		$ 4,413	4,413		1,125		$ 3,288	[2]					3,288		1,125
Issuance of restricted units (shares)	[2]						5,320
Partners' Capital Account, Restricted Units Forfeiture	[2]						(2,208)
Conversion of operating partnership units (shares)							17,372	[2]			(17,372)
Conversion of operating partnership units							$ (916)				$ 916
Distributions			(17,388)		$ (4,642)		(12,746)	[2]
Stock-based compensation			727				$ 727	[2]
Units withheld for employee taxes (shares)		(159)					159
Units withheld for employee taxes			(6)				$ (6)
Other comprehensive (loss) income - unrealized (loss) income on swap derivative during the period																875	875	875	643	232
Reclassification of amortization of forward-starting swap included in interest expense		$ (319)	(319)	(319)										(233)	(86)
Ending partners' capital account (shares) at Jun. 30, 2018					17,177,608		47,223,809	[2]
Ending partners' capital account at Jun. 30, 2018			817,635	18,847	$ (1,275)		$ 800,063	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		14,271	14,271		3,806		10,465	[2]					10,465		3,806
Forfeiture of restricted stock (shares)									(1,688)
Dividends declared and paid		(17,388)											(12,750)
Dividends declared and paid (noncontrolling interest)															(4,638)
Stock-based compensation		726										726
Other comprehensive income - change in value of interest rate swaps																567	567	567	416	151	0	0
Reclassification of amortization of forward-starting swap included in interest expense		(320)	(320)	(320)										(235)	(85)
Ending Balance (shares) at Sep. 30, 2018									47,222,121
Ending Balance at Sep. 30, 2018		815,491							$ 473			920,324	(122,293)	13,915	3,072
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		14,271	14,271		3,806		$ 10,465	[2]					10,465		3,806
Partners' Capital Account, Restricted Units Forfeiture	[2]						(1,688)
Distributions			(17,388)		$ (4,638)		$ (12,750)	[2]
Stock-based compensation			726				$ 726	[2]
Other comprehensive (loss) income - unrealized (loss) income on swap derivative during the period																567	567	567	416	151	0	0
Reclassification of amortization of forward-starting swap included in interest expense		(320)	(320)	(320)										(235)	(85)
Ending partners' capital account (shares) at Sep. 30, 2018					17,177,608		47,222,121	[2]
Ending partners' capital account at Sep. 30, 2018			815,491	19,094	$ (2,107)		$ 798,504	[2]
Beginning Balance (shares) at Dec. 31, 2018									47,335,409
Beginning Balance at Dec. 31, 2018		802,471							$ 474			920,661	(128,778)	10,620	(506)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		15,243	15,243		$ 4,055		$ 11,188	[2]					11,188		4,055
Common shares issued (shares)									162,531
Common shares issued		7,034							$ 1			7,033
Forfeiture of restricted stock (shares)									(11,046)
Forfeiture of restricted stock									$ 0			0
Dividends declared and paid		(18,061)											(13,251)
Dividends declared and paid (noncontrolling interest)															(4,810)
Stock-based compensation		1,098										1,098
Other comprehensive income - change in value of interest rate swaps																(2,132)	(2,132)	(2,132)	(1,561)	(571)
Reclassification of amortization of forward-starting swap included in interest expense		(320)	(320)	(320)										(234)	(86)
Ending Balance (shares) at Mar. 31, 2019									47,486,894
Ending Balance at Mar. 31, 2019		805,333							$ 475			928,792	(130,841)	8,825	(1,918)
Beginning partners' capital account (shares) at Dec. 31, 2018					17,177,608		47,335,409	[2]
Beginning partners' capital account at Dec. 31, 2018			802,471	14,591	$ (4,477)		$ 792,357	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		15,243	15,243		4,055		$ 11,188	[2]					11,188		4,055
Contributions from American Assets Trust, Inc. (in shares)	[2]						162,531
Contributions from American Assets Trust, Inc.			7,034				$ 7,034	[2]
Partners' Capital Account, Restricted Units Forfeiture	[2]						(11,046)
Distributions			(18,061)		$ (4,810)		$ (13,251)	[2]
Stock-based compensation			1,098				$ 1,098	[2]
Other comprehensive (loss) income - unrealized (loss) income on swap derivative during the period																(2,132)	(2,132)	(2,132)	(1,561)	(571)
Reclassification of amortization of forward-starting swap included in interest expense		(320)	(320)	(320)										(234)	(86)
Ending partners' capital account (shares) at Mar. 31, 2019					17,177,608		47,486,894	[2]
Ending partners' capital account at Mar. 31, 2019			805,333	12,139	$ (5,232)		$ 798,426	[2]
Beginning Balance (shares) at Dec. 31, 2018									47,335,409
Beginning Balance at Dec. 31, 2018		802,471							$ 474			920,661	(128,778)	10,620	(506)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		43,703	43,703
Conversion of operating partnership units (in shares)										787,060
Other comprehensive income - change in value of interest rate swaps																					513	513
Reclassification of amortization of forward-starting swap included in interest expense		(972)	(972)
Ending Balance (shares) at Sep. 30, 2019									59,956,972
Ending Balance at Sep. 30, 2019		1,298,224							$ 599			1,450,816	(139,307)	5,162	(19,046)
Beginning partners' capital account (shares) at Dec. 31, 2018					17,177,608		47,335,409	[2]
Beginning partners' capital account at Dec. 31, 2018			802,471	14,591	$ (4,477)		$ 792,357	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		43,703	43,703
Units withheld for employee taxes		0	0
Other comprehensive (loss) income - unrealized (loss) income on swap derivative during the period																					513	513
Reclassification of amortization of forward-starting swap included in interest expense		(972)	(972)
Ending partners' capital account (shares) at Sep. 30, 2019					16,390,548		59,956,972	[2]
Ending partners' capital account at Sep. 30, 2019			1,298,224	7,015	$ (20,899)		$ 1,312,108	[2]
Beginning Balance (shares) at Mar. 31, 2019									47,486,894
Beginning Balance at Mar. 31, 2019		805,333							$ 475			928,792	(130,841)	8,825	(1,918)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		11,941	11,941		$ 2,933		$ 9,008	[2]					9,008		2,933
Common shares issued (shares)									11,444,382
Common shares issued		$ 495,980							$ 114			495,866
Issuance of restricted stock (shares)		4,412
Conversion of operating partnership units (in shares)									787,060
Conversion of operating partnership units									$ 8			12,979		148	(13,135)
Dividends declared and paid		$ (18,253)											(13,664)
Dividends declared and paid (noncontrolling interest)															(4,589)
Stock-based compensation		1,131										1,131
Other comprehensive income - change in value of interest rate swaps																(3,891)	(3,891)	(3,891)	(2,857)	(1,034)
Reclassification of amortization of forward-starting swap included in interest expense		(319)	(319)	(319)										(240)	(79)
Ending Balance (shares) at Jun. 30, 2019									59,722,748
Ending Balance at Jun. 30, 2019		1,291,922							$ 597			1,438,768	(135,497)	5,876	(17,822)
Beginning partners' capital account (shares) at Mar. 31, 2019					17,177,608		47,486,894	[2]
Beginning partners' capital account at Mar. 31, 2019			805,333	12,139	$ (5,232)		$ 798,426	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		11,941	11,941		$ 2,933		$ 9,008	[2]					9,008		2,933
Contributions from American Assets Trust, Inc. (in shares)	[2]						11,444,382
Contributions from American Assets Trust, Inc.			495,980				$ 495,980	[2]
Issuance of restricted units (shares)	[2]						4,412
Conversion of operating partnership units (shares)					(787,060)		787,060	[2]
Conversion of operating partnership units					$ (12,987)		$ 12,987	[2]
Distributions			(18,253)		$ (4,589)		(13,664)	[2]
Stock-based compensation			1,131				$ 1,131	[2]
Other comprehensive (loss) income - unrealized (loss) income on swap derivative during the period																(3,891)	(3,891)	(3,891)	(2,857)	(1,034)
Reclassification of amortization of forward-starting swap included in interest expense		(319)	(319)	(319)										(240)	(79)
Ending partners' capital account (shares) at Jun. 30, 2019					16,390,548		59,722,748	[2]
Ending partners' capital account at Jun. 30, 2019			1,291,922	7,929	$ (19,875)		$ 1,303,868	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		16,519	16,519		3,565		12,954	[2]					12,954		3,565
Common shares issued (shares)									234,814
Common shares issued		10,920							$ 2			10,918
Forfeiture of restricted stock (shares)									(590)
Forfeiture of restricted stock									$ 0			0
Conversion of operating partnership units (in shares)										0
Dividends declared and paid		(21,353)											(16,764)
Dividends declared and paid (noncontrolling interest)															(4,589)
Stock-based compensation		1,130										1,130
Other comprehensive income - change in value of interest rate swaps																(1,094)	(1,094)	(1,094)	(841)	(253)	513	513	$ 513	$ 388	$ 125
Reclassification of amortization of forward-starting swap included in interest expense		(333)	(333)	(333)										(261)	(72)
Ending Balance (shares) at Sep. 30, 2019									59,956,972
Ending Balance at Sep. 30, 2019		1,298,224							$ 599			$ 1,450,816	(139,307)	5,162	(19,046)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		16,519	16,519		3,565		$ 12,954	[2]					$ 12,954		3,565
Contributions from American Assets Trust, Inc. (in shares)	[2]						234,814
Contributions from American Assets Trust, Inc.			10,920				$ 10,920	[2]
Issuance of restricted units (shares)	[2]						0
Partners' Capital Account, Restricted Units Forfeiture	[2]						(590)
Distributions			(21,353)		$ (4,589)		$ (16,764)	[2]
Stock-based compensation			1,130				$ 1,130	[2]
Other comprehensive (loss) income - unrealized (loss) income on swap derivative during the period																$ (1,094)	$ (1,094)	$ (1,094)	$ (841)	$ (253)	$ 513	$ 513	$ 513	$ 388	$ 125
Reclassification of amortization of forward-starting swap included in interest expense		$ (333)	(333)	(333)										$ (261)	$ (72)
Ending partners' capital account (shares) at Sep. 30, 2019					16,390,548		59,956,972	[2]
Ending partners' capital account at Sep. 30, 2019			$ 1,298,224	$ 7,015	$ (20,899)		$ 1,312,108	[2]
[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general partnership interests held by American Assets Trust, Inc.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
OPERATING ACTIVITIES
Net income	$ 43,703	$ 17,993
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(3,652)	153
Depreciation and amortization	69,733	86,033
Amortization of debt issuance costs and debt fair value adjustments	1,096	1,165
Gain on sale of real estate	633	0
Stock-based compensation expense	3,359	2,180
Settlement of Forward Interest Rate Swap Agreement	513	0
Lease termination income	(4,518)	0
Other noncash interest expense	(972)	(959)
Other, net	1,728	4
Changes in operating assets and liabilities
Change in accounts receivable	732	1,001
Change in other assets	(22)	(12)
Change in accounts payable and accrued expenses	16,461	8,292
Change in security deposits payable	(1,433)	2,178
Change in other liabilities and deferred credits	(3,983)	885
Net cash provided by operating activities	122,112	118,913
INVESTING ACTIVITIES
Acquisition of real estate	(507,780)	0
Capital expenditures	(65,549)	(31,666)
Proceeds from sale of real estate, net of selling costs	8,191	0
Leasing commissions	(8,892)	(5,127)
Net cash used in investing activities	(574,030)	(36,793)
FINANCING ACTIVITIES
Repayment of secured notes payable	(20,468)	(74,843)
Proceeds from unsecured line of credit	59,000	35,000
Repayment of unsecured line of credit	(123,000)	(13,000)
Proceeds from unsecured notes payable	150,000	0
Debt issuance costs	(1,091)	(2,687)
Proceeds from issuance of common stock, net	513,934	(236)
Dividends paid to common stock and unitholders	(57,667)	(52,164)
Shares withheld for employee taxes	0	6
Net cash provided by (used in) financing activities	520,708	(107,936)
Net increase (decrease) in cash and cash equivalents	68,790	(25,816)
Cash, cash equivalents and restricted cash, beginning of period	57,272	91,954
Cash, cash equivalents and restricted cash, end of period	126,062	66,138
Cash and cash equivalents	115,568	56,220
Restricted cash	10,494	9,918
American Assets Trust, L.P.
OPERATING ACTIVITIES
Net income	43,703	17,993
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(3,652)	153
Depreciation and amortization	69,733	86,033
Amortization of debt issuance costs and debt fair value adjustments	1,096	1,165
Gain on sale of real estate	633	0
Stock-based compensation expense	3,359	2,180
Settlement of Forward Interest Rate Swap Agreement	513	0
Lease termination income	(4,518)	0
Other noncash interest expense	(972)	(959)
Other, net	1,728	4
Changes in operating assets and liabilities
Change in accounts receivable	732	1,001
Change in other assets	(22)	(12)
Change in accounts payable and accrued expenses	16,461	8,292
Change in security deposits payable	(1,433)	2,178
Change in other liabilities and deferred credits	(3,983)	885
Net cash provided by operating activities	122,112	118,913
INVESTING ACTIVITIES
Acquisition of real estate	(507,780)	0
Capital expenditures	(65,549)	(31,666)
Proceeds from sale of real estate, net of selling costs	8,191	0
Leasing commissions	(8,892)	(5,127)
Net cash used in investing activities	(574,030)	(36,793)
FINANCING ACTIVITIES
Repayment of secured notes payable	(20,468)	(74,843)
Proceeds from unsecured line of credit	59,000	35,000
Repayment of unsecured line of credit	(123,000)	(13,000)
Proceeds from unsecured notes payable	150,000	0
Debt issuance costs	(1,091)	(2,687)
Contributions from American Assets Trust, Inc.	513,934	(236)
Dividends paid to common stock and unitholders	(57,667)	(52,164)
Shares withheld for employee taxes	0	6
Net cash provided by (used in) financing activities	520,708	(107,936)
Net increase (decrease) in cash and cash equivalents	68,790	(25,816)
Cash, cash equivalents and restricted cash, beginning of period	57,272	91,954
Cash, cash equivalents and restricted cash, end of period	126,062	66,138
Cash and cash equivalents	115,568	56,220
Restricted cash	$ 10,494	$ 9,918

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2019
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 on January 19, 2011. The Company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The Company’s operations are carried on through our Operating Partnership and its subsidiaries, including our taxable real estate investment trust ("REIT") subsidiary ("TRS"). Since the formation of our Operating Partnership, the Company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. We are a full service, vertically integrated, and self-administered REIT with approximately 202 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. As of September 30, 2019 , we owned or had a controlling interest in 28 office, retail, multifamily and mixed-use operating properties, the operations of which we consolidate. Additionally, as of September 30, 2019 , we owned land at three of our properties that we classify as held for development and/or construction in progress. A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street Torrey Reserve Campus First & Main Torrey Point Lloyd District Portfolio Solana Crossing (formerly Solana Beach Corporate Centre) City Center Bellevue The Landmark at One Market Multifamily Loma Palisades Hassalo on Eighth - Residential Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and/or Construction in Progress La Jolla Commons – Land Solana Crossing – Land Lloyd District Portfolio – Construction in Progress Basis of Presentation Our consolidated financial statements include the accounts of the Company, our Operating Partnership and our subsidiaries. The equity interests of other investors in our Operating Partnership are reflected as noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. The accompanying consolidated financial statements of the Company and the Operating Partnership have been prepared in accordance with the rules applicable to Form 10-Q and include all information and footnotes required for interim financial statement presentation, but do not include all disclosures required under accounting principles generally accepted in the United States (“GAAP”) for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments, except as otherwise noted) considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and notes therein included in the Company's and Operating Partnership's annual report on Form 10-K for the year ended December 31, 2018 . The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using our best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Any reference to the number of properties, number of units, square footage, employee numbers or percentages of beneficial ownership of our shares are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. Consolidated Statements of Cash Flows—Supplemental Disclosures The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): Nine Months Ended September 30, 2019 2018 Supplemental cash flow information Total interest costs incurred $ 40,592 $ 40,602 Interest capitalized $ 380 $ 1,215 Interest expense $ 40,212 $ 39,387 Cash paid for interest, net of amounts capitalized $ 39,375 $ 39,674 Cash paid for income taxes $ 601 $ 337 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 16,025 $ 14,677 Accrued leasing commissions $ 2,939 $ 2,560 Reduction to capital for prepaid offering costs $ — $ 236 Significant Accounting Policies We describe our significant accounting policies in Note 1 to the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2018 . Except for the adoption of the accounting standards during the first quarter of 2019 as discussed below, there have been no changes to our significant accounting policies during the nine months ended September 30, 2019 . Segment Information Segment information is prepared on the same basis that our chief operating decision maker reviews information for operational decision-making purposes. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369 -room all-suite hotel. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), which provides the principles for the recognition, measurement, presentation and disclosure of leases. This ASU significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet. The lessor model stays substantially the same; however, there were modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases. We adopted the provisions of ASU No. 2016-02 effective January 1, 2019 using the modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which allows lessors to elect a practical expedient by class of underlying assets to not separate non-lease components from the lease component if certain conditions are met. The lessor’s practical expedient election would be limited to circumstances in which the non-lease components otherwise would be accounted for under the new revenue guidance and both (i) the timing and pattern of transfer are the same for the non-lease component and the related lease component and (ii) the lease component would be classified as an operating lease. The Company elected the practical expedient, which allows the Company the ability to combine the lease and non-lease components if the underlying asset meets the criteria above. Due to our election of the practical expedient approach, for the three and nine months ended September 30, 2019, approximately $10.6 million and $27.0 million of non-lease components are combined with lease rental income, respectively. ASU 2018-11 also includes an optional transition method in addition to the existing requirements for transition to the new standard by recognizing a cumulative effect adjustment to the opening balance sheet of retained earnings in the period of adoption. Consequently, a company’s reporting for the comparative periods presented in the financial statements would continue to be in accordance with previous GAAP (Topic 840). The Company elected this practical expedient as well. Further, bad debt expense, which has previously been recorded in rental expenses, has now been classified as a contra-revenue account in rental income in the Company’s consolidated statements of comprehensive income. We evaluated all leases within this scope under existing accounting standards and under the new ASU lease standard recognized approximately $7.7 million of right-of-use assets and lease liabilities. Effective January 1, 2019, approximately $0.8 million of deferred rent expense was reclassified to lease liability within the other liabilities and deferred credits, net. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and International Financial Reporting Standards. The pronouncement is effective for reporting periods beginning after December 15, 2017. We adopted the provisions of the ASU effective January 1, 2018 using the modified retrospective approach. As discussed above, leases are specifically excluded from this and are governed by the applicable lease codification. We evaluated the revenue recognition for all contracts within this scope under existing accounting standards and under the new revenue recognition ASU and confirmed that there were no differences in the amounts recognized or the pattern of recognition. This evaluation included revenues from the hotel portion of our mixed-use property, parking income and excise taxes charged to customers. Therefore, the adoption of this ASU did not result in an adjustment to our retained earnings on January 1, 2018. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Topics. The pronouncement requires companies to adopt a new approach to estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard requires entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables. The pronouncement is effective for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses , which clarifies that receivables arising from operating leases are not within the scope of the pronouncement. We continue to evaluate the impact this pronouncement will have on our consolidated financial statements; however, the majority of our receivables are derived from operating leases and are excluded from this standard.

REAL ESTATE

REAL ESTATE	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE Dispositions On May 22, 2019, we sold Solana Beach – Highway 101. The property is located in Solana Beach, California and was previously included in our retail segment. The sales price of this property was approximately $9.4 million , less costs to sell, and resulted in net proceeds to us of approximately $9.4 million . Accordingly, we recorded a gain on sale of approximately nil and $0.6 million for the three and nine months ended September 30, 2019 , respectively. Property Asset Acquisitions On June 20, 2019, we acquired La Jolla Commons, consisting of two office towers totaling approximately 724,000 square feet, an entitled development parcel and two parking structures, located in San Diego, California. The purchase price was approximately $525 million , less seller credits of (i) approximately $11.5 million for speculative lease-up, (ii) approximately $4.2 million for assumed contractual liabilities (iii) and approximately $1.7 million for closing prorations, excluding closing costs of approximately $0.2 million . The property was acquired with proceeds from an underwritten public offering and borrowings under the Company's Second Amended and Restated Credit Facility (defined herein). The financial information set forth below summarizes the Company’s purchase price allocation for La Jolla Commons during the nine months ended September 30, 2019 (in thousands): La Jolla Commons Land $ 82,759 Building 361,471 Land improvements 1,359 Furniture, fixtures, and equipment 30,822 Total real estate 476,411 Lease intangibles 40,082 Prepaid expenses and other assets 13 Assets acquired $ 516,506 Accounts payable and accrued expenses $ 3,578 Security deposits payable 443 Other liabilities and deferred credits 3,817 Liabilities assumed $ 7,838 The value allocated to lease intangibles is amortized over the related lease term as depreciation and amortization expense in the statement of comprehensive income. The remaining weighted average amortization period as of September 30, 2019, is 8.4 years . Pro Forma Financial Information The pro forma financial information set forth below is based upon the Company’s historical consolidated statements of operations for the nine months ended September 30, 2019 and 2018, adjusted to give effect to the acquisition of La Jolla Commons, described above, as if such transaction had been completed on January 1, 2018. The pro forma financial information set forth below is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2018, nor does it purport to represent the results of future operations (in thousands): Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 As Reported ProForma As Reported ProForma Total revenue $ 267,794 $ 283,676 $ 248,262 $ 276,129 Total operating expenses $ 184,102 $ 195,645 $ 190,818 $ 213,513 Operating income $ 83,692 $ 88,031 $ 57,444 $ 62,616 Net income $ 43,703 $ 47,110 $ 17,993 $ 22,356 The following table summarizes the operating results for La Jolla Commons included in the Company’s historical consolidated statement of comprehensive income and in the Office segment for the period of acquisition through September 30, 2019 (in thousands): June 20, 2019 through September 30, 2019 Revenues $ 10,615 Operating expenses $ 10,118 Operating income $ 497 Net income attributable to American Assets Trust, Inc. $ 497

ACQUIRED IN-PLACE LEASES AND AB

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [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 and leasing costs, which are included in other assets and other liabilities and deferred credits, as of September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 In-place leases $ 63,932 $ 40,884 Accumulated amortization (31,095 ) (34,603 ) Above market leases 7,534 11,963 Accumulated amortization (7,320 ) (11,445 ) Acquired lease intangible assets, net $ 33,051 $ 6,799 Below market leases $ 62,126 $ 63,172 Accumulated accretion (35,639 ) (37,220 ) Acquired lease intangible liabilities, net $ 26,487 $ 25,952

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2019
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 Except as disclosed below, the carrying amounts of our financial instruments approximate their fair value. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. We measure the fair value of our deferred compensation liability, which is included in other liabilities and deferred credits on the consolidated balance sheet, on a recurring basis using Level 2 inputs. We measure the fair value of this liability based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. The fair value of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contract at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The effective portion of changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded in accumulated other comprehensive income (loss) and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. We incorporate credit valuation adjustments to appropriately reflect both our own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of non-performance risk, we considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of September 30, 2019 we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative position and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivative. As a result, we have determined that our derivative valuation in its entirety is classified in Level 2 of the fair value hierarchy. A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows (in thousands): September 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Deferred compensation liability $ — $ 1,573 $ — $ 1,573 $ — $ 1,424 $ — $ 1,424 Interest rate swap asset $ — $ — $ — $ — $ — $ 6,002 $ — $ 6,002 Interest rate swap liability $ — $ 1,916 $ — $ 1,916 $ — $ 801 $ — $ 801 The fair value of our secured notes payable and unsecured senior guaranteed notes are sensitive to fluctuations in interest rates. Discounted cash flow analysis using observable market interest rates (Level 2) is generally used to estimate the fair value of our secured notes payable, using rates ranging from 2.9% to 3.8% . Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying values of our revolving line of credit and term loan set forth below are deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. A summary of the carrying amount and fair value of our secured financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands): September 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Secured notes payable, net $ 162,159 $ 168,010 $ 182,572 $ 183,253 Unsecured term loans, net $ 248,741 $ 250,000 $ 248,765 $ 250,000 Unsecured senior guaranteed notes, net $ 946,784 $ 987,588 $ 797,098 $ 790,267 Unsecured line of credit, net $ — $ — $ 62,337 $ 64,000

DERIVATIVE AND HEDGING ACTIVITI

DERIVATIVE AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE AND HEDGING ACTIVITIES	DERIVATIVE AND HEDGING ACTIVITIES Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. On June 20, 2019, we entered into a treasury lock contract (the "June 2019 Treasury Lock") with Wells Fargo Bank, N.A., to reduce the interest rate variability exposure of the projected interest cash flows of our then prospective eleven-year private placement. The treasury lock contract has a notional amount of $100 million , termination date of July 31, 2019 , a fixed pay rate of 1.9925% , and a receive rate equal to the ten years treasury rate on the settlement date. On July 17, 2019, we settled the June 2019 Treasury Lock, resulting in a gain of approximately $0.5 million , which will be included in accumulated other comprehensive income and will be amortized to interest expense over ten years . The treasury lock contract has been deemed to be a highly effective cash flow hedge and we elected to designate the treasury lock contract as an accounting hedge. The following is a summary of the terms of our outstanding interest rate swaps as of September 30, 2019 (dollars in thousands): Swap Counterparty Notional Amount Effective Date Maturity Date Fair Value Bank of America, N.A. $ 100,000 1/9/2019 1/9/2021 $ (1,674 ) U.S. Bank N.A. $ 100,000 3/1/2016 3/1/2023 $ (180 ) Wells Fargo Bank, N.A. $ 50,000 5/2/2016 3/1/2023 $ (62 ) The effective portion of changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded in accumulated other comprehensive income and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings for as long as hedged cash flows remain probable. During the next twelve months, we estimate that $1.3 million will be reclassified as a decrease to interest expense.

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets consist of the following (in thousands): September 30, 2019 December 31, 2018 Leasing commissions, net of accumulated amortization of $29,122 and $28,597, respectively $ 41,468 $ 28,796 Interest rate swap asset — 6,002 Acquired above market leases, net 214 518 Acquired in-place leases, net 32,837 6,281 Lease incentives, net of accumulated amortization of $464 and $299, respectively 565 747 Other intangible assets, net of accumulated amortization of $945 and $981, respectively 2,979 2,994 Debt issuance costs, net of accumulated amortization of $713 and $0, respectively 1,357 — Right-of-use lease asset, net 5,574 — Prepaid expenses and other 6,683 6,683 Total other assets $ 91,677 $ 52,021

OTHER LIABILITIES AND DEFERRED

OTHER LIABILITIES AND DEFERRED CREDITS	9 Months Ended
	Sep. 30, 2019
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): September 30, 2019 December 31, 2018 Acquired below market leases, net $ 26,487 $ 25,952 Prepaid rent and deferred revenue 11,814 11,634 Interest rate swap liability 1,916 801 Deferred rent expense and lease intangible 31 2,210 Deferred compensation 1,573 1,424 Deferred tax liability 95 93 Straight-line rent liability 13,849 7,393 Lease liability 6,165 — Other liabilities 60 40 Total other liabilities and deferred credits, net $ 61,990 $ 49,547 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

DEBT	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
DEBT	DEBT Debt of American Assets Trust, Inc. American Assets Trust, Inc. does not hold any indebtedness. All debt is held directly or indirectly by the Operating Partnership; however, American Assets Trust, Inc. has guaranteed the Operating Partnership's obligations under the (i) amended and restated credit facility, (ii) term loans, and (iii) senior guaranteed notes. Additionally, American Assets Trust, Inc. has provided carve-out guarantees on certain property-level mortgage debt. Debt of American Assets Trust, L.P. Secured notes payable The following is a summary of our total secured notes payable outstanding as of September 30, 2019 and December 31, 2018 (in thousands): Principal Balance as of Stated Interest Rate Stated Maturity Date Description of Debt September 30, 2019 December 31, 2018 as of September 30, 2019 Torrey Reserve—North Court (1)(2) — 19,620 7.22 % June 1, 2019 Torrey Reserve—VCI, VCII, VCIII (2) 6,534 6,635 6.36 % June 1, 2020 Solana Crossing I-II (2) 10,330 10,502 5.91 % June 1, 2020 Solana Beach Towne Centre (2) 34,434 35,008 5.91 % June 1, 2020 City Center Bellevue (3) 111,000 111,000 3.98 % November 1, 2022 162,298 182,765 Debt issuance costs, net of accumulated amortization of $435 and $671, respectively (139 ) (193 ) Total Secured Notes Payable Outstanding $ 162,159 $ 182,572 (1) Loan repaid in full, without premium or penalty, on March 1, 2019. (2) Principal payments based on a 30 -year amortization schedule. (3) Interest only. Certain loans require us to comply with various financial covenants. As of September 30, 2019 , the Operating Partnership was in compliance with these financial covenants. Unsecured notes payable The following is a summary of the Operating Partnership's total unsecured notes payable outstanding as of September 30, 2019 and December 31, 2018 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date September 30, 2019 December 31, 2018 as of September 30, 2019 Term Loan A $ 100,000 $ 100,000 Variable (1) January 9, 2021 Senior Guaranteed Notes, Series A 150,000 150,000 4.04 % (2) October 31, 2021 Term Loan B 100,000 100,000 Variable (3) March 1, 2023 Term Loan C 50,000 50,000 Variable (4) March 1, 2023 Senior Guaranteed Notes, Series F 100,000 100,000 3.78 % (5) July 19, 2024 Senior Guaranteed Notes, Series B 100,000 100,000 4.45 % February 2, 2025 Senior Guaranteed Notes, Series C 100,000 100,000 4.50 % April 1, 2025 Senior Guaranteed Notes, Series D 250,000 250,000 4.29 % (6) March 1, 2027 Senior Guaranteed Notes, Series E 100,000 100,000 4.24 % (7) May 23, 2029 Senior Guaranteed Notes, Series G 150,000 — 3.91 % (8) July 30, 2030 1,200,000 1,050,000 Debt issuance costs, net of accumulated amortization of $7,579 and $6,844, respectively (4,475 ) (4,137 ) Total Unsecured Notes Payable $ 1,195,525 $ 1,045,863 (1) The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan A at approximately 4.13% through its stated maturity date, subject to adjustments based on our consolidated leverage ratio. (2) The Operating Partnership entered into a one-month forward-starting seven years swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately $1.6 million . The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. (3) The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan B at approximately 3.15% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan B is approximately 2.75% , subject to adjustments based on our consolidated leverage ratio. (4) The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan C at approximately 3.14% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan C is approximately 2.74% , subject to adjustments based on our consolidated leverage ratio. (5) The Operating Partnership entered into a treasury lock contract on May 31, 2017, which was settled on June 23, 2017 at a loss of approximately $0.5 million . The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.85% per annum. (6) The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million . The forward-starting interest swap rate contracts were deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.87% per annum. (7) The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million . The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum. (8) The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million . The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. On July 30, 2019, the Operating Partnership entered into a Note Purchase Agreement for the private placement of $150 million of 3.91% Senior Guaranteed Notes, Series G, due July 30, 2030 (the "Series G Notes"). The Series G Notes were issued on July 30, 2019 and will pay interest semi-annually on the 30th of July and January until their maturity. The Operating Partnership may prepay at any time all, or from time to time any part of, the Series G Notes, in an amount not less than 5% of the aggregate principal amount of any series of the Series G Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a Make-Whole Amount (as defined in the Note Purchase Agreement for the Series G Notes). The Note Purchase Agreement for the Series G Notes contains a number of customary financial covenants, including, without limitation, secured and unsecured leverage ratios and fixed charge coverage ratios. Subject to the terms of the Note Purchase Agreement for the Series G Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, Make-Whole Amount or interest under the Series G Notes, and (ii) a default in the payment of certain other indebtedness of the Operating Partnership, the Company or their subsidiaries, the principal and accrued and unpaid interest and the Make-Whole Amount on the outstanding Series G Notes will become due and payable at the option of the Purchasers (as defined in the Note Purchase Agreement for the Series G Notes). The Operating Partnership’s obligations under the Series G Notes are fully and unconditionally guaranteed by the Company. Certain loans require us to comply with various financial covenants. As of September 30, 2019 , the Operating Partnership was in compliance with these financial covenants. Amended Term Loan Agreement On January 9, 2018, we entered into the Third Amendment to the Term Loan Agreement (as so amended, the "Term Loan Agreement"), which maintains the seven years $150 million unsecured term loan (referred to herein as Term Loan B and Term Loan C) to the Operating Partnership that matures on March 1, 2023 (the “$150mm Term Loan”). Effective as of March 1, 2018, borrowings under the Term Loan Agreement with respect to the $150mm Term Loan bear interest at floating rates equal to, at the Operating Partnership’s option, either (1) LIBOR , plus a spread which ranges from 1.20% to 1.70% based on the Operating Partnership’s consolidated leverage ratio, or (2) a base rate equal to the highest of (a) 0% , (b) the prime rate , (c) the federal funds rate plus 50 bps or (d) the Eurodollar rate plus 100 bps, in each case plus a spread which ranges from 0.70% to 1.35% based on the Operating Partnership’s consolidated leverage ratio. Additionally, the Operating Partnership may elect for borrowings to bear interest based on a ratings-based pricing grid as per the Operating Partnership’s then-applicable investment grade debt ratings under the terms set forth in the Term Loan Agreement. Second Amended and Restated Credit Facility On January 9, 2018, we entered into a second amended and restated credit agreement (the "Second Amended and Restated Credit Facility"). The Second Amended and Restated Credit Facility provides for aggregate, unsecured borrowing of $450 million , consisting of a revolving line of credit of $350 million (the "Revolver Loan") and a term loan of $100 million (the "Term Loan A"). The Second Amended and Restated Credit Facility has an accordion feature that may allow us to increase the availability thereunder up to an additional $350 million , subject to meeting specified requirements and obtaining additional commitments from lenders. At September 30, 2019 , there were no amounts outstanding under the Revolver Loan and we had incurred approximately $1.4 million of debt issuance costs, net, which are recorded in other assets, net on the consolidated balance sheets. Borrowings under the Second Amended and Restated Credit Agreement initially bear interest at floating rates equal to, at our option, either (1) LIBOR , plus a spread which ranges from (a) 1.05% to 1.50% (with respect to the Revolver Loan) and (b) 1.30% to 1.90% (with respect to Term Loan A), 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) LIBOR plus 100 bps, plus a spread which ranges from (i) 0.10% to 0.50% (with respect to the Revolver Loan) and (ii) 0.30% to 0.90% (with respect to Term Loan A), in each case based on our consolidated leverage ratio. For the nine months ended September 30, 2019 , the weighted average interest rate on the Revolver Loan was 3.55% . The Revolver Loan initially matures on January 9, 2022, subject to our option to extend the Revolver Loan up to two times, with each such extension for a six months period. The extension options are exercisable by us subject to the satisfaction of certain conditions. On January 9, 2019, we entered into the first amendment (“First Amendment”) to the Second Amended and Restated Credit Facility, which extended the maturity date of Term Loan A to January 9, 2021, subject to three , one year extension options. Additionally, in connection with the First Amendment, borrowings under the Second Amended and Restated Credit Facility with respect to Term Loan A bear interest at floating rates equal to, at our option, either (1) LIBOR , plus a spread which ranges from 1.20% to 1.70% based on our consolidated total 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, in each case plus a spread which ranges from 0.20% to 0.70% based on our consolidated total leverage ratio. The foregoing rates are intended to be more favorable than previously contained in the Second Amended and Restated Credit Facility (prior to entry into the First Amendment) with respect to Term Loan A. Additionally, the Second 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% , • A maximum secured leverage ratio (defined as total secured debt to secured total asset value) of 40% , • 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 • Recourse indebtedness at any time cannot exceed 15% of total asset value. The Second Amended and Restated Credit Facility provides that our annual distributions may not exceed the greater of (1) 95% of our funds from operation ("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. As of September 30, 2019 , the Operating Partnership was in compliance with the financial covenants in the Second Amended and Restated Credit Facility.

PARTNERS CAPITAL OF AMERICAN AS

PARTNERS CAPITAL OF AMERICAN ASSETS TRUST, L.P.	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. Noncontrolling interests in our Operating Partnership are interests in the Operating Partnership that are not owned by us. Noncontrolling interests consisted of 16,390,548 common units (the “noncontrolling common units”), and represented approximately 21.6% of the ownership interests in our Operating Partnership at September 30, 2019 . Common units and shares of our common stock have essentially the same economic characteristics in that common units and shares of our common stock share equally in the total net income or loss distributions of our Operating Partnership. Investors who own common units have the right to cause our Operating Partnership to redeem any or all of their common units for cash equal to the then-current market value of one share of our common stock, or, at our election, shares of our common stock on a one -for-one basis. During the three and nine months ended September 30, 2019 , 0 and 787,060 common units were converted into shares of our common stock. Earnings (Loss) Per Unit of the Operating Partnership Basic earnings (loss) per unit (“EPU”) of the Operating Partnership is computed by dividing income applicable to unitholders by the weighted average Operating Partnership units outstanding, as adjusted for the effect of participating securities. Operating Partnership units granted in equity-based payment transactions that have non-forfeitable dividend equivalent rights are considered participating securities prior to vesting. The impact of unvested Operating Partnership unit awards on EPU has been calculated using the two-class method whereby earnings are allocated to the unvested Operating Partnership unit awards based on distributions and the unvested Operating Partnership units’ participation rights in undistributed earnings. The calculation of diluted EPU for the three months ended September 30, 2019 and 2018 does not include the weighted average of 329,652 and 262,605 unvested Operating Partnership units, as these equity securities are either considered contingently issuable or the effect of including these equity securities was anti-dilutive to income from continuing operations and net income attributable to the unitholders. The calculation of diluted EPU for the nine months ended September 30, 2019 and 2018 does not include the weighted average of 331,245 and 265,762

EQUITY OF AMERICAN ASSETS TRUST

EQUITY OF AMERICAN ASSETS TRUST, INC.	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
EQUITY OF AMERICAN ASSETS TRUST, INC.	EQUITY OF AMERICAN ASSETS TRUST, INC. Stockholders' Equity On May 27, 2015, we entered into an at-the-market ("ATM") equity program with five 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 $250.0 million . On March 2, 2018, we amended certain of these equity programs, terminated one such program and entered into a new equity program with one new sales agent. The sales of shares of our common stock made through the ATM equity program, as amended, are made in "at-the-market" offerings as defined in Rule 415 of the Securities Act of 1933, as amended. During the three and nine months ended September 30, 2019 , the following shares of common stock were sold through the ATM equity programs (in thousands, except per share data and share amounts): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Number of shares of common stock issued through ATM programs 234,814 916,727 Weighted average price per share $47.23 $45.99 Proceeds, gross $ 11,089 $ 42,161 Sales agent compensation (111 ) (422 ) Offering costs (58 ) (430 ) Proceeds, net $ 10,920 $ 41,309 We intend to use the net proceeds from the ATM equity program to fund our development or redevelopment activities, repay amounts outstanding from time to time under our revolving line of credit or other debt financing obligations, fund potential acquisition opportunities and/or for general corporate purposes. As of September 30, 2019 , we had the capacity to issue up to an additional $134.0 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. In June 2019, we issued and sold 10,925,000 shares of common stock in an underwritten public offering. The shares of common stock that we issued and sold included the full exercise of the underwriters' option to purchase 1,425,000 additional shares. We received net proceeds of approximately $472.6 million , after deducting underwriting discounts, commissions and offering expenses. Dividends The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units during the nine months ended September 30, 2019 : Period Amount per Share/Unit Period Covered Dividend Paid Date First Quarter 2019 $ 0.28 January 1, 2019 to March 31, 2019 March 28, 2019 Second Quarter 2019 $ 0.28 April 1, 2019 to June 30, 2019 June 27, 2019 Third Quarter 2019 $ 0.28 July 1, 2019 to September 30, 2019 September 26, 2019 Taxability of Dividends Earnings and profits, which determine the taxability of distributions to stockholders and holders of common units, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation. Stock-Based Compensation We follow the FASB guidance related to stock compensation which establishes financial accounting and reporting standards for stock-based employee compensation plans, including all arrangements by which employees receive shares of stock or other equity instruments of the employer. The guidance also defines a fair value-based method of accounting for an employee stock option or similar equity instrument. The following table summarizes the activity of restricted stock awards during the nine months ended September 30, 2019 : Units Weighted Average Grant Date Fair Value Nonvested at January 1, 2019 342,093 $28.33 Granted 4,412 45.35 Vested (5,320 ) 37.58 Forfeited (11,636 ) $28.33 Nonvested at September 30, 2019 329,549 $28.41 We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $1.1 million and $0.7 million in noncash compensation expense for the three-month periods ended September 30, 2019 and 2018 , respectively, which is included in general and administrative expense on the consolidated statements of comprehensive income. We recognized $3.4 million and $2.2 million in noncash compensation expense for the nine months ended September 30, 2019 and 2018 , respectively. Unrecognized compensation expense was $3.3 million at September 30, 2019 . Earnings Per Share We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating security is calculated according to dividends declared and participation rights in undistributed earnings. The weighted average unvested shares outstanding, which are considered participating securities, were 329,652 and 262,605 for the three months ended September 30, 2019 and 2018 , respectively and 331,245 and 265,762 for the nine months ended September 30, 2019 and 2018 , respectively. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares as these unvested shares have nonforfeitable dividend equivalent rights. Diluted EPS is calculated by dividing the net income applicable to common stockholders for the period by the weighted average number of common and dilutive instruments outstanding during the period using the treasury stock method. For the three and nine months ended September 30, 2019 and 2018, diluted shares exclude incentive restricted stock as these awards are considered contingently issuable. Additionally, the unvested restricted stock awards subject to time vesting are anti-dilutive for all periods presented, and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 NUMERATOR Net income $ 16,519 $ 14,271 $ 43,703 $ 17,993 Less: Net income attributable to restricted shares (92 ) (71 ) (277 ) (215 ) Less: Income from operations attributable to unitholders in the Operating Partnership (3,565 ) (3,806 ) (10,553 ) (4,765 ) Net income attributable to common stockholders—basic $ 12,862 $ 10,394 $ 32,873 $ 13,013 Income from operations attributable to American Assets Trust, Inc. common stockholders—basic $ 12,862 $ 10,394 $ 32,873 $ 13,013 Plus: Income from operations attributable to unitholders in the Operating Partnership 3,565 3,806 10,553 4,765 Net income attributable to common stockholders—diluted $ 16,427 $ 14,200 $ 43,426 $ 17,778 DENOMINATOR Weighted average common shares outstanding—basic 59,441,887 46,959,752 52,239,668 46,945,095 Effect of dilutive securities—conversion of Operating Partnership units 16,390,548 17,177,608 16,771,104 17,188,489 Weighted average common shares outstanding—diluted 75,832,435 64,137,360 69,010,772 64,133,584 Earnings per common share, basic $ 0.22 $ 0.22 $ 0.63 $ 0.28 Earnings per common share, diluted $ 0.22 $ 0.22 $ 0.63 $ 0.28

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We elected to be taxed as a REIT and operate in a manner that allows us to qualify as a REIT for federal income tax purposes commencing with our initial taxable year. As a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. Taxable income from non-REIT activities managed through our TRS is subject to federal and state income taxes. We lease our hotel property to a wholly owned TRS that is subject to federal and state income taxes. We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between GAAP carrying amounts and their respective tax bases. Additionally, we classify certain state taxes as income taxes for financial reporting purposes in accordance with ASC Topic 740, Income Taxes . A deferred tax liability is included in our consolidated balance sheets of $0.1 million as of September 30, 2019 and December 31, 2018 , respectively, in relation to real estate asset basis differences of property subject to state taxes based on income and certain prepaid expenses of our TRS. Income tax expense is recorded in other (expense) income, net on our consolidated statements of comprehensive income. For the three and nine months ended September 30, 2019 , we recorded income tax expense of $0.3 million and $0.7 million , respectively. For the three and nine months ended September 30, 2018 , we recorded income tax expense of $0.2 million and $0.3 million , respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2019
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 See Footnote 13 for description of our leases, as a lessee. 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 months immediately preceding the termination date. The retail management agreement may not be terminated by us or by Outrigger without cause. Under our management agreement with Outrigger relating to the hotel portion of Waikiki Beach Walk (the “hotel management agreement”), we pay Outrigger a monthly management fee of 6.0% of the hotel's gross operating profit, as well as 3.0% of the hotel's gross revenues; provided that the aggregate management fee payable to Outrigger for any year shall not exceed 3.5% of the hotel's gross revenues for such fiscal year. Pursuant to the terms of the hotel management agreement, if the agreement is terminated in certain instances, including upon a transfer by us of the hotel or upon a default by us under the hotel management agreement, we would be required to pay a cancellation fee calculated by multiplying (1) the management fees for the previous 12 months by (2) (a) eight , if the agreement is terminated in the first 11 years of its term, or (b) four , three , two or one , if the agreement is terminated in the twelfth, thirteenth, fourteenth or fifteenth year, respectively, of its term. The hotel management agreement may not be terminated by us or by Outrigger without cause. A wholly owned subsidiary of our Operating Partnership, WBW Hotel Lessee LLC, entered into a franchise license agreement with Embassy Suites Franchise LLC, the franchisor of the brand “Embassy Suites™,” to obtain the non-exclusive right to operate the hotel under the Embassy Suites TM brand for 20 years. The franchise license agreement provides that WBW Hotel Lessee LLC must comply with certain management, operational, record keeping, accounting, reporting and marketing standards and procedures. In connection with this agreement, we are also subject to the terms of a product improvement plan pursuant to which we expect to undertake certain actions to ensure that our hotel's infrastructure is maintained in compliance with the franchisor's brand standards. In addition, we must pay to Embassy Suites Franchise LLC a monthly franchise royalty fee equal to 4.0% of the hotel's gross room revenue through December 2021 and 5.0% of the hotel's gross room revenue thereafter, as well as a monthly program fee equal to 4.0% of the hotel's gross room revenue. If the franchise license is terminated due to our failure to make required improvements or to otherwise comply with its terms, we may be liable to the franchisor for a termination payment, which could be as high as $7.6 million based on operating performance through September 30, 2019 . Our Del Monte Center property has ongoing environmental remediation related to ground water contamination. The environmental issue existed at purchase and remains in remediation. The final stages of the remediation will include routine, long term ground monitoring by the appropriate regulatory agency over the next five years to seven years . The work performed is financed through an escrow account funded by the seller upon purchase of the Del Monte Center. We believe the funds in the escrow account are sufficient for the remaining work to be performed. However, if further work is required costing more than the remaining escrow funds, we could be required to pay such overage, although we may have a contractual claim for such costs against the prior owner or our environmental remediation consultant. 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. Fourteen of our consolidated properties are located in Southern California, which exposes us to greater economic risks than if we owned a more geographically diverse portfolio. Tenants in the retail industry accounted for 30.3% of total revenues for the nine months ended September 30, 2019 . This makes us susceptible to demand for retail rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the retail industry. Furthermore, tenants in the office industry accounted for 37.6% of total revenues for the nine months ended September 30, 2019 . This makes us susceptible to demand for office rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the office industry. For the nine months ended September 30, 2019 and 2018 , no tenant accounted for more than 10% of our total rental revenue.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
LEASES	LEASES Lessor Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. Our leases with office, retail, mixed-use and residential tenants are classified as operating leases. Leases at our office and retail properties and the retail portion of our mixed-use property generally range from three years 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. Our leases may also include variable lease payments in the form of percentage rents based on the tenant’s level of sales achieved in excess of a breakpoint threshold. Leases on apartments generally range from 7 to 15 months , with a majority having 12 -month lease terms. Rooms at the hotel portion of our mixed-use property are rented on a nightly basis. Leases at our office and retail properties and the retail portion of our mixed-use property may contain lease extension options, at our lessee's discretion. The extension options are generally for 3 to 10 years and contain primarily rent at fixed rates or the prevailing market rent. The extension options are generally exercisable 6 to 12 months prior to the expiration of the lease and require the lessee to not be in default of the lease terms. We attempt to maximize the amount we expect to derive from the underlying real estate property following the end of a lease, to the extent it is not extended. We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. However, the residual value of a real estate property is still subject to various market-specific, asset-specific, and tenant-specific risks and characteristics. As of September 30, 2019 , minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows (in thousands): Year Ending December 31, 2019 (three months ending December 31, 2019) $ 57,072 2020 214,030 2021 205,404 2022 187,190 2023 166,102 Thereafter 631,366 Total $ 1,461,164 The above future minimum rentals exclude residential leases, which typically have a term of 12 months or less, and exclude the hotel, as rooms are rented on a nightly basis. Lessee Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. At the Landmark at One Market, we lease, as lessee, a building adjacent to the Landmark at One Market under an operating lease effective through June 30, 2021, which we have the option to extend until 2031 by way of two five years extension options (the "Annex Lease"). The lease payments under the extension options provided for under the Annex Lease will be equal to the fair rental value at the time the extension option is exercised. The extension options are not included in the calculation of the right-of-use asset or lease liability due to electing the practical expedient to not reassess the lease term of existing leases. At Waikiki Beach Walk, we lease a portion of the building of which Quiksilver is currently in possession, under an operating lease effective through December 31, 2021. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement in determining the present value of lease payments. Current annual payments under the operating leases are as follows, as of September 30, 2019 (in thousands): Year Ending December 31, 2019 (three months ending December 31, 2019) $ 846 2020 3,422 2021 2,153 2022 — 2023 — Thereafter — Total lease payments $ 6,421 Imputed interest $ (256 ) Present value of lease liability $ 6,165 Lease costs under the operating leases are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2019 Operating lease cost $ 833 $ 2,500 Variable lease cost — — Sublease income (975 ) (2,233 ) Total lease (income) cost $ (142 ) $ 267 Weighted-average remaining lease term - operating leases (in years) 1.9 Weighted-average discount rate - operating leases 4.13 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Nine Months Ended September 30, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 2,501 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 7,661 Subleases At the Landmark at One Market, we (as sublandlord) sublease the Annex Lease building under operating leases effective through December 31, 2029. The subleases contain extension options, subject to our ability to extend the Annex Lease, that can extend the subleases through December 31, 2039 at the fair rental value at the time the extension option is exercised.
LEASES	LEASES Lessor Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. Our leases with office, retail, mixed-use and residential tenants are classified as operating leases. Leases at our office and retail properties and the retail portion of our mixed-use property generally range from three years 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. Our leases may also include variable lease payments in the form of percentage rents based on the tenant’s level of sales achieved in excess of a breakpoint threshold. Leases on apartments generally range from 7 to 15 months , with a majority having 12 -month lease terms. Rooms at the hotel portion of our mixed-use property are rented on a nightly basis. Leases at our office and retail properties and the retail portion of our mixed-use property may contain lease extension options, at our lessee's discretion. The extension options are generally for 3 to 10 years and contain primarily rent at fixed rates or the prevailing market rent. The extension options are generally exercisable 6 to 12 months prior to the expiration of the lease and require the lessee to not be in default of the lease terms. We attempt to maximize the amount we expect to derive from the underlying real estate property following the end of a lease, to the extent it is not extended. We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. However, the residual value of a real estate property is still subject to various market-specific, asset-specific, and tenant-specific risks and characteristics. As of September 30, 2019 , minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows (in thousands): Year Ending December 31, 2019 (three months ending December 31, 2019) $ 57,072 2020 214,030 2021 205,404 2022 187,190 2023 166,102 Thereafter 631,366 Total $ 1,461,164 The above future minimum rentals exclude residential leases, which typically have a term of 12 months or less, and exclude the hotel, as rooms are rented on a nightly basis. Lessee Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. At the Landmark at One Market, we lease, as lessee, a building adjacent to the Landmark at One Market under an operating lease effective through June 30, 2021, which we have the option to extend until 2031 by way of two five years extension options (the "Annex Lease"). The lease payments under the extension options provided for under the Annex Lease will be equal to the fair rental value at the time the extension option is exercised. The extension options are not included in the calculation of the right-of-use asset or lease liability due to electing the practical expedient to not reassess the lease term of existing leases. At Waikiki Beach Walk, we lease a portion of the building of which Quiksilver is currently in possession, under an operating lease effective through December 31, 2021. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement in determining the present value of lease payments. Current annual payments under the operating leases are as follows, as of September 30, 2019 (in thousands): Year Ending December 31, 2019 (three months ending December 31, 2019) $ 846 2020 3,422 2021 2,153 2022 — 2023 — Thereafter — Total lease payments $ 6,421 Imputed interest $ (256 ) Present value of lease liability $ 6,165 Lease costs under the operating leases are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2019 Operating lease cost $ 833 $ 2,500 Variable lease cost — — Sublease income (975 ) (2,233 ) Total lease (income) cost $ (142 ) $ 267 Weighted-average remaining lease term - operating leases (in years) 1.9 Weighted-average discount rate - operating leases 4.13 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Nine Months Ended September 30, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 2,501 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 7,661 Subleases At the Landmark at One Market, we (as sublandlord) sublease the Annex Lease building under operating leases effective through December 31, 2029. The subleases contain extension options, subject to our ability to extend the Annex Lease, that can extend the subleases through December 31, 2039 at the fair rental value at the time the extension option is exercised.

COMPONENTS OF RENTAL INCOME AND

COMPONENTS OF RENTAL INCOME AND EXPENSE	9 Months Ended
	Sep. 30, 2019
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): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Lease rental income Retail $ 25,065 $ 19,034 $ 74,535 $ 58,236 Office 40,187 24,061 94,899 71,507 Multifamily 11,723 11,866 35,694 35,073 Mixed-use 3,869 2,703 11,632 8,268 Cost reimbursement — 8,405 — 25,238 Percentage rent 553 633 1,108 1,424 Hotel revenue 11,257 10,960 30,365 30,273 Other 493 417 1,401 1,153 Total rental income $ 93,147 $ 78,079 $ 249,634 $ 231,172 Lease rental income include $5.2 million and $1.2 million for the three months ended September 30, 2019 and 2018 , respectively, and $0.9 million and $(2.4) million for the nine months ended September 30, 2019 and 2018 , respectively, to recognize lease rental income on a straight-line basis. In addition, net amortization of above and below market leases included in lease rental income were $1.1 million and $0.8 million for the three months ended September 30, 2019 and 2018 , respectively, and $2.8 million and $2.2 million for the nine months ended September 30, 2019 and 2018 , respectively. The principal components of rental expenses are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Rental operating $ 10,175 $ 8,997 $ 27,734 $ 26,399 Hotel operating 6,564 6,302 18,573 18,329 Repairs and maintenance 4,134 3,163 11,564 9,553 Marketing 631 482 1,745 1,397 Rent 841 816 2,531 2,416 Hawaii excise tax 1,099 1,094 2,957 3,096 Management fees 545 529 1,507 1,495 Total rental expenses $ 23,989 $ 21,383 $ 66,611 $ 62,685

OTHER (EXPENSE) INCOME, NET

OTHER (EXPENSE) INCOME, NET	9 Months Ended
	Sep. 30, 2019
Other Income and Expenses [Abstract]
OTHER (EXPENSE) INCOME, NET	OTHER (EXPENSE) INCOME, NET The principal components of other expense, net, are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Interest and investment income $ 137 $ 46 $ 299 $ 209 Income tax expense (268 ) (171 ) (709 ) (277 ) Other non-operating income — — — 4 Total other (expense) income, net $ (131 ) $ (125 ) $ (410 ) $ (64 )

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Through July 1, 2018, we maintained a workers' compensation insurance policy with Insurance Company of the West, a California corporation ("ICW"), which is an insurance company majority owned and controlled by Ernest Rady, our Chief Executive Officer, President and Chairman of the Board. The workers' compensation policy was renewed with ICW during the second quarter of 2017 and the premium was approximately $0.2 million for the period from July 1, 2017 through July 1, 2018. We did not renew this policy with ICW during the second quarter of 2018 and commencing July 1, 2018, we entered into a workers' compensation policy with an unaffiliated third-party insurer. During the first quarter of 2019, we terminated the lease agreement with American Assets, Inc., an entity owned and controlled by Mr. Rady, and entered into a new lease agreement with American Assets, Inc. for office space at Torrey Reserve Campus. Rents commenced on March 1, 2019 for an initial lease term of three years at an average annual rental rate of $0.2 million . Rental revenue recognized on the leases of $0.2 million for the nine months ended September 30, 2019 , is included in rental income on the consolidated statements of comprehensive income. At Torrey Reserve Plaza, we lease office space to EDisability, LLC, an entity majority owned and controlled by Mr. Rady. Rental revenue recognized on the lease of $0.1 million for the nine months ended September 30, 2019 , is included in rental income on the consolidated statements of comprehensive income. On occasion, the company utilizes aircraft services provided by AAI Aviation, Inc. ("AAIA"), an entity owned and controlled by Mr. Rady. For the nine months ended September 30, 2019 and 2018 , we incurred approximately $0.2 million and $0.0 million of expenses related to aircraft services of AAIA or reimbursement to Mr. Rady (or the Ernest Rady Trust U/D/T March 13, 1983) for use of the aircraft owned by AAIA. These expenses are recorded as general and administrative expenses in our consolidated statements of comprehensive income. The Waikiki Beach Walk entities have a 47.7% investment in WBW CHP LLC, an entity that was formed to, among other things, construct a chilled water plant to provide air conditioning to the property and other adjacent facilities. The operating expenses of WBW CHP LLC are recovered through reimbursements from its members, and reimbursements to WBW CHP LLC of $0.9 million and $0.8 million for the nine months ended September 30, 2019 and 2018 , respectively, are included in rental expenses on the consolidated statements of comprehensive income.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2019
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 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): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Total Retail Property revenue $ 25,848 $ 25,925 $ 81,156 $ 78,497 Property expense (7,806 ) (7,062 ) (22,691 ) (21,011 ) Segment profit 18,042 18,863 58,465 57,486 Total Office Property revenue 42,810 27,251 100,816 85,073 Property expense (11,627 ) (8,243 ) (29,385 ) (24,598 ) Segment profit 31,183 19,008 71,431 60,475 Total Multifamily Property revenue 12,655 12,848 38,451 37,894 Property expense (5,367 ) (5,157 ) (15,323 ) (15,174 ) Segment profit 7,288 7,691 23,128 22,720 Total Mixed-Use Property revenue 17,049 16,483 47,371 46,798 Property expense (10,131 ) (9,708 ) (28,475 ) (27,863 ) Segment profit 6,918 6,775 18,896 18,935 Total segments’ profit $ 63,431 $ 52,337 $ 171,920 $ 159,616 The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Total segments’ profit $ 63,431 $ 52,337 $ 171,920 $ 159,616 General and administrative (6,479 ) (5,176 ) (18,495 ) (16,139 ) Depreciation and amortization (26,568 ) (19,886 ) (69,733 ) (86,033 ) Interest expense (13,734 ) (12,879 ) (40,212 ) (39,387 ) Gain on sale of real estate — — 633 — Other (expense) income, net (131 ) (125 ) (410 ) (64 ) Net income 16,519 14,271 43,703 17,993 Net income attributable to restricted shares (92 ) (71 ) (277 ) (215 ) Net income attributable to unitholders in the Operating Partnership (3,565 ) (3,806 ) (10,553 ) (4,765 ) Net income attributable to American Assets Trust, Inc. stockholders $ 12,862 $ 10,394 $ 32,873 $ 13,013 The following table shows net real estate and secured note payable balances for each of the segments (in thousands): September 30, 2019 December 31, 2018 Net Real Estate Retail $ 626,737 $ 628,734 Office 1,306,967 822,574 Multifamily 403,555 412,042 Mixed-Use 177,038 176,503 $ 2,514,297 $ 2,039,853 Secured Notes Payable (1) Retail $ 34,434 $ 35,008 Office 127,864 147,757 $ 162,298 $ 182,765 (1) Excludes debt issuance costs of $0.1 million and $0.2 million for each of the periods ended September 30, 2019 and December 31, 2018 , respectively. Capital expenditures for each segment for the three and nine months ended September 30, 2019 and 2018 were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Capital Expenditures (1) Retail $ 5,290 $ 3,221 $ 16,731 $ 8,678 Office 16,548 9,407 50,449 24,293 Multifamily 1,297 536 2,753 3,020 Mixed-Use 845 219 4,508 802 $ 23,980 $ 13,383 $ 74,441 $ 36,793 (1) Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2019
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 on January 19, 2011. The Company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The Company’s operations are carried on through our Operating Partnership and its subsidiaries, including our taxable real estate investment trust ("REIT") subsidiary ("TRS"). Since the formation of our Operating Partnership, the Company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. We are a full service, vertically integrated, and self-administered REIT with approximately 202 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. As of September 30, 2019 , we owned or had a controlling interest in 28 office, retail, multifamily and mixed-use operating properties, the operations of which we consolidate. Additionally, as of September 30, 2019 , we owned land at three of our properties that we classify as held for development and/or construction in progress. A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street Torrey Reserve Campus First & Main Torrey Point Lloyd District Portfolio Solana Crossing (formerly Solana Beach Corporate Centre) City Center Bellevue The Landmark at One Market Multifamily Loma Palisades Hassalo on Eighth - Residential Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and/or Construction in Progress La Jolla Commons – Land Solana Crossing – Land Lloyd District Portfolio – Construction in Progress
Basis of Presentation	Basis of Presentation Our consolidated financial statements include the accounts of the Company, our Operating Partnership and our subsidiaries. The equity interests of other investors in our Operating Partnership are reflected as noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. The accompanying consolidated financial statements of the Company and the Operating Partnership have been prepared in accordance with the rules applicable to Form 10-Q and include all information and footnotes required for interim financial statement presentation, but do not include all disclosures required under accounting principles generally accepted in the United States (“GAAP”) for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments, except as otherwise noted) considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and notes therein included in the Company's and Operating Partnership's annual report on Form 10-K for the year ended December 31, 2018 . The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using our best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Any reference to the number of properties, number of units, square footage, employee numbers or percentages of beneficial ownership of our shares are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
Significant Accounting Policies	Significant Accounting Policies We describe our significant accounting policies in Note 1 to the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2018 . Except for the adoption of the accounting standards during the first quarter of 2019 as discussed below, there have been no changes to our significant accounting policies during the nine months ended September 30, 2019 .
Segment Information	Segment Information Segment information is prepared on the same basis that our chief operating decision maker reviews information for operational decision-making purposes. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369 -room all-suite hotel.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), which provides the principles for the recognition, measurement, presentation and disclosure of leases. This ASU significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet. The lessor model stays substantially the same; however, there were modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases. We adopted the provisions of ASU No. 2016-02 effective January 1, 2019 using the modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which allows lessors to elect a practical expedient by class of underlying assets to not separate non-lease components from the lease component if certain conditions are met. The lessor’s practical expedient election would be limited to circumstances in which the non-lease components otherwise would be accounted for under the new revenue guidance and both (i) the timing and pattern of transfer are the same for the non-lease component and the related lease component and (ii) the lease component would be classified as an operating lease. The Company elected the practical expedient, which allows the Company the ability to combine the lease and non-lease components if the underlying asset meets the criteria above. Due to our election of the practical expedient approach, for the three and nine months ended September 30, 2019, approximately $10.6 million and $27.0 million of non-lease components are combined with lease rental income, respectively. ASU 2018-11 also includes an optional transition method in addition to the existing requirements for transition to the new standard by recognizing a cumulative effect adjustment to the opening balance sheet of retained earnings in the period of adoption. Consequently, a company’s reporting for the comparative periods presented in the financial statements would continue to be in accordance with previous GAAP (Topic 840). The Company elected this practical expedient as well. Further, bad debt expense, which has previously been recorded in rental expenses, has now been classified as a contra-revenue account in rental income in the Company’s consolidated statements of comprehensive income. We evaluated all leases within this scope under existing accounting standards and under the new ASU lease standard recognized approximately $7.7 million of right-of-use assets and lease liabilities. Effective January 1, 2019, approximately $0.8 million of deferred rent expense was reclassified to lease liability within the other liabilities and deferred credits, net. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and International Financial Reporting Standards. The pronouncement is effective for reporting periods beginning after December 15, 2017. We adopted the provisions of the ASU effective January 1, 2018 using the modified retrospective approach. As discussed above, leases are specifically excluded from this and are governed by the applicable lease codification. We evaluated the revenue recognition for all contracts within this scope under existing accounting standards and under the new revenue recognition ASU and confirmed that there were no differences in the amounts recognized or the pattern of recognition. This evaluation included revenues from the hotel portion of our mixed-use property, parking income and excise taxes charged to customers. Therefore, the adoption of this ASU did not result in an adjustment to our retained earnings on January 1, 2018. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Topics. The pronouncement requires companies to adopt a new approach to estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard requires entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables. The pronouncement is effective for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses , which clarifies that receivables arising from operating leases are not within the scope of the pronouncement. We continue to evaluate the impact this pronouncement will have on our consolidated financial statements; however, the majority of our receivables are derived from operating leases and are excluded from this standard.
Fair Value Measurement, Policy	A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy for inputs used in measuring fair value is as follows: 1. Level 1 Inputs—quoted prices in active markets for identical assets or liabilities 2. Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities 3. Level 3 Inputs—unobservable inputs Except as disclosed below, the carrying amounts of our financial instruments approximate their fair value. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Consolidated Statements of Cash Flows-Supplemental Disclosures	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): Nine Months Ended September 30, 2019 2018 Supplemental cash flow information Total interest costs incurred $ 40,592 $ 40,602 Interest capitalized $ 380 $ 1,215 Interest expense $ 40,212 $ 39,387 Cash paid for interest, net of amounts capitalized $ 39,375 $ 39,674 Cash paid for income taxes $ 601 $ 337 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 16,025 $ 14,677 Accrued leasing commissions $ 2,939 $ 2,560 Reduction to capital for prepaid offering costs $ — $ 236

REAL ESTATE (Tables)

REAL ESTATE (Tables)	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Schedule of Purchase Price Allocation	The financial information set forth below summarizes the Company’s purchase price allocation for La Jolla Commons during the nine months ended September 30, 2019 (in thousands): La Jolla Commons Land $ 82,759 Building 361,471 Land improvements 1,359 Furniture, fixtures, and equipment 30,822 Total real estate 476,411 Lease intangibles 40,082 Prepaid expenses and other assets 13 Assets acquired $ 516,506 Accounts payable and accrued expenses $ 3,578 Security deposits payable 443 Other liabilities and deferred credits 3,817 Liabilities assumed $ 7,838
Schedule of Pro Forma Information	The pro forma financial information set forth below is based upon the Company’s historical consolidated statements of operations for the nine months ended September 30, 2019 and 2018, adjusted to give effect to the acquisition of La Jolla Commons, described above, as if such transaction had been completed on January 1, 2018. The pro forma financial information set forth below is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2018, nor does it purport to represent the results of future operations (in thousands): Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 As Reported ProForma As Reported ProForma Total revenue $ 267,794 $ 283,676 $ 248,262 $ 276,129 Total operating expenses $ 184,102 $ 195,645 $ 190,818 $ 213,513 Operating income $ 83,692 $ 88,031 $ 57,444 $ 62,616 Net income $ 43,703 $ 47,110 $ 17,993 $ 22,356
Schedule of Acquiree Operating Results since Acquisition Date	The following table summarizes the operating results for La Jolla Commons included in the Company’s historical consolidated statement of comprehensive income and in the Office segment for the period of acquisition through September 30, 2019 (in thousands): June 20, 2019 through September 30, 2019 Revenues $ 10,615 Operating expenses $ 10,118 Operating income $ 497 Net income attributable to American Assets Trust, Inc. $ 497

ACQUIRED IN-PLACE LEASES AND _2

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of acquired lease intangibles included in other assets and other liabilities	The following summarizes our acquired lease intangibles and leasing costs, which are included in other assets and other liabilities and deferred credits, as of September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 In-place leases $ 63,932 $ 40,884 Accumulated amortization (31,095 ) (34,603 ) Above market leases 7,534 11,963 Accumulated amortization (7,320 ) (11,445 ) Acquired lease intangible assets, net $ 33,051 $ 6,799 Below market leases $ 62,126 $ 63,172 Accumulated accretion (35,639 ) (37,220 ) Acquired lease intangible liabilities, net $ 26,487 $ 25,952

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Financial liabilities measured at fair value on recurring basis	A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows (in thousands): September 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Deferred compensation liability $ — $ 1,573 $ — $ 1,573 $ — $ 1,424 $ — $ 1,424 Interest rate swap asset $ — $ — $ — $ — $ — $ 6,002 $ — $ 6,002 Interest rate swap liability $ — $ 1,916 $ — $ 1,916 $ — $ 801 $ — $ 801
Carrying amount and fair value of financial instruments	A summary of the carrying amount and fair value of our secured financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands): September 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Secured notes payable, net $ 162,159 $ 168,010 $ 182,572 $ 183,253 Unsecured term loans, net $ 248,741 $ 250,000 $ 248,765 $ 250,000 Unsecured senior guaranteed notes, net $ 946,784 $ 987,588 $ 797,098 $ 790,267 Unsecured line of credit, net $ — $ — $ 62,337 $ 64,000

DERIVATIVE AND HEDGING ACTIVI_2

DERIVATIVE AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following is a summary of the terms of our outstanding interest rate swaps as of September 30, 2019 (dollars in thousands): Swap Counterparty Notional Amount Effective Date Maturity Date Fair Value Bank of America, N.A. $ 100,000 1/9/2019 1/9/2021 $ (1,674 ) U.S. Bank N.A. $ 100,000 3/1/2016 3/1/2023 $ (180 ) Wells Fargo Bank, N.A. $ 50,000 5/2/2016 3/1/2023 $ (62 )

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Components of Other Assets	Other assets consist of the following (in thousands): September 30, 2019 December 31, 2018 Leasing commissions, net of accumulated amortization of $29,122 and $28,597, respectively $ 41,468 $ 28,796 Interest rate swap asset — 6,002 Acquired above market leases, net 214 518 Acquired in-place leases, net 32,837 6,281 Lease incentives, net of accumulated amortization of $464 and $299, respectively 565 747 Other intangible assets, net of accumulated amortization of $945 and $981, respectively 2,979 2,994 Debt issuance costs, net of accumulated amortization of $713 and $0, respectively 1,357 — Right-of-use lease asset, net 5,574 — Prepaid expenses and other 6,683 6,683 Total other assets $ 91,677 $ 52,021

OTHER LIABILITIES AND DEFERRE_2

OTHER LIABILITIES AND DEFERRED CREDITS (Tables)	9 Months Ended
	Sep. 30, 2019
Other Liabilities Disclosure [Abstract]
Other liabilities and deferred credits	Other liabilities and deferred credits consist of the following (in thousands): September 30, 2019 December 31, 2018 Acquired below market leases, net $ 26,487 $ 25,952 Prepaid rent and deferred revenue 11,814 11,634 Interest rate swap liability 1,916 801 Deferred rent expense and lease intangible 31 2,210 Deferred compensation 1,573 1,424 Deferred tax liability 95 93 Straight-line rent liability 13,849 7,393 Lease liability 6,165 — Other liabilities 60 40 Total other liabilities and deferred credits, net $ 61,990 $ 49,547

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Summary of total secured notes payable outstanding	The following is a summary of the Operating Partnership's total unsecured notes payable outstanding as of September 30, 2019 and December 31, 2018 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date September 30, 2019 December 31, 2018 as of September 30, 2019 Term Loan A $ 100,000 $ 100,000 Variable (1) January 9, 2021 Senior Guaranteed Notes, Series A 150,000 150,000 4.04 % (2) October 31, 2021 Term Loan B 100,000 100,000 Variable (3) March 1, 2023 Term Loan C 50,000 50,000 Variable (4) March 1, 2023 Senior Guaranteed Notes, Series F 100,000 100,000 3.78 % (5) July 19, 2024 Senior Guaranteed Notes, Series B 100,000 100,000 4.45 % February 2, 2025 Senior Guaranteed Notes, Series C 100,000 100,000 4.50 % April 1, 2025 Senior Guaranteed Notes, Series D 250,000 250,000 4.29 % (6) March 1, 2027 Senior Guaranteed Notes, Series E 100,000 100,000 4.24 % (7) May 23, 2029 Senior Guaranteed Notes, Series G 150,000 — 3.91 % (8) July 30, 2030 1,200,000 1,050,000 Debt issuance costs, net of accumulated amortization of $7,579 and $6,844, respectively (4,475 ) (4,137 ) Total Unsecured Notes Payable $ 1,195,525 $ 1,045,863 (1) The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan A at approximately 4.13% through its stated maturity date, subject to adjustments based on our consolidated leverage ratio. (2) The Operating Partnership entered into a one-month forward-starting seven years swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately $1.6 million . The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. (3) The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan B at approximately 3.15% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan B is approximately 2.75% , subject to adjustments based on our consolidated leverage ratio. (4) The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan C at approximately 3.14% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan C is approximately 2.74% , subject to adjustments based on our consolidated leverage ratio. (5) The Operating Partnership entered into a treasury lock contract on May 31, 2017, which was settled on June 23, 2017 at a loss of approximately $0.5 million . The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.85% per annum. (6) The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million . The forward-starting interest swap rate contracts were deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.87% per annum. (7) The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million . The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum. (8) The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million . The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. The following is a summary of our total secured notes payable outstanding as of September 30, 2019 and December 31, 2018 (in thousands): Principal Balance as of Stated Interest Rate Stated Maturity Date Description of Debt September 30, 2019 December 31, 2018 as of September 30, 2019 Torrey Reserve—North Court (1)(2) — 19,620 7.22 % June 1, 2019 Torrey Reserve—VCI, VCII, VCIII (2) 6,534 6,635 6.36 % June 1, 2020 Solana Crossing I-II (2) 10,330 10,502 5.91 % June 1, 2020 Solana Beach Towne Centre (2) 34,434 35,008 5.91 % June 1, 2020 City Center Bellevue (3) 111,000 111,000 3.98 % November 1, 2022 162,298 182,765 Debt issuance costs, net of accumulated amortization of $435 and $671, respectively (139 ) (193 ) Total Secured Notes Payable Outstanding $ 162,159 $ 182,572 (1) Loan repaid in full, without premium or penalty, on March 1, 2019. (2) Principal payments based on a 30 -year amortization schedule. (3) Interest only.

EQUITY OF AMERICAN ASSETS TRU_2

EQUITY OF AMERICAN ASSETS TRUST, INC. (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Schedule of Common Stock Sales through ATM Equity Programs	During the three and nine months ended September 30, 2019 , the following shares of common stock were sold through the ATM equity programs (in thousands, except per share data and share amounts): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Number of shares of common stock issued through ATM programs 234,814 916,727 Weighted average price per share $47.23 $45.99 Proceeds, gross $ 11,089 $ 42,161 Sales agent compensation (111 ) (422 ) Offering costs (58 ) (430 ) Proceeds, net $ 10,920 $ 41,309
Dividends declared and paid on shares of common stock and noncontrolling common units	The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units during the nine months ended September 30, 2019 : Period Amount per Share/Unit Period Covered Dividend Paid Date First Quarter 2019 $ 0.28 January 1, 2019 to March 31, 2019 March 28, 2019 Second Quarter 2019 $ 0.28 April 1, 2019 to June 30, 2019 June 27, 2019 Third Quarter 2019 $ 0.28 July 1, 2019 to September 30, 2019 September 26, 2019
Activity of restricted stock awards	The following table summarizes the activity of restricted stock awards during the nine months ended September 30, 2019 : Units Weighted Average Grant Date Fair Value Nonvested at January 1, 2019 342,093 $28.33 Granted 4,412 45.35 Vested (5,320 ) 37.58 Forfeited (11,636 ) $28.33 Nonvested at September 30, 2019 329,549 $28.41
Computation of basic and diluted EPS	The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 NUMERATOR Net income $ 16,519 $ 14,271 $ 43,703 $ 17,993 Less: Net income attributable to restricted shares (92 ) (71 ) (277 ) (215 ) Less: Income from operations attributable to unitholders in the Operating Partnership (3,565 ) (3,806 ) (10,553 ) (4,765 ) Net income attributable to common stockholders—basic $ 12,862 $ 10,394 $ 32,873 $ 13,013 Income from operations attributable to American Assets Trust, Inc. common stockholders—basic $ 12,862 $ 10,394 $ 32,873 $ 13,013 Plus: Income from operations attributable to unitholders in the Operating Partnership 3,565 3,806 10,553 4,765 Net income attributable to common stockholders—diluted $ 16,427 $ 14,200 $ 43,426 $ 17,778 DENOMINATOR Weighted average common shares outstanding—basic 59,441,887 46,959,752 52,239,668 46,945,095 Effect of dilutive securities—conversion of Operating Partnership units 16,390,548 17,177,608 16,771,104 17,188,489 Weighted average common shares outstanding—diluted 75,832,435 64,137,360 69,010,772 64,133,584 Earnings per common share, basic $ 0.22 $ 0.22 $ 0.63 $ 0.28 Earnings per common share, diluted $ 0.22 $ 0.22 $ 0.63 $ 0.28

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Current minimum future rentals under the leases	As of September 30, 2019 , minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows (in thousands): Year Ending December 31, 2019 (three months ending December 31, 2019) $ 57,072 2020 214,030 2021 205,404 2022 187,190 2023 166,102 Thereafter 631,366 Total $ 1,461,164
Current minimum annual payments under the leases	Current annual payments under the operating leases are as follows, as of September 30, 2019 (in thousands): Year Ending December 31, 2019 (three months ending December 31, 2019) $ 846 2020 3,422 2021 2,153 2022 — 2023 — Thereafter — Total lease payments $ 6,421 Imputed interest $ (256 ) Present value of lease liability $ 6,165
Lease costs under operating leases and supplemental cash flow information of leases	Lease costs under the operating leases are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2019 Operating lease cost $ 833 $ 2,500 Variable lease cost — — Sublease income (975 ) (2,233 ) Total lease (income) cost $ (142 ) $ 267 Weighted-average remaining lease term - operating leases (in years) 1.9 Weighted-average discount rate - operating leases 4.13 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Nine Months Ended September 30, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 2,501 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 7,661

COMPONENTS OF RENTAL INCOME A_2

COMPONENTS OF RENTAL INCOME AND EXPENSE (Tables)	9 Months Ended
	Sep. 30, 2019
Operating Leases, Income Statement, Lease Revenue [Abstract]
Principal components of rental income	The principal components of rental income are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Lease rental income Retail $ 25,065 $ 19,034 $ 74,535 $ 58,236 Office 40,187 24,061 94,899 71,507 Multifamily 11,723 11,866 35,694 35,073 Mixed-use 3,869 2,703 11,632 8,268 Cost reimbursement — 8,405 — 25,238 Percentage rent 553 633 1,108 1,424 Hotel revenue 11,257 10,960 30,365 30,273 Other 493 417 1,401 1,153 Total rental income $ 93,147 $ 78,079 $ 249,634 $ 231,172
Principal components of rental expenses	The principal components of rental expenses are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Rental operating $ 10,175 $ 8,997 $ 27,734 $ 26,399 Hotel operating 6,564 6,302 18,573 18,329 Repairs and maintenance 4,134 3,163 11,564 9,553 Marketing 631 482 1,745 1,397 Rent 841 816 2,531 2,416 Hawaii excise tax 1,099 1,094 2,957 3,096 Management fees 545 529 1,507 1,495 Total rental expenses $ 23,989 $ 21,383 $ 66,611 $ 62,685

OTHER (EXPENSE) INCOME, NET (Ta

OTHER (EXPENSE) INCOME, NET (Tables)	9 Months Ended
	Sep. 30, 2019
Other Income and Expenses [Abstract]
Principal components of other expense, net	The principal components of other expense, net, are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Interest and investment income $ 137 $ 46 $ 299 $ 209 Income tax expense (268 ) (171 ) (709 ) (277 ) Other non-operating income — — — 4 Total other (expense) income, net $ (131 ) $ (125 ) $ (410 ) $ (64 )

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Schedule of segments operating activity	The following table represents operating activity within our reportable segments (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Total Retail Property revenue $ 25,848 $ 25,925 $ 81,156 $ 78,497 Property expense (7,806 ) (7,062 ) (22,691 ) (21,011 ) Segment profit 18,042 18,863 58,465 57,486 Total Office Property revenue 42,810 27,251 100,816 85,073 Property expense (11,627 ) (8,243 ) (29,385 ) (24,598 ) Segment profit 31,183 19,008 71,431 60,475 Total Multifamily Property revenue 12,655 12,848 38,451 37,894 Property expense (5,367 ) (5,157 ) (15,323 ) (15,174 ) Segment profit 7,288 7,691 23,128 22,720 Total Mixed-Use Property revenue 17,049 16,483 47,371 46,798 Property expense (10,131 ) (9,708 ) (28,475 ) (27,863 ) Segment profit 6,918 6,775 18,896 18,935 Total segments’ profit $ 63,431 $ 52,337 $ 171,920 $ 159,616
Reconciliation of segment profit to net income attributable to stockholders	The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Total segments’ profit $ 63,431 $ 52,337 $ 171,920 $ 159,616 General and administrative (6,479 ) (5,176 ) (18,495 ) (16,139 ) Depreciation and amortization (26,568 ) (19,886 ) (69,733 ) (86,033 ) Interest expense (13,734 ) (12,879 ) (40,212 ) (39,387 ) Gain on sale of real estate — — 633 — Other (expense) income, net (131 ) (125 ) (410 ) (64 ) Net income 16,519 14,271 43,703 17,993 Net income attributable to restricted shares (92 ) (71 ) (277 ) (215 ) Net income attributable to unitholders in the Operating Partnership (3,565 ) (3,806 ) (10,553 ) (4,765 ) Net income attributable to American Assets Trust, Inc. stockholders $ 12,862 $ 10,394 $ 32,873 $ 13,013
Net real estate and secured note payable balances by segments	The following table shows net real estate and secured note payable balances for each of the segments (in thousands): September 30, 2019 December 31, 2018 Net Real Estate Retail $ 626,737 $ 628,734 Office 1,306,967 822,574 Multifamily 403,555 412,042 Mixed-Use 177,038 176,503 $ 2,514,297 $ 2,039,853 Secured Notes Payable (1) Retail $ 34,434 $ 35,008 Office 127,864 147,757 $ 162,298 $ 182,765 (1) Excludes debt issuance costs of $0.1 million and $0.2 million for each of the periods ended September 30, 2019 and December 31, 2018 , respectively.
Capital expenditures for each segment	Capital expenditures for each segment for the three and nine months ended September 30, 2019 and 2018 were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Capital Expenditures (1) Retail $ 5,290 $ 3,221 $ 16,731 $ 8,678 Office 16,548 9,407 50,449 24,293 Multifamily 1,297 536 2,753 3,020 Mixed-Use 845 219 4,508 802 $ 23,980 $ 13,383 $ 74,441 $ 36,793 (1)

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)EmployeeRoomProperty	Sep. 30, 2019USD ($)EmployeeSegmentRoomProperty	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Accounting Policies [Abstract]
Number of employees | Employee	202	202
Office, retail, multifamily, and mixed-use operating properties | Property	28	28
Properties held for development | Property	3	3
Number of operating segments | Segment		4
Room in mixed-use segment all-suite hotel | Room	369	369
Lease, practical expedient, lease and non-lease components	$ 10,600	$ 27,000
Right-of-use lease asset, net	5,574	5,574	$ 7,700	$ 0
Lease liability	6,165	6,165	7,700	0
Straight-line rent liability	$ 13,849	$ 13,849	$ 800	$ 7,393

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplement Disclosures Related to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accounting Policies [Abstract]
Total interest costs incurred			$ 40,592	$ 40,602
Interest capitalized			380	1,215
Interest expense	$ 13,734	$ 12,879	40,212	39,387
Cash paid for interest, net of amounts capitalized			39,375	39,674
Cash paid for income taxes			601	337
Accounts payable and accrued liabilities for construction in progress			16,025	14,677
Accrued leasing commissions			2,939	2,560
Reduction to capital for prepaid offering costs			$ 0	$ 236

REAL ESTATE (Details)

REAL ESTATE (Details) ft² in Thousands, $ in Thousands	Jun. 20, 2019USD ($)ft²	May 22, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Real Estate [Line Items]
Proceeds from sale of real estate, net of selling costs										$ 8,191	$ 0
Acquired in-place leases, net			$ 32,837	$ 32,837						32,837		$ 6,281
Prepaid expenses and other			6,683	6,683						6,683		6,683
Assets			2,788,958	2,788,958						2,788,958		2,198,250
Accounts payable and accrued expenses			63,205	63,205						63,205		46,616
Security deposits payable			7,855	7,855						7,855		8,844
Other liabilities and deferred credits, net			61,990	61,990						61,990		49,547
Liabilities			1,490,734	1,490,734						$ 1,490,734		1,395,779
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life										8 years 4 months 24 days
Revenues			98,362				$ 82,507			$ 267,794	248,262
Operating Expenses			67,978				55,232			184,102	190,818
Operating Income (Loss)			30,384				27,275			83,692	57,444
Net income			16,519		$ 11,941	$ 15,243	14,271	$ 4,413	$ (691)	43,703	17,993
Solana Beach Highway One Zero One
Real Estate [Line Items]
Sales Price of Property Sold		$ 9,400
Proceeds from sale of real estate, net of selling costs		$ 9,400
Gains (Losses) on Sales of Investment Real Estate										600
La Jolla Commons
Real Estate [Line Items]
Payments to Acquire Productive Assets	$ 525,000
Purchase Price Seller Credits - Speculative Leasing	11,500
Purchase Price Seller Credits - Assumed Contractual Liabilities	4,200
Purchase Price Seller Credits - Closing Prorations	1,700
Acquisition Cost Capitalized	$ 200
Area of Real Estate Property | ft²	724
Land			82,759	82,759						82,759
Buildings and Improvements, Gross			361,471	361,471						361,471
Land Improvements			1,359	1,359						1,359
Furniture and Fixtures, Gross			30,822	30,822						30,822
Property, Plant and Equipment, Gross			476,411	476,411						476,411
Acquired in-place leases, net			40,082	40,082						40,082
Prepaid expenses and other			13	13						13
Assets			516,506	516,506						516,506
Accounts payable and accrued expenses			3,578	3,578						3,578
Security deposits payable			443	443						443
Other liabilities and deferred credits, net			3,817	3,817						3,817
Liabilities			7,838	7,838						7,838
Revenues				10,615
Operating Expenses				10,118
Operating Income (Loss)				497
Net income				497
Pro Forma
Real Estate [Line Items]
Revenues										283,676	276,129
Operating Expenses										195,645	213,513
Operating Income (Loss)										88,031	62,616
Net income										47,110	22,356
American Assets Trust, L.P.
Real Estate [Line Items]
Proceeds from sale of real estate, net of selling costs										8,191	0
Assets			2,788,958	2,788,958						2,788,958		2,198,250
Accounts payable and accrued expenses			63,205	63,205						63,205		46,616
Security deposits payable			7,855	7,855						7,855		8,844
Other liabilities and deferred credits, net			61,990	61,990						61,990		49,547
Liabilities			1,490,734	$ 1,490,734						1,490,734		$ 1,395,779
Revenues			98,362				82,507			267,794	248,262
Operating Expenses			67,978				55,232			184,102	190,818
Operating Income (Loss)			30,384				27,275			83,692	57,444
Net income			$ 16,519		$ 11,941	$ 15,243	$ 14,271	$ 4,413	$ (691)	$ 43,703	$ 17,993

ACQUIRED IN-PLACE LEASES AND _3

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES Acquired Lease Intangibles and Leasing Costs Included in Other Assets and Other Liabilities and Deferred Credits (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Leases, gross	$ 214	$ 518
Accumulated amortization	(945)	(981)
Below market leases	62,126	63,172
Accumulated accretion	(35,639)	(37,220)
Acquired lease intangible liabilities, net	26,487	25,952
Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	33,051	6,799
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Leases, gross	63,932	40,884
Accumulated amortization	(31,095)	(34,603)
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Leases, gross	7,534	11,963
Accumulated amortization	$ (7,320)	$ (11,445)

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Fair Value, Inputs, Level 2	Sep. 30, 2019
Minimum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate (as a percent)	0.029
Maximum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate (as a percent)	0.038

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Liabilities Fair Value Measurement on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	$ 1,573	$ 1,424
Interest rate swap asset	0	6,002
Interest rate swap liability	1,916	801
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	0	0
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	1,573	1,424
Interest rate swap asset	0	6,002
Interest rate swap liability	1,916	801
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	0	0
Interest rate swap asset	0	0
Interest rate swap liability	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Secured notes payable, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 162,159	$ 182,572
Unsecured term loans, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	248,741	248,765
Unsecured senior guaranteed notes, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	946,784	797,098
Unsecured line of credit, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	62,337
Fair Value, Inputs, Level 2 | Secured notes payable, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	168,010	183,253
Fair Value, Inputs, Level 2 | Unsecured term loans, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	250,000	250,000
Fair Value, Inputs, Level 2 | Unsecured senior guaranteed notes, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	987,588	790,267
Fair Value, Inputs, Level 2 | Unsecured line of credit, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 0	$ 64,000

DERIVATIVE AND HEDGING ACTIVI_3

DERIVATIVE AND HEDGING ACTIVITIES (Details) - USD ($)	Jul. 17, 2019	Jun. 20, 2019	May 11, 2017	Jan. 18, 2017	Sep. 19, 2014	Aug. 19, 2014	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimated derivative reclassification from Accumulated OCI to Income							$ 1,300,000
American Assets Trust, L.P. | Forward Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative contract term						7 years
Gain on derivative settlement	$ 500,000		$ 700,000	$ 10,400,000	$ 1,600,000
Designated as Hedging Instrument | Cash Flow Hedging | American Assets Trust, L.P. | Interest Rate Swap, 1/9/2021 | Bank of America, N.A.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount							$ 100,000,000
Effective Date							Jan. 9, 2019
Maturity Date							Jan. 9, 2021
Interest rate swap liability							$ (1,674,000)
Designated as Hedging Instrument | Cash Flow Hedging | American Assets Trust, L.P. | Interest Rate Swap, 3/1/2023 | U.S. Bank N.A.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount							$ 100,000,000
Effective Date							Mar. 1, 2016
Maturity Date							Mar. 1, 2023
Interest rate swap liability							$ (180,000)
Designated as Hedging Instrument | Cash Flow Hedging | American Assets Trust, L.P. | Interest Rate Swap, 3/1/2023 | Wells Fargo Bank, N.A.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount							$ 50,000,000
Effective Date							May 2, 2016
Maturity Date							Mar. 1, 2023
Interest rate swap liability							$ (62,000)
Designated as Hedging Instrument | Cash Flow Hedging | American Assets Trust, L.P. | Treasury Lock | Wells Fargo Bank, N.A.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fixed interest rate (in percent)		1.9925%
Derivative contract term		10 years
Notional Amount		$ 100,000,000
Maturity Date		Jul. 31, 2019
Amortization Period of Deferred Gain (Loss) on Discontinuation of Fair Value Hedge		10 years

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing commissions, net of accumulated amortization of $29,122 and $28,597, respectively	$ 41,468		$ 28,796
Interest rate swap asset	0		6,002
Acquired above market leases, net	214		518
Acquired in-place leases, net	32,837		6,281
Lease incentives, net of accumulated amortization of $464 and $299, respectively	565		747
Other intangible assets, net of accumulated amortization of $945 and $981, respectively	2,979		2,994
Debt issuance costs, net of accumulated amortization of $713 and $0, respectively	1,357		0
Right-of-use lease asset, net	5,574	$ 7,700	0
Prepaid expenses and other	6,683		6,683
Total other assets	91,677		52,021
Leasing commissions, accumulative amortization	29,122		28,597
Lease incentives, accumulated amortization	464		299
Other intangible assets, accumulated amortization	945		981
Debt issuance costs, accumulated amortization	$ 713		$ 0

OTHER LIABILITIES AND DEFERRE_3

OTHER LIABILITIES AND DEFERRED CREDITS (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Acquired below market leases, net	$ 26,487		$ 25,952
Prepaid rent and deferred revenue	11,814		11,634
Interest rate swap liability	1,916		801
Deferred rent expense and lease intangible	31		2,210
Deferred compensation	1,573		1,424
Deferred tax liability	95		93
Straight-line rent liability	13,849	$ 800	7,393
Lease liability	6,165	$ 7,700	0
Other liabilities	60		40
Total other liabilities and deferred credits, net	$ 61,990		$ 49,547

DEBT - Summary of Total Secured

DEBT - Summary of Total Secured Notes Payable Outstanding (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt issuance costs, net		$ (1,357)	$ 0
Debt issuance costs, accumulated amortization		713	0
American Assets Trust, L.P. | Secured notes payable, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance		162,298	182,765
Debt issuance costs, net		(139)	(193)
Total Debt Outstanding		$ 162,159	182,572
Period of amortization schedule (in years)		30 years
Debt issuance costs, accumulated amortization		$ 435	671
American Assets Trust, L.P. | Secured notes payable, net | Torrey Reserve North Court
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	[1],[2]	$ 0	19,620
Stated Interest Rate	[1],[2]	7.22%
Stated Maturity Date	[1],[2]	Jun. 1, 2019
American Assets Trust, L.P. | Secured notes payable, net | Torrey Reserve
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	[2]	$ 6,534	6,635
Stated Interest Rate	[2]	6.36%
Stated Maturity Date	[2]	Jun. 1, 2020
American Assets Trust, L.P. | Secured notes payable, net | Solana Beach Corporate Centre One To Two
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	[2]	$ 10,330	10,502
Stated Interest Rate	[2]	5.91%
Stated Maturity Date	[2]	Jun. 1, 2020
American Assets Trust, L.P. | Secured notes payable, net | Solana Beach Towne Centre
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	[2]	$ 34,434	35,008
Stated Interest Rate	[2]	5.91%
Stated Maturity Date	[2]	Jun. 1, 2020
American Assets Trust, L.P. | Secured notes payable, net | City Center Bellevue
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	[3]	$ 111,000	$ 111,000
Stated Interest Rate	[3]	3.98%
Stated Maturity Date	[3]	Nov. 1, 2022
[1]	Loan repaid in full, without premium or penalty, on March 1, 2019.
[2]	Principal payments based on a 30 -year amortization schedule.
[3]	Interest only.

DEBT - Summary of Total Unsecur

DEBT - Summary of Total Unsecured Notes Payable Outstanding (Details) - USD ($) $ in Thousands		Jul. 17, 2019	Jun. 23, 2017	May 11, 2017	Jan. 18, 2017	Sep. 19, 2014	Aug. 19, 2014	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt issuance costs, net								$ (1,357)	$ 0
Debt issuance costs, accumulated amortization								713	0
American Assets Trust, L.P. | Forward Contracts
Debt Instrument [Line Items]
Derivative contract term							7 years
Gain on derivative settlement		$ 500		$ 700	$ 10,400	$ 1,600
Loss on derivative settlement			$ 500
American Assets Trust, L.P. | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								1,200,000	1,050,000
Debt issuance costs, net								(4,475)	(4,137)
Total Debt Outstanding								1,195,525	1,045,863
Debt issuance costs, accumulated amortization								$ 7,579	6,844
American Assets Trust, L.P. | Term Loan A | Interest Rate Swap
Debt Instrument [Line Items]
Derivative fixed interest rate (in percent)								4.13%
American Assets Trust, L.P. | Term Loan A | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000	100,000
Stated Maturity Date								Jan. 9, 2021
American Assets Trust, L.P. | Senior Guaranteed Notes, Series A | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)								3.88%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series A | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 150,000	150,000
Stated Interest Rate	[1]							4.04%
Stated Maturity Date								Oct. 31, 2021
American Assets Trust, L.P. | Term Loan B | Interest Rate Swap
Debt Instrument [Line Items]
Derivative fixed interest rate (in percent)								2.75%		3.15%
American Assets Trust, L.P. | Term Loan B | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000	100,000
Stated Maturity Date								Mar. 1, 2023
American Assets Trust, L.P. | Term Loan C | Interest Rate Swap
Debt Instrument [Line Items]
Derivative fixed interest rate (in percent)								2.74%		3.14%
American Assets Trust, L.P. | Term Loan C | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 50,000	50,000
Stated Maturity Date								Mar. 1, 2023
American Assets Trust, L.P. | Senior Guaranteed Notes, Series F | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)								3.85%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series F | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000	100,000
Stated Interest Rate	[2]							3.78%
Stated Maturity Date								Jul. 19, 2024
American Assets Trust, L.P. | Senior Guaranteed Notes, Series B | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000	100,000
Stated Interest Rate								4.45%
Stated Maturity Date								Feb. 2, 2025
American Assets Trust, L.P. | Senior Guaranteed Notes, Series C | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000	100,000
Stated Interest Rate								4.50%
Stated Maturity Date								Apr. 1, 2025
American Assets Trust, L.P. | Senior Guaranteed Notes, Series D | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)								3.87%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series D | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 250,000	250,000
Stated Interest Rate	[3]							4.29%
Stated Maturity Date								Mar. 1, 2027
American Assets Trust, L.P. | Senior Guaranteed Notes, Series E | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)								4.18%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series E | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000	100,000
Stated Interest Rate	[4]							4.24%
Stated Maturity Date								May 23, 2029
American Assets Trust, L.P. | Senior Guaranteed Notes, Series G [Member] | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)								3.88%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series G [Member] | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 150,000	$ 0
Stated Interest Rate	[5]							3.91%
Stated Maturity Date								Jul. 30, 2030
[1]	The Operating Partnership entered into a one-month forward-starting seven years swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately $1.6 million . The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.
[2]	The Operating Partnership entered into a treasury lock contract on May 31, 2017, which was settled on June 23, 2017 at a loss of approximately $0.5 million . The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.85% per annum.
[3]	The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million . The forward-starting interest swap rate contracts were deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.87% per annum.
[4]	The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million . The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum.
[5]	The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million . The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.

DEBT (Details)

DEBT (Details)		Jan. 09, 2019Extension_Option	Jan. 09, 2018USD ($)Extension_Option	Mar. 01, 2016	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Unsecured line of credit, net					$ 0	$ 62,337,000
Weighted average interest rate, revolving credit facility					3.55%
Unsecured term loans, net | Term Loan B | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on federal funds rate			0.50%
Unsecured term loans, net | Term Loan B | Eurodollar
Debt Instrument [Line Items]
Basis spread on Eurodollar rate				1.00%
Unsecured term loans, net | Term Loan C | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on federal funds rate			0.50%
Unsecured term loans, net | Term Loan C | Eurodollar
Debt Instrument [Line Items]
Basis spread on Eurodollar rate			1.00%
Unsecured term loans, net | Term Loan A | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on federal funds rate		0.50%
Unsecured term loans, net | Term Loan A | Eurodollar
Debt Instrument [Line Items]
Basis spread on Eurodollar rate		1.00%
Unsecured term loans, net | Second Amended and Restated Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
Unsecured line of credit, net
Debt Instrument [Line Items]
Minimum fixed charge coverage ratio covenant threshold			1.5
Minimum unsecured leverage ratio			175.00%
Maximum leverage ratio of revolving credit facility			60.00%
Maximum secured leverage ratio on revolving credit facility			40.00%
Maximum unsecured leverage ratio			60.00%
Maximum recourse indebtedness of total asset value			15.00%
Unsecured line of credit, net | Second Amended and Restated Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on federal funds rate			0.50%
American Assets Trust, L.P.
Debt Instrument [Line Items]
Unsecured line of credit, net					$ 0	62,337,000
American Assets Trust, L.P. | Term Loan B
Debt Instrument [Line Items]
Term of debt instrument			7 years
American Assets Trust, L.P. | Term Loan B | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.70%
American Assets Trust, L.P. | Term Loan B | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.35%
American Assets Trust, L.P. | Term Loan C
Debt Instrument [Line Items]
Term of debt instrument			7 years
American Assets Trust, L.P. | Term Loan C | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.70%
American Assets Trust, L.P. | Term Loan C | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.35%
American Assets Trust, L.P. | Term Loan A | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.20%
American Assets Trust, L.P. | Term Loan A | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.70%
American Assets Trust, L.P. | Second Amended and Restated Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity			$ 450,000,000
Additional borrowing capacity			$ 350,000,000
American Assets Trust, L.P. | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance					1,200,000,000	1,050,000,000
American Assets Trust, L.P. | Unsecured term loans, net | Senior Guaranteed Notes, Series G [Member]
Debt Instrument [Line Items]
Long-term Debt, Principal Balance					$ 150,000,000	0
Stated Interest Rate	[1]				3.91%
Stated Maturity Date					Jul. 30, 2030
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B
Debt Instrument [Line Items]
Long-term Debt, Principal Balance					$ 100,000,000	100,000,000
Stated Maturity Date					Mar. 1, 2023
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B | Base Rate
Debt Instrument [Line Items]
Minimum base rate			0.00%
Prime rate			prime rate
Federal funds rate			federal funds rate
Eurodollar rate			Eurodollar
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.20%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C
Debt Instrument [Line Items]
Long-term Debt, Principal Balance					$ 50,000,000	50,000,000
Stated Maturity Date					Mar. 1, 2023
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C | Base Rate
Debt Instrument [Line Items]
Minimum base rate			0.00%
Prime rate			prime rate
Federal funds rate			federal funds rate
Eurodollar rate			Eurodollar
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.20%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A
Debt Instrument [Line Items]
Long-term Debt, Principal Balance					$ 100,000,000	$ 100,000,000
Debt extension options | Extension_Option		3
Extension term		1 year
Stated Maturity Date					Jan. 9, 2021
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | Base Rate
Debt Instrument [Line Items]
Prime rate		prime rate
Federal funds rate		federal funds rate
Eurodollar rate		Eurodollar
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.70%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B & Term Loan C
Debt Instrument [Line Items]
Face amount of debt			$ 150,000,000
American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity			$ 100,000,000
American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.30%
American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.30%
American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.90%
American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.90%
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility
Debt Instrument [Line Items]
Unsecured line of credit, net					$ 0
Debt issuance costs, net, revolving credit facility					$ (1,400,000)
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity			$ 350,000,000
Debt extension options | Extension_Option			2
Extension term			6 months
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Base Rate
Debt Instrument [Line Items]
Prime rate			prime rate
Federal funds rate			federal funds rate
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Minimum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.05%
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Minimum | Base Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Maximum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Maximum | Base Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
[1]	The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million . The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.

PARTNERS CAPITAL OF AMERICAN _2

PARTNERS CAPITAL OF AMERICAN ASSETS TRUST, L.P. (Details)	3 Months Ended				9 Months Ended
	Sep. 30, 2019shares	Jun. 30, 2019shares	Sep. 30, 2018shares	Jun. 30, 2018shares	Sep. 30, 2019shares	Sep. 30, 2018shares
Operating Partnership Units
Capital Unit [Line Items]
Antidilutive securities excluded from computation of EPS (in shares)	329,652		262,605		331,245	265,762
American Assets Trust, L.P.
Capital Unit [Line Items]
Noncontrolling common units (in shares)	16,390,548				16,390,548
Percentage of ownership interests classified as noncontrolling	21.60%				21.60%
American Assets Trust, L.P. | Operating Partnership Units
Capital Unit [Line Items]
Weighted average unvested shares outstanding (in shares)	329,652		262,605		331,245	265,762
Antidilutive securities excluded from computation of EPS (in shares)	329,652		262,605		331,245	265,762
Limited Partner | American Assets Trust, L.P.
Capital Unit [Line Items]
Common unit conversion ratio					1
Common Shares
Capital Unit [Line Items]
Conversion of operating partnership units (in shares)		787,060		17,372
Common Shares | American Assets Trust, L.P.
Capital Unit [Line Items]
Conversion of operating partnership units (in shares)	0				787,060

EQUITY OF AMERICAN ASSETS TRU_3

EQUITY OF AMERICAN ASSETS TRUST, INC. (Details)	Jun. 14, 2019USD ($)shares	Mar. 02, 2018Agent	May 27, 2015USD ($)Agent	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)shares	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)shares
Equity [Line Items]
Proceeds from issuance of common stock | $	$ 472,600,000					$ 513,934,000	$ (236,000)
Common stock, shares issued (in shares) | shares	10,925,000
Option Indexed to Issuer's Equity, Indexed Shares | shares	1,425,000
Noncash compensation expense | $				$ 1,100,000	$ 700,000	3,400,000	$ 2,200,000
Unrecognized compensation expense | $				$ 3,300,000		$ 3,300,000
At The Market Equity Program
Equity [Line Items]
Number of sales agents | Agent		1	5
Aggregate offering price of common share | $			$ 250,000,000
Common shares issued (shares) | shares				234,814		916,727
Weighted average price per share | $ / shares				$ 47.23		$ 45.99
Proceeds from issuance of common stock | $				$ 10,920,000		$ 41,309,000
Remaining capacity to issue | $				$ 134,000,000		$ 134,000,000
Operating Partnership Units
Equity [Line Items]
Antidilutive securities excluded from computation of EPS (in shares) | shares				329,652	262,605	331,245	265,762
American Assets Trust, L.P. | Operating Partnership Units
Equity [Line Items]
Weighted average unvested shares outstanding (in shares) | shares				329,652	262,605	331,245	265,762
Antidilutive securities excluded from computation of EPS (in shares) | shares				329,652	262,605	331,245	265,762

EQUITY OF AMERICAN ASSETS TRU_4

EQUITY OF AMERICAN ASSETS TRUST, INC. - ATM Equity Program (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 14, 2019	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Equity [Line Items]
Proceeds from issuance of common stock	$ 472,600		$ 513,934	$ (236)
At The Market Equity Program
Equity [Line Items]
Common shares issued (shares)		234,814	916,727
Weighted average price per share		$ 47.23	$ 45.99
Proceeds, gross		$ 11,089	$ 42,161
Proceeds from issuance of common stock		10,920	41,309
At The Market Equity Program | Sales agent compensation
Equity [Line Items]
Sales agent compensation and offering costs		(111)	(422)
At The Market Equity Program | Other offering costs
Equity [Line Items]
Sales agent compensation and offering costs		$ (58)	$ (430)

EQUITY OF AMERICAN ASSETS TRU_5

EQUITY OF AMERICAN ASSETS TRUST, INC. - Dividends Declare and Paid on Shares on Common Stock and Noncontrolling Common Units (Details) - $ / shares	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Equity [Abstract]
Dividends period	Third Quarter 2019	Second Quarter 2019	First Quarter 2019
Amount per Share/Unit (in USD per unit)	$ 0.28	$ 0.28	$ 0.28
Date dividend to be paid	Sep. 26, 2019	Jun. 27, 2019	Mar. 28, 2019

EQUITY OF AMERICAN ASSETS TRU_6

EQUITY OF AMERICAN ASSETS TRUST, INC. - Summary of Activity of Restricted Stock Awards (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, Beginning, Shares | shares	342,093
Granted, Shares | shares	4,412
Vested, Shares | shares	(5,320)
Forfeited, Shares | shares	(11,636)
Nonvested, End of year, shares | shares	329,549
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested, Beginning, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares	$ 28.33
Granted, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares	45.35
Vested, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares	37.58
Forfeited, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares	28.33
Nonvested, End of Year, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares	$ 28.41

EQUITY OF AMERICAN ASSETS TRU_7

EQUITY OF AMERICAN ASSETS TRUST, INC. - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity [Abstract]
Net income	$ 16,519	$ 14,271	$ 43,703	$ 17,993
Less: Net income attributable to restricted shares	(92)	(71)	(277)	(215)
Less: Income from operations attributable to unitholders in the Operating Partnership	(3,565)	(3,806)	(10,553)	(4,765)
Net income attributable to common stockholders—basic	12,862	10,394	32,873	13,013
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	12,862	10,394	32,873	13,013
Plus: Income from operations attributable to unitholders in the Operating Partnership-diluted	3,565	3,806	10,553	4,765
Net income attributable to common stockholders-diluted	$ 16,427	$ 14,200	$ 43,426	$ 17,778
Weighted average common shares outstanding-basic (in shares)	59,441,887	46,959,752	52,239,668	46,945,095
Effect of dilutive securities-conversion of Operating Partnership units (in shares)	16,390,548	17,177,608	16,771,104	17,188,489
Weighted average common shares outstanding - diluted (in shares)	75,832,435	64,137,360	69,010,772	64,133,584
Earnings per common share, basic (in USD per share)	$ 0.22	$ 0.22	$ 0.63	$ 0.28
Earnings per common share, diluted (in USD per share)	$ 0.22	$ 0.22	$ 0.63	$ 0.28

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Deferred tax liability	$ 95		$ 95		$ 93
Income tax benefit (expense)	$ (268)	$ (171)	$ (709)	$ (277)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)moProperty	Sep. 30, 2018
Commitment And Contingencies [Line Items]
Termination payment | $	$ 7.6
Number of consolidated properties located in Southern California | Property	14
Maximum proportion of total revenue provided by any single tenant (as a percent)	10.00%	10.00%
Total Revenues | Retail
Commitment And Contingencies [Line Items]
Proportion of total revenue provided by retail or office tenants (as a percent)	30.30%
Total Revenues | Office
Commitment And Contingencies [Line Items]
Proportion of total revenue provided by retail or office tenants (as a percent)	37.60%
Waikiki Beach Walk - Retail
Commitment And Contingencies [Line Items]
Property management fee (as a percent)	3.00%
Outrigger Hotels
Commitment And Contingencies [Line Items]
Property management fee (as a percent)	6.00%
Number of calendar months termination fee is based	2 months
Maximum proportion of hotel's fiscal year gross revenues paid for aggregate yearly management fee (as a percent)	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 | Maximum
Commitment And Contingencies [Line Items]
Property management fee (as a percent)	3.00%
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
Wbw Hotel Lessee Llc
Commitment And Contingencies [Line Items]
Years of contract	20 years
Proportion of hotel occupancy gross revenue paid for program fee (as a percent)	4.00%
Wbw Hotel Lessee Llc | Future Time Period Prior to 12-31-2021
Commitment And Contingencies [Line Items]
Proportion of hotel occupancy gross revenue paid for franchise royalty fee (as a percent)	4.00%
Wbw Hotel Lessee Llc | Future Time Period After 12-31-2021
Commitment And Contingencies [Line Items]
Proportion of hotel occupancy gross revenue paid for franchise royalty fee (as a percent)	5.00%
Del Monte Center | Maximum
Commitment And Contingencies [Line Items]
Years, environmental remediation length	7 years
Del Monte Center | Minimum
Commitment And Contingencies [Line Items]
Years, environmental remediation length	5 years

LEASES - Narrative (Details)

LEASES - Narrative (Details)	9 Months Ended
	Sep. 30, 2019
Lessor, Lease, Description [Line Items]
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
Operating leases rental period terms	12 months
Minimum
Lessor, Lease, Description [Line Items]
Lease extension option period	3 years
Lease extension options exercise period	6 months
Maximum
Lessor, Lease, Description [Line Items]
Lease extension option period	10 years
Lease extension options exercise period	12 months
Land Mark At One Market [Member]
Lessor, Lease, Description [Line Items]
Number of lease extension options	2
Lease extension option exercise period	5 years

LEASES - Minimum Future Rentals

LEASES - Minimum Future Rentals from Noncancelable Operating Leases (Details) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
2019 (three months ending December 31, 2019)	$ 57,072
2020	214,030
2021	205,404
2022	187,190
2023	166,102
Thereafter	631,366
Total	$ 1,461,164

LEASES - Lease Obligations - Mi

LEASES - Lease Obligations - Minimum Future Rental Payments from Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Leases [Abstract]
2019 (three months ending December 31, 2019)	$ 846
2020	3,422
2021	2,153
2022	0
2023	0
Thereafter	0
Total lease payments	6,421
Imputed interest	(256)
Present value of lease liability	$ 6,165	$ 7,700	$ 0

LEASES - Lease Costs & Addition

LEASES - Lease Costs & Additional Lease Information (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 833	$ 2,500
Variable lease cost	0	0
Sublease income	(975)	(2,233)
Lease income	$ 142
Lease cost		$ 267
Weighted-average remaining lease term - operating leases (in years)	1 year 10 months 24 days	1 year 10 months 24 days
Weighted-average discount rate - operating leases (as a percent)	4.13%	4.13%

LEASES - Supplemental Lease Inf

LEASES - Supplemental Lease Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 2,501
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$ 7,661

COMPONENTS OF RENTAL INCOME A_3

COMPONENTS OF RENTAL INCOME AND EXPENSE - Component of Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Rental Income [Line Items]
Cost reimbursement	$ 0	$ 8,405	$ 0	$ 25,238
Percentage rent	553	633	1,108	1,424
Hotel revenue	11,257	10,960	30,365	30,273
Other	493	417	1,401	1,153
Total rental income	93,147	78,079	249,634	231,172
Retail
Rental Income [Line Items]
Lease rental income	25,065	19,034	74,535	58,236
Office
Rental Income [Line Items]
Lease rental income	40,187	24,061	94,899	71,507
Multifamily
Rental Income [Line Items]
Lease rental income	11,723	11,866	35,694	35,073
Mixed-use
Rental Income [Line Items]
Lease rental income	$ 3,869	$ 2,703	$ 11,632	$ 8,268

COMPONENTS OF RENTAL INCOME A_4

COMPONENTS OF RENTAL INCOME AND EXPENSE (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating Leases, Income Statement, Lease Revenue [Abstract]
Recognition of straight-line rents	$ 5.2	$ 1.2	$ 0.9	$ (2.4)
Recognition of amortization of above and below market leases	$ 1.1	$ 0.8	$ 2.8	$ 2.2

COMPONENTS OF RENTAL INCOME A_5

COMPONENTS OF RENTAL INCOME AND EXPENSE - Components of Rental Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating Leases, Income Statement, Lease Revenue [Abstract]
Rental operating	$ 10,175	$ 8,997	$ 27,734	$ 26,399
Hotel operating	6,564	6,302	18,573	18,329
Repairs and maintenance	4,134	3,163	11,564	9,553
Marketing	631	482	1,745	1,397
Rent	841	816	2,531	2,416
Hawaii excise tax	1,099	1,094	2,957	3,096
Management fees	545	529	1,507	1,495
Total rental expenses	$ 23,989	$ 21,383	$ 66,611	$ 62,685

OTHER (EXPENSE) INCOME, NET Com

OTHER (EXPENSE) INCOME, NET Components of Other (Expense) Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other Income and Expenses [Abstract]
Interest and investment income	$ 137	$ 46	$ 299	$ 209
Income tax expense	(268)	(171)	(709)	(277)
Other non-operating income	0	0	0	4
Total other (expense) income, net	$ (131)	$ (125)	$ (410)	$ (64)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2019	Mar. 01, 2019	Jul. 01, 2017
Related Party Transaction [Line Items]
Total rental income	$ 93,147	$ 78,079	$ 249,634	$ 231,172
Investment in WBW CHP LLC (as a percent)			47.70%
WBW CHP LLC
Related Party Transaction [Line Items]
Amount recovered for reimbursements of operating expense for related party			$ 900	800
ICW Inc | Board of Directors Chairman
Related Party Transaction [Line Items]
Prepaid Insurance							$ 200
American Assets, Inc. | Board of Directors Chairman
Related Party Transaction [Line Items]
Lease term						3 years
Total rental income			200
EDisability, LLC | Board of Directors Chairman
Related Party Transaction [Line Items]
Total rental income			100
AAI Aviation, Inc. | Board of Directors Chairman
Related Party Transaction [Line Items]
Aviation expense			$ 200	$ 0
Scenario, Forecast | American Assets, Inc. | Board of Directors Chairman
Related Party Transaction [Line Items]
Total rental income					$ 200

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details)	9 Months Ended
	Sep. 30, 2019SegmentRoom
Segment Reporting [Abstract]
Number of operating segments | Segment	4
Room in mixed-use segment all-suite hotel | Room	369

SEGMENT REPORTING - Operating A

SEGMENT REPORTING - Operating Activity Within Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Segment profit	$ 30,384	$ 27,275	$ 83,692	$ 57,444
Total segments’ profit	63,431	52,337	171,920	159,616
Retail
Segment Reporting Information [Line Items]
Property revenue	25,848	25,925	81,156	78,497
Property expense	(7,806)	(7,062)	(22,691)	(21,011)
Segment profit	18,042	18,863	58,465	57,486
Office
Segment Reporting Information [Line Items]
Property revenue	42,810	27,251	100,816	85,073
Property expense	(11,627)	(8,243)	(29,385)	(24,598)
Segment profit	31,183	19,008	71,431	60,475
Multifamily
Segment Reporting Information [Line Items]
Property revenue	12,655	12,848	38,451	37,894
Property expense	(5,367)	(5,157)	(15,323)	(15,174)
Segment profit	7,288	7,691	23,128	22,720
Mixed-use
Segment Reporting Information [Line Items]
Property revenue	17,049	16,483	47,371	46,798
Property expense	(10,131)	(9,708)	(28,475)	(27,863)
Segment profit	$ 6,918	$ 6,775	$ 18,896	$ 18,935

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Segment Profit to Net Income Attributable to Stockholders (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting [Abstract]
Total segments’ profit	$ 63,431			$ 52,337			$ 171,920	$ 159,616
General and administrative	(6,479)			(5,176)			(18,495)	(16,139)
Depreciation and amortization	(26,568)			(19,886)			(69,733)	(86,033)
Interest expense	(13,734)			(12,879)			(40,212)	(39,387)
Gain on sale of real estate	0			0			633	0
Other (expense) income, net	(131)			(125)			(410)	(64)
NET INCOME	16,519	$ 11,941	$ 15,243	14,271	$ 4,413	$ (691)	43,703	17,993
Net income attributable to restricted shares	(92)			(71)			(277)	(215)
Net income attributable to unitholders in the Operating Partnership	3,565			3,806			10,553	4,765
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$ 12,862			$ 10,394			$ 32,873	$ 13,013

SEGMENT REPORTING - Net Real Es

SEGMENT REPORTING - Net Real Estate and Secured Note Payable Balances (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net Real Estate		$ 2,514,297	$ 2,039,853
Secured Notes Payable	[1]	162,298	182,765
Debt issuance costs, net of accumulated amortization of $713 and $0, respectively		1,357	0
American Assets Trust, L.P.
Segment Reporting Information [Line Items]
Net Real Estate		2,514,297	2,039,853
Secured notes payable, net | American Assets Trust, L.P.
Segment Reporting Information [Line Items]
Debt issuance costs, net of accumulated amortization of $713 and $0, respectively		139	193
Retail
Segment Reporting Information [Line Items]
Net Real Estate		626,737	628,734
Secured Notes Payable	[1]	34,434	35,008
Office
Segment Reporting Information [Line Items]
Net Real Estate		1,306,967	822,574
Secured Notes Payable	[1]	127,864	147,757
Multifamily
Segment Reporting Information [Line Items]
Net Real Estate		403,555	412,042
Mixed-use
Segment Reporting Information [Line Items]
Net Real Estate		$ 177,038	$ 176,503
[1]	Excludes debt issuance costs of $0.1 million and $0.2 million for each of the periods ended September 30, 2019 and December 31, 2018 , respectively.

SEGMENT REPORTING - Capital Exp

SEGMENT REPORTING - Capital Expenditures (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Capital expenditures	[1]	$ 23,980	$ 13,383	$ 74,441	$ 36,793
Retail
Segment Reporting Information [Line Items]
Capital expenditures	[1]	5,290	3,221	16,731	8,678
Office
Segment Reporting Information [Line Items]
Capital expenditures	[1]	16,548	9,407	50,449	24,293
Multifamily
Segment Reporting Information [Line Items]
Capital expenditures	[1]	1,297	536	2,753	3,020
Mixed-use
Segment Reporting Information [Line Items]
Capital expenditures	[1]	$ 845	$ 219	$ 4,508	$ 802
[1]	Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid