Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AAT | ||
Entity Central Index Key | 0001500217 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 | 11455 El Camino Real | ||
Entity Address, Address Line Two | 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 | ||
Title of 12(b) Security | Common Stock, $.01 par value per share | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
Entity Public Float | $ 2,491,000,000 | ||
Entity Common Stock, Shares Outstanding | 60,068,228 | ||
American Assets Trust, L.P. | |||
Document Information [Line Items] | |||
Amendment Flag | false | ||
Entity Central Index Key | 0001509570 | ||
Document Type | 10-K | ||
Entity Registrant Name | AMERICAN ASSETS TRUST, L.P. | ||
Entity File Number | 33-202342-01 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 27-3338894 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
ASSETS | |||
Operating real estate | $ 3,096,886 | $ 2,549,571 | |
Construction in progress | 91,264 | 71,228 | |
Held for development | 547 | 9,392 | |
Total Real estate, at cost | 3,188,697 | 2,630,191 | |
Accumulated depreciation | (665,222) | (590,338) | |
Net real estate | 2,523,475 | 2,039,853 | |
Cash and cash equivalents | 99,303 | 47,956 | |
Restricted cash | 10,148 | 9,316 | |
Accounts receivable, net | 12,016 | 9,289 | |
Deferred rent receivables, net | 52,171 | 39,815 | |
Other assets, net | 93,220 | 52,021 | |
TOTAL ASSETS | 2,790,333 | 2,198,250 | |
LIABILITIES AND EQUITY | |||
Secured notes payable | 161,879 | 182,572 | |
Unsecured notes payable | 1,195,780 | 1,045,863 | |
Unsecured line of credit | 0 | 62,337 | |
Accounts payable and accrued expenses | 62,576 | 46,616 | |
Security deposits payable | 8,316 | 8,844 | |
Other liabilities and deferred credits | 68,110 | 49,547 | |
Total liabilities | 1,496,661 | 1,395,779 | |
Commitments and contingencies (Note 12) | |||
American Assets Trust, Inc. stockholders' equity | |||
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,068,228 and 47,335,409 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 601 | 474 | |
Additional paid-in capital | 1,452,014 | 920,661 | |
Accumulated dividends in excess of net income | (144,378) | (128,778) | |
Accumulated other comprehensive income | 5,680 | 10,620 | |
Total American Assets Trust, Inc. stockholders' equity | 1,313,917 | 802,977 | |
Noncontrolling interests | (20,245) | (506) | |
Total equity | 1,293,672 | 802,471 | |
TOTAL LIABILITIES AND EQUITY | 2,790,333 | 2,198,250 | |
American Assets Trust, L.P. | |||
ASSETS | |||
Operating real estate | 3,096,886 | 2,549,571 | |
Construction in progress | 91,264 | 71,228 | |
Held for development | 547 | 9,392 | |
Total Real estate, at cost | 3,188,697 | 2,630,191 | |
Accumulated depreciation | (665,222) | (590,338) | |
Net real estate | 2,523,475 | 2,039,853 | |
Cash and cash equivalents | 99,303 | 47,956 | |
Restricted cash | 10,148 | 9,316 | |
Accounts receivable, net | 12,016 | 9,289 | |
Deferred rent receivables, net | 52,171 | 39,815 | |
Other assets, net | 93,220 | 52,021 | |
TOTAL ASSETS | 2,790,333 | 2,198,250 | |
LIABILITIES AND EQUITY | |||
Secured notes payable | 161,879 | 182,572 | |
Unsecured notes payable | 1,195,780 | 1,045,863 | |
Unsecured line of credit | 0 | 62,337 | |
Accounts payable and accrued expenses | 62,576 | 46,616 | |
Security deposits payable | 8,316 | 8,844 | |
Other liabilities and deferred credits | 68,110 | 49,547 | |
Total liabilities | 1,496,661 | 1,395,779 | |
American Assets Trust, Inc. stockholders' equity | |||
Accumulated other comprehensive income | 7,716 | 14,591 | |
TOTAL LIABILITIES AND EQUITY | 2,790,333 | 2,198,250 | |
Partners' Capital [Abstract] | |||
Limited partners' capital, 16,390,548 and 17,177,608 units issued and outstanding as of December 31, 2019 and December 31, 2018, respectively | (22,281) | (4,477) | |
General partner's capital, 60,068,228 and 47,335,409 units issued and outstanding as of December 31, 2019 and December 31, 2018, respectively | 1,308,237 | 792,357 | |
Total capital | 1,293,672 | 802,471 | |
Limited Partner | American Assets Trust, L.P. | |||
Partners' Capital [Abstract] | |||
Total capital | [1] | (22,281) | (4,477) |
General Partner | American Assets Trust, L.P. | |||
Partners' Capital [Abstract] | |||
Total capital | [2] | 1,308,237 | 792,357 |
Accumulated Other Comprehensive Income (Loss) | American Assets Trust, L.P. | |||
Partners' Capital [Abstract] | |||
Total capital | $ 7,716 | $ 14,591 | |
[1] | Consists of limited partnership interests held by third parties. | ||
[2] | Consists of general and limited partnership interests held by American Assets Trust, Inc. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
American Assets Trust, L.P. | ||
Limited Partners' Capital Account, Units Issued | 16,390,548 | 17,177,608 |
Limited Partners' Capital Account, Units Outstanding | 16,390,548 | 17,177,608 |
General Partners' Capital Account, Units Issued | 60,068,228 | 47,335,409 |
General Partners' Capital Account, Units Outstanding | 60,068,228 | 47,335,409 |
Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 490,000,000 | 490,000,000 |
Common stock, shares issued | 60,068,228 | 47,335,409 |
Common stock, shares outstanding | 60,068,228 | 47,335,409 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
REVENUE: | |||||
Rental income | $ 343,865 | $ 309,537 | $ 298,803 | ||
Other property income | 22,876 | 21,330 | 16,180 | ||
Total revenue | 366,741 | 330,867 | 314,983 | ||
EXPENSES: | |||||
Rental expenses | 91,967 | 86,482 | 84,006 | ||
Real estate taxes | 40,013 | 34,973 | 32,671 | ||
General and administrative | 24,871 | 22,784 | 21,382 | ||
Depreciation and amortization | 96,205 | 107,093 | 83,278 | ||
Total operating expenses | 253,056 | 251,332 | 221,337 | ||
Operating income (loss) | 113,685 | 79,535 | 93,646 | ||
Interest expense | (54,008) | (52,248) | (53,848) | ||
Gain on sale of real estate | 633 | 0 | 0 | ||
Other income (expense), net | (122) | (85) | 334 | ||
Net income | 60,188 | 27,202 | 40,132 | ||
Net income attributable to restricted shares | (381) | (311) | (241) | ||
Net income attributable to unitholders in the Operating Partnership | (14,089) | (7,205) | (10,814) | ||
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS | $ 45,718 | $ 19,686 | $ 29,077 | ||
EARNINGS PER COMMON SHARE, BASIC | |||||
Basic net income attributable to common stockholders per share (in dollars per share) | $ 0.84 | $ 0.42 | $ 0.62 | ||
Weighted average shares of common stock outstanding-basic (in shares) | 54,110,949 | 46,950,812 | 46,715,520 | ||
EARNINGS PER COMMON SHARE, DILUTED | |||||
Diluted net income attributable to common stockholders per share (in dollars per share) | $ 0.84 | $ 0.42 | $ 0.62 | ||
Weighted average shares of common stock outstanding-diluted (in shares) | 70,786,132 | 64,136,559 | 64,087,250 | ||
COMPREHENSIVE INCOME | |||||
Net income | $ 60,188 | $ 27,202 | $ 40,132 | ||
Other comprehensive (loss) gain - unrealized (loss) gain on swap derivative during the period | (5,571) | 120 | 386 | ||
Reclassification of amortization of forward starting swap included in interest expense | (1,304) | (1,279) | (1,114) | ||
Comprehensive income | 53,313 | 26,043 | 39,404 | ||
Comprehensive income attributable to noncontrolling interest | (12,301) | (6,877) | (10,433) | ||
Comprehensive income attributable to American Assets Trust, Inc. | 41,012 | 19,166 | 28,971 | ||
American Assets Trust, L.P. | |||||
REVENUE: | |||||
Rental income | 343,865 | 309,537 | 298,803 | ||
Other property income | 22,876 | 21,330 | 16,180 | ||
Total revenue | 366,741 | 330,867 | 314,983 | ||
EXPENSES: | |||||
Rental expenses | 91,967 | 86,482 | 84,006 | ||
Real estate taxes | 40,013 | 34,973 | 32,671 | ||
General and administrative | 24,871 | 22,784 | 21,382 | ||
Depreciation and amortization | 96,205 | 107,093 | 83,278 | ||
Total operating expenses | 253,056 | 251,332 | 221,337 | ||
Operating income (loss) | 113,685 | 79,535 | 93,646 | ||
Interest expense | (54,008) | (52,248) | (53,848) | ||
Gain on sale of real estate | 633 | 0 | 0 | ||
Other income (expense), net | (122) | (85) | 334 | ||
Net income | 60,188 | 27,202 | 40,132 | ||
Net income attributable to restricted shares | (381) | (311) | (241) | ||
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS | $ 59,807 | $ 26,891 | $ 39,891 | ||
EARNINGS PER COMMON SHARE, BASIC | |||||
Basic net income attributable to common stockholders per share (in dollars per share) | $ 0.84 | $ 0.42 | $ 0.62 | ||
Weighted average shares of common stock outstanding-basic (in shares) | 70,786,132 | 64,136,559 | 64,087,250 | ||
EARNINGS PER COMMON SHARE, DILUTED | |||||
Diluted net income attributable to common stockholders per share (in dollars per share) | $ 0.84 | $ 0.42 | $ 0.62 | ||
Weighted average shares of common stock outstanding-diluted (in shares) | 70,786,132 | 64,136,559 | 64,087,250 | ||
DISTRIBUTIONS PER UNIT (in dollars per share) | $ 1.14 | $ 1.09 | $ 1.05 | ||
COMPREHENSIVE INCOME | |||||
Net income | $ 60,188 | $ 27,202 | $ 40,132 | ||
Reclassification of amortization of forward starting swap included in interest expense | (1,304) | (1,279) | (1,114) | ||
Comprehensive income | 53,313 | 26,043 | 39,404 | ||
American Assets Trust, L.P. | Limited Partner | |||||
EXPENSES: | |||||
Net income | 14,089 | 7,205 | [1] | 10,814 | [1] |
COMPREHENSIVE INCOME | |||||
Net income | 14,089 | 7,205 | [1] | 10,814 | [1] |
Comprehensive income attributable to American Assets Trust, Inc. | (12,301) | (6,877) | (10,433) | ||
American Assets Trust, L.P. | General Partner | |||||
EXPENSES: | |||||
Net income | 46,099 | 19,997 | [2] | 29,318 | [2] |
COMPREHENSIVE INCOME | |||||
Net income | 46,099 | 19,997 | [2] | 29,318 | [2] |
Comprehensive income attributable to American Assets Trust, Inc. | 41,012 | 19,166 | 28,971 | ||
Interest Rate Swap | American Assets Trust, L.P. | |||||
COMPREHENSIVE INCOME | |||||
Other comprehensive (loss) gain - unrealized (loss) gain on swap derivative during the period | (5,571) | 120 | 386 | ||
Swap | |||||
COMPREHENSIVE INCOME | |||||
Other comprehensive (loss) gain - unrealized (loss) gain on swap derivative during the period | (6,084) | 120 | (10,281) | ||
Swap | American Assets Trust, L.P. | |||||
COMPREHENSIVE INCOME | |||||
Other comprehensive (loss) gain - unrealized (loss) gain on swap derivative during the period | (6,084) | $ 120 | (10,281) | ||
Forward Contracts | |||||
COMPREHENSIVE INCOME | |||||
Other comprehensive (loss) gain - unrealized (loss) gain on swap derivative during the period | 513 | 10,667 | |||
Forward Contracts | American Assets Trust, L.P. | |||||
COMPREHENSIVE INCOME | |||||
Other comprehensive (loss) gain - unrealized (loss) gain on swap derivative during the period | $ 513 | $ 10,667 | |||
[1] | Consists of limited partnership interests held by third parties. | ||||
[2] | Consists of general and limited partnership interests held by American Assets Trust, Inc. |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | American Assets Trust, L.P. | Limited PartnerAmerican Assets Trust, L.P. | General PartnerAmerican Assets Trust, L.P. | Accumulated Other Comprehensive Income (Loss)American Assets Trust, L.P. | Swap | SwapAmerican Assets Trust, L.P. | SwapAccumulated Other Comprehensive Income (Loss)American Assets Trust, L.P. | Forward Contracts | Forward ContractsAmerican Assets Trust, L.P. | Forward ContractsAccumulated Other Comprehensive Income (Loss)American Assets Trust, L.P. | Common Stock | Common StockAmerican Assets Trust, L.P. | Additional Paid-in Capital | Accumulated dividends in excess of net income | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Swap | Accumulated Other Comprehensive Income (Loss)Forward Contracts | Noncontrolling Interests - Unitholders in the Operating Partnership | Noncontrolling Interests - Unitholders in the Operating PartnershipSwap | Noncontrolling Interests - Unitholders in the Operating PartnershipForward Contracts | |||
Beginning balance (in shares) at Dec. 31, 2016 | 45,732,109 | |||||||||||||||||||||||
Beginning balance at Dec. 31, 2016 | $ 838,551 | $ 457 | $ 874,597 | $ (77,296) | $ 11,798 | $ 28,995 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Net income | 40,132 | $ 40,132 | $ 10,814 | [1] | $ 29,318 | [2] | 29,318 | 10,814 | ||||||||||||||||
Common shares issued (in shares) | 700,000 | |||||||||||||||||||||||
Common shares issued | 29,873 | $ 7 | 29,866 | |||||||||||||||||||||
Issuance of restricted stock (in shares) | 150,098 | |||||||||||||||||||||||
Issuance of restricted stock | 0 | $ 2 | (2) | |||||||||||||||||||||
Forfeiture of restricted stock (in shares) | (48,624) | |||||||||||||||||||||||
Forfeiture of restricted stock | 0 | $ 0 | 0 | |||||||||||||||||||||
Conversion of operating partnership units (in shares) | 693,842 | 693,842 | ||||||||||||||||||||||
Conversion of operating partnership units | 0 | $ 7 | 10,752 | (10,759) | ||||||||||||||||||||
Dividends declared and paid | (67,537) | (49,302) | ||||||||||||||||||||||
Dividends declared and paid (noncontrolling interest) | 18,235 | |||||||||||||||||||||||
Stock-based compensation | 4,735 | 4,735 | ||||||||||||||||||||||
Shares withheld for employee taxes (in shares) | (22,837) | [2] | (22,837) | |||||||||||||||||||||
Shares withheld for employee taxes | (882) | (882) | $ (882) | [2] | $ 0 | (882) | ||||||||||||||||||
Other comprehensive income (loss) unrealized gain (loss) on derivatives | 386 | $ (10,281) | $ (10,281) | $ (10,281) | $ 10,667 | $ 10,667 | $ 10,667 | $ (7,310) | $ 7,775 | $ (2,971) | $ 2,892 | |||||||||||||
Reclassification of amortization of forward starting swap included in interest expense | 1,114 | 1,114 | $ 1,114 | 812 | 302 | |||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2017 | 47,204,588 | |||||||||||||||||||||||
Ending balance at Dec. 31, 2017 | 844,144 | $ 473 | 919,066 | (97,280) | 11,451 | 10,434 | ||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2016 | 17,888,822 | [1] | 45,732,109 | [2] | ||||||||||||||||||||
Beginning balance at Dec. 31, 2016 | 838,551 | $ 24,315 | [1] | $ 797,758 | [2] | 16,478 | ||||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||||||||
Net income | 40,132 | 40,132 | $ 10,814 | [1] | $ 29,318 | [2] | 29,318 | 10,814 | ||||||||||||||||
Contributions from American Assets Trust, Inc. (in shares) | [2] | 700,000 | ||||||||||||||||||||||
Contributions from American Assets Trust, Inc. | 29,873 | $ 29,873 | [2] | |||||||||||||||||||||
Conversion of operating partnership units (in shares) | (693,842) | [1] | 693,842 | [2] | ||||||||||||||||||||
Conversion of operating partnership units | $ (10,759) | [1] | $ 10,759 | [2] | ||||||||||||||||||||
Issuance of restricted units (in shares) | [2] | 150,098 | ||||||||||||||||||||||
Forfeiture of restricted units (in shares) | [2] | (48,624) | ||||||||||||||||||||||
Distributions | (67,537) | $ (18,235) | [1] | $ (49,302) | [2] | |||||||||||||||||||
Stock-based compensation | 4,735 | $ 4,735 | [2] | |||||||||||||||||||||
Shares withheld for employee taxes (in shares) | (22,837) | [2] | (22,837) | |||||||||||||||||||||
Units withheld for employee taxes | (882) | (882) | $ (882) | [2] | $ 0 | (882) | ||||||||||||||||||
Other comprehensive income (loss) unrealized gain (loss) on derivatives | 386 | (10,281) | (10,281) | (10,281) | 10,667 | 10,667 | 10,667 | (7,310) | 7,775 | (2,971) | 2,892 | |||||||||||||
Reclassification of amortization of forward starting swap included in interest expense | 1,114 | 1,114 | 1,114 | 812 | 302 | |||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2017 | 17,194,980 | [1] | 47,204,588 | [2] | ||||||||||||||||||||
Ending balance at Dec. 31, 2017 | 844,144 | $ 6,135 | [1] | $ 822,259 | [2] | 15,750 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Net income | 27,202 | 27,202 | 7,205 | [1] | $ 19,997 | [2] | 19,997 | 7,205 | ||||||||||||||||
Common shares issued (in shares) | 0 | |||||||||||||||||||||||
Common shares issued | 0 | $ 0 | 0 | |||||||||||||||||||||
Issuance of restricted stock (in shares) | 205,110 | |||||||||||||||||||||||
Issuance of restricted stock | 0 | $ 2 | (2) | |||||||||||||||||||||
Forfeiture of restricted stock (in shares) | (78,975) | |||||||||||||||||||||||
Forfeiture of restricted stock | 0 | $ (1) | 1 | |||||||||||||||||||||
Conversion of operating partnership units (in shares) | 17,372 | 17,372 | ||||||||||||||||||||||
Conversion of operating partnership units | 0 | $ 0 | (916) | 916 | ||||||||||||||||||||
Dividends declared and paid | (70,228) | (51,495) | ||||||||||||||||||||||
Dividends declared and paid (noncontrolling interest) | 18,733 | |||||||||||||||||||||||
Stock-based compensation | 3,039 | 3,039 | ||||||||||||||||||||||
Shares withheld for employee taxes (in shares) | (12,686) | [2] | (12,686) | |||||||||||||||||||||
Shares withheld for employee taxes | (527) | (527) | $ (527) | [2] | $ 0 | (527) | ||||||||||||||||||
Other comprehensive income (loss) unrealized gain (loss) on derivatives | 120 | 120 | 120 | 120 | 105 | 15 | ||||||||||||||||||
Reclassification of amortization of forward starting swap included in interest expense | 1,279 | 1,279 | 1,279 | 936 | 343 | |||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 47,335,409 | |||||||||||||||||||||||
Ending balance at Dec. 31, 2018 | 802,471 | $ 474 | 920,661 | (128,778) | 10,620 | (506) | ||||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||||||||
Net income | 27,202 | 27,202 | $ 7,205 | [1] | $ 19,997 | [2] | 19,997 | 7,205 | ||||||||||||||||
Conversion of operating partnership units (in shares) | (17,372) | [1] | 17,372 | [2] | ||||||||||||||||||||
Conversion of operating partnership units | $ 916 | [1] | $ (916) | [2] | ||||||||||||||||||||
Issuance of restricted units (in shares) | [2] | 205,110 | ||||||||||||||||||||||
Forfeiture of restricted units (in shares) | [2] | (78,975) | ||||||||||||||||||||||
Distributions | (70,228) | $ (18,733) | [1] | $ (51,495) | [2] | |||||||||||||||||||
Stock-based compensation | 3,039 | $ 3,039 | [2] | |||||||||||||||||||||
Shares withheld for employee taxes (in shares) | (12,686) | [2] | (12,686) | |||||||||||||||||||||
Units withheld for employee taxes | (527) | (527) | $ (527) | [2] | $ 0 | (527) | ||||||||||||||||||
Other comprehensive income (loss) unrealized gain (loss) on derivatives | 120 | 120 | 120 | 120 | 105 | 15 | ||||||||||||||||||
Reclassification of amortization of forward starting swap included in interest expense | 1,279 | 1,279 | 1,279 | 936 | 343 | |||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 17,177,608 | [1] | 47,335,409 | [2] | ||||||||||||||||||||
Ending balance at Dec. 31, 2018 | 802,471 | $ (4,477) | [1] | $ 792,357 | [2] | 14,591 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Net income | 60,188 | 60,188 | 14,089 | $ 46,099 | 46,099 | 14,089 | ||||||||||||||||||
Common shares issued (in shares) | 11,871,552 | |||||||||||||||||||||||
Common shares issued | 515,354 | $ 118 | 515,236 | |||||||||||||||||||||
Issuance of restricted stock (in shares) | 173,008 | |||||||||||||||||||||||
Issuance of restricted stock | 0 | $ 2 | (2) | |||||||||||||||||||||
Forfeiture of restricted stock (in shares) | (70,641) | |||||||||||||||||||||||
Forfeiture of restricted stock | 0 | $ (1) | 1 | |||||||||||||||||||||
Conversion of operating partnership units (in shares) | 787,060 | 787,060 | ||||||||||||||||||||||
Conversion of operating partnership units | 0 | $ 8 | 12,979 | 148 | (13,135) | |||||||||||||||||||
Dividends declared and paid | (80,605) | (61,699) | ||||||||||||||||||||||
Dividends declared and paid (noncontrolling interest) | 18,906 | |||||||||||||||||||||||
Stock-based compensation | 4,477 | 4,477 | ||||||||||||||||||||||
Shares withheld for employee taxes (in shares) | (28,160) | (28,160) | ||||||||||||||||||||||
Shares withheld for employee taxes | (1,338) | (1,338) | $ (1,338) | $ 0 | (1,338) | |||||||||||||||||||
Other comprehensive income (loss) unrealized gain (loss) on derivatives | (5,571) | (6,084) | (6,084) | (6,084) | 513 | 513 | 513 | (4,482) | 392 | (1,602) | 121 | |||||||||||||
Reclassification of amortization of forward starting swap included in interest expense | 1,304 | 1,304 | 1,304 | 998 | 306 | |||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 60,068,228 | |||||||||||||||||||||||
Ending balance at Dec. 31, 2019 | 1,293,672 | $ 601 | 1,452,014 | (144,378) | 5,680 | (20,245) | ||||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||||||||
Net income | 60,188 | 60,188 | $ 14,089 | $ 46,099 | $ 46,099 | 14,089 | ||||||||||||||||||
Contributions from American Assets Trust, Inc. (in shares) | 11,871,552 | |||||||||||||||||||||||
Contributions from American Assets Trust, Inc. | 515,354 | $ 515,354 | ||||||||||||||||||||||
Conversion of operating partnership units (in shares) | (787,060) | 787,060 | ||||||||||||||||||||||
Conversion of operating partnership units | $ (12,987) | $ 12,987 | ||||||||||||||||||||||
Issuance of restricted units (in shares) | 173,008 | |||||||||||||||||||||||
Forfeiture of restricted units (in shares) | (70,641) | |||||||||||||||||||||||
Distributions | (80,605) | $ (18,906) | $ (61,699) | |||||||||||||||||||||
Stock-based compensation | 4,477 | $ 4,477 | ||||||||||||||||||||||
Shares withheld for employee taxes (in shares) | (28,160) | (28,160) | ||||||||||||||||||||||
Units withheld for employee taxes | (1,338) | (1,338) | $ (1,338) | $ 0 | $ (1,338) | |||||||||||||||||||
Other comprehensive income (loss) unrealized gain (loss) on derivatives | (5,571) | $ (6,084) | $ (6,084) | $ (6,084) | $ 513 | $ 513 | $ 513 | $ (4,482) | $ 392 | $ (1,602) | $ 121 | |||||||||||||
Reclassification of amortization of forward starting swap included in interest expense | $ 1,304 | 1,304 | 1,304 | $ 998 | $ 306 | |||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 16,390,548 | [1] | 60,068,228 | [2] | ||||||||||||||||||||
Ending balance at Dec. 31, 2019 | $ 1,293,672 | $ (22,281) | [1] | $ 1,308,237 | [2] | $ 7,716 | ||||||||||||||||||
[1] | Consists of limited partnership interests held by third parties. | |||||||||||||||||||||||
[2] | Consists of general and limited partnership interests held by American Assets Trust, Inc. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net income | $ 60,188 | $ 27,202 | $ 40,132 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred rent revenue and amortization of lease intangibles | (6,985) | (1,157) | (2,547) |
Depreciation and amortization | 96,205 | 107,093 | 83,278 |
Amortization of debt issuance costs and debt fair value adjustments | 1,467 | 1,530 | 3,058 |
Gain on sale of real estate | 633 | 0 | 0 |
Stock-based compensation expense | 4,477 | 3,039 | 4,735 |
Settlement of forward interest rate swap agreement | 513 | 0 | 10,667 |
Lease termination income | (4,518) | 0 | 0 |
Other noncash interest expense | (1,304) | (1,279) | (1,114) |
Other, net | 6,497 | 383 | 901 |
Changes in operating assets and liabilities | |||
Change in accounts receivable | (1,071) | (336) | (1,116) |
Change in other assets | (2,420) | (227) | (499) |
Change in accounts payable and accrued expenses | 5,956 | (3,297) | 7,632 |
Change in security deposits payable | (971) | 2,274 | 456 |
Change in other liabilities and deferred credits | (3,585) | 1,282 | 270 |
Net cash provided by operating activities | 153,816 | 136,507 | 145,853 |
INVESTING ACTIVITIES | |||
Acquisition of real estate, net | 507,780 | 0 | 278,141 |
Capital expenditures | (88,327) | (54,411) | (47,496) |
Proceeds from sale of real estate, net of selling costs | 8,191 | 0 | 0 |
Leasing commissions | (11,267) | (9,936) | (4,927) |
Net cash used in investing activities | (599,183) | (64,347) | (330,564) |
FINANCING ACTIVITIES | |||
Repayment of secured notes payable | (20,762) | (97,124) | (167,139) |
Proceeds from unsecured line of credit | 59,000 | 84,000 | 173,000 |
Repayment of unsecured line of credit | 123,000 | 20,000 | 193,000 |
Proceeds from issuance of unsecured notes payable | 150,000 | 0 | 450,000 |
Debt issuance costs | (1,103) | (2,727) | (2,401) |
Proceeds from issuance of common stock, net | 515,354 | (236) | 29,873 |
Dividends paid to common stock and unitholders | (80,605) | (70,228) | (67,537) |
Shares withheld for employee taxes | (1,338) | (527) | (882) |
Net cash provided by (used in) financing activities | 497,546 | (106,842) | 221,914 |
Net (decrease) increase in cash and cash equivalents | 52,179 | (34,682) | 37,203 |
Cash, cash equivalents and restricted cash, beginning of year | 57,272 | 91,954 | 54,751 |
Cash, cash equivalents and restricted cash, end of year | 109,451 | 57,272 | 91,954 |
Cash and cash equivalents | 99,303 | 47,956 | 82,610 |
Restricted cash | 10,148 | 9,316 | 9,344 |
American Assets Trust, L.P. | |||
OPERATING ACTIVITIES | |||
Net income | 60,188 | 27,202 | 40,132 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred rent revenue and amortization of lease intangibles | (6,985) | (1,157) | (2,547) |
Depreciation and amortization | 96,205 | 107,093 | 83,278 |
Amortization of debt issuance costs and debt fair value adjustments | 1,467 | 1,530 | 3,058 |
Gain on sale of real estate | 633 | 0 | 0 |
Stock-based compensation expense | 4,477 | 3,039 | 4,735 |
Settlement of forward interest rate swap agreement | 513 | 0 | 10,667 |
Lease termination income | (4,518) | 0 | 0 |
Other noncash interest expense | (1,304) | (1,279) | (1,114) |
Other, net | 6,497 | 383 | 901 |
Changes in operating assets and liabilities | |||
Change in accounts receivable | (1,071) | (336) | (1,116) |
Change in other assets | (2,420) | (227) | (499) |
Change in accounts payable and accrued expenses | 5,956 | (3,297) | 7,632 |
Change in security deposits payable | (971) | 2,274 | 456 |
Change in other liabilities and deferred credits | (3,585) | 1,282 | 270 |
Net cash provided by operating activities | 153,816 | 136,507 | 145,853 |
INVESTING ACTIVITIES | |||
Acquisition of real estate, net | 507,780 | 0 | 278,141 |
Capital expenditures | (88,327) | (54,411) | (47,496) |
Proceeds from sale of real estate, net of selling costs | 8,191 | 0 | 0 |
Leasing commissions | (11,267) | (9,936) | (4,927) |
Net cash used in investing activities | (599,183) | (64,347) | (330,564) |
FINANCING ACTIVITIES | |||
Repayment of secured notes payable | (20,762) | (97,124) | (167,139) |
Proceeds from unsecured line of credit | 59,000 | 84,000 | 173,000 |
Repayment of unsecured line of credit | 123,000 | 20,000 | 193,000 |
Proceeds from issuance of unsecured notes payable | 150,000 | 0 | 450,000 |
Debt issuance costs | (1,103) | (2,727) | (2,401) |
Contributions from American Assets Trust, Inc. | 515,354 | (236) | 29,873 |
Dividends paid to common stock and unitholders | (80,605) | (70,228) | (67,537) |
Shares withheld for employee taxes | (1,338) | (527) | (882) |
Net cash provided by (used in) financing activities | 497,546 | (106,842) | 221,914 |
Net (decrease) increase in cash and cash equivalents | 52,179 | (34,682) | 37,203 |
Cash, cash equivalents and restricted cash, beginning of year | 57,272 | 91,954 | 54,751 |
Cash, cash equivalents and restricted cash, end of year | 109,451 | 57,272 | 91,954 |
Cash and cash equivalents | 99,303 | 47,956 | 82,610 |
Restricted cash | $ 10,148 | $ 9,316 | $ 9,344 |
Real Estate (Notes)
Real Estate (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Line Items] | |
REAL ESTATE | REAL ESTATE A summary of our real estate investments is as follows (in thousands): Retail Office Multifamily Mixed-Use Total December 31, 2019 Land $ 254,016 $ 225,238 $ 72,668 $ 76,635 $ 628,557 Buildings 523,645 1,132,990 390,379 126,726 2,173,740 Land improvements 46,335 11,097 7,106 2,606 67,144 Tenant improvements 87,707 151,662 — 2,252 241,621 Furniture, fixtures, and equipment 911 3,065 14,995 7,187 26,158 Construction in progress 6,487 35,397 2,212 7,381 51,477 (1) 919,101 1,559,449 487,360 222,787 3,188,697 Accumulated depreciation (294,189 ) (241,595 ) (86,208 ) (43,230 ) (665,222 ) Net real estate $ 624,912 $ 1,317,854 $ 401,152 $ 179,557 $ 2,523,475 December 31, 2018 Land $ 262,860 $ 143,467 $ 72,668 $ 76,635 $ 555,630 Buildings 516,566 743,474 389,831 125,859 1,775,730 Land improvements 43,412 8,825 6,778 2,606 61,621 Tenant improvements 70,210 91,612 — 1,918 163,740 Furniture, fixtures, and equipment 570 2,671 13,844 6,826 23,911 Construction in progress 8,598 39,511 854 596 49,559 (1) 902,216 1,029,560 483,975 214,440 2,630,191 Accumulated depreciation (273,482 ) (206,986 ) (71,933 ) (37,937 ) (590,338 ) Net real estate $ 628,734 $ 822,574 $ 412,042 $ 176,503 $ 2,039,853 (1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets. 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 $0.6 million and nil for the years ended December 31, 2019 and 2018, respectively. Property Asset Acquisitions On April 28, 2017, we acquired the Pacific Ridge Apartments, a 533 -unit luxury apartment community located in San Diego, California. The purchase price was approximately $232 million, excluding closing costs of approximately $0.1 million . On July 6, 2017, we acquired Gateway Marketplace, an approximately 128,000 square feet dual-grocery anchored shopping center located in Chula Vista, California. The purchase price was approximately $42 million , excluding closing costs of approximately $0.1 million . 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 acquisition was classified as an asset acquisition with a purchase price of 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 allocations for La Jolla Commons during the year ended December 31, 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 December 31, 2019, is 8.2 years . The following table summarizes the operating results for the 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 December 31, 2019 (in thousands): June 20, 2019 through December 31, 2019 Revenues $ 20,579 Operating expenses $ 18,140 Operating income $ 2,439 Net income attributable to American Assets Trust, Inc. $ 2,650 Pro Forma Financial Information (Unaudited) The pro forma financial information set forth below is based upon the company’s historical consolidated statements of operations for the year ended December 31, 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 includes adjustments to depreciation expense for acquired property and equipment and adjustments to amortization charges for acquired intangible assets and liabilities. 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). Year Ended December 31, 2019 Year Ended December 31, 2018 As Reported ProForma As Reported ProForma Total revenue $ 366,741 $ 383,125 $ 330,867 $ 365,326 Total operating expenses $ 253,056 $ 264,107 $ 251,332 $ 281,253 Operating income $ 113,685 $ 119,018 $ 79,535 $ 84,073 Net income $ 60,188 $ 64,278 $ 27,202 $ 30,662 |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Notes) | 12 Months Ended |
Dec. 31, 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 (the “Offering”) and the related acquisition on January 19, 2011 of certain assets of a combination of entities whose assets included entities owned and/or controlled by Ernest S. Rady and his affiliates, including the Rady Trust, which in turn owned (1) controlling interests in entities owning 17 properties and the property management business of American Assets, Inc. and (2) noncontrolling interests in entities owning four properties. The company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The company's operations are carried on through our Operating Partnership and its subsidiaries, including our taxable REIT subsidiary. Since the formation of our Operating Partnership, the company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. We are a vertically integrated and self-administered REIT with 206 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. Any reference to the number of properties or units, square footage or acres, employees; or references to beneficial ownership interests, are unaudited and outside the scope of our independent registered public accounting firm's audit of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. As of December 31, 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 December 31, 2019 , we owned land at three of our properties that we classify as held for development and construction in progress. A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street Torrey Reserve Campus First & Main Torrey Point Lloyd District Portfolio Solana Crossing (formerly Solana Beach Corporate Centre) City Center Bellevue The Landmark at One Market Multifamily Loma Palisades Hassalo on Eighth - Multifamily Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and Construction in Progress La Jolla Commons - Land Solana Crossing – Land Lloyd District Portfolio – Construction in Progress 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. Certain reclassifications have been made to conform to current period presentation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Consolidated Statements of Cash Flows-Supplemental Disclosures The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): Year Ended December 31, 2019 2018 2017 Supplemental cash flow information Total interest costs incurred $ 54,636 $ 53,736 $ 55,418 Interest capitalized $ 628 $ 1,488 $ 1,570 Interest expense $ 54,008 $ 52,248 $ 53,848 Cash paid for interest, net of amounts capitalized $ 51,975 $ 52,632 $ 47,473 Cash paid for income taxes $ 971 $ 462 $ 461 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 25,413 $ 14,440 $ 6,863 Accrued leasing commissions $ 3,345 $ 5,229 $ 1,694 Reduction to capital for prepaid equity financing costs $ — $ 241 $ — Building recorded in termination of ground lease $ 4,518 $ — $ — Revenue Recognition and Accounts Receivable Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, based on management's assessment of credit, collection and other business risks. When we determine that we are the owner of tenant improvements and the tenant has reimbursed us for a portion or all of the tenant improvement costs, we consider the amount paid to be additional rent, which is recognized on a straight-line basis over the term of the related lease. For first generation tenants, in instances in which we fund tenant improvements and the improvements are deemed to be owned by us, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When we determine that the tenant is the owner of tenant improvements, tenant allowances are recorded as lease incentives and we commence revenue recognition and lease incentive amortization when possession or control of the space is turned over to the tenant for tenant work to begin. Percentage rents, which represent additional rents based upon the level of sales achieved by certain tenants, are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved and the percentage rents are collectible. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. Other property income includes parking income, general excise tax billed to tenants and fees charged to tenants at our multifamily properties. Other property income is recognized when we satisfy performance obligations as evidenced by the transfer of control of our services to customers. We measure other property income based on the amount of consideration we expect to be entitled to in exchange for the services provided. We recognize general excise tax gross, with the amounts billed to tenants and customers recorded in other property income and the related taxes paid as rental expense. The general excise tax included in other income was $3.5 million , $3.6 million and $3.7 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees for which the tenant has relinquished control of the space are generally recognized on the later of the termination date or the satisfaction of all conditions precedent to the lease termination, including, without limitation, payment of all lease termination fees. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Current accounts receivable from tenants primarily relate to contractual minimum rent and percentage rent as well as real estate tax and other cost reimbursements. Accounts receivable from straight-line rent is typically longer term in nature and relates to the cumulative amount by which straight-line rental income recorded to date exceeds cash rents billed to date under the contractual lease agreement. We recognize revenue on the hotel portion of our mixed-use property from the rental of hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when the rooms are occupied and services have been provided. Food and beverage sales are recognized when the customer has been served or at the time the transaction occurs. Revenue from room rental is included in rental revenue on the statement of income. Revenue from other sales and services provided is included in other property income on the statement of income. We make estimates of the collectability of our current accounts receivable and straight-line rents receivable which requires significant judgment by management. The collectability of receivables is affected by numerous different factors including current economic conditions, tenant bankruptcies, the status of collectability of current cash rents receivable, tenants' recent and historical financial and operating results, changes in our tenants' credit ratings, communications between our operating personnel and tenants, the extent of security deposits and letters of credits held with respect to tenants, and the ability of the tenant to perform under the terms of their lease agreement. If our assessment of these factors indicates it is probable that we will be unable to collect substantially all rents, we recognize a charge to rental income and limit our rental income to the lesser of lease income on a straight-line basis plus variable rents when they become accruable or cash collected. If we change our conclusion regarding the probability of collecting rent payments required by a lessee, we may recognize an adjustment to rental income in the period we make a change to our prior conclusion. At December 31, 2019 and December 31, 2018 , our allowance for doubtful accounts was $1.2 million and $0.6 million , respectively. Our allowance for deferred rent receivables at December 31, 2019 and December 31, 2018 was $0.5 million and $0.3 million , respectively. Total bad debt expense was $1.8 million , $0.8 million and $0.8 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Total bad debt expense for the year ended December 31, 2019 was included as a reduction to rental income on the statement of income while the total bad debt expense for the years ended December 31, 2018 and 2017 were included in rental income on the statement of income. Effective January 1, 2018, (upon the adoption of ASU 2014-09, Revenue from Contracts with Customers ) sales of real estate are recognized generally upon the transfer of control, which usually occurs when the real estate is legally sold. Prior to January 1, 2018, sales of real estate were recognized only when sufficient down payments had been obtained, possession and other attributes of ownership had been transferred to the buyer and we had no significant continuing involvement. The application of these criteria can be complex and required us to make assumptions. We believe the relevant criteria were met for all real estate sold during the periods presented. Real Estate Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 30 years to a maximum of 40 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 3 years to 15 years . Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to the contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. For the years ended December 31, 2019 , 2018 and 2017 , real estate depreciation expense was $85.3 million , $99.6 million and $70.2 million , respectively. Acquisitions of properties are accounted for in accordance with the authoritative accounting guidance on acquisitions and business combinations. Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and appraised values. When we acquire operating real estate properties, the purchase price is allocated to land and buildings, intangibles such as in-place leases, and to current assets and liabilities acquired, if any. Such valuations include a consideration of the noncancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below market renewal options are determined based on a review of several qualitative and quantitative factors on a lease-by-lease basis at acquisition to determine whether it is probable that the tenant would exercise its option to renew the lease agreement. These factors include: (1) the type of tenant in relation to the property it occupies, (2) the quality of the tenant, including the tenant's long term business prospects and (3) whether the fixed rate renewal option was sufficiently lower than the fair rental of the property at the date the option becomes exercisable such that it would appear to be reasonably assured that the tenant would exercise the option to renew. The value allocated to in-place leases is amortized over the related lease term and reflected as depreciation and amortization in the statement of income. The value of above and below market leases associated with the original noncancelable lease terms are amortized to rental income over the terms of the respective noncancelable lease periods and are reflected as either an increase (for below market leases) or a decrease (for above market leases) to rental income in the statement of income. The value of the leases associated with below market lease renewal options that are likely to be exercised are amortized to rental income over the respective renewal periods. If a tenant vacates its space prior to contractual termination of its lease or the lease is not renewed, the unamortized balance of any in-place lease value is written off to rental income and amortization expense. Transaction costs related to the acquisition of a business, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are expensed as incurred and included in “general and administrative expenses” in our consolidated statements of comprehensive income. For asset acquisitions not meeting the definition of a business, transaction costs are capitalized as part of the acquisition cost. Capitalized Costs We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance and construction costs and salaries and related costs of personnel directly involved. Additionally, we capitalize interest costs related to development and significant redevelopment activities. Capitalization of these costs begins when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine that the completion of development or redevelopment is no longer probable, we expense all capitalized costs which are not recoverable. Impairment of Long Lived Assets We review for impairment on a property by property basis whenever events or changes in circumstances indicate that the carrying value of a property may not be fully recoverable. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. There were no impairment charges during the years ended December 31, 2019, 2018 and 2017. Financial Instruments The estimated fair values of financial instruments are determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair values. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges. Derivative Instruments At times, we may use derivative instruments to manage exposure to variable interest rate risk. We may enter into interest rate swaps to manage our exposure to variable interest rate risk. If and when we enter into derivative instruments, we ensure that such instruments qualify as cash flow hedges and would not enter into derivative instruments for speculative purposes. Any interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. See the discussion under Note 8 for certain quantitative details related to interest rate swaps and for a discussion on how we value derivative financial instruments. Cash and Cash Equivalents We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity of less than 3 months . Cash balances in individual banks may exceed the federally insured limit of $250,000 by the Federal Deposit Insurance Corporation (the "FDIC"). No losses have been experienced related to such accounts. At December 31, 2019 and December 31, 2018 , we had $36.2 million and $42.4 million , respectively, in excess of the FDIC insured limit. At December 31, 2019 and December 31, 2018 , we had $52.5 million and $0.2 million , respectively, in money market funds that are not FDIC insured. Restricted Cash Restricted cash consists of amounts held by lenders to provide for future real estate tax expenditures, insurance expenditures and reserves for capital improvements. At December 31, 2019 and 2018 , we had $10.1 million and $9.3 million , respectively, in restricted cash. Other Assets Other assets consist primarily of lease costs, lease incentives, acquired in-place leases and acquired above market leases. Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place and include third party commissions related to obtaining a lease. Capitalized lease costs are amortized over the life of the related lease and included in depreciation and amortization expense on the statement of income. If a tenant vacates its space prior to the contractual termination of its lease, the unamortized balance of any lease costs are written off. We view these lease costs as part of the up-front initial investment we made in order to generate a long-term cash inflow. Therefore, we classify cash outflows for lease costs as an investing activity in our consolidated statements of cash flows. Variable Interest Entities Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as variable interest entities (“VIEs”). VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is the party that has a controlling interest in the VIE. Identifying the party with the controlling interest requires a focus on which entity has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (1) the obligation to absorb the expected losses of the VIE or (2) the right to receive the benefits from the VIE. At December 31, 2019 and December 31, 2018 we had no investments in real estate joint ventures, and no other interests in VIEs to be evaluated for consolidated. Stock-Based Compensation We grant stock-based compensation awards to our employees and directors typically in the form of restricted shares of common stock, options to purchase common stock and/or shares of common stock. We measure stock-based compensation expense based on the fair value of the award on the grant date and recognize the expense ratably over the vesting period. Modifications of stock-based compensation awards are treated as an exchange of the original award for a new award with the resulting total compensation cost equal to the grant-date fair value of the original award plus the incremental value of the modification to the award. The calculation of the incremental value is based on the excess of the fair value of the new (modified) award based on current circumstances over the fair value of the original option measured immediately before its terms are modified. For the year ended December 31, 2017, we incurred incremental compensation cost of approximately $2.2 million related to the discretionary vesting of previously granted restricted stock awards that did not meet the original vesting criteria. For the years ended December 31, 2019 and 2018, there were no modifications of stock-based compensation awards. Deferred Compensation Our Operating Partnership has adopted the American Assets Trust Executive Deferral Plan V (“EDP V”) and the American Assets Trust Executive Deferral Plan VI (“EDP VI”). These plans were adopted by our Operating Partnership as successor plans to those deferred compensation plans maintained by American Assets Inc. ("AAI") in which certain employees of AAI, who were transferred to us in connection with the Offering (the “Transferred Participants”), participated prior to the Offering. EDP V and EDP VI contain substantially the same terms and conditions as these predecessor plans. AAI transferred to our Operating Partnership the Transferred Participants' account balances under the predecessor plans. These transferred account balances represent amounts deferred by the Transferred Participants prior to the Offering while they were employed by AAI. At the time eligible participants defer compensation, we record compensation cost and a corresponding deferred compensation plan liability, which is included in other liabilities and deferred credits on our consolidated balance sheets. This liability is adjusted to fair value at the end of each accounting period based on the performance of the benchmark funds selected by each participant, and the impact of adjusting the liability to fair value is recorded as an increase or decrease to compensation cost. Income Taxes We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with the taxable year ending December 31, 2011. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we maintain our qualification for taxation as a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. If we fail to maintain our qualification as a REIT in any taxable year, and are unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to regular U.S. federal income tax. We are subject to certain state and local income taxes. We, together with one of our subsidiaries, have elected to treat such subsidiary as a taxable REIT subsidiary (a “TRS”) for federal income tax purposes. Certain activities that we undertake must be conducted by a TRS, such as non-customary services for our tenants, and holding assets that we cannot hold directly. A TRS is subject to federal and state income taxes. Segment Information Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in four reportable 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 FASB issued 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 year ended December 31, 2019, approximately $38.4 million of non-lease components are combined with lease rental income. 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 beginning in the year ended December 31, 2019. 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 for the year ended December 31, 2019. 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. As of December 31, 2019, the remaining contractual payments under lease agreements for which the company is the lessee aggregated approximately $5.6 million . 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, lease are specifically excluded from this and will be 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 the company’s 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 evaluated the impact this pronouncement will have on our consolidated financial statements and do not believe that the pronouncement will have a material impact on our consolidated financial statements as the majority of our receivables are derived from operating leases and are excluded from this standard. |
Acquired In-Place Leases and Ab
Acquired In-Place Leases and Above/Below Market Leases (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES | ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES The following summarizes our acquired lease intangibles, which are included in other assets and other liabilities and deferred credits (in thousands): December 31, 2019 December 31, 2018 In-place leases $ 63,896 $ 40,884 Accumulated amortization (32,672 ) (34,603 ) Above market leases 7,534 11,963 Accumulated amortization (7,351 ) (11,445 ) Acquired lease intangible assets, net $ 31,407 $ 6,799 Below market leases $ 62,126 $ 63,172 Accumulated accretion (36,674 ) (37,220 ) Acquired lease intangible liabilities, net $ 25,452 $ 25,952 The value allocated to in-place leases is amortized over the related lease term as depreciation and amortization expense in the statement of income. Above and below market leases are amortized over the related lease term as additional rental income for below market leases or a reduction of rental income for above market leases in the statement of income. Rental income (loss) includes net amortization from acquired above and below market leases of $3.8 million , $3.6 million and $3.3 million in 2019 , 2018 and 2017 , respectively. The remaining weighted-average amortization period as of December 31, 2019 , is 8.5 years, 4.6 years and 11.0 years for in-place leases, above market leases and below market leases, respectively. Below market leases include $12.3 million related to below market renewal options, and the weighted-average period prior to the commencement of the renewal options is 8.9 years. Increases (decreases) in net income as a result of amortization of our in-place leases, above market leases and below market leases are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Amortization of in-place leases $ (4,762 ) $ (2,090 ) $ (8,769 ) Amortization of above market leases (345 ) (660 ) (934 ) Amortization of below market leases 4,131 4,230 4,239 Net income (loss) $ (976 ) $ 1,480 $ (5,464 ) As of December 31, 2019 , the amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows (in thousands): In-Place Leases Above Market Leases Below Market Leases Year Ending December 31, 2020 $ 4,903 $ 62 $ 3,382 2021 4,244 28 3,148 2022 3,589 28 2,579 2023 3,363 27 2,329 2024 3,178 24 2,038 Thereafter 11,947 14 11,976 $ 31,224 $ 183 $ 25,452 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Notes) | 12 Months Ended |
Dec. 31, 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 In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. Financial assets and liabilities whose fair values we measure on a recurring basis using Level 2 inputs consist of our deferred compensation liability and interest rate swap liability. We measure the fair values of these liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques provided by third parties using proprietary valuation models and analytical tools as of December 31, 2019 and 2018 . These valuation models and analytical tools use market pricing or similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. A summary of our financial liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy is as follows (in thousands): December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Deferred compensation liability $ — $ 1,669 $ — $ 1,669 $ — $ 1,424 $ — $ 1,424 Interest rate swap asset $ — $ 434 $ — $ 434 $ — $ 6,002 $ — $ 6,002 Interest rate swap liability $ — $ 1,317 $ — $ 1,317 $ — $ 801 $ — $ 801 The fair value of our secured notes payable and unsecured notes payable is sensitive to fluctuations in interest rates. Discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable, using rates ranging from 2.9% to 4.1% . Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying values of our line of credit and term loan set forth below are deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. A summary of the carrying amount and fair value of our financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands): December 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Secured notes payable $ 161,879 $ 166,885 $ 182,572 $ 183,253 Unsecured term loan $ 248,864 $ 250,000 $ 248,765 $ 250,000 Unsecured senior guaranteed notes $ 946,916 $ 975,291 $ 797,098 $ 790,267 Unsecured line of credit $ — $ — $ 62,337 $ 64,000 |
Other Assets (Notes)
Other Assets (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER ASSETS | OTHER ASSETS Other assets consist of the following (in thousands): December 31, 2019 December 31, 2018 Leasing commissions, net of accumulated amortization of $30,775 and $28,597, respectively $ 42,539 $ 28,796 Interest rate swap asset 434 6,002 Acquired above market leases, net 183 518 Acquired in-place leases, net 31,224 6,281 Lease incentives, net of accumulated amortization of $565 and $299, respectively 2,603 747 Other intangible assets, net of accumulated amortization of $1,031 and $981, respectively 2,893 2,994 Debt issuance costs, net of accumulated amortization of $814 and $0, respectively 1,256 — Right-of-use lease asset, net 4,863 — Prepaid expenses, deposits and other 7,225 6,683 Total other assets $ 93,220 $ 52,021 |
Other Liabilities and Deferred
Other Liabilities and Deferred Credits (Notes) | 12 Months Ended |
Dec. 31, 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): December 31, 2019 December 31, 2018 Acquired below market leases, net $ 25,452 $ 25,952 Prepaid rent and deferred revenue 16,969 11,634 Interest rate swap liability 1,317 801 Straight-line rent liability 16,903 7,393 Deferred rent expense and lease intangible 28 2,210 Deferred compensation 1,669 1,424 Deferred tax liability 332 93 Lease liability 5,380 — Other liabilities 60 40 Total other liabilities and deferred credits, net $ 68,110 $ 49,547 Straight-line rent liability relates to leases which have rental payments that decrease over time or one-time upfront payments for which the rental revenue is deferred and recognized on a straight-line basis. |
Debt (Notes)
Debt (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
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 Second Amended and Restated Credit Facility, term loan and carve-out guarantees on property-level debt. Debt of American Assets Trust, L.P. Secured notes payable The following is a summary of the Operating Partnership's total secured notes payable outstanding as of December 31, 2019 and December 31, 2018 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date December 31, 2019 December 31, 2018 as of December 31, 2019 Torrey Reserve—North Court (1)(2) — 19,620 7.22 % June 1, 2019 Torrey Reserve—VCI, VCII, VCIII (2) 6,498 6,635 6.36 % June 1, 2020 Solana Beach Corporate Centre I-II (2) 10,270 10,502 5.91 % June 1, 2020 Solana Beach Towne Centre (2) 34,235 35,008 5.91 % June 1, 2020 City Center Bellevue (3) 111,000 111,000 3.98 % November 1, 2022 162,003 182,765 Debt issuance costs, net of accumulated amortization of $449 and $671, respectively (124 ) (193 ) Total Secured Notes Payable $ 161,879 $ 182,572 (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, including the maintenance of minimum debt coverage ratios. As of December 31, 2019 , we were in compliance with all loan covenants. Unsecured notes payable The following is a summary of the Operating Partnership's total unsecured notes payable outstanding as of December 31, 2019 and December 31, 2018 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date December 31, 2019 December 31, 2018 as of December 31, 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 $7,835 and $6,844, respectively (4,220 ) (4,137 ) Total Unsecured Notes Payable $ 1,195,780 $ 1,045,863 (1) The company has entered into an interest rate swap agreement that is intended to fix the interest rate associated with the Term Loan at approximately 3.08% through its maturity date and extension options, subject to adjustments based on the Operating Partnership's consolidated leverage ratio. (2) The company 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 (see Note 8 ). 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 highly effective cash flow hedges, 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 March 1, 2016, the Operating Partnership entered into a Term Loan Agreement with each lender from time to time party thereto, and U.S. Bank National Association, as Administrative Agent (as amended, the “Term Loan Agreement”). The Term Loan Agreement provides for a new, seven years unsecured term loan to the Operating Partnership of $100 million that matures on March 1, 2023 (“Term Loan B”). Concurrent with the closing of the Term Loan Agreement, the Operating Partnership drew down the entirety of Term Loan B. On May 2, 2016, the Operating Partnership entered into a Joinder and First Amendment to the Term Loan Agreement to provide for a new lender to fund an incremental term loan. The Joinder and First Amendment provides for a new, seven years unsecured term loan to the Operating Partnership of $50 million that matures on March 1, 2023 ("Term Loan C"). Term Loan C has the same borrowing terms as the Term Loan Agreement noted below. Concurrent with the closing of the Joinder and First Amendment, the Operating Partnership drew down the entirety of Term Loan C. Borrowings under the Term Loan Agreement with respect to Term Loan B and Term Loan C bear interest at floating rates equal to, at our option, either (1) LIBOR , plus a spread which ranges from 1.70% to 2.35% based on our 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 our consolidated leverage ratio. The company entered into interest rate swap agreements intended to fix the interest rates associated with Term Loan B and Term Loan C at approximately 3.15% and 3.14% , respectively, through the maturity dates, subject to adjustments based on our consolidated leverage ratio. The Term Loan Agreement contains a number of customary financial covenants, including, without limitation, tangible net worth thresholds, secured and unsecured leverage ratios and fixed charge coverage ratios. Subject to the terms of the Term Loan Agreement, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal or interest under Term Loan B or Term Loan C, 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 prepayment penalties on the outstanding Term Loan B or Term Loan C will become due and payable at the option of the lenders. On January 9, 2018, we entered into the Third Amendment (“Third Amendment”) to the Term Loan Agreement, which maintains the seven years $150 million unsecured term loan (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. The foregoing rates are intended to be more favorable than previously contained in the Term Loan Agreement. 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. On October 31, 2014, the Operating Partnership entered into a note purchase agreement (the "Note Purchase Agreement") with a group of institutional purchasers that provided for the private placement of an aggregate of $350 million of senior guaranteed notes, of which (i) $150 million are designated as 4.04% Senior Guaranteed Notes, Series A, due October 31, 2021 (the “Series A Notes”), (ii) $100 million are designated as 4.45% Senior Guaranteed Notes, Series B, due February 2, 2025 (the “Series B Notes”) and (iii) $100 million are designated as 4.50% Senior Guaranteed Notes, Series C, due April 1, 2025 (the “Series C Notes”). The Series A Notes were issued on October 31, 2014, the Series B Notes were issued on February 2, 2015 and the Series C Notes were issued on April 2, 2015. The Series A Notes, the Series B Notes and the Series C Notes will pay interest quarterly on the last day of January, April, July and October until their respective maturities. On March 1, 2017, the Operating Partnership entered into a Note Purchase Agreement for the private placement of $250 million of 4.29% Senior Guaranteed Notes, Series D, due March 1, 2027 (the "Series D Notes"). The Series D Notes were issued on March 1, 2017 and will pay interest quarterly on the last day of January, April, July and October until their respective maturities. On May 23, 2017, the Operating Partnership entered into a Note Purchase Agreement for the private placement of $100 million of 4.24% Senior Guaranteed Notes, Series E, due May 23, 2029 (the "Series E Notes"). The Series E Notes were issued on May 23, 2017 and will pay interest semi-annually on the 23rd of May and November until their respective maturities. On July 19, 2017, the Operating Partnership entered into a Note Purchase Agreement for the private placement of $100 million of 3.78% Senior Guaranteed Notes, Series F, due July 19, 2024 (the "Series F Notes"). The Series F Notes were issued on July 19, 2017 and will pay interest semi-annually on the 31st of January and July until their respective maturities. 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" and collectively with the Series A Notes, Series B Notes, Series C Notes, Series D Notes, Series E Notes, and Series G Notes are referred to herein as, the “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 Notes, in an amount not less than 5% of the aggregate principal amount of any series of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a Make-Whole Amount (as defined in the Note Purchase Agreement). The Note Purchase Agreements contain a number of customary financial covenants, including, without limitation, tangible net worth thresholds, secured and unsecured leverage ratios and fixed charge coverage ratios. Subject to the terms of the Note Purchase Agreement and the Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, Make-Whole Amount or interest under the Notes, and (ii) a default in the payment of certain other indebtedness by us or our subsidiaries, the principal, accrued and unpaid interest, and the Make-Whole Amount on the outstanding Notes will become due and payable at the option of the purchasers. The Operating Partnership's obligations under the Notes are fully and unconditionally guaranteed by the Operating Partnership and certain of the Operating Partnership's subsidiaries. Certain loans require the Operating Partnership to comply with various financial covenants, including the maintenance of minimum debt coverage ratios. As of December 31, 2019 , the Operating Partnership was in compliance with all loan covenants. Scheduled principal payments on secured and unsecured notes payable as of December 31, 2019 are as follows (in thousands): 2020 $ 51,003 2021 250,000 2022 111,000 2023 150,000 2024 100,000 Thereafter 700,000 $ 1,362,003 Credit Facility On January 9, 2014, the company and the Operating Partnership entered into an amended and restated credit agreement (the "Prior Credit Facility"), or the amended and restated credit facility, which amended and restated the then in-place credit facility. The amended and restated credit facility provides for aggregate, unsecured borrowing of $350 million , consisting of a revolving line of credit of $250 million (the "Prior Revolver Loan") and a term loan of $100 million (the "Term Loan A"). The Prior Credit Facility had an accordion feature that allowed the Operating Partnership to increase the availability thereunder up to an additional $250 million , subject to meeting specified requirements and obtaining additional commitments from lenders. On October 16, 2014, we entered into a first amendment to the Prior Credit Agreement that amended provisions of the Prior Credit Agreement to, among other things, (1) describe the treatment of our pari passu obligations under the amended and restated credit agreement and (2) remove the material acquisition provisions previously set forth in the Prior Credit Agreement. Borrowings under the Prior Credit Facility initially bore interest at floating rates equal to, at our option, either (1) LIBOR , plus a spread which ranges from (a) 1.35% - 1.95% (with respect to the Prior 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) the Eurodollar rate plus 100 bps, plus a spread which ranges from (i) 0.35% - 0.95% (with respect to the Prior Revolver Loan) and (ii) 0.30% to 0.90% (with respect to Term Loan A), in each case based on our consolidated leverage ratio. The foregoing rates were more favorable than previously contained in the credit agreement in place as of December 31, 2013. If American Assets Trust, Inc. obtained an investment grade debt rating, under the terms set forth in the Prior Credit Facility, the spreads would further improve. The Prior Revolver Loan initially matured on January 9, 2018, subject to the Operating Partnership's option to extend the Prior Revolver Loan up to two times, with each such extension for a six months period. The Term Loan initially matured on January 9, 2016, subject to our option to extend the Term Loan A up to three times, with each such extension for a 12 -month period. The foregoing extension options were exercisable by us subject to the satisfaction of certain conditions. Effective as of January 8, 2018, the Operating Partnership exercised the third of three options to extend the maturity date of Term Loan A to January 9, 2019. Concurrent with the closing of the Prior Credit Facility, the Operating Partnership drew down on the entirety of the $100 million Term Loan, which remains outstanding and is included in unsecured notes payable as discussed above. Additionally, the Prior Credit Facility included a number of financial covenants, including: • A maximum leverage ratio (defined as total indebtedness net of certain cash and cash equivalents to total asset value) of 60% , • A maximum secured leverage ratio (defined as total secured debt to secured total asset value) of 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% , • A minimum tangible net worth of $721.16 million , and 75% of the net proceeds of any additional equity issuances (other than additional equity issuances in connection with any dividend reinvestment program), and • Recourse indebtedness at any time cannot exceed 15% of total asset value. The Prior Credit Facility provided that American Assets Trust, Inc.'s annual distributions may not exceed the greater of (1) 95% of our funds from operations (“FFO”) or (2) the amount required for us to (a) qualify and maintain our REIT status and (b) avoid the payment of federal or state income or excise tax. If certain events of default exist or would result from a distribution, we may be precluded from making distributions other than those necessary to qualify and maintain our status as a REIT. American Assets Trust, Inc. and certain of its subsidiaries guaranteed the obligations under the Prior Credit Agreement, and certain of its subsidiaries pledged specified equity interests in our subsidiaries as collateral for our obligations under the Prior Credit Facility. On January 9, 2018, we entered into a second amended and restated credit agreement (the "Second Amended and Restated Credit Facility"), which amended and restated the Prior Credit Agreement. 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 $250 million , subject to meeting specified requirements and obtaining additional commitments from lenders. At December 31, 2019 , there was no outstanding balance under the Revolver Loan and we had incurred approximately $1.3 million of debt issuance costs, net, which are recorded in other assets, net on the consolidated balance sheet. Borrowings under the Second Amended and Restated Credit Facility initially bear interest at floating rates equal to, at our option, either (1) LIBOR , plus a spread which ranges from (a) 1.05% 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. The foregoing rates are more favorable than previously contained in the Prior Credit Facility in place as of December 31, 2017. For the year-ended December 31, 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 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 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 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 December 31, 2019 , the Operating Partnership was in compliance with all then in-place Second Amended and Restated Credit Facility covenants. |
Derivative and Hedging (Notes)
Derivative and Hedging (Notes) | 12 Months Ended |
Dec. 31, 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 exposure to interest rate movement. To accomplish these objectives, we use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Concurrent with the closing of our amended and restated credit facility, we entered into an interest rate swap agreement that is intended to fix the interest rate associated with our term loan of $100 million at approximately 3.08% through its maturity date and extension options, subject to adjustments based on our consolidated leverage ratio. On January 29, 2016, we entered into a forward-starting interest rate swap contract with U.S. Bank National Association to reduce the interest rate variability exposure of the projected interest cash flows of our then prospective $100 million seven-year term loan. The forward-starting seven years swap contract had a notional amount of $100 million , a termination date of March 1, 2023 , a fixed pay rate of 1.4485% , and a receive rate equal to the one-month LIBOR, with fixed rate payments due monthly commencing April 1, 2016, floating payments due monthly commencing April 1, 2016, and floating reset dates two days prior to the first day of each calculation period. The forward-starting seven-year swap contract accrual period, March 1, 2016 to March 1, 2023 , was designed to match the expected tenor of our then prospective $100 million seven years term loan, which successfully closed on March 1, 2016. On March 23, 2016, we entered into a forward-starting interest rate swap contract with Wells Fargo Bank, National Association to reduce the interest rate variability exposure of the projected interest cash flows of our then prospective incremental $50 million seven-year term loan. The forward-starting seven years swap contract had a notional amount of $50 million , a termination date of March 1, 2023 , a fixed pay rate of 1.4410% , and a receive rate equal to the one-month LIBOR, with fixed rate payments due monthly commencing June 1, 2016, floating payments due monthly commencing June 1, 2016, and floating reset dates two days prior to the first day of each calculation period. The forward-starting seven-year swap contract accrual period, May 2, 2016 to March 1, 2023 , was designed to match the expected tenor of our then prospective incremental $50 million seven years term loan, which successfully closed on May 2, 2016. On March 29, 2016, we entered into a forward-starting interest rate swap contract with Wells Fargo Bank, National Association to reduce the interest rate variability exposure of the projected interest cash flows of our prospective new ten-year debt offering (private placement, investment grade bonds, term loan or otherwise) (anticipated to close on or before March 31, 2017 ). The forward-starting ten years swap contract had a notional amount of $150 million , a termination date of March 31, 2027 , a fixed pay rate of 1.8800% , and a receive rate equal to the three-month LIBOR, with fixed rate payments due semi-annually commencing September 29, 2017, floating payments due semi-annually commencing September 29, 2017, and floating reset dates the first day of each quarterly period. The forward-starting ten-year swap contract accrual period, March 31, 2017 to March 31, 2027, was designed to match the expected tenor of our prospective new ten years debt offering (private placement, investment grade bonds, term loan or otherwise). On April 7, 2016, we entered into a forward-starting interest rate swap contract with Wells Fargo Bank, National Association to reduce the interest rate variability exposure of the projected interest cash flows of our prospective new ten-year debt offering (private placement, investment grade bonds, term loan or otherwise) (anticipated to close on or before March 31, 2017 ). The forward-starting ten years swap contract had a notional amount of $100 million , a termination date of March 31, 2027 , a fixed pay rate of 1.7480% , and a receive rate equal to the three-month LIBOR, with fixed rate payments due semi-annually commencing September 29, 2017, floating payments due semi-annually commencing September 29, 2017, and floating reset dates the first day of each quarterly period. The forward-starting ten-year swap contract accrual period, March 31, 2017 to March 31, 2027, was designed to match the expected tenor of our prospective new ten years debt offering (private placement, investment grade bonds, term loan or otherwise). On January 18, 2017, we settled the March 29, 2016 $150 million and April 7, 2016 $100 million ten-year forward-starting interest rate swaps resulting in an aggregate gain of approximately $10.4 million . This gain is included in accumulated other comprehensive income and will be amortized to interest expense over the life of the Series D Notes. The forward-starting interest rate swap contracts have been deemed to be highly effective cash flow hedges and we elected to designate all the forward-starting swap contracts as accounting hedges. On April 25, 2017, we entered into a treasury lock contract (the "April 2017 Treasury Lock") with Bank of America, National Association, to reduce the interest rate variability exposure of the projected interest cash flows of our then prospective new twelve years private placement. The April 2017 Treasury Lock had a notional amount of $100 million , termination date of May 18, 2017, a fixed pay rate of 2.313% , and a receive rate equal to the ten years treasury rate on the settlement date. On May 11, 2017, we settled the April 2017 Treasury Lock, resulting in a gain of approximately $0.7 million . This gain is included in accumulated other comprehensive income and will be amortized to interest expense over ten years . The April 2017 Treasury Lock has been deemed to be a highly effective cash flow hedge and we elected to designate the April 2017 Treasury Lock as an accounting hedge. On May 31, 2017, we entered into a treasury lock contract (the "May 2017 Treasury Lock") with Bank of America, National Association, to reduce the interest rate variability exposure of the projected interest cash flows of our then prospective new seven years private placement. The May 2017 Treasury Lock had a notional amount of $100 million , termination date of July 26, 2017 , a fixed pay rate of 2.064% , and a receive rate equal to the seven years treasury rate on the settlement date. On June 23, 2017, we settled the May 2017 Treasury Lock, resulting in a loss of approximately $0.5 million . This loss is included in accumulated other comprehensive income and will be amortized to interest expense over seven years . The May 2017 Treasury Lock has been deemed to be a highly effective cash flow hedge and we elected to designate the May 2017 Treasury Lock as an accounting hedge. On November 26, 2018, we entered into an interest rate swap agreement with Bank of America, National Association, to fix the interest rate associated with Term Loan A associated with our then prospective First Amendment at approximately 4.13% through its maturity date of January 9, 2021, subject to adjustments based on our consolidated leverage ratio. 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 is 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 forward-starting interest rate swap contracts have been deemed to be highly effective cash flow hedges and we elected to designate all the forward-starting swap contracts as accounting hedges. The following is a summary of the terms of the interest rate swaps as of December 31, 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 $ (1,317 ) U.S. Bank N.A. $ 100,000 3/1/2016 3/1/2023 $ 279 Wells Fargo Bank, N.A. $ 50,000 5/2/2016 3/1/2023 $ 155 The effective portion of changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded as accumulated other comprehensive income and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. During the next twelve months, we estimate that $1.3 million will be reclassified as a decrease to interest expense. |
Partners Capital of American As
Partners Capital of American Assets Trust, L.P. (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. | PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. As of December 31, 2019 , the Operating Partnership had 16,390,548 common units (the “Noncontrolling Common Units”) outstanding. American Assets Trust, Inc. owned 78.5% of the Operating Partnership at December 31, 2019 . The remaining 21.5% of the partnership interests are owned by non-affiliated investors and certain of our directors and executive officers. Common units and shares of the company's common stock have essentially the same economic characteristics in that common units and shares of the company's common stock share equally in the total net income or loss distributions of the Operating Partnership. American Assets Trust, Inc. is the Operating Partnership’s general partner and is responsible for the management of the Operating Partnership’s business. As the general partner of the Operating Partnership, the company effectively controls the ability to issue common stock of American Assets Trust, Inc. upon a limited partner’s notice of redemption. Investors who own common units have the right to cause the Operating Partnership to redeem any or all of their common units for cash equal to the then-current market value of one share of the company's common stock, or, at the company's election, shares of the company's common stock on a one-for-one basis. In addition, American Assets Trust, Inc. has generally acquired common units upon a limited partner’s notice of redemption in exchange for shares of the company's common stock. The redemption provisions of common units owned by limited partners that permit the Operating Partnership to settle in either cash or common stock at the option of the company are further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Operating Partnership evaluated this guidance, including the requirement to settle in unregistered shares, and determined that these common units meet the requirements to qualify for presentation as permanent equity. During the years ended December 31, 2019 , 2018 and 2017 , approximately 787,060 , 17,372 and 693,842 |
Equity of American Assets Trust
Equity of American Assets Trust, Inc. (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
EQUITY OF AMERICAN ASSETS TRUST, INC. | EQUITY OF AMERICAN ASSETS TRUST, INC. Stockholders' Equity On May 6, 2013, we entered into an at-the-market (“ATM”) equity program with four sales agents pursuant to which we may, from time to time, offer and sell shares of our common stock having an aggregate offering price of up to $150.0 million . We completed $150.0 million of issuances under such ATM program on May 21, 2015. On May 27, 2015, we entered into a new ATM equity program with five sales agents under 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 . The sales of shares of our common stock made through the ATM equity program are made in "at-the-market" offerings as defined in Rule 415 of the Securities Act of 1933, as amended. For the year ended December 31, 2019, we issued 946,552 shares of common stock through the ATM equity program at a weighted average price per share of $46.04 for gross proceeds of $43.6 million and paid $0.4 million in sales agent compensation and $0.5 million in additional offering expenses related to the sales of these shares of common stock. 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 December 31, 2019 , we had the capacity to issue up to an additional $132.6 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 active 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. Preferred Stock Authorized Shares We have been authorized to issue 10,000,000 shares of preferred stock with a par value of $0.01 , of which no shares were outstanding at December 31, 2019 . Upon issuance, our board of directors has the ability to define the terms of the preferred shares, including voting rights, liquidation preferences, conversion and redemption provisions and dividend rates. Dividends The following table lists the dividends declared and paid on our shares of common stock and Noncontrolling Common Units for the years ended December 31, 2019 , 2018 and 2017 : Period Amount per Share/Unit Period Covered Dividend Paid Date First Quarter 2017 $ 0.26 January 1, 2017 to March 31, 2017 March 30, 2017 Second Quarter 2017 $ 0.26 April 1, 2017 to June 30, 2017 June 29, 2017 Third Quarter 2017 $ 0.26 July 1, 2017 to September 30, 2017 September 28, 2017 Fourth Quarter 2017 $ 0.27 October 1, 2017 to December 31, 2017 December 21, 2017 First Quarter 2018 $ 0.27 January 1, 2018 to March 31, 2018 March 19, 2018 Second Quarter 2018 $ 0.27 April 1, 2018 to June 30, 2018 June 28, 2018 Third Quarter 2018 $ 0.27 July 1, 2018 to September 30, 2018 September 27, 2018 Fourth Quarter 2018 $ 0.28 October 1, 2018 to December 31, 2018 December 27, 2018 First Quarter 2019 $ 0.28 January 1, 2019 to March 31, 2019 March 28, 2019 Second Quarter 2019 $ 0.28 April 1, 2019 to June 30, 2019 June 27, 2019 Third Quarter 2019 $ 0.28 July 1, 2019 to September 30, 2019 September 26, 2019 Fourth Quarter 2019 $ 0.30 October 1, 2019 to December 31, 2019 December 26, 2019 Taxability of Dividends Earnings and profits, which determine the taxability of distributions to stockholders and holders of common units, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of loss on extinguishment of debt, revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation. A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2019 2018 2017 Per Share % Per Share % Per Share % Ordinary income $ 1.09 95.6 % $ 1.05 96.3 % $ 1.05 100.0 % Capital gain — — % — — % — — % Return of capital 0.05 4.4 % 0.04 3.7 % — — % Total $ 1.14 100.0 % $ 1.09 100.0 % $ 1.05 100.0 % Stock-Based Compensation The company has established the 2011 Equity Incentive Award Plan (the "2011 Plan"), which provides for grants to directors, employees and consultants of the company and the Operating Partnership of stock options, restricted stock, dividend equivalents, stock payments, performance shares, LTIP units, stock appreciation rights and other incentive awards. An aggregate of 4,054,411 shares of our common stock are authorized for issuance under awards granted pursuant to the 2011 Plan, and as of December 31, 2019 , 2,422,181 shares of common stock remain available for future issuance. The following shares of restricted common stock have been issued as of December 31, 2019 : Grant Fair Value at Grant Date Number June 13, 2017 (1) $40.99 4,880 December 15, 2017 (2) $27.27 145,218 June 12, 2018 (1) $37.58 5,320 December 6, 2018 (3) $25.68 - $28.18 199,790 June 11, 2019 (1) $45.35 4,412 December 9, 2019 (4) $28.06 - $30.97 168,596 (1) Restricted common stock issued to members of the company's non-employee directors. These awards of restricted stock will vest subject to the director's continued service on the Board of Directors on the earlier of (i) the one year anniversary of the date of grant or (ii) the date of the next annual meeting of our stockholders, if such non-employee director continues his or her service on the Board of Directors until the next annual meeting of stockholders, but not thereafter, pursuant to our independent director compensation policy. (2) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to pre-defined market specific performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on performance calculations determined as of November 30, 2018, subject to the employee's continued employment on November 30, 2018, 2019 and 2020. (3) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2019, 2020 and 2021, subject to the employee's continued employment on those dates. (4) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2020, 2021 and 2022, subject to the employee's continued employment on those dates. For the performance-based stock awards, the fair value of the awards was estimated using a Monte Carlo Simulation model. Our stock price, along with the stock prices of the group of peer REITs, is assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on the stock price of the company and the group REITs were estimated based on a three year look-back period. The expected growth rate of the stock prices over the “derived service period” of the employee is determined with consideration of the risk free rate as of the grant date. For the restricted stock grants that are time-vesting, we estimate the stock compensation expense based on the fair value of the stock at the grant date. The following table summarizes the activity of non-vested restricted stock awards during the year ended December 31, 2019 : 2019 Units Weighted Average Grant Date Fair Value Balance at beginning of year 342,093 $ 28.33 Granted 173,008 29.99 Vested (99,304 ) 28.23 Forfeited (70,644 ) 30.44 Balance at end of year 345,153 $ 28.75 We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $4.5 million , $3.0 million and $4.7 million in noncash compensation expense for the years ended December 31, 2019 , 2018 and 2017 , respectively, each of which is included in general and administrative expense on the statement of income. Unrecognized compensation expense was $7.1 million at December 31, 2019 , which will be recognized over a weighted-average period of 1.6 years. Earnings Per Share We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating security is calculated according to dividends declared and participation rights in undistributed earnings. For the years ended December 31, 2019 , 2018 and 2017 , we had a weighted average of approximately 330,197 shares, 271,905 shares and 230,602 unvested shares outstanding, respectively, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares. Diluted EPS is calculated by dividing the net income attributable to common stockholders for the period by the weighted average number of common and dilutive instruments outstanding during the period using the treasury stock method. For the year ended December 31, 2019 , diluted shares exclude incentive restricted stock as these awards are considered contingently issuable. Additionally, the unvested restricted stock awards subject to time vesting are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. Earnings Per Unit of the Operating Partnership Basic earnings (loss) per unit (“EPU”) of the Operating Partnership is computed by dividing income (loss) applicable to unitholders by the weighted average Operating Partnership units outstanding, as adjusted for the effect of participating securities. Operating Partnership units granted in equity-based payment transactions are considered participating securities prior to vesting. The impact of unvested Operating Partnership unit awards on EPU has been calculated using the two-class method whereby earnings are allocated to the unvested Operating Partnership unit awards based on distributions and the unvested Operating Partnership units’ participation rights in undistributed earnings (losses). The calculation of diluted earnings per unit for the year ended December 31, 2019 , 2018 and 2017 does not include 330,197 units, 271,905 units, and 230,602 unvested weighted average Operating Partnership units, respectively, as these equity securities are either considered contingently issuable or the effect of including these equity securities was anti-dilutive. The computation of basic and diluted EPS for American Assets Trust, Inc. is presented below (dollars in thousands, except share and per share amounts): Year Ended December 31, 2019 2018 2017 NUMERATOR Net income $ 60,188 $ 27,202 $ 40,132 Less: Net income attributable to restricted shares (381 ) (311 ) (241 ) Less: Income attributable to unitholders in the Operating Partnership (14,089 ) (7,205 ) (10,814 ) Net income attributable to common stockholders—basic $ 45,718 $ 19,686 $ 29,077 Income attributable to American Assets Trust, Inc. common stockholders—basic $ 45,718 $ 19,686 $ 29,077 Plus: Income attributable to unitholders in the Operating Partnership 14,089 7,205 10,814 Net income attributable to common stockholders—diluted $ 59,807 $ 26,891 $ 39,891 DENOMINATOR Weighted average common shares outstanding—basic 54,110,949 46,950,812 46,715,520 Effect of dilutive securities—conversion of Operating Partnership units 16,675,183 17,185,747 17,371,730 Weighted average common shares outstanding—diluted 70,786,132 64,136,559 64,087,250 Earnings per common share, basic $ 0.84 $ 0.42 $ 0.62 Earnings per common share, diluted $ 0.84 $ 0.42 $ 0.62 |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 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 taxable year ending December 31, 2011. As a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. Taxable income from non-REIT activities managed through our TRS is subject to federal and state income taxes. We lease our hotel property to a wholly owned TRS that is subject to federal and state income taxes. We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between GAAP carrying amounts and their respective tax bases. Additionally, we classify certain state taxes as income taxes for financial reporting purposes in accordance with ASC Topic 740, Income Taxes . A deferred tax liability is included in our consolidated balance sheets of $0.3 million and $0.1 million as of December 31, 2019 and 2018 , respectively, in relation to real estate asset basis differences and prepaid expenses for our TRS. The income tax provision included in other income (expense) on the consolidated statement of income is as follows (in thousands): Year Ended December 31, 2019 2018 2017 Current: Federal $ 48 $ 60 $ — State 625 465 422 Deferred: Federal $ 237 $ (6 ) $ — State (91 ) (192 ) (208 ) Provision for income taxes $ 819 $ 327 $ 214 |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 12 Months Ended |
Dec. 31, 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 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 December 31, 2019 . Our Del Monte Center property has ongoing environmental remediation related to ground water contamination. The environmental issue existed at purchase and is currently in the final stages of remediation. The final stages of the remediation will include routine, long term ground monitoring by the appropriate regulatory agency over the next five years to seven years years. The work performed is financed through an escrow account funded by the seller upon our purchase of the Del Monte Center. We believe the funds in the escrow account are sufficient for the remaining work to be performed. However, if further work is required costing more than the remaining escrow funds, we could be required to pay such overage, although we may have a contractual claim for such costs against the prior owner or our environmental remediation consultant. As of December 31, 2019 , the company accrued approximately $6.6 million for transfer taxes in connection with its Offering. The company believes that it has filed all necessary forms with the requisite taxing authorities. Concentrations of Credit Risk Our properties are located in Southern California, Northern California, Hawaii, Oregon, Texas and Washington. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate. Fifteen of our consolidated properties, representing 37.6% of our total revenue for the year ended December 31, 2019 , are located in Southern California, which exposes us to greater economic risks than if we owned a more geographically diverse portfolio. Our mixed-use property located in Honolulu, Hawaii accounted for 17.3% of total revenues for the year ended December 31, 2019 . Tenants in the retail industry accounted for 29.3% and 31.9% of total revenues for the years December 31, 2019 and 2018 , respectively. This makes us susceptible to demand for retail rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the retail industry. Two retail properties, Alamo Quarry Market and Waikele Center, accounted for 10.0% and 11.7% of total revenues for the years ended December 31, 2019 and 2018 , respectively. Tenants in the office industry accounted for 39.5% and 34.0% of total revenues for the years December 31, 2019 and 2018 , respectively. This makes us susceptible to demand for office rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the office industry. For the years ended December 31, 2019 and 2018 , no tenant accounted for more than 10.0% of our total rental revenue. At December 31, 2019 , LPL Holdings, Inc. at La Jolla Commons accounted for 7.5% of total annualized base rent. Three other tenants (Google LLC, Autodesk, Inc. , and Lowe's ) comprise 13.9% of our total annualized base rent at December 31, 2019 , in the aggregate. No other tenants represent greater than 2.0% of our total annualized base rent. Total annualized base rent used for the percentage calculations includes the annualized base rent as of December 31, 2019 for our office properties, retail properties and the retail portion of our mixed-use property. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 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 seven months to fifteen months , with a majority having 12 months 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. At December 31, 2019 , our retail, office and mixed-use properties are located in five states: California, Oregon, Hawaii, Washington and Texas. At December 31, 2019 , we had approximately 861 leases with office and retail tenants, including the retail portion of our mixed-use property. Our multifamily properties are located in Southern California and Portland, Oregon, and we had approximately 1,849 leases with residential tenants at December 31, 2019 , excluding Santa Fe Park RV Resort. As of December 31, 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 for the years ended December 31 (in thousands): 2020 $ 216,969 2021 212,728 2022 196,345 2023 175,686 2024 146,164 Thereafter 523,183 Total $ 1,471,075 The above future minimum rentals exclude residential leases, which are typically range from seven months to fifteen months , 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 December 31, 2019 (in thousands): Year Ending December 31, 2020 $ 3,422 2021 2,153 2022 — 2023 — 2024 — Thereafter — Total lease payments $ 5,575 Imputed interest $ (195 ) Present value of lease liability $ 5,380 Lease costs under the operating leases are as follows (in thousands): Year Ended December 31, 2019 Operating lease cost $ 3,334 Variable lease cost — Sublease income (3,098 ) Total lease (income) cost $ 236 Weighted-average remaining lease term - operating leases (in years) 1.7 Weighted-average discount rate - operating leases 4.13 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Year Ended December 31, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 3,347 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 7,661 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. At Waikiki Beach Walk, we (as sublandlord) sublease a portion of the building to Quiksilver under an operating lease effective through December 31, 2021. |
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 seven months to fifteen months , with a majority having 12 months 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. At December 31, 2019 , our retail, office and mixed-use properties are located in five states: California, Oregon, Hawaii, Washington and Texas. At December 31, 2019 , we had approximately 861 leases with office and retail tenants, including the retail portion of our mixed-use property. Our multifamily properties are located in Southern California and Portland, Oregon, and we had approximately 1,849 leases with residential tenants at December 31, 2019 , excluding Santa Fe Park RV Resort. As of December 31, 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 for the years ended December 31 (in thousands): 2020 $ 216,969 2021 212,728 2022 196,345 2023 175,686 2024 146,164 Thereafter 523,183 Total $ 1,471,075 The above future minimum rentals exclude residential leases, which are typically range from seven months to fifteen months , 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 December 31, 2019 (in thousands): Year Ending December 31, 2020 $ 3,422 2021 2,153 2022 — 2023 — 2024 — Thereafter — Total lease payments $ 5,575 Imputed interest $ (195 ) Present value of lease liability $ 5,380 Lease costs under the operating leases are as follows (in thousands): Year Ended December 31, 2019 Operating lease cost $ 3,334 Variable lease cost — Sublease income (3,098 ) Total lease (income) cost $ 236 Weighted-average remaining lease term - operating leases (in years) 1.7 Weighted-average discount rate - operating leases 4.13 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Year Ended December 31, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 3,347 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 7,661 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. |
Component of Rental Income and
Component of Rental Income and Expense (Notes) | 12 Months Ended |
Dec. 31, 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): Year Ended December 31, 2019 2018 2017 Minimum rents Office $ 136,118 $ 95,081 $ 93,128 Retail 99,601 77,147 76,201 Multifamily 47,448 46,897 40,217 Mixed-Use 15,702 11,019 10,564 Cost reimbursement — 34,584 34,267 Percentage rent 2,476 3,149 3,214 Hotel revenue 40,297 40,049 39,545 Other 2,223 1,611 1,667 Total rental income $ 343,865 $ 309,537 $ 298,803 Minimum rents include $3.2 million , $2.4 million and $0.8 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $3.8 million , $3.6 million and $3.3 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, to recognize the amortization of above and below market leases. The principal components of rental expenses are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Rental operating $ 38,331 $ 37,322 $ 34,944 Hotel operating 24,522 24,030 24,254 Repairs and maintenance 17,035 13,486 13,136 Marketing 2,538 2,108 2,053 Rent 3,372 3,216 3,119 Hawaii excise tax 4,160 4,333 4,454 Management fees 2,009 1,987 2,046 Total rental expenses $ 91,967 $ 86,482 $ 84,006 |
Other Income (Expenses) (Notes)
Other Income (Expenses) (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (EXPENSE) | OTHER INCOME (EXPENSE) The principal components of other income (expense), net are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Interest and investment income $ 696 $ 238 $ 548 Income tax expense (819 ) (327 ) (214 ) Other non-operating income 1 4 — Total other income (expense) $ (122 ) $ (85 ) $ 334 |
Related Party Transactions (Not
Related Party Transactions (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS At Torrey Reserve Campus, we previously leased space to ICW, an entity owned and controlled by Ernest Rady. Rental revenue recognized on the leases of $0.0 million , $0.1 million and $0.1 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, is included in rental income. Additionally, on July 1, 2014, we entered into a workers' compensation insurance policy with ICW. The policy premium was approximately $0.4 million for the period July 1, 2014 through July 1, 2015. We renewed this policy with ICW on July 1, 2015 and the premium was approximately $0.2 million for the period July 1, 2015 through July 1, 2016. We renewed this policy with ICW on July 1, 2016 and the premium was approximately $0.2 million for the period July 1, 2016 through July 1, 2017. We renewed this policy with ICW on June 30, 2017 and the premium is approximately $0.2 million for the period 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. ("AAI"), an entity owned and controlled by Mr. Rady, and entered into a new lease agreement with AAI 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 and $0.1 million for the years ended December 31, 2019 and 2018 is included in rental income on the consolidated statements of comprehensive income. At Torrey Reserve Campus, we lease space to EDisability, LLC, an entity majority owned and controlled by Ernest Rady. Rent revenue recognized on the lease of $0.2 million and $0.1 million for the years ended December 31, 2019 and 2018 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 Ernest Rady. For the years ending December 31, 2019 , 2018 and 2017 , we incurred approximately $0.2 million , $0.1 million and $0.1 million , respectively, of expenses related to aircraft services of AAIA or reimbursement to Mr. Rady (or his trust) for use of the aircraft owned by AAIA. These expenses are recorded as general and administrative expenses in our consolidated statements of comprehensive income. As of December 31, 2019 , Mr. Rady and his affiliates owned approximately 12.6% of our outstanding common stock and 19.5% of our outstanding common units, which together represent an approximate 32% beneficial interest in our company on a fully diluted basis. The Waikiki Beach Walk entities have a 47.7% investment in WBW CHP LLC, an entity that was formed to, among other things, construct a chilled water plant to provide air conditioning to the property and other adjacent facilities. The operating expenses of WBW CHP LLC are recovered through reimbursements from its members, and reimbursements to WBW CHP LLC of $1.1 million , $1.1 million and $1.0 million were made for the years ended December 31, 2019 , 2018 and 2017 , respectively, and included in rental expenses on the statements of income. |
Segment Reporting (Notes)
Segment Reporting (Notes) | 12 Months Ended |
Dec. 31, 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 review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. However, we have aggregated our properties into reportable segments as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369 -room all-suite hotel. We evaluate the performance of our segments based on segment profit which is defined as property revenue less property expenses. We do not use asset information as a measure to assess performance and make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, interest expense, depreciation and amortization expense and other income and expense are not included in segment profit as our internal reporting addresses these items on a corporate level. Segment profit is not a measure of operating income or cash flows from operating activities as measured by GAAP, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit in the same manner. We consider segment profit to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our properties. The following table represents operating activity within our reportable segments (in thousands): Year Ended December 31, 2019 2018 2017 Total Office Property revenue 144,683 112,362 105,694 Property expense (42,234 ) (33,860 ) (33,120 ) Segment profit 102,449 78,502 72,574 Total Retail Property revenue $ 107,604 $ 105,552 $ 103,968 Property expense (30,633 ) (30,078 ) (28,524 ) Segment profit 76,971 75,474 75,444 Total Multifamily Property revenue 51,066 50,627 43,533 Property expense (20,863 ) (20,441 ) (17,898 ) Segment profit 30,203 30,186 25,635 Total Mixed-Use Property revenue 63,388 62,326 61,788 Property expense (38,250 ) (37,076 ) (37,135 ) Segment profit 25,138 25,250 24,653 Total segments’ profit $ 234,761 $ 209,412 $ 198,306 The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands): Year Ended December 31, 2019 2018 2017 Total segments' profit $ 234,761 $ 209,412 $ 198,306 General and administrative (24,871 ) (22,784 ) (21,382 ) Depreciation and amortization (96,205 ) (107,093 ) (83,278 ) Interest expense (54,008 ) (52,248 ) (53,848 ) Gain on sale of real estate 633 — — Other income (expense), net (122 ) (85 ) 334 Net income 60,188 27,202 40,132 Net income attributable to restricted shares (381 ) (311 ) (241 ) Net income attributable to unitholders in the Operating Partnership (14,089 ) (7,205 ) (10,814 ) Net income attributable to American Assets Trust, Inc. stockholders $ 45,718 $ 19,686 $ 29,077 The following table shows net real estate and secured note payable balances for each of the segments, along with their capital expenditures for each year (in thousands): December 31, 2019 December 31, 2018 Net real estate Office $ 1,317,854 $ 822,574 Retail 624,912 628,734 Multifamily 401,152 412,042 Mixed-Use 179,557 176,503 $ 2,523,475 $ 2,039,853 Secured Notes Payable (1) Office $ 127,768 $ 147,757 Retail 34,235 35,008 $ 162,003 $ 182,765 Capital Expenditures (2) Office $ 64,549 $ 45,192 Retail 22,844 14,219 Multifamily 3,711 3,659 Mixed-Use 8,490 1,277 $ 99,594 $ 64,347 (1) Excludes unamortized debt issuance costs of $0.1 million and $0.2 million as of December 31, 2019 and 2018 , respectively. (2) Capital expenditures represent cash paid for capital expenditures during the year and includes leasing commissions paid. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The tables below reflect selected American Assets Trust, Inc. quarterly information for 2019 and 2018 (in thousands, except per shares data): Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 98,947 $ 98,362 $ 84,113 $ 85,319 Operating income 29,993 30,384 24,487 28,821 Net income 16,485 16,519 11,941 15,243 Net income attributable to restricted shares (104 ) (92 ) (92 ) (93 ) Net income loss attributable to unitholders in the Operating Partnership (3,536 ) (3,565 ) (2,933 ) (4,055 ) Net income attributable to American Assets Trust, Inc. stockholders $ 12,845 $ 12,862 $ 8,916 $ 11,095 Net income per share attributable to common stockholders - basic and diluted $ 0.22 $ 0.22 $ 0.18 $ 0.24 Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 82,605 $ 82,507 $ 85,023 $ 80,732 Operating income 22,091 27,275 17,249 12,920 Net income (loss) 9,209 14,271 4,413 (691 ) Net (income) loss attributable to restricted shares (96 ) (71 ) (216 ) 72 Net (income) loss attributable to unitholders in the Operating Partnership (2,440 ) (3,806 ) (1,125 ) 166 Net income (loss) attributable to American Assets Trust, Inc. stockholders $ 6,673 $ 10,394 $ 3,072 $ (453 ) Net income (loss) per share attributable to common stockholders - basic and diluted $ 0.14 $ 0.22 $ 0.07 $ (0.01 ) The tables below reflect selected American Assets Trust, L.P. quarterly information for 2019 and 2018 (in thousands, except per shares data): Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 98,947 $ 98,362 $ 84,113 $ 85,319 Operating income 29,993 30,384 24,487 28,821 Net income 16,485 16,519 11,941 15,243 Net income attributable to restricted shares (104 ) (92 ) (92 ) (93 ) Net income attributable to American Assets Trust, L.P. unit holders $ 16,381 $ 16,427 $ 11,849 $ 15,150 Net income per unit attributable to unit holders - basic and diluted $ 0.22 $ 0.22 $ 0.18 $ 0.24 Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 82,605 $ 82,507 $ 85,023 $ 80,732 Operating income 22,091 27,275 17,249 12,920 Net income (loss) 9,209 14,271 4,413 (691 ) Net (income) loss attributable to restricted shares (96 ) (71 ) (216 ) 72 Net income (loss) attributable to American Assets Trust, L.P. unit holders $ 9,113 $ 14,200 $ 4,197 $ (619 ) Net income per unit attributable to common unit holders - basic and diluted $ 0.14 $ 0.22 $ 0.07 $ (0.01 ) |
SCHEDULE III-Consolidated Real
SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation | Encumbrance as of December 31, 2019 Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount at December 31, 2019 Accumulated Depreciation and Amortization Year Built/ Renovated Date Acquired Life on which depreciation in latest income statements is computed Description Land Building and Improvements Land Building and Improvements Alamo Quarry Market $ — $ 26,396 $ 109,294 $ 18,142 $ 26,816 $ 127,016 $ (61,257 ) 1997/1999 12/9/2003 35 years Carmel Country Plaza — 4,200 — 12,899 4,200 12,899 (8,675 ) 1991 1/10/1989 35 years Carmel Mountain Plaza — 22,477 65,217 38,563 31,034 95,223 (44,156 ) 1994/2014 3/28/2003 35 years Del Monte Center — 27,412 87,570 34,379 27,117 122,244 (66,204 ) 1967/1984/2006 4/8/2004 35 years Gateway Marketplace — 17,363 21,644 1,097 17,363 22,741 (2,040 ) 1997/2016 7/6/2017 35 years Geary Marketplace — 8,239 12,353 171 8,239 12,524 (2,800 ) 2012 12/19/2012 35 years Hassalo on Eighth - Retail — — — 28,364 597 27,767 (5,106 ) 2015 7/1/2011 35 years Lomas Santa Fe Plaza — 8,600 11,282 13,805 8,620 25,067 (17,166 ) 1972/1997 6/12/1995 35 years The Shops at Kalakaua — 13,993 10,817 (6 ) 14,006 10,798 (4,674 ) 1971/2006 3/31/2005 35 years Solana Beach Towne Centre 34,235 40,980 38,842 4,222 40,980 43,064 (12,291 ) 1973/2000/2004 1/19/2011 35 years South Bay Marketplace — 4,401 — 12,760 4,401 12,760 (7,695 ) 1997 9/16/1995 35 years Waikele Center — 55,593 126,858 41,174 70,643 152,982 (62,126 ) 1993/2008 9/16/2004 35 years City Center Bellevue 111,000 25,135 190,998 46,320 25,135 237,318 (52,543 ) 1987 8/21/2012 40 years First & Main — 14,697 109,739 7,708 14,697 117,447 (32,259 ) 2010 3/11/2011 40 years The Landmark at One Market — 34,575 141,196 13,351 34,575 154,547 (36,102 ) 1917/2000 6/30/2010 40 years Lloyd District Portfolio — 18,660 61,401 90,191 11,845 158,407 (34,828 ) 1940-2015 7/1/2011 40 years One Beach Street — 15,332 18,017 3,353 15,332 21,370 (5,716 ) 1924/1972/1987/1992 1/24/2012 40 years Solana Beach Corporate Centre: Solana Beach Corporate Centre I-II 10,270 7,111 17,100 6,876 7,111 23,976 (6,515 ) 1982/2005 1/19/2011 40 years Solana Beach Corporate Centre III-IV — 7,298 27,887 4,448 7,298 32,335 (8,429 ) 1982/2005 1/19/2011 40 years Solana Beach Corporate Centre Land — 487 — 60 547 — — N/A 1/19/2011 N/A Torrey Reserve Campus: Torrey Plaza — 4,095 — 52,130 5,408 50,817 (18,440 ) 1996-1997/2014 6/6/1989 40 years Pacific North Court — 3,263 — 26,182 4,309 25,136 (12,015 ) 1997-1998 6/6/1989 40 years Pacific South Court — 3,285 — 39,489 4,226 38,548 (14,733 ) 1996-1997 6/6/1989 40 years Pacific VC 6,498 1,413 — 10,154 2,148 9,419 (5,234 ) 1998/2000 6/6/1989 40 years Pacific Torrey Daycare — 715 — 1,914 911 1,718 (939 ) 1996-1997 6/6/1989 40 years Torrey Reserve Building 6 — — — 8,006 682 7,324 (1,787 ) 2013 6/6/1989 40 years Torrey Reserve Building 5 — — — 4,010 1,017 2,993 (358 ) 2014 6/6/1989 40 years Torrey Reserve Building 13 & 14 — — — 15,916 2,188 13,728 (1,981 ) 2015 6/6/1989 40 years Torrey Point — 2,073 741 45,229 5,050 42,993 (1,655 ) 2018 5/9/1997 40 years La Jolla Commons La Jolla Commons I-II — 62,312 393,662 882 62,312 394,544 (8,060 ) 2008-2014 6/20/2019 40 years La Jolla Commons Land — 20,446 — 1,592 20,446 1,592 — N/A 6/20/2019 N/A Imperial Beach Gardens — 1,281 4,820 5,049 1,281 9,869 (8,209 ) 1959/2008 7/31/1985 30 years Loma Palisades — 14,000 16,570 28,085 14,052 44,603 (29,226 ) 1958/2001-2008 7/20/1990 30 years Mariner’s Point — 2,744 4,540 1,695 2,744 6,235 (3,683 ) 1986 5/9/2001 30 years Santa Fe Park RV Resort — 401 928 1,061 401 1,989 (1,515 ) 1971/2007-2008 6/1/1979 30 years Pacific Ridge Apartments — 47,971 178,497 1,643 47,971 180,140 (17,930 ) 2013 4/28/2017 30 years Hassalo on Eighth - Multifamily — — — 178,075 6,219 171,856 (25,645 ) 2015 7/1/2011 30 years Encumbrance as of December 31, 2019 Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount at December 31, 2019 Accumulated Depreciation and Amortization Year Built/ Renovated Date Acquired Life on which depreciation in latest income statements is computed Description Land Building and Improvements Land Building and Improvements Waikiki Beach Walk: Retail — 45,995 74,943 851 45,995 75,794 (21,039 ) 2006 1/19/2011 35 years Hotel — 30,640 60,029 10,329 30,640 70,358 (22,191 ) 2008/2014 1/19/2011 35 years $ 162,003 $ 593,583 $ 1,784,945 $ 810,169 $ 628,556 $ 2,560,141 $ (665,222 ) (1) For Federal tax purposes, the aggregate tax basis is approximately $2.4 billion as of December 31, 2019 . Year Ended December 31, 2019 2018 2017 Real estate assets Balance, beginning of period $ 2,630,191 2,614,138 2,301,006 Additions: Property acquisitions 476,421 — 270,602 Improvements 101,285 62,790 44,755 Deductions: Cost of Real Estate Sold (8,845 ) — — Other (1) (10,355 ) (46,737 ) (2,225 ) Balance, end of period $ 3,188,697 $ 2,630,191 $ 2,614,138 Accumulated depreciation Balance, beginning of period $ 590,338 $ 537,431 $ 469,460 Additions—depreciation 85,428 99,644 70,196 Deductions: Cost of Real Estate Sold (189 ) — — Other (1) (10,355 ) (46,737 ) (2,225 ) Balance, end of period $ 665,222 $ 590,338 $ 537,431 (1) Other deductions for the years ended December 31, 2019 , 2018 and 2017 represent the write-off of fully depreciated assets. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 (the “Offering”) and the related acquisition on January 19, 2011 of certain assets of a combination of entities whose assets included entities owned and/or controlled by Ernest S. Rady and his affiliates, including the Rady Trust, which in turn owned (1) controlling interests in entities owning 17 properties and the property management business of American Assets, Inc. and (2) noncontrolling interests in entities owning four properties. The company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The company's operations are carried on through our Operating Partnership and its subsidiaries, including our taxable REIT subsidiary. Since the formation of our Operating Partnership, the company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. We are a vertically integrated and self-administered REIT with 206 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. Any reference to the number of properties or units, square footage or acres, employees; or references to beneficial ownership interests, are unaudited and outside the scope of our independent registered public accounting firm's audit of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. As of December 31, 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 December 31, 2019 , we owned land at three of our properties that we classify as held for development and construction in progress. A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street Torrey Reserve Campus First & Main Torrey Point Lloyd District Portfolio Solana Crossing (formerly Solana Beach Corporate Centre) City Center Bellevue The Landmark at One Market Multifamily Loma Palisades Hassalo on Eighth - Multifamily Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and Construction in Progress La Jolla Commons - Land Solana Crossing – Land Lloyd District Portfolio – Construction in Progress |
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. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. |
Consolidated Statements of Cash Flows-Supplemental Disclosures | Consolidated Statements of Cash Flows-Supplemental Disclosures The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): Year Ended December 31, 2019 2018 2017 Supplemental cash flow information Total interest costs incurred $ 54,636 $ 53,736 $ 55,418 Interest capitalized $ 628 $ 1,488 $ 1,570 Interest expense $ 54,008 $ 52,248 $ 53,848 Cash paid for interest, net of amounts capitalized $ 51,975 $ 52,632 $ 47,473 Cash paid for income taxes $ 971 $ 462 $ 461 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 25,413 $ 14,440 $ 6,863 Accrued leasing commissions $ 3,345 $ 5,229 $ 1,694 Reduction to capital for prepaid equity financing costs $ — $ 241 $ — Building recorded in termination of ground lease $ 4,518 $ — $ — |
Revenue Recognition and Accounts Receivable | Revenue Recognition and Accounts Receivable Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, based on management's assessment of credit, collection and other business risks. When we determine that we are the owner of tenant improvements and the tenant has reimbursed us for a portion or all of the tenant improvement costs, we consider the amount paid to be additional rent, which is recognized on a straight-line basis over the term of the related lease. For first generation tenants, in instances in which we fund tenant improvements and the improvements are deemed to be owned by us, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When we determine that the tenant is the owner of tenant improvements, tenant allowances are recorded as lease incentives and we commence revenue recognition and lease incentive amortization when possession or control of the space is turned over to the tenant for tenant work to begin. Percentage rents, which represent additional rents based upon the level of sales achieved by certain tenants, are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved and the percentage rents are collectible. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. Other property income includes parking income, general excise tax billed to tenants and fees charged to tenants at our multifamily properties. Other property income is recognized when we satisfy performance obligations as evidenced by the transfer of control of our services to customers. We measure other property income based on the amount of consideration we expect to be entitled to in exchange for the services provided. We recognize general excise tax gross, with the amounts billed to tenants and customers recorded in other property income and the related taxes paid as rental expense. The general excise tax included in other income was $3.5 million , $3.6 million and $3.7 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees for which the tenant has relinquished control of the space are generally recognized on the later of the termination date or the satisfaction of all conditions precedent to the lease termination, including, without limitation, payment of all lease termination fees. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Current accounts receivable from tenants primarily relate to contractual minimum rent and percentage rent as well as real estate tax and other cost reimbursements. Accounts receivable from straight-line rent is typically longer term in nature and relates to the cumulative amount by which straight-line rental income recorded to date exceeds cash rents billed to date under the contractual lease agreement. We recognize revenue on the hotel portion of our mixed-use property from the rental of hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when the rooms are occupied and services have been provided. Food and beverage sales are recognized when the customer has been served or at the time the transaction occurs. Revenue from room rental is included in rental revenue on the statement of income. Revenue from other sales and services provided is included in other property income on the statement of income. We make estimates of the collectability of our current accounts receivable and straight-line rents receivable which requires significant judgment by management. The collectability of receivables is affected by numerous different factors including current economic conditions, tenant bankruptcies, the status of collectability of current cash rents receivable, tenants' recent and historical financial and operating results, changes in our tenants' credit ratings, communications between our operating personnel and tenants, the extent of security deposits and letters of credits held with respect to tenants, and the ability of the tenant to perform under the terms of their lease agreement. If our assessment of these factors indicates it is probable that we will be unable to collect substantially all rents, we recognize a charge to rental income and limit our rental income to the lesser of lease income on a straight-line basis plus variable rents when they become accruable or cash collected. If we change our conclusion regarding the probability of collecting rent payments required by a lessee, we may recognize an adjustment to rental income in the period we make a change to our prior conclusion. At December 31, 2019 and December 31, 2018 , our allowance for doubtful accounts was $1.2 million and $0.6 million , respectively. Our allowance for deferred rent receivables at December 31, 2019 and December 31, 2018 was $0.5 million and $0.3 million , respectively. Total bad debt expense was $1.8 million , $0.8 million and $0.8 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Total bad debt expense for the year ended December 31, 2019 was included as a reduction to rental income on the statement of income while the total bad debt expense for the years ended December 31, 2018 and 2017 were included in rental income on the statement of income. Effective January 1, 2018, (upon the adoption of ASU 2014-09, Revenue from Contracts with Customers ) sales of real estate are recognized generally upon the transfer of control, which usually occurs when the real estate is legally sold. Prior to January 1, 2018, sales of real estate were recognized only when sufficient down payments had been obtained, possession and other attributes of ownership had been transferred to the buyer and we had no significant continuing involvement. The application of these criteria can be complex and required us to make assumptions. We believe the relevant criteria were met for all real estate sold during the periods presented. |
Real Estate | Real Estate Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 30 years to a maximum of 40 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 3 years to 15 years . Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to the contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. For the years ended December 31, 2019 , 2018 and 2017 , real estate depreciation expense was $85.3 million , $99.6 million and $70.2 million , respectively. Acquisitions of properties are accounted for in accordance with the authoritative accounting guidance on acquisitions and business combinations. Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and appraised values. When we acquire operating real estate properties, the purchase price is allocated to land and buildings, intangibles such as in-place leases, and to current assets and liabilities acquired, if any. Such valuations include a consideration of the noncancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below market renewal options are determined based on a review of several qualitative and quantitative factors on a lease-by-lease basis at acquisition to determine whether it is probable that the tenant would exercise its option to renew the lease agreement. These factors include: (1) the type of tenant in relation to the property it occupies, (2) the quality of the tenant, including the tenant's long term business prospects and (3) whether the fixed rate renewal option was sufficiently lower than the fair rental of the property at the date the option becomes exercisable such that it would appear to be reasonably assured that the tenant would exercise the option to renew. The value allocated to in-place leases is amortized over the related lease term and reflected as depreciation and amortization in the statement of income. The value of above and below market leases associated with the original noncancelable lease terms are amortized to rental income over the terms of the respective noncancelable lease periods and are reflected as either an increase (for below market leases) or a decrease (for above market leases) to rental income in the statement of income. The value of the leases associated with below market lease renewal options that are likely to be exercised are amortized to rental income over the respective renewal periods. If a tenant vacates its space prior to contractual termination of its lease or the lease is not renewed, the unamortized balance of any in-place lease value is written off to rental income and amortization expense. |
Capitalized Costs | Capitalized Costs We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance and construction costs and salaries and related costs of personnel directly involved. Additionally, we capitalize interest costs related to development and significant redevelopment activities. Capitalization of these costs begins when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine that the completion of development or redevelopment is no longer probable, we expense all capitalized costs which are not recoverable. |
Impairment of Long Lived Assets | Impairment of Long Lived Assets |
Financial Instruments | Financial Instruments The estimated fair values of financial instruments are determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair values. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges. |
Derivative Instruments | Derivative Instruments At times, we may use derivative instruments to manage exposure to variable interest rate risk. We may enter into interest rate swaps to manage our exposure to variable interest rate risk. If and when we enter into derivative instruments, we ensure that such instruments qualify as cash flow hedges and would not enter into derivative instruments for speculative purposes. |
Cash and Cash Equivalents | Cash and Cash Equivalents We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity of less than 3 months . Cash balances in individual banks may exceed the federally insured limit of $250,000 |
Restricted Cash | Restricted Cash |
Other Assets | Other Assets Other assets consist primarily of lease costs, lease incentives, acquired in-place leases and acquired above market leases. Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place and include third party commissions related to obtaining a lease. Capitalized lease costs are amortized over the life of the related lease and included in depreciation and amortization expense on the statement of income. If a tenant vacates its space prior to the contractual termination of its lease, the unamortized balance of any lease costs are written off. We view these lease costs as part of the up-front initial investment we made in order to generate a long-term cash inflow. Therefore, we classify cash outflows for lease costs as an investing activity in our consolidated statements of cash flows. |
Variable Interest Entities | Variable Interest Entities |
Stock-Based Compensation | Stock-Based Compensation We grant stock-based compensation awards to our employees and directors typically in the form of restricted shares of common stock, options to purchase common stock and/or shares of common stock. We measure stock-based compensation expense based on the fair value of the award on the grant date and recognize the expense ratably over the vesting period. |
Deferred Compensation | Deferred Compensation Our Operating Partnership has adopted the American Assets Trust Executive Deferral Plan V (“EDP V”) and the American Assets Trust Executive Deferral Plan VI (“EDP VI”). These plans were adopted by our Operating Partnership as successor plans to those deferred compensation plans maintained by American Assets Inc. ("AAI") in which certain employees of AAI, who were transferred to us in connection with the Offering (the “Transferred Participants”), participated prior to the Offering. EDP V and EDP VI contain substantially the same terms and conditions as these predecessor plans. AAI transferred to our Operating Partnership the Transferred Participants' account balances under the predecessor plans. These transferred account balances represent amounts deferred by the Transferred Participants prior to the Offering while they were employed by AAI. At the time eligible participants defer compensation, we record compensation cost and a corresponding deferred compensation plan liability, which is included in other liabilities and deferred credits on our consolidated balance sheets. This liability is adjusted to fair value at the end of each accounting period based on the performance of the benchmark funds selected by each participant, and the impact of adjusting the liability to fair value is recorded as an increase or decrease to compensation cost. |
Income Taxes | Income Taxes We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with the taxable year ending December 31, 2011. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we maintain our qualification for taxation as a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. If we fail to maintain our qualification as a REIT in any taxable year, and are unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to regular U.S. federal income tax. We are subject to certain state and local income taxes. |
Segment Information | Segment Information Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in four reportable 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 FASB issued 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 year ended December 31, 2019, approximately $38.4 million of non-lease components are combined with lease rental income. 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 beginning in the year ended December 31, 2019. 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 for the year ended December 31, 2019. 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. As of December 31, 2019, the remaining contractual payments under lease agreements for which the company is the lessee aggregated approximately $5.6 million . 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, lease are specifically excluded from this and will be 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 the company’s 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 evaluated the impact this pronouncement will have on our consolidated financial statements and do not believe that the pronouncement will have a material impact on our consolidated financial statements as the majority of our receivables are derived from operating leases and are excluded from this standard. |
Fair Value Measurements | FAIR VALUE OF FINANCIAL INSTRUMENTS A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy for inputs used in measuring fair value is as follows: 1. Level 1 Inputs—quoted prices in active markets for identical assets or liabilities 2. Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities 3. Level 3 Inputs—unobservable inputs In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Line Items] | |
Summary of Real Estate Investments | 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 - Multifamily Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and Construction in Progress La Jolla Commons - Land Solana Crossing – Land Lloyd District Portfolio – Construction in Progress A summary of our real estate investments is as follows (in thousands): Retail Office Multifamily Mixed-Use Total December 31, 2019 Land $ 254,016 $ 225,238 $ 72,668 $ 76,635 $ 628,557 Buildings 523,645 1,132,990 390,379 126,726 2,173,740 Land improvements 46,335 11,097 7,106 2,606 67,144 Tenant improvements 87,707 151,662 — 2,252 241,621 Furniture, fixtures, and equipment 911 3,065 14,995 7,187 26,158 Construction in progress 6,487 35,397 2,212 7,381 51,477 (1) 919,101 1,559,449 487,360 222,787 3,188,697 Accumulated depreciation (294,189 ) (241,595 ) (86,208 ) (43,230 ) (665,222 ) Net real estate $ 624,912 $ 1,317,854 $ 401,152 $ 179,557 $ 2,523,475 December 31, 2018 Land $ 262,860 $ 143,467 $ 72,668 $ 76,635 $ 555,630 Buildings 516,566 743,474 389,831 125,859 1,775,730 Land improvements 43,412 8,825 6,778 2,606 61,621 Tenant improvements 70,210 91,612 — 1,918 163,740 Furniture, fixtures, and equipment 570 2,671 13,844 6,826 23,911 Construction in progress 8,598 39,511 854 596 49,559 (1) 902,216 1,029,560 483,975 214,440 2,630,191 Accumulated depreciation (273,482 ) (206,986 ) (71,933 ) (37,937 ) (590,338 ) Net real estate $ 628,734 $ 822,574 $ 412,042 $ 176,503 $ 2,039,853 (1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets. |
Schedule of Purchase Price Allocations | The financial information set forth below summarizes the company’s purchase price allocations for La Jolla Commons during the year ended December 31, 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 Operating Results | The following table summarizes the operating results for the 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 December 31, 2019 (in thousands): June 20, 2019 through December 31, 2019 Revenues $ 20,579 Operating expenses $ 18,140 Operating income $ 2,439 Net income attributable to American Assets Trust, Inc. $ 2,650 |
Schedule of Pro Forma Financial Information | 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). Year Ended December 31, 2019 Year Ended December 31, 2018 As Reported ProForma As Reported ProForma Total revenue $ 366,741 $ 383,125 $ 330,867 $ 365,326 Total operating expenses $ 253,056 $ 264,107 $ 251,332 $ 281,253 Operating income $ 113,685 $ 119,018 $ 79,535 $ 84,073 Net income $ 60,188 $ 64,278 $ 27,202 $ 30,662 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Properties Owned | 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 - Multifamily Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and Construction in Progress La Jolla Commons - Land Solana Crossing – Land Lloyd District Portfolio – Construction in Progress A summary of our real estate investments is as follows (in thousands): Retail Office Multifamily Mixed-Use Total December 31, 2019 Land $ 254,016 $ 225,238 $ 72,668 $ 76,635 $ 628,557 Buildings 523,645 1,132,990 390,379 126,726 2,173,740 Land improvements 46,335 11,097 7,106 2,606 67,144 Tenant improvements 87,707 151,662 — 2,252 241,621 Furniture, fixtures, and equipment 911 3,065 14,995 7,187 26,158 Construction in progress 6,487 35,397 2,212 7,381 51,477 (1) 919,101 1,559,449 487,360 222,787 3,188,697 Accumulated depreciation (294,189 ) (241,595 ) (86,208 ) (43,230 ) (665,222 ) Net real estate $ 624,912 $ 1,317,854 $ 401,152 $ 179,557 $ 2,523,475 December 31, 2018 Land $ 262,860 $ 143,467 $ 72,668 $ 76,635 $ 555,630 Buildings 516,566 743,474 389,831 125,859 1,775,730 Land improvements 43,412 8,825 6,778 2,606 61,621 Tenant improvements 70,210 91,612 — 1,918 163,740 Furniture, fixtures, and equipment 570 2,671 13,844 6,826 23,911 Construction in progress 8,598 39,511 854 596 49,559 (1) 902,216 1,029,560 483,975 214,440 2,630,191 Accumulated depreciation (273,482 ) (206,986 ) (71,933 ) (37,937 ) (590,338 ) Net real estate $ 628,734 $ 822,574 $ 412,042 $ 176,503 $ 2,039,853 (1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets. |
Consolidated Statements of Cash Flows-Supplemental Disclosures | The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): Year Ended December 31, 2019 2018 2017 Supplemental cash flow information Total interest costs incurred $ 54,636 $ 53,736 $ 55,418 Interest capitalized $ 628 $ 1,488 $ 1,570 Interest expense $ 54,008 $ 52,248 $ 53,848 Cash paid for interest, net of amounts capitalized $ 51,975 $ 52,632 $ 47,473 Cash paid for income taxes $ 971 $ 462 $ 461 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 25,413 $ 14,440 $ 6,863 Accrued leasing commissions $ 3,345 $ 5,229 $ 1,694 Reduction to capital for prepaid equity financing costs $ — $ 241 $ — Building recorded in termination of ground lease $ 4,518 $ — $ — |
Acquired In-Place Leases and _2
Acquired In-Place Leases and Above/Below Market Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of acquired lease intangibles included in other assets and other liabilities | Increases (decreases) in net income as a result of amortization of our in-place leases, above market leases and below market leases are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Amortization of in-place leases $ (4,762 ) $ (2,090 ) $ (8,769 ) Amortization of above market leases (345 ) (660 ) (934 ) Amortization of below market leases 4,131 4,230 4,239 Net income (loss) $ (976 ) $ 1,480 $ (5,464 ) The following summarizes our acquired lease intangibles, which are included in other assets and other liabilities and deferred credits (in thousands): December 31, 2019 December 31, 2018 In-place leases $ 63,896 $ 40,884 Accumulated amortization (32,672 ) (34,603 ) Above market leases 7,534 11,963 Accumulated amortization (7,351 ) (11,445 ) Acquired lease intangible assets, net $ 31,407 $ 6,799 Below market leases $ 62,126 $ 63,172 Accumulated accretion (36,674 ) (37,220 ) Acquired lease intangible liabilities, net $ 25,452 $ 25,952 |
Future Amortization for Acquired In-Place Leases | As of December 31, 2019 , the amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows (in thousands): In-Place Leases Above Market Leases Below Market Leases Year Ending December 31, 2020 $ 4,903 $ 62 $ 3,382 2021 4,244 28 3,148 2022 3,589 28 2,579 2023 3,363 27 2,329 2024 3,178 24 2,038 Thereafter 11,947 14 11,976 $ 31,224 $ 183 $ 25,452 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Deferred compensation liability $ — $ 1,669 $ — $ 1,669 $ — $ 1,424 $ — $ 1,424 Interest rate swap asset $ — $ 434 $ — $ 434 $ — $ 6,002 $ — $ 6,002 Interest rate swap liability $ — $ 1,317 $ — $ 1,317 $ — $ 801 $ — $ 801 |
Carrying amount and fair value of financial instruments | A summary of the carrying amount and fair value of our financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands): December 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Secured notes payable $ 161,879 $ 166,885 $ 182,572 $ 183,253 Unsecured term loan $ 248,864 $ 250,000 $ 248,765 $ 250,000 Unsecured senior guaranteed notes $ 946,916 $ 975,291 $ 797,098 $ 790,267 Unsecured line of credit $ — $ — $ 62,337 $ 64,000 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Components of Prepaid Expenses and Other Assets | Other assets consist of the following (in thousands): December 31, 2019 December 31, 2018 Leasing commissions, net of accumulated amortization of $30,775 and $28,597, respectively $ 42,539 $ 28,796 Interest rate swap asset 434 6,002 Acquired above market leases, net 183 518 Acquired in-place leases, net 31,224 6,281 Lease incentives, net of accumulated amortization of $565 and $299, respectively 2,603 747 Other intangible assets, net of accumulated amortization of $1,031 and $981, respectively 2,893 2,994 Debt issuance costs, net of accumulated amortization of $814 and $0, respectively 1,256 — Right-of-use lease asset, net 4,863 — Prepaid expenses, deposits and other 7,225 6,683 Total other assets $ 93,220 $ 52,021 |
Other Liabilities and Deferre_2
Other Liabilities and Deferred Credits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other liabilities and deferred credits | Other liabilities and deferred credits consist of the following (in thousands): December 31, 2019 December 31, 2018 Acquired below market leases, net $ 25,452 $ 25,952 Prepaid rent and deferred revenue 16,969 11,634 Interest rate swap liability 1,317 801 Straight-line rent liability 16,903 7,393 Deferred rent expense and lease intangible 28 2,210 Deferred compensation 1,669 1,424 Deferred tax liability 332 93 Lease liability 5,380 — Other liabilities 60 40 Total other liabilities and deferred credits, net $ 68,110 $ 49,547 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of total secured notes payable outstanding | The following is a summary of the Operating Partnership's total secured notes payable outstanding as of December 31, 2019 and December 31, 2018 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date December 31, 2019 December 31, 2018 as of December 31, 2019 Torrey Reserve—North Court (1)(2) — 19,620 7.22 % June 1, 2019 Torrey Reserve—VCI, VCII, VCIII (2) 6,498 6,635 6.36 % June 1, 2020 Solana Beach Corporate Centre I-II (2) 10,270 10,502 5.91 % June 1, 2020 Solana Beach Towne Centre (2) 34,235 35,008 5.91 % June 1, 2020 City Center Bellevue (3) 111,000 111,000 3.98 % November 1, 2022 162,003 182,765 Debt issuance costs, net of accumulated amortization of $449 and $671, respectively (124 ) (193 ) Total Secured Notes Payable $ 161,879 $ 182,572 (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. |
Scheduled principal payments on notes payable | Scheduled principal payments on secured and unsecured notes payable as of December 31, 2019 are as follows (in thousands): 2020 $ 51,003 2021 250,000 2022 111,000 2023 150,000 2024 100,000 Thereafter 700,000 $ 1,362,003 |
Derivative and Hedging (Tables)
Derivative and Hedging (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | The following is a summary of the terms of the interest rate swaps as of December 31, 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 $ (1,317 ) U.S. Bank N.A. $ 100,000 3/1/2016 3/1/2023 $ 279 Wells Fargo Bank, N.A. $ 50,000 5/2/2016 3/1/2023 $ 155 |
Equity of American Assets Tru_2
Equity of American Assets Trust, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Dividends declared and paid on shares of common stock and noncontrolling common units | The following table lists the dividends declared and paid on our shares of common stock and Noncontrolling Common Units for the years ended December 31, 2019 , 2018 and 2017 : Period Amount per Share/Unit Period Covered Dividend Paid Date First Quarter 2017 $ 0.26 January 1, 2017 to March 31, 2017 March 30, 2017 Second Quarter 2017 $ 0.26 April 1, 2017 to June 30, 2017 June 29, 2017 Third Quarter 2017 $ 0.26 July 1, 2017 to September 30, 2017 September 28, 2017 Fourth Quarter 2017 $ 0.27 October 1, 2017 to December 31, 2017 December 21, 2017 First Quarter 2018 $ 0.27 January 1, 2018 to March 31, 2018 March 19, 2018 Second Quarter 2018 $ 0.27 April 1, 2018 to June 30, 2018 June 28, 2018 Third Quarter 2018 $ 0.27 July 1, 2018 to September 30, 2018 September 27, 2018 Fourth Quarter 2018 $ 0.28 October 1, 2018 to December 31, 2018 December 27, 2018 First Quarter 2019 $ 0.28 January 1, 2019 to March 31, 2019 March 28, 2019 Second Quarter 2019 $ 0.28 April 1, 2019 to June 30, 2019 June 27, 2019 Third Quarter 2019 $ 0.28 July 1, 2019 to September 30, 2019 September 26, 2019 Fourth Quarter 2019 $ 0.30 October 1, 2019 to December 31, 2019 December 26, 2019 |
Summary of income tax status of dividends per share paid | A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2019 2018 2017 Per Share % Per Share % Per Share % Ordinary income $ 1.09 95.6 % $ 1.05 96.3 % $ 1.05 100.0 % Capital gain — — % — — % — — % Return of capital 0.05 4.4 % 0.04 3.7 % — — % Total $ 1.14 100.0 % $ 1.09 100.0 % $ 1.05 100.0 % |
Schedule of restricted common stock | The following shares of restricted common stock have been issued as of December 31, 2019 : Grant Fair Value at Grant Date Number June 13, 2017 (1) $40.99 4,880 December 15, 2017 (2) $27.27 145,218 June 12, 2018 (1) $37.58 5,320 December 6, 2018 (3) $25.68 - $28.18 199,790 June 11, 2019 (1) $45.35 4,412 December 9, 2019 (4) $28.06 - $30.97 168,596 (1) Restricted common stock issued to members of the company's non-employee directors. These awards of restricted stock will vest subject to the director's continued service on the Board of Directors on the earlier of (i) the one year anniversary of the date of grant or (ii) the date of the next annual meeting of our stockholders, if such non-employee director continues his or her service on the Board of Directors until the next annual meeting of stockholders, but not thereafter, pursuant to our independent director compensation policy. (2) |
Activity of restricted stock awards | The following table summarizes the activity of non-vested restricted stock awards during the year ended December 31, 2019 : 2019 Units Weighted Average Grant Date Fair Value Balance at beginning of year 342,093 $ 28.33 Granted 173,008 29.99 Vested (99,304 ) 28.23 Forfeited (70,644 ) 30.44 Balance at end of year 345,153 $ 28.75 |
Computation of basic and diluted EPS | The computation of basic and diluted EPS for American Assets Trust, Inc. is presented below (dollars in thousands, except share and per share amounts): Year Ended December 31, 2019 2018 2017 NUMERATOR Net income $ 60,188 $ 27,202 $ 40,132 Less: Net income attributable to restricted shares (381 ) (311 ) (241 ) Less: Income attributable to unitholders in the Operating Partnership (14,089 ) (7,205 ) (10,814 ) Net income attributable to common stockholders—basic $ 45,718 $ 19,686 $ 29,077 Income attributable to American Assets Trust, Inc. common stockholders—basic $ 45,718 $ 19,686 $ 29,077 Plus: Income attributable to unitholders in the Operating Partnership 14,089 7,205 10,814 Net income attributable to common stockholders—diluted $ 59,807 $ 26,891 $ 39,891 DENOMINATOR Weighted average common shares outstanding—basic 54,110,949 46,950,812 46,715,520 Effect of dilutive securities—conversion of Operating Partnership units 16,675,183 17,185,747 17,371,730 Weighted average common shares outstanding—diluted 70,786,132 64,136,559 64,087,250 Earnings per common share, basic $ 0.84 $ 0.42 $ 0.62 Earnings per common share, diluted $ 0.84 $ 0.42 $ 0.62 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income tax provision | The income tax provision included in other income (expense) on the consolidated statement of income is as follows (in thousands): Year Ended December 31, 2019 2018 2017 Current: Federal $ 48 $ 60 $ — State 625 465 422 Deferred: Federal $ 237 $ (6 ) $ — State (91 ) (192 ) (208 ) Provision for income taxes $ 819 $ 327 $ 214 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Future minimum rental payments for operating leases | As of December 31, 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 for the years ended December 31 (in thousands): 2020 $ 216,969 2021 212,728 2022 196,345 2023 175,686 2024 146,164 Thereafter 523,183 Total $ 1,471,075 |
Current minimum annual payments under the leases | Current annual payments under the operating leases are as follows, as of December 31, 2019 (in thousands): Year Ending December 31, 2020 $ 3,422 2021 2,153 2022 — 2023 — 2024 — Thereafter — Total lease payments $ 5,575 Imputed interest $ (195 ) Present value of lease liability $ 5,380 |
Lease costs under operating leases and supplemental cash flow information of leases | Lease costs under the operating leases are as follows (in thousands): Year Ended December 31, 2019 Operating lease cost $ 3,334 Variable lease cost — Sublease income (3,098 ) Total lease (income) cost $ 236 Weighted-average remaining lease term - operating leases (in years) 1.7 Weighted-average discount rate - operating leases 4.13 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Year Ended December 31, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 3,347 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 7,661 |
Component of Rental Income an_2
Component of Rental Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Leases, Income Statement, Lease Revenue [Abstract] | |
Principal components of rental income | The principal components of rental income are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Minimum rents Office $ 136,118 $ 95,081 $ 93,128 Retail 99,601 77,147 76,201 Multifamily 47,448 46,897 40,217 Mixed-Use 15,702 11,019 10,564 Cost reimbursement — 34,584 34,267 Percentage rent 2,476 3,149 3,214 Hotel revenue 40,297 40,049 39,545 Other 2,223 1,611 1,667 Total rental income $ 343,865 $ 309,537 $ 298,803 |
Principal components of rental expenses | The principal components of rental expenses are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Rental operating $ 38,331 $ 37,322 $ 34,944 Hotel operating 24,522 24,030 24,254 Repairs and maintenance 17,035 13,486 13,136 Marketing 2,538 2,108 2,053 Rent 3,372 3,216 3,119 Hawaii excise tax 4,160 4,333 4,454 Management fees 2,009 1,987 2,046 Total rental expenses $ 91,967 $ 86,482 $ 84,006 |
Other Income (Expenses) (Tables
Other Income (Expenses) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Principal components of other income (expense), net | The principal components of other income (expense), net are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Interest and investment income $ 696 $ 238 $ 548 Income tax expense (819 ) (327 ) (214 ) Other non-operating income 1 4 — Total other income (expense) $ (122 ) $ (85 ) $ 334 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of segments operating activity | The following table represents operating activity within our reportable segments (in thousands): Year Ended December 31, 2019 2018 2017 Total Office Property revenue 144,683 112,362 105,694 Property expense (42,234 ) (33,860 ) (33,120 ) Segment profit 102,449 78,502 72,574 Total Retail Property revenue $ 107,604 $ 105,552 $ 103,968 Property expense (30,633 ) (30,078 ) (28,524 ) Segment profit 76,971 75,474 75,444 Total Multifamily Property revenue 51,066 50,627 43,533 Property expense (20,863 ) (20,441 ) (17,898 ) Segment profit 30,203 30,186 25,635 Total Mixed-Use Property revenue 63,388 62,326 61,788 Property expense (38,250 ) (37,076 ) (37,135 ) Segment profit 25,138 25,250 24,653 Total segments’ profit $ 234,761 $ 209,412 $ 198,306 |
Reconciliation of segment profit to net income attributable to stockholders | The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands): Year Ended December 31, 2019 2018 2017 Total segments' profit $ 234,761 $ 209,412 $ 198,306 General and administrative (24,871 ) (22,784 ) (21,382 ) Depreciation and amortization (96,205 ) (107,093 ) (83,278 ) Interest expense (54,008 ) (52,248 ) (53,848 ) Gain on sale of real estate 633 — — Other income (expense), net (122 ) (85 ) 334 Net income 60,188 27,202 40,132 Net income attributable to restricted shares (381 ) (311 ) (241 ) Net income attributable to unitholders in the Operating Partnership (14,089 ) (7,205 ) (10,814 ) Net income attributable to American Assets Trust, Inc. stockholders $ 45,718 $ 19,686 $ 29,077 |
Net Real Estate and Secured note payable balances by Segments | The following table shows net real estate and secured note payable balances for each of the segments, along with their capital expenditures for each year (in thousands): December 31, 2019 December 31, 2018 Net real estate Office $ 1,317,854 $ 822,574 Retail 624,912 628,734 Multifamily 401,152 412,042 Mixed-Use 179,557 176,503 $ 2,523,475 $ 2,039,853 Secured Notes Payable (1) Office $ 127,768 $ 147,757 Retail 34,235 35,008 $ 162,003 $ 182,765 Capital Expenditures (2) Office $ 64,549 $ 45,192 Retail 22,844 14,219 Multifamily 3,711 3,659 Mixed-Use 8,490 1,277 $ 99,594 $ 64,347 (1) Excludes unamortized debt issuance costs of $0.1 million and $0.2 million as of December 31, 2019 and 2018 , respectively. (2) Capital expenditures represent cash paid for capital expenditures during the year and includes leasing commissions paid. |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Information | The tables below reflect selected American Assets Trust, Inc. quarterly information for 2019 and 2018 (in thousands, except per shares data): Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 98,947 $ 98,362 $ 84,113 $ 85,319 Operating income 29,993 30,384 24,487 28,821 Net income 16,485 16,519 11,941 15,243 Net income attributable to restricted shares (104 ) (92 ) (92 ) (93 ) Net income loss attributable to unitholders in the Operating Partnership (3,536 ) (3,565 ) (2,933 ) (4,055 ) Net income attributable to American Assets Trust, Inc. stockholders $ 12,845 $ 12,862 $ 8,916 $ 11,095 Net income per share attributable to common stockholders - basic and diluted $ 0.22 $ 0.22 $ 0.18 $ 0.24 Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 82,605 $ 82,507 $ 85,023 $ 80,732 Operating income 22,091 27,275 17,249 12,920 Net income (loss) 9,209 14,271 4,413 (691 ) Net (income) loss attributable to restricted shares (96 ) (71 ) (216 ) 72 Net (income) loss attributable to unitholders in the Operating Partnership (2,440 ) (3,806 ) (1,125 ) 166 Net income (loss) attributable to American Assets Trust, Inc. stockholders $ 6,673 $ 10,394 $ 3,072 $ (453 ) Net income (loss) per share attributable to common stockholders - basic and diluted $ 0.14 $ 0.22 $ 0.07 $ (0.01 ) The tables below reflect selected American Assets Trust, L.P. quarterly information for 2019 and 2018 (in thousands, except per shares data): Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 98,947 $ 98,362 $ 84,113 $ 85,319 Operating income 29,993 30,384 24,487 28,821 Net income 16,485 16,519 11,941 15,243 Net income attributable to restricted shares (104 ) (92 ) (92 ) (93 ) Net income attributable to American Assets Trust, L.P. unit holders $ 16,381 $ 16,427 $ 11,849 $ 15,150 Net income per unit attributable to unit holders - basic and diluted $ 0.22 $ 0.22 $ 0.18 $ 0.24 Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 82,605 $ 82,507 $ 85,023 $ 80,732 Operating income 22,091 27,275 17,249 12,920 Net income (loss) 9,209 14,271 4,413 (691 ) Net (income) loss attributable to restricted shares (96 ) (71 ) (216 ) 72 Net income (loss) attributable to American Assets Trust, L.P. unit holders $ 9,113 $ 14,200 $ 4,197 $ (619 ) Net income per unit attributable to common unit holders - basic and diluted $ 0.14 $ 0.22 $ 0.07 $ (0.01 ) |
Real Estate (Details)
Real Estate (Details) $ in Thousands | Jun. 20, 2019USD ($)ft² | May 22, 2019USD ($) | Jul. 06, 2017USD ($)ft² | Apr. 28, 2017USD ($)unit | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Real Estate [Line Items] | |||||||
Proceeds from sale of real estate, net of selling costs | $ 8,191 | $ 0 | $ 0 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years 2 months 12 days | ||||||
Solana Beach Highway 101 Land | |||||||
Real Estate [Line Items] | |||||||
Sales price of property sold | $ 9,400 | ||||||
Proceeds from sale of real estate, net of selling costs | $ 9,400 | ||||||
Gain on sale of real estate | $ 600 | $ 0 | |||||
Pacific Ridge Apartments | |||||||
Real Estate [Line Items] | |||||||
Number of units in real estate property | unit | 533 | ||||||
Purchase price consideration | $ 232,000 | ||||||
Acquisition cost capitalized | $ 100 | ||||||
Gateway Marketplace | |||||||
Real Estate [Line Items] | |||||||
Purchase price consideration | $ 42,000 | ||||||
Acquisition cost capitalized | $ 100 | ||||||
Area of real estate property | ft² | 128,000 | ||||||
La Jolla Commons | |||||||
Real Estate [Line Items] | |||||||
Purchase price consideration | $ 525,000 | ||||||
Purchase Price Seller Credits - Speculative Lease-up | 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 | 724,000 |
Real Estate Summary of Real Est
Real Estate Summary of Real Estate Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate Properties [Line Items] | |||
Construction in progress | $ 91,264 | $ 71,228 | |
Total Real estate, at cost | 3,188,697 | 2,630,191 | |
Accumulated depreciation | (665,222) | (590,338) | |
Net real estate | 2,523,475 | 2,039,853 | |
Total Retail | |||
Real Estate Properties [Line Items] | |||
Net real estate | 624,912 | 628,734 | |
Total Office | |||
Real Estate Properties [Line Items] | |||
Net real estate | 1,317,854 | 822,574 | |
Real Estate Investment | |||
Real Estate Properties [Line Items] | |||
Land | 628,557 | 555,630 | |
Buildings | 2,173,740 | 1,775,730 | |
Land improvements | 67,144 | 61,621 | |
Tenant improvements | 241,621 | 163,740 | |
Furniture, fixtures, and equipment | 26,158 | 23,911 | |
Construction in progress | [1] | 51,477 | 49,559 |
Total Real estate, at cost | 3,188,697 | 2,630,191 | |
Accumulated depreciation | (665,222) | (590,338) | |
Net real estate | 2,523,475 | 2,039,853 | |
Real Estate Investment | Total Retail | |||
Real Estate Properties [Line Items] | |||
Land | 254,016 | 262,860 | |
Buildings | 523,645 | 516,566 | |
Land improvements | 46,335 | 43,412 | |
Tenant improvements | 87,707 | 70,210 | |
Furniture, fixtures, and equipment | 911 | 570 | |
Construction in progress | 6,487 | 8,598 | |
Total Real estate, at cost | 919,101 | 902,216 | |
Accumulated depreciation | (294,189) | (273,482) | |
Net real estate | 624,912 | 628,734 | |
Real Estate Investment | Total Office | |||
Real Estate Properties [Line Items] | |||
Land | 225,238 | 143,467 | |
Buildings | 1,132,990 | 743,474 | |
Land improvements | 11,097 | 8,825 | |
Tenant improvements | 151,662 | 91,612 | |
Furniture, fixtures, and equipment | 3,065 | 2,671 | |
Construction in progress | 35,397 | 39,511 | |
Total Real estate, at cost | 1,559,449 | 1,029,560 | |
Accumulated depreciation | (241,595) | (206,986) | |
Net real estate | 1,317,854 | 822,574 | |
Real Estate Investment | Total Multifamily | |||
Real Estate Properties [Line Items] | |||
Land | 72,668 | 72,668 | |
Buildings | 390,379 | 389,831 | |
Land improvements | 7,106 | 6,778 | |
Tenant improvements | 0 | 0 | |
Furniture, fixtures, and equipment | 14,995 | 13,844 | |
Construction in progress | 2,212 | 854 | |
Total Real estate, at cost | 487,360 | 483,975 | |
Accumulated depreciation | (86,208) | (71,933) | |
Net real estate | 401,152 | 412,042 | |
Real Estate Investment | Total Mixed-Use | |||
Real Estate Properties [Line Items] | |||
Land | 76,635 | 76,635 | |
Buildings | 126,726 | 125,859 | |
Land improvements | 2,606 | 2,606 | |
Tenant improvements | 2,252 | 1,918 | |
Furniture, fixtures, and equipment | 7,187 | 6,826 | |
Construction in progress | 7,381 | 596 | |
Total Real estate, at cost | 222,787 | 214,440 | |
Accumulated depreciation | (43,230) | (37,937) | |
Net real estate | $ 179,557 | $ 176,503 | |
[1] | Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)EmployeeSegmentRoomProperty | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Lease, Practical Expedient, Lease and Non-lease Components | $ 38,400,000 | |||
Document Period End Date | Dec. 31, 2019 | |||
Number of employees | Employee | 206 | |||
Number of office, retail, multifamily and mixed-use operating properties | Property | 28 | |||
Properties held for development | Property | 3 | |||
Allowance for doubtful accounts | $ (1,200,000) | $ (600,000) | ||
Total bad debt expense | 1,800,000 | 800,000 | $ 800,000 | |
Real estate depreciation expense | $ 85,300,000 | 99,600,000 | 70,200,000 | |
Short term liquid investments, initial maturity | 3 months | |||
Cash balance at banks, federally insured amount | $ 250,000 | |||
Cash balance at banks, excess of FDIC insured limit | 36,200,000 | 42,400,000 | ||
Restricted cash | 10,148,000 | 9,316,000 | 9,344,000 | |
Incremental stock compensation cost from modification | $ 0 | 0 | 2,200,000 | |
Number of operating segments | Segment | 4 | |||
Rooms in mixed-use segment all-suite hotel | Room | 369 | |||
Future minimum lease payments due | $ 5,600,000 | |||
Right-of-use asset, net | 4,863,000 | 0 | $ 7,700,000 | |
Straight-line rent liability | 16,903,000 | 7,393,000 | $ 800,000 | |
Lease liability | 5,380,000 | 0 | ||
Money Market Funds | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash balance at banks, excess of FDIC insured limit | $ 52,500,000 | 200,000 | ||
Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of taxable income required to distribute to qualify as real estate investment trust (REIT) | 90.00% | |||
Building And Improvement | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Real Estate, estimated useful lives | 30 years | |||
Building And Improvement | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Real Estate, estimated useful lives | 40 years | |||
Furniture And Equipment | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Real Estate, estimated useful lives | 3 years | |||
Furniture And Equipment | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Real Estate, estimated useful lives | 15 years | |||
Deferred Rent Receivables | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Allowance for doubtful accounts | $ (500,000) | (300,000) | ||
Other Income | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
General excise tax recognized, gross | $ 3,500,000 | $ 3,600,000 | $ 3,700,000 |
Real Estate La Jolla Commons Fi
Real Estate La Jolla Commons Financial Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate [Line Items] | ||||||||||||
Total revenue | $ 98,947 | $ 98,362 | $ 84,113 | $ 85,319 | $ 82,605 | $ 82,507 | $ 85,023 | $ 80,732 | $ 366,741 | $ 330,867 | $ 314,983 | |
Operating Expenses | 253,056 | 251,332 | 221,337 | |||||||||
Operating income (loss) | 29,993 | 30,384 | 24,487 | 28,821 | 22,091 | 27,275 | 17,249 | 12,920 | 113,685 | 79,535 | 93,646 | |
Net income | $ 16,485 | $ 16,519 | $ 11,941 | $ 15,243 | $ 9,209 | $ 14,271 | $ 4,413 | $ (691) | $ 60,188 | $ 27,202 | $ 40,132 | |
La Jolla Commons | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Total revenue | $ 20,579 | |||||||||||
Operating Expenses | 18,140 | |||||||||||
Operating income (loss) | 2,439 | |||||||||||
Net income | $ 2,650 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Supplemental Disclosures Related to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental cash flow information | |||
Total interest costs incurred | $ 54,636 | $ 53,736 | $ 55,418 |
Interest capitalized | 628 | 1,488 | 1,570 |
Interest expense | 54,008 | 52,248 | 53,848 |
Cash paid for interest, net of amounts capitalized | 51,975 | 52,632 | 47,473 |
Cash paid for income taxes | 971 | 462 | 461 |
Supplemental schedule of noncash investing and financing activities | |||
Accounts payable and accrued liabilities for construction in progress | 25,413 | 14,440 | 6,863 |
Accrued leasing commissions | 3,345 | 5,229 | 1,694 |
Reduction to capital for prepaid equity financing costs | 0 | 241 | 0 |
Building recorded in termination of ground lease | $ 4,518 | $ 0 | $ 0 |
Real Estate Property Asset Acqu
Real Estate Property Asset Acquisitions (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate [Line Items] | ||
Acquired in-place leases, net | $ 31,224 | $ 6,281 |
Prepaid expenses, deposits and other | 7,225 | 6,683 |
TOTAL ASSETS | 2,790,333 | 2,198,250 |
Accounts payable and accrued expenses | 62,576 | 46,616 |
Security deposits payable | 8,316 | 8,844 |
Other liabilities and deferred credits | 68,110 | 49,547 |
Liabilities | 1,496,661 | $ 1,395,779 |
La Jolla Commons | ||
Real Estate [Line Items] | ||
Land | 82,759 | |
Buildings | 361,471 | |
Land improvements | 1,359 | |
Furniture, fixtures, and equipment | 30,822 | |
Total real estate | 476,411 | |
Acquired in-place leases, net | 40,082 | |
Prepaid expenses, deposits and other | 13 | |
TOTAL ASSETS | 516,506 | |
Accounts payable and accrued expenses | 3,578 | |
Security deposits payable | 443 | |
Other liabilities and deferred credits | 3,817 | |
Liabilities | $ 7,838 |
Real Estate Pro Forma Financial
Real Estate Pro Forma Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate [Line Items] | |||||||||||
Total revenue | $ 98,947 | $ 98,362 | $ 84,113 | $ 85,319 | $ 82,605 | $ 82,507 | $ 85,023 | $ 80,732 | $ 366,741 | $ 330,867 | $ 314,983 |
Operating Expenses | 253,056 | 251,332 | 221,337 | ||||||||
Operating income (loss) | 29,993 | 30,384 | 24,487 | 28,821 | 22,091 | 27,275 | 17,249 | 12,920 | 113,685 | 79,535 | 93,646 |
Net income | $ 16,485 | $ 16,519 | $ 11,941 | $ 15,243 | $ 9,209 | $ 14,271 | $ 4,413 | $ (691) | 60,188 | 27,202 | $ 40,132 |
Pro Forma | |||||||||||
Real Estate [Line Items] | |||||||||||
Total revenue | 383,125 | 365,326 | |||||||||
Operating Expenses | 264,107 | 281,253 | |||||||||
Operating income (loss) | 119,018 | 84,073 | |||||||||
Net income | $ 64,278 | $ 30,662 |
Acquired In-Place Leases and _3
Acquired In-Place Leases and Above/Below Market Leases Summary of Acquired Lease Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Acquired lease intangible assets | $ 183 | $ 518 |
Net of accumulated amortization of other intangible assets | (1,031) | (981) |
Below Market Lease [Abstract] | ||
Below market leases | 62,126 | 63,172 |
Accumulated accretion | (36,674) | (37,220) |
Acquired lease intangible liabilities, net | 25,452 | 25,952 |
In-place leases | ||
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Acquired lease intangible assets | 63,896 | 40,884 |
Net of accumulated amortization of other intangible assets | (32,672) | (34,603) |
Acquired lease intangible assets, net | 31,224 | |
Above market leases | ||
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Acquired lease intangible assets | 7,534 | 11,963 |
Net of accumulated amortization of other intangible assets | (7,351) | (11,445) |
Acquired lease intangible assets, net | 183 | |
Acquired lease intangible assets | ||
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Acquired lease intangible assets, net | $ 31,407 | $ 6,799 |
Acquired In-Place Leases and _4
Acquired In-Place Leases and Above/Below Market Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of acquired above and below market leases | $ 3.8 | $ 3.6 | $ 3.3 |
Weighted-average amortization period of below market leases | 11 years | ||
Acquired lease, below market renewal options | $ 12.3 | ||
Weighted-average amortization period of acquired leases prior to the commencement of renewal option | 8 years 10 months 24 days | ||
In-place leases | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted-average amortization period of acquired leases | 8 years 6 months | ||
Above market leases | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted-average amortization period of acquired leases | 4 years 7 months 6 days |
Acquired In-Place Leases and _5
Acquired In-Place Leases and Above/Below Market Leases Increases (Decreases) in Net Income as Result of Amortization of In-Place Leases Above Market Leases and Below Market Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of leases | $ (976) | $ 1,480 | $ (5,464) |
Amortization of below market leases | 4,131 | 4,230 | 4,239 |
In-place leases | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of leases | (4,762) | (2,090) | (8,769) |
Above market leases | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of leases | $ (345) | $ (660) | $ (934) |
Acquired In-Place Leases and _6
Acquired In-Place Leases and Above/Below Market Leases Amortization for Acquired In-Place Leases During Next Five Years and Thereafter Assuming No Early Lease Terminations (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract] | ||
2020 | $ 3,382 | |
2021 | 3,148 | |
2022 | 2,579 | |
2023 | 2,329 | |
2024 | 2,038 | |
Thereafter | 11,976 | |
Acquired lease intangible liabilities, net | 25,452 | $ 25,952 |
In-place leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
2020 | 4,903 | |
2021 | 4,244 | |
2022 | 3,589 | |
2023 | 3,363 | |
2024 | 3,178 | |
Thereafter | 11,947 | |
Acquired lease intangible assets, net | 31,224 | |
Above market leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
2020 | 62 | |
2021 | 28 | |
2022 | 28 | |
2023 | 27 | |
2024 | 24 | |
Thereafter | 14 | |
Acquired lease intangible assets, net | $ 183 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments Liabilities Fair Value Measurement on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation liability | $ 1,669 | $ 1,424 |
Interest rate swap asset | 434 | 6,002 |
Interest rate swap liability | 1,317 | 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 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, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation liability | 1,669 | 1,424 |
Interest rate swap asset | 434 | 6,002 |
Interest rate swap liability | $ 1,317 | $ 801 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2 | Dec. 31, 2019 |
Minimum | |
Fair Value Inputs Disclosures | |
Fair value assumptions, interest rate | 0.029 |
Maximum | |
Fair Value Inputs Disclosures | |
Fair value assumptions, interest rate | 0.041 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Secured notes payable | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | $ 161,879 | $ 182,572 |
Secured notes payable | Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 166,885 | 183,253 |
Unsecured debt | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 248,864 | 248,765 |
Unsecured debt | Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 250,000 | 250,000 |
Unsecured senior guaranteed notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 946,916 | 797,098 |
Unsecured senior guaranteed notes | Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 975,291 | 790,267 |
Unsecured line of credit | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 62,337 |
Unsecured line of credit | Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | $ 0 | $ 64,000 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Leasing commissions, net of accumulated amortization of $30,775 and $28,597, respectively | $ 42,539 | $ 28,796 | |
Interest rate swap asset | 434 | 6,002 | |
Acquired above market leases, net | 183 | 518 | |
Acquired in-place leases, net | 31,224 | 6,281 | |
Lease incentives, net of accumulated amortization of $565 and $299, respectively | 2,603 | 747 | |
Other intangible assets, net of accumulated amortization of $1,031 and $981, respectively | 2,893 | 2,994 | |
Debt issuance costs, net of accumulated amortization of $814 and $0, respectively | 1,256 | 0 | |
Right-of-use asset, net | 4,863 | $ 7,700 | 0 |
Prepaid expenses, deposits and other | 7,225 | 6,683 | |
Total other assets | 93,220 | 52,021 | |
Leasing commissions, accumulative amortization | 30,775 | 28,597 | |
Lease incentives, accumulated amortization | 565 | 299 | |
Other intangible assets, accumulated amortization | 1,031 | 981 | |
Debt issuance costs, accumulated amortization | $ 814 | $ 0 |
Other Liabilities and Deferre_3
Other Liabilities and Deferred Credits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Other Liabilities Disclosure [Abstract] | |||
Acquired below market leases, net | $ 25,452 | $ 25,952 | |
Prepaid rent and deferred revenue | 16,969 | 11,634 | |
Interest rate swap liability | 1,317 | 801 | |
Straight-line rent liability | 16,903 | $ 800 | 7,393 |
Deferred rent expense and lease intangible | 28 | 2,210 | |
Deferred compensation | 1,669 | 1,424 | |
Deferred tax liability | 332 | 93 | |
Lease liability | 5,380 | 0 | |
Other liabilities | 60 | 40 | |
Total other liabilities and deferred credits, net | $ 68,110 | $ 49,547 |
Debt Summary of Total Secured N
Debt Summary of Total Secured Notes Payable Outstanding (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Debt issuance costs, net | $ (1,256) | $ 0 |
Notes payable, total | 1,362,003 | |
Debt issuance costs, accumulated amortization | 814 | 0 |
Secured notes payable | American Assets Trust, L.P. | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Principal Balance | 162,003 | 182,765 |
Debt issuance costs, net | (124) | (193) |
Notes payable, total | $ 161,879 | 182,572 |
Number of year amortization schedule | 30 years | |
Debt issuance costs, accumulated amortization | $ 449 | 671 |
Secured notes payable | American Assets Trust, L.P. | Torrey Reserve - North Court | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Principal Balance | $ 0 | 19,620 |
Stated Interest Rate | 7.22% | |
Stated Maturity Date | Jun. 1, 2019 | |
Secured notes payable | American Assets Trust, L.P. | Torrey Reserve-VCI, VCII, VCIII | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Principal Balance | $ 6,498 | 6,635 |
Stated Interest Rate | 6.36% | |
Stated Maturity Date | Jun. 1, 2020 | |
Secured notes payable | American Assets Trust, L.P. | Solana Beach Corporate Centre I-II | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Principal Balance | $ 10,270 | 10,502 |
Stated Interest Rate | 5.91% | |
Stated Maturity Date | Jun. 1, 2020 | |
Secured notes payable | American Assets Trust, L.P. | Solana Beach Towne Centre | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Principal Balance | $ 34,235 | 35,008 |
Stated Interest Rate | 5.91% | |
Stated Maturity Date | Jun. 1, 2020 | |
Secured notes payable | American Assets Trust, L.P. | City Center Bellevue | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Principal Balance | $ 111,000 | $ 111,000 |
Stated Interest Rate | 3.98% | |
Stated Maturity Date | Nov. 1, 2022 |
Debt Summary of Total Unsecured
Debt Summary of Total Unsecured Notes Payable Outstanding (Details) $ in Thousands | Jul. 17, 2019USD ($) | Jan. 09, 2019Extension_Option | Jun. 23, 2017USD ($) | May 31, 2017 | May 11, 2017USD ($) | Apr. 25, 2017 | Jan. 18, 2017USD ($) | May 02, 2016 | Apr. 07, 2016 | Mar. 29, 2016 | Mar. 23, 2016 | Mar. 01, 2016 | Jan. 29, 2016 | Sep. 19, 2014USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 19, 2017 | May 23, 2017 | Mar. 01, 2017 | Jan. 09, 2014USD ($) | ||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt issuance costs, net | $ (1,256) | $ 0 | ||||||||||||||||||||
Unsecured notes payable | 1,195,780 | 1,045,863 | ||||||||||||||||||||
Debt issuance costs, accumulated amortization | 814 | 0 | ||||||||||||||||||||
American Assets Trust, L.P. | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Unsecured notes payable | $ 1,195,780 | $ 1,045,863 | ||||||||||||||||||||
American Assets Trust, L.P. | Interest Rate Swap | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Fixed interest rate on derivative | 3.08% | |||||||||||||||||||||
Term of derivative contract | 7 years | 10 years | 10 years | 10 years | 7 years | |||||||||||||||||
American Assets Trust, L.P. | Forward Contracts | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Term of derivative contract | 1 month | |||||||||||||||||||||
Gain on derivatives | $ 500 | $ 700 | $ 10,400 | $ 1,600 | ||||||||||||||||||
Loss on derivatives | $ 500 | |||||||||||||||||||||
Term Loan A | American Assets Trust, L.P. | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Unsecured notes payable | $ 100,000 | |||||||||||||||||||||
Term Loan A | American Assets Trust, L.P. | Interest Rate Swap | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Fixed interest rate on derivative | 4.13% | |||||||||||||||||||||
Senior Guaranteed Notes, Series A | American Assets Trust, L.P. | Forward Contracts | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Effective interest rate (percent) | 3.88% | |||||||||||||||||||||
Term Loan B | American Assets Trust, L.P. | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Stated Maturity Date | Mar. 1, 2023 | Mar. 1, 2023 | ||||||||||||||||||||
Term Loan B | American Assets Trust, L.P. | Interest Rate Swap | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Fixed interest rate on derivative | 2.75% | 3.15% | ||||||||||||||||||||
Term Loan C | American Assets Trust, L.P. | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Stated Maturity Date | Mar. 1, 2023 | Mar. 1, 2023 | ||||||||||||||||||||
Term Loan C | American Assets Trust, L.P. | Interest Rate Swap | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Fixed interest rate on derivative | 2.74% | 3.14% | ||||||||||||||||||||
Senior Guaranteed Notes, Series F | American Assets Trust, L.P. | Forward Contracts | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Effective interest rate (percent) | 3.85% | |||||||||||||||||||||
Senior Guaranteed Notes, Series D | American Assets Trust, L.P. | Forward Contracts | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Effective interest rate (percent) | 3.87% | |||||||||||||||||||||
Senior Guaranteed Notes, Series E | American Assets Trust, L.P. | Forward Contracts | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Effective interest rate (percent) | 4.18% | |||||||||||||||||||||
Senior Guaranteed Notes, Series G [Member] | American Assets Trust, L.P. | Forward Contracts | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Effective interest rate (percent) | 3.88% | |||||||||||||||||||||
Unsecured debt | American Assets Trust, L.P. | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Long-term Debt, Principal Balance | $ 1,200,000 | $ 1,050,000 | ||||||||||||||||||||
Debt issuance costs, net | (4,220) | (4,137) | ||||||||||||||||||||
Unsecured notes payable | 1,195,780 | 1,045,863 | ||||||||||||||||||||
Debt issuance costs, accumulated amortization | 7,835 | 6,844 | ||||||||||||||||||||
Unsecured debt | Term Loan A | American Assets Trust, L.P. | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Long-term Debt, Principal Balance | $ 100,000 | 100,000 | ||||||||||||||||||||
Stated Maturity Date | Jan. 9, 2021 | |||||||||||||||||||||
Number of extensions available | Extension_Option | 3 | |||||||||||||||||||||
Extension term (in months) | 1 year | |||||||||||||||||||||
Unsecured debt | Senior Guaranteed Notes, Series A | American Assets Trust, L.P. | ||||||||||||||||||||||
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 | |||||||||||||||||||||
Unsecured debt | Term Loan B | American Assets Trust, L.P. | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Long-term Debt, Principal Balance | $ 100,000 | 100,000 | ||||||||||||||||||||
Stated Maturity Date | Mar. 1, 2023 | |||||||||||||||||||||
Unsecured debt | Term Loan C | American Assets Trust, L.P. | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Long-term Debt, Principal Balance | $ 50,000 | 50,000 | ||||||||||||||||||||
Stated Maturity Date | Mar. 1, 2023 | |||||||||||||||||||||
Unsecured debt | Senior Guaranteed Notes, Series F | American Assets Trust, L.P. | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Long-term Debt, Principal Balance | $ 100,000 | 100,000 | ||||||||||||||||||||
Stated Interest Rate | 3.78% | [2] | 3.78% | |||||||||||||||||||
Stated Maturity Date | Jul. 19, 2024 | |||||||||||||||||||||
Unsecured debt | Senior Guaranteed Notes, Series B | American Assets Trust, L.P. | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Long-term Debt, Principal Balance | $ 100,000 | 100,000 | ||||||||||||||||||||
Stated Interest Rate | 4.45% | |||||||||||||||||||||
Stated Maturity Date | Feb. 2, 2025 | |||||||||||||||||||||
Unsecured debt | Senior Guaranteed Notes, Series C | American Assets Trust, L.P. | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Long-term Debt, Principal Balance | $ 100,000 | 100,000 | ||||||||||||||||||||
Stated Interest Rate | 4.50% | |||||||||||||||||||||
Stated Maturity Date | Apr. 1, 2025 | |||||||||||||||||||||
Unsecured debt | Senior Guaranteed Notes, Series D | American Assets Trust, L.P. | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Long-term Debt, Principal Balance | $ 250,000 | 250,000 | ||||||||||||||||||||
Stated Interest Rate | 4.29% | [3] | 4.29% | |||||||||||||||||||
Stated Maturity Date | Mar. 1, 2027 | |||||||||||||||||||||
Unsecured debt | Senior Guaranteed Notes, Series E | American Assets Trust, L.P. | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Long-term Debt, Principal Balance | $ 100,000 | 100,000 | ||||||||||||||||||||
Stated Interest Rate | 4.24% | [4] | 4.24% | |||||||||||||||||||
Stated Maturity Date | May 23, 2029 | |||||||||||||||||||||
Unsecured debt | Senior Guaranteed Notes, Series G [Member] | American Assets Trust, L.P. | ||||||||||||||||||||||
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 company 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 (see Note 8 ). 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 highly effective cash flow hedges, 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 Scheduled Principal Paymen
Debt Scheduled Principal Payments on Notes Payable (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 51,003 |
2020 | 250,000 |
2021 | 111,000 |
2022 | 150,000 |
2023 | 100,000 |
Thereafter | 700,000 |
Notes payable, total | $ 1,362,003 |
Debt (Details)
Debt (Details) | Jan. 09, 2019Extension_Option | Jan. 09, 2018USD ($)Extension_Option | Apr. 25, 2017 | May 02, 2016USD ($) | Mar. 23, 2016 | Mar. 01, 2016USD ($) | Jan. 29, 2016 | Oct. 31, 2014USD ($) | Jan. 09, 2014USD ($)Extension_Option | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 19, 2017USD ($) | May 23, 2017USD ($) | Mar. 01, 2017USD ($) | ||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 3.55% | |||||||||||||||
Unsecured line of credit | $ 0 | $ 62,337,000 | ||||||||||||||
Unsecured notes payable | 1,195,780,000 | 1,045,863,000 | ||||||||||||||
Unsecured line of credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum leverage ratio of revolving credit facility | 60.00% | |||||||||||||||
Maximum secured leverage ratio on revolving credit facility | 40.00% | |||||||||||||||
Minimum fixed charge coverage ratio covenant threshold | 1.5 | 1.5 | ||||||||||||||
Minimum interest coverage ratio covenant threshold | 175.00% | 175.00% | ||||||||||||||
Maximum unsecured leverage ratio (in percents) | 60.00% | |||||||||||||||
Minimum tangible net worth | $ 721,160,000 | |||||||||||||||
Percent of net proceeds of any additional equity issuances in relation to net proceeds as of Offering | 75.00% | |||||||||||||||
Maximum recourse indebtedness of total asset value (in percents) | 15.00% | |||||||||||||||
Percentage annual distributions cannot exceed funds from operations | 95.00% | |||||||||||||||
Unsecured line of credit | Federal Funds Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 0.50% | 0.50% | ||||||||||||||
Unsecured line of credit | Eurodollar | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.00% | 1.00% | ||||||||||||||
Term Loan A | Unsecured debt | Federal Funds Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on federal funds rate | 0.50% | |||||||||||||||
Term Loan A | Unsecured debt | Eurodollar | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on Eurodollar rate | 1.00% | |||||||||||||||
Term Loan B | Unsecured debt | Federal Funds Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on federal funds rate | 0.50% | 0.50% | ||||||||||||||
Term Loan B | Unsecured debt | Eurodollar | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on Eurodollar rate | 0.10% | 1.00% | ||||||||||||||
Term Loan C | Unsecured debt | Federal Funds Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on federal funds rate | 0.50% | |||||||||||||||
Term Loan C | Unsecured debt | Eurodollar | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on Eurodollar rate | 0.10% | |||||||||||||||
American Assets Trust, L.P. | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Unsecured line of credit | 0 | 62,337,000 | ||||||||||||||
Unsecured notes payable | 1,195,780,000 | 1,045,863,000 | ||||||||||||||
American Assets Trust, L.P. | Unsecured line of credit | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Variable rate basis | base rate | |||||||||||||||
American Assets Trust, L.P. | Unsecured line of credit | Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of extensions available | Extension_Option | 2 | |||||||||||||||
Extension term (in months) | 6 months | |||||||||||||||
American Assets Trust, L.P. | Unsecured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt, Principal Balance | 1,200,000,000 | 1,050,000,000 | ||||||||||||||
Unsecured notes payable | $ 1,195,780,000 | 1,045,863,000 | ||||||||||||||
American Assets Trust, L.P. | Term Loan A | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Unsecured notes payable | $ 100,000,000 | |||||||||||||||
American Assets Trust, L.P. | Term Loan A | Minimum | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 0.20% | |||||||||||||||
American Assets Trust, L.P. | Term Loan A | Maximum | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 0.70% | |||||||||||||||
American Assets Trust, L.P. | Term Loan A | Unsecured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Stated Maturity Date | Jan. 9, 2021 | |||||||||||||||
Long-term Debt, Principal Balance | $ 100,000,000 | 100,000,000 | ||||||||||||||
Number of extensions available | Extension_Option | 3 | |||||||||||||||
Extension term (in months) | 1 year | |||||||||||||||
American Assets Trust, L.P. | Term Loan A | Unsecured debt | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Variable rate basis | LIBOR | |||||||||||||||
American Assets Trust, L.P. | Term Loan A | Unsecured debt | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Prime rate | prime rate | |||||||||||||||
Federal funds rate | federal funds rate | |||||||||||||||
Eurodollar | Eurodollar | |||||||||||||||
American Assets Trust, L.P. | Term Loan A | Unsecured debt | Minimum | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.20% | |||||||||||||||
American Assets Trust, L.P. | Term Loan A | Unsecured debt | Maximum | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.70% | |||||||||||||||
American Assets Trust, L.P. | Term Loan B | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of year amortization schedule | 7 years | 7 years | ||||||||||||||
Face amount of debt | $ 100,000,000 | |||||||||||||||
Stated Maturity Date | Mar. 1, 2023 | Mar. 1, 2023 | ||||||||||||||
American Assets Trust, L.P. | Term Loan B | Minimum | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 0.70% | 0.70% | ||||||||||||||
American Assets Trust, L.P. | Term Loan B | Maximum | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.35% | 1.35% | ||||||||||||||
American Assets Trust, L.P. | Term Loan B | Unsecured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount of debt | $ 100,000,000 | |||||||||||||||
Stated Maturity Date | Mar. 1, 2023 | |||||||||||||||
Long-term Debt, Principal Balance | $ 100,000,000 | 100,000,000 | ||||||||||||||
American Assets Trust, L.P. | Term Loan B | Unsecured debt | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Variable rate basis | LIBOR | LIBOR | ||||||||||||||
American Assets Trust, L.P. | Term Loan B | Unsecured debt | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Minimum base rate | 0.00% | 0.00% | ||||||||||||||
Prime rate | prime rate | prime rate | ||||||||||||||
Federal funds rate | federal funds rate | federal funds rate | ||||||||||||||
Eurodollar | Eurodollar | Eurodollar | ||||||||||||||
American Assets Trust, L.P. | Term Loan B | Unsecured debt | Minimum | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.20% | 1.70% | ||||||||||||||
American Assets Trust, L.P. | Term Loan B | Unsecured debt | Maximum | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.70% | 2.35% | ||||||||||||||
American Assets Trust, L.P. | Term Loan B & Term Loan C | Unsecured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount of debt | $ 150,000,000 | |||||||||||||||
American Assets Trust, L.P. | Term Loan C | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of year amortization schedule | 7 years | 7 years | ||||||||||||||
Face amount of debt | $ 50,000,000 | |||||||||||||||
Stated Maturity Date | Mar. 1, 2023 | Mar. 1, 2023 | ||||||||||||||
American Assets Trust, L.P. | Term Loan C | Minimum | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 0.70% | 0.70% | ||||||||||||||
American Assets Trust, L.P. | Term Loan C | Maximum | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.35% | 1.35% | ||||||||||||||
American Assets Trust, L.P. | Term Loan C | Unsecured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount of debt | $ 50,000,000 | |||||||||||||||
Stated Maturity Date | Mar. 1, 2023 | |||||||||||||||
Long-term Debt, Principal Balance | $ 50,000,000 | 50,000,000 | ||||||||||||||
American Assets Trust, L.P. | Term Loan C | Unsecured debt | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Variable rate basis | LIBOR | LIBOR | ||||||||||||||
American Assets Trust, L.P. | Term Loan C | Unsecured debt | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Minimum base rate | 0.00% | 0.00% | ||||||||||||||
Prime rate | prime rate | prime rate | ||||||||||||||
Federal funds rate | federal funds rate | federal funds rate | ||||||||||||||
Eurodollar | Eurodollar | Eurodollar | ||||||||||||||
American Assets Trust, L.P. | Term Loan C | Unsecured debt | Minimum | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.20% | 1.70% | ||||||||||||||
American Assets Trust, L.P. | Term Loan C | Unsecured debt | Maximum | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.70% | 2.35% | ||||||||||||||
American Assets Trust, L.P. | Note Purchase Agreement | Senior Guaranteed Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount of debt | $ 350,000,000 | |||||||||||||||
Partial debt repayment, minimum percentage of principal (in percent) | 5.00% | |||||||||||||||
Full debt repayment percentage of principal plus a Make-Whole Amount (in percent) | 100.00% | |||||||||||||||
American Assets Trust, L.P. | Note Purchase Agreement | Senior Guaranteed Notes, Series A | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount of debt | $ 150,000,000 | |||||||||||||||
Stated Interest Rate | 4.04% | |||||||||||||||
American Assets Trust, L.P. | Note Purchase Agreement | Senior Guaranteed Notes, Series B | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount of debt | $ 100,000,000 | |||||||||||||||
Stated Interest Rate | 4.45% | |||||||||||||||
American Assets Trust, L.P. | Note Purchase Agreement | Senior Guaranteed Notes, Series C | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount of debt | $ 100,000,000 | |||||||||||||||
Stated Interest Rate | 4.50% | |||||||||||||||
American Assets Trust, L.P. | Amended and Restated Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Revolving credit facility borrowing limit, maximum borrowing capacity | 350,000,000 | |||||||||||||||
Allowable additional borrowing capacity | $ 250,000,000 | |||||||||||||||
American Assets Trust, L.P. | Amended and Restated Credit Facility | Minimum | Revolving Credit Facility | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 0.35% | |||||||||||||||
American Assets Trust, L.P. | Amended and Restated Credit Facility | Maximum | Revolving Credit Facility | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 0.95% | |||||||||||||||
American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured line of credit | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Prime rate | prime rate | |||||||||||||||
Federal funds rate | federal funds rate | |||||||||||||||
Eurodollar | Eurodollar | |||||||||||||||
American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured line of credit | Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Revolving credit facility borrowing limit, maximum borrowing capacity | $ 250,000,000 | |||||||||||||||
American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured line of credit | Revolving Credit Facility | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Variable rate basis | LIBOR | |||||||||||||||
American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured line of credit | Minimum | Revolving Credit Facility | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.35% | |||||||||||||||
American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured line of credit | Maximum | Revolving Credit Facility | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.95% | |||||||||||||||
American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Revolving credit facility borrowing limit, maximum borrowing capacity | $ 100,000,000 | |||||||||||||||
Number of extensions available | Extension_Option | 3 | |||||||||||||||
Extension term (in months) | 12 months | |||||||||||||||
American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured debt | Minimum | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.30% | |||||||||||||||
American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured debt | Minimum | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 0.30% | |||||||||||||||
American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured debt | Maximum | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.90% | |||||||||||||||
American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured debt | Maximum | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 0.90% | |||||||||||||||
American Assets Trust, L.P. | Senior Guaranteed Notes, Series D | Unsecured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount of debt | $ 250,000,000 | |||||||||||||||
Stated Maturity Date | Mar. 1, 2027 | |||||||||||||||
Stated Interest Rate | 4.29% | [1] | 4.29% | |||||||||||||
Long-term Debt, Principal Balance | $ 250,000,000 | 250,000,000 | ||||||||||||||
American Assets Trust, L.P. | Senior Guaranteed Notes, Series E | Unsecured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of year amortization schedule | 12 years | |||||||||||||||
Face amount of debt | $ 100,000,000 | |||||||||||||||
Stated Maturity Date | May 23, 2029 | |||||||||||||||
Stated Interest Rate | 4.24% | [2] | 4.24% | |||||||||||||
Long-term Debt, Principal Balance | $ 100,000,000 | 100,000,000 | ||||||||||||||
American Assets Trust, L.P. | Senior Guaranteed Notes, Series F | Unsecured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount of debt | $ 100,000,000 | |||||||||||||||
Stated Maturity Date | Jul. 19, 2024 | |||||||||||||||
Stated Interest Rate | 3.78% | [3] | 3.78% | |||||||||||||
Long-term Debt, Principal Balance | $ 100,000,000 | 100,000,000 | ||||||||||||||
American Assets Trust, L.P. | Senior Guaranteed Notes, Series G [Member] | Unsecured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Stated Maturity Date | Jul. 30, 2030 | |||||||||||||||
Stated Interest Rate | [4] | 3.91% | ||||||||||||||
Long-term Debt, Principal Balance | $ 150,000,000 | $ 0 | ||||||||||||||
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 | |||||||||||||||
Allowable additional borrowing capacity | $ 250,000,000 | |||||||||||||||
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Unsecured line of credit | 0 | |||||||||||||||
Debt issuance costs, net, revolving credit facility | $ 1,300,000 | |||||||||||||||
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Prime rate | prime rate | |||||||||||||||
Federal funds rate | federal funds rate | |||||||||||||||
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit | Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Revolving credit facility borrowing limit, maximum borrowing capacity | $ 350,000,000 | |||||||||||||||
Number of extensions available | Extension_Option | 2 | |||||||||||||||
Extension term (in months) | 6 months | |||||||||||||||
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit | Revolving Credit Facility | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Variable rate basis | LIBOR | |||||||||||||||
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit | Minimum | Revolving Credit Facility | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.05% | |||||||||||||||
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit | Minimum | Revolving Credit Facility | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 0.10% | |||||||||||||||
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit | Maximum | Revolving Credit Facility | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.50% | |||||||||||||||
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit | Maximum | Revolving Credit Facility | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 0.50% | |||||||||||||||
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Revolving credit facility borrowing limit, maximum borrowing capacity | $ 100,000,000 | |||||||||||||||
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured debt | Minimum | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.30% | |||||||||||||||
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured debt | Minimum | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 0.30% | |||||||||||||||
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured debt | Maximum | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 1.90% | |||||||||||||||
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured debt | Maximum | Base Rate | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in percents) | 0.90% | |||||||||||||||
Interest Rate Swap | American Assets Trust, L.P. | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Fixed interest rate on derivative | 3.08% | |||||||||||||||
Interest Rate Swap | American Assets Trust, L.P. | Term Loan A | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Fixed interest rate on derivative | 4.13% | |||||||||||||||
Interest Rate Swap | American Assets Trust, L.P. | Term Loan B | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Fixed interest rate on derivative | 2.75% | 3.15% | ||||||||||||||
Interest Rate Swap | American Assets Trust, L.P. | Term Loan C | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Fixed interest rate on derivative | 2.74% | 3.14% | ||||||||||||||
[1] | 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 highly effective cash flow hedges, accordingly, the effective interest rate is approximately 3.87% per annum. | |||||||||||||||
[2] | 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. | |||||||||||||||
[3] | 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. | |||||||||||||||
[4] | 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 $0.5 million . The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. |
Derivative and Hedging (Details
Derivative and Hedging (Details) - USD ($) | Jul. 17, 2019 | Jun. 20, 2019 | Jan. 09, 2018 | Jun. 23, 2017 | May 31, 2017 | May 11, 2017 | Apr. 25, 2017 | Mar. 31, 2017 | Jan. 18, 2017 | May 02, 2016 | Apr. 07, 2016 | Mar. 29, 2016 | Mar. 23, 2016 | Mar. 01, 2016 | Jan. 29, 2016 | Sep. 19, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | May 23, 2017 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1,300,000 | ||||||||||||||||||
Derivative liabilities at fair value | (1,317,000) | $ (801,000) | |||||||||||||||||
Derivative assets at fair value | $ 434,000 | $ 6,002,000 | |||||||||||||||||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Notional amount | $ 100,000,000 | $ 150,000,000 | |||||||||||||||||
Fixed interest rate on derivative | 1.748% | 1.88% | |||||||||||||||||
American Assets Trust, L.P. | Interest Rate Swap | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Fixed interest rate on derivative | 3.08% | ||||||||||||||||||
Term of derivative contract | 7 years | 10 years | 10 years | 10 years | 7 years | ||||||||||||||
American Assets Trust, L.P. | Forward Contracts | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Term of derivative contract | 1 month | ||||||||||||||||||
Gain on derivatives | $ 500,000 | $ 700,000 | $ 10,400,000 | $ 1,600,000 | |||||||||||||||
American Assets Trust, L.P. | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Notional amount | $ 50,000,000 | $ 100,000,000 | $ 100,000,000 | ||||||||||||||||
Fixed interest rate on derivative | 1.441% | 1.4485% | 3.08% | ||||||||||||||||
Term of derivative contract | 7 years | 7 years | |||||||||||||||||
Maturity date | Mar. 31, 2027 | Mar. 31, 2027 | Mar. 1, 2023 | Mar. 1, 2023 | |||||||||||||||
Effective date | Mar. 31, 2017 | Mar. 31, 2017 | May 2, 2016 | Mar. 1, 2016 | |||||||||||||||
Loss recognized in other comprehensive income (loss) | $ 10,400,000 | ||||||||||||||||||
American Assets Trust, L.P. | Cash Flow Hedging | Designated as Hedging Instrument | Treasury Lock | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Notional amount | $ 100,000,000 | $ 100,000,000 | |||||||||||||||||
Fixed interest rate on derivative | 2.064% | 2.313% | |||||||||||||||||
Maturity date | Jul. 26, 2017 | ||||||||||||||||||
Loss recognized in other comprehensive income (loss) | $ 500,000 | $ 700,000 | |||||||||||||||||
Bank of America, N.A. | American Assets Trust, L.P. | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap, 1/9/2021 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Notional amount | $ 100,000,000 | ||||||||||||||||||
Maturity date | Jan. 9, 2021 | ||||||||||||||||||
Effective date | Jan. 9, 2019 | ||||||||||||||||||
Derivative liabilities at fair value | $ (1,317,000) | ||||||||||||||||||
U.S. Bank N.A. | American Assets Trust, L.P. | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap, 3/1/2023 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Notional amount | $ 100,000,000 | ||||||||||||||||||
Maturity date | Mar. 1, 2023 | ||||||||||||||||||
Effective date | Mar. 1, 2016 | ||||||||||||||||||
Derivative assets at fair value | $ 279,000 | ||||||||||||||||||
Wells Fargo Bank, N.A. | American Assets Trust, L.P. | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap, 3/31/2027 $150M | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Notional amount | $ 150,000,000 | ||||||||||||||||||
Wells Fargo Bank, N.A. | American Assets Trust, L.P. | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap, 3/31/2027 $100M | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Notional amount | $ 100,000,000 | ||||||||||||||||||
Wells Fargo Bank, N.A. | American Assets Trust, L.P. | Cash Flow Hedging | Designated as Hedging Instrument | Treasury Lock | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Notional amount | $ 100,000,000 | ||||||||||||||||||
Fixed interest rate on derivative | 1.9925% | ||||||||||||||||||
Term of derivative contract | 10 years | ||||||||||||||||||
Maturity date | Jul. 31, 2019 | ||||||||||||||||||
Amortization Period of Deferred Gain (Loss) on Discontinuation of Fair Value Hedge | 10 years | ||||||||||||||||||
Wells Fargo Bank, N.A. | American Assets Trust, L.P. | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap, 3/1/2023 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Notional amount | $ 50,000,000 | ||||||||||||||||||
Maturity date | Mar. 1, 2023 | ||||||||||||||||||
Effective date | May 2, 2016 | ||||||||||||||||||
Derivative assets at fair value | $ 155,000 | ||||||||||||||||||
Term Loan B | American Assets Trust, L.P. | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Stated Maturity Date | Mar. 1, 2023 | Mar. 1, 2023 | |||||||||||||||||
Face amount of debt | $ 100,000,000 | ||||||||||||||||||
Number of year amortization schedule | 7 years | 7 years | |||||||||||||||||
Term Loan B | American Assets Trust, L.P. | Interest Rate Swap | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Fixed interest rate on derivative | 2.75% | 3.15% | |||||||||||||||||
Term Loan C | American Assets Trust, L.P. | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Stated Maturity Date | Mar. 1, 2023 | Mar. 1, 2023 | |||||||||||||||||
Face amount of debt | $ 50,000,000 | ||||||||||||||||||
Number of year amortization schedule | 7 years | 7 years | |||||||||||||||||
Term Loan C | American Assets Trust, L.P. | Interest Rate Swap | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Fixed interest rate on derivative | 2.74% | 3.14% | |||||||||||||||||
Unsecured debt | American Assets Trust, L.P. | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Number of year amortization schedule | 10 years | ||||||||||||||||||
Term Loan A | American Assets Trust, L.P. | Interest Rate Swap | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Fixed interest rate on derivative | 4.13% | ||||||||||||||||||
Unsecured debt | Term Loan B | American Assets Trust, L.P. | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Stated Maturity Date | Mar. 1, 2023 | ||||||||||||||||||
Face amount of debt | $ 100,000,000 | ||||||||||||||||||
Unsecured debt | Term Loan C | American Assets Trust, L.P. | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Stated Maturity Date | Mar. 1, 2023 | ||||||||||||||||||
Face amount of debt | $ 50,000,000 | ||||||||||||||||||
Unsecured debt | Senior Guaranteed Notes, Series E | American Assets Trust, L.P. | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Stated Maturity Date | May 23, 2029 | ||||||||||||||||||
Face amount of debt | $ 100,000,000 | ||||||||||||||||||
Number of year amortization schedule | 12 years | ||||||||||||||||||
Unsecured debt | Term Loan A | American Assets Trust, L.P. | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||
Stated Maturity Date | Jan. 9, 2021 |
Partners Capital of American _2
Partners Capital of American Assets Trust, L.P. (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common Stock | |||
Capital Unit [Line Items] | |||
Conversion of operating partnership units (in shares) | 787,060 | 17,372 | 693,842 |
American Assets Trust, L.P. | |||
Capital Unit [Line Items] | |||
Ownership percent by parent | 78.50% | ||
American Assets Trust, L.P. | |||
Capital Unit [Line Items] | |||
Noncontrolling common units (in shares) | 16,390,548 | ||
American Assets Trust, L.P. | Common Stock | |||
Capital Unit [Line Items] | |||
Conversion of operating partnership units (in shares) | 787,060 | 17,372 | 693,842 |
Non-Affiliated Investors | American Assets Trust, L.P. | |||
Capital Unit [Line Items] | |||
Percentage of ownership interests classified as noncontrolling | 21.50% |
Equity of American Assets Tru_3
Equity of American Assets Trust, Inc. (Details) | Jun. 14, 2019USD ($)shares | May 27, 2015USD ($)Agent | May 06, 2013USD ($)Agent | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares |
Equity [Line Items] | ||||||
Preferred stock, shares authorized (in shares) | 10,000,000 | |||||
Preferred stock, par-value (in dollars per share) | $ / shares | $ 0.01 | |||||
Preferred stock, shares issued (in shares) | 0 | |||||
Preferred stock, shares outstanding (in shares) | 0 | |||||
Equity incentive award plan, common stock authorized for issuance (in shares) | 4,054,411 | |||||
Equity incentive award plan, common stock available for future issuance (in shares) | 2,422,181 | |||||
Noncash compensation expense | $ | $ 4,500,000 | $ 3,000,000 | $ 4,700,000 | |||
Unrecognized compensation expense | $ | 7,100,000 | |||||
Weighted average unvested shares outstanding (in shares) | 230,602 | |||||
Proceeds from issuance of common stock, net | $ | $ 472,600,000 | $ 515,354,000 | $ (236,000) | $ 29,873,000 | ||
Common stock, shares issued | 10,925,000 | |||||
Option Indexed to Issuer's Equity, Indexed Shares | 1,425,000 | |||||
American Assets Trust, L.P. | ||||||
Equity [Line Items] | ||||||
Antidilutive securities excluded from computation of EPS (in shares) | 330,197 | 271,905 | 230,602 | |||
Restricted Stock | ||||||
Equity [Line Items] | ||||||
Unrecognized compensation expense, weighted-average recognition period (in years) | 1 year 7 months 6 days | |||||
At The Market Equity Program | ||||||
Equity [Line Items] | ||||||
Aggregate offering price of common share | $ | $ 250,000,000 | $ 150,000,000 | ||||
Common shares issued (in shares) | 946,552 | |||||
Remaining capacity available for issuance | $ | $ 132,600,000 | |||||
Common Stock Issued During Period, Weighted Price per Share | $ / shares | $ 46.04 | |||||
Proceeds from Issuance of Common Stock, Gross | $ | $ 43,600,000 | |||||
$150.0 Million ATM | At The Market Equity Program | ||||||
Equity [Line Items] | ||||||
Number of sales agents | Agent | 4 | |||||
$250.0 Million ATM | At The Market Equity Program | ||||||
Equity [Line Items] | ||||||
Number of sales agents | Agent | 5 | |||||
Commissions | At The Market Equity Program | ||||||
Equity [Line Items] | ||||||
Payments of Stock Issuance Costs | $ | 400,000 | |||||
Other Offering Costs | At The Market Equity Program | ||||||
Equity [Line Items] | ||||||
Payments of Stock Issuance Costs | $ | $ 500,000 | |||||
Operating Partnership Units | American Assets Trust, L.P. | ||||||
Equity [Line Items] | ||||||
Weighted average unvested shares outstanding (in shares) | 330,197 | 271,905 |
Equity of American Assets Tru_4
Equity of American Assets Trust, Inc. Dividends Declared and Paid on Shares of Common Stock and Noncontrolling Common Units (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||||||||||||||
Dividends period | Fourth Quarter 2019 | Third Quarter 2019 | Second Quarter 2019 | First Quarter 2019 | Fourth Quarter 2018 | Third Quarter 2018 | Second Quarter 2018 | First Quarter 2018 | Fourth Quarter 2017 | Third Quarter 2017 | Second Quarter 2017 | First Quarter 2017 | |||
Amount per Share/Unit (in USD per unit) | $ 0.30 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.26 | $ 0.26 | $ 0.26 | $ 1.14 | $ 1.09 | $ 1.05 |
Date dividend to be paid | Dec. 26, 2019 | Sep. 26, 2019 | Jun. 27, 2019 | Mar. 28, 2019 | Dec. 27, 2018 | Sep. 27, 2018 | Jun. 28, 2018 | Mar. 19, 2018 | Dec. 21, 2017 | Sep. 28, 2017 | Jun. 29, 2017 | Mar. 30, 2017 |
Equity of American Assets Tru_5
Equity of American Assets Trust, Inc. Summary of Income Tax Status of Dividends Per Share Paid (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||||||||||||||
Ordinary income (in USD per share) | $ 1.09 | $ 1.05 | $ 1.05 | ||||||||||||
Capital gain (in USD per share) | 0 | 0 | 0 | ||||||||||||
Return of capital (in USD per share) | 0.05 | 0.04 | 0 | ||||||||||||
Total (in USD per share) | $ 0.30 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.26 | $ 0.26 | $ 0.26 | $ 1.14 | $ 1.09 | $ 1.05 |
Ordinary income | 95.60% | 96.30% | 100.00% | ||||||||||||
Capital gain | 0.00% | 0.00% | 0.00% | ||||||||||||
Return of capital | 4.40% | 3.70% | 0.00% | ||||||||||||
Total | 100.00% | 100.00% | 100.00% |
Equity of American Assets Tru_6
Equity of American Assets Trust, Inc. Restricted Common Stock Issued (Details) - Restricted Stock - $ / shares | Dec. 09, 2019 | Jun. 11, 2019 | [1] | Dec. 06, 2018 | Jun. 12, 2018 | [1] | Dec. 15, 2017 | Jun. 13, 2017 | [1] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting percentage | 33.30% | 33.30% | 33.30% | |||||||||
Granted, Weighted Average Grant Date Fair Value (in USD per share) | $ 45.35 | $ 37.58 | $ 27.27 | [2] | $ 40.99 | |||||||
Granted, Shares | 168,596 | [3] | 4,412 | 199,790 | [4] | 5,320 | 145,218 | [2] | 4,880 | |||
Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted, Weighted Average Grant Date Fair Value (in USD per share) | $ 28.06 | [3] | $ 25.68 | [4] | ||||||||
Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted, Weighted Average Grant Date Fair Value (in USD per share) | $ 30.97 | [3] | $ 28.18 | [4] | ||||||||
[1] | Restricted common stock issued to members of the company's non-employee directors. These awards of restricted stock will vest subject to the director's continued service on the Board of Directors on the earlier of (i) the one year anniversary of the date of grant or (ii) the date of the next annual meeting of our stockholders, if such non-employee director continues his or her service on the Board of Directors until the next annual meeting of stockholders, but not thereafter, pursuant to our independent director compensation policy. | |||||||||||
[2] | Restricted common stock issued to certain of the company's senior management and other employees, which are subject to pre-defined market specific performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on performance calculations determined as of November 30, 2018, subject to the employee's continued employment on November 30, 2018, 2019 and 2020. | |||||||||||
[3] | Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2020, 2021 and 2022, subject to the employee's continued employment on those dates. | |||||||||||
[4] | Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2019, 2020 and 2021, subject to the employee's continued employment on those dates. |
Equity of American Assets Tru_7
Equity of American Assets Trust, Inc. Summary of Activity of Restricted Stock Awards (Details) - Restricted Stock Units (RSUs) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Nonvested, Number of Shares | |
Nonvested, Beginning, Shares | shares | 342,093 |
Granted, Shares | shares | 173,008 |
Vested, Shares | shares | (99,304) |
Forfeited, Shares | shares | (70,644) |
Nonvested, Ending, Shares | shares | 345,153 |
Nonvested, Weighted Average Grant Date Fair Value | |
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 | 29.99 |
Vested, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares | 28.23 |
Forfeited, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares | 30.44 |
Nonvested, End of Year, Weighted Average Grant Date Fair Value (in USD per Share) | $ / shares | $ 28.75 |
Equity of American Assets Tru_8
Equity of American Assets Trust, Inc. Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
NUMERATOR | |||||||||||
Net income from operations | $ 60,188 | $ 27,202 | $ 40,132 | ||||||||
Less: Net income attributable to restricted shares | $ (104) | $ (92) | $ (92) | $ (93) | $ (96) | $ (71) | $ (216) | $ 72 | (381) | (311) | (241) |
Less: Income attributable to unitholders in the Operating Partnership | 14,089 | 7,205 | 10,814 | ||||||||
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS | $ 12,845 | $ 12,862 | $ 8,916 | $ 11,095 | $ 6,673 | $ 10,394 | $ 3,072 | $ (453) | 45,718 | 19,686 | 29,077 |
Income attributable to American Assets Trust, Inc. common stockholders—basic | 45,718 | 19,686 | 29,077 | ||||||||
Plus: Income attributable to unitholders in the Operating Partnership | (14,089) | (7,205) | (10,814) | ||||||||
Net income attributable to common stockholders-diluted | $ 59,807 | $ 26,891 | $ 39,891 | ||||||||
DENOMINATOR | |||||||||||
Weighted average shares of common stock outstanding-basic (in shares) | 54,110,949 | 46,950,812 | 46,715,520 | ||||||||
Effect of dilutive securities-conversion of Operating Partnership units (in shares) | 16,675,183 | 17,185,747 | 17,371,730 | ||||||||
Weighted average common shares outstanding - diluted (in shares) | 70,786,132 | 64,136,559 | 64,087,250 | ||||||||
Earnings (loss) per common share-basic | |||||||||||
Basic net income attributable to common stockholders per share (in dollars per share) | $ 0.84 | $ 0.42 | $ 0.62 | ||||||||
Earnings (loss) per common share-diluted | |||||||||||
Diluted net income attributable to common stockholders per share (in dollars per share) | $ 0.84 | $ 0.42 | $ 0.62 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Deferred tax liabilities | $ 332 | $ 93 |
Income Taxes Income Tax Provisi
Income Taxes Income Tax Provision Included in Other Income Expense on Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Federal | $ 48 | $ 60 | $ 0 |
State | 625 | 465 | 422 |
Federal | 237 | (6) | 0 |
State | (91) | (192) | (208) |
Provision for income taxes | $ 819 | $ 327 | $ 214 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)PropertymoCustomer | Dec. 31, 2018 | |
Commitment And Contingencies [Line Items] | ||
Termination payment, as high as | $ | $ 7.6 | |
Transfer taxes accrued in connection with the Offering | $ | $ 6.6 | |
Maximum percentage of total revenue provided by any single tenant | 10.00% | 10.00% |
Southern California | ||
Commitment And Contingencies [Line Items] | ||
Number of consolidated properties located in Southern California | Property | 15 | |
Total Revenue | Southern California | ||
Commitment And Contingencies [Line Items] | ||
Percentage of total revenue provided by properties | 37.60% | |
Total Revenue | Hawaii | ||
Commitment And Contingencies [Line Items] | ||
Percentage of total revenue provided by properties | 17.30% | |
Rental Income | ||
Commitment And Contingencies [Line Items] | ||
Percentage of total revenue provided by properties | 13.90% | |
Number of tenants that comprise 13.9% of total annualized based rent | Customer | 3 | |
Total Revenues | Retail industry | ||
Commitment And Contingencies [Line Items] | ||
Percentage of total revenue provided by properties | 29.30% | 31.90% |
Total Revenues | Office industry | ||
Commitment And Contingencies [Line Items] | ||
Percentage of total revenue provided by properties | 39.50% | 34.00% |
Base Rent | LPL Holdings, LLC | ||
Commitment And Contingencies [Line Items] | ||
Percentage of total revenue provided by properties | 7.50% | |
Alamo Quarry Market and Waikele Center | Total Revenue | ||
Commitment And Contingencies [Line Items] | ||
Percentage of total revenue provided by properties | 10.00% | 11.70% |
Maximum | Tenants | ||
Commitment And Contingencies [Line Items] | ||
Percentage of total revenue provided by properties | 2.00% | |
Maximum | Del Monte Center | Ground Water Contamination | ||
Commitment And Contingencies [Line Items] | ||
Environmental remediation monitoring period | 7 years | |
Minimum | Del Monte Center | Ground Water Contamination | ||
Commitment And Contingencies [Line Items] | ||
Environmental remediation monitoring period | 5 years | |
Waikiki Beach Walk - Retail | ||
Commitment And Contingencies [Line Items] | ||
Property management fee, percent | 3.00% | |
Outrigger Hotels | ||
Commitment And Contingencies [Line Items] | ||
Property management fee, percent | 6.00% | |
Number of calendar months termination fee is based | 2 months | |
Maximum percentage of hotel's fiscal year gross revenues paid for aggregate yearly management fee | 3.50% | |
Previous months of management fees | 12 months | |
Hotel management agreement default penalty factor of previous twelve months of management fees in first 11 years of term | 8 | |
Years in hotel management agreement term | 11 years | |
Hotel management agreement default penalty factor of previous twelve months of management fees in twelfth year of term | 4 | |
Hotel management agreement default penalty factor of previous twelve months of management fees in thirteenth year of term | 3 | |
Hotel management agreement default penalty factor of previous twelve months of management fees in fourteenth year of term | 2 | |
Hotel management agreement default penalty factor of previous twelve months of management fees in fifteenth year of term | 1 | |
Outrigger Hotels | Year of Agreement, 12th | ||
Commitment And Contingencies [Line Items] | ||
Years in hotel management agreement term | 15 years | |
Outrigger Hotels | Year of Agreement, 13th | ||
Commitment And Contingencies [Line Items] | ||
Years in hotel management agreement term | 14 years | |
Outrigger Hotels | Year of Agreement, 14th | ||
Commitment And Contingencies [Line Items] | ||
Years in hotel management agreement term | 13 years | |
Outrigger Hotels | Year of Agreement, 15th | ||
Commitment And Contingencies [Line Items] | ||
Years in hotel management agreement term | 12 years | |
Outrigger Hotels | Maximum | ||
Commitment And Contingencies [Line Items] | ||
Property management fee, percent | 3.00% | |
Wbw Hotel Lessee Llc | ||
Commitment And Contingencies [Line Items] | ||
Years of contract | 20 years | |
Percentage of hotel occupancy gross revenue paid for program fee | 4.00% | |
Wbw Hotel Lessee Llc | Future Time Period Prior to 12-31-2021 | ||
Commitment And Contingencies [Line Items] | ||
Percentage of hotel occupancy gross revenue paid for franchise royalty fee | 4.00% | |
Wbw Hotel Lessee Llc | Future Time Period After 12-31-2021 | ||
Commitment And Contingencies [Line Items] | ||
Percentage of hotel occupancy gross revenue paid for franchise royalty fee | 5.00% |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019statelease | |
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 |
Number Of States | state | 5 |
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 |
The Land Mark at One Market | |
Lessor, Lease, Description [Line Items] | |
Number of lease extension options | 2 |
Lease extension option exercise period | 5 years |
Retail Or Office | |
Lessor, Lease, Description [Line Items] | |
Number of leases | 861 |
Residential Property | |
Lessor, Lease, Description [Line Items] | |
Number of leases | 1,849 |
LEASES - Minimum Future Rentals
LEASES - Minimum Future Rentals from Noncancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 216,969 |
2021 | 212,728 |
2022 | 196,345 |
2023 | 175,686 |
2024 | 146,164 |
Thereafter | 523,183 |
Total | $ 1,471,075 |
LEASES - Lease Obligations - Mi
LEASES - Lease Obligations - Minimum Future Rental Payments from Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2020 | $ 3,422 | |
2021 | 2,153 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total lease payments | 5,575 | |
Imputed interest | (195) | |
Present value of lease liability | $ 5,380 | $ 0 |
LEASES - Lease Costs & Addition
LEASES - Lease Costs & Additional Lease Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 3,334 |
Variable lease cost | 0 |
Sublease income | (3,098) |
Lease cost | $ 236 |
Weighted-average remaining lease term - operating leases (in years) | 1 year 8 months 12 days |
Weighted-average discount rate - operating leases (as a percent) | 4.13% |
LEASES - Supplemental Lease Inf
LEASES - Supplemental Lease Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating cash flow information: | |
Cash paid for amounts included in the measurement of lease liabilities | $ 3,347 |
Non-cash activity: | |
Right-of-use assets obtained in exchange for operating lease obligations | $ 7,661 |
Component of Rental Income an_3
Component of Rental Income and Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Leases, Income Statement, Lease Revenue [Abstract] | |||
Recognition of straight-line rents | $ 3.2 | $ (2.4) | $ (0.8) |
Recognition of amortization of above and below market leases | $ 3.8 | $ 3.6 | $ 3.3 |
Component of Rental Income an_4
Component of Rental Income and Expense Components of Rental Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Rental Income [Line Items] | |||
Cost reimbursement | $ 0 | $ 34,584 | $ 34,267 |
Percentage rent | 2,476 | 3,149 | 3,214 |
Hotel revenue | 40,297 | 40,049 | 39,545 |
Other | 2,223 | 1,611 | 1,667 |
Total rental income | 343,865 | 309,537 | 298,803 |
Total Retail | |||
Rental Income [Line Items] | |||
Minimum rents | 99,601 | 77,147 | 76,201 |
Total Office | |||
Rental Income [Line Items] | |||
Minimum rents | 136,118 | 95,081 | 93,128 |
Total Multifamily | |||
Rental Income [Line Items] | |||
Minimum rents | 47,448 | 46,897 | 40,217 |
Total Mixed-Use | |||
Rental Income [Line Items] | |||
Minimum rents | $ 15,702 | $ 11,019 | $ 10,564 |
Component of Rental Income an_5
Component of Rental Income and Expense Components of Rental Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Leases, Income Statement, Lease Revenue [Abstract] | |||
Rental operating | $ 38,331 | $ 37,322 | $ 34,944 |
Hotel operating | 24,522 | 24,030 | 24,254 |
Repairs and maintenance | 17,035 | 13,486 | 13,136 |
Marketing | 2,538 | 2,108 | 2,053 |
Rent | 3,372 | 3,216 | 3,119 |
Hawaii excise tax | 4,160 | 4,333 | 4,454 |
Management fees | 2,009 | 1,987 | 2,046 |
Total rental expenses | $ 91,967 | $ 86,482 | $ 84,006 |
Other Income (Expenses) (Detail
Other Income (Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |||
Interest and investment income | $ 696 | $ 238 | $ 548 |
Income tax expense | (819) | (327) | (214) |
Other non-operating income | 1 | 4 | 0 |
Total other income (expense) | $ (122) | $ (85) | $ 334 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 01, 2019 | Jul. 01, 2017 | Jul. 01, 2016 | Jul. 01, 2015 | Jul. 01, 2014 | |
Related Party Transaction [Line Items] | ||||||||
Total rental income | $ 343,865 | $ 309,537 | $ 298,803 | |||||
Investment in WBW CHP LLC, in percentage | 47.70% | |||||||
WBW CHP LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Recovered reimbursements of operating expenses of WBW CHP LLC | $ 1,100 | $ 1,100 | $ 1,000 | |||||
Common Stock | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common shares issued (in shares) | 11,871,552 | 0 | 700,000 | |||||
Insurance Company of the West, Inc. | Board of Directors Chairman | ||||||||
Related Party Transaction [Line Items] | ||||||||
Total rental income | $ 0 | $ 100 | $ 100 | |||||
Prepaid insurance | $ 200 | $ 200 | $ 200 | $ 400 | ||||
American Assets, Inc. | Board of Directors Chairman | ||||||||
Related Party Transaction [Line Items] | ||||||||
Total rental income | 200 | 100 | ||||||
Lessor, Operating Lease, Term of Contract | 3 years | |||||||
EDisability, LLC | Board of Directors Chairman | ||||||||
Related Party Transaction [Line Items] | ||||||||
Total rental income | 200 | 100 | ||||||
AAI Aviation, Inc. | Board of Directors Chairman | ||||||||
Related Party Transaction [Line Items] | ||||||||
Aviation expense | $ 200 | $ 100 | $ 100 | |||||
Insurance Company of the West, Inc. | Board of Directors Chairman | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of ownership interests classified as noncontrolling | 32.00% | |||||||
Insurance Company of the West, Inc. | Common Stock | Board of Directors Chairman | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of ownership interests classified as noncontrolling | 12.60% | |||||||
Insurance Company of the West, Inc. | Member Units | Board of Directors Chairman | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of ownership interests classified as noncontrolling | 19.50% |
Segment Reporting (Details)
Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2019SegmentRoom | |
Segment Reporting [Abstract] | |
Number of operating segments | Segment | 4 |
Rooms in mixed-use segment all-suite hotel | Room | 369 |
Segment Reporting Operating Act
Segment Reporting Operating Activity Within Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | $ 29,993 | $ 30,384 | $ 24,487 | $ 28,821 | $ 22,091 | $ 27,275 | $ 17,249 | $ 12,920 | $ 113,685 | $ 79,535 | $ 93,646 |
Total segments' profit | 234,761 | 209,412 | 198,306 | ||||||||
Total Retail | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property revenue | 107,604 | 105,552 | 103,968 | ||||||||
Property expense | (30,633) | (30,078) | (28,524) | ||||||||
Operating income (loss) | 76,971 | 75,474 | 75,444 | ||||||||
Total Office | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property revenue | 144,683 | 112,362 | 105,694 | ||||||||
Property expense | (42,234) | (33,860) | (33,120) | ||||||||
Operating income (loss) | 102,449 | 78,502 | 72,574 | ||||||||
Total Multifamily | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property revenue | 51,066 | 50,627 | 43,533 | ||||||||
Property expense | (20,863) | (20,441) | (17,898) | ||||||||
Operating income (loss) | 30,203 | 30,186 | 25,635 | ||||||||
Total Mixed-Use | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property revenue | 63,388 | 62,326 | 61,788 | ||||||||
Property expense | (38,250) | (37,076) | (37,135) | ||||||||
Operating income (loss) | $ 25,138 | $ 25,250 | $ 24,653 |
Segment Reporting Reconciliatio
Segment Reporting Reconciliation of Segment Profit to Net Income Attributable to Stockholders (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting [Abstract] | |||||||||||
Total segments' profit | $ 234,761 | $ 209,412 | $ 198,306 | ||||||||
General and administrative | (24,871) | (22,784) | (21,382) | ||||||||
Depreciation and amortization | (96,205) | (107,093) | (83,278) | ||||||||
Interest expense | 54,008 | 52,248 | 53,848 | ||||||||
Gain on sale of real estate | 633 | 0 | 0 | ||||||||
Other income (expense), net | (122) | (85) | 334 | ||||||||
Net income | $ 16,485 | $ 16,519 | $ 11,941 | $ 15,243 | $ 9,209 | $ 14,271 | $ 4,413 | $ (691) | 60,188 | 27,202 | 40,132 |
Net income attributable to restricted shares | (104) | (92) | (92) | (93) | (96) | (71) | (216) | 72 | (381) | (311) | (241) |
Net income attributable to unitholders in the Operating Partnership | (3,536) | (3,565) | (2,933) | (4,055) | (2,440) | (3,806) | (1,125) | 166 | (14,089) | (7,205) | (10,814) |
Net income (loss) attributable to American Assets Trust, Inc. stockholders | $ 12,845 | $ 12,862 | $ 8,916 | $ 11,095 | $ 6,673 | $ 10,394 | $ 3,072 | $ (453) | $ 45,718 | $ 19,686 | $ 29,077 |
Segment Reporting Net Real Esta
Segment Reporting Net Real Estate and Secured Note Payable Balances for Each Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Segment Reporting Information [Line Items] | |||
Net real estate | $ 2,523,475 | $ 2,039,853 | |
Secured Notes Payable | [1] | 162,003 | 182,765 |
Capital Expenditures and Leasing Commissions | [2] | 99,594 | 64,347 |
Debt issuance costs, net of accumulated amortization of $814 and $0, respectively | 1,256 | 0 | |
Total Retail | |||
Segment Reporting Information [Line Items] | |||
Net real estate | 624,912 | 628,734 | |
Secured Notes Payable | 34,235 | 35,008 | |
Capital Expenditures and Leasing Commissions | 22,844 | 14,219 | |
Total Office | |||
Segment Reporting Information [Line Items] | |||
Net real estate | 1,317,854 | 822,574 | |
Secured Notes Payable | 127,768 | 147,757 | |
Capital Expenditures and Leasing Commissions | 64,549 | 45,192 | |
Total Multifamily | |||
Segment Reporting Information [Line Items] | |||
Net real estate | 401,152 | 412,042 | |
Capital Expenditures and Leasing Commissions | 3,711 | 3,659 | |
Total Mixed-Use | |||
Segment Reporting Information [Line Items] | |||
Net real estate | 179,557 | 176,503 | |
Capital Expenditures and Leasing Commissions | 8,490 | 1,277 | |
American Assets Trust, L.P. | |||
Segment Reporting Information [Line Items] | |||
Net real estate | 2,523,475 | 2,039,853 | |
Secured notes payable | American Assets Trust, L.P. | |||
Segment Reporting Information [Line Items] | |||
Debt issuance costs, net of accumulated amortization of $814 and $0, respectively | $ 124 | $ 193 | |
[1] | Excludes unamortized debt issuance costs of $0.1 million and $0.2 million as of December 31, 2019 and 2018 , respectively. | ||
[2] | Capital expenditures represent cash paid for capital expenditures during the year and includes leasing commissions paid. |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) Selected Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information [Line Items] | |||||||||||
Total revenue | $ 98,947 | $ 98,362 | $ 84,113 | $ 85,319 | $ 82,605 | $ 82,507 | $ 85,023 | $ 80,732 | $ 366,741 | $ 330,867 | $ 314,983 |
Operating income (loss) | 29,993 | 30,384 | 24,487 | 28,821 | 22,091 | 27,275 | 17,249 | 12,920 | 113,685 | 79,535 | 93,646 |
Net income | 16,485 | 16,519 | 11,941 | 15,243 | 9,209 | 14,271 | 4,413 | (691) | 60,188 | 27,202 | 40,132 |
Net income attributable to restricted shares | (104) | (92) | (92) | (93) | (96) | (71) | (216) | 72 | (381) | (311) | (241) |
Net income attributable to unitholders in the Operating Partnership | (3,536) | (3,565) | (2,933) | (4,055) | (2,440) | (3,806) | (1,125) | 166 | (14,089) | (7,205) | (10,814) |
Net income (loss) attributable to American Assets Trust, Inc. stockholders | $ 12,845 | $ 12,862 | $ 8,916 | $ 11,095 | $ 6,673 | $ 10,394 | $ 3,072 | $ (453) | 45,718 | 19,686 | 29,077 |
Net income attributable to common stockholders - basic and diluted (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.18 | $ 0.24 | $ 0.14 | $ 0.22 | $ 0.07 | $ (0.01) | |||
American Assets Trust, L.P. | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Total revenue | $ 98,947 | $ 98,362 | $ 84,113 | $ 85,319 | $ 82,605 | $ 82,507 | $ 85,023 | $ 80,732 | 366,741 | 330,867 | 314,983 |
Operating income (loss) | 29,993 | 30,384 | 24,487 | 28,821 | 22,091 | 27,275 | 17,249 | 12,920 | 113,685 | 79,535 | 93,646 |
Net income | 16,485 | 16,519 | 11,941 | 15,243 | 9,209 | 14,271 | 4,413 | (691) | 60,188 | 27,202 | 40,132 |
Net income attributable to restricted shares | (104) | (92) | (92) | (93) | (96) | (71) | (216) | 72 | (381) | (311) | (241) |
Net income (loss) attributable to American Assets Trust, Inc. stockholders | $ 59,807 | $ 26,891 | $ 39,891 | ||||||||
Net income attributable to American Assets Trust, L.P. unit holders | $ 16,381 | $ 16,427 | $ 11,849 | $ 15,150 | $ 9,113 | $ 14,200 | $ 4,197 | $ (619) | |||
Net income attributable to common stockholders - basic and diluted (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.18 | $ 0.24 | $ 0.14 | $ 0.22 | $ 0.07 | $ (0.01) |
SCHEDULE III-Consolidated Rea_2
SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | $ 162,003 | |||
Initial Cost, Land | 593,583 | |||
Initial Cost, Building and Improvements | 1,784,945 | |||
Cost Capitalized Subsequent to Acquisition | 810,169 | |||
Gross Carrying Amount, Land | 628,556 | |||
Gross Carrying Amount, Building and Improvements | 2,560,141 | |||
Accumulated Depreciation and Amortization | (665,222) | $ (590,338) | $ (537,431) | $ (469,460) |
The aggregate tax basis for Federal tax purposes | 2,400,000 | |||
Alamo Quarry Market | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 26,396 | |||
Initial Cost, Building and Improvements | 109,294 | |||
Cost Capitalized Subsequent to Acquisition | 18,142 | |||
Gross Carrying Amount, Land | 26,816 | |||
Gross Carrying Amount, Building and Improvements | 127,016 | |||
Accumulated Depreciation and Amortization | (61,257) | |||
Carmel Country Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 4,200 | |||
Initial Cost, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 12,899 | |||
Gross Carrying Amount, Land | 4,200 | |||
Gross Carrying Amount, Building and Improvements | 12,899 | |||
Accumulated Depreciation and Amortization | (8,675) | |||
Carmel Mountain Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 22,477 | |||
Initial Cost, Building and Improvements | 65,217 | |||
Cost Capitalized Subsequent to Acquisition | 38,563 | |||
Gross Carrying Amount, Land | 31,034 | |||
Gross Carrying Amount, Building and Improvements | 95,223 | |||
Accumulated Depreciation and Amortization | (44,156) | |||
Del Monte Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 27,412 | |||
Initial Cost, Building and Improvements | 87,570 | |||
Cost Capitalized Subsequent to Acquisition | 34,379 | |||
Gross Carrying Amount, Land | 27,117 | |||
Gross Carrying Amount, Building and Improvements | 122,244 | |||
Accumulated Depreciation and Amortization | (66,204) | |||
Gateway Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 17,363 | |||
Initial Cost, Building and Improvements | 21,644 | |||
Cost Capitalized Subsequent to Acquisition | 1,097 | |||
Gross Carrying Amount, Land | 17,363 | |||
Gross Carrying Amount, Building and Improvements | 22,741 | |||
Accumulated Depreciation and Amortization | (2,040) | |||
Geary Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 8,239 | |||
Initial Cost, Building and Improvements | 12,353 | |||
Cost Capitalized Subsequent to Acquisition | 171 | |||
Gross Carrying Amount, Land | 8,239 | |||
Gross Carrying Amount, Building and Improvements | 12,524 | |||
Accumulated Depreciation and Amortization | (2,800) | |||
Hassalo on Eighth - Retail | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 28,364 | |||
Gross Carrying Amount, Land | 597 | |||
Gross Carrying Amount, Building and Improvements | 27,767 | |||
Accumulated Depreciation and Amortization | (5,106) | |||
Lomas Santa Fe Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 8,600 | |||
Initial Cost, Building and Improvements | 11,282 | |||
Cost Capitalized Subsequent to Acquisition | 13,805 | |||
Gross Carrying Amount, Land | 8,620 | |||
Gross Carrying Amount, Building and Improvements | 25,067 | |||
Accumulated Depreciation and Amortization | (17,166) | |||
The Shops at Kalakaua | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 13,993 | |||
Initial Cost, Building and Improvements | 10,817 | |||
Cost Capitalized Subsequent to Acquisition | (6) | |||
Gross Carrying Amount, Land | 14,006 | |||
Gross Carrying Amount, Building and Improvements | 10,798 | |||
Accumulated Depreciation and Amortization | (4,674) | |||
Solana Beach Towne Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 34,235 | |||
Initial Cost, Land | 40,980 | |||
Initial Cost, Building and Improvements | 38,842 | |||
Cost Capitalized Subsequent to Acquisition | 4,222 | |||
Gross Carrying Amount, Land | 40,980 | |||
Gross Carrying Amount, Building and Improvements | 43,064 | |||
Accumulated Depreciation and Amortization | (12,291) | |||
South Bay Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 4,401 | |||
Initial Cost, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 12,760 | |||
Gross Carrying Amount, Land | 4,401 | |||
Gross Carrying Amount, Building and Improvements | 12,760 | |||
Accumulated Depreciation and Amortization | (7,695) | |||
Waikele Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 55,593 | |||
Initial Cost, Building and Improvements | 126,858 | |||
Cost Capitalized Subsequent to Acquisition | 41,174 | |||
Gross Carrying Amount, Land | 70,643 | |||
Gross Carrying Amount, Building and Improvements | 152,982 | |||
Accumulated Depreciation and Amortization | (62,126) | |||
City Center Bellevue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 111,000 | |||
Initial Cost, Land | 25,135 | |||
Initial Cost, Building and Improvements | 190,998 | |||
Cost Capitalized Subsequent to Acquisition | 46,320 | |||
Gross Carrying Amount, Land | 25,135 | |||
Gross Carrying Amount, Building and Improvements | 237,318 | |||
Accumulated Depreciation and Amortization | (52,543) | |||
First & Main | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 14,697 | |||
Initial Cost, Building and Improvements | 109,739 | |||
Cost Capitalized Subsequent to Acquisition | 7,708 | |||
Gross Carrying Amount, Land | 14,697 | |||
Gross Carrying Amount, Building and Improvements | 117,447 | |||
Accumulated Depreciation and Amortization | (32,259) | |||
The Land Mark at One Market | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 34,575 | |||
Initial Cost, Building and Improvements | 141,196 | |||
Cost Capitalized Subsequent to Acquisition | 13,351 | |||
Gross Carrying Amount, Land | 34,575 | |||
Gross Carrying Amount, Building and Improvements | 154,547 | |||
Accumulated Depreciation and Amortization | (36,102) | |||
Lloyd District Portfolio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 18,660 | |||
Initial Cost, Building and Improvements | 61,401 | |||
Cost Capitalized Subsequent to Acquisition | 90,191 | |||
Gross Carrying Amount, Land | 11,845 | |||
Gross Carrying Amount, Building and Improvements | 158,407 | |||
Accumulated Depreciation and Amortization | (34,828) | |||
One Beach Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 15,332 | |||
Initial Cost, Building and Improvements | 18,017 | |||
Cost Capitalized Subsequent to Acquisition | 3,353 | |||
Gross Carrying Amount, Land | 15,332 | |||
Gross Carrying Amount, Building and Improvements | 21,370 | |||
Accumulated Depreciation and Amortization | (5,716) | |||
Solana Beach Corporate Centre I-II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 10,270 | |||
Initial Cost, Land | 7,111 | |||
Initial Cost, Building and Improvements | 17,100 | |||
Cost Capitalized Subsequent to Acquisition | 6,876 | |||
Gross Carrying Amount, Land | 7,111 | |||
Gross Carrying Amount, Building and Improvements | 23,976 | |||
Accumulated Depreciation and Amortization | (6,515) | |||
Solana Beach Corporate Centre III-IV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 7,298 | |||
Initial Cost, Building and Improvements | 27,887 | |||
Cost Capitalized Subsequent to Acquisition | 4,448 | |||
Gross Carrying Amount, Land | 7,298 | |||
Gross Carrying Amount, Building and Improvements | 32,335 | |||
Accumulated Depreciation and Amortization | (8,429) | |||
Solana Beach Corporate Centre Land | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 487 | |||
Initial Cost, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 60 | |||
Gross Carrying Amount, Land | 547 | |||
Gross Carrying Amount, Building and Improvements | 0 | |||
Accumulated Depreciation and Amortization | 0 | |||
Torrey Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 4,095 | |||
Initial Cost, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 52,130 | |||
Gross Carrying Amount, Land | 5,408 | |||
Gross Carrying Amount, Building and Improvements | 50,817 | |||
Accumulated Depreciation and Amortization | (18,440) | |||
Pacific North Court | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 3,263 | |||
Initial Cost, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 26,182 | |||
Gross Carrying Amount, Land | 4,309 | |||
Gross Carrying Amount, Building and Improvements | 25,136 | |||
Accumulated Depreciation and Amortization | (12,015) | |||
Pacific South Court | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 3,285 | |||
Initial Cost, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 39,489 | |||
Gross Carrying Amount, Land | 4,226 | |||
Gross Carrying Amount, Building and Improvements | 38,548 | |||
Accumulated Depreciation and Amortization | (14,733) | |||
Pacific VC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 6,498 | |||
Initial Cost, Land | 1,413 | |||
Initial Cost, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 10,154 | |||
Gross Carrying Amount, Land | 2,148 | |||
Gross Carrying Amount, Building and Improvements | 9,419 | |||
Accumulated Depreciation and Amortization | (5,234) | |||
Pacific Torrey Daycare | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 715 | |||
Initial Cost, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 1,914 | |||
Gross Carrying Amount, Land | 911 | |||
Gross Carrying Amount, Building and Improvements | 1,718 | |||
Accumulated Depreciation and Amortization | (939) | |||
Torrey Reserve Building 6 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 8,006 | |||
Gross Carrying Amount, Land | 682 | |||
Gross Carrying Amount, Building and Improvements | 7,324 | |||
Accumulated Depreciation and Amortization | (1,787) | |||
Torrey Reserve Building 5 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 4,010 | |||
Gross Carrying Amount, Land | 1,017 | |||
Gross Carrying Amount, Building and Improvements | 2,993 | |||
Accumulated Depreciation and Amortization | (358) | |||
Torrey Reserve Building 13 & 14 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 15,916 | |||
Gross Carrying Amount, Land | 2,188 | |||
Gross Carrying Amount, Building and Improvements | 13,728 | |||
Accumulated Depreciation and Amortization | (1,981) | |||
Torrey Point | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 2,073 | |||
Initial Cost, Building and Improvements | 741 | |||
Cost Capitalized Subsequent to Acquisition | 45,229 | |||
Gross Carrying Amount, Land | 5,050 | |||
Gross Carrying Amount, Building and Improvements | 42,993 | |||
Accumulated Depreciation and Amortization | (1,655) | |||
La Jolla Commons One & Two | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 62,312 | |||
Initial Cost, Building and Improvements | 393,662 | |||
Cost Capitalized Subsequent to Acquisition | 882 | |||
Gross Carrying Amount, Land | 62,312 | |||
Gross Carrying Amount, Building and Improvements | 394,544 | |||
Accumulated Depreciation and Amortization | (8,060) | |||
La Jolla Commons - Land | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 20,446 | |||
Initial Cost, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 1,592 | |||
Gross Carrying Amount, Land | 20,446 | |||
Gross Carrying Amount, Building and Improvements | 1,592 | |||
Accumulated Depreciation and Amortization | 0 | |||
Imperial Beach Gardens | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 1,281 | |||
Initial Cost, Building and Improvements | 4,820 | |||
Cost Capitalized Subsequent to Acquisition | 5,049 | |||
Gross Carrying Amount, Land | 1,281 | |||
Gross Carrying Amount, Building and Improvements | 9,869 | |||
Accumulated Depreciation and Amortization | (8,209) | |||
Loma Palisades | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 14,000 | |||
Initial Cost, Building and Improvements | 16,570 | |||
Cost Capitalized Subsequent to Acquisition | 28,085 | |||
Gross Carrying Amount, Land | 14,052 | |||
Gross Carrying Amount, Building and Improvements | 44,603 | |||
Accumulated Depreciation and Amortization | (29,226) | |||
Mariner's Point | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 2,744 | |||
Initial Cost, Building and Improvements | 4,540 | |||
Cost Capitalized Subsequent to Acquisition | 1,695 | |||
Gross Carrying Amount, Land | 2,744 | |||
Gross Carrying Amount, Building and Improvements | 6,235 | |||
Accumulated Depreciation and Amortization | (3,683) | |||
Santa Fe Park Rv Resort | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 401 | |||
Initial Cost, Building and Improvements | 928 | |||
Cost Capitalized Subsequent to Acquisition | 1,061 | |||
Gross Carrying Amount, Land | 401 | |||
Gross Carrying Amount, Building and Improvements | 1,989 | |||
Accumulated Depreciation and Amortization | (1,515) | |||
Pacific Ridge Apartments | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 47,971 | |||
Initial Cost, Building and Improvements | 178,497 | |||
Cost Capitalized Subsequent to Acquisition | 1,643 | |||
Gross Carrying Amount, Land | 47,971 | |||
Gross Carrying Amount, Building and Improvements | 180,140 | |||
Accumulated Depreciation and Amortization | (17,930) | |||
Hassalo on Eighth - Residential | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 178,075 | |||
Gross Carrying Amount, Land | 6,219 | |||
Gross Carrying Amount, Building and Improvements | 171,856 | |||
Accumulated Depreciation and Amortization | (25,645) | |||
Waikiki Beach Walk - Retail | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 45,995 | |||
Initial Cost, Building and Improvements | 74,943 | |||
Cost Capitalized Subsequent to Acquisition | 851 | |||
Gross Carrying Amount, Land | 45,995 | |||
Gross Carrying Amount, Building and Improvements | 75,794 | |||
Accumulated Depreciation and Amortization | (21,039) | |||
Waikiki Beach Walk Hotel | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance as of December 31, 2019 | 0 | |||
Initial Cost, Land | 30,640 | |||
Initial Cost, Building and Improvements | 60,029 | |||
Cost Capitalized Subsequent to Acquisition | 10,329 | |||
Gross Carrying Amount, Land | 30,640 | |||
Gross Carrying Amount, Building and Improvements | 70,358 | |||
Accumulated Depreciation and Amortization | $ (22,191) |
SCHEDULE III-Consolidated Rea_3
SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Real estate assets | ||||
Balance, beginning of period | $ 2,630,191 | $ 2,614,138 | $ 2,301,006 | |
Property acquisitions | 476,421 | 0 | 270,602 | |
Improvements | 101,285 | 62,790 | 44,755 | |
Cost of Real Estate Sold | (8,845) | 0 | 0 | |
Other | [1] | (10,355) | (46,737) | (2,225) |
Balance, end of period | 3,188,697 | 2,630,191 | 2,614,138 | |
Accumulated depreciation | ||||
Balance, beginning of period | 590,338 | 537,431 | 469,460 | |
Additions-depreciation | 85,428 | 99,644 | 70,196 | |
Cost of Real Estate Sold | (189) | 0 | 0 | |
Other | [1] | (10,355) | (46,737) | (2,225) |
Balance, end of period | $ 665,222 | $ 590,338 | $ 537,431 | |
[1] | Other deductions for the years ended December 31, 2019 , 2018 and 2017 represent the write-off of fully depreciated assets. |