American Assets Trust (AAT) 10-K 16 Feb 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 16, 2021	Jun. 30, 2020
Document Information [Line Items]
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Trading Symbol	AAT
Entity Central Index Key	0001500217
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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
Title of 12(b) Security	Common Stock, $.01 par value per share
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,478,000,000
Entity Common Stock, Shares Outstanding		60,473,490
American Assets Trust, L.P.
Document Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0001509570
Document Type	10-K
Entity Registrant Name	AMERICAN ASSETS TRUST, L.P.
Entity File Number	33-202342-01
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3338894
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
ASSETS
Operating real estate		$ 3,155,280	$ 3,096,886
Construction in progress		91,047	91,264
Held for development		547	547
Total Real estate, at cost		3,246,874	3,188,697
Accumulated depreciation		(754,140)	(665,222)
Net real estate		2,492,734	2,523,475
Cash and cash equivalents		137,333	99,303
Restricted cash		1,716	10,148
Accounts receivable, net		6,938	12,016
Deferred rent receivables, net		72,476	52,171
Other assets, net		106,112	93,220
TOTAL ASSETS		2,817,309	2,790,333
LIABILITIES AND EQUITY
Secured notes payable		110,923	161,879
Unsecured notes payable, net		1,196,677	1,195,780
Unsecured line of credit, net		99,151	0
Accounts payable and accrued expenses		59,262	62,576
Security deposits payable		6,590	8,316
Other liabilities and deferred credits		91,300	68,110
Total liabilities		1,563,903	1,496,661
Commitments and contingencies (Note 12)
Common stock, shares authorized		490,000,000	490,000,000
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares issued		60,476,292	60,068,228
Common stock, shares outstanding		60,476,292	60,068,228
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,476,292 and 60,068,228 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively		$ 605	$ 601
Additional paid-in capital		1,445,644	1,452,014
Accumulated dividends in excess of net income		(176,560)	(144,378)
Accumulated other comprehensive income		1,753	5,680
Total American Assets Trust, Inc. stockholders' equity		1,271,442	1,313,917
Noncontrolling interests		(18,036)	(20,245)
Total equity		1,253,406	1,293,672
TOTAL LIABILITIES AND EQUITY		2,817,309	2,790,333
American Assets Trust, L.P.
ASSETS
Operating real estate		3,155,280	3,096,886
Construction in progress		91,047	91,264
Held for development		547	547
Total Real estate, at cost		3,246,874	3,188,697
Accumulated depreciation		(754,140)	(665,222)
Net real estate		2,492,734	2,523,475
Cash and cash equivalents		137,333	99,303
Restricted cash		1,716	10,148
Accounts receivable, net		6,938	12,016
Deferred rent receivables, net		72,476	52,171
Other assets, net		106,112	93,220
TOTAL ASSETS		2,817,309	2,790,333
LIABILITIES AND EQUITY
Secured notes payable		110,923	161,879
Unsecured notes payable, net		1,196,677	1,195,780
Unsecured line of credit, net		99,151	0
Accounts payable and accrued expenses		59,262	62,576
Security deposits payable		6,590	8,316
Other liabilities and deferred credits		91,300	68,110
Total liabilities		1,563,903	1,496,661
American Assets Trust, Inc. stockholders' equity
Accumulated other comprehensive income		2,737	7,716
TOTAL LIABILITIES AND EQUITY		2,817,309	2,790,333
Partners' Capital [Abstract]
Limited partners' capital, 16,181,537 and 16,390,548 units issued and outstanding as of December 31, 2020 and December 31, 2019, respectively		(19,020)	(22,281)
General partner's capital, 60,476,292 and 60,068,228 units issued and outstanding as of December 31, 2020 and December 31, 2019, respectively		1,269,689	1,308,237
Total capital		1,253,406	1,293,672
Limited Partner | American Assets Trust, L.P.
Partners' Capital [Abstract]
Total capital	[1]	(19,020)	(22,281)
General Partner | American Assets Trust, L.P.
Partners' Capital [Abstract]
Total capital	[2]	1,269,689	1,308,237
Accumulated Other Comprehensive Income (Loss) | American Assets Trust, L.P.
Partners' Capital [Abstract]
Total capital		$ 2,737	$ 7,716
[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general and limited partnership interests held by American Assets Trust, Inc.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	490,000,000	490,000,000
Common stock, shares issued	60,476,292	60,068,228
Common stock, shares outstanding	60,476,292	60,068,228
American Assets Trust, L.P.
Limited Partners' Capital Account, Units Issued	16,181,537	16,390,548
Limited Partners' Capital Account, Units Outstanding	16,181,537	16,390,548
General Partners' Capital Account, Units Issued	60,476,292	60,068,228
General Partners' Capital Account, Units Outstanding	60,476,292	60,068,228

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUE:
Rental income		$ 330,312	$ 343,865	$ 309,537
Other property income		14,261	22,876	21,330
Total revenue		344,573	366,741	330,867
EXPENSES:
Rental expenses		79,178	91,967	86,482
Real estate taxes		41,941	40,013	34,973
General and administrative		26,581	24,871	22,784
Depreciation and amortization		108,292	96,205	107,093
Total operating expenses		255,992	253,056	251,332
Operating income (loss)		88,581	113,685	79,535
Interest expense		(53,440)	(54,008)	(52,248)
Gain on sale of real estate		0	633	0
Other income (expense), net		447	(122)	(85)
Net income		35,588	60,188	27,202
Net income attributable to restricted shares		(383)	(381)	(311)
Net income attributable to unitholders in the Operating Partnership		(7,545)	(14,089)	(7,205)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS		$ 27,660	$ 45,718	$ 19,686
EARNINGS PER COMMON SHARE, BASIC
Basic net income attributable to common stockholders per share (in dollars per share)		$ 0.46	$ 0.84	$ 0.42
Weighted average shares of common stock outstanding-basic (in shares)		59,806,309	54,110,949	46,950,812
EARNINGS PER COMMON SHARE, DILUTED
Diluted net income attributable to common stockholders per share (in dollars per share)		$ 0.46	$ 0.84	$ 0.42
Weighted average shares of common stock outstanding-diluted (in shares)		76,119,763	70,786,132	64,136,559
COMPREHENSIVE INCOME
Net income		$ 35,588	$ 60,188	$ 27,202
Other comprehensive (loss) gain - unrealized (loss) gain on swap derivatives during the period		(3,649)	(5,571)	120
Reclassification of amortization of forward starting swaps included in interest expense		(1,330)	(1,304)	(1,279)
Comprehensive income		30,609	53,313	26,043
Comprehensive income attributable to noncontrolling interest		(6,496)	(12,301)	(6,877)
Comprehensive income attributable to American Assets Trust, Inc.		24,113	41,012	19,166
American Assets Trust, L.P.
REVENUE:
Rental income		330,312	343,865	309,537
Other property income		14,261	22,876	21,330
Total revenue		344,573	366,741	330,867
EXPENSES:
Rental expenses		79,178	91,967	86,482
Real estate taxes		41,941	40,013	34,973
General and administrative		26,581	24,871	22,784
Depreciation and amortization		108,292	96,205	107,093
Total operating expenses		255,992	253,056	251,332
Operating income (loss)		88,581	113,685	79,535
Interest expense		(53,440)	(54,008)	(52,248)
Gain on sale of real estate		0	633	0
Other income (expense), net		447	(122)	(85)
Net income		35,588	60,188	27,202
Net income attributable to restricted shares		(383)	(381)	(311)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS		$ 35,205	$ 59,807	$ 26,891
EARNINGS PER COMMON SHARE, BASIC
Basic net income attributable to common stockholders per share (in dollars per share)		$ 0.46	$ 0.84	$ 0.42
Weighted average shares of common stock outstanding-basic (in shares)		76,119,763	70,786,132	64,136,559
EARNINGS PER COMMON SHARE, DILUTED
Diluted net income attributable to common stockholders per share (in dollars per share)		$ 0.46	$ 0.84	$ 0.42
Weighted average shares of common stock outstanding-diluted (in shares)		76,119,763	70,786,132	64,136,559
DISTRIBUTIONS PER UNIT (in dollars per share)		$ 1	$ 1.14	$ 1.09
COMPREHENSIVE INCOME
Net income		$ 35,588	$ 60,188	$ 27,202
Reclassification of amortization of forward starting swaps included in interest expense		(1,330)	(1,304)	(1,279)
Comprehensive income		30,609	53,313	26,043
American Assets Trust, L.P. | Limited Partner
EXPENSES:
Net income	[1]	7,545	14,089	7,205
COMPREHENSIVE INCOME
Net income	[1]	7,545	14,089	7,205
Comprehensive income attributable to American Assets Trust, Inc.		(6,496)	(12,301)	(6,877)
American Assets Trust, L.P. | General Partner
EXPENSES:
Net income	[2]	28,043	46,099	19,997
COMPREHENSIVE INCOME
Net income	[2]	28,043	46,099	19,997
Comprehensive income attributable to American Assets Trust, Inc.		24,113	41,012	19,166
Interest Rate Swap | American Assets Trust, L.P.
COMPREHENSIVE INCOME
Other comprehensive (loss) gain - unrealized (loss) gain on swap derivatives during the period		(3,649)	(5,571)	120
Swap
COMPREHENSIVE INCOME
Other comprehensive (loss) gain - unrealized (loss) gain on swap derivatives during the period		(3,649)	(6,084)	120
Swap | American Assets Trust, L.P.
COMPREHENSIVE INCOME
Other comprehensive (loss) gain - unrealized (loss) gain on swap derivatives during the period		$ (3,649)	(6,084)	$ 120
Forward Contracts
COMPREHENSIVE INCOME
Other comprehensive (loss) gain - unrealized (loss) gain on swap derivatives during the period			513
Forward Contracts | American Assets Trust, L.P.
COMPREHENSIVE INCOME
Other comprehensive (loss) gain - unrealized (loss) gain on swap derivatives during the period			$ 513
[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general and limited partnership interests held by American Assets Trust, Inc.

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands		Total	American Assets Trust, L.P.	Limited PartnerAmerican Assets Trust, L.P.	[1]	General PartnerAmerican Assets Trust, L.P.		Accumulated Other Comprehensive Income (Loss)American Assets Trust, L.P.	Swap	SwapAmerican Assets Trust, L.P.	SwapAccumulated Other Comprehensive Income (Loss)American Assets Trust, L.P.	Forward Contracts	Forward ContractsAmerican Assets Trust, L.P.	Forward ContractsAccumulated Other Comprehensive Income (Loss)American Assets Trust, L.P.	Common Stock	Common StockAmerican Assets Trust, L.P.	Additional Paid-in Capital	Accumulated dividends in excess of net income	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)Swap	Accumulated Other Comprehensive Income (Loss)Forward Contracts	Noncontrolling Interests - Unitholders in the Operating Partnership	Noncontrolling Interests - Unitholders in the Operating PartnershipSwap	Noncontrolling Interests - Unitholders in the Operating PartnershipForward Contracts
Beginning balance (in shares) at Dec. 31, 2017															47,204,588
Beginning balance at Dec. 31, 2017		$ 844,144													$ 473		$ 919,066	$ (97,280)	$ 11,451			$ 10,434
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		27,202	$ 27,202	$ 7,205		$ 19,997	[2]											19,997				7,205
Issuance of restricted stock (in shares)															205,110
Issuance of restricted stock		0													$ 2		(2)
Forfeiture of restricted stock (in shares)															(78,975)
Forfeiture of restricted stock		0													$ (1)		1
Conversion of operating partnership units (in shares)															17,372	17,372
Conversion of operating partnership units		0													$ 0		(916)					916
Dividends declared and paid		(70,228)																(51,495)
Dividends declared and paid (noncontrolling interest)																						18,733
Stock-based compensation		3,039															3,039
Shares withheld for employee taxes (in shares)						(12,686)	[2]								(12,686)
Shares withheld for employee taxes		(527)	(527)			$ (527)	[2]								$ 0		(527)
Other comprehensive income (loss) unrealized gain (loss) on derivatives		120							$ 120	$ 120	$ 120									$ 105			$ 15
Reclassification of amortization of forward starting swap included in interest expense		1,279	1,279					$ 1,279											936			343
Ending balance (in shares) at Dec. 31, 2018															47,335,409
Ending balance at Dec. 31, 2018		802,471													$ 474		920,661	(128,778)	10,620			(506)
Beginning balance (in shares) at Dec. 31, 2017				17,194,980		47,204,588	[2]
Beginning balance at Dec. 31, 2017			844,144	$ 6,135		$ 822,259	[2]	15,750
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		27,202	27,202	$ 7,205		$ 19,997	[2]											19,997				7,205
Conversion of operating partnership units (in shares)				(17,372)		17,372	[2]
Conversion of operating partnership units				$ 916		$ (916)	[2]
Issuance of restricted units (in shares)	[2]					205,110
Forfeiture of restricted units (in shares)	[2]					(78,975)
Distributions			(70,228)	$ (18,733)		$ (51,495)	[2]
Stock-based compensation			3,039			$ 3,039	[2]
Shares withheld for employee taxes (in shares)						(12,686)	[2]								(12,686)
Units withheld for employee taxes		(527)	(527)			$ (527)	[2]								$ 0		(527)
Other comprehensive income (loss) unrealized gain (loss) on derivatives		120							120	120	120									105			15
Reclassification of amortization of forward starting swap included in interest expense		1,279	1,279					1,279											936			343
Ending balance (in shares) at Dec. 31, 2018				17,177,608		47,335,409	[2]
Ending balance at Dec. 31, 2018			802,471	$ (4,477)		$ 792,357	[2]	14,591
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		60,188	60,188	14,089		$ 46,099	[2]											46,099				14,089
Common shares issued (in shares)															11,871,552
Common shares issued		515,354	515,354												$ 118		515,236
Issuance of restricted stock (in shares)															173,008
Issuance of restricted stock		0													$ 2		(2)
Forfeiture of restricted stock (in shares)															(70,641)
Forfeiture of restricted stock		0													$ (1)		1
Conversion of operating partnership units (in shares)															787,060	787,060
Conversion of operating partnership units		0													$ 8		12,979		148			(13,135)
Dividends declared and paid		(80,605)																(61,699)
Dividends declared and paid (noncontrolling interest)																						18,906
Stock-based compensation		4,477															4,477
Shares withheld for employee taxes (in shares)						(28,160)	[2]								(28,160)
Shares withheld for employee taxes		(1,338)	(1,338)			$ (1,338)	[2]								$ 0		(1,338)
Other comprehensive income (loss) unrealized gain (loss) on derivatives		(5,571)							(6,084)	(6,084)	(6,084)	$ 513	$ 513	$ 513						(4,482)	$ 392		(1,602)	$ 121
Reclassification of amortization of forward starting swap included in interest expense		1,304	1,304					1,304											998			306
Ending balance (in shares) at Dec. 31, 2019															60,068,228
Ending balance at Dec. 31, 2019		1,293,672													$ 601		1,452,014	(144,378)	5,680			(20,245)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		60,188	60,188	$ 14,089		$ 46,099	[2]											46,099				14,089
Contributions from American Assets Trust, Inc. (in shares)	[2]					11,871,552
Contributions from American Assets Trust, Inc.	[2]					$ 515,354
Conversion of operating partnership units (in shares)				(787,060)		787,060	[2]
Conversion of operating partnership units				$ (12,987)		$ 12,987	[2]
Issuance of restricted units (in shares)	[2]					173,008
Forfeiture of restricted units (in shares)	[2]					(70,641)
Distributions			(80,605)	$ (18,906)		$ (61,699)	[2]
Stock-based compensation			4,477			$ 4,477	[2]
Shares withheld for employee taxes (in shares)						(28,160)	[2]								(28,160)
Units withheld for employee taxes		(1,338)	(1,338)			$ (1,338)	[2]								$ 0		(1,338)
Other comprehensive income (loss) unrealized gain (loss) on derivatives		(5,571)							(6,084)	(6,084)	(6,084)	$ 513	$ 513	$ 513						(4,482)	$ 392		(1,602)	$ 121
Reclassification of amortization of forward starting swap included in interest expense		1,304	1,304					1,304											998			306
Ending balance (in shares) at Dec. 31, 2019				16,390,548		60,068,228	[2]
Ending balance at Dec. 31, 2019			1,293,672	$ (22,281)		$ 1,308,237	[2]	7,716
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		35,588	35,588	7,545		$ 28,043	[2]											28,043				7,545
Issuance of restricted stock (in shares)															317,574
Issuance of restricted stock		0													$ 3		(3)
Forfeiture of restricted stock (in shares)															(95,086)
Forfeiture of restricted stock		0													$ (1)		1
Conversion of operating partnership units (in shares)															209,011	209,011
Conversion of operating partnership units		0													$ 2		(12,003)		3			11,998
Dividends declared and paid		(76,510)																(60,225)
Dividends declared and paid (noncontrolling interest)																						16,285
Stock-based compensation		6,307															6,307
Shares withheld for employee taxes (in shares)						(23,435)	[2]								(23,435)
Shares withheld for employee taxes		(672)	(672)			$ (672)	[2]								$ 0		(672)
Other comprehensive income (loss) unrealized gain (loss) on derivatives		(3,649)							(3,649)	(3,649)	(3,649)									(2,885)			(764)
Reclassification of amortization of forward starting swap included in interest expense		1,330	1,330					1,330											1,045			285
Ending balance (in shares) at Dec. 31, 2020															60,476,292
Ending balance at Dec. 31, 2020		1,253,406													$ 605		1,445,644	(176,560)	1,753			(18,036)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		35,588	35,588	$ 7,545		$ 28,043	[2]											$ 28,043				7,545
Conversion of operating partnership units (in shares)				(209,011)		209,011	[2]
Conversion of operating partnership units				$ 12,001		$ (12,001)	[2]
Issuance of restricted units (in shares)	[2]					317,574
Forfeiture of restricted units (in shares)	[2]					(95,086)
Distributions			(76,510)	$ (16,285)		$ (60,225)	[2]
Stock-based compensation			6,307			$ 6,307	[2]
Shares withheld for employee taxes (in shares)						(23,435)	[2]								(23,435)
Units withheld for employee taxes		(672)	(672)			$ (672)	[2]								$ 0		$ (672)
Other comprehensive income (loss) unrealized gain (loss) on derivatives		(3,649)							$ (3,649)	$ (3,649)	$ (3,649)									$ (2,885)			$ (764)
Reclassification of amortization of forward starting swap included in interest expense		$ 1,330	1,330					1,330											$ 1,045			$ 285
Ending balance (in shares) at Dec. 31, 2020				16,181,537		60,476,292	[2]
Ending balance at Dec. 31, 2020			$ 1,253,406	$ (19,020)		$ 1,269,689	[2]	$ 2,737
[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general and limited partnership interests held by American Assets Trust, Inc.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OPERATING ACTIVITIES
Net income	$ 35,588	$ 60,188	$ 27,202
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(31,242)	(6,985)	(1,157)
Depreciation and amortization	108,292	96,205	107,093
Amortization of debt issuance costs and debt fair value adjustments	1,477	1,467	1,530
Gain on sale of real estate	0	633	0
Stock-based compensation expense	6,307	4,477	3,039
Settlement of forward interest rate swap agreement	0	513	0
Lease termination income	0	(4,518)	0
Other noncash interest expense	(1,330)	(1,304)	(1,279)
Other, net	(695)	4,746	(407)
Changes in operating assets and liabilities
Change in accounts receivable	(4,940)	(1,071)	(336)
Change in other assets	141	(2,420)	(227)
Change in accounts payable and accrued expenses	(2,108)	5,956	(3,297)
Change in security deposits payable	(1,726)	(971)	2,274
Change in other liabilities and deferred credits	(1,206)	(3,585)	1,282
Net cash provided by operating activities	126,985	153,816	136,507
INVESTING ACTIVITIES
Acquisition of real estate, net	0	(507,780)	0
Capital expenditures	(63,488)	(88,327)	(54,411)
Proceeds from sale of real estate, net of selling costs	0	8,191	0
Leasing commissions	(5,589)	(11,267)	(9,936)
Net cash used in investing activities	(69,077)	(599,183)	(64,347)
FINANCING ACTIVITIES
Repayment of secured notes payable	(51,003)	(20,762)	(97,124)
Proceeds from unsecured line of credit	100,000	59,000	84,000
Repayment of unsecured line of credit	0	123,000	20,000
Proceeds from issuance of unsecured notes payable	0	150,000	0
Debt issuance costs	(125)	(1,103)	(2,727)
Proceeds from issuance of common stock, net	0	515,354	(236)
Dividends paid to common stock and unitholders	(76,510)	(80,605)	(70,228)
Shares withheld for employee taxes	(672)	(1,338)	(527)
Net cash provided by (used in) financing activities	(28,310)	497,546	(106,842)
Net (decrease) increase in cash and cash equivalents	29,598	52,179	(34,682)
Cash, cash equivalents and restricted cash, beginning of year	109,451	57,272	91,954
Cash, cash equivalents and restricted cash, end of year	139,049	109,451	57,272
Cash and cash equivalents	137,333	99,303	47,956
Restricted cash	1,716	10,148	9,316
American Assets Trust, L.P.
OPERATING ACTIVITIES
Net income	35,588	60,188	27,202
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(31,242)	(6,985)	(1,157)
Depreciation and amortization	108,292	96,205	107,093
Amortization of debt issuance costs and debt fair value adjustments	1,477	1,467	1,530
Provision for uncollectable rental income	18,427	1,751	790
Gain on sale of real estate	0	633	0
Stock-based compensation expense	6,307	4,477	3,039
Settlement of forward interest rate swap agreement	0	513	0
Lease termination income	0	(4,518)	0
Other noncash interest expense	(1,330)	(1,304)	(1,279)
Other, net	(695)	4,746	(407)
Changes in operating assets and liabilities
Change in accounts receivable	(4,940)	(1,071)	(336)
Change in other assets	141	(2,420)	(227)
Change in accounts payable and accrued expenses	(2,108)	5,956	(3,297)
Change in security deposits payable	(1,726)	(971)	2,274
Change in other liabilities and deferred credits	(1,206)	(3,585)	1,282
Net cash provided by operating activities	126,985	153,816	136,507
INVESTING ACTIVITIES
Acquisition of real estate, net	0	(507,780)	0
Capital expenditures	(63,488)	(88,327)	(54,411)
Proceeds from sale of real estate, net of selling costs	0	8,191	0
Leasing commissions	(5,589)	(11,267)	(9,936)
Net cash used in investing activities	(69,077)	(599,183)	(64,347)
FINANCING ACTIVITIES
Repayment of secured notes payable	(51,003)	(20,762)	(97,124)
Proceeds from unsecured line of credit	100,000	59,000	84,000
Repayment of unsecured line of credit	0	123,000	20,000
Proceeds from issuance of unsecured notes payable	0	150,000	0
Debt issuance costs	(125)	(1,103)	(2,727)
Contributions from American Assets Trust, Inc.		515,354
Contributions from American Assets Trust, Inc.	0		(236)
Dividends paid to common stock and unitholders	(76,510)	(80,605)	(70,228)
Shares withheld for employee taxes	(672)	(1,338)	(527)
Net cash provided by (used in) financing activities	(28,310)	497,546	(106,842)
Net (decrease) increase in cash and cash equivalents	29,598	52,179	(34,682)
Cash, cash equivalents and restricted cash, beginning of year	109,451	57,272	91,954
Cash, cash equivalents and restricted cash, end of year	139,049	109,451	57,272
Cash and cash equivalents	137,333	99,303	47,956
Restricted cash	$ 1,716	$ 10,148	$ 9,316

Summary of Significant Accounti

Summary of Significant Accounting Policies (Notes)	12 Months Ended
	Dec. 31, 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 (the “Offering”) and the related acquisition on January 19, 2011 of certain assets of a combination of entities whose assets included entities owned and/or controlled by Ernest S. Rady and his affiliates, including the Rady Trust, which in turn owned (1) controlling interests in entities owning 17 properties and the property management business of American Assets, Inc. and (2) noncontrolling interests in entities owning four properties. The company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The company's operations are carried on through our Operating Partnership and its subsidiaries, including our taxable REIT subsidiary. Since the formation of our Operating Partnership, the company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. We are a vertically integrated and self-administered REIT with 189 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. Any reference to the number of properties or units, square footage or acres, employees; or references to beneficial ownership interests, are unaudited and outside the scope of our independent registered public accounting firm's audit of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. As of December 31, 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 December 31, 2020, we owned land at three of our properties that we classify as held for development and construction in progress. A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street Torrey Reserve Campus First & Main Torrey Point Lloyd District Portfolio Solana Crossing (formerly Solana Beach Corporate Centre) City Center Bellevue The Landmark at One Market Multifamily Loma Palisades Hassalo on Eighth - Multifamily Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and Construction in Progress La Jolla Commons - Land Solana Crossing – Land Lloyd District Portfolio – Construction in Progress Basis of Presentation Our consolidated financial statements include the accounts of the company, our Operating Partnership and our subsidiaries. The equity interests of other investors in our Operating Partnership are reflected as noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. Certain reclassifications have been made to conform to current period presentation. Impact of COVID-19 We are unable to predict the impact that the COVID-19 pandemic will have on our financial condition, results of operations and cash flows due to numerous uncertainties. These uncertainties include the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact and the direct and indirect economic effects of the pandemic and containment measures, among others. The outbreak of COVID-19 in many countries, including the United States, has significantly adversely impacted global economic activity and has contributed to significant volatility and negative pressure in financial markets. The global impact of the outbreak has been rapidly evolving and, as cases of COVID-19 have continued to be identified in additional countries, including the United States, have reacted by instituting quarantines, mandating business and school closures and restricting travel. Certain states and cities, including where we own properties, have development sites and where our principal place of business is located, have also reacted by instituting quarantines, restrictions on travel, "stay-at-home" orders or “shelter in place” rules, social distancing measures, restrictions on types of business that may continue to operate, and/or restrictions on the types of construction projects that may continue. The Company cannot predict when restrictions or social distancing measures currently in place will expire. Even after certain of such restrictions are lifted or reduced, the willingness of customers to visit certain of out tenants' businesses may be reduced due to lingering concerns regarding the continued risk of COVID-19 transmission and heightened sensitivity to risks associated with the transmission of other diseases. As a result, the COVID-19 pandemic is negatively impacting almost every industry directly or indirectly, including industries in which the Company and our tenants operate. Further, the impacts of a potential worsening of global economic conditions and the continued disruptions to, and volatility in, the credit and financial markets, consumer spending as well as other unanticipated consequences remain unknown. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Consolidated Statements of Cash Flows-Supplemental Disclosures The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): Year Ended December 31, 2020 2019 2018 Supplemental cash flow information Total interest costs incurred $ 54,510 $ 54,636 $ 53,736 Interest capitalized $ 1,070 $ 628 $ 1,488 Interest expense $ 53,440 $ 54,008 $ 52,248 Cash paid for interest, net of amounts capitalized $ 53,467 $ 51,975 $ 52,632 Cash paid for income taxes $ 844 $ 971 $ 462 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 22,884 $ 25,413 $ 14,440 Accrued leasing commissions $ 555 $ 3,345 $ 5,229 Reduction to capital for prepaid equity financing costs $ — $ — $ 241 Building recorded in termination of ground lease $ — $ 4,518 $ — Revenue Recognition and Accounts Receivable Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, based on management's assessment of credit, collection and other business risks. When we determine that we are the owner of tenant improvements and the tenant has reimbursed us for a portion or all of the tenant improvement costs, we consider the amount paid to be additional rent, which is recognized on a straight-line basis over the term of the related lease. For first generation tenants, in instances in which we fund tenant improvements and the improvements are deemed to be owned by us, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When we determine that the tenant is the owner of tenant improvements, tenant allowances are recorded as lease incentives and we commence revenue recognition and lease incentive amortization when possession or control of the space is turned over to the tenant for tenant work to begin. Percentage rents, which represent additional rents based upon the level of sales achieved by certain tenants, are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved and the percentage rents are collectible. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. Other property income includes parking income, general excise tax billed to tenants and fees charged to tenants at our multifamily properties. Other property income is recognized when we satisfy performance obligations as evidenced by the transfer of control of our services to customers. We measure other property income based on the amount of consideration we expect to be entitled to in exchange for the services provided. We recognize general excise tax gross, with the amounts billed to tenants and customers recorded in other property income and the related taxes paid as rental expense. The general excise tax included in other income was $2.3 million, $3.5 million and $3.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees for which the tenant has relinquished control of the space are generally recognized on the later of the termination date or the satisfaction of all conditions precedent to the lease termination, including, without limitation, payment of all lease termination fees. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Current accounts receivable from tenants primarily relate to contractual minimum rent and percentage rent as well as real estate tax and other cost reimbursements. Accounts receivable from straight-line rent is typically longer term in nature and relates to the cumulative amount by which straight-line rental income recorded to date exceeds cash rents billed to date under the contractual lease agreement. We recognize revenue on the hotel portion of our mixed-use property from the rental of hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when the rooms are occupied and services have been provided. Food and beverage sales are recognized when the customer has been served or at the time the transaction occurs. Revenue from room rental is included in rental revenue on the statement of income. Revenue from other sales and services provided is included in other property income on the statement of income. We make estimates of the collectability of our current accounts receivable and straight-line rents receivable which requires significant judgment by management. The collectability of receivables is affected by numerous different factors including current economic trends, including the impact of the COVID-19 pandemic on tenant's businesses and changes in tenants' payment patterns, 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 when evaluating the adequacy of the allowance for doubtful accounts. If our assessment of these factors indicates that it is no longer probable that we will be able to collect substantially all rents, we recognize a charge to rental income and limit our rental income to the lesser of lease income on a straight-line basis plus variable rents when they become accruable or cash collected. If we change our conclusion regarding the probability of collecting rent payments required by a lessee, we may recognize an adjustment to rental income in the period we make a change to our prior conclusion. At December 31, 2020 and December 31, 2019, our allowance for doubtful accounts was $10.0 million and $1.2 million, respectively. Total collectability related adjustments for rental income, which includes the our allowance for doubtful accounts and deferred rent receivables, was $18.4 million, $1.8 million and $0.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. Total collectability related adjustments for the years ended December 31, 2020 and 2019 were included as a reduction to rental income on the consolidated statements of comprehensive income while the total collectability related adjustments for the years ended December 31, 2018 were included in rental expenses on the consolidated statements of comprehensive income. During the year ended December 31, 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 assess each lease concession and determine whether it represents a lease modifications under Accounting Standards Codification Topic 842, Leases ("ASC 842"). The FASB staff provided guidance that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under ASC 842 as though enforceable rights and obligations for those concessions existed in the existing lease contract, as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee, thereby not requiring entities to apply lease modification guidance to those contracts. The Company has elected to account for such COVID-19 concessions as lease modifications. As of December 31, 2020, we have entered into lease modifications that resulted in adjustments (including rent deferrals and other monetary lease concessions) believed to be caused by the COVID-19 pandemic for approximately $13.4 million or 4% of the rent originally contracted for the year ended December 31, 2020. Effective January 1, 2018, (upon the adoption of ASU 2014-09, Revenue from Contracts with Customers ) sales of real estate are recognized generally upon the transfer of control, which usually occurs when the real estate is legally sold. Prior to January 1, 2018, sales of real estate were recognized only when sufficient down payments had been obtained, possession and other attributes of ownership had been transferred to the buyer and we had no significant continuing involvement. The application of these criteria can be complex and required us to make assumptions. We believe the relevant criteria were met for all real estate sold during the periods presented. Real Estate Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 30 years to a maximum of 40 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 3 years to 15 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to the contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. For the years ended December 31, 2020, 2019 and 2018, real estate depreciation expense was $95.8 million, $85.3 million and $99.6 million, respectively. Acquisitions of properties are accounted for in accordance with the authoritative accounting guidance on acquisitions and business combinations. Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and appraised values. When we acquire operating real estate properties, the purchase price is allocated to land and buildings, intangibles such as in-place leases, and to current assets and liabilities acquired, if any. Such valuations include a consideration of the noncancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below market renewal options are determined based on a review of several qualitative and quantitative factors on a lease-by-lease basis at acquisition to determine whether it is probable that the tenant would exercise its option to renew the lease agreement. These factors include: (1) the type of tenant in relation to the property it occupies, (2) the quality of the tenant, including the tenant's long term business prospects and (3) whether the fixed rate renewal option was sufficiently lower than the fair rental of the property at the date the option becomes exercisable such that it would appear to be reasonably assured that the tenant would exercise the option to renew. The value allocated to in-place leases is amortized over the related lease term and reflected as depreciation and amortization in the statement of income. The value of above and below market leases associated with the original noncancelable lease terms are amortized to rental income over the terms of the respective noncancelable lease periods and are reflected as either an increase (for below market leases) or a decrease (for above market leases) to rental income in the statement of income. The value of the leases associated with below market lease renewal options that are likely to be exercised are amortized to rental income over the respective renewal periods. If a tenant vacates its space prior to contractual termination of its lease or the lease is not renewed, the unamortized balance of any in-place lease value is written off to rental income and amortization expense. Transaction costs related to the acquisition of a business, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are expensed as incurred and included in “general and administrative expenses” in our consolidated statements of comprehensive income. For asset acquisitions not meeting the definition of a business, transaction costs are capitalized as part of the acquisition cost. Capitalized Costs We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance and construction costs and salaries and related costs of personnel directly involved. Additionally, we capitalize interest costs related to development and significant redevelopment activities. Capitalization of these costs begins when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine that the completion of development or redevelopment is no longer probable, we expense all capitalized costs which are not recoverable. Impairment of Long Lived Assets We review for impairment on a property by property basis whenever events or changes in circumstances indicate that the carrying value of a property may not be fully recoverable. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. As discussed above, as a result of the COVID-19 pandemic, certain of the our tenants may be unable to operate their businesses, maintain profitability and make timely rental payments under their leases. Accordingly, the reduction of estimated future cash flows could result in the recognition of an impairment charge on certain of our long-lived assets. Management does not believe that the value of our real estate investments was impaired at December 31, 2020 or December 31, 2019. There were no impairment charges during the years ended December 31, 2020, 2019 and 2018. Financial Instruments The estimated fair values of financial instruments are determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair values. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges. Derivative Instruments At times, we may use derivative instruments to manage exposure to variable interest rate risk. We may enter into interest rate swaps to manage our exposure to variable interest rate risk. If and when we enter into derivative instruments, we ensure that such instruments qualify as cash flow hedges and would not enter into derivative instruments for speculative purposes. Any interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. See the discussion under Note 8 for certain quantitative details related to interest rate swaps and for a discussion on how we value derivative financial instruments. Cash and Cash Equivalents We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity of less than 3 months. Cash balances in individual banks may exceed the federally insured limit of $250,000 by the Federal Deposit Insurance Corporation (the "FDIC"). No losses have been experienced related to such accounts. At December 31, 2020 and December 31, 2019, we had $33.0 million and $36.2 million, respectively, in excess of the FDIC insured limit. At December 31, 2020 and December 31, 2019, we had $97.8 million and $52.5 million, respectively, in money market funds that are not FDIC insured. Restricted Cash Restricted cash consists of amounts held by lenders to provide for future real estate tax expenditures, insurance expenditures and reserves for capital improvements. At December 31, 2020 and 2019, we had $1.7 million and $10.1 million, respectively, in restricted cash. Other Assets Other assets consist primarily of lease costs, lease incentives, acquired in-place leases and acquired above market leases. Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place and include third party commissions related to obtaining a lease. Capitalized lease costs are amortized over the life of the related lease and included in depreciation and amortization expense on the statement of income. If a tenant vacates its space prior to the contractual termination of its lease, the unamortized balance of any lease costs are written off. We view these lease costs as part of the up-front initial investment we made in order to generate a long-term cash inflow. Therefore, we classify cash outflows for lease costs as an investing activity in our consolidated statements of cash flows. Variable Interest Entities Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as variable interest entities (“VIEs”). VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is the party that has a controlling interest in the VIE. Identifying the party with the controlling interest requires a focus on which entity has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (1) the obligation to absorb the expected losses of the VIE or (2) the right to receive the benefits from the VIE. At December 31, 2020 and December 31, 2019 we had no investments in real estate joint ventures, and no other interests in VIEs to be evaluated for consolidated. Stock-Based Compensation We grant stock-based compensation awards to our employees and directors typically in the form of restricted shares of common stock, options to purchase common stock and/or shares of common stock. We measure stock-based compensation expense based on the fair value of the award on the grant date and recognize the expense ratably over the vesting period. Modifications of stock-based compensation awards are treated as an exchange of the original award for a new award with the resulting total compensation cost equal to the grant-date fair value of the original award plus the incremental value of the modification to the award. The calculation of the incremental value is based on the excess of the fair value of the new (modified) award based on current circumstances over the fair value of the original option measured immediately before its terms are modified. For the year ended December 31, 2020, we incurred incremental compensation cost of approximately $1.2 million related to the discretionary vesting of previously granted restricted stock awards that did not meet the original vesting criteria. For the years ended December 31, 2019 and 2018, there were no modifications of stock-based compensation awards. Deferred Compensation Our Operating Partnership has adopted the American Assets Trust Executive Deferral Plan V (“EDP V”) and the American Assets Trust Executive Deferral Plan VI (“EDP VI”). These plans were adopted by our Operating Partnership as successor plans to those deferred compensation plans maintained by American Assets Inc. ("AAI") in which certain employees of AAI, who were transferred to us in connection with the Offering (the “Transferred Participants”), participated prior to the Offering. EDP V and EDP VI contain substantially the same terms and conditions as these predecessor plans. AAI transferred to our Operating Partnership the Transferred Participants' account balances under the predecessor plans. These transferred account balances represent amounts deferred by the Transferred Participants prior to the Offering while they were employed by AAI. At the time eligible participants defer compensation, we record compensation cost and a corresponding deferred compensation plan liability, which is included in other liabilities and deferred credits on our consolidated balance sheets. This liability is adjusted to fair value at the end of each accounting period based on the performance of the benchmark funds selected by each participant, and the impact of adjusting the liability to fair value is recorded as an increase or decrease to compensation cost. Income Taxes We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with the taxable year ending December 31, 2011. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we maintain our qualification for taxation as a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. If we fail to maintain our qualification as a REIT in any taxable year, and are unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to regular U.S. federal income tax. We are subject to certain state and local income taxes. We, together with one of our subsidiaries, have elected to treat such subsidiary as a taxable REIT subsidiary (a “TRS”) for federal income tax purposes. Certain activities that we undertake must be conducted by a TRS, such as non-customary services for our tenants, and holding assets that we cannot hold directly. A TRS is subject to federal and state income taxes. Segment Information Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in four reportable segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which provides the principles for the recognition, measurement, presentation and disclosure of leases. This ASU significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet. The lessor model stays substantially the same; however, there were modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases. We adopted the provisions of ASU No. 2016-02 effective January 1, 2019 using the modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which allows lessors to elect a practical expedient by class of underlying assets to not separate non-lease components from the lease component if certain conditions are met. The lessor’s practical expedient election would be limited to circumstances in which the non-lease components otherwise would be accounted for under the new revenue guidance and both (i) the timing and pattern of transfer are the same for the non-lease component and the related lease component and (ii) the lease component would be classified as an operating lease. The company elected the practical expedient, which allows the company the ability to combine the lease and non-lease components if the underlying asset meets the criteria ab

Real Estate (Notes)

Real Estate (Notes)	12 Months Ended
	Dec. 31, 2020
Real Estate [Line Items]
REAL ESTATE	REAL ESTATE A summary of our real estate investments is as follows (in thousands): Retail Office Multifamily Mixed-Use Total December 31, 2020 Land $ 254,016 $ 225,238 $ 72,668 $ 76,635 $ 628,557 Buildings 526,522 1,137,711 392,224 128,477 2,184,934 Land improvements 47,425 11,672 7,346 2,606 69,049 Tenant improvements 88,326 186,423 — 1,890 276,639 Furniture, fixtures, and equipment 1,069 3,236 16,480 15,651 36,436 Construction in progress 5,170 43,595 1,831 663 51,259 (1) 922,528 1,607,875 490,549 225,922 3,246,874 Accumulated depreciation (314,610) (290,768) (100,745) (48,017) (754,140) Net real estate $ 607,918 $ 1,317,107 $ 389,804 $ 177,905 $ 2,492,734 December 31, 2019 Land $ 254,016 $ 225,238 $ 72,668 $ 76,635 $ 628,557 Buildings 523,645 1,132,990 390,379 126,726 2,173,740 Land improvements 46,335 11,097 7,106 2,606 67,144 Tenant improvements 87,707 151,662 — 2,252 241,621 Furniture, fixtures, and equipment 911 3,065 14,995 7,187 26,158 Construction in progress 6,487 35,397 2,212 7,381 51,477 (1) 919,101 1,559,449 487,360 222,787 3,188,697 Accumulated depreciation (294,189) (241,595) (86,208) (43,230) (665,222) Net real estate $ 624,912 $ 1,317,854 $ 401,152 $ 179,557 $ 2,523,475 (1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets. Dispositions On May 22, 2019, we sold Solana Beach – Highway 101. The property is located in Solana Beach, California and was previously included in our retail segment. The sales price of this property was approximately $9.4 million, less costs to sell, and resulted in net proceeds to us of approximately $9.4 million. Accordingly, we recorded a gain on sale of approximately nil, $0.6 million and nil for the years ended December 31, 2020, 2019, and 2018, respectively. Property Asset Acquisitions On June 20, 2019, we acquired La Jolla Commons, consisting of two office towers totaling approximately 724,000 square feet, an entitled development parcel and two parking structures, located in San Diego, California. The acquisition was classified as an asset acquisition with a purchase price of approximately $525 million, less seller credits of (i) approximately $11.5 million for speculative lease-up, (ii) approximately $4.2 million for assumed contractual liabilities (iii) and approximately $1.7 million for closing prorations, excluding closing costs of approximately $0.2 million. The property was acquired with proceeds from an underwritten public offering and borrowings under the company's Second Amended and Restated Credit Facility (defined herein). The financial information set forth below summarizes the company’s purchase price allocations for La Jolla Commons during the year ended December 31, 2019 (in thousands): La Jolla Commons Land $ 82,759 Building 361,471 Land improvements 1,359 Furniture, fixtures, and equipment 30,822 Total real estate 476,411 Lease intangibles 40,082 Prepaid expenses and other assets 13 Assets acquired $ 516,506 Accounts payable and accrued expenses $ 3,578 Security deposits payable 443 Other liabilities and deferred credits 3,817 Liabilities assumed $ 7,838 The value allocated to lease intangibles is amortized over the related lease term as depreciation and amortization expense in the statement of comprehensive income. The remaining weighted average amortization period as of December 31, 2020, is 7.2 years. The following table summarizes the operating results for the La Jolla Commons included in the company’s historical consolidated statement of comprehensive income and in the office segment for the period of acquisition through December 31, 2019 (in thousands): June 20, 2019 through December 31, 2019 Revenues $ 20,579 Operating expenses $ 18,140 Operating income $ 2,439 Net income attributable to American Assets Trust, Inc. $ 2,650 Pro Forma Financial Information (Unaudited) The pro forma financial information set forth below is based upon the company’s historical consolidated statements of operations for the year ended December 31, 2019 and 2018, adjusted to give effect to the acquisition of La Jolla Commons, described above, as if such transaction had been completed on January 1, 2018. The pro forma financial information includes adjustments to depreciation expense for acquired property and equipment and adjustments to amortization charges for acquired intangible assets and liabilities. The pro forma financial information set forth below is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2018, nor does it purport to represent the results of future operations (in thousands). Year Ended December 31, 2019 Year Ended December 31, 2018 As Reported ProForma As Reported ProForma Total revenue $ 366,741 $ 383,125 $ 330,867 $ 365,326 Total operating expenses $ 253,056 $ 264,107 $ 251,332 $ 281,253 Operating income $ 113,685 $ 119,018 $ 79,535 $ 84,073 Net income $ 60,188 $ 64,278 $ 27,202 $ 30,662

Acquired In-Place Leases and Ab

Acquired In-Place Leases and Above/Below Market Leases (Notes)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES	ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES The following summarizes our acquired lease intangibles, which are included in other assets and other liabilities and deferred credits (in thousands): December 31, 2020 December 31, 2019 In-place leases $ 60,965 $ 63,896 Accumulated amortization (34,758) (32,672) Above market leases 5,389 7,534 Accumulated amortization (5,268) (7,351) Acquired lease intangible assets, net $ 26,328 $ 31,407 Below market leases $ 56,677 $ 62,126 Accumulated accretion (35,219) (36,674) Acquired lease intangible liabilities, net $ 21,458 $ 25,452 The value allocated to in-place leases is amortized over the related lease term as depreciation and amortization expense in the statement of income. Above and below market leases are amortized over the related lease term as additional rental income for below market leases or a reduction of rental income for above market leases in the statement of income. Rental income (loss) includes net amortization from acquired above and below market leases of $3.9 million, $3.8 million and $3.6 million in 2020, 2019 and 2018, respectively. The remaining weighted-average amortization period as of December 31, 2020, is 7.9 years, 4.4 years and 11.3 years for in-place leases, above market leases and below market leases, respectively. Below market leases include $10.5 million related to below market renewal options, and the weighted-average period prior to the commencement of the renewal options is 9.4 years. Increases (decreases) in net income as a result of amortization of our in-place leases, above market leases and below market leases are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Amortization of in-place leases $ (5,018) $ (4,762) $ (2,090) Amortization of above market leases (62) (345) (660) Amortization of below market leases 3,994 4,131 4,230 Net income (loss) $ (1,086) $ (976) $ 1,480 As of December 31, 2020, the amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows (in thousands): In-Place Above Market Below Market Year Ending December 31, 2021 $ 4,215 $ 28 $ 3,035 2022 3,560 28 2,467 2023 3,341 26 2,232 2024 3,156 24 1,932 2025 2,918 15 1,564 Thereafter 9,017 — 10,228 $ 26,207 $ 121 $ 21,458

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Notes)	12 Months Ended
	Dec. 31, 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 In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. Financial assets and liabilities whose fair values we measure on a recurring basis using Level 2 inputs consist of our deferred compensation liability and interest rate swap liability. We measure the fair values of these liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques provided by third parties using proprietary valuation models and analytical tools as of December 31, 2020 and 2019. These valuation models and analytical tools use market pricing or similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. A summary of our financial liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy is as follows (in thousands): December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Deferred compensation liability $ — $ 2,059 $ — $ 2,059 $ — $ 1,669 $ — $ 1,669 Interest rate swap asset $ — $ — $ — $ — $ — $ 434 $ — $ 434 Interest rate swap liability $ — $ 4,531 $ — $ 4,531 $ — $ 1,317 $ — $ 1,317 The fair value of our secured notes payable and unsecured notes payable is sensitive to fluctuations in interest rates. Discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable, using rates ranging from 2.4% to 3.1%. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying values of our line of credit and term loan set forth below are deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. A summary of the carrying amount and fair value of our financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands): December 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Secured notes payable $ 110,923 $ 114,074 $ 161,879 $ 166,885 Unsecured term loan $ 249,233 $ 250,000 $ 248,864 $ 250,000 Unsecured senior guaranteed notes $ 947,444 $ 1,017,378 $ 946,916 $ 975,291 Unsecured line of credit $ 99,151 $ 100,000 $ — $ —

Other Assets (Notes)

Other Assets (Notes)	12 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets consist of the following (in thousands): December 31, 2020 December 31, 2019 Leasing commissions, net of accumulated amortization of $35,167 and $30,775, respectively $ 38,173 $ 42,539 Interest rate swap asset — 434 Acquired above market leases, net 121 183 Acquired in-place leases, net 26,207 31,224 Lease incentives, net of accumulated amortization of $802 and $565, respectively 994 2,603 Other intangible assets, net of accumulated amortization of $1,213 and $1,031, respectively 2,565 2,893 Debt issuance costs, net of accumulated amortization of $0 and $814, respectively — 1,256 Right-of-use lease asset, net 29,350 4,863 Prepaid expenses, deposits and other 8,702 7,225 Total other assets $ 106,112 $ 93,220

Other Liabilities and Deferred

Other Liabilities and Deferred Credits (Notes)	12 Months Ended
	Dec. 31, 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): December 31, 2020 December 31, 2019 Acquired below market leases, net $ 21,458 $ 25,452 Prepaid rent and deferred revenue 14,518 16,969 Interest rate swap liability 4,531 1,317 Straight-line rent liability 18,049 16,903 Deferred rent expense and lease intangible 16 28 Deferred compensation 2,059 1,669 Deferred tax liability 570 332 Lease liability 30,060 5,380 Other liabilities 39 60 Total other liabilities and deferred credits, net $ 91,300 $ 68,110 Straight-line rent liability relates to leases which have rental payments that decrease over time or one-time upfront payments for which the rental revenue is deferred and recognized on a straight-line basis.

Debt (Notes)

Debt (Notes)	12 Months Ended
	Dec. 31, 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 Second Amended and Restated Credit Facility, term loan and carve-out guarantees on property-level debt. Debt of American Assets Trust, L.P. Secured notes payable The following is a summary of the Operating Partnership's total secured notes payable outstanding as of December 31, 2020 and December 31, 2019 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date December 31, 2020 December 31, 2019 as of December 31, 2020 Torrey Reserve—VCI, VCII, VCIII (1)(2) — 6,498 6.36 % June 1, 2020 Solana Beach Corporate Centre 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 $345 and $449, respectively (77) (124) Total Secured Notes Payable $ 110,923 $ 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, including the maintenance of minimum debt coverage ratios. As of December 31, 2020, we were in compliance with all loan covenants. Unsecured notes payable The following is a summary of the Operating Partnership's total unsecured notes payable outstanding as of December 31, 2020 and December 31, 2019 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date December 31, 2020 December 31, 2019 as of December 31, 2020 Term Loan A $ 100,000 $ 100,000 Variable (1) January 9, 2022 Senior Guaranteed Notes, Series A 150,000 150,000 4.04 % (2) October 31, 2021 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 $8,856 and $7,835, respectively (3,323) (4,220) Total Unsecured Notes Payable $ 1,196,677 $ 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 4.13% through its January 9, 2021, subject to adjustments based on our consolidated leverage ratio. Subsequent to January 9, 2021, the interest rate associated with Term Loan A will be variable as described below. (2) The company entered into a one month forward-starting seven years swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately $1.6 million (see Note 8). The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. On January 26, 2021, we prepaid the entirety of the Senior Guaranteed Notes, Series A with make-whole premium thereon. (3) The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan B at approximately 3.15% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan B is approximately 2.75%, subject to adjustments based on our consolidated leverage ratio. (4) The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan C at approximately 3.14% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan C is approximately 2.74%, subject to adjustments based on our consolidated leverage ratio. (5) The Operating Partnership entered into a treasury lock contract on May 31, 2017, which was settled on June 23, 2017 at a loss of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.85% per annum. (6) The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. The forward-starting interest swap rate contracts were deemed to be highly effective cash flow hedges, accordingly, the effective interest rate is approximately 3.87% per annum. (7) The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum. (8) The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. On March 1, 2016, the Operating Partnership entered into a Term Loan Agreement with each lender from time to time party thereto, and U.S. Bank National Association, as Administrative Agent (as amended, the “Term Loan Agreement”). The Term Loan Agreement provides for a new, seven years unsecured term loan to the Operating Partnership of $100 million that matures on March 1, 2023 (“Term Loan B”). Concurrent with the closing of the Term Loan Agreement, the Operating Partnership drew down the entirety of Term Loan B. On May 2, 2016, the Operating Partnership entered into a Joinder and First Amendment to the Term Loan Agreement to provide for a new lender to fund an incremental term loan. The Joinder and First Amendment provides for a new, seven years unsecured term loan to the Operating Partnership of $50 million that matures on March 1, 2023 ("Term Loan C"). Term Loan C has the same borrowing terms as the Term Loan Agreement noted below. Concurrent with the closing of the Joinder and First Amendment, the Operating Partnership drew down the entirety of Term Loan C. Borrowings under the Term Loan Agreement with respect to Term Loan B and Term Loan C bear interest at floating rates equal to, at our option, either (1) LIBOR, plus a spread which ranges from 1.70% to 2.35% based on our consolidated leverage ratio, or (2) a base rate equal to the highest of (a) 0%, (b) the prime rate, (c) the federal funds rate plus 50 bps or (d) the Eurodollar rate plus 100 bps, in each case plus a spread which ranges from 0.70% to 1.35% based on our consolidated leverage ratio. The company entered into interest rate swap agreements intended to fix the interest rates associated with Term Loan B and Term Loan C at approximately 3.15% and 3.14%, respectively, through the maturity dates, subject to adjustments based on our consolidated leverage ratio. The Term Loan Agreement contains a number of customary financial covenants, including, without limitation, tangible net worth thresholds, secured and unsecured leverage ratios and fixed charge coverage ratios. Subject to the terms of the Term Loan Agreement, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal or interest under Term Loan B or Term Loan C, and (ii) a default in the payment of certain other indebtedness of the Operating Partnership, the company or their subsidiaries, the principal and accrued and unpaid interest and prepayment penalties on the outstanding Term Loan B or Term Loan C will become due and payable at the option of the lenders. On January 9, 2018, we entered into the Third Amendment (“Third Amendment”) to the Term Loan Agreement, which maintains the seven years $150 million unsecured term loan (Term Loan B and Term Loan C) to the Operating Partnership that matures on March 1, 2023 (the “$150mm Term Loan”). Effective as of March 1, 2018, borrowings under the Term Loan Agreement with respect to the $150mm Term Loan bear interest at floating rates equal to, at the Operating Partnership’s option, either (1) LIBOR, plus a spread which ranges from 1.20% to 1.70% based on the Operating Partnership’s consolidated leverage ratio, or (2) a base rate equal to the highest of (a) 0%, (b) the prime rate, (c) the federal funds rate plus 50 bps or (d) the Eurodollar rate plus 100 bps, in each case plus a spread which ranges from 0.70% to 1.35% based on the Operating Partnership’s consolidated leverage ratio. The foregoing rates are intended to be more favorable than previously contained in the Term Loan Agreement. Additionally, the Operating Partnership may elect for borrowings to bear interest based on a ratings-based pricing grid as per the Operating Partnership’s then-applicable investment grade debt ratings under the terms set forth in the Term Loan Agreement. On October 31, 2014, the Operating Partnership entered into a note purchase agreement (the "Note Purchase Agreement") with a group of institutional purchasers that provided for the private placement of an aggregate of $350 million of senior guaranteed notes, of which (i) $150 million are designated as 4.04% Senior Guaranteed Notes, Series A, due October 31, 2021 (the “Series A Notes”), (ii) $100 million are designated as 4.45% Senior Guaranteed Notes, Series B, due February 2, 2025 (the “Series B Notes”) and (iii) $100 million are designated as 4.50% Senior Guaranteed Notes, Series C, due April 1, 2025 (the “Series C Notes”). The Series A Notes were issued on October 31, 2014, the Series B Notes were issued on February 2, 2015 and the Series C Notes were issued on April 2, 2015. The Series A Notes, the Series B Notes and the Series C Notes will pay interest quarterly on the last day of January, April, July and October until their respective maturities. On January 26, 2021, we repaid the entirety of the $150.0 million Series A Notes with a make-whole payment (as defined in the Note Purchase Agreement) of approximately $3.9 million. On March 1, 2017, the Operating Partnership entered into a Note Purchase Agreement for the private placement of $250 million of 4.29% Senior Guaranteed Notes, Series D, due March 1, 2027 (the "Series D Notes"). The Series D Notes were issued on March 1, 2017 and will pay interest quarterly on the last day of January, April, July and October until their respective maturities. On May 23, 2017, the Operating Partnership entered into a Note Purchase Agreement for the private placement of $100 million of 4.24% Senior Guaranteed Notes, Series E, due May 23, 2029 (the "Series E Notes"). The Series E Notes were issued on May 23, 2017 and will pay interest semi-annually on the 23rd of May and November until their respective maturities. On July 19, 2017, the Operating Partnership entered into a Note Purchase Agreement for the private placement of $100 million of 3.78% Senior Guaranteed Notes, Series F, due July 19, 2024 (the "Series F Notes"). The Series F Notes were issued on July 19, 2017 and will pay interest semi-annually on the 31st of January and July until their respective maturities. On July 30, 2019, the Operating Partnership entered into a Note Purchase Agreement for the private placement of $150 million of 3.91% Senior Guaranteed Notes, Series G, due July 30, 2030 (the "Series G Notes" and collectively with the Series A Notes, Series B Notes, Series C Notes, Series D Notes, Series E Notes, and Series G Notes are referred to herein as, the “Notes".) The Series G Notes were issued on July 30, 2019 and will pay interest semi-annually on the 30th of July and January until their maturity. The Operating Partnership may prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of any series of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a Make-Whole Amount. The Note Purchase Agreements contain a number of customary financial covenants, including, without limitation, tangible net worth thresholds, secured and unsecured leverage ratios and fixed charge coverage ratios. Subject to the terms of the Note Purchase Agreement and the Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, Make-Whole Amount or interest under the Notes, and (ii) a default in the payment of certain other indebtedness by us or our subsidiaries, the principal, accrued and unpaid interest, and the Make-Whole Amount on the outstanding Notes will become due and payable at the option of the purchasers. The Operating Partnership's obligations under the Notes are fully and unconditionally guaranteed by the Operating Partnership and certain of the Operating Partnership's subsidiaries. Certain loans require the Operating Partnership to comply with various financial covenants, including the maintenance of minimum debt coverage ratios. As of December 31, 2020, the Operating Partnership was in compliance with all loan covenants. Scheduled principal payments on secured and unsecured notes payable as of December 31, 2020 are as follows (in thousands): 2021 $ 150,000 2022 211,000 2023 150,000 2024 100,000 2025 200,000 Thereafter 500,000 $ 1,311,000 Credit Facility On January 9, 2014, the company and the Operating Partnership entered into an amended and restated credit agreement (the "Prior Credit Facility"), or the amended and restated credit facility, which amended and restated the then in-place credit facility. The amended and restated credit facility provides for aggregate, unsecured borrowing of $350 million, consisting of a revolving line of credit of $250 million (the "Prior Revolver Loan") and a term loan of $100 million (the "Term Loan A"). The Prior Credit Facility had an accordion feature that allowed the Operating Partnership to increase the availability thereunder up to an additional $250 million, subject to meeting specified requirements and obtaining additional commitments from lenders. On October 16, 2014, we entered into a first amendment to the Prior Credit Agreement that amended provisions of the Prior Credit Agreement to, among other things, (1) describe the treatment of our pari passu obligations under the amended and restated credit agreement and (2) remove the material acquisition provisions previously set forth in the Prior Credit Agreement. Borrowings under the Prior Credit Facility initially bore interest at floating rates equal to, at our option, either (1) LIBOR, plus a spread which ranges from (a) 1.35%-1.95% (with respect to the Prior Revolver Loan) and (b) 1.30% to 1.90% (with respect to Term Loan A), in each case based on our consolidated leverage ratio, or (2) a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 50 bps or (c) the Eurodollar rate plus 100 bps, plus a spread which ranges from (i) 0.35%-0.95% (with respect to the Prior Revolver Loan) and (ii) 0.30% to 0.90% (with respect to Term Loan A), in each case based on our consolidated leverage ratio. The foregoing rates were more favorable than previously contained in the credit agreement in place as of December 31, 2013. If American Assets Trust, Inc. obtained an investment grade debt rating, under the terms set forth in the Prior Credit Facility, the spreads would further improve. The Prior Revolver Loan initially matured on January 9, 2018, subject to the Operating Partnership's option to extend the Prior Revolver Loan up to two times, with each such extension for a six months period. The Term Loan initially matured on January 9, 2016, subject to our option to extend the Term Loan A up to three times, with each such extension for a 12-month period. The foregoing extension options were exercisable by us subject to the satisfaction of certain conditions. Effective as of January 8, 2018, the Operating Partnership exercised the third of three options to extend the maturity date of Term Loan A to January 9, 2019. Concurrent with the closing of the Prior Credit Facility, the Operating Partnership drew down on the entirety of the $100 million Term Loan, which remains outstanding and is included in unsecured notes payable as discussed above. Additionally, the Prior Credit Facility included a number of financial covenants, including: • A maximum leverage ratio (defined as total indebtedness net of certain cash and cash equivalents to total asset value) of 60%, • A maximum secured leverage ratio (defined as total secured debt to secured total asset value) of 40%, • A minimum fixed charge coverage ratio (defined as consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges) of 1.50x, • A minimum unsecured interest coverage ratio of 1.75x, • A maximum unsecured leverage ratio of 60%, • A minimum tangible net worth of $721.16 million, and 75% of the net proceeds of any additional equity issuances (other than additional equity issuances in connection with any dividend reinvestment program), and • Recourse indebtedness at any time cannot exceed 15% of total asset value. The Prior Credit Facility provided that American Assets Trust, Inc.'s annual distributions may not exceed the greater of (1) 95% of our funds from operations (“FFO”) or (2) the amount required for us to (a) qualify and maintain our REIT status and (b) avoid the payment of federal or state income or excise tax. If certain events of default exist or would result from a distribution, we may be precluded from making distributions other than those necessary to qualify and maintain our status as a REIT. American Assets Trust, Inc. and certain of its subsidiaries guaranteed the obligations under the Prior Credit Agreement, and certain of its subsidiaries pledged specified equity interests in our subsidiaries as collateral for our obligations under the Prior Credit Facility. On January 9, 2018, we entered into a second amended and restated credit agreement (the "Second Amended and Restated Credit Facility"), which amended and restated the Prior Credit Agreement. The Second Amended and Restated Credit Facility provides for aggregate, unsecured borrowing of $450 million, consisting of a revolving line of credit of $350 million (the "Revolver Loan") and a term loan of $100 million (the "Term Loan A"). The Second Amended and Restated Credit Facility has an accordion feature that may allow us to increase the availability thereunder up to an additional $250 million, subject to meeting specified requirements and obtaining additional commitments from lenders. At December 31, 2020, there was $100 million outstanding balance under the Revolver Loan and we had incurred approximately $0.8 million of debt issuance costs, net, which are recorded in other assets, net on the consolidated balance sheet. Borrowings under the Second Amended and Restated Credit Facility initially bear interest at floating rates equal to, at our option, either (1) LIBOR, plus a spread which ranges from (a) 1.05% to 1.50% (with respect to the Revolver Loan) and (b) 1.30% to 1.90% (with respect to Term Loan A), in each case based on our consolidated leverage ratio, or (2) a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 50 bps or (c) LIBOR plus 100 bps, plus a spread which ranges from (i) 0.10% to 0.50% (with respect to the Revolver Loan) and (ii) 0.30% to 0.90% (with respect to Term Loan A), in each case based on our consolidated leverage ratio. The foregoing rates are more favorable than previously contained in the Prior Credit Facility in place as of December 31, 2017. For the year-ended December 31, 2020, the weighted average interest rate on the Revolver Loan was 1.32%. 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. On October 16, 2020, we exercised an option to extend the maturity date of Term Loan A to January 9, 2022. Additionally, in connection with the First Amendment, borrowings under the Second Amended and Restated Credit Facility with respect to Term Loan bear interest at floating rates equal to, at our option, either (1) LIBOR, plus a spread which ranges from 1.20% to 1.70% based on our consolidated total leverage ratio, or (2) a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 50 bps or (c) the Eurodollar rate plus 100 bps, in each case plus a spread which ranges from 0.20% to 0.70% based on our consolidated total leverage ratio. The foregoing rates are more favorable than previously contained in the Second Amended and Restated Credit Facility (prior to entry into the First Amendment) with respect to Term Loan A. Additionally, the Second Amended and Restated Credit Facility includes a number of customary financial covenants, including: • A maximum leverage ratio (defined as total indebtedness net of certain cash and cash equivalents to total asset value) of 60%, • A maximum secured leverage ratio (defined as total secured debt to secured total asset value) of 40%, • A minimum fixed charge coverage ratio (defined as consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges) of 1.50x, • A minimum unsecured interest coverage ratio of 1.75x, • A maximum unsecured leverage ratio of 60%, and • Recourse indebtedness at any time cannot exceed 15% of total asset value. The Second Amended and Restated Credit Facility provides that our annual distributions may not exceed the greater of (1) 95% of our FFO or (2) the amount required for us to (a) qualify and maintain our REIT status and (b) avoid the payment of federal or state income or excise tax. If certain events of default exist or would result from a distribution, we may be precluded from making distributions other than those necessary to qualify and maintain our status as a REIT. As of December 31, 2020, the Operating Partnership was in compliance with all then in-place Second Amended and Restated Credit Facility covenants.

Derivative and Hedging (Notes)

Derivative and Hedging (Notes)	12 Months Ended
	Dec. 31, 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 exposure to interest rate movement. To accomplish these objectives, we use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Concurrent with the closing of our second amended and restated credit facility, we entered into an interest rate swap agreement that is intended to fix the interest rate associated with our term loan of $100 million at approximately 4.13% through its original maturity date, subject to adjustments based on our consolidated leverage ratio. On January 29, 2016, we entered into a forward-starting interest rate swap contract with U.S. Bank National Association to reduce the interest rate variability exposure of the projected interest cash flows of our then prospective $100 million seven-year term loan. The forward-starting seven years swap contract had a notional amount of $100 million, a termination date of March 1, 2023, a fixed pay rate of 1.4485%, and a receive rate equal to the one-month LIBOR, with fixed rate payments due monthly commencing April 1, 2016, floating payments due monthly commencing April 1, 2016, and floating reset dates two days prior to the first day of each calculation period. The forward-starting seven-year swap contract accrual period, March 1, 2016 to March 1, 2023, was designed to match the expected tenor of our then prospective $100 million seven years term loan, which successfully closed on March 1, 2016. On March 23, 2016, we entered into a forward-starting interest rate swap contract with Wells Fargo Bank, National Association to reduce the interest rate variability exposure of the projected interest cash flows of our then prospective incremental $50 million seven-year term loan. The forward-starting seven years swap contract had a notional amount of $50 million, a termination date of March 1, 2023, a fixed pay rate of 1.4410%, and a receive rate equal to the one-month LIBOR, with fixed rate payments due monthly commencing June 1, 2016, floating payments due monthly commencing June 1, 2016, and floating reset dates two days prior to the first day of each calculation period. The forward-starting seven-year swap contract accrual period, May 2, 2016 to March 1, 2023, was designed to match the expected tenor of our then prospective incremental $50 million seven years term loan, which successfully closed on May 2, 2016. On March 29, 2016, we entered into a forward-starting interest rate swap contract with Wells Fargo Bank, National Association to reduce the interest rate variability exposure of the projected interest cash flows of our prospective new ten-year debt offering (private placement, investment grade bonds, term loan or otherwise) (anticipated to close on or before March 31, 2017). The forward-starting ten years swap contract had a notional amount of $150 million, a termination date of March 31, 2027, a fixed pay rate of 1.8800%, and a receive rate equal to the three-month LIBOR, with fixed rate payments due semi-annually commencing September 29, 2017, floating payments due semi-annually commencing September 29, 2017, and floating reset dates the first day of each quarterly period. The forward-starting ten-year swap contract accrual period, March 31, 2017 to March 31, 2027, was designed to match the expected tenor of our prospective new ten years debt offering (private placement, investment grade bonds, term loan or otherwise). On April 7, 2016, we entered into a forward-starting interest rate swap contract with Wells Fargo Bank, National Association to reduce the interest rate variability exposure of the projected interest cash flows of our prospective new ten-year debt offering (private placement, investment grade bonds, term loan or otherwise) (anticipated to close on or before March 31, 2017). The forward-starting ten years swap contract had a notional amount of $100 million, a termination date of March 31, 2027, a fixed pay rate of 1.7480%, and a receive rate equal to the three-month LIBOR, with fixed rate payments due semi-annually commencing September 29, 2017, floating payments due semi-annually commencing September 29, 2017, and floating reset dates the first day of each quarterly period. The forward-starting ten-year swap contract accrual period, March 31, 2017 to March 31, 2027, was designed to match the expected tenor of our prospective new ten years debt offering (private placement, investment grade bonds, term loan or otherwise). On January 18, 2017, we settled the March 29, 2016 $150 million and April 7, 2016 $100 million ten-year forward-starting interest rate swaps resulting in an aggregate gain of approximately $10.4 million. This gain is included in accumulated other comprehensive income and will be amortized to interest expense over the life of the Series D Notes. The forward-starting interest rate swap contracts have been deemed to be highly effective cash flow hedges and we elected to designate all the forward-starting swap contracts as accounting hedges. On April 25, 2017, we entered into a treasury lock contract (the "April 2017 Treasury Lock") with Bank of America, National Association, to reduce the interest rate variability exposure of the projected interest cash flows of our then prospective new twelve years private placement. The April 2017 Treasury Lock had a notional amount of $100 million, termination date of May 18, 2017, a fixed pay rate of 2.313%, and a receive rate equal to the ten years treasury rate on the settlement date. On May 11, 2017, we settled the April 2017 Treasury Lock, resulting in a gain of approximately $0.7 million. This gain is included in accumulated other comprehensive income and will be amortized to interest expense over ten years. The April 2017 Treasury Lock has been deemed to be a highly effective cash flow hedge and we elected to designate the April 2017 Treasury Lock as an accounting hedge. On May 31, 2017, we entered into a treasury lock contract (the "May 2017 Treasury Lock") with Bank of America, National Association, to reduce the interest rate variability exposure of the projected interest cash flows of our then prospective new seven years private placement. The May 2017 Treasury Lock had a notional amount of $100 million, termination date of July 26, 2017, a fixed pay rate of 2.064%, and a receive rate equal to the seven years treasury rate on the settlement date. On June 23, 2017, we settled the May 2017 Treasury Lock, resulting in a loss of approximately $0.5 million. This loss is included in accumulated other comprehensive income and will be amortized to interest expense over seven years. The May 2017 Treasury Lock has been deemed to be a highly effective cash flow hedge and we elected to designate the May 2017 Treasury Lock as an accounting hedge. On November 26, 2018, we entered into an interest rate swap agreement with Bank of America, National Association, to fix the interest rate associated with Term Loan A associated with our then prospective First Amendment at approximately 4.13% through its maturity date of January 9, 2021, subject to adjustments based on our consolidated leverage ratio. On June 20, 2019, we entered into a treasury lock contract (the "June 2019 Treasury Lock") with Wells Fargo Bank, N.A., to reduce the interest rate variability exposure of the projected interest cash flows of our then prospective eleven-year private placement. The treasury lock contract has a notional amount of $100 million, termination date of July 31, 2019, a fixed pay rate of 1.9925%, and a receive rate equal to the ten years treasury rate on the settlement date. On July 17, 2019, we settled the June 2019 Treasury Lock, resulting in a gain of approximately $0.5 million, which is included in accumulated other comprehensive income and will be amortized to interest expense over ten years. The treasury lock contract has been deemed to be a highly effective cash flow hedge and we elected to designate the treasury lock contract as an accounting hedge. The forward-starting interest rate swap contracts have been deemed to be highly effective cash flow hedges and we elected to designate all the forward-starting swap contracts as accounting hedges. On August 11, 2020, we entered into a treasury lock contract (the "August 2020 Treasury Lock") with Wells Fargo Bank, N.A., to reduce the interest rate variability exposure of the projected interest cash flows of a then prospective future financing. The treasury lock contract had a notional amount of $200 million, termination date of November 12, 2020, a fixed pay rate of 0.7115%, and a receive rate equal to the ten years treasury rate on the settlement date. We determined that there was no compelling reason from a capital requirement perspective to move forward with the prospective financing at prevailing rates and, as a result, on October 1, 2020, we settled the August 2020 Treasury Lock, resulting in no gain or loss. The following is a summary of the terms of the interest rate swaps as of December 31, 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 $ (85) U.S. Bank N.A. $ 100,000 3/1/2016 3/1/2023 $ (2,972) Wells Fargo Bank, N.A. $ 50,000 5/2/2016 3/1/2023 $ (1,474) The effective portion of changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded as accumulated other comprehensive income and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. During the next twelve months, we estimate that $1.3 million will be reclassified as a decrease to interest expense.

Partners Capital of American As

Partners Capital of American Assets Trust, L.P. (Notes)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. As of December 31, 2020, the Operating Partnership had 16,181,537 common units (the “Noncontrolling Common Units”) outstanding. American Assets Trust, Inc. owned 78.8% of the Operating Partnership at December 31, 2020. The remaining 21.3% of the partnership interests are owned by non-affiliated investors and certain of our directors and executive officers. Common units and shares of the company's common stock have essentially the same economic characteristics in that common units and shares of the company's common stock share equally in the total net income or loss distributions of the Operating Partnership. American Assets Trust, Inc. is the Operating Partnership’s general partner and is responsible for the management of the Operating Partnership’s business. As the general partner of the Operating Partnership, the company effectively controls the ability to issue common stock of American Assets Trust, Inc. upon a limited partner’s notice of redemption. Investors who own common units have the right to cause the Operating Partnership to redeem any or all of their common units for cash equal to the then-current market value of one share of the company's common stock, or, at the company's election, shares of the company's common stock on a one-for-one basis. In addition, American Assets Trust, Inc. has generally acquired common units upon a limited partner’s notice of redemption in exchange for shares of the company's common stock. The redemption provisions of common units owned by limited partners that permit the Operating Partnership to settle in either cash or common stock at the option of the company are further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Operating Partnership evaluated this guidance, including the requirement to settle in unregistered shares, and determined that these common units meet the requirements to qualify for presentation as permanent equity.

Equity of American Assets Trust

Equity of American Assets Trust, Inc. (Notes)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
EQUITY OF AMERICAN ASSETS TRUST, INC.	EQUITY OF AMERICAN ASSETS TRUST, INC. Stockholders' Equity On May 6, 2013, we entered into an at-the-market (“ATM”) equity program with four sales agents pursuant to which we may, from time to time, offer and sell shares of our common stock having an aggregate offering price of up to $150.0 million. We completed $150.0 million of issuances under such ATM program on May 21, 2015. On May 27, 2015, we entered into a new ATM equity program with five sales agents under which we may, from time to time, offer and sell shares of our common stock having an aggregate offering price of up to $250.0 million. The sales of shares of our common stock made through the ATM equity program are made in "at-the-market" offerings as defined in Rule 415 of the Securities Act of 1933, as amended. For the year ended December 31, 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 December 31, 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 active ATM equity program. In June 2019, we issued and sold 10,925,000 shares of common stock in an underwritten public offering. The shares of common stock that we issued and sold included the full exercise of the underwriters' option to purchase 1,425,000 additional shares. We received net proceeds of approximately $472.6 million, after deducting underwriting discounts, commissions and offering expenses. Preferred Stock Authorized Shares We have been authorized to issue 10,000,000 shares of preferred stock with a par value of $0.01, of which no shares were outstanding at December 31, 2020. Upon issuance, our board of directors has the ability to define the terms of the preferred shares, including voting rights, liquidation preferences, conversion and redemption provisions and dividend rates. Dividends The following table lists the dividends declared and paid on our shares of common stock and Noncontrolling Common Units for the years ended December 31, 2020, 2019 and 2018: Period Amount per Share/Unit Period Covered Dividend Paid Date First Quarter 2018 $ 0.27 January 1, 2018 to March 31, 2018 March 19, 2018 Second Quarter 2018 $ 0.27 April 1, 2018 to June 30, 2018 June 28, 2018 Third Quarter 2018 $ 0.27 July 1, 2018 to September 30, 2018 September 27, 2018 Fourth Quarter 2018 $ 0.28 October 1, 2018 to December 31, 2018 December 27, 2018 First Quarter 2019 $ 0.28 January 1, 2019 to March 31, 2019 March 28, 2019 Second Quarter 2019 $ 0.28 April 1, 2019 to June 30, 2019 June 27, 2019 Third Quarter 2019 $ 0.28 July 1, 2019 to September 30, 2019 September 26, 2019 Fourth Quarter 2019 $ 0.30 October 1, 2019 to December 31, 2019 December 26, 2019 First Quarter 2020 $ 0.30 January 1, 2020 to March 31, 2020 March 26, 2020 Second Quarter 2020 $ 0.20 April 1, 2020 to June 30, 2020 June 25, 2020 Third Quarter 2020 $ 0.25 July 1, 2020 to September 30, 2020 September 24, 2020 Fourth Quarter 2020 $ 0.25 October 1, 2020 to December 31, 2020 December 24, 2020 Taxability of Dividends Earnings and profits, which determine the taxability of distributions to stockholders and holders of common units, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of loss on extinguishment of debt, revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation. A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2020 2019 2018 Per Share % Per Share % Per Share % Ordinary income $ 0.66 66.0 % $ 1.09 95.6 % $ 1.05 96.3 % Capital gain — — % — — % — — % Return of capital 0.34 34.0 % 0.05 4.4 % 0.04 3.7 % Total $ 1.00 100.0 % $ 1.14 100.0 % $ 1.09 100.0 % Stock-Based Compensation The company has established the 2011 Equity Incentive Award Plan (the "2011 Plan"), which provides for grants to directors, employees and consultants of the company and the Operating Partnership of stock options, restricted stock, dividend equivalents, stock payments, performance shares, LTIP units, stock appreciation rights and other incentive awards. In June 2020, at the annual shareholder meeting, the shareholders approved the Amended and Restated 2011 Equity Incentive Award Plan ("Amended and Restated 2011 Plan"). An aggregate of 4,054,411 shares of our common stock are authorized for issuance under awards granted pursuant to the Amended and Restated 2011 Plan, and as of December 31, 2020, 2,477,277 shares of common stock remain available for future issuance. The following shares of restricted common stock have been issued as of December 31, 2020: Grant Fair Value at Grant Date Number June 12, 2018 (1) $37.58 5,320 December 6, 2018 (2) $25.68 - $28.18 199,790 June 11, 2019 (1) $45.35 4,412 December 9, 2019 (3) $28.06 - $30.97 168,596 June 9, 2020 (1) $33.29 6,008 December 4, 2020 (4) $19.02 - $20.83 311,566 (1) Restricted common stock issued to members of the company's non-employee directors. These awards of restricted stock will vest subject to the director's continued service on the Board of Directors on the earlier of (i) the one year anniversary of the date of grant or (ii) the date of the next annual meeting of our stockholders, if such non-employee director continues his or her service on the Board of Directors until the next annual meeting of stockholders, but not thereafter, pursuant to our independent director compensation policy. (2) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2019, 2020 and 2021, subject to the employee's continued employment on those dates. (3) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2020, 2021 and 2022, subject to the employee's continued employment on those dates. (4) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2021, 2022 and 2023, subject to the employee's continued employment on those dates. For the performance-based stock awards, the fair value of the awards was estimated using a Monte Carlo Simulation model. Our stock price, along with the stock prices of the group of peer REITs, is assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on the stock price of the company and the group REITs were estimated based on a three year look-back period. The expected growth rate of the stock prices over the “derived service period” of the employee is determined with consideration of the risk free rate as of the grant date. For the restricted stock grants that are time-vesting, we estimate the stock compensation expense based on the fair value of the stock at the grant date. The following table summarizes the activity of non-vested restricted stock awards during the year ended December 31, 2020: 2020 Units Weighted Average Grant Date Fair Value Balance at beginning of year 345,156 $ 28.75 Granted 317,574 20.20 Vested (75,687) 28.46 Forfeited (95,086) 27.49 Balance at end of year 491,957 $ 23.53 We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $6.3 million, $4.5 million and $3.0 million in noncash compensation expense for the years ended December 31, 2020, 2019 and 2018, respectively, each of which is included in general and administrative expense on the statement of income. Unrecognized compensation expense was $8.4 million at December 31, 2020, which will be recognized over a weighted-average period of 1.6 years. Earnings Per Share We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating security is calculated according to dividends declared and participation rights in undistributed earnings. For the years ended December 31, 2020, 2019 and 2018, we had a weighted average of approximately 357,048 shares, 330,197 shares and 271,905 unvested shares outstanding, respectively, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares. Diluted EPS is calculated by dividing the net income attributable to common stockholders for the period by the weighted average number of common and dilutive instruments outstanding during the period using the treasury stock method. For the year ended December 31, 2020, diluted shares exclude incentive restricted stock as these awards are considered contingently issuable. Additionally, the unvested restricted stock awards subject to time vesting are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. Earnings Per Unit of the Operating Partnership Basic earnings (loss) per unit (“EPU”) of the Operating Partnership is computed by dividing income (loss) applicable to unitholders by the weighted average Operating Partnership units outstanding, as adjusted for the effect of participating securities. Operating Partnership units granted in equity-based payment transactions are considered participating securities prior to vesting. The impact of unvested Operating Partnership unit awards on EPU has been calculated using the two-class method whereby earnings are allocated to the unvested Operating Partnership unit awards based on distributions and the unvested Operating Partnership units’ participation rights in undistributed earnings (losses). The calculation of diluted earnings per unit for the year ended December 31, 2020, 2019 and 2018 does not include 357,048, 330,197, and 271,905 unvested weighted average Operating Partnership units, respectively, as these equity securities are either considered contingently issuable or the effect of including these equity securities was anti-dilutive. The computation of basic and diluted EPS for American Assets Trust, Inc. is presented below (dollars in thousands, except share and per share amounts): Year Ended December 31, 2020 2019 2018 NUMERATOR Net income $ 35,588 $ 60,188 $ 27,202 Less: Net income attributable to restricted shares (383) (381) (311) Less: Income attributable to unitholders in the Operating Partnership (7,545) (14,089) (7,205) Net income attributable to common stockholders—basic $ 27,660 $ 45,718 $ 19,686 Income attributable to American Assets Trust, Inc. common stockholders—basic $ 27,660 $ 45,718 $ 19,686 Plus: Income attributable to unitholders in the Operating Partnership 7,545 14,089 7,205 Net income attributable to common stockholders—diluted $ 35,205 $ 59,807 $ 26,891 DENOMINATOR Weighted average common shares outstanding—basic 59,806,309 54,110,949 46,950,812 Effect of dilutive securities—conversion of Operating Partnership units 16,313,454 16,675,183 17,185,747 Weighted average common shares outstanding—diluted 76,119,763 70,786,132 64,136,559 Earnings per common share, basic $ 0.46 $ 0.84 $ 0.42 Earnings per common share, diluted $ 0.46 $ 0.84 $ 0.42

Income Taxes (Notes)

Income Taxes (Notes)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We elected to be taxed as a REIT and operate in a manner that allows us to qualify as a REIT, for federal income tax purposes commencing with our taxable year ending December 31, 2011. As a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. Taxable income from non-REIT activities managed through our TRS is subject to federal and state income taxes. We lease our hotel property to a wholly owned TRS that is subject to federal and state income taxes. We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between GAAP carrying amounts and their respective tax bases. Additionally, we classify certain state taxes as income taxes for financial reporting purposes in accordance with ASC Topic 740, Income Taxes . A deferred tax liability is included in our consolidated balance sheets of $0.6 million and $0.3 million as of December 31, 2020 and 2019, respectively, in relation to real estate asset basis differences and prepaid expenses for our TRS. The income tax provision included in other income (expense) on the consolidated statement of income is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Current: Federal $ (542) $ 48 $ 60 State 412 625 465 Deferred: Federal $ (80) $ 237 $ (6) State 201 (91) (192) Provision for income taxes (benefit) $ (9) $ 819 $ 327

Commitments and Contingencies (

Commitments and Contingencies (Notes)	12 Months Ended
	Dec. 31, 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 13 for description of our leases, as a lessee. We have management agreements with Outrigger Hotels & Resorts or an affiliate thereof (“Outrigger”) pursuant to which Outrigger manages each of the retail and hotel portions of the Waikiki Beach Walk property. Under the management agreement with Outrigger relating to the retail portion of Waikiki Beach Walk (the “retail management agreement”), we pay Outrigger a monthly management fee of 3.0% of net revenues from the retail portion of Waikiki Beach Walk. Pursuant to the terms of the retail management agreement, if the agreement is terminated in certain instances, including our election not to repair damage or destruction at the property, a condemnation or our failure to make required working capital infusions, we would be obligated to pay Outrigger a termination fee equal to the sum of the management fees paid for the two months immediately preceding the termination date. The retail management agreement may not be terminated by us or by Outrigger without cause. Under our management agreement with Outrigger relating to the hotel portion of Waikiki Beach Walk (the “hotel management agreement”), we pay Outrigger a monthly management fee of 6.0% of the hotel's gross operating profit, as well as 3.0% of the hotel's gross revenues; provided that the aggregate management fee payable to Outrigger for any year shall not exceed 3.5% of the hotel's gross revenues for such fiscal year. Pursuant to the terms of the hotel management agreement, if the agreement is terminated in certain instances, including upon a transfer by us of the hotel or upon a default by us under the hotel management agreement, we would be required to pay a cancellation fee calculated by multiplying (1) the management fees for the previous 12 months by (2) (a) eight, if the agreement is terminated in the first 11 years of its term, or (b) four, three, two or one, if the agreement is terminated in the twelfth, thirteenth, fourteenth or fifteenth year, respectively, of its term. The hotel management agreement may not be terminated by us or by Outrigger without cause. A wholly owned subsidiary of our Operating Partnership, WBW Hotel Lessee LLC, entered into a franchise license agreement with Embassy Suites Franchise LLC, the franchisor of the brand “Embassy Suites™,” to obtain the non-exclusive right to operate the hotel under the Embassy Suites brand for 20 years. The franchise license agreement provides that WBW Hotel Lessee LLC must comply with certain management, operational, record keeping, accounting, reporting and marketing standards and procedures. In connection with this agreement, we are also subject to the terms of a product improvement plan pursuant to which we expect to undertake certain actions to ensure that our hotel's infrastructure is maintained in compliance with the franchisor's brand standards. In addition, we must pay to Embassy Suites Franchise LLC a monthly franchise royalty fee equal to 4.0% of the hotel's gross room revenue through December 2021 and 5.0% of the hotel's gross room revenue thereafter, as well as a monthly program fee equal to 4.0% of the hotel's gross room revenue. If the franchise license is terminated due to our failure to make required improvements or to otherwise comply with its terms, we may be liable to the franchisor for a termination payment, which could be as high as $5.5 million based on operating performance through December 31, 2020. Our Del Monte Center property has ongoing environmental remediation related to ground water contamination. The environmental issue existed at purchase and is currently in the final stages of remediation. The final stages of the remediation will include routine, long term ground monitoring by the appropriate regulatory agency over the next five years to seven years years. The work performed is financed through an escrow account funded by the seller upon our purchase of the Del Monte Center. We believe the funds in the escrow account are sufficient for the remaining work to be performed. However, if further work is required costing more than the remaining escrow funds, we could be required to pay such overage, although we may have a contractual claim for such costs against the prior owner or our environmental remediation consultant. As of December 31, 2020, the company accrued approximately $6.6 million for transfer taxes in connection with its Offering. The company believes that it has filed all necessary forms with the requisite taxing authorities. Concentrations of Credit Risk Our properties are located in Southern California, Northern California, Hawaii, Oregon, Texas and Washington. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate. Fifteen of our consolidated properties, representing 45.1% of our total revenue for the year ended December 31, 2020, are located in Southern California, which exposes us to greater economic risks than if we owned a more geographically diverse portfolio. Our mixed-use property located in Honolulu, Hawaii accounted for 8.2% of total revenues for the year ended December 31, 2020. Tenants in the retail industry accounted for 25.6% and 29.3% of total revenues for the years December 31, 2020 and 2019, respectively. This makes us susceptible to demand for retail rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the retail industry. Two retail properties, Alamo Quarry Market and Waikele Center, accounted for 9.1% and 10.0% of total revenues for the years ended December 31, 2020 and 2019, respectively. Tenants in the office industry accounted for 51.5% and 39.5% of total revenues for the years December 31, 2020 and 2019, respectively. This makes us susceptible to demand for office rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the office industry. For the years ended December 31, 2020 and 2019, no tenant accounted for more than 10.0% of our total rental revenue. At December 31, 2020, Google LLC at The Landmark at One Market accounted for 10.0% of total annualized base rent. Four other tenants (LPL Holdings, Inc., Autodesk, Inc., Smartsheet, Inc., and VMware, Inc.) comprise 17.6% of our total annualized base rent at December 31, 2020, in the aggregate. No other tenants represent greater than 2.0% of our total annualized base rent. Total annualized base rent used for the percentage calculations includes the annualized base rent as of December 31, 2020 for our office properties, retail properties and the retail portion of our mixed-use property.

LEASES

LEASES	12 Months Ended
	Dec. 31, 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 seven months to fifteen months, with a majority having 12 months lease terms. Rooms at the hotel portion of our mixed-use property are rented on a nightly basis. Leases at our office and retail properties and the retail portion of our mixed-use property may contain lease extension options, at our lessee's discretion. The extension options are generally for 3 to 10 years and contain primarily rent at fixed rates or the prevailing market rent. The extension options are generally exercisable 6 to 12 months prior to the expiration of the lease and require the lessee to not be in default of the lease terms. We attempt to maximize the amount we expect to derive from the underlying real estate property following the end of a lease, to the extent it is not extended. We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. However, the residual value of a real estate property is still subject to various market-specific, asset-specific, and tenant-specific risks and characteristics. At December 31, 2020, our retail, office and mixed-use properties are located in five states: California, Oregon, Hawaii, Washington and Texas. At December 31, 2020, we had approximately 816 leases with office and retail tenants, including the retail portion of our mixed-use property. Our multifamily properties are located in Southern California and Portland, Oregon, and we had 1,722 leases with residential tenants at December 31, 2020, excluding Santa Fe Park RV Resort. As of December 31, 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 for the years ended December 31 (in thousands): 2021 $ 222,357 2022 210,536 2023 192,702 2024 163,025 2025 142,446 Thereafter 435,100 Total $ 1,366,166 The above future minimum rentals exclude residential leases, which are typically range from seven months to fifteen months, and exclude the hotel, as rooms are rented on a nightly basis. Lessee Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. At the Landmark at One Market, we lease, as lessee, a building adjacent to the Landmark at One Market under an operating lease effective through June 30, 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. In March 2020, we exercised a five years extension option to extend the Annex Lease through June 30, 2026, which was memorialized in a lease amendment executed in August 2020 that additionally modified other certain lease payment terms. At Waikiki Beach Walk, we lease a portion of the building of which Quiksilver is currently in possession, under an operating lease effective through December 31, 2021. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement in determining the present value of lease payments. Current annual payments under the operating leases are as follows, as of December 31, 2020 (in thousands): Year Ending December 31, 2021 $ 3,215 2022 3,232 2023 3,328 2024 3,428 2025 3,531 Thereafter 19,710 Total lease payments $ 36,444 Imputed interest $ (6,384) Present value of lease liability $ 30,060 Lease costs under the operating leases are as follows (in thousands): Year Ended December 31, 2020 2019 Operating lease cost $ 3,902 $ 3,334 Variable lease cost — — Sublease income (4,297) (3,098) Total lease (income) cost $ (395) $ 236 Weighted-average remaining lease term - operating leases (in years) 10.2 Weighted-average discount rate - operating leases 3.22 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Year Ended December 31, 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 3,422 $ 3,347 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 27,321 $ 7,661 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 seven months to fifteen months, with a majority having 12 months lease terms. Rooms at the hotel portion of our mixed-use property are rented on a nightly basis. Leases at our office and retail properties and the retail portion of our mixed-use property may contain lease extension options, at our lessee's discretion. The extension options are generally for 3 to 10 years and contain primarily rent at fixed rates or the prevailing market rent. The extension options are generally exercisable 6 to 12 months prior to the expiration of the lease and require the lessee to not be in default of the lease terms. We attempt to maximize the amount we expect to derive from the underlying real estate property following the end of a lease, to the extent it is not extended. We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. However, the residual value of a real estate property is still subject to various market-specific, asset-specific, and tenant-specific risks and characteristics. At December 31, 2020, our retail, office and mixed-use properties are located in five states: California, Oregon, Hawaii, Washington and Texas. At December 31, 2020, we had approximately 816 leases with office and retail tenants, including the retail portion of our mixed-use property. Our multifamily properties are located in Southern California and Portland, Oregon, and we had 1,722 leases with residential tenants at December 31, 2020, excluding Santa Fe Park RV Resort. As of December 31, 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 for the years ended December 31 (in thousands): 2021 $ 222,357 2022 210,536 2023 192,702 2024 163,025 2025 142,446 Thereafter 435,100 Total $ 1,366,166 The above future minimum rentals exclude residential leases, which are typically range from seven months to fifteen months, and exclude the hotel, as rooms are rented on a nightly basis. Lessee Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. At the Landmark at One Market, we lease, as lessee, a building adjacent to the Landmark at One Market under an operating lease effective through June 30, 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. In March 2020, we exercised a five years extension option to extend the Annex Lease through June 30, 2026, which was memorialized in a lease amendment executed in August 2020 that additionally modified other certain lease payment terms. At Waikiki Beach Walk, we lease a portion of the building of which Quiksilver is currently in possession, under an operating lease effective through December 31, 2021. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement in determining the present value of lease payments. Current annual payments under the operating leases are as follows, as of December 31, 2020 (in thousands): Year Ending December 31, 2021 $ 3,215 2022 3,232 2023 3,328 2024 3,428 2025 3,531 Thereafter 19,710 Total lease payments $ 36,444 Imputed interest $ (6,384) Present value of lease liability $ 30,060 Lease costs under the operating leases are as follows (in thousands): Year Ended December 31, 2020 2019 Operating lease cost $ 3,902 $ 3,334 Variable lease cost — — Sublease income (4,297) (3,098) Total lease (income) cost $ (395) $ 236 Weighted-average remaining lease term - operating leases (in years) 10.2 Weighted-average discount rate - operating leases 3.22 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Year Ended December 31, 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 3,422 $ 3,347 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 27,321 $ 7,661 Subleases At The Landmark at One Market, we (as sublandlord) sublease the Annex Lease building under operating leases effective through December 31, 2029. The subleases contain extension options, subject to our ability to extend the Annex Lease, that can extend the subleases through December 31, 2039 at the fair rental value at the time the extension option is exercised.

Component of Rental Income and

Component of Rental Income and Expense (Notes)	12 Months Ended
	Dec. 31, 2020
Operating Leases, Income Statement, Lease Revenue [Abstract]
COMPONENTS OF RENTAL INCOME AND EXPENSE	COMPONENTS OF RENTAL INCOME AND EXPENSE The principal components of rental income are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Minimum rents Office $ 170,853 $ 136,118 $ 95,081 Retail 82,176 99,601 77,147 Multifamily 47,071 47,448 46,897 Mixed-Use 7,302 15,702 11,019 Cost reimbursement — — 34,584 Percentage rent 3,516 2,476 3,149 Hotel revenue 17,209 40,297 40,049 Other 2,185 2,223 1,611 Total rental income $ 330,312 $ 343,865 $ 309,537 Minimum rents include $18.9 million, $3.2 million and $2.4 million for the years ended December 31, 2020, 2019 and 2018, respectively, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $3.9 million, $3.8 million and $3.6 million for the years ended December 31, 2020, 2019 and 2018, respectively, to recognize the amortization of above and below market leases. The principal components of rental expenses are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Rental operating $ 38,194 $ 38,331 $ 37,322 Hotel operating 13,691 24,522 24,030 Repairs and maintenance 17,813 17,035 13,486 Marketing 2,023 2,538 2,108 Rent 3,955 3,372 3,216 Hawaii excise tax 2,479 4,160 4,333 Management fees 1,023 2,009 1,987 Total rental expenses $ 79,178 $ 91,967 $ 86,482

Other Income (Expenses) (Notes)

Other Income (Expenses) (Notes)	12 Months Ended
	Dec. 31, 2020
Other Income and Expenses [Abstract]
OTHER INCOME (EXPENSE)	OTHER INCOME (EXPENSE) The principal components of other income (expense), net are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Interest and investment income $ 436 $ 696 $ 238 Income tax benefit (expense) 9 (819) (327) Other non-operating income 2 1 4 Total other income (expense) $ 447 $ (122) $ (85)

Related Party Transactions (Not

Related Party Transactions (Notes)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS At Torrey Reserve Campus, we previously leased space to ICW, an entity owned and controlled by Ernest Rady. Rental revenue recognized on the leases of $0.0 million, $0.0 million and $0.1 million for the years ended December 31, 2020, 2019 and 2018, respectively, is included in rental income on the consolidated statements of comprehensive income.. During the first quarter of 2019, we terminated the lease agreement with American Assets, Inc. ("AAI"), an entity owned and controlled by Mr. Rady, and entered into a new lease agreement with AAI for office space at Torrey Reserve Campus. Rents commenced on March 1, 2019 for an initial lease term of three years at an average annual rental rate of $0.2 million. Rental revenue recognized on the leases of $0.2 million, $0.2 million and $0.1 million for the years ended December 31, 2020, 2019 and 2018, respectively, is included in rental income on the consolidated statements of comprehensive income. During the third quarter of 2020, we entered into a new lease with AAI for office space at Torrey Point to replace its existing lease at Torrey Reserve Campus. Rents are expected to begin in January 2021 for an initial lease term of ten years at an average annual rental rate of $0.2 million. At Torrey Reserve Campus, we lease space to EDisability, LLC, an entity majority owned and controlled by Ernest Rady. During the fourth quarter of 2020, we entered into a lease termination agreement with EDisability, LLC and entered into a new lease agreement for office space at Torrey Reserve Campus. Rents under the new lease agreement are expected to commence June 1, 2021 for an initial three years at an average rental rate of $0.1 million. Rent revenue recognized on the lease of $0.2 million, $0.2 million and $0.1 million for the years ended December 31, 2020, 2019 and 2018, respectively, is included in rental income on the consolidated statements of comprehensive income. On occasion, the company utilizes aircraft services provided by AAI Aviation, Inc. ("AAIA"), an entity owned and controlled by Ernest Rady. For the years ending December 31, 2020, 2019 and 2018, we incurred approximately $0.0 million, $0.2 million and $0.1 million, respectively, of expenses related to aircraft services of AAIA or reimbursement to Mr. Rady (or his trust) for use of the aircraft owned by AAIA. These expenses are recorded as general and administrative expenses in our consolidated statements of comprehensive income. As of December 31, 2020, Mr. Rady and his affiliates owned approximately 13.4% of our outstanding common stock and 19.5% of our outstanding common units, which together represent an approximate 33% beneficial interest in our company on a fully diluted basis. The Waikiki Beach Walk entities have a 47.7% investment in WBW CHP LLC, an entity that was formed to, among other things, construct a chilled water plant to provide air conditioning to the property and other adjacent facilities. The operating expenses of WBW CHP LLC are recovered through reimbursements from its members, and reimbursements to WBW CHP LLC of $1.0 million, $1.1 million and $1.1 million were made for the years ended December 31, 2020, 2019 and 2018, respectively, and included in rental expenses on the statements of income.

Segment Reporting (Notes)

Segment Reporting (Notes)	12 Months Ended
	Dec. 31, 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 review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. However, we have aggregated our properties into reportable segments as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel. We evaluate the performance of our segments based on segment profit which is defined as property revenue less property expenses. We do not use asset information as a measure to assess performance and make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, interest expense, depreciation and amortization expense and other income and expense are not included in segment profit as our internal reporting addresses these items on a corporate level. Segment profit is not a measure of operating income or cash flows from operating activities as measured by GAAP, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit in the same manner. We consider segment profit to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our properties. The following table represents operating activity within our reportable segments (in thousands): Year Ended December 31, 2020 2019 2018 Total Office Property revenue 177,554 144,683 112,362 Property expense (47,424) (42,234) (33,860) Segment profit 130,130 102,449 78,502 Total Retail Property revenue $ 88,280 $ 107,604 $ 105,552 Property expense (27,374) (30,633) (30,078) Segment profit 60,906 76,971 75,474 Total Multifamily Property revenue 50,327 51,066 50,627 Property expense (22,074) (20,863) (20,441) Segment profit 28,253 30,203 30,186 Total Mixed-Use Property revenue 28,412 63,388 62,326 Property expense (24,247) (38,250) (37,076) Segment profit 4,165 25,138 25,250 Total segments’ profit $ 223,454 $ 234,761 $ 209,412 The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands): Year Ended December 31, 2020 2019 2018 Total segments' profit $ 223,454 $ 234,761 $ 209,412 General and administrative (26,581) (24,871) (22,784) Depreciation and amortization (108,292) (96,205) (107,093) Interest expense (53,440) (54,008) (52,248) Gain on sale of real estate — 633 — Other income (expense), net 447 (122) (85) Net income 35,588 60,188 27,202 Net income attributable to restricted shares (383) (381) (311) Net income attributable to unitholders in the Operating Partnership (7,545) (14,089) (7,205) Net income attributable to American Assets Trust, Inc. stockholders $ 27,660 $ 45,718 $ 19,686 The following table shows net real estate and secured note payable balances for each of the segments, along with their capital expenditures for each year (in thousands): December 31, 2020 December 31, 2019 Net real estate Office $ 1,317,107 $ 1,317,854 Retail 607,918 624,912 Multifamily 389,804 401,152 Mixed-Use 177,905 179,557 $ 2,492,734 $ 2,523,475 Secured Notes Payable (1) Office $ 111,000 $ 127,768 Retail — 34,235 $ 111,000 $ 162,003 Capital Expenditures (2) Office $ 52,882 $ 64,549 Retail 8,596 22,844 Multifamily 3,897 3,711 Mixed-Use 3,702 8,490 $ 69,077 $ 99,594 (1) Excludes unamortized debt issuance costs of $0.1 million and $0.1 million as of December 31, 2020 and 2019, respectively. (2) Capital expenditures represent cash paid for capital expenditures during the year and includes leasing commissions paid.

Quarterly Financial Information

Quarterly Financial Information (Unaudited) (Notes)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The tables below reflect selected American Assets Trust, Inc. quarterly information for 2020 and 2019 (in thousands, except per shares data): Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 81,347 $ 84,374 $ 82,109 $ 96,743 Operating income 16,415 20,323 22,995 28,848 Net income 3,788 6,490 9,826 15,484 Net income attributable to restricted shares (123) (87) (69) (104) Net income loss attributable to unitholders in the Operating Partnership (767) (1,365) (2,101) (3,312) Net income attributable to American Assets Trust, Inc. stockholders $ 2,898 $ 5,038 $ 7,656 $ 12,068 Net income per share attributable to common stockholders - basic and diluted $ 0.05 $ 0.08 $ 0.13 $ 0.20 Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 98,947 $ 98,362 $ 84,113 $ 85,319 Operating income 29,993 30,384 24,487 28,821 Net income (loss) 16,485 16,519 11,941 15,243 Net (income) loss attributable to restricted shares (104) (92) (92) (93) Net (income) loss attributable to unitholders in the Operating Partnership (3,536) (3,565) (2,933) (4,055) Net income (loss) attributable to American Assets Trust, Inc. stockholders $ 12,845 $ 12,862 $ 8,916 $ 11,095 Net income (loss) per share attributable to common stockholders - basic and diluted $ 0.22 $ 0.22 $ 0.18 $ 0.24 The tables below reflect selected American Assets Trust, L.P. quarterly information for 2020 and 2019 (in thousands, except per shares data): Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 81,347 $ 84,374 $ 82,109 $ 96,743 Operating income 16,415 20,323 22,995 28,848 Net income 3,788 6,490 9,826 15,484 Net income attributable to restricted shares (123) (87) (69) (104) Net income attributable to American Assets Trust, L.P. unit holders $ 3,665 $ 6,403 $ 9,757 $ 15,380 Net income per unit attributable to unit holders - basic and diluted $ 0.05 $ 0.08 $ 0.13 $ 0.20 Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 98,947 $ 98,362 $ 84,113 $ 85,319 Operating income 29,993 30,384 24,487 28,821 Net income (loss) 16,485 16,519 11,941 15,243 Net (income) loss attributable to restricted shares (104) (92) (92) (93) Net income (loss) attributable to American Assets Trust, L.P. unit holders $ 16,381 $ 16,427 $ 11,849 $ 15,150 Net income per unit attributable to common unit holders - basic and diluted $ 0.22 $ 0.22 $ 0.18 $ 0.24

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSOn January 26, 2021, we issued $500 million of fixed rate senior unsecured notes that mature on February 1, 2031 and bear interest at 3.375% per annum. The notes were priced at 98.935% of the principal amount with a yield to maturity of 3.502%. The net proceeds from the note offering after net issuance discount, underwriting fees, and other costs were approximately $489.9 million, which were primarily used to prepay our $150 million Senior Guaranteed Notes, Series A, with a prepayment penalty of approximately $3.9 million, on January 26, 2021, repay our $100 million outstanding balance under Revolver Loan on January 26, 2021, fund the development of the La Jolla Commons III office building and for general corporate purposes.

SCHEDULE III-Consolidated Real

SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation (Notes)	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation	Encumbrance as of December 31, 2020 Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount Accumulated Year Built/ Date Acquired Life on which depreciation in latest income statements is computed Description Land Building and Land Building and Alamo Quarry Market $ — $ 26,396 $ 109,294 $ 18,227 $ 26,816 $ 127,101 $ (64,168) 1997/1999 12/9/2003 35 years Carmel Country Plaza — 4,200 — 13,074 4,200 13,074 (9,006) 1991 1/10/1989 35 years Carmel Mountain Plaza — 22,477 65,217 38,934 31,034 95,594 (47,365) 1994/2014 3/28/2003 35 years Del Monte Center — 27,412 87,570 35,136 27,117 123,001 (70,136) 1967/1984/2006 4/8/2004 35 years Gateway Marketplace — 17,363 21,644 1,239 17,363 22,883 (2,889) 1997/2016 7/6/2017 35 years Geary Marketplace — 8,239 12,353 212 8,239 12,565 (3,190) 2012 12/19/2012 35 years Hassalo on Eighth - Retail — — — 28,529 597 27,932 (6,356) 2015 7/1/2011 35 years Lomas Santa Fe Plaza — 8,600 11,282 13,767 8,620 25,029 (17,927) 1972/1997 6/12/1995 35 years The Shops at Kalakaua — 13,993 10,817 144 14,006 10,948 (4,989) 1971/2006 3/31/2005 35 years Solana Beach Towne Centre — 40,980 38,842 4,287 40,980 43,129 (13,754) 1973/2000/2004 1/19/2011 35 years South Bay Marketplace — 4,401 — 12,513 4,401 12,513 (8,009) 1997 9/16/1995 35 years Waikele Center — 55,593 126,858 42,934 70,643 154,742 (66,820) 1993/2008 9/16/2004 35 years City Center Bellevue 111,000 25,135 190,998 53,599 25,135 244,597 (62,613) 1987 8/21/2012 40 years First & Main — 14,697 109,739 5,933 14,697 115,672 (34,125) 2010 3/11/2011 40 years The Landmark at One Market — 34,575 141,196 27,900 34,575 169,096 (40,885) 1917/2000 6/30/2010 40 years Lloyd District Portfolio — 18,660 61,401 101,072 11,845 169,288 (43,017) 1940-2015 7/1/2011 40 years One Beach Street — 15,332 18,017 4,192 15,332 22,209 (6,284) 1924/1972/1987/1992 1/24/2012 40 years Solana Beach Corporate Centre: Solana Beach Corporate Centre I-II — 7,111 17,100 7,514 7,111 24,614 (7,623) 1982/2005 1/19/2011 40 years Solana Beach Corporate Centre III-IV — 7,298 27,887 5,678 7,298 33,565 (9,616) 1982/2005 1/19/2011 40 years Solana Beach Corporate Centre Land — 487 — 60 547 — — N/A 1/19/2011 N/A Torrey Reserve Campus: Torrey Plaza — 4,095 — 56,586 5,408 55,273 (20,723) 1996-1997/2014 6/6/1989 40 years Pacific North Court — 3,263 — 26,645 4,309 25,599 (12,808) 1997-1998 6/6/1989 40 years Pacific South Court — 3,285 — 40,066 4,226 39,125 (16,498) 1996-1997 6/6/1989 40 years Pacific VC — 1,413 — 10,521 2,148 9,786 (5,651) 1998/2000 6/6/1989 40 years Pacific Torrey Daycare — 715 — 1,941 911 1,745 (984) 1996-1997 6/6/1989 40 years Torrey Reserve Building 6 — — — 8,012 682 7,330 (2,081) 2013 6/6/1989 40 years Torrey Reserve Building 5 — — — 4,012 1,017 2,995 (518) 2014 6/6/1989 40 years Torrey Reserve Building 13 & 14 — — — 16,138 2,188 13,950 (2,770) 2015 6/6/1989 40 years Torrey Point — 2,073 741 49,668 5,050 47,432 (3,346) 2018 5/9/1997 40 years La Jolla Commons La Jolla Commons I-II — 62,312 393,662 2,407 62,312 396,069 (21,227) 2008-2014 6/20/2019 40 years La Jolla Commons Land — 20,446 — 4,294 20,446 4,294 — N/A 6/20/2019 N/A Imperial Beach Gardens — 1,281 4,820 5,445 1,281 10,265 (8,425) 1959/2008 7/31/1985 30 years Loma Palisades — 14,000 16,570 29,900 14,052 46,418 (30,582) 1958/2001-2008 7/20/1990 30 years Mariner’s Point — 2,744 4,540 1,731 2,744 6,271 (3,949) 1986 5/9/2001 30 years Santa Fe Park RV Resort — 401 928 1,263 401 2,191 (1,562) 1971/2007-2008 6/1/1979 30 years Pacific Ridge Apartments — 47,971 178,497 2,062 47,971 180,559 (24,598) 2013 4/28/2017 30 years Encumbrance as of December 31, 2020 Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount Accumulated Year Built/ Date Acquired Life on which depreciation in latest income statements is computed Description Land Building and Land Building and Hassalo on Eighth - Multifamily — — — 178,397 6,219 172,178 (31,629) 2015 7/1/2011 30 years Waikiki Beach Walk: Retail — 45,995 74,943 428 45,995 75,371 (22,940) 2006 1/19/2011 35 years Hotel — 30,640 60,029 13,886 30,640 73,915 (25,077) 2008/2020 1/19/2011 35 years $ 111,000 $ 593,583 $ 1,784,945 $ 868,346 $ 628,556 $ 2,618,318 $ (754,140) (1) For Federal tax purposes, the aggregate tax basis is approximately $2.3 billion as of December 31, 2020. Year Ended December 31, 2020 2019 2018 Real estate assets Balance, beginning of period $ 3,188,697 2,630,191 2,614,138 Additions: Property acquisitions — 476,421 — Improvements 64,997 101,285 62,790 Deductions: Cost of Real Estate Sold — (8,845) — Other (1) (6,820) (10,355) (46,737) Balance, end of period $ 3,246,874 $ 3,188,697 $ 2,630,191 Accumulated depreciation Balance, beginning of period $ 665,222 $ 590,338 $ 537,431 Additions—depreciation 95,738 85,428 99,644 Deductions: Cost of Real Estate Sold — (189) — Other (1) (6,820) (10,355) (46,737) Balance, end of period $ 754,140 $ 665,222 $ 590,338 (1) Other deductions for the years ended December 31, 2020, 2019 and 2018 represent the write-off of fully depreciated assets.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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 (the “Offering”) and the related acquisition on January 19, 2011 of certain assets of a combination of entities whose assets included entities owned and/or controlled by Ernest S. Rady and his affiliates, including the Rady Trust, which in turn owned (1) controlling interests in entities owning 17 properties and the property management business of American Assets, Inc. and (2) noncontrolling interests in entities owning four properties. The company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The company's operations are carried on through our Operating Partnership and its subsidiaries, including our taxable REIT subsidiary. Since the formation of our Operating Partnership, the company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. We are a vertically integrated and self-administered REIT with 189 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. Any reference to the number of properties or units, square footage or acres, employees; or references to beneficial ownership interests, are unaudited and outside the scope of our independent registered public accounting firm's audit of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. As of December 31, 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 December 31, 2020, we owned land at three of our properties that we classify as held for development and construction in progress. A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street Torrey Reserve Campus First & Main Torrey Point Lloyd District Portfolio Solana Crossing (formerly Solana Beach Corporate Centre) City Center Bellevue The Landmark at One Market Multifamily Loma Palisades Hassalo on Eighth - Multifamily Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and Construction in Progress La Jolla Commons - Land Solana Crossing – Land Lloyd District Portfolio – Construction in Progress
Basis of Presentation	Basis of Presentation Our consolidated financial statements include the accounts of the company, our Operating Partnership and our subsidiaries. The equity interests of other investors in our Operating Partnership are reflected as noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. Certain reclassifications have been made to conform to current period presentation.
Use of Estimates	Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Consolidated Statements of Cash Flows-Supplemental Disclosures	Consolidated Statements of Cash Flows-Supplemental Disclosures The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): Year Ended December 31, 2020 2019 2018 Supplemental cash flow information Total interest costs incurred $ 54,510 $ 54,636 $ 53,736 Interest capitalized $ 1,070 $ 628 $ 1,488 Interest expense $ 53,440 $ 54,008 $ 52,248 Cash paid for interest, net of amounts capitalized $ 53,467 $ 51,975 $ 52,632 Cash paid for income taxes $ 844 $ 971 $ 462 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 22,884 $ 25,413 $ 14,440 Accrued leasing commissions $ 555 $ 3,345 $ 5,229 Reduction to capital for prepaid equity financing costs $ — $ — $ 241 Building recorded in termination of ground lease $ — $ 4,518 $ —
Revenue Recognition and Accounts Receivable	Revenue Recognition and Accounts Receivable Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, based on management's assessment of credit, collection and other business risks. When we determine that we are the owner of tenant improvements and the tenant has reimbursed us for a portion or all of the tenant improvement costs, we consider the amount paid to be additional rent, which is recognized on a straight-line basis over the term of the related lease. For first generation tenants, in instances in which we fund tenant improvements and the improvements are deemed to be owned by us, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When we determine that the tenant is the owner of tenant improvements, tenant allowances are recorded as lease incentives and we commence revenue recognition and lease incentive amortization when possession or control of the space is turned over to the tenant for tenant work to begin. Percentage rents, which represent additional rents based upon the level of sales achieved by certain tenants, are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved and the percentage rents are collectible. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. Other property income includes parking income, general excise tax billed to tenants and fees charged to tenants at our multifamily properties. Other property income is recognized when we satisfy performance obligations as evidenced by the transfer of control of our services to customers. We measure other property income based on the amount of consideration we expect to be entitled to in exchange for the services provided. We recognize general excise tax gross, with the amounts billed to tenants and customers recorded in other property income and the related taxes paid as rental expense. The general excise tax included in other income was $2.3 million, $3.5 million and $3.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees for which the tenant has relinquished control of the space are generally recognized on the later of the termination date or the satisfaction of all conditions precedent to the lease termination, including, without limitation, payment of all lease termination fees. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Current accounts receivable from tenants primarily relate to contractual minimum rent and percentage rent as well as real estate tax and other cost reimbursements. Accounts receivable from straight-line rent is typically longer term in nature and relates to the cumulative amount by which straight-line rental income recorded to date exceeds cash rents billed to date under the contractual lease agreement. We recognize revenue on the hotel portion of our mixed-use property from the rental of hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when the rooms are occupied and services have been provided. Food and beverage sales are recognized when the customer has been served or at the time the transaction occurs. Revenue from room rental is included in rental revenue on the statement of income. Revenue from other sales and services provided is included in other property income on the statement of income. We make estimates of the collectability of our current accounts receivable and straight-line rents receivable which requires significant judgment by management. The collectability of receivables is affected by numerous different factors including current economic trends, including the impact of the COVID-19 pandemic on tenant's businesses and changes in tenants' payment patterns, 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 when evaluating the adequacy of the allowance for doubtful accounts. If our assessment of these factors indicates that it is no longer probable that we will be able to collect substantially all rents, we recognize a charge to rental income and limit our rental income to the lesser of lease income on a straight-line basis plus variable rents when they become accruable or cash collected. If we change our conclusion regarding the probability of collecting rent payments required by a lessee, we may recognize an adjustment to rental income in the period we make a change to our prior conclusion. At December 31, 2020 and December 31, 2019, our allowance for doubtful accounts was $10.0 million and $1.2 million, respectively. Total collectability related adjustments for rental income, which includes the our allowance for doubtful accounts and deferred rent receivables, was $18.4 million, $1.8 million and $0.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. Total collectability related adjustments for the years ended December 31, 2020 and 2019 were included as a reduction to rental income on the consolidated statements of comprehensive income while the total collectability related adjustments for the years ended December 31, 2018 were included in rental expenses on the consolidated statements of comprehensive income. During the year ended December 31, 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 assess each lease concession and determine whether it represents a lease modifications under Accounting Standards Codification Topic 842, Leases ("ASC 842"). The FASB staff provided guidance that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under ASC 842 as though enforceable rights and obligations for those concessions existed in the existing lease contract, as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee, thereby not requiring entities to apply lease modification guidance to those contracts. The Company has elected to account for such COVID-19 concessions as lease modifications. As of December 31, 2020, we have entered into lease modifications that resulted in adjustments (including rent deferrals and other monetary lease concessions) believed to be caused by the COVID-19 pandemic for approximately $13.4 million or 4% of the rent originally contracted for the year ended December 31, 2020. Effective January 1, 2018, (upon the adoption of ASU 2014-09, Revenue from Contracts with Customers ) sales of real estate are recognized generally upon the transfer of control, which usually occurs when the real estate is legally sold. Prior to January 1, 2018, sales of real estate were recognized only when sufficient down payments had been obtained, possession and other attributes of ownership had been transferred to the buyer and we had no significant continuing involvement. The application of these criteria can be complex and required us to make assumptions. We believe the relevant criteria were met for all real estate sold during the periods presented.
Real Estate	Real Estate Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 30 years to a maximum of 40 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 3 years to 15 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to the contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. For the years ended December 31, 2020, 2019 and 2018, real estate depreciation expense was $95.8 million, $85.3 million and $99.6 million, respectively.
Capitalized Costs	Capitalized CostsWe capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance and construction costs and salaries and related costs of personnel directly involved. Additionally, we capitalize interest costs related to development and significant redevelopment activities. Capitalization of these costs begins when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine that the completion of development or redevelopment is no longer probable, we expense all capitalized costs which are not recoverable.
Impairment of Long Lived Assets	Impairment of Long Lived AssetsWe review for impairment on a property by property basis whenever events or changes in circumstances indicate that the carrying value of a property may not be fully recoverable. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. As discussed above, as a result of the COVID-19 pandemic, certain of the our tenants may be unable to operate their businesses, maintain profitability and make timely rental payments under their leases. Accordingly, the reduction of estimated future cash flows could result in the recognition of an impairment charge on certain of our long-lived assets. Management does not believe that the value of our real estate investments was impaired at December 31, 2020 or December 31, 2019.
Financial Instruments	Financial Instruments The estimated fair values of financial instruments are determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair values. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges.
Derivative Instruments	Derivative Instruments At times, we may use derivative instruments to manage exposure to variable interest rate risk. We may enter into interest rate swaps to manage our exposure to variable interest rate risk. If and when we enter into derivative instruments, we ensure that such instruments qualify as cash flow hedges and would not enter into derivative instruments for speculative purposes.
Cash and Cash Equivalents	Cash and Cash EquivalentsWe define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity of less than 3 months. Cash balances in individual banks may exceed the federally insured limit of $250,000 by the Federal Deposit Insurance Corporation (the "FDIC"). No losses have been experienced related to such accounts.
Restricted Cash	Restricted CashRestricted cash consists of amounts held by lenders to provide for future real estate tax expenditures, insurance expenditures and reserves for capital improvements.
Other Assets	Other AssetsOther assets consist primarily of lease costs, lease incentives, acquired in-place leases and acquired above market leases. Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place and include third party commissions related to obtaining a lease. Capitalized lease costs are amortized over the life of the related lease and included in depreciation and amortization expense on the statement of income. If a tenant vacates its space prior to the contractual termination of its lease, the unamortized balance of any lease costs are written off. We view these lease costs as part of the up-front initial investment we made in order to generate a long-term cash inflow. Therefore, we classify cash outflows for lease costs as an investing activity in our consolidated statements of cash flows.
Variable Interest Entities	Variable Interest EntitiesCertain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as variable interest entities (“VIEs”). VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is the party that has a controlling interest in the VIE. Identifying the party with the controlling interest requires a focus on which entity has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (1) the obligation to absorb the expected losses of the VIE or (2) the right to receive the benefits from the VIE.
Stock-Based Compensation	Stock-Based Compensation We grant stock-based compensation awards to our employees and directors typically in the form of restricted shares of common stock, options to purchase common stock and/or shares of common stock. We measure stock-based compensation expense based on the fair value of the award on the grant date and recognize the expense ratably over the vesting period.
Deferred Compensation	Deferred Compensation Our Operating Partnership has adopted the American Assets Trust Executive Deferral Plan V (“EDP V”) and the American Assets Trust Executive Deferral Plan VI (“EDP VI”). These plans were adopted by our Operating Partnership as successor plans to those deferred compensation plans maintained by American Assets Inc. ("AAI") in which certain employees of AAI, who were transferred to us in connection with the Offering (the “Transferred Participants”), participated prior to the Offering. EDP V and EDP VI contain substantially the same terms and conditions as these predecessor plans. AAI transferred to our Operating Partnership the Transferred Participants' account balances under the predecessor plans. These transferred account balances represent amounts deferred by the Transferred Participants prior to the Offering while they were employed by AAI.
Income Taxes	Income Taxes We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with the taxable year ending December 31, 2011. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we maintain our qualification for taxation as a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. If we fail to maintain our qualification as a REIT in any taxable year, and are unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to regular U.S. federal income tax. We are subject to certain state and local income taxes.
Segment Information	Segment InformationSegment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in four reportable segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which provides the principles for the recognition, measurement, presentation and disclosure of leases. This ASU significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet. The lessor model stays substantially the same; however, there were modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases. We adopted the provisions of ASU No. 2016-02 effective January 1, 2019 using the modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which allows lessors to elect a practical expedient by class of underlying assets to not separate non-lease components from the lease component if certain conditions are met. The lessor’s practical expedient election would be limited to circumstances in which the non-lease components otherwise would be accounted for under the new revenue guidance and both (i) the timing and pattern of transfer are the same for the non-lease component and the related lease component and (ii) the lease component would be classified as an operating lease. The company elected the practical expedient, which allows the company the ability to combine the lease and non-lease components if the underlying asset meets the criteria above. Due to our election of the practical expedient approach, for the year ended December 31, 2020 and 2019, approximately $37.6 million and $38.4 million, respectively, of non-lease components are combined with lease rental income. ASU 2018-11 also includes an optional transition method in addition to the existing requirements for transition to the new standard by recognizing a cumulative effect adjustment to the opening balance sheet of retained earnings in the period of adoption. Consequently, a company’s reporting for the comparative periods presented in the financial statements would continue to be in accordance with previous GAAP (Topic 840). The company elected this practical expedient as well. Further, bad debt expense, which has previously been recorded in rental expenses, has now been classified as a contra-revenue account in rental income in the company’s consolidated statements of comprehensive income beginning in the year ended December 31, 2019. We evaluated all leases within this scope under existing accounting standards and under the new ASU lease standard recognized approximately $7.7 million of right-of-use assets and lease liabilities for the year ended December 31, 2019. Effective January 1, 2019, approximately $0.8 million of deferred rent expense was reclassified to lease liability within the other liabilities and deferred credits, net. As of December 31, 2020 and 2019, the remaining contractual payments under lease agreements for which the company is the lessee aggregated approximately $36.4 million and $5.6 million, respectively. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and International Financial Reporting Standards. The pronouncement is effective for reporting periods beginning after December 15, 2017. We adopted the provisions of the ASU effective January 1, 2018 using the modified retrospective approach. As discussed above, lease are specifically excluded from this and will be governed by the applicable lease codification. We evaluated the revenue recognition for all contracts within this scope under existing accounting standards and under the new revenue recognition ASU and confirmed that there were no differences in the amounts recognized or the pattern of recognition. This evaluation included revenues from the hotel portion of our mixed-use property, parking income and excise taxes charged to customers. Therefore, the adoption of this ASU did not result in an adjustment to the company’s retained earnings on January 1, 2018. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Topics . The pronouncement requires companies to adopt a new approach to estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard requires entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables. The pronouncement is effective for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses , which clarifies that receivables arising from operating leases are not within the scope of the pronouncement. We adopted the provisions of ASU No. 2016-13 effective January 1, 2020 and the adoption did not have a material impact on our consolidated financial statements as the majority of our receivables are derived from operating leases and are excluded from this standard. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) , which provides the principles for the recognition, measurement, presentation and disclosure of leases. This ASU provides companies with optional practical expedients to ease the accounting burden for contract modifications associated with transitioning away from LIBOR and other interbank offered rates that are expected to be discontinued as part of reference rate reform. For hedges, the guidance generally allows changes to the reference rate and other critical terms without having to de-designate the hedging relationship, as well as allows the shortcut method to continue to be applied. For contract modifications, changes in the reference rate or other critical terms will be treated as a continuation of the prior contract. This guidance can be applied immediately, however, is
Fair Value Measurements	FAIR VALUE OF FINANCIAL INSTRUMENTS A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy for inputs used in measuring fair value is as follows: 1. Level 1 Inputs—quoted prices in active markets for identical assets or liabilities 2. Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities 3. Level 3 Inputs—unobservable inputs

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Properties Owned	A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street Torrey Reserve Campus First & Main Torrey Point Lloyd District Portfolio Solana Crossing (formerly Solana Beach Corporate Centre) City Center Bellevue The Landmark at One Market Multifamily Loma Palisades Hassalo on Eighth - Multifamily Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and Construction in Progress La Jolla Commons - Land Solana Crossing – Land Lloyd District Portfolio – Construction in Progress A summary of our real estate investments is as follows (in thousands): Retail Office Multifamily Mixed-Use Total December 31, 2020 Land $ 254,016 $ 225,238 $ 72,668 $ 76,635 $ 628,557 Buildings 526,522 1,137,711 392,224 128,477 2,184,934 Land improvements 47,425 11,672 7,346 2,606 69,049 Tenant improvements 88,326 186,423 — 1,890 276,639 Furniture, fixtures, and equipment 1,069 3,236 16,480 15,651 36,436 Construction in progress 5,170 43,595 1,831 663 51,259 (1) 922,528 1,607,875 490,549 225,922 3,246,874 Accumulated depreciation (314,610) (290,768) (100,745) (48,017) (754,140) Net real estate $ 607,918 $ 1,317,107 $ 389,804 $ 177,905 $ 2,492,734 December 31, 2019 Land $ 254,016 $ 225,238 $ 72,668 $ 76,635 $ 628,557 Buildings 523,645 1,132,990 390,379 126,726 2,173,740 Land improvements 46,335 11,097 7,106 2,606 67,144 Tenant improvements 87,707 151,662 — 2,252 241,621 Furniture, fixtures, and equipment 911 3,065 14,995 7,187 26,158 Construction in progress 6,487 35,397 2,212 7,381 51,477 (1) 919,101 1,559,449 487,360 222,787 3,188,697 Accumulated depreciation (294,189) (241,595) (86,208) (43,230) (665,222) Net real estate $ 624,912 $ 1,317,854 $ 401,152 $ 179,557 $ 2,523,475 (1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets.
Consolidated Statements of Cash Flows-Supplemental Disclosures	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): Year Ended December 31, 2020 2019 2018 Supplemental cash flow information Total interest costs incurred $ 54,510 $ 54,636 $ 53,736 Interest capitalized $ 1,070 $ 628 $ 1,488 Interest expense $ 53,440 $ 54,008 $ 52,248 Cash paid for interest, net of amounts capitalized $ 53,467 $ 51,975 $ 52,632 Cash paid for income taxes $ 844 $ 971 $ 462 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 22,884 $ 25,413 $ 14,440 Accrued leasing commissions $ 555 $ 3,345 $ 5,229 Reduction to capital for prepaid equity financing costs $ — $ — $ 241 Building recorded in termination of ground lease $ — $ 4,518 $ —

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Line Items]
Summary of Real Estate Investments	A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street Torrey Reserve Campus First & Main Torrey Point Lloyd District Portfolio Solana Crossing (formerly Solana Beach Corporate Centre) City Center Bellevue The Landmark at One Market Multifamily Loma Palisades Hassalo on Eighth - Multifamily Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and Construction in Progress La Jolla Commons - Land Solana Crossing – Land Lloyd District Portfolio – Construction in Progress A summary of our real estate investments is as follows (in thousands): Retail Office Multifamily Mixed-Use Total December 31, 2020 Land $ 254,016 $ 225,238 $ 72,668 $ 76,635 $ 628,557 Buildings 526,522 1,137,711 392,224 128,477 2,184,934 Land improvements 47,425 11,672 7,346 2,606 69,049 Tenant improvements 88,326 186,423 — 1,890 276,639 Furniture, fixtures, and equipment 1,069 3,236 16,480 15,651 36,436 Construction in progress 5,170 43,595 1,831 663 51,259 (1) 922,528 1,607,875 490,549 225,922 3,246,874 Accumulated depreciation (314,610) (290,768) (100,745) (48,017) (754,140) Net real estate $ 607,918 $ 1,317,107 $ 389,804 $ 177,905 $ 2,492,734 December 31, 2019 Land $ 254,016 $ 225,238 $ 72,668 $ 76,635 $ 628,557 Buildings 523,645 1,132,990 390,379 126,726 2,173,740 Land improvements 46,335 11,097 7,106 2,606 67,144 Tenant improvements 87,707 151,662 — 2,252 241,621 Furniture, fixtures, and equipment 911 3,065 14,995 7,187 26,158 Construction in progress 6,487 35,397 2,212 7,381 51,477 (1) 919,101 1,559,449 487,360 222,787 3,188,697 Accumulated depreciation (294,189) (241,595) (86,208) (43,230) (665,222) Net real estate $ 624,912 $ 1,317,854 $ 401,152 $ 179,557 $ 2,523,475 (1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets.
Schedule of Purchase Price Allocations	The financial information set forth below summarizes the company’s purchase price allocations for La Jolla Commons during the year ended December 31, 2019 (in thousands): La Jolla Commons Land $ 82,759 Building 361,471 Land improvements 1,359 Furniture, fixtures, and equipment 30,822 Total real estate 476,411 Lease intangibles 40,082 Prepaid expenses and other assets 13 Assets acquired $ 516,506 Accounts payable and accrued expenses $ 3,578 Security deposits payable 443 Other liabilities and deferred credits 3,817 Liabilities assumed $ 7,838
Schedule of Operating Results	The following table summarizes the operating results for the La Jolla Commons included in the company’s historical consolidated statement of comprehensive income and in the office segment for the period of acquisition through December 31, 2019 (in thousands): June 20, 2019 through December 31, 2019 Revenues $ 20,579 Operating expenses $ 18,140 Operating income $ 2,439 Net income attributable to American Assets Trust, Inc. $ 2,650
Schedule of Pro Forma Financial Information	The pro forma financial information set forth below is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2018, nor does it purport to represent the results of future operations (in thousands). Year Ended December 31, 2019 Year Ended December 31, 2018 As Reported ProForma As Reported ProForma Total revenue $ 366,741 $ 383,125 $ 330,867 $ 365,326 Total operating expenses $ 253,056 $ 264,107 $ 251,332 $ 281,253 Operating income $ 113,685 $ 119,018 $ 79,535 $ 84,073 Net income $ 60,188 $ 64,278 $ 27,202 $ 30,662

Acquired In-Place Leases and _2

Acquired In-Place Leases and Above/Below Market Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of acquired lease intangibles included in other assets and other liabilities	The following summarizes our acquired lease intangibles, which are included in other assets and other liabilities and deferred credits (in thousands): December 31, 2020 December 31, 2019 In-place leases $ 60,965 $ 63,896 Accumulated amortization (34,758) (32,672) Above market leases 5,389 7,534 Accumulated amortization (5,268) (7,351) Acquired lease intangible assets, net $ 26,328 $ 31,407 Below market leases $ 56,677 $ 62,126 Accumulated accretion (35,219) (36,674) Acquired lease intangible liabilities, net $ 21,458 $ 25,452 Increases (decreases) in net income as a result of amortization of our in-place leases, above market leases and below market leases are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Amortization of in-place leases $ (5,018) $ (4,762) $ (2,090) Amortization of above market leases (62) (345) (660) Amortization of below market leases 3,994 4,131 4,230 Net income (loss) $ (1,086) $ (976) $ 1,480
Future Amortization for Acquired In-Place Leases	As of December 31, 2020, the amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows (in thousands): In-Place Above Market Below Market Year Ending December 31, 2021 $ 4,215 $ 28 $ 3,035 2022 3,560 28 2,467 2023 3,341 26 2,232 2024 3,156 24 1,932 2025 2,918 15 1,564 Thereafter 9,017 — 10,228 $ 26,207 $ 121 $ 21,458

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Deferred compensation liability $ — $ 2,059 $ — $ 2,059 $ — $ 1,669 $ — $ 1,669 Interest rate swap asset $ — $ — $ — $ — $ — $ 434 $ — $ 434 Interest rate swap liability $ — $ 4,531 $ — $ 4,531 $ — $ 1,317 $ — $ 1,317
Carrying amount and fair value of financial instruments	A summary of the carrying amount and fair value of our financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands): December 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Secured notes payable $ 110,923 $ 114,074 $ 161,879 $ 166,885 Unsecured term loan $ 249,233 $ 250,000 $ 248,864 $ 250,000 Unsecured senior guaranteed notes $ 947,444 $ 1,017,378 $ 946,916 $ 975,291 Unsecured line of credit $ 99,151 $ 100,000 $ — $ —

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Components of Prepaid Expenses and Other Assets	Other assets consist of the following (in thousands): December 31, 2020 December 31, 2019 Leasing commissions, net of accumulated amortization of $35,167 and $30,775, respectively $ 38,173 $ 42,539 Interest rate swap asset — 434 Acquired above market leases, net 121 183 Acquired in-place leases, net 26,207 31,224 Lease incentives, net of accumulated amortization of $802 and $565, respectively 994 2,603 Other intangible assets, net of accumulated amortization of $1,213 and $1,031, respectively 2,565 2,893 Debt issuance costs, net of accumulated amortization of $0 and $814, respectively — 1,256 Right-of-use lease asset, net 29,350 4,863 Prepaid expenses, deposits and other 8,702 7,225 Total other assets $ 106,112 $ 93,220

Other Liabilities and Deferre_2

Other Liabilities and Deferred Credits (Tables)	12 Months Ended
	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Other liabilities and deferred credits	Other liabilities and deferred credits consist of the following (in thousands): December 31, 2020 December 31, 2019 Acquired below market leases, net $ 21,458 $ 25,452 Prepaid rent and deferred revenue 14,518 16,969 Interest rate swap liability 4,531 1,317 Straight-line rent liability 18,049 16,903 Deferred rent expense and lease intangible 16 28 Deferred compensation 2,059 1,669 Deferred tax liability 570 332 Lease liability 30,060 5,380 Other liabilities 39 60 Total other liabilities and deferred credits, net $ 91,300 $ 68,110

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Summary of notes payable outstanding	The following is a summary of the Operating Partnership's total secured notes payable outstanding as of December 31, 2020 and December 31, 2019 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date December 31, 2020 December 31, 2019 as of December 31, 2020 Torrey Reserve—VCI, VCII, VCIII (1)(2) — 6,498 6.36 % June 1, 2020 Solana Beach Corporate Centre 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 $345 and $449, respectively (77) (124) Total Secured Notes Payable $ 110,923 $ 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 December 31, 2020 and December 31, 2019 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date December 31, 2020 December 31, 2019 as of December 31, 2020 Term Loan A $ 100,000 $ 100,000 Variable (1) January 9, 2022 Senior Guaranteed Notes, Series A 150,000 150,000 4.04 % (2) October 31, 2021 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 $8,856 and $7,835, respectively (3,323) (4,220) Total Unsecured Notes Payable $ 1,196,677 $ 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 4.13% through its January 9, 2021, subject to adjustments based on our consolidated leverage ratio. Subsequent to January 9, 2021, the interest rate associated with Term Loan A will be variable as described below. (2) The company entered into a one month forward-starting seven years swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately $1.6 million (see Note 8). The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. On January 26, 2021, we prepaid the entirety of the Senior Guaranteed Notes, Series A with make-whole premium thereon. (3) The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan B at approximately 3.15% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan B is approximately 2.75%, subject to adjustments based on our consolidated leverage ratio. (4) The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan C at approximately 3.14% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan C is approximately 2.74%, subject to adjustments based on our consolidated leverage ratio. (5) The Operating Partnership entered into a treasury lock contract on May 31, 2017, which was settled on June 23, 2017 at a loss of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.85% per annum. (6) The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. The forward-starting interest swap rate contracts were deemed to be highly effective cash flow hedges, accordingly, the effective interest rate is approximately 3.87% per annum. (7) The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum. (8) The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.
Scheduled principal payments on notes payable	Scheduled principal payments on secured and unsecured notes payable as of December 31, 2020 are as follows (in thousands): 2021 $ 150,000 2022 211,000 2023 150,000 2024 100,000 2025 200,000 Thereafter 500,000 $ 1,311,000

Derivative and Hedging (Tables)

Derivative and Hedging (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following is a summary of the terms of the interest rate swaps as of December 31, 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 $ (85) U.S. Bank N.A. $ 100,000 3/1/2016 3/1/2023 $ (2,972) Wells Fargo Bank, N.A. $ 50,000 5/2/2016 3/1/2023 $ (1,474)

Equity of American Assets Tru_2

Equity of American Assets Trust, Inc. (Tables)	12 Months Ended
	Dec. 31, 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 for the years ended December 31, 2020, 2019 and 2018: Period Amount per Share/Unit Period Covered Dividend Paid Date First Quarter 2018 $ 0.27 January 1, 2018 to March 31, 2018 March 19, 2018 Second Quarter 2018 $ 0.27 April 1, 2018 to June 30, 2018 June 28, 2018 Third Quarter 2018 $ 0.27 July 1, 2018 to September 30, 2018 September 27, 2018 Fourth Quarter 2018 $ 0.28 October 1, 2018 to December 31, 2018 December 27, 2018 First Quarter 2019 $ 0.28 January 1, 2019 to March 31, 2019 March 28, 2019 Second Quarter 2019 $ 0.28 April 1, 2019 to June 30, 2019 June 27, 2019 Third Quarter 2019 $ 0.28 July 1, 2019 to September 30, 2019 September 26, 2019 Fourth Quarter 2019 $ 0.30 October 1, 2019 to December 31, 2019 December 26, 2019 First Quarter 2020 $ 0.30 January 1, 2020 to March 31, 2020 March 26, 2020 Second Quarter 2020 $ 0.20 April 1, 2020 to June 30, 2020 June 25, 2020 Third Quarter 2020 $ 0.25 July 1, 2020 to September 30, 2020 September 24, 2020 Fourth Quarter 2020 $ 0.25 October 1, 2020 to December 31, 2020 December 24, 2020
Summary of income tax status of dividends per share paid	A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2020 2019 2018 Per Share % Per Share % Per Share % Ordinary income $ 0.66 66.0 % $ 1.09 95.6 % $ 1.05 96.3 % Capital gain — — % — — % — — % Return of capital 0.34 34.0 % 0.05 4.4 % 0.04 3.7 % Total $ 1.00 100.0 % $ 1.14 100.0 % $ 1.09 100.0 %
Schedule of restricted common stock	The following shares of restricted common stock have been issued as of December 31, 2020: Grant Fair Value at Grant Date Number June 12, 2018 (1) $37.58 5,320 December 6, 2018 (2) $25.68 - $28.18 199,790 June 11, 2019 (1) $45.35 4,412 December 9, 2019 (3) $28.06 - $30.97 168,596 June 9, 2020 (1) $33.29 6,008 December 4, 2020 (4) $19.02 - $20.83 311,566 (1) Restricted common stock issued to members of the company's non-employee directors. These awards of restricted stock will vest subject to the director's continued service on the Board of Directors on the earlier of (i) the one year anniversary of the date of grant or (ii) the date of the next annual meeting of our stockholders, if such non-employee director continues his or her service on the Board of Directors until the next annual meeting of stockholders, but not thereafter, pursuant to our independent director compensation policy. (2) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2019, 2020 and 2021, subject to the employee's continued employment on those dates. (3) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2020, 2021 and 2022, subject to the employee's continued employment on those dates.
Activity of restricted stock awards	The following table summarizes the activity of non-vested restricted stock awards during the year ended December 31, 2020: 2020 Units Weighted Average Grant Date Fair Value Balance at beginning of year 345,156 $ 28.75 Granted 317,574 20.20 Vested (75,687) 28.46 Forfeited (95,086) 27.49 Balance at end of year 491,957 $ 23.53
Computation of basic and diluted EPS	The computation of basic and diluted EPS for American Assets Trust, Inc. is presented below (dollars in thousands, except share and per share amounts): Year Ended December 31, 2020 2019 2018 NUMERATOR Net income $ 35,588 $ 60,188 $ 27,202 Less: Net income attributable to restricted shares (383) (381) (311) Less: Income attributable to unitholders in the Operating Partnership (7,545) (14,089) (7,205) Net income attributable to common stockholders—basic $ 27,660 $ 45,718 $ 19,686 Income attributable to American Assets Trust, Inc. common stockholders—basic $ 27,660 $ 45,718 $ 19,686 Plus: Income attributable to unitholders in the Operating Partnership 7,545 14,089 7,205 Net income attributable to common stockholders—diluted $ 35,205 $ 59,807 $ 26,891 DENOMINATOR Weighted average common shares outstanding—basic 59,806,309 54,110,949 46,950,812 Effect of dilutive securities—conversion of Operating Partnership units 16,313,454 16,675,183 17,185,747 Weighted average common shares outstanding—diluted 76,119,763 70,786,132 64,136,559 Earnings per common share, basic $ 0.46 $ 0.84 $ 0.42 Earnings per common share, diluted $ 0.46 $ 0.84 $ 0.42

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax provision	The income tax provision included in other income (expense) on the consolidated statement of income is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Current: Federal $ (542) $ 48 $ 60 State 412 625 465 Deferred: Federal $ (80) $ 237 $ (6) State 201 (91) (192) Provision for income taxes (benefit) $ (9) $ 819 $ 327

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Future minimum rental payments for operating leases	As of December 31, 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 for the years ended December 31 (in thousands): 2021 $ 222,357 2022 210,536 2023 192,702 2024 163,025 2025 142,446 Thereafter 435,100 Total $ 1,366,166
Current minimum annual payments under the leases	Current annual payments under the operating leases are as follows, as of December 31, 2020 (in thousands): Year Ending December 31, 2021 $ 3,215 2022 3,232 2023 3,328 2024 3,428 2025 3,531 Thereafter 19,710 Total lease payments $ 36,444 Imputed interest $ (6,384) Present value of lease liability $ 30,060
Lease costs under operating leases and supplemental cash flow information of leases	Lease costs under the operating leases are as follows (in thousands): Year Ended December 31, 2020 2019 Operating lease cost $ 3,902 $ 3,334 Variable lease cost — — Sublease income (4,297) (3,098) Total lease (income) cost $ (395) $ 236 Weighted-average remaining lease term - operating leases (in years) 10.2 Weighted-average discount rate - operating leases 3.22 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Year Ended December 31, 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 3,422 $ 3,347 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 27,321 $ 7,661

Component of Rental Income an_2

Component of Rental Income and Expense (Tables)	12 Months Ended
	Dec. 31, 2020
Operating Leases, Income Statement, Lease Revenue [Abstract]
Principal components of rental income	The principal components of rental income are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Minimum rents Office $ 170,853 $ 136,118 $ 95,081 Retail 82,176 99,601 77,147 Multifamily 47,071 47,448 46,897 Mixed-Use 7,302 15,702 11,019 Cost reimbursement — — 34,584 Percentage rent 3,516 2,476 3,149 Hotel revenue 17,209 40,297 40,049 Other 2,185 2,223 1,611 Total rental income $ 330,312 $ 343,865 $ 309,537
Principal components of rental expenses	The principal components of rental expenses are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Rental operating $ 38,194 $ 38,331 $ 37,322 Hotel operating 13,691 24,522 24,030 Repairs and maintenance 17,813 17,035 13,486 Marketing 2,023 2,538 2,108 Rent 3,955 3,372 3,216 Hawaii excise tax 2,479 4,160 4,333 Management fees 1,023 2,009 1,987 Total rental expenses $ 79,178 $ 91,967 $ 86,482

Other Income (Expenses) (Tables

Other Income (Expenses) (Tables)	12 Months Ended
	Dec. 31, 2020
Other Income and Expenses [Abstract]
Principal components of other income (expense), net	The principal components of other income (expense), net are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Interest and investment income $ 436 $ 696 $ 238 Income tax benefit (expense) 9 (819) (327) Other non-operating income 2 1 4 Total other income (expense) $ 447 $ (122) $ (85)

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of segments operating activity	The following table represents operating activity within our reportable segments (in thousands): Year Ended December 31, 2020 2019 2018 Total Office Property revenue 177,554 144,683 112,362 Property expense (47,424) (42,234) (33,860) Segment profit 130,130 102,449 78,502 Total Retail Property revenue $ 88,280 $ 107,604 $ 105,552 Property expense (27,374) (30,633) (30,078) Segment profit 60,906 76,971 75,474 Total Multifamily Property revenue 50,327 51,066 50,627 Property expense (22,074) (20,863) (20,441) Segment profit 28,253 30,203 30,186 Total Mixed-Use Property revenue 28,412 63,388 62,326 Property expense (24,247) (38,250) (37,076) Segment profit 4,165 25,138 25,250 Total segments’ profit $ 223,454 $ 234,761 $ 209,412
Reconciliation of segment profit to net income attributable to stockholders	The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands): Year Ended December 31, 2020 2019 2018 Total segments' profit $ 223,454 $ 234,761 $ 209,412 General and administrative (26,581) (24,871) (22,784) Depreciation and amortization (108,292) (96,205) (107,093) Interest expense (53,440) (54,008) (52,248) Gain on sale of real estate — 633 — Other income (expense), net 447 (122) (85) Net income 35,588 60,188 27,202 Net income attributable to restricted shares (383) (381) (311) Net income attributable to unitholders in the Operating Partnership (7,545) (14,089) (7,205) Net income attributable to American Assets Trust, Inc. stockholders $ 27,660 $ 45,718 $ 19,686
Net Real Estate and Secured note payable balances by Segments	The following table shows net real estate and secured note payable balances for each of the segments, along with their capital expenditures for each year (in thousands): December 31, 2020 December 31, 2019 Net real estate Office $ 1,317,107 $ 1,317,854 Retail 607,918 624,912 Multifamily 389,804 401,152 Mixed-Use 177,905 179,557 $ 2,492,734 $ 2,523,475 Secured Notes Payable (1) Office $ 111,000 $ 127,768 Retail — 34,235 $ 111,000 $ 162,003 Capital Expenditures (2) Office $ 52,882 $ 64,549 Retail 8,596 22,844 Multifamily 3,897 3,711 Mixed-Use 3,702 8,490 $ 69,077 $ 99,594 (1) Excludes unamortized debt issuance costs of $0.1 million and $0.1 million as of December 31, 2020 and 2019, respectively. (2) Capital expenditures represent cash paid for capital expenditures during the year and includes leasing commissions paid.

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Information	The tables below reflect selected American Assets Trust, Inc. quarterly information for 2020 and 2019 (in thousands, except per shares data): Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 81,347 $ 84,374 $ 82,109 $ 96,743 Operating income 16,415 20,323 22,995 28,848 Net income 3,788 6,490 9,826 15,484 Net income attributable to restricted shares (123) (87) (69) (104) Net income loss attributable to unitholders in the Operating Partnership (767) (1,365) (2,101) (3,312) Net income attributable to American Assets Trust, Inc. stockholders $ 2,898 $ 5,038 $ 7,656 $ 12,068 Net income per share attributable to common stockholders - basic and diluted $ 0.05 $ 0.08 $ 0.13 $ 0.20 Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 98,947 $ 98,362 $ 84,113 $ 85,319 Operating income 29,993 30,384 24,487 28,821 Net income (loss) 16,485 16,519 11,941 15,243 Net (income) loss attributable to restricted shares (104) (92) (92) (93) Net (income) loss attributable to unitholders in the Operating Partnership (3,536) (3,565) (2,933) (4,055) Net income (loss) attributable to American Assets Trust, Inc. stockholders $ 12,845 $ 12,862 $ 8,916 $ 11,095 Net income (loss) per share attributable to common stockholders - basic and diluted $ 0.22 $ 0.22 $ 0.18 $ 0.24 The tables below reflect selected American Assets Trust, L.P. quarterly information for 2020 and 2019 (in thousands, except per shares data): Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 81,347 $ 84,374 $ 82,109 $ 96,743 Operating income 16,415 20,323 22,995 28,848 Net income 3,788 6,490 9,826 15,484 Net income attributable to restricted shares (123) (87) (69) (104) Net income attributable to American Assets Trust, L.P. unit holders $ 3,665 $ 6,403 $ 9,757 $ 15,380 Net income per unit attributable to unit holders - basic and diluted $ 0.05 $ 0.08 $ 0.13 $ 0.20 Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 98,947 $ 98,362 $ 84,113 $ 85,319 Operating income 29,993 30,384 24,487 28,821 Net income (loss) 16,485 16,519 11,941 15,243 Net (income) loss attributable to restricted shares (104) (92) (92) (93) Net income (loss) attributable to American Assets Trust, L.P. unit holders $ 16,381 $ 16,427 $ 11,849 $ 15,150 Net income per unit attributable to common unit holders - basic and diluted $ 0.22 $ 0.22 $ 0.18 $ 0.24

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2020USD ($)EmployeeSegmentPropertyRoom	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 01, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Lease, Practical Expedient, Lease and Non-lease Components	$ 37,600,000	$ 38,400,000
Document Period End Date	Dec. 31, 2020
Number of employees | Employee	189
Number of office, retail, multifamily and mixed-use operating properties | Property	28
Properties held for development | Property	3
Allowance for doubtful accounts	$ (10,000,000)	(1,200,000)
Total bad debt expense	18,400,000	1,800,000	$ 800,000
Real estate depreciation expense	$ 95,800,000	85,300,000	99,600,000
Short term liquid investments, initial maturity	3 months
Cash balance at banks, federally insured amount	$ 250,000
Cash balance at banks, excess of FDIC insured limit	33,000,000	36,200,000
Restricted cash	1,716,000	10,148,000	9,316,000
Incremental stock compensation cost from modification	$ 1,200,000	0	0
Number of operating segments | Segment	4
Rooms in mixed-use segment all-suite hotel | Room	369
Future minimum lease payments due	$ 36,400,000	5,600,000
Right-of-use asset, net	29,350,000	4,863,000		$ 7,700,000
Straight-line rent liability	18,049,000	16,903,000		$ 800,000
Lease liability	30,060,000	5,380,000
Rent concessions - COVID-19	$ 13,400,000
Rent Concessions - COVID-19 (Percentage)	4.00%
Money Market Funds
Summary Of Significant Accounting Policies [Line Items]
Cash balance at banks, excess of FDIC insured limit	$ 97,800,000	52,500,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Percentage of taxable income required to distribute to qualify as real estate investment trust (REIT)	90.00%
Building And Improvement | Minimum
Summary Of Significant Accounting Policies [Line Items]
Real Estate, estimated useful lives	30 years
Building And Improvement | Maximum
Summary Of Significant Accounting Policies [Line Items]
Real Estate, estimated useful lives	40 years
Furniture And Equipment | Minimum
Summary Of Significant Accounting Policies [Line Items]
Real Estate, estimated useful lives	3 years
Furniture And Equipment | Maximum
Summary Of Significant Accounting Policies [Line Items]
Real Estate, estimated useful lives	15 years
Other Income
Summary Of Significant Accounting Policies [Line Items]
General excise tax recognized, gross	$ 2,300,000	$ 3,500,000	$ 3,600,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies Supplemental Disclosures Related to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental cash flow information
Total interest costs incurred	$ 54,510	$ 54,636	$ 53,736
Interest capitalized	1,070	628	1,488
Interest expense	53,440	54,008	52,248
Cash paid for interest, net of amounts capitalized	53,467	51,975	52,632
Cash paid for income taxes	844	971	462
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for construction in progress	22,884	25,413	14,440
Accrued leasing commissions	555	3,345	5,229
Reduction to capital for prepaid equity financing costs	0	0	241
Building recorded in termination of ground lease	$ 0	$ 4,518	$ 0

Real Estate (Details)

Real Estate (Details) $ in Thousands	Jun. 20, 2019USD ($)ft²	May 22, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Real Estate [Line Items]
Proceeds from sale of real estate, net of selling costs			$ 0	$ 8,191	$ 0
Solana Beach Highway 101 Land
Real Estate [Line Items]
Sales price of property sold		$ 9,400
Proceeds from sale of real estate, net of selling costs		$ 9,400
Gain on sale of real estate			0	600	0
Real Estate [Line Items]
Gain on sale of real estate			$ 0	$ 600	$ 0
La Jolla Commons
Real Estate [Line Items]
Purchase price consideration	$ 525,000
Purchase Price Seller Credits - Speculative Lease-up	11,500
Purchase Price Seller Credits - Assumed Contractual Liabilities	4,200
Purchase Price Seller Credits - Closing Prorations	1,700
Acquisition cost capitalized	$ 200
Area of real estate property | ft²	724,000

Real Estate Summary of Real Est

Real Estate Summary of Real Estate Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Construction in progress	$ 91,047	$ 91,264
Total Real estate, at cost	3,246,874	3,188,697
Accumulated depreciation	(754,140)	(665,222)
Net real estate	2,492,734	2,523,475
Total Retail
Real Estate Properties [Line Items]
Net real estate	607,918	624,912
Total Office
Real Estate Properties [Line Items]
Net real estate	1,317,107	1,317,854
Total Multifamily
Real Estate Properties [Line Items]
Net real estate	389,804	401,152
Total Mixed-Use
Real Estate Properties [Line Items]
Net real estate	177,905	179,557
Real Estate Investment
Real Estate Properties [Line Items]
Land	628,557	628,557
Buildings	2,184,934	2,173,740
Land improvements	69,049	67,144
Tenant improvements	276,639	241,621
Furniture, fixtures, and equipment	36,436	26,158
Construction in progress	51,259	51,477
Total Real estate, at cost	3,246,874	3,188,697
Accumulated depreciation	(754,140)	(665,222)
Net real estate	2,492,734	2,523,475
Real Estate Investment | Total Retail
Real Estate Properties [Line Items]
Land	254,016	254,016
Buildings	526,522	523,645
Land improvements	47,425	46,335
Tenant improvements	88,326	87,707
Furniture, fixtures, and equipment	1,069	911
Construction in progress	5,170	6,487
Total Real estate, at cost	922,528	919,101
Accumulated depreciation	(314,610)	(294,189)
Net real estate	607,918	624,912
Real Estate Investment | Total Office
Real Estate Properties [Line Items]
Land	225,238	225,238
Buildings	1,137,711	1,132,990
Land improvements	11,672	11,097
Tenant improvements	186,423	151,662
Furniture, fixtures, and equipment	3,236	3,065
Construction in progress	43,595	35,397
Total Real estate, at cost	1,607,875	1,559,449
Accumulated depreciation	(290,768)	(241,595)
Net real estate	1,317,107	1,317,854
Real Estate Investment | Total Multifamily
Real Estate Properties [Line Items]
Land	72,668	72,668
Buildings	392,224	390,379
Land improvements	7,346	7,106
Tenant improvements	0	0
Furniture, fixtures, and equipment	16,480	14,995
Construction in progress	1,831	2,212
Total Real estate, at cost	490,549	487,360
Accumulated depreciation	(100,745)	(86,208)
Net real estate	389,804	401,152
Real Estate Investment | Total Mixed-Use
Real Estate Properties [Line Items]
Land	76,635	76,635
Buildings	128,477	126,726
Land improvements	2,606	2,606
Tenant improvements	1,890	2,252
Furniture, fixtures, and equipment	15,651	7,187
Construction in progress	663	7,381
Total Real estate, at cost	225,922	222,787
Accumulated depreciation	(48,017)	(43,230)
Net real estate	$ 177,905	$ 179,557

Real Estate La Jolla Commons Fi

Real Estate La Jolla Commons Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended								6 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Line Items]
Total revenue	$ 81,347	$ 84,374	$ 82,109	$ 96,743	$ 98,947	$ 98,362	$ 84,113	$ 85,319		$ 344,573	$ 366,741	$ 330,867
Operating Expenses										255,992	253,056	251,332
Operating income (loss)	16,415	20,323	22,995	28,848	29,993	30,384	24,487	28,821		88,581	113,685	79,535
Net income	$ 3,788	$ 6,490	$ 9,826	$ 15,484	$ 16,485	$ 16,519	$ 11,941	$ 15,243		$ 35,588	$ 60,188	$ 27,202
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life										7 years 2 months 12 days
La Jolla Commons
Real Estate [Line Items]
Total revenue									$ 20,579
Operating Expenses									18,140
Operating income (loss)									2,439
Net income									$ 2,650

Real Estate Property Asset Acqu

Real Estate Property Asset Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Line Items]
Acquired in-place leases, net	$ 26,207	$ 31,224
Prepaid expenses, deposits and other	8,702	7,225
TOTAL ASSETS	2,817,309	2,790,333
Accounts payable and accrued expenses	59,262	62,576
Security deposits payable	6,590	8,316
Other liabilities and deferred credits	91,300	68,110
Liabilities	$ 1,563,903	1,496,661
La Jolla Commons
Real Estate [Line Items]
Land		82,759
Buildings		361,471
Land improvements		1,359
Furniture, fixtures, and equipment		30,822
Total real estate		476,411
Acquired in-place leases, net		40,082
Prepaid expenses, deposits and other		13
TOTAL ASSETS		516,506
Accounts payable and accrued expenses		3,578
Security deposits payable		443
Other liabilities and deferred credits		3,817
Liabilities		$ 7,838

Real Estate Pro Forma Financial

Real Estate Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Line Items]
Total revenue	$ 81,347	$ 84,374	$ 82,109	$ 96,743	$ 98,947	$ 98,362	$ 84,113	$ 85,319	$ 344,573	$ 366,741	$ 330,867
Operating Expenses									255,992	253,056	251,332
Operating income (loss)	16,415	20,323	22,995	28,848	29,993	30,384	24,487	28,821	88,581	113,685	79,535
Net income	$ 3,788	$ 6,490	$ 9,826	$ 15,484	$ 16,485	$ 16,519	$ 11,941	$ 15,243	$ 35,588	60,188	27,202
Pro Forma
Real Estate [Line Items]
Total revenue										383,125	365,326
Operating Expenses										264,107	281,253
Operating income (loss)										119,018	84,073
Net income										$ 64,278	$ 30,662

Acquired In-Place Leases and _3

Acquired In-Place Leases and Above/Below Market Leases Summary of Acquired Lease Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Gross [Abstract]
Acquired lease intangible assets	$ 121	$ 183
Net of accumulated amortization of other intangible assets	(1,213)	(1,031)
Below Market Lease [Abstract]
Below market leases	56,677	62,126
Accumulated accretion	(35,219)	(36,674)
Acquired lease intangible liabilities, net	21,458	25,452
In-place leases
Finite-Lived Intangible Assets, Gross [Abstract]
Acquired lease intangible assets	60,965	63,896
Net of accumulated amortization of other intangible assets	(34,758)	(32,672)
Acquired lease intangible assets, net	26,207
Above market leases
Finite-Lived Intangible Assets, Gross [Abstract]
Acquired lease intangible assets	5,389	7,534
Net of accumulated amortization of other intangible assets	(5,268)	(7,351)
Acquired lease intangible assets, net	121
Acquired lease intangible assets
Finite-Lived Intangible Assets, Gross [Abstract]
Acquired lease intangible assets, net	$ 26,328	$ 31,407

Acquired In-Place Leases and _4

Acquired In-Place Leases and Above/Below Market Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of acquired above and below market leases	$ 3.9	$ 3.8	$ 3.6
Weighted-average amortization period of below market leases	11 years 3 months 18 days
Acquired lease, below market renewal options	$ 10.5
Weighted-average amortization period of acquired leases prior to the commencement of renewal option	9 years 4 months 24 days
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period of acquired leases	7 years 10 months 24 days
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period of acquired leases	4 years 4 months 24 days

Acquired In-Place Leases and _5

Acquired In-Place Leases and Above/Below Market Leases Increases (Decreases) in Net Income as Result of Amortization of In-Place Leases Above Market Leases and Below Market Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of leases	$ (1,086)	$ (976)	$ 1,480
Amortization of below market leases	3,994	4,131	4,230
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of leases	(5,018)	(4,762)	(2,090)
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of leases	$ (62)	$ (345)	$ (660)

Acquired In-Place Leases and _6

Acquired In-Place Leases and Above/Below Market Leases Amortization for Acquired In-Place Leases During Next Five Years and Thereafter Assuming No Early Lease Terminations (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
2021	$ 3,035
2022	2,467
2023	2,232
2024	1,932
2025	1,564
Thereafter	10,228
Acquired lease intangible liabilities, net	21,458	$ 25,452
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
2021	4,215
2022	3,560
2023	3,341
2024	3,156
2025	2,918
Thereafter	9,017
Acquired lease intangible assets, net	26,207
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
2021	28
2022	28
2023	26
2024	24
2025	15
Thereafter	0
Acquired lease intangible assets, net	$ 121

Fair Value of Financial Instr_3

Fair Value of Financial Instruments Liabilities Fair Value Measurement on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	$ 2,059	$ 1,669
Interest rate swap asset	0	434
Interest rate swap liability	4,531	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 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	0	0
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	2,059	1,669
Interest rate swap asset	0	434
Interest rate swap liability	$ 4,531	$ 1,317

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2	Dec. 31, 2020
Minimum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate	0.024
Maximum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate	0.031

Fair Value of Financial Instr_5

Fair Value of Financial Instruments Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Secured notes payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 110,923	$ 161,879
Secured notes payable | Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	114,074	166,885
Unsecured debt | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	249,233	248,864
Unsecured debt | Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	250,000	250,000
Unsecured senior guaranteed notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	947,444	946,916
Unsecured senior guaranteed notes | Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,017,378	975,291
Unsecured line of credit | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	99,151	0
Unsecured line of credit | Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 100,000	$ 0

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing commissions, net of accumulated amortization of $35,167 and $30,775, respectively	$ 38,173	$ 42,539
Interest rate swap asset	0	434
Acquired above market leases, net	121	183
Acquired in-place leases, net	26,207	31,224
Lease incentives, net of accumulated amortization of $802 and $565, respectively	994	2,603
Other intangible assets, net of accumulated amortization of $1,213 and $1,031, respectively	2,565	2,893
Debt issuance costs, net of accumulated amortization of $0 and $814, respectively	0	1,256
Right-of-use asset, net	29,350	4,863	$ 7,700
Prepaid expenses, deposits and other	8,702	7,225
Total other assets	106,112	93,220
Leasing commissions, accumulative amortization	(35,167)	(30,775)
Lease incentives, accumulated amortization	(802)	(565)
Other intangible assets, accumulated amortization	(1,213)	(1,031)
Debt issuance costs, accumulated amortization	$ 0	$ (814)

Other Liabilities and Deferre_3

Other Liabilities and Deferred Credits (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Acquired below market leases, net	$ 21,458	$ 25,452
Prepaid rent and deferred revenue	14,518	16,969
Interest rate swap liability	4,531	1,317
Straight-line rent liability	18,049	16,903	$ 800
Deferred rent expense and lease intangible	16	28
Deferred compensation	2,059	1,669
Deferred tax liability	570	332		$ 300
Lease liability	30,060	5,380
Other liabilities	39	60
Total other liabilities and deferred credits, net	$ 91,300	$ 68,110
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:DeferredCreditsAndOtherLiabilities	us-gaap:DeferredCreditsAndOtherLiabilities

Debt Summary of Total Secured N

Debt Summary of Total Secured Notes Payable Outstanding (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt issuance costs, net	$ 0	$ (1,256)
Notes payable, total	1,311,000
Debt issuance costs, accumulated amortization	0	814
Secured notes payable | American Assets Trust, L.P.
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	111,000	162,003
Debt issuance costs, net	(77)	(124)
Notes payable, total	$ 110,923	161,879
Number of year amortization schedule	30 years
Secured notes payable | American Assets Trust, L.P. | Torrey Reserve-VCI, VCII, VCIII
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	$ 0	6,498
Stated Interest Rate	6.36%
Stated Maturity Date	Jun. 1, 2020
Secured notes payable | American Assets Trust, L.P. | Solana Beach Corporate Centre I-II
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	$ 0	10,270
Stated Interest Rate	5.91%
Stated Maturity Date	Jun. 1, 2020
Secured notes payable | American Assets Trust, L.P. | Solana Beach Towne Centre
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	$ 0	34,235
Stated Interest Rate	5.91%
Stated Maturity Date	Jun. 1, 2020
Secured notes payable | American Assets Trust, L.P. | City Center Bellevue
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	$ 111,000	111,000
Stated Interest Rate	3.98%
Stated Maturity Date	Nov. 1, 2022
Unsecured debt
Debt Instrument [Line Items]
Debt issuance costs, accumulated amortization	$ 345	449
Unsecured debt | American Assets Trust, L.P.
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	1,200,000	1,200,000
Debt issuance costs, net	(3,323)	(4,220)
Debt issuance costs, accumulated amortization	$ 8,856	$ 7,835

Debt Summary of Total Unsecured

Debt Summary of Total Unsecured Notes Payable Outstanding (Details) $ in Thousands

Oct. 01, 2020USD ($)

Jul. 17, 2019USD ($)

Jan. 09, 2019Extension_Option

Jun. 23, 2017USD ($)

May 31, 2017

May 11, 2017USD ($)

Apr. 25, 2017

Jan. 18, 2017USD ($)

May 02, 2016

Apr. 07, 2016

Mar. 29, 2016

Mar. 23, 2016

Mar. 01, 2016

Jan. 29, 2016

Sep. 19, 2014USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Jul. 30, 2019

Jul. 19, 2017

May 23, 2017

Mar. 01, 2017

Jan. 09, 2014USD ($)

Debt Instrument [Line Items]

Debt issuance costs, net

$ 0

$ (1,256)

Unsecured notes payable

1,196,677

1,195,780

Debt issuance costs, accumulated amortization

0

814

American Assets Trust, L.P.

Debt Instrument [Line Items]

Unsecured notes payable

$ 1,196,677

$ 1,195,780

American Assets Trust, L.P. | Interest Rate Swap

Debt Instrument [Line Items]

Term of derivative contract

7 years

10 years

10 years

10 years

7 years

American Assets Trust, L.P. | Forward Contracts

Debt Instrument [Line Items]

Term of derivative contract

1 month

Gain on derivatives

$ 0

$ 500

$ 700

$ 10,400

$ 1,600

Loss on derivatives

$ 500

Term Loan A | American Assets Trust, L.P.

Debt Instrument [Line Items]

Unsecured notes payable

$ 100,000

Term Loan A | American Assets Trust, L.P. | Interest Rate Swap

Debt Instrument [Line Items]

Fixed interest rate on derivative

4.13%

Senior Guaranteed Notes, Series A | American Assets Trust, L.P. | Forward Contracts

Debt Instrument [Line Items]

Effective interest rate (percent)

3.88%

Term Loan B | American Assets Trust, L.P.

Debt Instrument [Line Items]

Stated Maturity Date

Mar. 1, 2023

Mar. 1, 2023

Term Loan B | American Assets Trust, L.P. | Interest Rate Swap

Debt Instrument [Line Items]

Fixed interest rate on derivative

2.75%

3.15%

Term Loan C | American Assets Trust, L.P.

Debt Instrument [Line Items]

Stated Maturity Date

Mar. 1, 2023

Mar. 1, 2023

Term Loan C | American Assets Trust, L.P. | Interest Rate Swap

Debt Instrument [Line Items]

Fixed interest rate on derivative

2.74%

3.14%

Senior Guaranteed Notes, Series F | American Assets Trust, L.P. | Forward Contracts

Debt Instrument [Line Items]

Effective interest rate (percent)

3.85%

Senior Guaranteed Notes, Series D | American Assets Trust, L.P. | Forward Contracts

Debt Instrument [Line Items]

Effective interest rate (percent)

3.87%

Senior Guaranteed Notes, Series E | American Assets Trust, L.P. | Forward Contracts

Debt Instrument [Line Items]

Effective interest rate (percent)

4.18%

Senior Guaranteed Notes, Series G [Member] | American Assets Trust, L.P. | Forward Contracts

Debt Instrument [Line Items]

Effective interest rate (percent)

3.88%

Unsecured debt

Debt Instrument [Line Items]

Debt issuance costs, accumulated amortization

$ 345

$ 449

Unsecured debt | American Assets Trust, L.P.

Debt Instrument [Line Items]

Long-term Debt, Principal Balance

1,200,000

1,200,000

Debt issuance costs, net

(3,323)

(4,220)

Unsecured notes payable

1,196,677

1,195,780

Debt issuance costs, accumulated amortization

8,856

7,835

Unsecured debt | Term Loan A | American Assets Trust, L.P.

Debt Instrument [Line Items]

Long-term Debt, Principal Balance

$ 100,000

100,000

Stated Maturity Date

Jan. 9, 2022

Number of extensions available | Extension_Option

3

Extension term (in months)

1 year

Unsecured debt | Senior Guaranteed Notes, Series A | American Assets Trust, L.P.

Debt Instrument [Line Items]

Long-term Debt, Principal Balance

$ 150,000

150,000

Stated Interest Rate

4.04%

Stated Maturity Date

Oct. 31, 2021

Unsecured debt | Term Loan B | American Assets Trust, L.P.

Debt Instrument [Line Items]

Long-term Debt, Principal Balance

$ 100,000

100,000

Stated Maturity Date

Mar. 1, 2023

Unsecured debt | Term Loan C | American Assets Trust, L.P.

Debt Instrument [Line Items]

Long-term Debt, Principal Balance

$ 50,000

50,000

Stated Maturity Date

Mar. 1, 2023

Unsecured debt | Senior Guaranteed Notes, Series F | American Assets Trust, L.P.

Debt Instrument [Line Items]

Long-term Debt, Principal Balance

$ 100,000

100,000

Stated Interest Rate

3.78%

3.78%

Stated Maturity Date

Jul. 19, 2024

Unsecured debt | Senior Guaranteed Notes, Series B | American Assets Trust, L.P.

Debt Instrument [Line Items]

Long-term Debt, Principal Balance

$ 100,000

100,000

Stated Interest Rate

4.45%

Stated Maturity Date

Feb. 2, 2025

Unsecured debt | Senior Guaranteed Notes, Series C | American Assets Trust, L.P.

Debt Instrument [Line Items]

Long-term Debt, Principal Balance

$ 100,000

100,000

Stated Interest Rate

4.50%

Stated Maturity Date

Apr. 1, 2025

Unsecured debt | Senior Guaranteed Notes, Series D | American Assets Trust, L.P.

Debt Instrument [Line Items]

Long-term Debt, Principal Balance

$ 250,000

250,000

Stated Interest Rate

4.29%

4.29%

Stated Maturity Date

Mar. 1, 2027

Unsecured debt | Senior Guaranteed Notes, Series E | American Assets Trust, L.P.

Debt Instrument [Line Items]

Long-term Debt, Principal Balance

$ 100,000

100,000

Stated Interest Rate

4.24%

4.24%

Stated Maturity Date

May 23, 2029

Unsecured debt | Senior Guaranteed Notes, Series G [Member] | American Assets Trust, L.P.

Debt Instrument [Line Items]

Long-term Debt, Principal Balance

$ 150,000

$ 150,000

Stated Interest Rate

3.91%

3.91%

Stated Maturity Date

Jul. 30, 2030

Debt Scheduled Principal Paymen

Debt Scheduled Principal Payments on Notes Payable (Details) $ in Thousands	Dec. 31, 2020USD ($)
Debt Disclosure [Abstract]
2021	$ 150,000
2022	211,000
2023	150,000
2024	100,000
2025	200,000
Thereafter	500,000
Notes payable, total	$ 1,311,000

Debt (Details)

Debt (Details)

Jan. 26, 2021USD ($)

Jan. 09, 2019Extension_Option

Jan. 09, 2018USD ($)Extension_Option

Apr. 25, 2017

May 02, 2016USD ($)

Mar. 23, 2016

Mar. 01, 2016USD ($)

Jan. 29, 2016

Oct. 31, 2014USD ($)

Jan. 09, 2014USD ($)Extension_Option

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Jul. 30, 2019

Jul. 19, 2017USD ($)

May 23, 2017USD ($)

Mar. 01, 2017USD ($)

Debt Instrument [Line Items]

Line of Credit Facility, Interest Rate During Period

1.32%

Unsecured line of credit, net

$ 99,151,000

$ 0

Unsecured notes payable, net

1,196,677,000

1,195,780,000

Subsequent Event [Member]

Debt Instrument [Line Items]

Stated Interest Rate

3.375%

Unsecured line of credit

Debt Instrument [Line Items]

Maximum leverage ratio of revolving credit facility

60.00%

Maximum secured leverage ratio on revolving credit facility

40.00%

Minimum fixed charge coverage ratio covenant threshold

1.5

1.5

Minimum interest coverage ratio covenant threshold

175.00%

175.00%

Maximum unsecured leverage ratio (in percents)

60.00%

Minimum tangible net worth

$ 721,160,000

Percent of net proceeds of any additional equity issuances in relation to net proceeds as of Offering

75.00%

Maximum recourse indebtedness of total asset value (in percents)

15.00%

Percentage annual distributions cannot exceed funds from operations

95.00%

Unsecured line of credit | Federal Funds Rate

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

0.50%

0.50%

Unsecured line of credit | Eurodollar

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.00%

Unsecured debt | Subsequent Event [Member]

Debt Instrument [Line Items]

Face amount of debt

$ 500,000,000

Term Loan A | Unsecured debt | Federal Funds Rate

Debt Instrument [Line Items]

Basis spread on federal funds rate

0.50%

Term Loan A | Unsecured debt | Eurodollar

Debt Instrument [Line Items]

Basis spread on Eurodollar rate

1.00%

Term Loan B | Unsecured debt | Federal Funds Rate

Debt Instrument [Line Items]

Basis spread on federal funds rate

0.50%

0.50%

Term Loan B | Unsecured debt | Eurodollar

Debt Instrument [Line Items]

Basis spread on Eurodollar rate

1.00%

1.00%

Term Loan C | Unsecured debt | Federal Funds Rate

Debt Instrument [Line Items]

Basis spread on federal funds rate

0.50%

Term Loan C | Unsecured debt | Eurodollar

Debt Instrument [Line Items]

Basis spread on Eurodollar rate

1.00%

Second Amended and Restated Credit Facility | Unsecured line of credit

Debt Instrument [Line Items]

Percentage annual distributions cannot exceed funds from operations

95.00%

Second Amended and Restated Credit Facility | Unsecured line of credit | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.00%

American Assets Trust, L.P.

Debt Instrument [Line Items]

Unsecured line of credit, net

99,151,000

0

Unsecured notes payable, net

1,196,677,000

1,195,780,000

American Assets Trust, L.P. | Unsecured line of credit | Base Rate

Debt Instrument [Line Items]

Variable rate basis

base rate

American Assets Trust, L.P. | Unsecured line of credit | Revolving Credit Facility

Debt Instrument [Line Items]

Number of extensions available | Extension_Option

2

Extension term (in months)

6 months

American Assets Trust, L.P. | Unsecured debt

Debt Instrument [Line Items]

Long-term Debt, Principal Balance

1,200,000,000

1,200,000,000

Unsecured notes payable, net

$ 1,196,677,000

1,195,780,000

American Assets Trust, L.P. | Term Loan A

Debt Instrument [Line Items]

Unsecured notes payable, net

$ 100,000,000

American Assets Trust, L.P. | Term Loan A | Minimum | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

0.20%

American Assets Trust, L.P. | Term Loan A | Maximum | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

0.70%

American Assets Trust, L.P. | Term Loan A | Unsecured debt

Debt Instrument [Line Items]

Stated Maturity Date

Jan. 9, 2022

Long-term Debt, Principal Balance

$ 100,000,000

100,000,000

Number of extensions available | Extension_Option

3

Extension term (in months)

1 year

American Assets Trust, L.P. | Term Loan A | Unsecured debt | LIBOR

Debt Instrument [Line Items]

Variable rate basis

LIBOR

American Assets Trust, L.P. | Term Loan A | Unsecured debt | Base Rate

Debt Instrument [Line Items]

Prime rate

prime rate

Federal funds rate

federal funds rate

Eurodollar

Eurodollar

American Assets Trust, L.P. | Term Loan A | Unsecured debt | Minimum | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.20%

American Assets Trust, L.P. | Term Loan A | Unsecured debt | Maximum | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.70%

American Assets Trust, L.P. | Term Loan B

Debt Instrument [Line Items]

Number of year amortization schedule

7 years

7 years

Face amount of debt

$ 100,000,000

Stated Maturity Date

Mar. 1, 2023

Mar. 1, 2023

American Assets Trust, L.P. | Term Loan B | Minimum | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

0.70%

0.70%

American Assets Trust, L.P. | Term Loan B | Maximum | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.35%

1.35%

American Assets Trust, L.P. | Term Loan B | Unsecured debt

Debt Instrument [Line Items]

Face amount of debt

$ 100,000,000

Stated Maturity Date

Mar. 1, 2023

Long-term Debt, Principal Balance

$ 100,000,000

100,000,000

American Assets Trust, L.P. | Term Loan B | Unsecured debt | LIBOR

Debt Instrument [Line Items]

Variable rate basis

LIBOR

LIBOR

American Assets Trust, L.P. | Term Loan B | Unsecured debt | Base Rate

Debt Instrument [Line Items]

Minimum base rate

0.00%

0.00%

Prime rate

prime rate

prime rate

Federal funds rate

federal funds rate

federal funds rate

Eurodollar

Eurodollar

Eurodollar

American Assets Trust, L.P. | Term Loan B | Unsecured debt | Minimum | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.20%

1.70%

American Assets Trust, L.P. | Term Loan B | Unsecured debt | Maximum | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.70%

2.35%

American Assets Trust, L.P. | Term Loan B & Term Loan C | Unsecured debt

Debt Instrument [Line Items]

Face amount of debt

$ 150,000,000

American Assets Trust, L.P. | Term Loan C

Debt Instrument [Line Items]

Number of year amortization schedule

7 years

7 years

Face amount of debt

$ 50,000,000

Stated Maturity Date

Mar. 1, 2023

Mar. 1, 2023

American Assets Trust, L.P. | Term Loan C | Minimum | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

0.70%

0.70%

American Assets Trust, L.P. | Term Loan C | Maximum | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.35%

1.35%

American Assets Trust, L.P. | Term Loan C | Unsecured debt

Debt Instrument [Line Items]

Face amount of debt

$ 50,000,000

Stated Maturity Date

Mar. 1, 2023

Long-term Debt, Principal Balance

$ 50,000,000

50,000,000

American Assets Trust, L.P. | Term Loan C | Unsecured debt | LIBOR

Debt Instrument [Line Items]

Variable rate basis

LIBOR

LIBOR

American Assets Trust, L.P. | Term Loan C | Unsecured debt | Base Rate

Debt Instrument [Line Items]

Minimum base rate

0.00%

0.00%

Prime rate

prime rate

prime rate

Federal funds rate

federal funds rate

federal funds rate

Eurodollar

Eurodollar

Eurodollar

American Assets Trust, L.P. | Term Loan C | Unsecured debt | Minimum | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.20%

1.70%

American Assets Trust, L.P. | Term Loan C | Unsecured debt | Maximum | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.70%

2.35%

American Assets Trust, L.P. | Note Purchase Agreement | Senior Guaranteed Notes

Debt Instrument [Line Items]

Face amount of debt

$ 350,000,000

Partial debt repayment, minimum percentage of principal (in percent)

5.00%

Full debt repayment percentage of principal plus a Make-Whole Amount (in percent)

100.00%

American Assets Trust, L.P. | Note Purchase Agreement | Senior Guaranteed Notes, Series A

Debt Instrument [Line Items]

Face amount of debt

$ 150,000,000

Stated Interest Rate

4.04%

American Assets Trust, L.P. | Note Purchase Agreement | Senior Guaranteed Notes, Series B

Debt Instrument [Line Items]

Face amount of debt

$ 100,000,000

Stated Interest Rate

4.45%

American Assets Trust, L.P. | Note Purchase Agreement | Senior Guaranteed Notes, Series C

Debt Instrument [Line Items]

Face amount of debt

$ 100,000,000

Stated Interest Rate

4.50%

American Assets Trust, L.P. | Amended and Restated Credit Facility

Debt Instrument [Line Items]

Revolving credit facility borrowing limit, maximum borrowing capacity

350,000,000

Allowable additional borrowing capacity

$ 250,000,000

American Assets Trust, L.P. | Amended and Restated Credit Facility | Minimum | Revolving Credit Facility | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

0.35%

American Assets Trust, L.P. | Amended and Restated Credit Facility | Maximum | Revolving Credit Facility | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

0.95%

American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured line of credit | Base Rate

Debt Instrument [Line Items]

Prime rate

prime rate

Federal funds rate

federal funds rate

Eurodollar

Eurodollar

American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured line of credit | Revolving Credit Facility

Debt Instrument [Line Items]

Revolving credit facility borrowing limit, maximum borrowing capacity

$ 250,000,000

American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured line of credit | Revolving Credit Facility | LIBOR

Debt Instrument [Line Items]

Variable rate basis

LIBOR

American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured line of credit | Minimum | Revolving Credit Facility | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.35%

American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured line of credit | Maximum | Revolving Credit Facility | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.95%

American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured debt

Debt Instrument [Line Items]

Revolving credit facility borrowing limit, maximum borrowing capacity

$ 100,000,000

Number of extensions available | Extension_Option

3

Extension term (in months)

12 months

American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured debt | Minimum | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.30%

American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured debt | Minimum | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

0.30%

American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured debt | Maximum | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.90%

American Assets Trust, L.P. | Amended and Restated Credit Facility | Unsecured debt | Maximum | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

0.90%

American Assets Trust, L.P. | Senior Guaranteed Notes, Series D | Unsecured debt

Debt Instrument [Line Items]

Face amount of debt

$ 250,000,000

Stated Maturity Date

Mar. 1, 2027

Stated Interest Rate

4.29%

4.29%

Long-term Debt, Principal Balance

$ 250,000,000

250,000,000

American Assets Trust, L.P. | Senior Guaranteed Notes, Series E | Unsecured debt

Debt Instrument [Line Items]

Number of year amortization schedule

12 years

Face amount of debt

$ 100,000,000

Stated Maturity Date

May 23, 2029

Stated Interest Rate

4.24%

4.24%

Long-term Debt, Principal Balance

$ 100,000,000

100,000,000

American Assets Trust, L.P. | Senior Guaranteed Notes, Series F | Unsecured debt

Debt Instrument [Line Items]

Face amount of debt

$ 100,000,000

Stated Maturity Date

Jul. 19, 2024

Stated Interest Rate

3.78%

3.78%

Long-term Debt, Principal Balance

$ 100,000,000

100,000,000

American Assets Trust, L.P. | Senior Guaranteed Notes, Series G [Member] | Unsecured debt

Debt Instrument [Line Items]

Stated Maturity Date

Jul. 30, 2030

Stated Interest Rate

3.91%

3.91%

Long-term Debt, Principal Balance

$ 150,000,000

150,000,000

American Assets Trust, L.P. | Second Amended and Restated Credit Facility

Debt Instrument [Line Items]

Revolving credit facility borrowing limit, maximum borrowing capacity

$ 450,000,000

Allowable additional borrowing capacity

$ 250,000,000

American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit

Debt Instrument [Line Items]

Unsecured line of credit, net

100,000,000

Debt issuance costs, net, revolving credit facility

$ 800,000

American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit | Base Rate

Debt Instrument [Line Items]

Prime rate

prime rate

Federal funds rate

federal funds rate

American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit | Revolving Credit Facility

Debt Instrument [Line Items]

Revolving credit facility borrowing limit, maximum borrowing capacity

$ 350,000,000

Number of extensions available | Extension_Option

2

Extension term (in months)

6 months

American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit | Revolving Credit Facility | LIBOR

Debt Instrument [Line Items]

Variable rate basis

LIBOR

American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit | Minimum | Revolving Credit Facility | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.05%

American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit | Minimum | Revolving Credit Facility | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

0.10%

American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit | Maximum | Revolving Credit Facility | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.50%

American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit | Maximum | Revolving Credit Facility | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

0.50%

American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured debt

Debt Instrument [Line Items]

Revolving credit facility borrowing limit, maximum borrowing capacity

$ 100,000,000

American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured debt | Minimum | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.30%

American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured debt | Minimum | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

0.30%

American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured debt | Maximum | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

1.90%

American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured debt | Maximum | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate (in percents)

0.90%

American Assets Trust, L.P. | Senior Guaranteed Notes, Series A | Unsecured debt

Debt Instrument [Line Items]

Stated Maturity Date

Oct. 31, 2021

Stated Interest Rate

4.04%

Long-term Debt, Principal Balance

$ 150,000,000

$ 150,000,000

American Assets Trust, L.P. | Senior Guaranteed Notes, Series A | Unsecured debt | Subsequent Event [Member]

Debt Instrument [Line Items]

Repayments of Unsecured Debt

150,000,000

Gain (Loss) on Extinguishment of Debt

$ 3,900,000

Interest Rate Swap | American Assets Trust, L.P. | Term Loan A

Debt Instrument [Line Items]

Fixed interest rate on derivative

4.13%

Interest Rate Swap | American Assets Trust, L.P. | Term Loan B

Debt Instrument [Line Items]

Fixed interest rate on derivative

2.75%

3.15%

Interest Rate Swap | American Assets Trust, L.P. | Term Loan C

Debt Instrument [Line Items]

Fixed interest rate on derivative

2.74%

3.14%

Derivative and Hedging (Details

Derivative and Hedging (Details) - USD ($)

Oct. 01, 2020

Aug. 11, 2020

Jul. 17, 2019

Jun. 20, 2019

Jan. 09, 2018

Jun. 23, 2017

May 31, 2017

May 11, 2017

Apr. 25, 2017

Mar. 31, 2017

Jan. 18, 2017

May 02, 2016

Apr. 07, 2016

Mar. 29, 2016

Mar. 23, 2016

Mar. 01, 2016

Jan. 29, 2016

Sep. 19, 2014

Dec. 31, 2020

Dec. 31, 2019

May 23, 2017

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months

$ 1,300,000

Derivative liabilities at fair value

$ (4,531,000)

$ (1,317,000)

Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Notional amount

$ 100,000,000

$ 150,000,000

Fixed interest rate on derivative

1.748%

1.88%

American Assets Trust, L.P. | Interest Rate Swap

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Term of derivative contract

7 years

10 years

10 years

10 years

7 years

American Assets Trust, L.P. | Forward Contracts

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Term of derivative contract

1 month

Gain on derivatives

$ 0

$ 500,000

$ 700,000

$ 10,400,000

$ 1,600,000

American Assets Trust, L.P. | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Notional amount

$ 50,000,000

$ 100,000,000

$ 100,000,000

Fixed interest rate on derivative

1.441%

1.4485%

4.13%

Term of derivative contract

7 years

7 years

Maturity date

Mar. 31, 2027

Mar. 31, 2027

Mar. 1, 2023

Mar. 1, 2023

Effective date

Mar. 31, 2017

Mar. 31, 2017

May 2, 2016

Mar. 1, 2016

Gain/Loss recognized in other comprehensive income (loss)

$ 10,400,000

American Assets Trust, L.P. | Cash Flow Hedging | Designated as Hedging Instrument | Treasury Lock

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Notional amount

$ 100,000,000

$ 100,000,000

Fixed interest rate on derivative

2.064%

2.313%

Maturity date

Jul. 26, 2017

Gain/Loss recognized in other comprehensive income (loss)

$ 500,000

$ 700,000

Gain on derivatives

$ 500,000

Bank of America, N.A. | American Assets Trust, L.P. | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap, 1/9/2021

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Notional amount

$ 100,000,000

Maturity date

Jan. 9, 2021

Effective date

Jan. 9, 2019

Derivative liabilities at fair value

$ (85,000)

U.S. Bank N.A. | American Assets Trust, L.P. | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap, 3/1/2023

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Notional amount

$ 100,000,000

Maturity date

Mar. 1, 2023

Effective date

Mar. 1, 2016

Derivative liabilities at fair value

$ (2,972,000)

Wells Fargo Bank, N.A. | American Assets Trust, L.P. | Not Designated as Hedging Instrument [Member] | Treasury Lock

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Notional amount

$ 200,000,000

Fixed interest rate on derivative

0.7115%

Term of derivative contract

10 years

Maturity date

Nov. 12, 2020

Wells Fargo Bank, N.A. | American Assets Trust, L.P. | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap, 3/31/2027 $150M

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Notional amount

$ 150,000,000

Wells Fargo Bank, N.A. | American Assets Trust, L.P. | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap, 3/31/2027 $100M

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Notional amount

$ 100,000,000

Wells Fargo Bank, N.A. | American Assets Trust, L.P. | Cash Flow Hedging | Designated as Hedging Instrument | Treasury Lock

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Notional amount

$ 100,000,000

Fixed interest rate on derivative

1.9925%

Term of derivative contract

10 years

Maturity date

Jul. 31, 2019

Amortization Period of Deferred Gain (Loss) on Discontinuation of Fair Value Hedge

10 years

Wells Fargo Bank, N.A. | American Assets Trust, L.P. | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap, 3/1/2023

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Notional amount

$ 50,000,000

Maturity date

Mar. 1, 2023

Effective date

May 2, 2016

Derivative liabilities at fair value

$ (1,474,000)

Term Loan B | American Assets Trust, L.P.

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Stated Maturity Date

Mar. 1, 2023

Mar. 1, 2023

Face amount of debt

$ 100,000,000

Number of year amortization schedule

7 years

7 years

Term Loan B | American Assets Trust, L.P. | Interest Rate Swap

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Fixed interest rate on derivative

2.75%

3.15%

Term Loan C | American Assets Trust, L.P.

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Stated Maturity Date

Mar. 1, 2023

Mar. 1, 2023

Face amount of debt

$ 50,000,000

Number of year amortization schedule

7 years

7 years

Term Loan C | American Assets Trust, L.P. | Interest Rate Swap

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Fixed interest rate on derivative

2.74%

3.14%

Unsecured debt | American Assets Trust, L.P.

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Number of year amortization schedule

10 years

Term Loan A | American Assets Trust, L.P. | Interest Rate Swap

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Fixed interest rate on derivative

4.13%

Unsecured debt | Term Loan B | American Assets Trust, L.P.

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Stated Maturity Date

Mar. 1, 2023

Face amount of debt

$ 100,000,000

Unsecured debt | Term Loan C | American Assets Trust, L.P.

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Stated Maturity Date

Mar. 1, 2023

Face amount of debt

$ 50,000,000

Unsecured debt | Senior Guaranteed Notes, Series E | American Assets Trust, L.P.

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Stated Maturity Date

May 23, 2029

Face amount of debt

$ 100,000,000

Number of year amortization schedule

12 years

Unsecured debt | Term Loan A | American Assets Trust, L.P.

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Stated Maturity Date

Jan. 9, 2022

Partners Capital of American _2

Partners Capital of American Assets Trust, L.P. (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Stock
Capital Unit [Line Items]
Conversion of operating partnership units (in shares)	209,011	787,060	17,372
American Assets Trust, L.P.
Capital Unit [Line Items]
Ownership percent by parent	78.80%
American Assets Trust, L.P.
Capital Unit [Line Items]
Noncontrolling common units (in shares)	16,181,537
American Assets Trust, L.P. | Common Stock
Capital Unit [Line Items]
Conversion of operating partnership units (in shares)	209,011	787,060	17,372
Non-Affiliated Investors | American Assets Trust, L.P.
Capital Unit [Line Items]
Percentage of ownership interests classified as noncontrolling	21.30%

Equity of American Assets Tru_3

Equity of American Assets Trust, Inc. (Details)	Jun. 14, 2019USD ($)shares	May 27, 2015USD ($)Agent	May 06, 2013USD ($)Agent	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares
Equity [Line Items]
Preferred stock, shares authorized (in shares)				10,000,000
Preferred stock, par-value (in dollars per share) | $ / shares				$ 0.01
Preferred stock, shares issued (in shares)				0
Equity incentive award plan, common stock authorized for issuance (in shares)				4,054,411
Equity incentive award plan, common stock available for future issuance (in shares)				2,477,277
Noncash compensation expense | $				$ 6,300,000	$ 4,500,000	$ 3,000,000
Unrecognized compensation expense | $				8,400,000
Proceeds from issuance of common stock, net | $	$ 472,600,000			$ 0	$ 515,354,000	$ (236,000)
Common stock, shares issued	10,925,000			60,476,292	60,068,228
Option Indexed to Issuer's Equity, Indexed Shares	1,425,000
American Assets Trust, L.P.
Equity [Line Items]
Antidilutive securities excluded from computation of EPS (in shares)				357,048	330,197	271,905
Restricted Stock
Equity [Line Items]
Unrecognized compensation expense, weighted-average recognition period (in years)				1 year 7 months 6 days
At The Market Equity Program
Equity [Line Items]
Aggregate offering price of common share | $		$ 250,000,000	$ 150,000,000
Common shares issued (in shares)				0
Remaining capacity available for issuance | $				$ 132,600,000
$150.0 Million ATM | At The Market Equity Program
Equity [Line Items]
Number of sales agents | Agent			4
$250.0 Million ATM | At The Market Equity Program
Equity [Line Items]
Number of sales agents | Agent		5
Operating Partnership Units | American Assets Trust, L.P.
Equity [Line Items]
Weighted average unvested shares outstanding (in shares)				357,048	330,197	271,905

Equity of American Assets Tru_4

Equity of American Assets Trust, Inc. Dividends Declared and Paid on Shares of Common Stock and Noncontrolling Common Units (Details) - $ / shares

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Equity [Abstract]

Dividends period

Fourth Quarter 2020

Third Quarter 2020

Second Quarter 2020

First Quarter 2020

Fourth Quarter 2019

Third Quarter 2019

Second Quarter 2019

First Quarter 2019

Fourth Quarter 2018

Third Quarter 2018

Second Quarter 2018

First Quarter 2018

Amount per Share/Unit (in USD per unit)

$ 0.25

$ 0.25

$ 0.20

$ 0.30

$ 0.30

$ 0.28

$ 0.28

$ 0.28

$ 0.28

$ 0.27

$ 0.27

$ 0.27

$ 1

$ 1.14

$ 1.09

Date dividend to be paid

Dec. 24, 2020

Sep. 24, 2020

Jun. 25, 2020

Mar. 26, 2020

Dec. 26, 2019

Sep. 26, 2019

Jun. 27, 2019

Mar. 28, 2019

Dec. 27, 2018

Sep. 27, 2018

Jun. 28, 2018

Mar. 19, 2018

Equity of American Assets Tru_5

Equity of American Assets Trust, Inc. Summary of Income Tax Status of Dividends Per Share Paid (Details) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Ordinary income (in USD per share)													$ 0.66	$ 1.09	$ 1.05
Capital gain (in USD per share)													0	0	0
Return of capital (in USD per share)													0.34	0.05	0.04
Total (in USD per share)	$ 0.25	$ 0.25	$ 0.20	$ 0.30	$ 0.30	$ 0.28	$ 0.28	$ 0.28	$ 0.28	$ 0.27	$ 0.27	$ 0.27	$ 1	$ 1.14	$ 1.09
Ordinary income													66.00%	95.60%	96.30%
Capital gain													0.00%	0.00%	0.00%
Return of capital													34.00%	4.40%	3.70%
Total													100.00%	100.00%	100.00%

Equity of American Assets Tru_6

Equity of American Assets Trust, Inc. Restricted Common Stock Issued (Details) - Restricted Stock - $ / shares	Dec. 04, 2020	Jun. 09, 2020	Dec. 09, 2019	Jun. 11, 2019	Dec. 06, 2018	Jun. 12, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	33.30%		33.30%		33.30%
Granted, Weighted Average Grant Date Fair Value (in USD per share)		$ 33.29		$ 45.35		$ 37.58
Granted, Shares	311,566	6,008	168,596	4,412	199,790	5,320
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Weighted Average Grant Date Fair Value (in USD per share)	$ 19.02		$ 28.06		$ 25.68
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Weighted Average Grant Date Fair Value (in USD per share)	$ 20.83		$ 30.97		$ 28.18

Equity of American Assets Tru_7

Equity of American Assets Trust, Inc. Summary of Activity of Restricted Stock Awards (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Nonvested, Number of Shares
Nonvested, Beginning, Shares | shares	345,156
Granted, Shares | shares	317,574
Vested, Shares | shares	(75,687)
Forfeited, Shares | shares	(95,086)
Nonvested, Ending, Shares | shares	491,957
Nonvested, Weighted Average Grant Date Fair Value
Nonvested, Beginning, Weighted Average Grant Date Fair Value (in USD per Share) | $ / shares	$ 28.75
Granted, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares	20.20
Vested, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares	28.46
Forfeited, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares	27.49
Nonvested, End of Year, Weighted Average Grant Date Fair Value (in USD per Share) | $ / shares	$ 23.53

Equity of American Assets Tru_8

Equity of American Assets Trust, Inc. Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
NUMERATOR
Net income from operations									$ 35,588	$ 60,188	$ 27,202
Less: Net income attributable to restricted shares	$ (123)	$ (87)	$ (69)	$ (104)	$ (104)	$ (92)	$ (92)	$ (93)	(383)	(381)	(311)
Less: Income attributable to unitholders in the Operating Partnership									7,545	14,089	7,205
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$ 2,898	$ 5,038	$ 7,656	$ 12,068	$ 12,845	$ 12,862	$ 8,916	$ 11,095	27,660	45,718	19,686
Income attributable to American Assets Trust, Inc. common stockholders—basic									27,660	45,718	19,686
Plus: Income attributable to unitholders in the Operating Partnership									(7,545)	(14,089)	(7,205)
Net income attributable to common stockholders-diluted									$ 35,205	$ 59,807	$ 26,891
DENOMINATOR
Weighted average shares of common stock outstanding-basic (in shares)									59,806,309	54,110,949	46,950,812
Effect of dilutive securities-conversion of Operating Partnership units (in shares)									16,313,454	16,675,183	17,185,747
Weighted average common shares outstanding - diluted (in shares)									76,119,763	70,786,132	64,136,559
Earnings (loss) per common share-basic
Basic net income attributable to common stockholders per share (in dollars per share)									$ 0.46	$ 0.84	$ 0.42
Earnings (loss) per common share-diluted
Diluted net income attributable to common stockholders per share (in dollars per share)									$ 0.46	$ 0.84	$ 0.42

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Deferred tax liabilities	$ 570	$ 332	$ 300

Income Taxes Income Tax Provisi

Income Taxes Income Tax Provision Included in Other Income Expense on Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Federal	$ (542)	$ 48	$ 60
State	412	625	465
Federal	(80)	237	(6)
State	201	(91)	(192)
Provision for income taxes	$ (9)	$ 819	$ 327

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)moCustomerProperty	Dec. 31, 2019
Commitment And Contingencies [Line Items]
Termination payment, as high as | $	$ 5.5
Transfer taxes accrued in connection with the Offering | $	$ 6.6
Maximum percentage of total revenue provided by any single tenant	10.00%	10.00%
Southern California
Commitment And Contingencies [Line Items]
Number of consolidated properties located in Southern California | Property	15
Total Revenue | Southern California
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	45.10%
Total Revenue | Hawaii
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	8.20%
Rental Income
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	17.60%
Number of tenants that comprise 17.6% of total annualized based rent | Customer	4
Total Revenues | Retail industry
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	25.60%	29.30%
Total Revenues | Office industry
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	51.50%	39.50%
Base Rent | LPL Holdings, LLC
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	10.00%
Alamo Quarry Market and Waikele Center | Total Revenue
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	9.10%	10.00%
Maximum | Tenants
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	2.00%
Maximum | Del Monte Center | Ground Water Contamination
Commitment And Contingencies [Line Items]
Environmental remediation monitoring period	7 years
Minimum | Del Monte Center | Ground Water Contamination
Commitment And Contingencies [Line Items]
Environmental remediation monitoring period	5 years
Waikiki Beach Walk - Retail
Commitment And Contingencies [Line Items]
Property management fee, percent	3.00%
Outrigger Hotels
Commitment And Contingencies [Line Items]
Property management fee, percent	6.00%
Number of calendar months termination fee is based	2 months
Maximum percentage of hotel's fiscal year gross revenues paid for aggregate yearly management fee	3.50%
Previous months of management fees	12 months
Hotel management agreement default penalty factor of previous twelve months of management fees in first 11 years of term	8
Years in hotel management agreement term	11 years
Hotel management agreement default penalty factor of previous twelve months of management fees in twelfth year of term	4
Hotel management agreement default penalty factor of previous twelve months of management fees in thirteenth year of term	3
Hotel management agreement default penalty factor of previous twelve months of management fees in fourteenth year of term	2
Hotel management agreement default penalty factor of previous twelve months of management fees in fifteenth year of term	1
Outrigger Hotels | Year of Agreement, 12th
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	15 years
Outrigger Hotels | Year of Agreement, 13th
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	14 years
Outrigger Hotels | Year of Agreement, 14th
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	13 years
Outrigger Hotels | Year of Agreement, 15th
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	12 years
Outrigger Hotels | Maximum
Commitment And Contingencies [Line Items]
Property management fee, percent	3.00%
Wbw Hotel Lessee Llc
Commitment And Contingencies [Line Items]
Years of contract	20 years
Percentage of hotel occupancy gross revenue paid for program fee	4.00%
Wbw Hotel Lessee Llc | Future Time Period Prior to 12-31-2021
Commitment And Contingencies [Line Items]
Percentage of hotel occupancy gross revenue paid for franchise royalty fee	4.00%
Wbw Hotel Lessee Llc | Future Time Period After 12-31-2021
Commitment And Contingencies [Line Items]
Percentage of hotel occupancy gross revenue paid for franchise royalty fee	5.00%

LEASES - Narrative (Details)

LEASES - Narrative (Details)	12 Months Ended
	Dec. 31, 2020statelease
Lessor, Lease, Description [Line Items]
Operating leases rental period terms	12 months
Number of States | state	5
Minimum
Lessor, Lease, Description [Line Items]
Term of office and retail leases	3 years
Term of apartment leases	7 months
Lease extension option period	3 years
Lease extension options exercise period	6 months
Maximum
Lessor, Lease, Description [Line Items]
Term of office and retail leases	10 years
Term of apartment leases	15 months
Lease extension option period	10 years
Lease extension options exercise period	12 months
The Land Mark at One Market
Lessor, Lease, Description [Line Items]
Lease extension option exercise period	5 years
Retail Or Office
Lessor, Lease, Description [Line Items]
Number of leases	816
Residential Property
Lessor, Lease, Description [Line Items]
Number of leases	1,722

LEASES - Minimum Future Rentals

LEASES - Minimum Future Rentals from Noncancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 222,357
2022	210,536
2023	192,702
2024	163,025
2025	142,446
Thereafter	435,100
Total	$ 1,366,166

LEASES - Lease Obligations - Mi

LEASES - Lease Obligations - Minimum Future Rental Payments from Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 3,215
2022	3,232
2023	3,328
2024	3,428
2025	3,531
Thereafter	19,710
Total lease payments	36,444
Imputed interest	(6,384)
Present value of lease liability	$ 30,060	$ 5,380
The Land Mark at One Market
Lessor, Lease, Description [Line Items]
Lease extension option exercise period	5 years

LEASES - Lease Costs & Addition

LEASES - Lease Costs & Additional Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 3,902	$ 3,334
Variable lease cost	0	0
Sublease income	(4,297)	(3,098)
Lease cost		$ 236
Lease Income	$ (395)
Weighted-average remaining lease term - operating leases (in years)	10 years 2 months 12 days
Weighted-average discount rate - operating leases (as a percent)	3.22%

LEASES - Supplemental Lease Inf

LEASES - Supplemental Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 3,422	$ 3,347
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$ 27,321	$ 7,661

Component of Rental Income an_3

Component of Rental Income and Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Leases, Income Statement, Lease Revenue [Abstract]
Recognition of straight-line rents	$ 18.9	$ 3.2	$ (2.4)
Recognition of amortization of above and below market leases	$ 3.9	$ 3.8	$ 3.6

Component of Rental Income an_4

Component of Rental Income and Expense Components of Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Rental Income [Line Items]
Cost reimbursement	$ 0	$ 0	$ 34,584
Percentage rent	3,516	2,476	3,149
Hotel revenue	17,209	40,297	40,049
Other	2,185	2,223	1,611
Total rental income	330,312	343,865	309,537
Total Retail
Rental Income [Line Items]
Minimum rents	82,176	99,601	77,147
Total Office
Rental Income [Line Items]
Minimum rents	170,853	136,118	95,081
Total Multifamily
Rental Income [Line Items]
Minimum rents	47,071	47,448	46,897
Total Mixed-Use
Rental Income [Line Items]
Minimum rents	$ 7,302	$ 15,702	$ 11,019

Component of Rental Income an_5

Component of Rental Income and Expense Components of Rental Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Leases, Income Statement, Lease Revenue [Abstract]
Rental operating	$ 38,194	$ 38,331	$ 37,322
Hotel operating	13,691	24,522	24,030
Repairs and maintenance	17,813	17,035	13,486
Marketing	2,023	2,538	2,108
Rent	3,955	3,372	3,216
Hawaii excise tax	2,479	4,160	4,333
Management fees	1,023	2,009	1,987
Total rental expenses	$ 79,178	$ 91,967	$ 86,482

Other Income (Expenses) (Detail

Other Income (Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Income and Expenses [Abstract]
Interest and investment income	$ 436	$ 696	$ 238
Income tax expense	9	(819)	(327)
Other non-operating income	2	1	4
Total other income (expense)	$ 447	$ (122)	$ (85)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 01, 2021	Jan. 01, 2021	Mar. 01, 2019
Related Party Transaction [Line Items]
Total rental income		$ 330,312	$ 343,865	$ 309,537
Investment in WBW CHP LLC, in percentage		47.70%
WBW CHP LLC
Related Party Transaction [Line Items]
Recovered reimbursements of operating expenses of WBW CHP LLC		$ 1,000	$ 1,100	1,100
Common Stock
Related Party Transaction [Line Items]
Common shares issued (in shares)			11,871,552
Insurance Company of the West, Inc. | Board of Directors Chairman
Related Party Transaction [Line Items]
Total rental income		0	$ 0	100
American Assets, Inc. | Board of Directors Chairman
Related Party Transaction [Line Items]
Total rental income		200	200	100
Lessor, Operating Lease, Term of Contract							3 years
Operating Lease, Lease Income		200
American Assets, Inc. | Board of Directors Chairman | Forecast
Related Party Transaction [Line Items]
Lessor, Operating Lease, Term of Contract						10 years
Operating Lease, Lease Income	$ 200
EDisability, LLC | Board of Directors Chairman
Related Party Transaction [Line Items]
Total rental income		200	200	100
EDisability, LLC | Board of Directors Chairman | Forecast
Related Party Transaction [Line Items]
Lessor, Operating Lease, Term of Contract					3 years
Operating Lease, Lease Income	$ 100
AAI Aviation, Inc. | Board of Directors Chairman
Related Party Transaction [Line Items]
Aviation expense		$ 0	$ 200	$ 100
Insurance Company of the West, Inc. | Board of Directors Chairman
Related Party Transaction [Line Items]
Percentage of ownership interests classified as noncontrolling		33.00%
Insurance Company of the West, Inc. | Common Stock | Board of Directors Chairman
Related Party Transaction [Line Items]
Percentage of ownership interests classified as noncontrolling		13.40%
Insurance Company of the West, Inc. | Member Units | Board of Directors Chairman
Related Party Transaction [Line Items]
Percentage of ownership interests classified as noncontrolling		19.50%

Segment Reporting (Details)

Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2020SegmentRoom
Segment Reporting [Abstract]
Number of operating segments | Segment	4
Rooms in mixed-use segment all-suite hotel | Room	369

Segment Reporting Operating Act

Segment Reporting Operating Activity Within Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Operating income (loss)	$ 16,415	$ 20,323	$ 22,995	$ 28,848	$ 29,993	$ 30,384	$ 24,487	$ 28,821	$ 88,581	$ 113,685	$ 79,535
Total segments' profit									223,454	234,761	209,412
Total Retail
Segment Reporting Information [Line Items]
Property revenue									88,280	107,604	105,552
Property expense									(27,374)	(30,633)	(30,078)
Operating income (loss)									60,906	76,971	75,474
Total Office
Segment Reporting Information [Line Items]
Property revenue									177,554	144,683	112,362
Property expense									(47,424)	(42,234)	(33,860)
Operating income (loss)									130,130	102,449	78,502
Total Multifamily
Segment Reporting Information [Line Items]
Property revenue									50,327	51,066	50,627
Property expense									(22,074)	(20,863)	(20,441)
Operating income (loss)									28,253	30,203	30,186
Total Mixed-Use
Segment Reporting Information [Line Items]
Property revenue									28,412	63,388	62,326
Property expense									(24,247)	(38,250)	(37,076)
Operating income (loss)									$ 4,165	$ 25,138	$ 25,250

Segment Reporting Reconciliatio

Segment Reporting Reconciliation of Segment Profit to Net Income Attributable to Stockholders (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting [Abstract]
Total segments' profit									$ 223,454	$ 234,761	$ 209,412
General and administrative									(26,581)	(24,871)	(22,784)
Depreciation and amortization									(108,292)	(96,205)	(107,093)
Interest expense									53,440	54,008	52,248
Gain on sale of real estate									0	633	0
Other income (expense), net									447	(122)	(85)
Net income	$ 3,788	$ 6,490	$ 9,826	$ 15,484	$ 16,485	$ 16,519	$ 11,941	$ 15,243	35,588	60,188	27,202
Net income attributable to restricted shares	(123)	(87)	(69)	(104)	(104)	(92)	(92)	(93)	(383)	(381)	(311)
Net income attributable to unitholders in the Operating Partnership	(767)	(1,365)	(2,101)	(3,312)	(3,536)	(3,565)	(2,933)	(4,055)	(7,545)	(14,089)	(7,205)
Net income (loss) attributable to American Assets Trust, Inc. stockholders	$ 2,898	$ 5,038	$ 7,656	$ 12,068	$ 12,845	$ 12,862	$ 8,916	$ 11,095	$ 27,660	$ 45,718	$ 19,686

Segment Reporting Net Real Esta

Segment Reporting Net Real Estate and Secured Note Payable Balances for Each Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net real estate	$ 2,492,734	$ 2,523,475
Secured Notes Payable	111,000	162,003
Capital Expenditures and Leasing Commissions	69,077	99,594
Debt issuance costs, net of accumulated amortization of $0 and $814, respectively	0	1,256
Total Retail
Segment Reporting Information [Line Items]
Net real estate	607,918	624,912
Secured Notes Payable	0	34,235
Capital Expenditures and Leasing Commissions	8,596	22,844
Total Office
Segment Reporting Information [Line Items]
Net real estate	1,317,107	1,317,854
Secured Notes Payable	111,000	127,768
Capital Expenditures and Leasing Commissions	52,882	64,549
Total Multifamily
Segment Reporting Information [Line Items]
Net real estate	389,804	401,152
Capital Expenditures and Leasing Commissions	3,897	3,711
Total Mixed-Use
Segment Reporting Information [Line Items]
Net real estate	177,905	179,557
Capital Expenditures and Leasing Commissions	3,702	8,490
American Assets Trust, L.P.
Segment Reporting Information [Line Items]
Net real estate	2,492,734	2,523,475
Secured notes payable | American Assets Trust, L.P.
Segment Reporting Information [Line Items]
Debt issuance costs, net of accumulated amortization of $0 and $814, respectively	$ 77	$ 124

Quarterly Financial Informati_3

Quarterly Financial Information (Unaudited) Selected Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information [Line Items]
Total revenue	$ 81,347	$ 84,374	$ 82,109	$ 96,743	$ 98,947	$ 98,362	$ 84,113	$ 85,319	$ 344,573	$ 366,741	$ 330,867
Operating income (loss)	16,415	20,323	22,995	28,848	29,993	30,384	24,487	28,821	88,581	113,685	79,535
Net income	3,788	6,490	9,826	15,484	16,485	16,519	11,941	15,243	35,588	60,188	27,202
Net income attributable to restricted shares	(123)	(87)	(69)	(104)	(104)	(92)	(92)	(93)	(383)	(381)	(311)
Net income attributable to unitholders in the Operating Partnership	(767)	(1,365)	(2,101)	(3,312)	(3,536)	(3,565)	(2,933)	(4,055)	(7,545)	(14,089)	(7,205)
Net income (loss) attributable to American Assets Trust, Inc. stockholders	$ 2,898	$ 5,038	$ 7,656	$ 12,068	$ 12,845	$ 12,862	$ 8,916	$ 11,095	27,660	45,718	19,686
Net income attributable to common stockholders - basic and diluted (in dollars per share)	$ 0.05	$ 0.08	$ 0.13	$ 0.20	$ 0.22	$ 0.22	$ 0.18	$ 0.24
American Assets Trust, L.P.
Quarterly Financial Information [Line Items]
Total revenue	$ 81,347	$ 84,374	$ 82,109	$ 96,743	$ 98,947	$ 98,362	$ 84,113	$ 85,319	344,573	366,741	330,867
Operating income (loss)	16,415	20,323	22,995	28,848	29,993	30,384	24,487	28,821	88,581	113,685	79,535
Net income	3,788	6,490	9,826	15,484	16,485	16,519	11,941	15,243	35,588	60,188	27,202
Net income attributable to restricted shares	(123)	(87)	(69)	(104)	(104)	(92)	(92)	(93)	(383)	(381)	(311)
Net income (loss) attributable to American Assets Trust, Inc. stockholders									$ 35,205	$ 59,807	$ 26,891
Net income attributable to American Assets Trust, L.P. unit holders	$ 3,665	$ 6,403	$ 9,757	$ 15,380	$ 16,381	$ 16,427	$ 11,849	$ 15,150
Net income attributable to common stockholders - basic and diluted (in dollars per share)	$ 0.05	$ 0.08	$ 0.13	$ 0.20	$ 0.22	$ 0.22	$ 0.18	$ 0.24

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jan. 26, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Repayment of unsecured line of credit		$ 0	$ 123,000,000	$ 20,000,000
American Assets Trust, L.P.
Subsequent Event [Line Items]
Repayment of unsecured line of credit		$ 0	$ 123,000,000	$ 20,000,000
Senior Guaranteed Notes, Series A | Unsecured debt | American Assets Trust, L.P.
Subsequent Event [Line Items]
Stated Interest Rate		4.04%
Subsequent Event [Member]
Subsequent Event [Line Items]
Stated Interest Rate	3.375%
Debt Instrument, Redemption Price, Percentage	98.935%
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity, after Year 10	3.502%
Proceeds from Debt, Net of Issuance Costs	$ 489,900,000
Subsequent Event [Member] | Unsecured debt
Subsequent Event [Line Items]
Face amount of debt	500,000,000
Subsequent Event [Member] | Senior Guaranteed Notes, Series A | Unsecured debt | American Assets Trust, L.P.
Subsequent Event [Line Items]
Repayments of Unsecured Debt	150,000,000
Gain (Loss) on Extinguishment of Debt	3,900,000
Subsequent Event [Member] | Second Amended and Restated Credit Facility | Unsecured line of credit | American Assets Trust, L.P.
Subsequent Event [Line Items]
Repayment of unsecured line of credit	$ 100,000,000

SCHEDULE III-Consolidated Rea_2

SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	$ 111,000
Initial Cost, Land	593,583
Initial Cost, Building and Improvements	1,784,945
Cost Capitalized Subsequent to Acquisition	868,346
Gross Carrying Amount, Land	628,556
Gross Carrying Amount, Building and Improvements	2,618,318
Accumulated Depreciation and Amortization	(754,140)	$ (665,222)	$ (590,338)	$ (537,431)
The aggregate tax basis for Federal tax purposes	2,300,000
Alamo Quarry Market
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	26,396
Initial Cost, Building and Improvements	109,294
Cost Capitalized Subsequent to Acquisition	18,227
Gross Carrying Amount, Land	26,816
Gross Carrying Amount, Building and Improvements	127,101
Accumulated Depreciation and Amortization	(64,168)
Carmel Country Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	4,200
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	13,074
Gross Carrying Amount, Land	4,200
Gross Carrying Amount, Building and Improvements	13,074
Accumulated Depreciation and Amortization	(9,006)
Carmel Mountain Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	22,477
Initial Cost, Building and Improvements	65,217
Cost Capitalized Subsequent to Acquisition	38,934
Gross Carrying Amount, Land	31,034
Gross Carrying Amount, Building and Improvements	95,594
Accumulated Depreciation and Amortization	(47,365)
Del Monte Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	27,412
Initial Cost, Building and Improvements	87,570
Cost Capitalized Subsequent to Acquisition	35,136
Gross Carrying Amount, Land	27,117
Gross Carrying Amount, Building and Improvements	123,001
Accumulated Depreciation and Amortization	(70,136)
Gateway Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	17,363
Initial Cost, Building and Improvements	21,644
Cost Capitalized Subsequent to Acquisition	1,239
Gross Carrying Amount, Land	17,363
Gross Carrying Amount, Building and Improvements	22,883
Accumulated Depreciation and Amortization	(2,889)
Geary Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	8,239
Initial Cost, Building and Improvements	12,353
Cost Capitalized Subsequent to Acquisition	212
Gross Carrying Amount, Land	8,239
Gross Carrying Amount, Building and Improvements	12,565
Accumulated Depreciation and Amortization	(3,190)
Hassalo on Eighth - Retail
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	0
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	28,529
Gross Carrying Amount, Land	597
Gross Carrying Amount, Building and Improvements	27,932
Accumulated Depreciation and Amortization	(6,356)
Lomas Santa Fe Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	8,600
Initial Cost, Building and Improvements	11,282
Cost Capitalized Subsequent to Acquisition	13,767
Gross Carrying Amount, Land	8,620
Gross Carrying Amount, Building and Improvements	25,029
Accumulated Depreciation and Amortization	(17,927)
The Shops at Kalakaua
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	13,993
Initial Cost, Building and Improvements	10,817
Cost Capitalized Subsequent to Acquisition	144
Gross Carrying Amount, Land	14,006
Gross Carrying Amount, Building and Improvements	10,948
Accumulated Depreciation and Amortization	(4,989)
Solana Beach Towne Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	40,980
Initial Cost, Building and Improvements	38,842
Cost Capitalized Subsequent to Acquisition	4,287
Gross Carrying Amount, Land	40,980
Gross Carrying Amount, Building and Improvements	43,129
Accumulated Depreciation and Amortization	(13,754)
South Bay Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	4,401
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	12,513
Gross Carrying Amount, Land	4,401
Gross Carrying Amount, Building and Improvements	12,513
Accumulated Depreciation and Amortization	(8,009)
Waikele Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	55,593
Initial Cost, Building and Improvements	126,858
Cost Capitalized Subsequent to Acquisition	42,934
Gross Carrying Amount, Land	70,643
Gross Carrying Amount, Building and Improvements	154,742
Accumulated Depreciation and Amortization	(66,820)
City Center Bellevue
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	111,000
Initial Cost, Land	25,135
Initial Cost, Building and Improvements	190,998
Cost Capitalized Subsequent to Acquisition	53,599
Gross Carrying Amount, Land	25,135
Gross Carrying Amount, Building and Improvements	244,597
Accumulated Depreciation and Amortization	(62,613)
First & Main
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	14,697
Initial Cost, Building and Improvements	109,739
Cost Capitalized Subsequent to Acquisition	5,933
Gross Carrying Amount, Land	14,697
Gross Carrying Amount, Building and Improvements	115,672
Accumulated Depreciation and Amortization	(34,125)
The Land Mark at One Market
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	34,575
Initial Cost, Building and Improvements	141,196
Cost Capitalized Subsequent to Acquisition	27,900
Gross Carrying Amount, Land	34,575
Gross Carrying Amount, Building and Improvements	169,096
Accumulated Depreciation and Amortization	(40,885)
Lloyd District Portfolio
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	18,660
Initial Cost, Building and Improvements	61,401
Cost Capitalized Subsequent to Acquisition	101,072
Gross Carrying Amount, Land	11,845
Gross Carrying Amount, Building and Improvements	169,288
Accumulated Depreciation and Amortization	(43,017)
One Beach Street
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	15,332
Initial Cost, Building and Improvements	18,017
Cost Capitalized Subsequent to Acquisition	4,192
Gross Carrying Amount, Land	15,332
Gross Carrying Amount, Building and Improvements	22,209
Accumulated Depreciation and Amortization	(6,284)
Solana Beach Corporate Centre I-II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	7,111
Initial Cost, Building and Improvements	17,100
Cost Capitalized Subsequent to Acquisition	7,514
Gross Carrying Amount, Land	7,111
Gross Carrying Amount, Building and Improvements	24,614
Accumulated Depreciation and Amortization	(7,623)
Solana Beach Corporate Centre III-IV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	7,298
Initial Cost, Building and Improvements	27,887
Cost Capitalized Subsequent to Acquisition	5,678
Gross Carrying Amount, Land	7,298
Gross Carrying Amount, Building and Improvements	33,565
Accumulated Depreciation and Amortization	(9,616)
Solana Beach Corporate Centre Land
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	487
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	60
Gross Carrying Amount, Land	547
Gross Carrying Amount, Building and Improvements	0
Accumulated Depreciation and Amortization	0
Torrey Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	4,095
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	56,586
Gross Carrying Amount, Land	5,408
Gross Carrying Amount, Building and Improvements	55,273
Accumulated Depreciation and Amortization	(20,723)
Pacific North Court
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	3,263
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	26,645
Gross Carrying Amount, Land	4,309
Gross Carrying Amount, Building and Improvements	25,599
Accumulated Depreciation and Amortization	(12,808)
Pacific South Court
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	3,285
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	40,066
Gross Carrying Amount, Land	4,226
Gross Carrying Amount, Building and Improvements	39,125
Accumulated Depreciation and Amortization	(16,498)
Pacific VC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	1,413
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	10,521
Gross Carrying Amount, Land	2,148
Gross Carrying Amount, Building and Improvements	9,786
Accumulated Depreciation and Amortization	(5,651)
Pacific Torrey Daycare
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	715
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	1,941
Gross Carrying Amount, Land	911
Gross Carrying Amount, Building and Improvements	1,745
Accumulated Depreciation and Amortization	(984)
Torrey Reserve Building 6
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	0
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	8,012
Gross Carrying Amount, Land	682
Gross Carrying Amount, Building and Improvements	7,330
Accumulated Depreciation and Amortization	(2,081)
Torrey Reserve Building 5
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	0
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	4,012
Gross Carrying Amount, Land	1,017
Gross Carrying Amount, Building and Improvements	2,995
Accumulated Depreciation and Amortization	(518)
Torrey Reserve Building 13 & 14
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	0
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	16,138
Gross Carrying Amount, Land	2,188
Gross Carrying Amount, Building and Improvements	13,950
Accumulated Depreciation and Amortization	(2,770)
Torrey Point
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	2,073
Initial Cost, Building and Improvements	741
Cost Capitalized Subsequent to Acquisition	49,668
Gross Carrying Amount, Land	5,050
Gross Carrying Amount, Building and Improvements	47,432
Accumulated Depreciation and Amortization	(3,346)
La Jolla Commons One & Two
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	62,312
Initial Cost, Building and Improvements	393,662
Cost Capitalized Subsequent to Acquisition	2,407
Gross Carrying Amount, Land	62,312
Gross Carrying Amount, Building and Improvements	396,069
Accumulated Depreciation and Amortization	(21,227)
La Jolla Commons - Land
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	20,446
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	4,294
Gross Carrying Amount, Land	20,446
Gross Carrying Amount, Building and Improvements	4,294
Accumulated Depreciation and Amortization	0
Imperial Beach Gardens
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	1,281
Initial Cost, Building and Improvements	4,820
Cost Capitalized Subsequent to Acquisition	5,445
Gross Carrying Amount, Land	1,281
Gross Carrying Amount, Building and Improvements	10,265
Accumulated Depreciation and Amortization	(8,425)
Loma Palisades
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	14,000
Initial Cost, Building and Improvements	16,570
Cost Capitalized Subsequent to Acquisition	29,900
Gross Carrying Amount, Land	14,052
Gross Carrying Amount, Building and Improvements	46,418
Accumulated Depreciation and Amortization	(30,582)
Mariner's Point
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	2,744
Initial Cost, Building and Improvements	4,540
Cost Capitalized Subsequent to Acquisition	1,731
Gross Carrying Amount, Land	2,744
Gross Carrying Amount, Building and Improvements	6,271
Accumulated Depreciation and Amortization	(3,949)
Santa Fe Park Rv Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	401
Initial Cost, Building and Improvements	928
Cost Capitalized Subsequent to Acquisition	1,263
Gross Carrying Amount, Land	401
Gross Carrying Amount, Building and Improvements	2,191
Accumulated Depreciation and Amortization	(1,562)
Pacific Ridge Apartments
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	47,971
Initial Cost, Building and Improvements	178,497
Cost Capitalized Subsequent to Acquisition	2,062
Gross Carrying Amount, Land	47,971
Gross Carrying Amount, Building and Improvements	180,559
Accumulated Depreciation and Amortization	(24,598)
Hassalo on Eighth - Residential
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	0
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	178,397
Gross Carrying Amount, Land	6,219
Gross Carrying Amount, Building and Improvements	172,178
Accumulated Depreciation and Amortization	(31,629)
Waikiki Beach Walk - Retail
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	45,995
Initial Cost, Building and Improvements	74,943
Cost Capitalized Subsequent to Acquisition	428
Gross Carrying Amount, Land	45,995
Gross Carrying Amount, Building and Improvements	75,371
Accumulated Depreciation and Amortization	(22,940)
Waikiki Beach Walk Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2020	0
Initial Cost, Land	30,640
Initial Cost, Building and Improvements	60,029
Cost Capitalized Subsequent to Acquisition	13,886
Gross Carrying Amount, Land	30,640
Gross Carrying Amount, Building and Improvements	73,915
Accumulated Depreciation and Amortization	$ (25,077)

SCHEDULE III-Consolidated Rea_3

SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real estate assets
Balance, beginning of period	$ 3,188,697	$ 2,630,191	$ 2,614,138
Property acquisitions	0	476,421	0
Improvements	64,997	101,285	62,790
Cost of Real Estate Sold	0	(8,845)	0
Other	(6,820)	(10,355)	(46,737)
Balance, end of period	3,246,874	3,188,697	2,630,191
Accumulated depreciation
Balance, beginning of period	665,222	590,338	537,431
Additions-depreciation	95,738	85,428	99,644
Cost of Real Estate Sold	0	(189)	0
Other	(6,820)	(10,355)	(46,737)
Balance, end of period	$ 754,140	$ 665,222	$ 590,338