American Assets Trust (AAT) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Document Information [Line Items]
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001500217
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	AAT
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		60,073,918
American Assets Trust, L.P.
Document Information [Line Items]
Entity Central Index Key	0001509570
Entity Registrant Name	AMERICAN ASSETS TRUST, L.P.
Entity File Number	333-202342-01
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3338894
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Operating real estate	$ 3,128,089	$ 3,096,886
Construction in progress	94,232	91,264
Held for development	547	547
Total Real estate, at cost	3,222,868	3,188,697
Accumulated depreciation	(710,795)	(665,222)
Net real estate	2,512,073	2,523,475
Cash and cash equivalents	146,131	99,303
Restricted cash	3,957	10,148
Accounts receivable, net	13,544	12,016
Deferred rent receivables, net	63,214	52,171
Other assets, net	107,363	93,220
Total assets	2,846,282	2,790,333
LIABILITIES AND EQUITY
Secured notes payable, net	110,902	161,879
Unsecured notes payable, net	1,196,291	1,195,780
Unsecured line of credit, net	98,948	0
Accounts payable and accrued expenses	65,780	62,576
Security deposits payable	7,685	8,316
Other liabilities and deferred credits, net	90,188	68,110
Total liabilities	1,569,794	1,496,661
Commitments and contingencies (Note 11)
American Assets Trust, Inc. stockholders’ equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,073,918 and 60,068,228 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	601	601
Additional paid-in capital	1,454,516	1,452,014
Accumulated dividends in excess of net income	(154,516)	(144,378)
Accumulated other comprehensive income	352	5,680
Total American Assets Trust, Inc. stockholders’ equity	1,300,953	1,313,917
Noncontrolling interests	(24,465)	(20,245)
Total equity	1,276,488	1,293,672
CAPITAL:
TOTAL LIABILITIES AND EQUITY	2,846,282	2,790,333
American Assets Trust, L.P.
ASSETS
Operating real estate	3,128,089	3,096,886
Construction in progress	94,232	91,264
Held for development	547	547
Total Real estate, at cost	3,222,868	3,188,697
Accumulated depreciation	(710,795)	(665,222)
Net real estate	2,512,073	2,523,475
Cash and cash equivalents	146,131	99,303
Restricted cash	3,957	10,148
Accounts receivable, net	13,544	12,016
Deferred rent receivables, net	63,214	52,171
Other assets, net	107,363	93,220
Total assets	2,846,282	2,790,333
LIABILITIES AND EQUITY
Secured notes payable, net	110,902	161,879
Unsecured notes payable, net	1,196,291	1,195,780
Unsecured line of credit, net	98,948	0
Accounts payable and accrued expenses	65,780	62,576
Security deposits payable	7,685	8,316
Other liabilities and deferred credits, net	90,188	68,110
Total liabilities	1,569,794	1,496,661
Commitments and contingencies (Note 11)
American Assets Trust, Inc. stockholders’ equity
Accumulated other comprehensive income	950	7,716
CAPITAL:
Limited partners' capital, 16,390,548 units issued and outstanding as of both June 30, 2020 and December 31, 2019	(25,063)	(22,281)
General partner's capital, 60,073,918 and 60,068,228 units issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	1,300,601	1,308,237
Total capital	1,276,488	1,293,672
TOTAL LIABILITIES AND EQUITY	$ 2,846,282	$ 2,790,333

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Common Shares
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	490,000,000	490,000,000
Common stock, shares outstanding (shares)	60,073,918	60,068,228
Common stock, shares issued (in shares)	60,073,918	60,068,228
American Assets Trust, L.P.
Limited partners' capital, units issued (in shares)	16,390,548	16,390,548
Limited partners' capital, units outstanding (in shares)	16,390,548	16,390,548
General partners' capital, units issued (in shares)	60,073,918	60,068,228
General partners' capital, units outstanding (in shares)	60,073,918	60,068,228

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019		Jun. 30, 2020	Jun. 30, 2019
REVENUE:
Rental income	$ 79,230	$ 79,656		$ 171,300	$ 156,487
Other property income	2,879	4,457		7,552	12,945
Total revenue	82,109	84,113		178,852	169,432
EXPENSES:
Total rental expenses	16,981	21,826		39,549	42,622
Real estate taxes	8,961	9,275		20,006	18,321
General and administrative	6,679	5,943		13,499	12,016
Depreciation and amortization	26,493	22,582		53,955	43,165
Total operating expenses	59,114	59,626		127,009	116,124
OPERATING INCOME	22,995	24,487		51,843	53,308
Interest expense	(13,331)	(13,129)		(26,803)	(26,478)
Gain on sale of real estate	0	633		0	633
Other income (expense), net	162	(50)		270	(279)
NET INCOME	9,826	11,941		25,310	27,184
Net income attributable to restricted shares	(69)	(92)		(173)	(185)
Net income attributable to unitholders in the Operating Partnership	(2,101)	(2,933)		(5,413)	(6,988)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$ 7,656	$ 8,916		$ 19,724	$ 20,011
EARNINGS PER COMMON SHARE
Earnings per common share, basic (in USD per share)	$ 0.13	$ 0.18		$ 0.33	$ 0.41
Weighted average shares of common stock outstanding-basic (in shares)	59,724,139	50,135,978		59,723,605	48,578,872
EARNINGS PER COMMON SHARE, DILUTED
Earnings per common share, diluted (in USD per share)	$ 0.13	$ 0.18		$ 0.33	$ 0.41
Weighted average shares of common stock outstanding-diluted (in shares)	76,114,687	66,889,784		76,114,153	65,543,409
Dividends declared per common share (in USD per share)	$ 0.20	$ 0.28		$ 0.50	$ 0.56
COMPREHENSIVE INCOME
Net income	$ 9,826	$ 11,941		$ 25,310	$ 27,184
Reclassification of amortization of forward-starting swap included in interest expense	332	319		665	639
Comprehensive income	9,508	7,731		18,544	20,522
Comprehensive income attributable to non-controlling interests	(2,033)	(1,820)		(3,974)	(5,218)
Comprehensive income attributable to American Assets Trust, Inc.	7,475	5,911		14,570	15,304
American Assets Trust, L.P.
REVENUE:
Rental income	79,230	79,656		171,300	156,487
Other property income	2,879	4,457		7,552	12,945
Total revenue	82,109	84,113		178,852	169,432
EXPENSES:
Total rental expenses	16,981	21,826		39,549	42,622
Real estate taxes	8,961	9,275		20,006	18,321
General and administrative	6,679	5,943		13,499	12,016
Depreciation and amortization	26,493	22,582		53,955	43,165
Total operating expenses	59,114	59,626		127,009	116,124
OPERATING INCOME	22,995	24,487		51,843	53,308
Interest expense	(13,331)	(13,129)		(26,803)	(26,478)
Gain on sale of real estate	0	633		0	633
Other income (expense), net	162	(50)		270	(279)
NET INCOME	9,826	11,941		25,310	27,184
Net income attributable to restricted shares	(69)	(92)		(173)	(185)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$ 9,757	$ 11,849		$ 25,137	$ 26,999
EARNINGS PER COMMON SHARE
Earnings per common share, basic (in USD per share)	$ 0.13	$ 0.18		$ 0.33	$ 0.41
Weighted average shares of common stock outstanding-basic (in shares)	76,114,687	66,889,784		76,114,153	65,543,409
EARNINGS PER COMMON SHARE, DILUTED
Earnings per common share, diluted (in USD per share)	$ 0.13	$ 0.18		$ 0.33	$ 0.41
Weighted average shares of common stock outstanding-diluted (in shares)	76,114,687	66,889,784		76,114,153	65,543,409
Distributions per unit (in USD per share)	$ 0.20	$ 0.28		$ 0.50	$ 0.56
COMPREHENSIVE INCOME
Net income	$ 9,826	$ 11,941		$ 25,310	$ 27,184
Reclassification of amortization of forward-starting swap included in interest expense	332	319		665	639
Comprehensive income	9,508	7,731		18,544	20,522
Limited Partner | American Assets Trust, L.P.
EXPENSES:
NET INCOME	2,101	2,933	[1]
COMPREHENSIVE INCOME
Net income	2,101	2,933	[1]
Comprehensive income attributable to American Assets Trust, Inc.	(2,033)	(1,820)		(3,974)	(5,218)
General Partner | American Assets Trust, L.P.
EXPENSES:
NET INCOME	7,725	9,008	[2]
COMPREHENSIVE INCOME
Net income	7,725	9,008	[2]
Comprehensive income attributable to American Assets Trust, Inc.	7,475	5,911		14,570	15,304
Interest Rate Swap
COMPREHENSIVE INCOME
Other comprehensive loss - change in value of interest rate swaps	14	(3,891)		(6,101)	(6,023)
Interest Rate Swap | American Assets Trust, L.P.
COMPREHENSIVE INCOME
Other comprehensive loss - change in value of interest rate swaps	$ 14	$ (3,891)		$ (6,101)	$ (6,023)
[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general partnership interests held by American Assets Trust, Inc.

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - USD ($)		Total	American Assets Trust, L.P.	American Assets Trust, L.P.Accumulated Other Comprehensive Income (Loss)	American Assets Trust, L.P.Limited Partner		American Assets Trust, L.P.General Partner		Common Shares	Common SharesAmerican Assets Trust, L.P.	Common SharesAmerican Assets Trust, L.P.Limited Partner	Additional Paid-in Capital	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests - Unitholders in the Operating Partnership	Swap	SwapAmerican Assets Trust, L.P.	SwapAmerican Assets Trust, L.P.Accumulated Other Comprehensive Income (Loss)	SwapAccumulated Other Comprehensive Income (Loss)	SwapNoncontrolling Interests - Unitholders in the Operating Partnership
Beginning Balance (shares) at Dec. 31, 2018									47,335,409
Beginning Balance at Dec. 31, 2018		$ 802,471,000							$ 474,000			$ 920,661,000	$ (128,778,000)	$ 10,620,000	$ (506,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		15,243,000	$ 15,243,000		$ 4,055,000	[1]	$ 11,188,000	[2]					11,188,000		4,055,000
Common shares issued (shares)									162,531
Common shares issued		7,034,000	7,034,000						$ 1,000			7,033,000
Forfeiture of restricted stock (shares)									(11,046)
Dividends declared and paid		(18,061,000)											(13,251,000)
Dividends declared and paid (noncontrolling interest)															(4,810,000)
Stock-based compensation		1,098,000										1,098,000
Other comprehensive loss - change in value of interest rate swaps																$ (2,132,000)	$ (2,132,000)	$ (2,132,000)	$ (1,561,000)	$ (571,000)
Reclassification of amortization of forward-starting swap included in interest expense		320,000	320,000	$ 320,000										234,000	86,000
Ending Balance (shares) at Mar. 31, 2019									47,486,894
Ending Balance at Mar. 31, 2019		805,333,000							$ 475,000			928,792,000	(130,841,000)	8,825,000	(1,918,000)
Beginning partners' capital account (shares) at Dec. 31, 2018					17,177,608	[1]	47,335,409	[2]
Beginning partners' capital account at Dec. 31, 2018			802,471,000	14,591,000	$ (4,477,000)	[1]	$ 792,357,000	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		15,243,000	15,243,000		4,055,000	[1]	$ 11,188,000	[2]					11,188,000		4,055,000
Contributions from American Assets Trust, Inc. (in shares)							162,531
Contributions from American Assets Trust, Inc.							$ 7,034,000
Forfeiture of restricted units	[2]						(11,046)
Distributions			(18,061,000)		$ (4,810,000)	[1]	$ (13,251,000)	[2]
Stock-based compensation			1,098,000				$ 1,098,000	[2]
Other comprehensive loss - change in value of interest rate swaps																(2,132,000)	(2,132,000)	(2,132,000)	(1,561,000)	(571,000)
Reclassification of amortization of forward-starting swap included in interest expense		320,000	320,000	320,000										234,000	86,000
Ending partners' capital account (shares) at Mar. 31, 2019					17,177,608	[1]	47,486,894	[2]
Ending partners' capital account at Mar. 31, 2019			805,333,000	12,139,000	$ (5,232,000)	[1]	$ 798,426,000	[2]
Beginning Balance (shares) at Dec. 31, 2018									47,335,409
Beginning Balance at Dec. 31, 2018		802,471,000							$ 474,000			920,661,000	(128,778,000)	10,620,000	(506,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		27,184,000	27,184,000
Reclassification of amortization of forward-starting swap included in interest expense		639,000	639,000
Ending Balance (shares) at Jun. 30, 2019									59,722,748
Ending Balance at Jun. 30, 2019		1,291,922,000							$ 597,000			1,438,768,000	(135,497,000)	5,876,000	(17,822,000)
Beginning partners' capital account (shares) at Dec. 31, 2018					17,177,608	[1]	47,335,409	[2]
Beginning partners' capital account at Dec. 31, 2018			802,471,000	14,591,000	$ (4,477,000)	[1]	$ 792,357,000	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		27,184,000	27,184,000
Reclassification of amortization of forward-starting swap included in interest expense		639,000	639,000
Ending partners' capital account (shares) at Jun. 30, 2019					16,390,548	[1]	59,722,748	[2]
Ending partners' capital account at Jun. 30, 2019			1,291,922,000	7,929,000	$ (19,875,000)	[1]	$ 1,303,868,000	[2]
Beginning Balance (shares) at Mar. 31, 2019									47,486,894
Beginning Balance at Mar. 31, 2019		805,333,000							$ 475,000			928,792,000	(130,841,000)	8,825,000	(1,918,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		11,941,000	11,941,000		$ 2,933,000	[1]	$ 9,008,000	[2]					9,008,000		2,933,000
Common shares issued (shares)									11,444,382
Common shares issued		495,980,000	495,980,000						$ 114,000			495,866,000
Issuance of restricted stock (shares)									4,412
Conversion of operating partnership units (in shares)									787,060
Conversion of operating partnership units									$ 8,000			12,979,000		148,000	(13,135,000)
Dividends declared and paid		(18,253,000)											(13,664,000)
Dividends declared and paid (noncontrolling interest)															(4,589,000)
Stock-based compensation		1,131,000										1,131,000
Other comprehensive loss - change in value of interest rate swaps																(3,891,000)	(3,891,000)	(3,891,000)	(2,857,000)	(1,034,000)
Reclassification of amortization of forward-starting swap included in interest expense		319,000	319,000	319,000										240,000	79,000
Ending Balance (shares) at Jun. 30, 2019									59,722,748
Ending Balance at Jun. 30, 2019		1,291,922,000							$ 597,000			1,438,768,000	(135,497,000)	5,876,000	(17,822,000)
Beginning partners' capital account (shares) at Mar. 31, 2019					17,177,608	[1]	47,486,894	[2]
Beginning partners' capital account at Mar. 31, 2019			805,333,000	12,139,000	$ (5,232,000)	[1]	$ 798,426,000	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		11,941,000	11,941,000		2,933,000	[1]	$ 9,008,000	[2]					9,008,000		2,933,000
Contributions from American Assets Trust, Inc. (in shares)							11,444,382
Contributions from American Assets Trust, Inc.							$ 495,980,000
Issuance of restricted units							$ 4,412
Conversion of operating partnership units (shares)							787,060	[2]			(787,060)
Conversion of operating partnership units							$ 12,987,000				$ (12,987,000)
Distributions			(18,253,000)		$ (4,589,000)	[1]	(13,664,000)	[2]
Stock-based compensation			1,131,000				$ 1,131,000	[2]
Other comprehensive loss - change in value of interest rate swaps																(3,891,000)	(3,891,000)	(3,891,000)	(2,857,000)	(1,034,000)
Reclassification of amortization of forward-starting swap included in interest expense		319,000	319,000	319,000										240,000	79,000
Ending partners' capital account (shares) at Jun. 30, 2019					16,390,548	[1]	59,722,748	[2]
Ending partners' capital account at Jun. 30, 2019			1,291,922,000	7,929,000	$ (19,875,000)	[1]	$ 1,303,868,000	[2]
Beginning Balance (shares) at Dec. 31, 2019									60,068,228
Beginning Balance at Dec. 31, 2019		1,293,672,000							$ 601,000			1,452,014,000	(144,378,000)	5,680,000	(20,245,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		15,484,000	15,484,000		$ 3,312,000	[1]	$ 12,172,000	[2]					12,172,000		3,312,000
Dividends declared and paid		(22,937,000)											(18,020,000)
Dividends declared and paid (noncontrolling interest)															(4,917,000)
Stock-based compensation		1,250,000										1,250,000
Other comprehensive loss - change in value of interest rate swaps																(6,115,000)	(6,115,000)	(6,115,000)	(4,816,000)	(1,299,000)
Reclassification of amortization of forward-starting swap included in interest expense		333,000	333,000	333,000										261,000	72,000
Ending Balance (shares) at Mar. 31, 2020									60,068,228
Ending Balance at Mar. 31, 2020		1,281,021,000							$ 601,000			1,453,264,000	(150,226,000)	603,000	(23,221,000)
Beginning partners' capital account (shares) at Dec. 31, 2019					16,390,548		60,068,228
Beginning partners' capital account at Dec. 31, 2019			1,293,672,000	7,716,000	$ (22,281,000)		$ 1,308,237,000
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		15,484,000	15,484,000		3,312,000	[1]	12,172,000	[2]					12,172,000		3,312,000
Distributions			(22,937,000)		$ (4,917,000)	[1]	(18,020,000)	[2]
Stock-based compensation			1,250,000				$ 1,250,000	[2]
Other comprehensive loss - change in value of interest rate swaps																(6,115,000)	(6,115,000)	(6,115,000)	(4,816,000)	(1,299,000)
Reclassification of amortization of forward-starting swap included in interest expense		333,000	333,000	333,000										261,000	72,000
Ending partners' capital account (shares) at Mar. 31, 2020					16,390,548		60,068,228
Ending partners' capital account at Mar. 31, 2020			1,281,021,000	1,268,000	$ (23,886,000)		$ 1,303,639,000
Beginning Balance (shares) at Dec. 31, 2019									60,068,228
Beginning Balance at Dec. 31, 2019		1,293,672,000							$ 601,000			1,452,014,000	(144,378,000)	5,680,000	(20,245,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		25,310,000	25,310,000
Conversion of operating partnership units (in shares)										0
Reclassification of amortization of forward-starting swap included in interest expense		665,000	665,000
Ending Balance (shares) at Jun. 30, 2020									60,073,918
Ending Balance at Jun. 30, 2020		1,276,488,000							$ 601,000			1,454,516,000	(154,516,000)	352,000	(24,465,000)
Beginning partners' capital account (shares) at Dec. 31, 2019					16,390,548		60,068,228
Beginning partners' capital account at Dec. 31, 2019			1,293,672,000	7,716,000	$ (22,281,000)		$ 1,308,237,000
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		25,310,000	25,310,000
Reclassification of amortization of forward-starting swap included in interest expense		665,000	665,000
Ending partners' capital account (shares) at Jun. 30, 2020					16,390,548		60,073,918
Ending partners' capital account at Jun. 30, 2020			1,276,488,000	950,000	$ (25,063,000)		$ 1,300,601,000
Beginning Balance (shares) at Mar. 31, 2020									60,068,228
Beginning Balance at Mar. 31, 2020		1,281,021,000							$ 601,000			1,453,264,000	(150,226,000)	603,000	(23,221,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		9,826,000	9,826,000		$ 2,101,000		$ 7,725,000						7,725,000		2,101,000
Issuance of restricted stock (shares)									6,008
Forfeiture of restricted stock (shares)									(318)
Dividends declared and paid		(15,293,000)											(12,015,000)
Dividends declared and paid (noncontrolling interest)															(3,278,000)
Stock-based compensation		1,252,000										1,252,000
Other comprehensive loss - change in value of interest rate swaps																14,000	14,000	14,000	10,000	4,000
Reclassification of amortization of forward-starting swap included in interest expense		332,000	332,000	332,000										261,000	71,000
Ending Balance (shares) at Jun. 30, 2020									60,073,918
Ending Balance at Jun. 30, 2020		1,276,488,000							$ 601,000			$ 1,454,516,000	(154,516,000)	352,000	(24,465,000)
Beginning partners' capital account (shares) at Mar. 31, 2020					16,390,548		60,068,228
Beginning partners' capital account at Mar. 31, 2020			1,281,021,000	1,268,000	$ (23,886,000)		$ 1,303,639,000
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		9,826,000	9,826,000		2,101,000		7,725,000						$ 7,725,000		2,101,000
Issuance of restricted units							$ 6,008
Forfeiture of restricted units							(318)
Distributions			(15,293,000)		$ (3,278,000)		$ (12,015,000)
Stock-based compensation			1,252,000				$ 1,252,000
Other comprehensive loss - change in value of interest rate swaps																$ 14,000	$ 14,000	$ 14,000	$ 10,000	$ 4,000
Reclassification of amortization of forward-starting swap included in interest expense		$ 332,000	332,000	332,000										$ 261,000	$ 71,000
Ending partners' capital account (shares) at Jun. 30, 2020					16,390,548		60,073,918
Ending partners' capital account at Jun. 30, 2020			$ 1,276,488,000	$ 950,000	$ (25,063,000)		$ 1,300,601,000
[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general partnership interests held by American Assets Trust, Inc.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
OPERATING ACTIVITIES
Net income	$ 25,310	$ 27,184
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(13,191)	2,562
Depreciation and amortization	53,955	43,165
Amortization of debt issuance costs and debt fair value adjustments	742	724
Provision for uncollectable rental income	3,849	520
Gain on sale of real estate	0	(633)
Stock-based compensation expense	2,502	2,229
Lease termination income	0	(4,518)
Other noncash interest expense	(665)	(639)
Other, net	(2,833)	(900)
Changes in operating assets and liabilities
Change in accounts receivable	(3,822)	(177)
Change in other assets	903	1,305
Change in accounts payable and accrued expenses	3,792	3,453
Change in security deposits payable	(631)	(1,380)
Change in other liabilities and deferred credits	(789)	(2,726)
Net cash provided by operating activities	69,122	70,169
INVESTING ACTIVITIES
Acquisition of real estate	0	507,780
Capital expenditures	(35,241)	(47,838)
Proceeds from sale of real estate, net of selling costs	0	8,191
Leasing commissions	(3,892)	(2,623)
Net cash used in investing activities	(39,133)	(550,050)
FINANCING ACTIVITIES
Repayment of secured notes payable	(51,003)	(20,187)
Proceeds from unsecured line of credit	100,000	59,000
Repayment of unsecured line of credit	0	(28,000)
Debt issuance costs	0	(424)
Proceeds from issuance of common stock, net	(119)	503,014
Dividends paid to common stock and unitholders	(38,230)	(36,314)
Net cash provided by financing activities	10,648	477,089
Net increase (decrease) in cash and cash equivalents	40,637	(2,792)
Cash, cash equivalents and restricted cash, beginning of period	109,451	57,272
Cash, cash equivalents and restricted cash, end of period	150,088	54,480
Cash and cash equivalents	146,131	44,778
Restricted cash	3,957	9,702
American Assets Trust, L.P.
OPERATING ACTIVITIES
Net income	25,310	27,184
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(13,191)	2,562
Depreciation and amortization	53,955	43,165
Amortization of debt issuance costs and debt fair value adjustments	742	724
Provision for uncollectable rental income	3,849	520
Gain on sale of real estate	0	(633)
Stock-based compensation expense	2,502	2,229
Lease termination income	0	(4,518)
Other noncash interest expense	(665)	(639)
Other, net	(2,833)	(900)
Changes in operating assets and liabilities
Change in accounts receivable	(3,822)	(177)
Change in other assets	903	1,305
Change in accounts payable and accrued expenses	3,792	3,453
Change in security deposits payable	(631)	(1,380)
Change in other liabilities and deferred credits	(789)	(2,726)
Net cash provided by operating activities	69,122	70,169
INVESTING ACTIVITIES
Acquisition of real estate	0	507,780
Capital expenditures	(35,241)	(47,838)
Proceeds from sale of real estate, net of selling costs	0	8,191
Leasing commissions	(3,892)	(2,623)
Net cash used in investing activities	(39,133)	(550,050)
FINANCING ACTIVITIES
Repayment of secured notes payable	(51,003)	(20,187)
Proceeds from unsecured line of credit	100,000	59,000
Repayment of unsecured line of credit	0	(28,000)
Debt issuance costs	0	(424)
Contributions from American Assets Trust, Inc.	(119)	503,014
Dividends paid to common stock and unitholders	(38,230)	(36,314)
Net cash provided by financing activities	10,648	477,089
Net increase (decrease) in cash and cash equivalents	40,637	(2,792)
Cash, cash equivalents and restricted cash, beginning of period	109,451	57,272
Cash, cash equivalents and restricted cash, end of period	150,088	54,480
Cash and cash equivalents	146,131	44,778
Restricted cash	$ 3,957	$ 9,702

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business and Organization American Assets Trust, Inc. (which may be referred to in these financial statements as the “Company,” “we,” “us,” or “our”) is a Maryland corporation formed on July 16, 2010 that did not have any operating activity until the consummation of our initial public offering on January 19, 2011. The Company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The Company’s operations are carried on through our Operating Partnership and its subsidiaries, including our taxable real estate investment trust ("REIT") subsidiary ("TRS"). Since the formation of our Operating Partnership, the Company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. We are a full service, vertically integrated, and self-administered REIT with approximately 194 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. As of June 30, 2020, 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 June 30, 2020, we owned land at three of our properties that we classify as held for development and/or construction in progress. A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street Torrey Reserve Campus First & Main Torrey Point Lloyd District Portfolio Solana Crossing (formerly Solana Beach Corporate Centre) City Center Bellevue The Landmark at One Market Multifamily Loma Palisades Hassalo on Eighth - Residential Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and/or Construction in Progress La Jolla Commons – Land Solana Crossing – Land Lloyd District Portfolio – Construction in Progress Basis of Presentation Our consolidated financial statements include the accounts of the Company, our Operating Partnership and our subsidiaries. The equity interests of other investors in our Operating Partnership are reflected as noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. The accompanying consolidated financial statements of the Company and the Operating Partnership have been prepared in accordance with the rules applicable to Form 10-Q and include all information and footnotes required for interim financial statement presentation, but do not include all disclosures required under accounting principles generally accepted in the United States (“GAAP”) for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments, except as otherwise noted) considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and notes therein included in the Company's and Operating Partnership's annual report on Form 10-K for the year ended December 31, 2019. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using our best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Any reference to the number of properties, number of units, square footage, employee numbers or percentages of beneficial ownership of our shares are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. Consolidated Statements of Cash Flows—Supplemental Disclosures The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): Six Months Ended June 30, 2020 2019 Supplemental cash flow information Total interest costs incurred $ 27,327 $ 26,808 Interest capitalized $ 524 $ 330 Interest expense $ 26,803 $ 26,478 Cash paid for interest, net of amounts capitalized $ 26,918 $ 26,574 Cash paid for income taxes $ 554 $ 601 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 18,141 $ 12,245 Accrued leasing commissions $ 1,913 $ 7,963 Significant Accounting Policies We describe our significant accounting policies in Note 1 to the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2019. Except for the adoption of the accounting standards during the first quarter of 2020 as discussed below, there have been no changes to our significant accounting policies during the six months ended June 30, 2020. Segment Information Segment information is prepared on the same basis that our chief operating decision maker reviews information for operational decision-making purposes. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel. Revenue Recognition and Accounts Receivable Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, net of valuation adjustments, based on management's assessment of credit, collection and other business risks. 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, including the impact of the 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. The provision for doubtful accounts at June 30, 2020 and December 31, 2019 was approximately $4.9 million and $1.7 million, respectively. Rent Concessions – COVID-19 During the second quarter of 2020, we provided lease concessions to certain tenants, primarily within the retail segment, as a result of the COVID-19 pandemic, in the form of rent deferrals and abatements. These lease concessions generally included an increase in our rights as a lessor. We account for such lease concessions as lease modifications under Accounting Standards Codification Topic 842, Leases ("ASC 842"). As of June 30, 2020, we have entered into lease modifications that resulted in COVID-19 adjustments (including rent deferrals and other monetary lease concessions) for approximately 5% of the rent originally contracted for the three months ended June 30, 2020. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("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. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses

ACQUIRED IN-PLACE LEASES AND AB

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES	ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES The following summarizes our acquired lease intangibles and leasing costs, which are included in other assets and other liabilities and deferred credits, as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 In-place leases $ 63,535 $ 63,896 Accumulated amortization (35,002) (32,672) Above market leases 7,534 7,534 Accumulated amortization (7,389) (7,351) Acquired lease intangible assets, net $ 28,678 $ 31,407 Below market leases $ 61,446 $ 62,126 Accumulated accretion (37,934) (36,674) Acquired lease intangible liabilities, net $ 23,512 $ 25,452

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy for inputs used in measuring fair value is as follows: 1. Level 1 Inputs—quoted prices in active markets for identical assets or liabilities 2. Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities 3. Level 3 Inputs—unobservable inputs Except as disclosed below, the carrying amounts of our financial instruments approximate their fair value. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. We measure the fair value of our deferred compensation liability, which is included in other liabilities and deferred credits on the consolidated balance sheet, on a recurring basis using Level 2 inputs. We measure the fair value of this liability based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. The fair value of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contract at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded in accumulated other comprehensive income (loss) and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. We incorporate credit valuation adjustments to appropriately reflect both our own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of non-performance risk, we considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2020 we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative position and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivative. As a result, we have determined that our derivative valuation in its entirety is classified in Level 2 of the fair value hierarchy. A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows (in thousands): June 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Deferred compensation liability $ — $ 1,835 $ — $ 1,835 $ — $ 1,669 $ — $ 1,669 Interest rate swap asset $ — $ — $ — $ — $ — $ 434 $ — $ 434 Interest rate swap liability $ — $ 6,984 $ — $ 6,984 $ — $ 1,317 $ — $ 1,317 The fair value of our secured notes payable and unsecured senior guaranteed notes are sensitive to fluctuations in interest rates. Discounted cash flow analysis using observable market interest rates (Level 2) is generally used to estimate the fair value of our secured notes payable, using rates ranging from 2.2% to 2.9%. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying values of our revolving line of credit and term loan set forth below are deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. A summary of the carrying amount and fair value of our secured financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands): June 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Secured notes payable, net $ 110,902 $ 114,333 $ 161,879 $ 166,885 Unsecured term loans, net $ 248,493 $ 250,000 $ 248,864 $ 250,000 Unsecured senior guaranteed notes, net $ 947,798 $ 1,036,529 $ 946,916 $ 975,291 Unsecured line of credit, net $ 98,948 $ 100,000 $ — $ —

DERIVATIVE AND HEDGING ACTIVITI

DERIVATIVE AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE AND HEDGING ACTIVITIES	DERIVATIVE AND HEDGING ACTIVITIES Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. On June 20, 2019, we entered into a treasury lock contract (the "June 2019 Treasury Lock") with Wells Fargo Bank, N.A., to reduce the interest rate variability exposure of the projected interest cash flows of our then prospective eleven-year private placement. The treasury lock contract has a notional amount of $100 million, termination date of July 31, 2019, a fixed pay rate of 1.9925%, and a receive rate equal to the ten years treasury rate on the settlement date. On July 17, 2019, we settled the June 2019 Treasury Lock, resulting in a gain of approximately $0.5 million, which 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 following is a summary of the terms of our outstanding interest rate swaps as of June 30, 2020 (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 $ (1,468) U.S. Bank N.A. $ 100,000 3/1/2016 3/1/2023 $ (3,691) Wells Fargo Bank, N.A. $ 50,000 5/2/2016 3/1/2023 $ (1,825) The effective portion of changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded in accumulated other comprehensive income and will be subsequently reclassified into earnings during the period in

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets consist of the following (in thousands): June 30, 2020 December 31, 2019 Leasing commissions, net of accumulated amortization of $33,580 and $30,775, respectively $ 41,387 $ 42,539 Interest rate swap asset — 434 Acquired above market leases, net 145 183 Acquired in-place leases, net 28,533 31,224 Lease incentives, net of accumulated amortization of $710 and $565, respectively 1,666 2,603 Other intangible assets, net of accumulated amortization of $1,187 and $1,031, respectively 2,727 2,893 Debt issuance costs, net of accumulated amortization of $0 and $814, respectively — 1,256 Right-of-use lease asset, net 25,673 4,863 Prepaid expenses and other 7,232 7,225 Total other assets $ 107,363 $ 93,220

OTHER LIABILITIES AND DEFERRED

OTHER LIABILITIES AND DEFERRED CREDITS	6 Months Ended
	Jun. 30, 2020
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): June 30, 2020 December 31, 2019 Acquired below market leases, net $ 23,512 $ 25,452 Prepaid rent and deferred revenue 13,255 16,969 Interest rate swap liability 6,984 1,317 Deferred rent expense and lease intangible 22 28 Deferred compensation 1,835 1,669 Deferred tax liability 332 332 Straight-line rent liability 18,067 16,903 Lease liability 26,144 5,380 Other liabilities 37 60 Total other liabilities and deferred credits, net $ 90,188 $ 68,110 Straight-line rent liability relates to leases which have rental payments that decrease over time or one-time upfront payments for which the rental revenue is deferred and recognized on a straight-line basis.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
DEBT	DEBT Debt of American Assets Trust, Inc. American Assets Trust, Inc. does not hold any indebtedness. All debt is held directly or indirectly by the Operating Partnership; however, American Assets Trust, Inc. has guaranteed the Operating Partnership's obligations under the (i) amended and restated credit facility, (ii) term loans, and (iii) senior guaranteed notes. Additionally, American Assets Trust, Inc. has provided a carve-out guarantee on property-level mortgage debt at City Center Bellevue. Debt of American Assets Trust, L.P. Secured notes payable The following is a summary of our total secured notes payable outstanding as of June 30, 2020 and December 31, 2019 (in thousands): Principal Balance as of Stated Interest Rate Stated Maturity Date Description of Debt June 30, 2020 December 31, 2019 as of June 30, 2020 Torrey Reserve—VCI, VCII, VCIII (1)(2) — 6,498 6.36 % June 1, 2020 Solana Crossing I-II (1)(2) — 10,270 5.91 % June 1, 2020 Solana Beach Towne Centre (1)(2) — 34,235 5.91 % June 1, 2020 City Center Bellevue (3) 111,000 111,000 3.98 % November 1, 2022 111,000 162,003 Debt issuance costs, net of accumulated amortization of $323 and $449, respectively (98) (124) Total Secured Notes Payable Outstanding $ 110,902 $ 161,879 (1) Loan repaid in full, without premium or penalty, on March 2, 2020. (2) Principal payments based on a 30-year amortization schedule. (3) Interest only. Certain loans require us to comply with various financial covenants. As of June 30, 2020, the Operating Partnership was in compliance with these financial covenants. Unsecured notes payable The following is a summary of the Operating Partnership's total unsecured notes payable outstanding as of June 30, 2020 and December 31, 2019 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date June 30, 2020 December 31, 2019 as of June 30, 2020 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 150,000 150,000 3.91 % (8) July 30, 2030 1,200,000 1,200,000 Debt issuance costs, net of accumulated amortization of $8,346 and $7,835, respectively (3,709) (4,220) Total Unsecured Notes Payable $ 1,196,291 $ 1,195,780 (1) The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan A at approximately 4.08% through its stated maturity date, subject to adjustments based on our consolidated leverage ratio. (2) The Operating Partnership entered into a one-month forward-starting seven years swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately $1.6 million. The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. (3) The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan B at approximately 3.15% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan B is approximately 2.65%, 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 2.64%, subject to adjustments based on our consolidated leverage ratio. (5) The Operating Partnership entered into a treasury lock contract on May 31, 2017, which was settled on June 23, 2017 at a loss of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.85% per annum. (6) The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. The forward-starting interest swap rate contracts were deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.87% per annum. (7) The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum. (8) The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. On July 30, 2019, the Operating Partnership entered into a Note Purchase Agreement for the private placement of $150 million of 3.91% Senior Guaranteed Notes, Series G, due July 30, 2030 (the "Series G Notes"). The Series G Notes were issued on July 30, 2019 and will pay interest semi-annually on the 30th of July and January until their maturity. The Operating Partnership may prepay at any time all, or from time to time any part of, the Series G Notes, in an amount not less than 5% of the aggregate principal amount of any series of the Series G Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a Make-Whole Amount (as defined in the Note Purchase Agreement for the Series G Notes). The Note Purchase Agreement for the Series G Notes contains a number of customary financial covenants, including, without limitation, secured and unsecured leverage ratios and fixed charge coverage ratios. Subject to the terms of the Note Purchase Agreement for the Series G Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, Make-Whole Amount or interest under the Series G Notes, and (ii) a default in the payment of certain other indebtedness of the Operating Partnership, the Company or their subsidiaries, the principal and accrued and unpaid interest and the Make-Whole Amount on the outstanding Series G Notes will become due and payable at the option of the Purchasers (as defined in the Note Purchase Agreement for the Series G Notes). The Operating Partnership’s obligations under the Series G Notes are fully and unconditionally guaranteed by the Company. Certain loans require us to comply with various financial covenants. As of June 30, 2020, the Operating Partnership was in compliance with these financial covenants. Amended Term Loan Agreement On January 9, 2018, we entered into the Third Amendment to the Term Loan Agreement (as so amended, the "Term Loan Agreement"), which maintains the seven years $150 million unsecured term loan (referred to herein as Term Loan B and Term Loan C) to the Operating Partnership that matures on March 1, 2023 (the “$150mm Term Loan”). Effective as of March 1, 2018, borrowings under the Term Loan Agreement with respect to the $150mm Term Loan bear interest at floating rates equal to, at the Operating Partnership’s option, either (1) LIBOR, plus a spread which ranges from 1.20% to 1.70% based on the Operating Partnership’s consolidated leverage ratio, or (2) a base rate equal to the highest of (a) 0%, (b) the prime rate, (c) the federal funds rate plus 50 bps or (d) the Eurodollar rate plus 100 bps, in each case plus a spread which ranges from 0.70% to 1.35% based on the Operating Partnership’s consolidated leverage ratio. Additionally, the Operating Partnership may elect for borrowings to bear interest based on a ratings-based pricing grid as per the Operating Partnership’s then-applicable investment grade debt ratings under the terms set forth in the Term Loan Agreement. Second Amended and Restated Credit Facility On January 9, 2018, we entered into a second amended and restated credit agreement (the "Second Amended and Restated Credit Facility"). The Second Amended and Restated Credit Facility provides for aggregate, unsecured borrowing of $450 million, consisting of a revolving line of credit of $350 million (the "Revolver Loan") and a term loan of $100 million (the "Term Loan A"). The Second Amended and Restated Credit Facility has an accordion feature that may allow us to increase the availability thereunder up to an additional $250 million, subject to meeting specified requirements and obtaining additional commitments from lenders. At June 30, 2020, there was $100 million outstanding under the Revolver Loan and we had incurred approximately $1.1 million of debt issuance costs, net. Borrowings under the Second Amended and Restated Credit Agreement initially bear interest at floating rates equal to, at our option, either (1) LIBOR, plus a spread which ranges from (a) 1.05% to 1.50% (with respect to the Revolver Loan) and (b) 1.30% to 1.90% (with respect to Term Loan A), in each case based on our consolidated leverage ratio, or (2) a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 50 bps or (c) LIBOR plus 100 bps, plus a spread which ranges from (i) 0.10% to 0.50% (with respect to the Revolver Loan) and (ii) 0.30% to 0.90% (with respect to Term Loan A), in each case based on our consolidated leverage ratio. For the six months ended June 30, 2020, the weighted average interest rate on the Revolver Loan was 1.58%. The Revolver Loan initially matures on January 9, 2022, subject to our option to extend the Revolver Loan up to two times, with each such extension for a six months period. The extension options are exercisable by us subject to the satisfaction of certain conditions. On January 9, 2019, we entered into the first amendment (“First Amendment”) to the Second Amended and Restated Credit Facility, which extended the maturity date of Term Loan A to January 9, 2021, subject to three, one year extension options. Additionally, in connection with the First Amendment, borrowings under the Second Amended and Restated Credit Facility with respect to Term Loan A bear interest at floating rates equal to, at our option, either (1) LIBOR, plus a spread which ranges from 1.20% to 1.70% based on our consolidated total leverage ratio, or (2) a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 50 bps or (c) the Eurodollar rate plus 100 bps, in each case plus a spread which ranges from 0.20% to 0.70% based on our consolidated total leverage ratio. The foregoing rates are intended to be more favorable than previously contained in the Second Amended and Restated Credit Facility (prior to entry into the First Amendment) with respect to Term Loan A. Additionally, the Second Amended and Restated Credit Facility includes a number of customary financial covenants, including: • A maximum leverage ratio (defined as total indebtedness net of certain cash and cash equivalents to total asset value) of 60%, • A maximum secured leverage ratio (defined as total secured debt to secured total asset value) of 40%, • A minimum fixed charge coverage ratio (defined as consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges) of 1.50x, • A minimum unsecured interest coverage ratio of 1.75x, • A maximum unsecured leverage ratio of 60%, and • Recourse indebtedness at any time cannot exceed 15% of total asset value. The Second Amended and Restated Credit Facility provides that our annual distributions may not exceed the greater of (1) 95% of our funds from operation ("FFO") or (2) the amount required for us to (a) qualify and maintain our REIT status and (b) avoid the payment of federal or state income or excise tax. If certain events of default exist or would result from a distribution, we may be precluded from making distributions other than those necessary to qualify and maintain our status as a REIT. As of June 30, 2020, the Operating Partnership was in compliance with the financial covenants in the Second Amended and Restated Credit Facility.

PARTNERS' CAPITAL OF AMERICAN A

PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. Noncontrolling interests in our Operating Partnership are interests in the Operating Partnership that are not owned by us. Noncontrolling interests consisted of 16,390,548 common units (the “noncontrolling common units”), and represented approximately 21.5% of the ownership interests in our Operating Partnership at June 30, 2020. Common units and shares of our common stock have essentially the same economic characteristics in that common units and shares of our common stock share equally in the total net income or loss distributions of our Operating Partnership. Investors who own common units have the right to cause our Operating Partnership to redeem any or all of their common units for cash equal to the then-current market value of one share of our common stock, or, at our election, shares of our common stock on a one-for-one basis. During the six months ended June 30, 2020, no common units were converted into shares of our common stock. Earnings Per Unit of the Operating Partnership Basic earnings (loss) per unit (“EPU”) of the Operating Partnership is computed by dividing income applicable to unitholders by the weighted average Operating Partnership units outstanding, as adjusted for the effect of participating securities. Operating Partnership units granted in equity-based payment transactions that have non-forfeitable dividend equivalent rights are considered participating securities prior to vesting. The impact of unvested Operating Partnership unit awards on EPU has been calculated using the two-class method whereby earnings are allocated to the unvested Operating Partnership unit awards based on distributions and the unvested Operating Partnership units’ participation rights in undistributed earnings.

EQUITY OF AMERICAN ASSETS TRUST

EQUITY OF AMERICAN ASSETS TRUST, INC.	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
EQUITY OF AMERICAN ASSETS TRUST, INC.	EQUITY OF AMERICAN ASSETS TRUST, INC. Stockholders' Equity On May 27, 2015, we entered into an at-the-market ("ATM") equity program with five sales agents in which we may, from time to time, offer and sell shares of our common stock having an aggregate offering price of up to $250.0 million. On March 2, 2018, we amended certain of these equity programs, terminated one such program and entered into a new equity program with one new sales agent. The sales of shares of our common stock made through the ATM equity program, as amended, are made in "at-the-market" offerings as defined in Rule 415 of the Securities Act of 1933, as amended. During the six months ended June 30, 2020, no shares of common stock were sold through the ATM equity program. 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 June 30, 2020, 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 ATM equity program. Dividends The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units during the six months ended June 30, 2020: Period Amount per Period Covered Dividend Paid Date First Quarter 2020 $ 0.30 January 1, 2020 to March 31, 2020 March 26, 2020 Second Quarter 2020 $ 0.20 April 1, 2020 to June 30, 2020 June 25, 2020 Taxability of Dividends Earnings and profits, which determine the taxability of distributions to stockholders and holders of common units, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation. Stock-Based Compensation We follow the FASB guidance related to stock compensation which establishes financial accounting and reporting standards for stock-based employee compensation plans, including all arrangements by which employees receive shares of stock or other equity instruments of the employer. The guidance also defines a fair value-based method of accounting for an employee stock option or similar equity instrument. The following table summarizes the activity of restricted stock awards during the six months ended June 30, 2020: Units Weighted Average Grant Date Fair Value Nonvested at January 1, 2020 345,153 $28.75 Granted 6,008 33.29 Vested (4,412) 45.35 Forfeited (318) 29.58 Nonvested at June 30, 2020 346,431 $28.62 We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $1.3 million and $1.1 million in noncash compensation expense for the three-month periods ended June 30, 2020 and 2019, respectively, which is included in general and administrative expense on the consolidated statements of comprehensive income. We recognized $2.5 million and $2.2 million in noncash compensation expense for the six months ended June 30, 2020 and 2019, respectively. Unrecognized compensation expense was $4.8 million at June 30, 2020. Earnings Per Share We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating security is calculated according to dividends declared and participation rights in undistributed earnings. The weighted average unvested shares outstanding, which are considered participating securities, were 345,241 and 330,847 for the three months ended June 30, 2020 and 2019, respectively and 345,199 and 332,054 for the six months ended June 30, 2020 and 2019, respectively. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares as these unvested shares have nonforfeitable dividend equivalent rights. Diluted EPS is calculated by dividing the net income applicable to common stockholders for the period by the weighted average number of common and dilutive instruments outstanding during the period using the treasury stock method. For the three and six months ended June 30, 2020 and 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. The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 NUMERATOR Net income $ 9,826 $ 11,941 $ 25,310 $ 27,184 Less: Net income attributable to restricted shares (69) (92) (173) (185) Less: Income from operations attributable to unitholders in the Operating Partnership (2,101) (2,933) (5,413) (6,988) Net income attributable to common stockholders—basic $ 7,656 $ 8,916 $ 19,724 $ 20,011 Income from operations attributable to American Assets Trust, Inc. common stockholders—basic $ 7,656 $ 8,916 $ 19,724 $ 20,011 Plus: Income from operations attributable to unitholders in the Operating Partnership 2,101 2,933 5,413 6,988 Net income attributable to common stockholders—diluted $ 9,757 $ 11,849 $ 25,137 $ 26,999 DENOMINATOR Weighted average common shares outstanding—basic 59,724,139 50,135,978 59,723,605 48,578,872 Effect of dilutive securities—conversion of Operating Partnership units 16,390,548 16,753,806 16,390,548 16,964,537 Weighted average common shares outstanding—diluted 76,114,687 66,889,784 76,114,153 65,543,409 Earnings per common share, basic $ 0.13 $ 0.18 $ 0.33 $ 0.41 Earnings per common share, diluted $ 0.13 $ 0.18 $ 0.33 $ 0.41

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESWe elected to be taxed as a REIT and operate in a manner that allows us to qualify as a REIT for federal income tax purposes commencing with our initial taxable year. As a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. Taxable income from non-REIT activities managed through our TRS is subject to federal and state income taxes. We lease our hotel property to a wholly owned TRS that is subject to federal and state income taxes. We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between GAAP carrying amounts and their respective tax bases. Additionally, we classify certain state taxes as income taxes for financial reporting purposes in accordance with ASC Topic 740, Income Taxes . A deferred tax liability is included in our consolidated balance sheets of $0.3 million and $0.3 million as of June 30, 2020 and December 31, 2019, respectively, in relation to real estate asset basis differences of property subject to state taxes based on income and certain prepaid expenses of our TRS. Income tax expense is recorded in other (expense) income, net on our consolidated statements of comprehensive income. For the three and six months ended June 30, 2020, we recorded income tax benefit of $0.1 million and income tax expense of $0.1 million, respectively. For the three and six months ended June 30, 2019, we recorded income tax expense of $0.2 million and $0.4 million, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
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 12 for description of our leases, as a lessee. We have management agreements with Outrigger Hotels & Resorts or an affiliate thereof (“Outrigger”) pursuant to which Outrigger manages each of the retail and hotel portions of the Waikiki Beach Walk property. Under the management agreement with Outrigger relating to the retail portion of Waikiki Beach Walk (the “retail management agreement”), we pay Outrigger a monthly management fee of 3.0% of net revenues from the retail portion of Waikiki Beach Walk. Pursuant to the terms of the retail management agreement, if the agreement is terminated in certain instances, including our election not to repair damage or destruction at the property, a condemnation or our failure to make required working capital infusions, we would be obligated to pay Outrigger a termination fee equal to the sum of the management fees paid for the two months immediately preceding the termination date. The retail management agreement may not be terminated by us or by Outrigger without cause. Under our management agreement with Outrigger relating to the hotel portion of Waikiki Beach Walk (the “hotel management agreement”), we pay Outrigger a monthly management fee of 6.0% of the hotel's gross operating profit, as well as 3.0% of the hotel's gross revenues; provided that the aggregate management fee payable to Outrigger for any year shall not exceed 3.5% of the hotel's gross revenues for such fiscal year. Pursuant to the terms of the hotel management agreement, if the agreement is terminated in certain instances, including upon a transfer by us of the hotel or upon a default by us under the hotel management agreement, we would be required to pay a cancellation fee calculated by multiplying (1) the management fees for the previous 12 months by (2) (a) eight, if the agreement is terminated in the first 11 years of its term, or (b) four, three, two or one, if the agreement is terminated in the twelfth, thirteenth, fourteenth or fifteenth year, respectively, of its term. The hotel management agreement may not be terminated by us or by Outrigger without cause. A wholly owned subsidiary of our Operating Partnership, WBW Hotel Lessee LLC, entered into a franchise license agreement with Embassy Suites Franchise LLC, the franchisor of the brand “Embassy Suites™,” to obtain the non-exclusive right to operate the hotel under the Embassy Suites TM brand for 20 years. The franchise license agreement provides that WBW Hotel Lessee LLC must comply with certain management, operational, record keeping, accounting, reporting and marketing standards and procedures. In connection with this agreement, we are also subject to the terms of a product improvement plan pursuant to which we expect to undertake certain actions to ensure that our hotel's infrastructure is maintained in compliance with the franchisor's brand standards. In addition, we must pay to Embassy Suites Franchise LLC a monthly franchise royalty fee equal to 4.0% of the hotel's gross room revenue through December 2021 and 5.0% of the hotel's gross room revenue thereafter, as well as a monthly program fee equal to 4.0% of the hotel's gross room revenue. If the franchise license is terminated due to our failure to make required improvements or to otherwise comply with its terms, we may be liable to the franchisor for a termination payment, which could be as high as $6.7 million based on operating performance through June 30, 2020. Our Del Monte Center property has ongoing environmental remediation related to ground water contamination. The environmental issue existed at purchase and remains in remediation. The final stages of the remediation will include routine, long term ground monitoring by the appropriate regulatory agency over the next five years to seven years. The work performed is financed through an escrow account funded by the seller upon purchase of the Del Monte Center. We believe the funds in the escrow account are sufficient for the remaining work to be performed. However, if further work is required costing more than the remaining escrow funds, we could be required to pay such overage, although we may have a contractual claim for such costs against the prior owner or our environmental remediation consultant. Concentrations of Credit Risk Our properties are located in Southern California, Northern California, Hawaii, Oregon, Texas, and Washington. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory, social, and health factors affecting the markets in which the tenants operate including, without limitation, the impact the COVID-19 pandemic has had on our tenants. Fourteen of our consolidated properties are located in Southern California, which exposes us to greater economic risks than if we owned a more geographically diverse portfolio. Tenants in the retail industry accounted for 26.5% of total revenues for the six months ended June 30, 2020. This makes us susceptible to demand for retail rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the retail industry. Furthermore, tenants in the office industry accounted for 49.4% of total revenues for the six months ended June 30, 2020. 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 six months ended June 30, 2020 and 2019, no tenant accounted for more than 10% of our total rental revenue.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
LEASES	LEASES Lessor Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. Our leases with office, retail, mixed-use and residential tenants are classified as operating leases. Leases at our office and retail properties and the retail portion of our mixed-use property generally range from three years to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, usually provide for cost recoveries for the tenant’s share of certain operating costs. Our leases may also include variable lease payments in the form of percentage rents based on the tenant’s level of sales achieved in excess of a breakpoint threshold. Leases on apartments generally range from 7 to 15 months, with a majority having 12-month lease terms. Rooms at the hotel portion of our mixed-use property are rented on a nightly basis. Leases at our office and retail properties and the retail portion of our mixed-use property may contain lease extension options, at our lessee's discretion. The extension options are generally for 3 to 10 years and contain primarily rent at fixed rates or the prevailing market rent. The extension options are generally exercisable 6 to 12 months prior to the expiration of the lease and require the lessee to not be in default of the lease terms. We attempt to maximize the amount we expect to derive from the underlying real estate property following the end of a lease, to the extent it is not extended. We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. However, the residual value of a real estate property is still subject to various market-specific, asset-specific, and tenant-specific risks and characteristics. As of June 30, 2020, minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows (in thousands): Year Ending December 31, 2020 (six months ending December 31, 2020) $ 102,236 2021 223,471 2022 209,162 2023 188,651 2024 158,172 Thereafter 565,253 Total $ 1,446,945 The above future minimum rentals exclude residential leases, which typically have a term of 12 months or less, and exclude the hotel, as rooms are rented on a nightly basis. Lessee Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. At the Landmark at One Market, we lease, as lessee, a building adjacent to the Landmark at One Market under an operating lease effective through June 30, 2026, which we have the option to extend until 2031 by way of the remaining five years extension option (the "Annex Lease"). The lease payments under the extension option provided for under the Annex Lease will be equal to the fair rental value at the time the extension option is exercised. The extension option is included in the calculation of the right-of-use asset and lease liability as we are reasonably certain of exercising the extension option. During 2020, we exercised a five years extension option to extend the Annex Lease through June 30, 2026. 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 June 30, 2020 (in thousands): Year Ending December 31, 2020 (six months ending December 31, 2020) $ 1,730 2021 3,502 2022 2,697 2023 2,697 2024 2,697 Thereafter 17,533 Total lease payments $ 30,856 Imputed interest $ (4,712) Present value of lease liability $ 26,144 Lease costs under the operating leases are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease cost $ 945 $ 833 $ 1,790 $ 1,667 Variable lease cost — — — — Sublease income (1,073) (633) (1,941) (1,258) Total lease (income) cost $ (128) $ 200 $ (151) $ 409 Weighted-average remaining lease term - operating leases (in years) 10.6 Weighted-average discount rate - operating leases 3.23 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Six Months Ended June 30, 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 1,692 $ 1,655 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 22,188 $ 7,661 Subleases At the Landmark at One Market, we (as sublandlord) sublease the Annex Lease building under operating leases effective through December 31, 2029. The subleases contain extension options, subject to our ability to extend the Annex Lease, that can extend the subleases through December 31, 2039 at the fair rental value at the time the extension option is exercised.
LEASES	LEASES Lessor Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. Our leases with office, retail, mixed-use and residential tenants are classified as operating leases. Leases at our office and retail properties and the retail portion of our mixed-use property generally range from three years to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, usually provide for cost recoveries for the tenant’s share of certain operating costs. Our leases may also include variable lease payments in the form of percentage rents based on the tenant’s level of sales achieved in excess of a breakpoint threshold. Leases on apartments generally range from 7 to 15 months, with a majority having 12-month lease terms. Rooms at the hotel portion of our mixed-use property are rented on a nightly basis. Leases at our office and retail properties and the retail portion of our mixed-use property may contain lease extension options, at our lessee's discretion. The extension options are generally for 3 to 10 years and contain primarily rent at fixed rates or the prevailing market rent. The extension options are generally exercisable 6 to 12 months prior to the expiration of the lease and require the lessee to not be in default of the lease terms. We attempt to maximize the amount we expect to derive from the underlying real estate property following the end of a lease, to the extent it is not extended. We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. However, the residual value of a real estate property is still subject to various market-specific, asset-specific, and tenant-specific risks and characteristics. As of June 30, 2020, minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows (in thousands): Year Ending December 31, 2020 (six months ending December 31, 2020) $ 102,236 2021 223,471 2022 209,162 2023 188,651 2024 158,172 Thereafter 565,253 Total $ 1,446,945 The above future minimum rentals exclude residential leases, which typically have a term of 12 months or less, and exclude the hotel, as rooms are rented on a nightly basis. Lessee Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. At the Landmark at One Market, we lease, as lessee, a building adjacent to the Landmark at One Market under an operating lease effective through June 30, 2026, which we have the option to extend until 2031 by way of the remaining five years extension option (the "Annex Lease"). The lease payments under the extension option provided for under the Annex Lease will be equal to the fair rental value at the time the extension option is exercised. The extension option is included in the calculation of the right-of-use asset and lease liability as we are reasonably certain of exercising the extension option. During 2020, we exercised a five years extension option to extend the Annex Lease through June 30, 2026. 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 June 30, 2020 (in thousands): Year Ending December 31, 2020 (six months ending December 31, 2020) $ 1,730 2021 3,502 2022 2,697 2023 2,697 2024 2,697 Thereafter 17,533 Total lease payments $ 30,856 Imputed interest $ (4,712) Present value of lease liability $ 26,144 Lease costs under the operating leases are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease cost $ 945 $ 833 $ 1,790 $ 1,667 Variable lease cost — — — — Sublease income (1,073) (633) (1,941) (1,258) Total lease (income) cost $ (128) $ 200 $ (151) $ 409 Weighted-average remaining lease term - operating leases (in years) 10.6 Weighted-average discount rate - operating leases 3.23 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Six Months Ended June 30, 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 1,692 $ 1,655 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 22,188 $ 7,661 Subleases At the Landmark at One Market, we (as sublandlord) sublease the Annex Lease building under operating leases effective through December 31, 2029. The subleases contain extension options, subject to our ability to extend the Annex Lease, that can extend the subleases through December 31, 2039 at the fair rental value at the time the extension option is exercised.

COMPONENTS OF RENTAL INCOME AND

COMPONENTS OF RENTAL INCOME AND EXPENSE	6 Months Ended
	Jun. 30, 2020
Revenue Recognition and Deferred Revenue [Abstract]
COMPONENTS OF RENTAL INCOME AND EXPENSE	COMPONENTS OF RENTAL INCOME AND EXPENSE The principal components of rental income are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Lease rental income Office $ 42,484 $ 28,564 $ 84,697 $ 54,712 Retail 20,909 25,021 45,864 49,470 Multifamily 11,643 11,975 23,610 23,971 Mixed-use 2,504 3,886 6,436 7,763 Percentage rent 23 289 324 555 Hotel revenue 1,143 9,466 9,268 19,108 Other 524 455 1,101 908 Total rental income $ 79,230 $ 79,656 $ 171,300 $ 156,487 Lease rental income include $8.5 million and $(4.5) million for the three months ended June 30, 2020 and 2019, respectively, and $11.3 million and $(4.3) million for the six months ended June 30, 2020 and 2019, respectively, to recognize lease rental income on a straight-line basis. In addition, net amortization of above and below market leases included in lease rental income were $1.0 million and $0.8 million for the three months ended June 30, 2020 and 2019, respectively, and $1.9 million and $1.7 million for the six months ended June 30, 2020 and 2019, respectively. The principal components of rental expenses are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Rental operating $ 8,695 $ 9,008 $ 18,577 $ 17,559 Hotel operating 1,993 6,036 7,740 12,009 Repairs and maintenance 4,320 3,971 8,617 7,430 Marketing 379 568 886 1,114 Rent 952 849 1,805 1,690 Hawaii excise tax 507 914 1,372 1,858 Management fees 135 480 552 962 Total rental expenses $ 16,981 $ 21,826 $ 39,549 $ 42,622

OTHER INCOME (EXPENSE), NET

OTHER INCOME (EXPENSE), NET	6 Months Ended
	Jun. 30, 2020
Other Income and Expenses [Abstract]
OTHER INCOME (EXPENSE), NET	OTHER INCOME (EXPENSE), NET The principal components of other expense, net, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest and investment income $ 71 $ 156 $ 383 $ 163 Income tax benefit (expense) 91 (206) (115) (442) Other non-operating income — — 2 — Total other income (expense), net $ 162 $ (50) $ 270 $ (279)

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS During the first quarter of 2019, we terminated a lease agreement with American Assets, Inc. ("AAI"), an entity owned and controlled by Ernest Rady, our CEO, President, and Chairman of Board, 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 AAI leases of $0.1 million and $0.1 million for the six months ended June 30, 2020 and 2019, respectively, is included in rental income on the statements of comprehensive income. On occasion, the Company utilizes aircraft services provided by AAI Aviation, Inc. ("AAIA"), an entity owned and controlled by Mr. Rady. For the six months ended June 30, 2020 and 2019, we incurred approximately $0.0 million and $0.2 million, respectively, of expenses related to aircraft services of AAIA or reimbursement to Mr. Rady (or the Ernest Rady Trust U/D/T March 13, 1983) for use of the aircraft owned by AAIA. These expenses are recorded as general and administrative expenses in our consolidated statements of comprehensive income. The Waikiki Beach Walk entities have a 47.7% investment in WBW CHP LLC, an entity that was formed to, among other things, construct a chilled water plant to provide air conditioning to the property and other adjacent facilities. The operating expenses of WBW CHP LLC are recovered through reimbursements from its members, and reimbursements to WBW CHP LLC of $0.5 million and $0.5 million for the six months ended June 30, 2020 and 2019, respectively, are included in rental expenses on the consolidated statements of comprehensive income.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel. We evaluate the performance of our segments based on segment profit, which is defined as property revenue less property expenses. We do not use asset information as a measure to assess performance and make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, interest expense, depreciation and amortization expense and other income and expense are not included in segment profit as our internal reporting addresses these items on a corporate level. Segment profit is not a measure of operating income or cash flows from operating activities as measured by GAAP, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit in the same manner. We consider segment profit to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our properties. The following table represents operating activity within our reportable segments (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Total Office Property revenue 43,880 30,200 $ 88,389 $ 58,006 Property expense (11,601) (9,269) (23,394) (17,758) Segment profit 32,279 20,931 64,995 40,248 Total Retail Property revenue $ 21,492 $ 25,871 47,318 55,308 Property expense (4,907) (7,731) (12,238) (14,885) Segment profit 16,585 18,140 35,080 40,423 Total Multifamily Property revenue 12,463 12,897 25,288 25,796 Property expense (5,313) (4,883) (10,823) (9,956) Segment profit 7,150 8,014 14,465 15,840 Total Mixed-Use Property revenue 4,274 15,145 17,857 30,322 Property expense (4,121) (9,218) (13,100) (18,344) Segment profit 153 5,927 4,757 11,978 Total segments’ profit $ 56,167 $ 53,012 $ 119,297 $ 108,489 The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Total segments’ profit $ 56,167 $ 53,012 $ 119,297 $ 108,489 General and administrative (6,679) (5,943) (13,499) (12,016) Depreciation and amortization (26,493) (22,582) (53,955) (43,165) Interest expense (13,331) (13,129) (26,803) (26,478) Gain on sale of real estate — 633 — 633 Other income (expense), net 162 (50) 270 (279) Net income 9,826 11,941 25,310 27,184 Net income attributable to restricted shares (69) (92) (173) (185) Net income attributable to unitholders in the Operating Partnership (2,101) (2,933) (5,413) (6,988) Net income attributable to American Assets Trust, Inc. stockholders $ 7,656 $ 8,916 $ 19,724 $ 20,011 The following table shows net real estate and secured note payable balances for each of the segments (in thousands): June 30, 2020 December 31, 2019 Net Real Estate Office $ 1,319,025 $ 1,317,854 Retail 617,530 624,912 Multifamily 395,254 401,152 Mixed-Use 180,264 179,557 $ 2,512,073 $ 2,523,475 Secured Notes Payable (1) Office $ 111,000 $ 127,768 Retail — 34,235 $ 111,000 $ 162,003 (1) Excludes debt issuance costs of $0.1 million and $0.1 million for each of the periods ended June 30, 2020 and December 31, 2019, respectively. Capital expenditures for each segment for the three and six months ended June 30, 2020 and 2019 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Capital Expenditures (1) Office $ 9,281 $ 17,418 $ 27,481 $ 33,901 Retail 2,805 6,650 6,363 11,441 Multifamily 860 685 2,144 1,456 Mixed-Use 2,262 3,271 3,145 3,663 $ 15,208 $ 28,024 $ 39,133 $ 50,461 (1) Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Business and Organization	Business and Organization American Assets Trust, Inc. (which may be referred to in these financial statements as the “Company,” “we,” “us,” or “our”) is a Maryland corporation formed on July 16, 2010 that did not have any operating activity until the consummation of our initial public offering on January 19, 2011. The Company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The Company’s operations are carried on through our Operating Partnership and its subsidiaries, including our taxable real estate investment trust ("REIT") subsidiary ("TRS"). Since the formation of our Operating Partnership, the Company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. We are a full service, vertically integrated, and self-administered REIT with approximately 194 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. As of June 30, 2020, 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 June 30, 2020, we owned land at three of our properties that we classify as held for development and/or construction in progress. A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street Torrey Reserve Campus First & Main Torrey Point Lloyd District Portfolio Solana Crossing (formerly Solana Beach Corporate Centre) City Center Bellevue The Landmark at One Market Multifamily Loma Palisades Hassalo on Eighth - Residential Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and/or Construction in Progress La Jolla Commons – Land Solana Crossing – Land Lloyd District Portfolio – Construction in Progress
Basis of Presentation	Basis of Presentation Our consolidated financial statements include the accounts of the Company, our Operating Partnership and our subsidiaries. The equity interests of other investors in our Operating Partnership are reflected as noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. The accompanying consolidated financial statements of the Company and the Operating Partnership have been prepared in accordance with the rules applicable to Form 10-Q and include all information and footnotes required for interim financial statement presentation, but do not include all disclosures required under accounting principles generally accepted in the United States (“GAAP”) for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments, except as otherwise noted) considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and notes therein included in the Company's and Operating Partnership's annual report on Form 10-K for the year ended December 31, 2019. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using our best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Significant Accounting Policies	Significant Accounting PoliciesWe describe our significant accounting policies in Note 1 to the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2019. Except for the adoption of the accounting standards during the first quarter of 2020 as discussed below, there have been no changes to our significant accounting policies during the six months ended June 30, 2020.
Segment Information	Segment InformationSegment information is prepared on the same basis that our chief operating decision maker reviews information for operational decision-making purposes. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel.
Revenue Recognition, Leases	Revenue Recognition and Accounts Receivable Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, net of valuation adjustments, based on management's assessment of credit, collection and other business risks. 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, including the impact of the 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. The provision for doubtful accounts at June 30, 2020 and December 31, 2019 was approximately $4.9 million and $1.7 million, respectively. Rent Concessions – COVID-19 During the second quarter of 2020, we provided lease concessions to certain tenants, primarily within the retail segment, as a result of the COVID-19 pandemic, in the form of rent deferrals and abatements. These lease concessions generally included an increase in our rights as a lessor. We account for such lease concessions as lease modifications under Accounting Standards Codification Topic 842, Leases ("ASC 842"). As of June 30, 2020, we have entered into lease modifications that resulted in COVID-19 adjustments (including rent deferrals and other monetary lease concessions) for approximately 5% of the rent originally contracted for the three months ended June 30, 2020.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("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. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses
Fair Value Measurement	A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy for inputs used in measuring fair value is as follows: 1. Level 1 Inputs—quoted prices in active markets for identical assets or liabilities 2. Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities 3. Level 3 Inputs—unobservable inputs Except as disclosed below, the carrying amounts of our financial instruments approximate their fair value. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Consolidated Statements of Cash Flows-Supplemental Disclosures	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): Six Months Ended June 30, 2020 2019 Supplemental cash flow information Total interest costs incurred $ 27,327 $ 26,808 Interest capitalized $ 524 $ 330 Interest expense $ 26,803 $ 26,478 Cash paid for interest, net of amounts capitalized $ 26,918 $ 26,574 Cash paid for income taxes $ 554 $ 601 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 18,141 $ 12,245 Accrued leasing commissions $ 1,913 $ 7,963

ACQUIRED IN-PLACE LEASES AND _2

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of acquired lease intangibles included in other assets and other liabilities	The following summarizes our acquired lease intangibles and leasing costs, which are included in other assets and other liabilities and deferred credits, as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 In-place leases $ 63,535 $ 63,896 Accumulated amortization (35,002) (32,672) Above market leases 7,534 7,534 Accumulated amortization (7,389) (7,351) Acquired lease intangible assets, net $ 28,678 $ 31,407 Below market leases $ 61,446 $ 62,126 Accumulated accretion (37,934) (36,674) Acquired lease intangible liabilities, net $ 23,512 $ 25,452

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
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): June 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Deferred compensation liability $ — $ 1,835 $ — $ 1,835 $ — $ 1,669 $ — $ 1,669 Interest rate swap asset $ — $ — $ — $ — $ — $ 434 $ — $ 434 Interest rate swap liability $ — $ 6,984 $ — $ 6,984 $ — $ 1,317 $ — $ 1,317
Carrying amount and fair value of financial instruments	A summary of the carrying amount and fair value of our secured financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands): June 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Secured notes payable, net $ 110,902 $ 114,333 $ 161,879 $ 166,885 Unsecured term loans, net $ 248,493 $ 250,000 $ 248,864 $ 250,000 Unsecured senior guaranteed notes, net $ 947,798 $ 1,036,529 $ 946,916 $ 975,291 Unsecured line of credit, net $ 98,948 $ 100,000 $ — $ —

DERIVATIVE AND HEDGING ACTIVI_2

DERIVATIVE AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following is a summary of the terms of our outstanding interest rate swaps as of June 30, 2020 (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 $ (1,468) U.S. Bank N.A. $ 100,000 3/1/2016 3/1/2023 $ (3,691) Wells Fargo Bank, N.A. $ 50,000 5/2/2016 3/1/2023 $ (1,825)

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Components of Other Assets	Other assets consist of the following (in thousands): June 30, 2020 December 31, 2019 Leasing commissions, net of accumulated amortization of $33,580 and $30,775, respectively $ 41,387 $ 42,539 Interest rate swap asset — 434 Acquired above market leases, net 145 183 Acquired in-place leases, net 28,533 31,224 Lease incentives, net of accumulated amortization of $710 and $565, respectively 1,666 2,603 Other intangible assets, net of accumulated amortization of $1,187 and $1,031, respectively 2,727 2,893 Debt issuance costs, net of accumulated amortization of $0 and $814, respectively — 1,256 Right-of-use lease asset, net 25,673 4,863 Prepaid expenses and other 7,232 7,225 Total other assets $ 107,363 $ 93,220

OTHER LIABILITIES AND DEFERRE_2

OTHER LIABILITIES AND DEFERRED CREDITS (Tables)	6 Months Ended
	Jun. 30, 2020
Other Liabilities Disclosure [Abstract]
Other liabilities and deferred credits	Other liabilities and deferred credits consist of the following (in thousands): June 30, 2020 December 31, 2019 Acquired below market leases, net $ 23,512 $ 25,452 Prepaid rent and deferred revenue 13,255 16,969 Interest rate swap liability 6,984 1,317 Deferred rent expense and lease intangible 22 28 Deferred compensation 1,835 1,669 Deferred tax liability 332 332 Straight-line rent liability 18,067 16,903 Lease liability 26,144 5,380 Other liabilities 37 60 Total other liabilities and deferred credits, net $ 90,188 $ 68,110

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Summary of total secured notes payable outstanding	The following is a summary of our total secured notes payable outstanding as of June 30, 2020 and December 31, 2019 (in thousands): Principal Balance as of Stated Interest Rate Stated Maturity Date Description of Debt June 30, 2020 December 31, 2019 as of June 30, 2020 Torrey Reserve—VCI, VCII, VCIII (1)(2) — 6,498 6.36 % June 1, 2020 Solana Crossing I-II (1)(2) — 10,270 5.91 % June 1, 2020 Solana Beach Towne Centre (1)(2) — 34,235 5.91 % June 1, 2020 City Center Bellevue (3) 111,000 111,000 3.98 % November 1, 2022 111,000 162,003 Debt issuance costs, net of accumulated amortization of $323 and $449, respectively (98) (124) Total Secured Notes Payable Outstanding $ 110,902 $ 161,879 (1) Loan repaid in full, without premium or penalty, on March 2, 2020. (2) Principal payments based on a 30-year amortization schedule. (3) Interest only. The following is a summary of the Operating Partnership's total unsecured notes payable outstanding as of June 30, 2020 and December 31, 2019 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date June 30, 2020 December 31, 2019 as of June 30, 2020 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 150,000 150,000 3.91 % (8) July 30, 2030 1,200,000 1,200,000 Debt issuance costs, net of accumulated amortization of $8,346 and $7,835, respectively (3,709) (4,220) Total Unsecured Notes Payable $ 1,196,291 $ 1,195,780 (1) The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan A at approximately 4.08% through its stated maturity date, subject to adjustments based on our consolidated leverage ratio. (2) The Operating Partnership entered into a one-month forward-starting seven years swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately $1.6 million. The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. (3) The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan B at approximately 3.15% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan B is approximately 2.65%, 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 2.64%, subject to adjustments based on our consolidated leverage ratio. (5) The Operating Partnership entered into a treasury lock contract on May 31, 2017, which was settled on June 23, 2017 at a loss of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.85% per annum. (6) The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. The forward-starting interest swap rate contracts were deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.87% per annum. (7) The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum. (8) The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.

EQUITY OF AMERICAN ASSETS TRU_2

EQUITY OF AMERICAN ASSETS TRUST, INC. (Tables)	6 Months Ended
	Jun. 30, 2020
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 during the six months ended June 30, 2020: Period Amount per Period Covered Dividend Paid Date First Quarter 2020 $ 0.30 January 1, 2020 to March 31, 2020 March 26, 2020 Second Quarter 2020 $ 0.20 April 1, 2020 to June 30, 2020 June 25, 2020
Activity of restricted stock awards	The following table summarizes the activity of restricted stock awards during the six months ended June 30, 2020: Units Weighted Average Grant Date Fair Value Nonvested at January 1, 2020 345,153 $28.75 Granted 6,008 33.29 Vested (4,412) 45.35 Forfeited (318) 29.58 Nonvested at June 30, 2020 346,431 $28.62
Computation of basic and diluted EPS	The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 NUMERATOR Net income $ 9,826 $ 11,941 $ 25,310 $ 27,184 Less: Net income attributable to restricted shares (69) (92) (173) (185) Less: Income from operations attributable to unitholders in the Operating Partnership (2,101) (2,933) (5,413) (6,988) Net income attributable to common stockholders—basic $ 7,656 $ 8,916 $ 19,724 $ 20,011 Income from operations attributable to American Assets Trust, Inc. common stockholders—basic $ 7,656 $ 8,916 $ 19,724 $ 20,011 Plus: Income from operations attributable to unitholders in the Operating Partnership 2,101 2,933 5,413 6,988 Net income attributable to common stockholders—diluted $ 9,757 $ 11,849 $ 25,137 $ 26,999 DENOMINATOR Weighted average common shares outstanding—basic 59,724,139 50,135,978 59,723,605 48,578,872 Effect of dilutive securities—conversion of Operating Partnership units 16,390,548 16,753,806 16,390,548 16,964,537 Weighted average common shares outstanding—diluted 76,114,687 66,889,784 76,114,153 65,543,409 Earnings per common share, basic $ 0.13 $ 0.18 $ 0.33 $ 0.41 Earnings per common share, diluted $ 0.13 $ 0.18 $ 0.33 $ 0.41

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Current minimum future rentals under the leases	As of June 30, 2020, minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows (in thousands): Year Ending December 31, 2020 (six months ending December 31, 2020) $ 102,236 2021 223,471 2022 209,162 2023 188,651 2024 158,172 Thereafter 565,253 Total $ 1,446,945
Current minimum annual payments under the leases	Current annual payments under the operating leases are as follows, as of June 30, 2020 (in thousands): Year Ending December 31, 2020 (six months ending December 31, 2020) $ 1,730 2021 3,502 2022 2,697 2023 2,697 2024 2,697 Thereafter 17,533 Total lease payments $ 30,856 Imputed interest $ (4,712) Present value of lease liability $ 26,144
Lease costs under operating leases and supplemental cash flow information of leases	Lease costs under the operating leases are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease cost $ 945 $ 833 $ 1,790 $ 1,667 Variable lease cost — — — — Sublease income (1,073) (633) (1,941) (1,258) Total lease (income) cost $ (128) $ 200 $ (151) $ 409 Weighted-average remaining lease term - operating leases (in years) 10.6 Weighted-average discount rate - operating leases 3.23 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Six Months Ended June 30, 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 1,692 $ 1,655 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 22,188 $ 7,661

COMPONENTS OF RENTAL INCOME A_2

COMPONENTS OF RENTAL INCOME AND EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue Recognition and Deferred Revenue [Abstract]
Principal components of rental income	The principal components of rental income are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Lease rental income Office $ 42,484 $ 28,564 $ 84,697 $ 54,712 Retail 20,909 25,021 45,864 49,470 Multifamily 11,643 11,975 23,610 23,971 Mixed-use 2,504 3,886 6,436 7,763 Percentage rent 23 289 324 555 Hotel revenue 1,143 9,466 9,268 19,108 Other 524 455 1,101 908 Total rental income $ 79,230 $ 79,656 $ 171,300 $ 156,487
Principal components of rental expenses	The principal components of rental expenses are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Rental operating $ 8,695 $ 9,008 $ 18,577 $ 17,559 Hotel operating 1,993 6,036 7,740 12,009 Repairs and maintenance 4,320 3,971 8,617 7,430 Marketing 379 568 886 1,114 Rent 952 849 1,805 1,690 Hawaii excise tax 507 914 1,372 1,858 Management fees 135 480 552 962 Total rental expenses $ 16,981 $ 21,826 $ 39,549 $ 42,622

OTHER INCOME (EXPENSE), NET (Ta

OTHER INCOME (EXPENSE), NET (Tables)	6 Months Ended
	Jun. 30, 2020
Other Income and Expenses [Abstract]
Principal components of other expense, net	The principal components of other expense, net, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest and investment income $ 71 $ 156 $ 383 $ 163 Income tax benefit (expense) 91 (206) (115) (442) Other non-operating income — — 2 — Total other income (expense), net $ 162 $ (50) $ 270 $ (279)

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of segments operating activity	The following table represents operating activity within our reportable segments (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Total Office Property revenue 43,880 30,200 $ 88,389 $ 58,006 Property expense (11,601) (9,269) (23,394) (17,758) Segment profit 32,279 20,931 64,995 40,248 Total Retail Property revenue $ 21,492 $ 25,871 47,318 55,308 Property expense (4,907) (7,731) (12,238) (14,885) Segment profit 16,585 18,140 35,080 40,423 Total Multifamily Property revenue 12,463 12,897 25,288 25,796 Property expense (5,313) (4,883) (10,823) (9,956) Segment profit 7,150 8,014 14,465 15,840 Total Mixed-Use Property revenue 4,274 15,145 17,857 30,322 Property expense (4,121) (9,218) (13,100) (18,344) Segment profit 153 5,927 4,757 11,978 Total segments’ profit $ 56,167 $ 53,012 $ 119,297 $ 108,489
Reconciliation of segment profit to net income attributable to stockholders	The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Total segments’ profit $ 56,167 $ 53,012 $ 119,297 $ 108,489 General and administrative (6,679) (5,943) (13,499) (12,016) Depreciation and amortization (26,493) (22,582) (53,955) (43,165) Interest expense (13,331) (13,129) (26,803) (26,478) Gain on sale of real estate — 633 — 633 Other income (expense), net 162 (50) 270 (279) Net income 9,826 11,941 25,310 27,184 Net income attributable to restricted shares (69) (92) (173) (185) Net income attributable to unitholders in the Operating Partnership (2,101) (2,933) (5,413) (6,988) Net income attributable to American Assets Trust, Inc. stockholders $ 7,656 $ 8,916 $ 19,724 $ 20,011
Net real estate and secured note payable balances by segments	The following table shows net real estate and secured note payable balances for each of the segments (in thousands): June 30, 2020 December 31, 2019 Net Real Estate Office $ 1,319,025 $ 1,317,854 Retail 617,530 624,912 Multifamily 395,254 401,152 Mixed-Use 180,264 179,557 $ 2,512,073 $ 2,523,475 Secured Notes Payable (1) Office $ 111,000 $ 127,768 Retail — 34,235 $ 111,000 $ 162,003 (1) Excludes debt issuance costs of $0.1 million and $0.1 million for each of the periods ended June 30, 2020 and December 31, 2019, respectively.
Capital expenditures for each segment	Capital expenditures for each segment for the three and six months ended June 30, 2020 and 2019 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Capital Expenditures (1) Office $ 9,281 $ 17,418 $ 27,481 $ 33,901 Retail 2,805 6,650 6,363 11,441 Multifamily 860 685 2,144 1,456 Mixed-Use 2,262 3,271 3,145 3,663 $ 15,208 $ 28,024 $ 39,133 $ 50,461

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)EmployeePropertyRoom	Jun. 30, 2020USD ($)EmployeeSegmentPropertyRoom	Dec. 31, 2019USD ($)
Accounting Policies [Abstract]
Number of employees | Employee	194	194
Office, retail, multifamily, and mixed-use operating properties	28	28
Properties held for development	3	3
Number of operating segments | Segment		4
Room in mixed-use segment all-suite hotel | Room	369	369
Allowance for Doubtful Accounts, Rent Receivables | $	$ 4.9	$ 4.9	$ 1.7
Lease Concessions	5.00%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplement Disclosures Related to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Total interest costs incurred			$ 27,327	$ 26,808
Interest capitalized			524	330
Interest expense	$ 13,331	$ 13,129	26,803	26,478
Cash paid for interest, net of amounts capitalized			26,918	26,574
Cash paid for income taxes			554	601
Accounts payable and accrued liabilities for construction in progress			18,141	12,245
Accrued leasing commissions			$ 1,913	$ 7,963

ACQUIRED IN-PLACE LEASES AND _3

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES Acquired Lease Intangibles and Leasing Costs Included in Other Assets and Other Liabilities and Deferred Credits (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Leases, gross	$ 145	$ 183
Accumulated amortization	(1,187)	(1,031)
Below market leases	61,446	62,126
Accumulated accretion	(37,934)	(36,674)
Acquired lease intangible liabilities, net	23,512	25,452
Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	28,678	31,407
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Leases, gross	63,535	63,896
Accumulated amortization	(35,002)	(32,672)
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Leases, gross	7,534	7,534
Accumulated amortization	$ (7,389)	$ (7,351)

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Fair Value, Inputs, Level 2	Jun. 30, 2020
Minimum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate (as a percent)	0.022
Maximum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate (as a percent)	0.029

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Liabilities Fair Value Measurement on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	$ 1,835	$ 1,669
Interest rate swap asset	0	434
Interest rate swap liability	6,984	1,317
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	0	0
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	1,835	1,669
Interest rate swap asset	0	434
Interest rate swap liability	6,984	1,317
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	0	0
Interest rate swap asset	0	0
Interest rate swap liability	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Secured notes payable, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 110,902	$ 161,879
Unsecured term loans, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	248,493	248,864
Unsecured senior guaranteed notes, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	947,798	946,916
Unsecured line of credit, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	98,948	0
Fair Value, Inputs, Level 2 | Secured notes payable, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	114,333	166,885
Fair Value, Inputs, Level 2 | Unsecured term loans, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	250,000	250,000
Fair Value, Inputs, Level 2 | Unsecured senior guaranteed notes, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,036,529	975,291
Fair Value, Inputs, Level 2 | Unsecured line of credit, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 100,000	$ 0

DERIVATIVE AND HEDGING ACTIVI_3

DERIVATIVE AND HEDGING ACTIVITIES (Details) - USD ($)	Jul. 17, 2019	Jun. 20, 2019	May 11, 2017	Jan. 18, 2017	Sep. 19, 2014	Aug. 19, 2014	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimated derivative reclassification from Accumulated OCI to Income							$ 1,300,000
American Assets Trust, L.P. | Forward Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative contract term						7 years
Gain on derivative settlement	$ 500,000		$ 700,000	$ 10,400,000	$ 1,600,000
Designated as Hedging Instrument | Cash Flow Hedging | American Assets Trust, L.P. | Interest Rate Swap, 1/9/2021 | Bank of America, N.A.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount							$ 100,000,000
Effective Date							Jan. 9, 2019
Maturity Date							Jan. 9, 2021
Interest rate swap liability							$ (1,468,000)
Designated as Hedging Instrument | Cash Flow Hedging | American Assets Trust, L.P. | Interest Rate Swap, 3/1/2023 | U.S. Bank N.A.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount							$ 100,000,000
Effective Date							Mar. 1, 2016
Maturity Date							Mar. 1, 2023
Interest rate swap liability							$ (3,691,000)
Designated as Hedging Instrument | Cash Flow Hedging | American Assets Trust, L.P. | Interest Rate Swap, 3/1/2023 | Wells Fargo Bank, N.A.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount							$ 50,000,000
Effective Date							May 2, 2016
Maturity Date							Mar. 1, 2023
Interest rate swap liability							$ (1,825,000)
Designated as Hedging Instrument | Cash Flow Hedging | American Assets Trust, L.P. | Treasury Lock | Wells Fargo Bank, N.A.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fixed interest rate (in percent)		1.9925%
Derivative contract term		10 years
Notional Amount		$ 100,000,000
Maturity Date		Jul. 31, 2019
Amortization Period of Deferred Gain (Loss) on Discontinuation of Fair Value Hedge		10 years

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing commissions, net of accumulated amortization of $33,580 and $30,775, respectively	$ 41,387	$ 42,539
Interest rate swap asset	0	434
Acquired above market leases, net	145	183
Acquired in-place leases, net	28,533	31,224
Lease incentives, net of accumulated amortization of $710 and $565, respectively	1,666	2,603
Other intangible assets, net of accumulated amortization of $1,187 and $1,031, respectively	2,727	2,893
Debt Issuance Costs, Net	0	1,256
Right-of-use lease asset, net	25,673	4,863
Prepaid expenses and other	7,232	7,225
Total other assets	107,363	93,220
Leasing commissions, accumulative amortization	33,580	30,775
Lease incentives, accumulated amortization	710	565
Other intangible assets, accumulated amortization	1,187	1,031
Debt issuance costs, accumulated amortization	$ 0	$ 814

OTHER LIABILITIES AND DEFERRE_3

OTHER LIABILITIES AND DEFERRED CREDITS (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Acquired below market leases, net	$ 23,512	$ 25,452
Prepaid rent and deferred revenue	13,255	16,969
Interest rate swap liability	6,984	1,317
Deferred rent expense and lease intangible	22	28
Deferred compensation	1,835	1,669
Deferred tax liability	332	332
Straight-line rent liability	18,067	16,903
Lease liability	26,144	5,380
Other liabilities	37	60
Total other liabilities and deferred credits, net	$ 90,188	$ 68,110

DEBT - Summary of Total Secured

DEBT - Summary of Total Secured Notes Payable Outstanding (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt issuance costs, net		$ 0	$ (1,256)
Debt issuance costs, accumulated amortization		0	814
American Assets Trust, L.P. | Secured notes payable, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance		111,000	162,003
Debt issuance costs, net		(98)	(124)
Total Debt Outstanding		$ 110,902	161,879
Period of amortization schedule (in years)		30 years
Debt issuance costs, accumulated amortization		$ 323	449
American Assets Trust, L.P. | Secured notes payable, net | Torrey Reserve
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	[1],[2]	$ 0	6,498
Stated Interest Rate	[1],[2]	6.36%
Stated Maturity Date	[1],[2]	Jun. 1, 2020
American Assets Trust, L.P. | Secured notes payable, net | Solana Beach Corporate Centre One To Two
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	[1],[2]	$ 0	10,270
Stated Interest Rate	[1],[2]	5.91%
Stated Maturity Date	[1],[2]	Jun. 1, 2020
American Assets Trust, L.P. | Secured notes payable, net | Solana Beach Towne Centre
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	[1],[2]	$ 0	34,235
Stated Interest Rate	[1],[2]	5.91%
Stated Maturity Date	[1],[2]	Jun. 1, 2020
American Assets Trust, L.P. | Secured notes payable, net | City Center Bellevue
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	[3]	$ 111,000	$ 111,000
Stated Interest Rate	[3]	3.98%
Stated Maturity Date	[3]	Nov. 1, 2022
[1]	Loan repaid in full, without premium or penalty, on March 2, 2020.
[2]	Principal payments based on a 30-year amortization schedule.
[3]	Interest only.

DEBT - Summary of Total Unsecur

DEBT - Summary of Total Unsecured Notes Payable Outstanding (Details) - USD ($) $ in Thousands		Jul. 17, 2019	Jun. 23, 2017	May 11, 2017	Jan. 18, 2017	Sep. 19, 2014	Aug. 19, 2014	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2017
Debt Instrument [Line Items]
Debt issuance costs, net								$ 0	$ (1,256)
Debt issuance costs, accumulated amortization								0	814
American Assets Trust, L.P. | Forward Contracts
Debt Instrument [Line Items]
Derivative contract term							7 years
Gain on derivative settlement		$ 500		$ 700	$ 10,400	$ 1,600
Loss on derivative settlement			$ 500
American Assets Trust, L.P. | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								1,200,000	1,200,000
Debt issuance costs, net								(3,709)	(4,220)
Total Debt Outstanding								1,196,291	1,195,780
Debt issuance costs, accumulated amortization								$ 8,346	7,835
American Assets Trust, L.P. | Term Loan A | Interest Rate Swap
Debt Instrument [Line Items]
Derivative fixed interest rate (in percent)								4.08%
American Assets Trust, L.P. | Term Loan A | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000	100,000
Stated Maturity Date								Jan. 9, 2021
American Assets Trust, L.P. | Senior Guaranteed Notes, Series A | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)								3.88%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series A | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 150,000	150,000
Stated Interest Rate	[1]							4.04%
Stated Maturity Date								Oct. 31, 2021
American Assets Trust, L.P. | Term Loan B | Interest Rate Swap
Debt Instrument [Line Items]
Derivative fixed interest rate (in percent)								2.65%		3.15%
American Assets Trust, L.P. | Term Loan B | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000	100,000
Stated Maturity Date								Mar. 1, 2023
American Assets Trust, L.P. | Term Loan C | Interest Rate Swap
Debt Instrument [Line Items]
Derivative fixed interest rate (in percent)								2.64%		3.14%
American Assets Trust, L.P. | Term Loan C | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 50,000	50,000
Stated Maturity Date								Mar. 1, 2023
American Assets Trust, L.P. | Senior Guaranteed Notes, Series F | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)								3.85%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series F | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000	100,000
Stated Interest Rate	[2]							3.78%
Stated Maturity Date								Jul. 19, 2024
American Assets Trust, L.P. | Senior Guaranteed Notes, Series B | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000	100,000
Stated Interest Rate								4.45%
Stated Maturity Date								Feb. 2, 2025
American Assets Trust, L.P. | Senior Guaranteed Notes, Series C | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000	100,000
Stated Interest Rate								4.50%
Stated Maturity Date								Apr. 1, 2025
American Assets Trust, L.P. | Senior Guaranteed Notes, Series D | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)								3.87%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series D | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 250,000	250,000
Stated Interest Rate	[3]							4.29%
Stated Maturity Date								Mar. 1, 2027
American Assets Trust, L.P. | Senior Guaranteed Notes, Series E | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)								4.18%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series E | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 100,000	100,000
Stated Interest Rate	[4]							4.24%
Stated Maturity Date								May 23, 2029
American Assets Trust, L.P. | Senior Guaranteed Notes, Series G | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)								3.88%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series G | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance								$ 150,000	$ 150,000
Stated Interest Rate	[5]							3.91%
Stated Maturity Date								Jul. 30, 2030
[1]	The Operating Partnership entered into a one-month forward-starting seven years swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately $1.6 million. The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.
[2]	The Operating Partnership entered into a treasury lock contract on May 31, 2017, which was settled on June 23, 2017 at a loss of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.85% per annum.
[3]	The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. The forward-starting interest swap rate contracts were deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.87% per annum.
[4]	The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum.
[5]	The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.

DEBT - Narrative (Details)

DEBT - Narrative (Details)		Jan. 09, 2019Extension_Option	Jan. 09, 2018USD ($)Extension_Option	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Unsecured line of credit, net				$ 98,948,000	$ 0
Unsecured term loans, net | Term Loan B | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on federal funds rate			0.50%
Unsecured term loans, net | Term Loan B | Eurodollar
Debt Instrument [Line Items]
Basis spread on Eurodollar rate			1.00%
Unsecured term loans, net | Term Loan C | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on federal funds rate			0.50%
Unsecured term loans, net | Term Loan C | Eurodollar
Debt Instrument [Line Items]
Basis spread on Eurodollar rate			1.00%
Unsecured term loans, net | Term Loan A | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on federal funds rate		0.50%
Unsecured term loans, net | Term Loan A | Eurodollar
Debt Instrument [Line Items]
Basis spread on Eurodollar rate		1.00%
Unsecured term loans, net | Second Amended and Restated Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
Unsecured line of credit, net
Debt Instrument [Line Items]
Minimum fixed charge coverage ratio covenant threshold			1.50
Minimum unsecured leverage ratio			175.00%
Maximum leverage ratio of revolving credit facility			60.00%
Maximum secured leverage ratio on revolving credit facility			40.00%
Maximum unsecured leverage ratio			60.00%
Maximum recourse indebtedness of total asset value			15.00%
Unsecured line of credit, net | Second Amended and Restated Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Unsecured line of credit, net | Second Amended and Restated Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on federal funds rate			0.50%
American Assets Trust, L.P.
Debt Instrument [Line Items]
Unsecured line of credit, net				98,948,000	0
American Assets Trust, L.P. | Term Loan B
Debt Instrument [Line Items]
Term of debt instrument			7 years
American Assets Trust, L.P. | Term Loan B | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.70%
American Assets Trust, L.P. | Term Loan B | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.35%
American Assets Trust, L.P. | Term Loan C
Debt Instrument [Line Items]
Term of debt instrument			7 years
American Assets Trust, L.P. | Term Loan C | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.70%
American Assets Trust, L.P. | Term Loan C | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.35%
American Assets Trust, L.P. | Term Loan A | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.20%
American Assets Trust, L.P. | Term Loan A | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.70%
American Assets Trust, L.P. | Second Amended and Restated Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity			$ 450,000,000
Additional borrowing capacity			$ 250,000,000
American Assets Trust, L.P. | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				1,200,000,000	1,200,000,000
American Assets Trust, L.P. | Unsecured term loans, net | Senior Guaranteed Notes, Series G
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				$ 150,000,000	150,000,000
Stated Interest Rate	[1]			3.91%
Stated Maturity Date				Jul. 30, 2030
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				$ 100,000,000	100,000,000
Stated Maturity Date				Mar. 1, 2023
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B | Base Rate
Debt Instrument [Line Items]
Minimum base rate			0.00%
Prime rate			prime rate
Federal funds rate			federal funds rate
Eurodollar rate			Eurodollar
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.20%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				$ 50,000,000	50,000,000
Stated Maturity Date				Mar. 1, 2023
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C | Base Rate
Debt Instrument [Line Items]
Minimum base rate			0.00%
Prime rate			prime rate
Federal funds rate			federal funds rate
Eurodollar rate			Eurodollar
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.20%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				$ 100,000,000	$ 100,000,000
Stated Maturity Date				Jan. 9, 2021
Debt extension options | Extension_Option		3
Extension term		1 year
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | Base Rate
Debt Instrument [Line Items]
Prime rate		prime rate
Federal funds rate		federal funds rate
Eurodollar rate		Eurodollar
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.70%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B & Term Loan C
Debt Instrument [Line Items]
Face amount of debt			$ 150,000,000
American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity			$ 100,000,000
American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.30%
American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.30%
American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.90%
American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.90%
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility
Debt Instrument [Line Items]
Unsecured line of credit, net				$ 100,000,000
Debt issuance costs, net, revolving credit facility				$ (1,100,000)
Weighted average interest rate, revolving credit facility				1.58%
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity			$ 350,000,000
Debt extension options | Extension_Option			2
Extension term			6 months
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Base Rate
Debt Instrument [Line Items]
Prime rate			prime rate
Federal funds rate			federal funds rate
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Minimum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.05%
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Minimum | Base Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Maximum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Maximum | Base Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
[1]	The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.

PARTNERS' CAPITAL OF AMERICAN_2

PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020shares	Jun. 30, 2019shares	Jun. 30, 2020shares	Jun. 30, 2019shares
American Assets Trust, L.P.
Capital Unit [Line Items]
Percentage of ownership interests classified as noncontrolling	21.50%		21.50%
Operating Partnership Units
Capital Unit [Line Items]
Antidilutive securities excluded from computation of EPS (in shares)	345,241	330,847	345,199	332,054
American Assets Trust, L.P.
Capital Unit [Line Items]
Noncontrolling common units (in shares)	16,390,548		16,390,548
American Assets Trust, L.P. | Operating Partnership Units
Capital Unit [Line Items]
Weighted average unvested shares outstanding (in shares)	345,241	330,847	345,199	332,054
Antidilutive securities excluded from computation of EPS (in shares)	345,241	330,847	345,199	332,054
Limited Partner | American Assets Trust, L.P.
Capital Unit [Line Items]
Common unit conversion ratio			1
Common Shares
Capital Unit [Line Items]
Conversion of operating partnership units (in shares)		787,060
Common Shares | American Assets Trust, L.P.
Capital Unit [Line Items]
Conversion of operating partnership units (in shares)			0

EQUITY OF AMERICAN ASSETS TRU_3

EQUITY OF AMERICAN ASSETS TRUST, INC. - Narrative (Details)	Mar. 02, 2018Agent	May 27, 2015USD ($)Agent	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)shares	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)shares
Equity [Line Items]
Noncash compensation expense			$ 1,300,000	$ 1,100,000	$ 2,500,000	$ 2,200,000
Unrecognized compensation expense			4,800,000		4,800,000
At The Market Equity Program
Equity [Line Items]
Number of sales agents | Agent	1	5
Aggregate offering price of common share		$ 250,000,000
Remaining capacity to issue			$ 132,600,000		$ 132,600,000
Operating Partnership Units
Equity [Line Items]
Antidilutive securities excluded from computation of EPS (in shares) | shares			345,241	330,847	345,199	332,054
American Assets Trust, L.P. | Operating Partnership Units
Equity [Line Items]
Weighted average unvested shares outstanding (in shares) | shares			345,241	330,847	345,199	332,054
Antidilutive securities excluded from computation of EPS (in shares) | shares			345,241	330,847	345,199	332,054

EQUITY OF AMERICAN ASSETS TRU_4

EQUITY OF AMERICAN ASSETS TRUST, INC. - Dividends Declare and Paid on Shares on Common Stock and Noncontrolling Common Units (Details) - $ / shares	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020
Equity [Abstract]
Dividends period	Second Quarter 2020	First Quarter 2020
Amount per Share/Unit (in USD per unit)	$ 0.20	$ 0.30
Date dividend to be paid	Jun. 25, 2020	Mar. 26, 2020

EQUITY OF AMERICAN ASSETS TRU_5

EQUITY OF AMERICAN ASSETS TRUST, INC. - Summary of Activity of Restricted Stock Awards (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Noncash compensation expense	$ 1.3	$ 1.1	$ 2.5	$ 2.2
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, Beginning, Shares			345,153
Granted, Shares			6,008
Vested, Shares			(4,412)
Forfeited, Shares			(318)
Nonvested, End of year, shares	346,431		346,431
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested, Beginning, Weighted Average Grant Date Fair Value (in USD per share)			$ 28.75
Granted, Weighted Average Grant Date Fair Value (in USD per share)			33.29
Vested, Weighted Average Grant Date Fair Value (in USD per share)			45.35
Forfeited, Weighted Average Grant Date Fair Value (in USD per share)			29.58
Nonvested, End of Year, Weighted Average Grant Date Fair Value (in USD per share)	$ 28.62		$ 28.62

EQUITY OF AMERICAN ASSETS TRU_6

EQUITY OF AMERICAN ASSETS TRUST, INC. - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Equity [Abstract]
Net income	$ 9,826	$ 11,941	$ 25,310	$ 27,184
Less: Net income attributable to restricted shares	(69)	(92)	(173)	(185)
Less: Income from operations attributable to unitholders in the Operating Partnership	(2,101)	(2,933)	(5,413)	(6,988)
Net income attributable to common stockholders—basic	7,656	8,916	19,724	20,011
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	7,656	8,916	19,724	20,011
Plus: Income from operations attributable to unitholders in the Operating Partnership-diluted	2,101	2,933	5,413	6,988
Net income attributable to common stockholders-diluted	$ 9,757	$ 11,849	$ 25,137	$ 26,999
Weighted average common shares outstanding-basic (in shares)	59,724,139	50,135,978	59,723,605	48,578,872
Effect of dilutive securities-conversion of Operating Partnership units (in shares)	16,390,548	16,753,806	16,390,548	16,964,537
Weighted average common shares outstanding - diluted (in shares)	76,114,687	66,889,784	76,114,153	65,543,409
Earnings per common share, basic (in USD per share)	$ 0.13	$ 0.18	$ 0.33	$ 0.41
Earnings per common share, diluted (in USD per share)	$ 0.13	$ 0.18	$ 0.33	$ 0.41

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Deferred tax liability	$ 332		$ 332		$ 332
Income tax benefit (expense)	$ 91	$ (206)	$ (115)	$ (442)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)moProperty	Jun. 30, 2019
Commitment And Contingencies [Line Items]
Termination payment | $	$ 6.7
Number of consolidated properties located in Southern California | Property	14
Maximum proportion of total revenue provided by any single tenant (as a percent)	10.00%	10.00%
Total Revenues | Retail
Commitment And Contingencies [Line Items]
Proportion of total revenue provided by retail or office tenants (as a percent)	26.50%
Total Revenues | Office
Commitment And Contingencies [Line Items]
Proportion of total revenue provided by retail or office tenants (as a percent)	49.40%
Waikiki Beach Walk - Retail
Commitment And Contingencies [Line Items]
Property management fee (as a percent)	3.00%
Outrigger Hotels
Commitment And Contingencies [Line Items]
Property management fee (as a percent)	6.00%
Number of calendar months termination fee is based	2 months
Maximum proportion of hotel's fiscal year gross revenues paid for aggregate yearly management fee (as a percent)	3.50%
Previous months of management fees	12 months
Hotel management agreement default penalty factor of previous twelve months of management fees in first 11 years of term	8
Years in hotel management agreement term	11 years
Hotel management agreement default penalty factor of previous twelve months of management fees in twelfth year of term	4
Hotel management agreement default penalty factor of previous twelve months of management fees in thirteenth year of term	3
Hotel management agreement default penalty factor of previous twelve months of management fees in fourteenth year of term	2
Hotel management agreement default penalty factor of previous twelve months of management fees in fifteenth year of term	1
Outrigger Hotels | Maximum
Commitment And Contingencies [Line Items]
Property management fee (as a percent)	3.00%
Outrigger Hotels | Future Year Period One
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	15 years
Outrigger Hotels | Future Year Period Two
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	14 years
Outrigger Hotels | Future Year Period Three
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	13 years
Outrigger Hotels | Future Year Period Four
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	12 years
Wbw Hotel Lessee Llc
Commitment And Contingencies [Line Items]
Years of contract	20 years
Proportion of hotel occupancy gross revenue paid for program fee (as a percent)	4.00%
Wbw Hotel Lessee Llc | Future Time Period Prior to 12-31-2021
Commitment And Contingencies [Line Items]
Proportion of hotel occupancy gross revenue paid for franchise royalty fee (as a percent)	4.00%
Wbw Hotel Lessee Llc | Future Time Period After 12-31-2021
Commitment And Contingencies [Line Items]
Proportion of hotel occupancy gross revenue paid for franchise royalty fee (as a percent)	5.00%
Del Monte Center | Maximum
Commitment And Contingencies [Line Items]
Years, environmental remediation length	7 years
Del Monte Center | Minimum
Commitment And Contingencies [Line Items]
Years, environmental remediation length	5 years

LEASES - Narrative (Details)

LEASES - Narrative (Details)	6 Months Ended
	Jun. 30, 2020
Lessor, Lease, Description [Line Items]
Years, minimum term range of office and retail leases	3 years
Years, maximum term range of office and retail leases	10 years
Months, minimum term of apartment leases	7 months
Months, maximum term of apartment leases	15 months
Operating leases rental period terms	12 months
Minimum
Lessor, Lease, Description [Line Items]
Lease extension option period	3 years
Lease extension options exercise period	6 months
Maximum
Lessor, Lease, Description [Line Items]
Lease extension option period	10 years
Lease extension options exercise period	12 months
Land Mark At One Market [Member]
Lessor, Lease, Description [Line Items]
Lease extension option exercise period	5 years

LEASES - Minimum Future Rentals

LEASES - Minimum Future Rentals from Noncancelable Operating Leases (Details) $ in Thousands	Jun. 30, 2020USD ($)
Leases [Abstract]
2020 (six months ending December 31, 2020)	$ 102,236
2021	223,471
2022	209,162
2023	188,651
2024	158,172
Thereafter	565,253
Total	$ 1,446,945

LEASES - Lease Obligations - Mi

LEASES - Lease Obligations - Minimum Future Rental Payments from Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
2020 (six months ending December 31, 2020)	$ 1,730
2021	3,502
2022	2,697
2023	2,697
2024	2,697
Thereafter	17,533
Total lease payments	30,856
Imputed interest	(4,712)
Present value of lease liability	$ 26,144	$ 5,380

LEASES - Lease Costs & Addition

LEASES - Lease Costs & Additional Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 945	$ 833	$ 1,790	$ 1,667
Variable lease cost	0	0	0	0
Sublease income	(1,073)	(633)	(1,941)	(1,258)
Lease income	$ (128)		$ (151)
Lease cost		$ 200		$ 409
Weighted-average remaining lease term - operating leases (in years)	10 years 7 months 6 days		10 years 7 months 6 days
Weighted-average discount rate - operating leases (as a percent)	3.23%		3.23%

LEASES - Supplemental Lease Inf

LEASES - Supplemental Lease Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 1,692	$ 1,655
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$ 22,188	$ 7,661

COMPONENTS OF RENTAL INCOME A_3

COMPONENTS OF RENTAL INCOME AND EXPENSE - Component of Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Rental Income [Line Items]
Percentage rent	$ 23	$ 289	$ 324	$ 555
Hotel revenue	1,143	9,466	9,268	19,108
Other	524	455	1,101	908
Total rental income	79,230	79,656	171,300	156,487
Recognition of straight-line rents	8,500	(4,500)	11,300	(4,300)
Recognition of amortization of above and below market leases	1,000	800	1,900	1,700
Office
Rental Income [Line Items]
Lease rental income	42,484	28,564	84,697	54,712
Retail
Rental Income [Line Items]
Lease rental income	20,909	25,021	45,864	49,470
Multifamily
Rental Income [Line Items]
Lease rental income	11,643	11,975	23,610	23,971
Mixed-use
Rental Income [Line Items]
Lease rental income	$ 2,504	$ 3,886	$ 6,436	$ 7,763

COMPONENTS OF RENTAL INCOME A_4

COMPONENTS OF RENTAL INCOME AND EXPENSE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue Recognition and Deferred Revenue [Abstract]
Recognition of straight-line rents	$ 8.5	$ (4.5)	$ 11.3	$ (4.3)
Recognition of amortization of above and below market leases	$ 1	$ 0.8	$ 1.9	$ 1.7

COMPONENTS OF RENTAL INCOME A_5

COMPONENTS OF RENTAL INCOME AND EXPENSE - Components of Rental Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue Recognition and Deferred Revenue [Abstract]
Rental operating	$ 8,695	$ 9,008	$ 18,577	$ 17,559
Hotel operating	1,993	6,036	7,740	12,009
Repairs and maintenance	4,320	3,971	8,617	7,430
Marketing	379	568	886	1,114
Rent	952	849	1,805	1,690
Hawaii excise tax	507	914	1,372	1,858
Management fees	135	480	552	962
Total rental expenses	$ 16,981	$ 21,826	$ 39,549	$ 42,622

OTHER INCOME (EXPENSE), NET - C

OTHER INCOME (EXPENSE), NET - Components of Other (Expense) Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other Income and Expenses [Abstract]
Interest and investment income	$ 71	$ 156	$ 383	$ 163
Income tax benefit (expense)	91	(206)	(115)	(442)
Other non-operating income	0	0	2	0
Total other income (expense), net	$ 162	$ (50)	$ 270	$ (279)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2020
Related Party Transaction [Line Items]
Rental income	$ 79,230	$ 79,656	$ 171,300	$ 156,487
Investment in WBW CHP LLC (as a percent)			47.70%
WBW CHP LLC
Related Party Transaction [Line Items]
Amount recovered for reimbursements of operating expense for related party			$ 500	500
American Assets, Inc. | Board of Directors Chairman
Related Party Transaction [Line Items]
Rental income			100	100
American Assets, Inc. | Board of Directors Chairman | Scenario, Forecast
Related Party Transaction [Line Items]
Rental income					$ 200
AAI Aviation, Inc. | Board of Directors Chairman
Related Party Transaction [Line Items]
Aviation expense			$ 0	$ 200

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details)	6 Months Ended
	Jun. 30, 2020SegmentRoom
Segment Reporting [Abstract]
Number of operating segments | Segment	4
Room in mixed-use segment all-suite hotel | Room	369

SEGMENT REPORTING - Operating A

SEGMENT REPORTING - Operating Activity Within Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ 22,995	$ 24,487	$ 51,843	$ 53,308
Total segments’ profit	56,167	53,012	119,297	108,489
Office
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	43,880	30,200	88,389	58,006
Property Expenses	(11,601)	(9,269)	(23,394)	(17,758)
Operating Income (Loss)	32,279	20,931	64,995	40,248
Retail
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	21,492	25,871	47,318	55,308
Property Expenses	(4,907)	(7,731)	(12,238)	(14,885)
Operating Income (Loss)	16,585	18,140	35,080	40,423
Multifamily
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	12,463	12,897	25,288	25,796
Property Expenses	(5,313)	(4,883)	(10,823)	(9,956)
Operating Income (Loss)	7,150	8,014	14,465	15,840
Mixed-use
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	4,274	15,145	17,857	30,322
Property Expenses	(4,121)	(9,218)	(13,100)	(18,344)
Operating Income (Loss)	$ 153	$ 5,927	$ 4,757	$ 11,978

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Segment Profit to Net Income Attributable to Stockholders (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting [Abstract]
Total segments’ profit	$ 56,167		$ 53,012		$ 119,297	$ 108,489
General and administrative	(6,679)		(5,943)		(13,499)	(12,016)
Depreciation and amortization	(26,493)		(22,582)		(53,955)	(43,165)
Interest expense	(13,331)		(13,129)		(26,803)	(26,478)
Gain on sale of real estate	0		633		0	633
Other income (expense), net	162		(50)		270	(279)
NET INCOME	9,826	$ 15,484	11,941	$ 15,243	25,310	27,184
Net income attributable to restricted shares	(69)		(92)		(173)	(185)
Net income attributable to unitholders in the Operating Partnership	2,101		2,933		5,413	6,988
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$ 7,656		$ 8,916		$ 19,724	$ 20,011

SEGMENT REPORTING - Net Real Es

SEGMENT REPORTING - Net Real Estate and Secured Note Payable Balances (Details) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net Real Estate		$ 2,512,073	$ 2,523,475
Secured Notes Payable	[1]	111,000	162,003
Debt Issuance Costs, Net		0	1,256
American Assets Trust, L.P.
Segment Reporting Information [Line Items]
Net Real Estate		2,512,073	2,523,475
Secured notes payable, net | American Assets Trust, L.P.
Segment Reporting Information [Line Items]
Debt Issuance Costs, Net		98	124
Office
Segment Reporting Information [Line Items]
Net Real Estate		1,319,025	1,317,854
Secured Notes Payable	[1]	111,000	127,768
Retail
Segment Reporting Information [Line Items]
Net Real Estate		617,530	624,912
Secured Notes Payable	[1]	0	34,235
Multifamily
Segment Reporting Information [Line Items]
Net Real Estate		395,254	401,152
Mixed-use
Segment Reporting Information [Line Items]
Net Real Estate		$ 180,264	$ 179,557
[1]	Excludes debt issuance costs of $0.1 million and $0.1 million for each of the periods ended June 30, 2020 and December 31, 2019, respectively.

SEGMENT REPORTING - Capital Exp

SEGMENT REPORTING - Capital Expenditures (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Capital expenditures	[1]	$ 15,208	$ 28,024	$ 39,133	$ 50,461
Office
Segment Reporting Information [Line Items]
Capital expenditures	[1]	9,281	17,418	27,481	33,901
Retail
Segment Reporting Information [Line Items]
Capital expenditures	[1]	2,805	6,650	6,363	11,441
Multifamily
Segment Reporting Information [Line Items]
Capital expenditures	[1]	860	685	2,144	1,456
Mixed-use
Segment Reporting Information [Line Items]
Capital expenditures	[1]	$ 2,262	$ 3,271	$ 3,145	$ 3,663
[1]	Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid