American Assets Trust (AAT) 10-Q 30 Apr 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001500217
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	3420 Carmel Mountain Road
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	350-2600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	AAT
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		60,472,286
American Assets Trust, L.P.
Document Information [Line Items]
Entity Central Index Key	0001509570
Entity Registrant Name	AMERICAN ASSETS TRUST, L.P.
Entity File Number	333-202342-01
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3338894
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Operating real estate	$ 3,164,594	$ 3,155,280
Construction in progress	93,001	91,047
Held for development	547	547
Total Real estate, at cost	3,258,142	3,246,874
Accumulated depreciation	(776,825)	(754,140)
Real estate, net	2,481,317	2,492,734
Cash and cash equivalents	380,434	137,333
Restricted cash	1,716	1,716
Accounts receivable, net	6,031	6,938
Deferred rent receivables, net	76,690	72,476
Other assets, net	103,158	106,112
Total assets	3,049,346	2,817,309
LIABILITIES AND EQUITY
Secured notes payable, net	110,934	110,923
Unsecured notes payable, net	1,536,890	1,196,677
Unsecured line of credit, net	0	99,151
Accounts payable and accrued expenses	71,226	59,262
Security deposits payable	6,629	6,590
Other liabilities and deferred credits, net	88,228	91,300
Total liabilities	1,813,907	1,563,903
Commitments and contingencies (Note 11)
American Assets Trust, Inc. stockholders’ equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,472,286 and 60,476,292 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	605	605
Additional paid-in capital	1,447,128	1,445,644
Accumulated dividends in excess of net income	(192,098)	(176,560)
Accumulated other comprehensive income	1,964	1,753
Total American Assets Trust, Inc. stockholders’ equity	1,257,599	1,271,442
Noncontrolling interests	(22,160)	(18,036)
Total equity	1,235,439	1,253,406
CAPITAL:
TOTAL LIABILITIES AND EQUITY	3,049,346	2,817,309
American Assets Trust, L.P.
ASSETS
Operating real estate	3,164,594	3,155,280
Construction in progress	93,001	91,047
Held for development	547	547
Total Real estate, at cost	3,258,142	3,246,874
Accumulated depreciation	(776,825)	(754,140)
Real estate, net	2,481,317	2,492,734
Cash and cash equivalents	380,434	137,333
Restricted cash	1,716	1,716
Accounts receivable, net	6,031	6,938
Deferred rent receivables, net	76,690	72,476
Other assets, net	103,158	106,112
Total assets	3,049,346	2,817,309
LIABILITIES AND EQUITY
Secured notes payable, net	110,934	110,923
Unsecured notes payable, net	1,536,890	1,196,677
Unsecured line of credit, net	0	99,151
Accounts payable and accrued expenses	71,226	59,262
Security deposits payable	6,629	6,590
Other liabilities and deferred credits, net	88,228	91,300
Total liabilities	1,813,907	1,563,903
Commitments and contingencies (Note 11)
American Assets Trust, Inc. stockholders’ equity
Accumulated other comprehensive income	3,016	2,737
CAPITAL:
Limited partners' capital, 16,181,537 and 16,181,537 units issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	(23,212)	(19,020)
General partner's capital, 60,472,286 and 60,476,292 units issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	1,255,635	1,269,689
Total capital	1,235,439	1,253,406
TOTAL LIABILITIES AND EQUITY	$ 3,049,346	$ 2,817,309

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
REVENUE:
Rental income		$ 81,130	$ 92,070
Other property income		2,856	4,673
Total revenue		83,986	96,743
EXPENSES:
Rental expenses		18,246	22,568
Real estate taxes		11,354	11,045
General and administrative		6,823	6,820
Depreciation and amortization		27,501	27,462
Total operating expenses		63,924	67,895
OPERATING INCOME		20,062	28,848
Interest expense		(14,005)	(13,472)
Early extinguishment of debt		(4,271)	0
Other (expense) income, net		(53)	108
NET INCOME		1,733	15,484
Net income attributable to restricted shares		(137)	(104)
Net income attributable to unitholders in the Operating Partnership		(339)	(3,312)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS		$ 1,257	$ 12,068
EARNINGS PER COMMON SHARE
Earnings per common share, basic (in USD per share)		$ 0.02	$ 0.20
Weighted average shares of common stock outstanding-basic (in shares)		59,984,335	59,723,072
EARNINGS PER COMMON SHARE, DILUTED
Earnings per common share, diluted (in USD per share)		$ 0.02	$ 0.20
Weighted average shares of common stock outstanding-diluted (in shares)		76,165,872	76,113,620
Dividends declared per common share (in USD per share)		$ 0.28	$ 0.30
COMPREHENSIVE INCOME
Net income		$ 1,733	$ 15,484
Reclassification of amortization of forward-starting swap realized gains included in interest expense		(275)	(333)
Comprehensive income		2,012	9,036
Comprehensive income attributable to non-controlling interests		(407)	(1,941)
Comprehensive income attributable to American Assets Trust, Inc.		1,605	7,095
Interest Expense
COMPREHENSIVE INCOME
Reclassification of amortization of forward-starting swap realized gains included in interest expense		(275)	(333)
Senior Guaranteed Notes, Series A
COMPREHENSIVE INCOME
Reclassification of amortization of forward-starting swap realized gains included in interest expense		(193)
Senior Guaranteed Notes, Series A | Early Extinguishment of Debt
COMPREHENSIVE INCOME
Reclassification of amortization of forward-starting swap realized gains included in interest expense		(193)	0
American Assets Trust, L.P.
REVENUE:
Rental income		81,130	92,070
Other property income		2,856	4,673
Total revenue		83,986	96,743
EXPENSES:
Rental expenses		18,246	22,568
Real estate taxes		11,354	11,045
General and administrative		6,823	6,820
Depreciation and amortization		27,501	27,462
Total operating expenses		63,924	67,895
OPERATING INCOME		20,062	28,848
Interest expense		(14,005)	(13,472)
Early extinguishment of debt		(4,271)	0
Other (expense) income, net		(53)	108
NET INCOME		1,733	15,484
Net income attributable to restricted shares		(137)	(104)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS		$ 1,596	$ 15,380
EARNINGS PER COMMON SHARE
Earnings per common share, basic (in USD per share)		$ 0.02	$ 0.20
Weighted average shares of common stock outstanding-basic (in shares)		76,165,872	76,113,620
EARNINGS PER COMMON SHARE, DILUTED
Earnings per common share, diluted (in USD per share)		$ 0.02	$ 0.20
Weighted average shares of common stock outstanding-diluted (in shares)		76,165,872	76,113,620
Distributions per unit (in USD per share)		$ 0.28	$ 0.30
COMPREHENSIVE INCOME
Net income		$ 1,733	$ 15,484
Reclassification of amortization of forward-starting swap realized gains included in interest expense		(275)	(333)
Comprehensive income		2,012	9,036
American Assets Trust, L.P. | Interest Expense
COMPREHENSIVE INCOME
Reclassification of amortization of forward-starting swap realized gains included in interest expense		(275)	(333)
American Assets Trust, L.P. | Senior Guaranteed Notes, Series A
COMPREHENSIVE INCOME
Reclassification of amortization of forward-starting swap realized gains included in interest expense		(193)
American Assets Trust, L.P. | Senior Guaranteed Notes, Series A | Early Extinguishment of Debt
COMPREHENSIVE INCOME
Reclassification of amortization of forward-starting swap realized gains included in interest expense		(193)	0
Limited Partner | American Assets Trust, L.P.
EXPENSES:
NET INCOME	[1]	339	3,312
COMPREHENSIVE INCOME
Net income	[1]	339	3,312
Comprehensive income attributable to American Assets Trust, Inc.		(407)	(1,941)
General Partner | American Assets Trust, L.P.
EXPENSES:
NET INCOME	[2]	1,394	12,172
COMPREHENSIVE INCOME
Net income	[2]	1,394	12,172
Comprehensive income attributable to American Assets Trust, Inc.		1,605	7,095
Interest Rate Swap
COMPREHENSIVE INCOME
Other comprehensive gain - change in value of interest rate swaps		747	(6,115)
Interest Rate Swap | American Assets Trust, L.P.
COMPREHENSIVE INCOME
Other comprehensive gain - change in value of interest rate swaps		$ 747	$ (6,115)
[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general partnership interests held by American Assets Trust, Inc.

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - USD ($) $ in Thousands	Total	Senior Guaranteed Notes, Series A	American Assets Trust, L.P.	American Assets Trust, L.P.Senior Guaranteed Notes, Series A	American Assets Trust, L.P.Accumulated Other Comprehensive Income (Loss)	American Assets Trust, L.P.Accumulated Other Comprehensive Income (Loss)Senior Guaranteed Notes, Series A	American Assets Trust, L.P.Limited Partner		American Assets Trust, L.P.General Partner		Common Shares	Common SharesAmerican Assets Trust, L.P.General Partner	Additional Paid-in Capital	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)Senior Guaranteed Notes, Series A	Noncontrolling Interests - Unitholders in the Operating Partnership	Noncontrolling Interests - Unitholders in the Operating PartnershipSenior Guaranteed Notes, Series A	Swap	SwapAmerican Assets Trust, L.P.	SwapAmerican Assets Trust, L.P.Accumulated Other Comprehensive Income (Loss)	SwapAccumulated Other Comprehensive Income (Loss)	SwapNoncontrolling Interests - Unitholders in the Operating Partnership
Beginning Balance (shares) at Dec. 31, 2019											60,068,228
Beginning Balance at Dec. 31, 2019	$ 1,293,672										$ 601		$ 1,452,014	$ (144,378)	$ 5,680		$ (20,245)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	15,484		$ 15,484				$ 3,312	[1]	$ 12,172	[2]				12,172			3,312
Dividends declared and paid	(22,937)													(18,020)
Dividends declared and paid (noncontrolling interest)																	(4,917)
Stock-based compensation	1,250												1,250
Other comprehensive gain - change in value of interest rate swaps																			$ (6,115)	$ (6,115)	$ (6,115)	$ (4,816)	$ (1,299)
Reclassification of amortization of forward-starting swap included in interest expense	(333)		(333)		$ (333)										(261)		(72)
Ending Balance (shares) at Mar. 31, 2020											60,068,228
Ending Balance at Mar. 31, 2020	1,281,021										$ 601		1,453,264	(150,226)	603		(23,221)
Beginning partners' capital account (shares) at Dec. 31, 2019							16,390,548	[1]	60,068,228	[2]
Beginning partners' capital account at Dec. 31, 2019			1,293,672		7,716		$ (22,281)	[1]	$ 1,308,237	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	15,484		15,484				3,312	[1]	12,172	[2]				12,172			3,312
Distributions			(22,937)				$ (4,917)	[1]	(18,020)	[2]
Stock-based compensation			1,250						$ 1,250	[2]
Other comprehensive gain - change in value of interest rate swaps																			(6,115)	(6,115)	(6,115)	(4,816)	(1,299)
Reclassification of amortization of forward-starting swap included in interest expense	$ (333)		(333)		(333)										(261)		(72)
Ending partners' capital account (shares) at Mar. 31, 2020							16,390,548	[1]	60,068,228	[2]
Ending partners' capital account at Mar. 31, 2020			1,281,021		1,268		$ (23,886)	[1]	$ 1,303,639	[2]
Beginning Balance (shares) at Dec. 31, 2020	60,476,292										60,476,292
Beginning Balance at Dec. 31, 2020	$ 1,253,406										$ 605		1,445,644	(176,560)	1,753		(18,036)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,733		1,733				$ 339	[1]	$ 1,394	[2]				1,394			339
Forfeiture of restricted stock (shares)											(4,006)	(4,006)
Dividends declared and paid	(21,463)													(16,932)
Dividends declared and paid (noncontrolling interest)																	(4,531)
Stock-based compensation	1,484												1,484
Other comprehensive gain - change in value of interest rate swaps																			747	747	747	579	168
Reclassification of amortization of forward-starting swap included in interest expense	$ (275)	$ (193)	(275)	$ (193)	(275)	$ (193)									(216)	$ (152)	(59)	$ (41)
Ending Balance (shares) at Mar. 31, 2021	60,472,286										60,472,286
Ending Balance at Mar. 31, 2021	$ 1,235,439										$ 605		$ 1,447,128	(192,098)	1,964		(22,160)
Beginning partners' capital account (shares) at Dec. 31, 2020							16,181,537		60,476,292
Beginning partners' capital account at Dec. 31, 2020			1,253,406		2,737		$ (19,020)		$ 1,269,689
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	1,733		1,733				339	[1]	1,394	[2]				$ 1,394			339
Forfeiture of restricted stock (shares)											(4,006)	(4,006)
Distributions			(21,463)				$ (4,531)	[1]	(16,932)	[2]
Stock-based compensation			1,484						$ 1,484	[2]
Other comprehensive gain - change in value of interest rate swaps																			$ 747	$ 747	$ 747	$ 579	$ 168
Reclassification of amortization of forward-starting swap included in interest expense	$ (275)	$ (193)	(275)	$ (193)	(275)	$ (193)									$ (216)	$ (152)	$ (59)	$ (41)
Ending partners' capital account (shares) at Mar. 31, 2021							16,181,537		60,472,286
Ending partners' capital account at Mar. 31, 2021			$ 1,235,439		$ 3,016		$ (23,212)		$ 1,255,635
[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general partnership interests held by American Assets Trust, Inc.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES
Net income		$ 1,733	$ 15,484
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles		(6,292)	(3,762)
Depreciation and amortization		27,501	27,462
Amortization of debt issuance costs and debt discounts		577	374
Early extinguishment of debt		4,271	0
Provision for uncollectable rental income		3,213	370
Stock-based compensation expense		1,484	1,250
Other noncash interest expense		(275)	(333)
Other, net		32	(3,940)
Changes in operating assets and liabilities
Change in accounts receivable		(1,841)	3,632
Change in other assets		651	616
Change in accounts payable and accrued expenses		11,098	4,435
Change in security deposits payable		39	30
Change in other liabilities and deferred credits		314	(257)
Net cash provided by operating activities		42,505	45,361
INVESTING ACTIVITIES
Capital expenditures		(11,372)	(20,531)
Leasing commissions		(844)	(3,394)
Net cash used in investing activities		(12,216)	(23,925)
FINANCING ACTIVITIES
Repayment of secured notes payable		0	(51,003)
Repayment of unsecured line of credit		(100,000)	0
Proceeds from unsecured notes payable		494,675	0
Repayments of Unsecured Debt		(155,375)	0
Debt issuance costs		(5,025)	0
Proceeds from issuance of common stock, net		0	(119)
Dividends paid to common stock and unitholders		(21,463)	(22,937)
Net cash provided by (used in) financing activities		212,812	(74,059)
Net increase (decrease) in cash and cash equivalents		243,101	(52,623)
Cash, cash equivalents and restricted cash, beginning of period		139,049	109,451
Cash, cash equivalents and restricted cash, end of period		382,150	56,828
Cash and cash equivalents		380,434	52,371
Restricted cash		1,716	4,457
Noncontrolling Interests - Unitholders in the Operating Partnership
OPERATING ACTIVITIES
Net income		339	3,312
American Assets Trust, L.P.
OPERATING ACTIVITIES
Net income		1,733	15,484
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles		(6,292)	(3,762)
Depreciation and amortization		27,501	27,462
Amortization of debt issuance costs and debt discounts		577	374
Early extinguishment of debt		4,271	0
Provision for uncollectable rental income		3,213	370
Stock-based compensation expense		1,484	1,250
Other noncash interest expense		(275)	(333)
Other, net		32	(3,940)
Changes in operating assets and liabilities
Change in accounts receivable		(1,841)	3,632
Change in other assets		651	616
Change in accounts payable and accrued expenses		11,098	4,435
Change in security deposits payable		39	30
Change in other liabilities and deferred credits		314	(257)
Net cash provided by operating activities		42,505	45,361
INVESTING ACTIVITIES
Capital expenditures		(11,372)	(20,531)
Leasing commissions		(844)	(3,394)
Net cash used in investing activities		(12,216)	(23,925)
FINANCING ACTIVITIES
Repayment of secured notes payable		0	(51,003)
Repayment of unsecured line of credit		(100,000)	0
Proceeds from unsecured notes payable		494,675	0
Repayments of Unsecured Debt		(155,375)	0
Debt issuance costs		(5,025)	0
Contributions from American Assets Trust, Inc.		0
Contributions from American Assets Trust, Inc.			(119)
Dividends paid to common stock and unitholders		(21,463)	(22,937)
Net cash provided by (used in) financing activities		212,812	(74,059)
Net increase (decrease) in cash and cash equivalents		243,101	(52,623)
Cash, cash equivalents and restricted cash, beginning of period		139,049	109,451
Cash, cash equivalents and restricted cash, end of period		382,150	56,828
Cash and cash equivalents		380,434	52,371
Restricted cash		1,716	4,457
American Assets Trust, L.P. | Limited Partner
OPERATING ACTIVITIES
Net income	[1]	339	3,312
American Assets Trust, L.P. | General Partner
OPERATING ACTIVITIES
Net income	[2]	$ 1,394	$ 12,172
[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general partnership interests held by American Assets Trust, Inc.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	490,000,000	490,000,000
Common stock, shares outstanding (shares)	60,472,286	60,476,292
Common stock, shares issued (in shares)	60,472,286	60,476,292
American Assets Trust, L.P.
Limited partners' capital, units outstanding (in shares)	16,181,537	16,181,537
Limited partners' capital, units issued (in shares)	16,181,537	16,181,537
General partners' capital, units issued (in shares)	60,472,286	60,476,292
General partners' capital, units outstanding (in shares)	60,472,286	60,476,292

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business and Organization American Assets Trust, Inc. (which may be referred to in these financial statements as the “Company,” “we,” “us,” or “our”) is a Maryland corporation formed on July 16, 2010 that did not have any operating activity until the consummation of our initial public offering on January 19, 2011. The Company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The Company’s operations are carried on through our Operating Partnership and its subsidiaries, including our taxable real estate investment trust ("REIT") subsidiary ("TRS"). Since the formation of our Operating Partnership, the Company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. We are a full service, vertically integrated, and self-administered REIT with approximately 190 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. As of March 31, 2021, 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 March 31, 2021, we owned land at three of our properties that we classify as held for development and/or construction in progress. A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street Torrey Reserve Campus First & Main Torrey Point Lloyd Portfolio Solana Crossing (formerly Solana Beach Corporate Centre) City Center Bellevue The Landmark at One Market Multifamily Loma Palisades Hassalo on Eighth - Residential Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and/or Construction in Progress La Jolla Commons – Land Solana Crossing – Land Lloyd 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. The Company follows the Financial Accounting Standards Board (the "FASB") guidance for determining whether an entity is a variable interest entity (“VIE”) and requires the performance of a qualitative rather than a quantitative analysis to determine the primary beneficiary of a VIE. Under this guidance, an entity would be required to consolidate a VIE if it has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. American Assets Trust, Inc. has concluded that the Operating Partnership is a VIE, and because American Assets Trust, Inc. has both the power and the rights to control the Operating Partnership, American Assets Trust, Inc. is the primary beneficiary and is required to continue to consolidate the Operating Partnership.Substantially all of the assets and liabilities of the Company are related to the operating partnership VIE. All intercompany transactions and balances are eliminated in consolidation. The accompanying consolidated financial statements of the Company and the Operating Partnership have been prepared in accordance with the rules applicable to Form 10-Q and include all information and footnotes required for interim financial statement presentation, but do not include all disclosures required under accounting principles generally accepted in the United States (“GAAP”) for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments, except as otherwise noted) considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and notes therein included in the Company's and Operating Partnership's annual report on Form 10-K for the year ended December 31, 2020. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using our best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Any reference to the number of properties, number of units, square footage, employee numbers or percentages of beneficial ownership of our shares are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. Consolidated Statements of Cash Flows—Supplemental Disclosures The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): Three Months Ended March 31, 2021 2020 Supplemental cash flow information Total interest costs incurred $ 14,564 $ 13,736 Interest capitalized $ 559 $ 264 Interest expense $ 14,005 $ 13,472 Cash paid for interest, net of amounts capitalized $ 13,069 $ 15,043 Cash paid for income taxes $ 71 $ 51 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 7,109 $ 16,541 Accrued leasing commissions $ 631 $ 2,083 Significant Accounting Policies We describe our significant accounting policies in Note 1 to the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2020. There have been no changes to our significant accounting policies during the three months ended March 31, 2021. Segment Information Segment information is prepared on the same basis that our chief operating decision maker reviews information for operational decision-making purposes. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel. Revenue Recognition and Accounts Receivable Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, net of valuation adjustments, based on management's assessment of credit, collection and other business risks. We make estimates of the collectability of our current accounts receivable and straight-line rents receivable which require significant judgment by management. The collectability of receivables is affected by numerous different factors including current economic conditions, including the impact of 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 credit held with respect to tenants, and the ability of the tenant to perform under the terms of their lease agreement. The provision for doubtful accounts at March 31, 2021 and December 31, 2020 was approximately $12.2 million and $10.0 million, respectively. Rent Concessions – COVID-19 During the first quarter of 2021, 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"). As of March 31, 2021, we have entered into lease modifications that resulted in adjustments (including rent deferrals and other monetary lease concessions) due to the impact of the COVID-19 pandemic of approximately $1.2 million or 2% of the rent originally contracted for the three months ended March 31, 2021. For the first quarter of 2021, we collected approximately $0.7 million or 88% of the deferred rent repayments due during the period. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Topics. The pronouncement requires companies to adopt a new approach to estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard requires entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses , 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 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

ACQUIRED IN-PLACE LEASES AND AB

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES	ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES The following summarizes our acquired lease intangibles and leasing costs, which are included in other assets and other liabilities and deferred credits, as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 In-place leases $ 60,447 $ 60,965 Accumulated amortization (35,324) (34,758) Above market leases 4,665 5,389 Accumulated amortization (4,551) (5,268) Acquired lease intangible assets, net $ 25,237 $ 26,328 Below market leases $ 56,666 $ 56,677 Accumulated accretion (35,993) (35,219) Acquired lease intangible liabilities, net $ 20,673 $ 21,458

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2021
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 The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of fair value, using Level 1 inputs, because of the short-term nature of these instruments. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. We measure the fair value of our deferred compensation liability, which is included in other liabilities and deferred credits on the consolidated balance sheet, on a recurring basis using Level 2 inputs. We measure the fair value of this liability based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. The fair value of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contract at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded in accumulated other comprehensive income (loss) and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. We incorporate credit valuation adjustments to appropriately reflect both our own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of non-performance risk, we considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2021 we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative position and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivative. As a result, we have determined that our derivative valuation in its entirety is classified in Level 2 of the fair value hierarchy. A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows (in thousands): March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Deferred compensation liability $ — $ 2,158 $ — $ 2,158 $ — $ 2,059 $ — $ 2,059 Interest rate swap liability $ — $ 3,784 $ — $ 3,784 $ — $ 4,531 $ — $ 4,531 The fair value of our secured notes payable and unsecured senior guaranteed notes are sensitive to fluctuations in interest rates. Discounted cash flow analysis using observable market interest rates (Level 2) is generally used to estimate the fair value of our secured notes payable, using rates ranging from 2.7% to 3.9%. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying values of our revolving line of credit and term loan set forth below are deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. A summary of the carrying amount and fair value of our secured financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands): March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Secured notes payable, net $ 110,934 $ 113,364 $ 110,923 $ 114,074 Unsecured term loans, net $ 249,338 $ 250,000 $ 249,233 $ 250,000 Unsecured senior guaranteed notes, net $ 797,645 $ 827,895 $ 947,444 $ 1,017,378 Senior unsecured notes, net $ 489,907 $ 493,790 $ — $ — Unsecured line of credit, net $ — $ — $ 99,151 $ 100,000

DERIVATIVE AND HEDGING ACTIVITI

DERIVATIVE AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE AND HEDGING ACTIVITIES	DERIVATIVE AND HEDGING ACTIVITIES Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The following is a summary of the terms of our outstanding interest rate swaps as of March 31, 2021 (dollars in thousands): Swap Counterparty Notional Amount Effective Date Maturity Date Fair Value U.S. Bank N.A. $ 100,000 3/1/2016 3/1/2023 $ (2,533) Wells Fargo Bank, N.A. $ 50,000 5/2/2016 3/1/2023 $ (1,251) The effective portion of changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded in accumulated other comprehensive income and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings for as long as hedged cash flows remain probable. During the next twelve months, we estimate that $1.1 million will be reclassified as a decrease to interest expense.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets consist of the following (in thousands): March 31, 2021 December 31, 2020 Leasing commissions, net of accumulated amortization of $36,529 and $35,167, respectively $ 37,385 $ 38,173 Acquired above market leases, net 114 121 Acquired in-place leases, net 25,123 26,207 Lease incentives, net of accumulated amortization of $862 and $802, respectively 934 994 Other intangible assets, net of accumulated amortization of $1,277 and $1,213, respectively 2,486 2,565 Debt issuance costs, net of accumulated amortization of $1,324 and $0, respectively 746 — Right-of-use lease asset, net 28,583 29,350 Prepaid expenses and other 7,787 8,702 Total other assets $ 103,158 $ 106,112

OTHER LIABILITIES AND DEFERRED

OTHER LIABILITIES AND DEFERRED CREDITS	3 Months Ended
	Mar. 31, 2021
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): March 31, 2021 December 31, 2020 Acquired below market leases, net $ 20,673 $ 21,458 Prepaid rent and deferred revenue 14,371 14,518 Interest rate swap liability 3,784 4,531 Deferred rent expense and lease intangible 13 16 Deferred compensation 2,158 2,059 Deferred tax liability 570 570 Straight-line rent liability 17,156 18,049 Lease liability 29,471 30,060 Other liabilities 32 39 Total other liabilities and deferred credits, net $ 88,228 $ 91,300 Straight-line rent liability relates to leases which have rental payments that decrease over time or one-time upfront payments for which the rental revenue is deferred and recognized on a straight-line basis.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
DEBT	DEBT Debt of American Assets Trust, Inc. American Assets Trust, Inc. does not hold any indebtedness. All debt is held directly or indirectly by the Operating Partnership; however, American Assets Trust, Inc. has guaranteed the Operating Partnership's obligations under the (i) amended and restated credit facility, (ii) term loans, (iii) senior guaranteed notes, and (iv) senior unsecured notes. Additionally, American Assets Trust, Inc. has provided a carve-out guarantee on the property-level mortgage debt at City Center Bellevue. Debt of American Assets Trust, L.P. Secured notes payable The following is a summary of our total secured notes payable outstanding as of March 31, 2021 and December 31, 2020 (in thousands): Principal Balance as of Stated Interest Rate Stated Maturity Date Description of Debt March 31, 2021 December 31, 2020 as of March 31, 2021 City Center Bellevue (1) 111,000 111,000 3.98 % November 1, 2022 111,000 111,000 Debt issuance costs, net of accumulated amortization of $355 and $345, respectively (66) (77) Total Secured Notes Payable Outstanding $ 110,934 $ 110,923 (1) Interest only. Certain loans require us to comply with various financial covenants. As of March 31, 2021, the Operating Partnership was in compliance with these financial covenants. Unsecured notes payable The following is a summary of the Operating Partnership's total unsecured notes payable outstanding as of March 31, 2021 and December 31, 2020 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date March 31, 2021 December 31, 2020 as of March 31, 2021 Term Loan A $ 100,000 $ 100,000 Variable (1) January 9, 2022 Senior Guaranteed Notes, Series A (2) — 150,000 4.04 % (3) October 31, 2021 Term Loan B 100,000 100,000 Variable (4) March 1, 2023 Term Loan C 50,000 50,000 Variable (5) March 1, 2023 Senior Guaranteed Notes, Series F 100,000 100,000 3.78 % (6) 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 % (7) March 1, 2027 Senior Guaranteed Notes, Series E 100,000 100,000 4.24 % (8) May 23, 2029 Senior Guaranteed Notes, Series G 150,000 150,000 3.91 % (9) July 30, 2030 3.375% Senior Unsecured Notes 500,000 — 3.38 % February 1, 2031 1,550,000 1,200,000 Debt discount and issuance costs, net of accumulated amortization of $9,463 and $8,856, respectively (13,110) (3,323) Total Unsecured Notes Payable $ 1,536,890 $ 1,196,677 (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 the interest rate swap maturity date of 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) Notes prepaid in full, with make-whole penalty thereon of approximately $3.9 million, on January 26, 2021. (3) The Operating Partnership entered into a one-month forward-starting seven years swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately $1.6 million. The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. On January 26, 2021, we prepaid the entirety of the Senior Guaranteed Notes, Seres A with make-whole premium thereon. (4) 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. (5) 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. (6) 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. (7) 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. Each of the forward-starting interest swap rate contracts were deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.87% per annum. (8) 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. (9) 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 January 26, 2021, the Operating Partnership issued $500 million of senior unsecured notes (the "3.375% Senior Notes") that mature February 1, 2031 and bear interest at 3.375% per annum. The 3.375% Senior Notes were priced at 98.935% of the principal amount with a yield to maturity of 3.502%. The net proceeds of the 3.375% Senior Notes, after the issuance discount, underwriting fees, and other costs were approximately $489.7 million, which were primarily used to (i) prepay our $150 million Senior Guaranteed Notes, Series A, with a make-whole payment (as defined in the Note Purchase Agreement for the Series A Notes) thereon of approximately $3.9 million, on January 26, 2021, (ii) repay our $100 million then outstanding balance under our Revolver Loan on January 26, 2021, (iii) fund the development of the La Jolla Commons III office building and (iv) for general corporate purposes. Certain unsecured loans and notes require us to comply with various financial covenants. As of March 31, 2021, the Operating Partnership was in compliance with these financial covenants. Amended Term Loan Agreement On January 9, 2018, we entered into the Third Amendment to the Term Loan Agreement (as so amended, the "Term Loan Agreement"), which maintains the seven years $150 million unsecured term loan (referred to herein as Term Loan B and Term Loan C) to the Operating Partnership that matures on March 1, 2023 (the “$150mm Term Loan”). Effective as of March 1, 2018, borrowings under the Term Loan Agreement with respect to the $150mm Term Loan bear interest at floating rates equal to, at the Operating Partnership’s option, either (1) LIBOR, plus a spread which ranges from 1.20% to 1.70% based on the Operating Partnership’s consolidated leverage ratio, or (2) a base rate equal to the highest of (a) 0%, (b) the prime rate, (c) the federal funds rate plus 50 bps or (d) the Eurodollar rate plus 100 bps, in each case plus a spread which ranges from 0.70% to 1.35% based on the Operating Partnership’s consolidated leverage ratio. Additionally, the Operating Partnership may elect for borrowings to bear interest based on a ratings-based pricing grid as per the Operating Partnership’s then-applicable investment grade debt ratings under the terms set forth in the Term Loan Agreement. Second Amended and Restated Credit Facility On January 9, 2018, we entered into a second amended and restated credit agreement (the "Second Amended and Restated Credit Facility"). The Second Amended and Restated Credit Facility provides for aggregate, unsecured borrowing of $450 million, consisting of a revolving line of credit of $350 million (the "Revolver Loan") and a term loan of $100 million (the "Term Loan A"). The Second Amended and Restated Credit Facility has an accordion feature that may allow us to increase the availability thereunder up to an additional $250 million, subject to meeting specified requirements and obtaining additional commitments from lenders. At March 31, 2021, there were no amounts outstanding under the Revolver Loan and we had incurred approximately $0.7 million of debt issuance costs, net, which are recorded in other assets, net on the consolidated balance sheets. Borrowings under the Second Amended and Restated Credit Agreement initially bear interest at floating rates equal to, at our option, either (1) LIBOR, plus a spread which ranges from (a) 1.05% to 1.50% (with respect to the Revolver Loan) and (b) 1.30% to 1.90% (with respect to Term Loan A), in each case based on our consolidated leverage ratio, or (2) a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 50 bps or (c) LIBOR plus 100 bps, plus a spread which ranges from (i) 0.10% to 0.50% (with respect to the Revolver Loan) and (ii) 0.30% to 0.90% (with respect to Term Loan A), in each case based on our consolidated leverage ratio. For the three months ended March 31, 2021, the weighted average interest rate on the Revolver Loan was 1.21%. 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. In October 2020, we exercised an option to extend the maturity date of Term Loan A to January 9, 2022, subject to certain conditions. Additionally, in connection with the First Amendment, borrowings under the Second Amended and Restated Credit Facility with respect to Term Loan A bear interest at floating rates equal to, at our option, either (1) LIBOR, plus a spread which ranges from 1.20% to 1.70% based on our consolidated total leverage ratio, or (2) a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 50 bps or (c) the Eurodollar rate plus 100 bps, in each case plus a spread which ranges from 0.20% to 0.70% based on our consolidated total leverage ratio. The foregoing rates are intended to be more favorable than previously contained in the Second Amended and Restated Credit Facility (prior to entry into the First Amendment) with respect to Term Loan A. Additionally, the Second Amended and Restated Credit Facility includes a number of customary financial covenants, including: • A maximum leverage ratio (defined as total indebtedness net of certain cash and cash equivalents to total asset value) of 60%, • A maximum secured leverage ratio (defined as total secured debt to secured total asset value) of 40%, • A minimum fixed charge coverage ratio (defined as consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges) of 1.50x, • A minimum unsecured interest coverage ratio of 1.75x, • A maximum unsecured leverage ratio of 60%, and • Recourse indebtedness at any time cannot exceed 15% of total asset value. The Second Amended and Restated Credit Facility provides that our annual distributions may not exceed the greater of (1) 95% of our funds from operation ("FFO") or (2) the amount required for us to (a) qualify and maintain our REIT status and (b) avoid the payment of federal or state income or excise tax. If certain events of default exist or would result from a distribution, we may be precluded from making distributions other than those necessary to qualify and maintain our status as a REIT. As of March 31, 2021, the Operating Partnership was in compliance with the financial covenants in the Second Amended and Restated Credit Facility.

PARTNERS' CAPITAL OF AMERICAN A

PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. Noncontrolling interests in our Operating Partnership are interests in the Operating Partnership that are not owned by us. Noncontrolling interests consisted of 16,181,537 common units (the “noncontrolling common units”), and represented approximately 21.3% of the ownership interests in our Operating Partnership at March 31, 2021. Common units and shares of our common stock have essentially the same economic characteristics in that common units and shares of our common stock share equally in the total net income or loss distributions of our Operating Partnership. Investors who own common units have the right to cause our Operating Partnership to redeem any or all of their common units for cash equal to the then-current market value of one share of our common stock, or, at our election, shares of our common stock on a one-for-one basis. During the three months ended March 31, 2021, no common units were converted into shares of our common stock. Earnings Per Unit of the Operating Partnership Basic earnings per unit (“EPU”) of the Operating Partnership is computed by dividing income applicable to unitholders by the weighted average Operating Partnership units outstanding, as adjusted for the effect of participating securities. Operating Partnership units granted in equity-based payment transactions that have non-forfeitable dividend equivalent rights are considered participating securities prior to vesting. The impact of unvested Operating Partnership unit awards on EPU has been calculated using the two-class method whereby earnings are allocated to the unvested Operating Partnership unit awards based on distributions and the unvested Operating Partnership units’ participation rights in undistributed earnings. The calculation of diluted EPU for the three months ended March 31, 2021 and 2020 does not include the weighted average of 489,775 and 345,153 unvested Operating Partnership units, respectively, as these equity securities are either considered contingently issuable or the effect of including these equity securities was anti-dilutive to income from continuing operations and net income attributable to the unitholders.

EQUITY OF AMERICAN ASSETS TRUST

EQUITY OF AMERICAN ASSETS TRUST, INC.	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
EQUITY OF AMERICAN ASSETS TRUST, INC.	EQUITY OF AMERICAN ASSETS TRUST, INC. Stockholders' Equity On May 27, 2015, we entered into an at-the-market ("ATM") equity program with five sales agents in which we may, from time to time, offer and sell shares of our common stock having an aggregate offering price of up to $250.0 million. On March 2, 2018, we amended certain of these equity programs, terminated one such program and entered into a new equity program with one new sales agent. The sales of shares of our common stock made through the ATM equity program, as amended, are made in "at-the-market" offerings as defined in Rule 415 of the Securities Act of 1933, as amended. During the three months ended March 31, 2021, 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 March 31, 2021, we had the capacity to issue up to an additional $132.6 million in shares of our common stock under our ATM equity program upon filing an updated prospectus supplement with the SEC. Actual future sales will depend on a variety of factors including, but not limited to, market conditions, the trading price of our common stock and our capital needs. We have no obligation to sell the remaining shares available for sale under the ATM equity program. Dividends The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units during the three months ended March 31, 2021: Period Amount per Period Covered Dividend Paid Date First Quarter 2021 $ 0.28 January 1, 2021 to March 31, 2021 March 25, 2021 Taxability of Dividends Earnings and profits, which determine the taxability of distributions to stockholders and holders of common units, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation. Stock-Based Compensation We follow the FASB guidance related to stock-based compensation which establishes financial accounting and reporting standards for stock-based employee compensation plans, including all arrangements by which employees receive shares of stock or other equity instruments of the employer. The guidance also defines a fair value-based method of accounting for an employee stock award or similar equity instrument. The following table summarizes the activity of restricted stock awards during the three months ended March 31, 2021: Units Weighted Average Grant Date Fair Value Nonvested at January 1, 2021 491,957 $23.53 Granted — — Vested — — Forfeited (4,006) 23.24 Nonvested at March 31, 2021 487,951 $23.54 We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $1.5 million and $1.3 million in noncash compensation expense for the three months ended March 31, 2021 and 2020, respectively. Unrecognized compensation expense was $6.9 million at March 31, 2021. Earnings Per Share We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating security is calculated according to dividends declared and participation rights in undistributed earnings. The weighted average unvested shares outstanding, which are considered participating securities, were 489,775 and 345,153 for the three months ended March 31, 2021 and 2020, respectively. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares as these unvested shares have nonforfeitable dividend equivalent rights. Diluted EPS is calculated by dividing the net income applicable to common stockholders for the period by the weighted average number of common and dilutive instruments outstanding during the period using the treasury stock method. For the three months ended March 31, 2021 and 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. The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts): Three Months Ended March 31, 2021 2020 NUMERATOR Net income $ 1,733 $ 15,484 Less: Net income attributable to restricted shares (137) (104) Less: Income from operations attributable to unitholders in the Operating Partnership (339) (3,312) Net income attributable to common stockholders—basic $ 1,257 $ 12,068 Income from operations attributable to American Assets Trust, Inc. common stockholders—basic $ 1,257 $ 12,068 Plus: Income from operations attributable to unitholders in the Operating Partnership 339 3,312 Net income attributable to common stockholders—diluted $ 1,596 $ 15,380 DENOMINATOR Weighted average common shares outstanding—basic 59,984,335 59,723,072 Effect of dilutive securities—conversion of Operating Partnership units 16,181,537 16,390,548 Weighted average common shares outstanding—diluted 76,165,872 76,113,620 Earnings per common share, basic $ 0.02 $ 0.20 Earnings per common share, diluted $ 0.02 $ 0.20

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESWe elected to be taxed as a REIT and operate in a manner that allows us to qualify as a REIT for federal income tax purposes commencing with our initial taxable year. As a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. Taxable income from non-REIT activities managed through our TRS is subject to federal and state income taxes. We lease our hotel property to a wholly owned TRS that is subject to federal and state income taxes. We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between GAAP carrying amounts and their respective tax bases. Additionally, we classify certain state taxes as income taxes for financial reporting purposes in accordance with ASC Topic 740, Income Taxes . A deferred tax liability is included in the other liabilities and deferred credits, net on our consolidated balance sheets of $0.6 million and $0.6 million as of March 31, 2021 and December 31, 2020, respectively, in relation to real estate asset basis differences of property subject to state taxes based on income and certain prepaid expenses of our TRS. Income tax expense is recorded in other (expense) income, net on our consolidated statements of comprehensive income. For the three months ended March 31, 2021, we recorded income tax expense of $0.1 million. For the three months ended March 31, 2020, we recorded income tax expense of $0.2 million.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal We are sometimes involved in various disputes, lawsuits, warranty claims, environmental, and other matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. We do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also, under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us as owner of the properties due to certain matters relating to the operation of the properties by the tenant. Commitments See Footnote 12 for description of our leases, as a lessee. We have management agreements with Outrigger Hotels & Resorts or an affiliate thereof (“Outrigger”) pursuant to which Outrigger manages each of the retail and hotel portions of the Waikiki Beach Walk property. Under the management agreement with Outrigger relating to the retail portion of Waikiki Beach Walk (the “retail management agreement”), we pay Outrigger a monthly management fee of 3.0% of net revenues from the retail portion of Waikiki Beach Walk. Pursuant to the terms of the retail management agreement, if the agreement is terminated in certain instances, including our election not to repair damage or destruction at the property, a condemnation or our failure to make required working capital infusions, we would be obligated to pay Outrigger a termination fee equal to the sum of the management fees paid for the two months immediately preceding the termination date. The retail management agreement may not be terminated by us or by Outrigger without cause. Under our management agreement with Outrigger relating to the hotel portion of Waikiki Beach Walk (the “hotel management agreement”), we pay Outrigger a monthly management fee of 6.0% of the hotel's gross operating profit, as well as 3.0% of the hotel's gross revenues; provided that the aggregate management fee payable to Outrigger for any year shall not exceed 3.5% of the hotel's gross revenues for such fiscal year. Pursuant to the terms of the hotel management agreement, if the agreement is terminated in certain instances, including upon a transfer by us of the hotel or upon a default by us under the hotel management agreement, we would be required to pay a cancellation fee calculated by multiplying (1) the management fees for the previous 12 months by (2) (a) eight, if the agreement is terminated in the first 11 years of its term, or (b) four, three, two or one, if the agreement is terminated in the twelfth, thirteenth, fourteenth or fifteenth year, respectively, of its term. The hotel management agreement may not be terminated by us or by Outrigger without cause. A wholly owned subsidiary of our Operating Partnership, WBW Hotel Lessee LLC, entered into a franchise license agreement with Embassy Suites Franchise LLC, the franchisor of the brand “Embassy Suites™,” to obtain the non-exclusive right to operate the hotel under the Embassy Suites TM brand for 20 years. The franchise license agreement provides that WBW Hotel Lessee LLC must comply with certain management, operational, record keeping, accounting, reporting and marketing standards and procedures. In connection with this agreement, we are also subject to the terms of a product improvement plan pursuant to which we expect to undertake certain actions to ensure that our hotel's infrastructure is maintained in compliance with the franchisor's brand standards. In addition, we must pay to Embassy Suites Franchise LLC a monthly franchise royalty fee equal to 4.0% of the hotel's gross room revenue through December 2021 and 5.0% of the hotel's gross room revenue thereafter, as well as a monthly program fee equal to 4.0% of the hotel's gross room revenue. If the franchise license is terminated due to our failure to make required improvements or to otherwise comply with its terms, we may be liable to the franchisor for a termination payment, which could be as high as $4.9 million based on operating performance through March 31, 2021. Our Del Monte Center property has ongoing environmental remediation related to ground water contamination. The environmental issue existed at purchase and remains in remediation. The final stages of the remediation will include routine, long term ground monitoring by the appropriate regulatory agency over the next five years to seven years. The work performed is financed through an escrow account funded by the seller upon purchase of the Del Monte Center. We believe the funds in the escrow account are sufficient for the remaining work to be performed. However, if further work is required costing more than the remaining escrow funds, we could be required to pay such overage, although we may have a contractual claim for such costs against the prior owner or our environmental remediation consultant. Concentrations of Credit Risk Our properties are located in Southern California, Northern California, Hawaii, Oregon, Texas, and Washington. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory, social, and health factors affecting the markets in which the tenants operate including, without limitation, the impact the COVID-19 pandemic has had on our tenants. Fifteen of our consolidated properties are located in Southern California, which exposes us to greater economic risks than if we owned a more geographically diverse portfolio. Tenants in the retail industry accounted for 25.9% of total revenues for the three months ended March 31, 2021. This makes us susceptible to demand for retail rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the retail industry. Furthermore, tenants in the office industry accounted for 52.9% of total revenues for the three months ended March 31, 2021. 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 three months ended March 31, 2021 and 2020, no tenant accounted for more than 10% of our total rental revenue.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
LEASES	LEASES Lessor Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. Our leases with office, retail, mixed-use and residential tenants are classified as operating leases. Leases at our office and retail properties and the retail portion of our mixed-use property generally range from three years to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, usually provide for cost recoveries for the tenant’s share of certain operating costs. Our leases may also include variable lease payments in the form of percentage rents based on the tenant’s level of sales achieved in excess of a breakpoint threshold. Leases on apartments generally range from 7 to 15 months, with a majority having 12-month lease terms. Rooms at the hotel portion of our mixed-use property are rented on a nightly basis. Leases at our office and retail properties and the retail portion of our mixed-use property may contain lease extension options, at our lessee's discretion. The extension options are generally for 3 to 10 years and contain primarily rent at fixed rates or the prevailing market rent. The extension options are generally exercisable 6 to 12 months prior to the expiration of the lease and require the lessee to not be in default of the lease terms. We attempt to maximize the amount we expect to derive from the underlying real estate property following the end of a lease, to the extent it is not extended. We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. However, the residual value of a real estate property is still subject to various market-specific, asset-specific, and tenant-specific risks and characteristics. As of March 31, 2021, minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows (in thousands): Year Ending December 31, 2021 (nine months ending December 31, 2021) $ 162,655 2022 215,710 2023 199,077 2024 168,525 2025 147,434 Thereafter 443,310 Total $ 1,336,711 The above future minimum rentals exclude residential leases, which typically have a term of 12 months or less, and exclude the hotel, as rooms are rented on a nightly basis. Lessee Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. At the Landmark at One Market, we lease, as lessee, a building adjacent to the Landmark at One Market under an operating lease effective through June 30, 2026, which we have the option to extend until 2031 by way of the remaining five years extension option (the "Annex Lease"). The lease payments under the extension option provided for under the Annex Lease will be equal to the fair rental value at the time the extension option is exercised. The extension option is included in the calculation of the right-of-use asset and lease liability as we are reasonably certain of exercising the extension option. At Waikiki Beach Walk, we lease a portion of the building of which the tenant 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 March 31, 2021 (in thousands): Year Ending December 31, 2021 (nine months ending December 31, 2021) $ 2,350 2022 3,232 2023 3,328 2024 3,428 2025 3,531 Thereafter 19,710 Total lease payments $ 35,579 Imputed interest $ (6,108) Present value of lease liability $ 29,471 Lease costs under the operating leases are as follows (in thousands): Three Months Ended March 31, 2021 2020 Operating lease cost $ 1,132 $ 844 Variable lease cost — — Sublease income (1,194) (868) Total lease (income) cost $ (62) $ (24) Weighted-average remaining lease term - operating leases (in years) 10.0 Weighted-average discount rate - operating leases 3.21 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Three Months Ended March 31, 2021 2020 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 865 $ 846 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ — $ 22,188 Subleases At the Landmark at One Market, we (as sublandlord) sublease the Annex Lease building under operating leases effective through December 31, 2029. The subleases contain extension options, subject to our ability to extend the Annex Lease, that can extend the subleases through December 31, 2039 at the fair rental value at the time the extension option is exercised.
LEASES	LEASES Lessor Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. Our leases with office, retail, mixed-use and residential tenants are classified as operating leases. Leases at our office and retail properties and the retail portion of our mixed-use property generally range from three years to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, usually provide for cost recoveries for the tenant’s share of certain operating costs. Our leases may also include variable lease payments in the form of percentage rents based on the tenant’s level of sales achieved in excess of a breakpoint threshold. Leases on apartments generally range from 7 to 15 months, with a majority having 12-month lease terms. Rooms at the hotel portion of our mixed-use property are rented on a nightly basis. Leases at our office and retail properties and the retail portion of our mixed-use property may contain lease extension options, at our lessee's discretion. The extension options are generally for 3 to 10 years and contain primarily rent at fixed rates or the prevailing market rent. The extension options are generally exercisable 6 to 12 months prior to the expiration of the lease and require the lessee to not be in default of the lease terms. We attempt to maximize the amount we expect to derive from the underlying real estate property following the end of a lease, to the extent it is not extended. We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. However, the residual value of a real estate property is still subject to various market-specific, asset-specific, and tenant-specific risks and characteristics. As of March 31, 2021, minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows (in thousands): Year Ending December 31, 2021 (nine months ending December 31, 2021) $ 162,655 2022 215,710 2023 199,077 2024 168,525 2025 147,434 Thereafter 443,310 Total $ 1,336,711 The above future minimum rentals exclude residential leases, which typically have a term of 12 months or less, and exclude the hotel, as rooms are rented on a nightly basis. Lessee Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. At the Landmark at One Market, we lease, as lessee, a building adjacent to the Landmark at One Market under an operating lease effective through June 30, 2026, which we have the option to extend until 2031 by way of the remaining five years extension option (the "Annex Lease"). The lease payments under the extension option provided for under the Annex Lease will be equal to the fair rental value at the time the extension option is exercised. The extension option is included in the calculation of the right-of-use asset and lease liability as we are reasonably certain of exercising the extension option. At Waikiki Beach Walk, we lease a portion of the building of which the tenant 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 March 31, 2021 (in thousands): Year Ending December 31, 2021 (nine months ending December 31, 2021) $ 2,350 2022 3,232 2023 3,328 2024 3,428 2025 3,531 Thereafter 19,710 Total lease payments $ 35,579 Imputed interest $ (6,108) Present value of lease liability $ 29,471 Lease costs under the operating leases are as follows (in thousands): Three Months Ended March 31, 2021 2020 Operating lease cost $ 1,132 $ 844 Variable lease cost — — Sublease income (1,194) (868) Total lease (income) cost $ (62) $ (24) Weighted-average remaining lease term - operating leases (in years) 10.0 Weighted-average discount rate - operating leases 3.21 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Three Months Ended March 31, 2021 2020 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 865 $ 846 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ — $ 22,188 Subleases At the Landmark at One Market, we (as sublandlord) sublease the Annex Lease building under operating leases effective through December 31, 2029. The subleases contain extension options, subject to our ability to extend the Annex Lease, that can extend the subleases through December 31, 2039 at the fair rental value at the time the extension option is exercised.

COMPONENTS OF RENTAL INCOME AND

COMPONENTS OF RENTAL INCOME AND EXPENSE	3 Months Ended
	Mar. 31, 2021
Revenue Recognition and Deferred Revenue [Abstract]
COMPONENTS OF RENTAL INCOME AND EXPENSE	COMPONENTS OF RENTAL INCOME AND EXPENSE The principal components of rental income are as follows (in thousands): Three Months Ended March 31, 2021 2020 Lease rental income Office $ 43,362 $ 42,213 Retail 20,853 24,955 Multifamily 11,752 11,967 Mixed-use 795 3,932 Percentage rent 526 301 Hotel revenue 3,271 8,125 Other 571 577 Total rental income $ 81,130 $ 92,070 Lease rental income include $5.5 million and $2.8 million for the three months ended March 31, 2021 and 2020, respectively, to recognize lease rental income on a straight-line basis. In addition, net amortization of above and below market leases included in lease rental income were $0.8 million and $0.9 million for the three months ended March 31, 2021 and 2020, respectively. The principal components of rental expenses are as follows (in thousands): Three Months Ended March 31, 2021 2020 Rental operating $ 9,496 $ 9,882 Hotel operating 2,724 5,747 Repairs and maintenance 3,742 4,297 Marketing 393 507 Rent 1,152 853 Hawaii excise tax 532 865 Management fees 207 417 Total rental expenses $ 18,246 $ 22,568

OTHER (EXPENSE) INCOME, NET

OTHER (EXPENSE) INCOME, NET	3 Months Ended
	Mar. 31, 2021
Other Income and Expenses [Abstract]
OTHER (EXPENSE) INCOME, NET	OTHER (EXPENSE) INCOME, NET The principal components of other expense, net, are as follows (in thousands): Three Months Ended March 31, 2021 2020 Interest and investment income $ 74 $ 312 Income tax expense (127) (206) Other non-operating income — 2 Total other (expense) income, net $ (53) $ 108

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS During the first quarter of 2019, we terminated a lease agreement with American Assets, Inc. ("AAI"), an entity owned and controlled by Ernest Rady, our CEO, President, and Chairman of Board, and entered into a new lease agreement with AAI for office space at Torrey Reserve Campus. Rents commenced on March 1, 2019 for an initial lease term of three years at an average annual rental rate of $0.2 million. Rental revenue recognized on the AAI leases of $0.1 million and $0.0 million for the three months ended March 31, 2021 and 2020, respectively, is included in rental income on the 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 commenced on March 1, 2021 for an initial lease term of ten years at an average annual rental rate of $0.2 million. The Waikiki Beach Walk entities have a 47.7% investment in WBW CHP LLC, an entity that was formed to, among other things, construct a chilled water plant to provide air conditioning to the property and other adjacent facilities. The operating expenses of WBW CHP LLC are recovered through reimbursements from its members, and reimbursements to WBW CHP LLC of $0.3 million and $0.3 million for the three months ended March 31, 2021 and 2020, respectively, are included in rental expenses on the consolidated statements of comprehensive income.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel. We evaluate the performance of our segments based on segment profit, which is defined as property revenue less property expenses. We do not use asset information as a measure to assess performance and make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, interest expense, depreciation and amortization expense and other income and expense are not included in segment profit as our internal reporting addresses these items on a corporate level. Segment profit is not a measure of operating income or cash flows from operating activities as measured by GAAP, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit in the same manner. We consider segment profit to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our properties. The following table represents operating activity within our reportable segments (in thousands): Three Months Ended March 31, 2021 2020 Total Office Property revenue $ 44,464 $ 44,509 Property expense (11,364) (11,793) Segment profit 33,100 32,716 Total Retail Property revenue 21,774 25,826 Property expense (7,442) (7,331) Segment profit 14,332 18,495 Total Multifamily Property revenue 12,552 12,825 Property expense (5,491) (5,510) Segment profit 7,061 7,315 Total Mixed-Use Property revenue 5,196 13,583 Property expense (5,303) (8,979) Segment profit (107) 4,604 Total segments’ profit $ 54,386 $ 63,130 The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands): Three Months Ended March 31, 2021 2020 Total segments’ profit $ 54,386 $ 63,130 General and administrative (6,823) (6,820) Depreciation and amortization (27,501) (27,462) Interest expense (14,005) (13,472) Early extinguishment of debt (4,271) — Other income (expense), net (53) 108 Net income 1,733 15,484 Net income attributable to restricted shares (137) (104) Net income attributable to unitholders in the Operating Partnership (339) (3,312) Net income attributable to American Assets Trust, Inc. stockholders $ 1,257 $ 12,068 The following table shows net real estate and secured note payable balances for each of the segments (in thousands): March 31, 2021 December 31, 2020 Net Real Estate Office $ 1,314,179 $ 1,317,107 Retail 603,522 607,918 Multifamily 387,106 389,804 Mixed-Use 176,510 177,905 $ 2,481,317 $ 2,492,734 Secured Notes Payable (1) Office $ 111,000 $ 111,000 $ 111,000 $ 111,000 (1) Excludes debt issuance costs of $0.1 million and $0.1 million for each of the periods ended March 31, 2021 and December 31, 2020, respectively. Capital expenditures for each segment for the three months ended March 31, 2021 and 2020 were as follows (in thousands): Three Months Ended March 31, 2021 2020 Capital Expenditures (1) Office $ 9,527 $ 18,200 Retail 1,722 3,558 Multifamily 963 1,284 Mixed-Use 4 883 $ 12,216 $ 23,925 (1) Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Business and Organization	Business and Organization American Assets Trust, Inc. (which may be referred to in these financial statements as the “Company,” “we,” “us,” or “our”) is a Maryland corporation formed on July 16, 2010 that did not have any operating activity until the consummation of our initial public offering on January 19, 2011. The Company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The Company’s operations are carried on through our Operating Partnership and its subsidiaries, including our taxable real estate investment trust ("REIT") subsidiary ("TRS"). Since the formation of our Operating Partnership, the Company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. We are a full service, vertically integrated, and self-administered REIT with approximately 190 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. As of March 31, 2021, 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 March 31, 2021, we owned land at three of our properties that we classify as held for development and/or construction in progress. A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street Torrey Reserve Campus First & Main Torrey Point Lloyd Portfolio Solana Crossing (formerly Solana Beach Corporate Centre) City Center Bellevue The Landmark at One Market Multifamily Loma Palisades Hassalo on Eighth - Residential Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and/or Construction in Progress La Jolla Commons – Land Solana Crossing – Land Lloyd 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. The Company follows the Financial Accounting Standards Board (the "FASB") guidance for determining whether an entity is a variable interest entity (“VIE”) and requires the performance of a qualitative rather than a quantitative analysis to determine the primary beneficiary of a VIE. Under this guidance, an entity would be required to consolidate a VIE if it has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. American Assets Trust, Inc. has concluded that the Operating Partnership is a VIE, and because American Assets Trust, Inc. has both the power and the rights to control the Operating Partnership, American Assets Trust, Inc. is the primary beneficiary and is required to continue to consolidate the Operating Partnership.Substantially all of the assets and liabilities of the Company are related to the operating partnership VIE. All intercompany transactions and balances are eliminated in consolidation. The accompanying consolidated financial statements of the Company and the Operating Partnership have been prepared in accordance with the rules applicable to Form 10-Q and include all information and footnotes required for interim financial statement presentation, but do not include all disclosures required under accounting principles generally accepted in the United States (“GAAP”) for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments, except as otherwise noted) considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and notes therein included in the Company's and Operating Partnership's annual report on Form 10-K for the year ended December 31, 2020. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using our best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Significant Accounting Policies	Significant Accounting PoliciesWe describe our significant accounting policies in Note 1 to the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2020. There have been no changes to our significant accounting policies during the three months ended March 31, 2021.
Segment Information	Segment InformationSegment information is prepared on the same basis that our chief operating decision maker reviews information for operational decision-making purposes. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel.
Revenue Recognition, Leases	Revenue Recognition and Accounts Receivable Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, net of valuation adjustments, based on management's assessment of credit, collection and other business risks. We make estimates of the collectability of our current accounts receivable and straight-line rents receivable which require significant judgment by management. The collectability of receivables is affected by numerous different factors including current economic conditions, including the impact of 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 credit held with respect to tenants, and the ability of the tenant to perform under the terms of their lease agreement. The provision for doubtful accounts at March 31, 2021 and December 31, 2020 was approximately $12.2 million and $10.0 million, respectively. Rent Concessions – COVID-19 During the first quarter of 2021, 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"). As of March 31, 2021, we have entered into lease modifications that resulted in adjustments (including rent deferrals and other monetary lease concessions) due to the impact of the COVID-19 pandemic of approximately $1.2 million or 2% of the rent originally contracted for the three months ended March 31, 2021. For the first quarter of 2021, we collected approximately $0.7 million or 88% of the deferred rent repayments due during the period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Topics. The pronouncement requires companies to adopt a new approach to estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard requires entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses , 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 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
Fair Value Measurement	A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy for inputs used in measuring fair value is as follows: 1. Level 1 Inputs—quoted prices in active markets for identical assets or liabilities 2. Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities 3. Level 3 Inputs—unobservable inputs The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of fair value, using Level 1 inputs, because of the short-term nature of these instruments. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Consolidated Statements of Cash Flows-Supplemental Disclosures	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): Three Months Ended March 31, 2021 2020 Supplemental cash flow information Total interest costs incurred $ 14,564 $ 13,736 Interest capitalized $ 559 $ 264 Interest expense $ 14,005 $ 13,472 Cash paid for interest, net of amounts capitalized $ 13,069 $ 15,043 Cash paid for income taxes $ 71 $ 51 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 7,109 $ 16,541 Accrued leasing commissions $ 631 $ 2,083

ACQUIRED IN-PLACE LEASES AND _2

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of acquired lease intangibles included in other assets and other liabilities	The following summarizes our acquired lease intangibles and leasing costs, which are included in other assets and other liabilities and deferred credits, as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 In-place leases $ 60,447 $ 60,965 Accumulated amortization (35,324) (34,758) Above market leases 4,665 5,389 Accumulated amortization (4,551) (5,268) Acquired lease intangible assets, net $ 25,237 $ 26,328 Below market leases $ 56,666 $ 56,677 Accumulated accretion (35,993) (35,219) Acquired lease intangible liabilities, net $ 20,673 $ 21,458

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
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): March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Deferred compensation liability $ — $ 2,158 $ — $ 2,158 $ — $ 2,059 $ — $ 2,059 Interest rate swap liability $ — $ 3,784 $ — $ 3,784 $ — $ 4,531 $ — $ 4,531
Carrying amount and fair value of financial instruments	A summary of the carrying amount and fair value of our secured financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands): March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Secured notes payable, net $ 110,934 $ 113,364 $ 110,923 $ 114,074 Unsecured term loans, net $ 249,338 $ 250,000 $ 249,233 $ 250,000 Unsecured senior guaranteed notes, net $ 797,645 $ 827,895 $ 947,444 $ 1,017,378 Senior unsecured notes, net $ 489,907 $ 493,790 $ — $ — Unsecured line of credit, net $ — $ — $ 99,151 $ 100,000

DERIVATIVE AND HEDGING ACTIVI_2

DERIVATIVE AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following is a summary of the terms of our outstanding interest rate swaps as of March 31, 2021 (dollars in thousands): Swap Counterparty Notional Amount Effective Date Maturity Date Fair Value U.S. Bank N.A. $ 100,000 3/1/2016 3/1/2023 $ (2,533) Wells Fargo Bank, N.A. $ 50,000 5/2/2016 3/1/2023 $ (1,251)

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Components of Other Assets	Other assets consist of the following (in thousands): March 31, 2021 December 31, 2020 Leasing commissions, net of accumulated amortization of $36,529 and $35,167, respectively $ 37,385 $ 38,173 Acquired above market leases, net 114 121 Acquired in-place leases, net 25,123 26,207 Lease incentives, net of accumulated amortization of $862 and $802, respectively 934 994 Other intangible assets, net of accumulated amortization of $1,277 and $1,213, respectively 2,486 2,565 Debt issuance costs, net of accumulated amortization of $1,324 and $0, respectively 746 — Right-of-use lease asset, net 28,583 29,350 Prepaid expenses and other 7,787 8,702 Total other assets $ 103,158 $ 106,112

OTHER LIABILITIES AND DEFERRE_2

OTHER LIABILITIES AND DEFERRED CREDITS (Tables)	3 Months Ended
	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Other liabilities and deferred credits	Other liabilities and deferred credits consist of the following (in thousands): March 31, 2021 December 31, 2020 Acquired below market leases, net $ 20,673 $ 21,458 Prepaid rent and deferred revenue 14,371 14,518 Interest rate swap liability 3,784 4,531 Deferred rent expense and lease intangible 13 16 Deferred compensation 2,158 2,059 Deferred tax liability 570 570 Straight-line rent liability 17,156 18,049 Lease liability 29,471 30,060 Other liabilities 32 39 Total other liabilities and deferred credits, net $ 88,228 $ 91,300

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of total secured notes payable outstanding	The following is a summary of our total secured notes payable outstanding as of March 31, 2021 and December 31, 2020 (in thousands): Principal Balance as of Stated Interest Rate Stated Maturity Date Description of Debt March 31, 2021 December 31, 2020 as of March 31, 2021 City Center Bellevue (1) 111,000 111,000 3.98 % November 1, 2022 111,000 111,000 Debt issuance costs, net of accumulated amortization of $355 and $345, respectively (66) (77) Total Secured Notes Payable Outstanding $ 110,934 $ 110,923 (1) Interest only. The following is a summary of the Operating Partnership's total unsecured notes payable outstanding as of March 31, 2021 and December 31, 2020 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date March 31, 2021 December 31, 2020 as of March 31, 2021 Term Loan A $ 100,000 $ 100,000 Variable (1) January 9, 2022 Senior Guaranteed Notes, Series A (2) — 150,000 4.04 % (3) October 31, 2021 Term Loan B 100,000 100,000 Variable (4) March 1, 2023 Term Loan C 50,000 50,000 Variable (5) March 1, 2023 Senior Guaranteed Notes, Series F 100,000 100,000 3.78 % (6) 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 % (7) March 1, 2027 Senior Guaranteed Notes, Series E 100,000 100,000 4.24 % (8) May 23, 2029 Senior Guaranteed Notes, Series G 150,000 150,000 3.91 % (9) July 30, 2030 3.375% Senior Unsecured Notes 500,000 — 3.38 % February 1, 2031 1,550,000 1,200,000 Debt discount and issuance costs, net of accumulated amortization of $9,463 and $8,856, respectively (13,110) (3,323) Total Unsecured Notes Payable $ 1,536,890 $ 1,196,677 (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 the interest rate swap maturity date of 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) Notes prepaid in full, with make-whole penalty thereon of approximately $3.9 million, on January 26, 2021. (3) The Operating Partnership entered into a one-month forward-starting seven years swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately $1.6 million. The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. On January 26, 2021, we prepaid the entirety of the Senior Guaranteed Notes, Seres A with make-whole premium thereon. (4) 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. (5) 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. (6) 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. (7) 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. Each of the forward-starting interest swap rate contracts were deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.87% per annum. (8) 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. (9) The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.

EQUITY OF AMERICAN ASSETS TRU_2

EQUITY OF AMERICAN ASSETS TRUST, INC. (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Dividends declared and paid on shares of common stock and noncontrolling common units	The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units during the three months ended March 31, 2021: Period Amount per Period Covered Dividend Paid Date First Quarter 2021 $ 0.28 January 1, 2021 to March 31, 2021 March 25, 2021
Activity of restricted stock awards	The following table summarizes the activity of restricted stock awards during the three months ended March 31, 2021: Units Weighted Average Grant Date Fair Value Nonvested at January 1, 2021 491,957 $23.53 Granted — — Vested — — Forfeited (4,006) 23.24 Nonvested at March 31, 2021 487,951 $23.54
Computation of basic and diluted EPS	The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts): Three Months Ended March 31, 2021 2020 NUMERATOR Net income $ 1,733 $ 15,484 Less: Net income attributable to restricted shares (137) (104) Less: Income from operations attributable to unitholders in the Operating Partnership (339) (3,312) Net income attributable to common stockholders—basic $ 1,257 $ 12,068 Income from operations attributable to American Assets Trust, Inc. common stockholders—basic $ 1,257 $ 12,068 Plus: Income from operations attributable to unitholders in the Operating Partnership 339 3,312 Net income attributable to common stockholders—diluted $ 1,596 $ 15,380 DENOMINATOR Weighted average common shares outstanding—basic 59,984,335 59,723,072 Effect of dilutive securities—conversion of Operating Partnership units 16,181,537 16,390,548 Weighted average common shares outstanding—diluted 76,165,872 76,113,620 Earnings per common share, basic $ 0.02 $ 0.20 Earnings per common share, diluted $ 0.02 $ 0.20

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Current minimum future rentals under the leases	As of March 31, 2021, minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows (in thousands): Year Ending December 31, 2021 (nine months ending December 31, 2021) $ 162,655 2022 215,710 2023 199,077 2024 168,525 2025 147,434 Thereafter 443,310 Total $ 1,336,711
Current minimum annual payments under the leases	Current annual payments under the operating leases are as follows, as of March 31, 2021 (in thousands): Year Ending December 31, 2021 (nine months ending December 31, 2021) $ 2,350 2022 3,232 2023 3,328 2024 3,428 2025 3,531 Thereafter 19,710 Total lease payments $ 35,579 Imputed interest $ (6,108) Present value of lease liability $ 29,471
Lease costs under operating leases and supplemental cash flow information of leases	Lease costs under the operating leases are as follows (in thousands): Three Months Ended March 31, 2021 2020 Operating lease cost $ 1,132 $ 844 Variable lease cost — — Sublease income (1,194) (868) Total lease (income) cost $ (62) $ (24) Weighted-average remaining lease term - operating leases (in years) 10.0 Weighted-average discount rate - operating leases 3.21 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Three Months Ended March 31, 2021 2020 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 865 $ 846 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ — $ 22,188

COMPONENTS OF RENTAL INCOME A_2

COMPONENTS OF RENTAL INCOME AND EXPENSE (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Principal components of rental income	The principal components of rental income are as follows (in thousands): Three Months Ended March 31, 2021 2020 Lease rental income Office $ 43,362 $ 42,213 Retail 20,853 24,955 Multifamily 11,752 11,967 Mixed-use 795 3,932 Percentage rent 526 301 Hotel revenue 3,271 8,125 Other 571 577 Total rental income $ 81,130 $ 92,070
Principal components of rental expenses	The principal components of rental expenses are as follows (in thousands): Three Months Ended March 31, 2021 2020 Rental operating $ 9,496 $ 9,882 Hotel operating 2,724 5,747 Repairs and maintenance 3,742 4,297 Marketing 393 507 Rent 1,152 853 Hawaii excise tax 532 865 Management fees 207 417 Total rental expenses $ 18,246 $ 22,568

OTHER (EXPENSE) INCOME, NET (Ta

OTHER (EXPENSE) INCOME, NET (Tables)	3 Months Ended
	Mar. 31, 2021
Other Income and Expenses [Abstract]
Principal components of other expense, net	The principal components of other expense, net, are as follows (in thousands): Three Months Ended March 31, 2021 2020 Interest and investment income $ 74 $ 312 Income tax expense (127) (206) Other non-operating income — 2 Total other (expense) income, net $ (53) $ 108

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of segments operating activity	The following table represents operating activity within our reportable segments (in thousands): Three Months Ended March 31, 2021 2020 Total Office Property revenue $ 44,464 $ 44,509 Property expense (11,364) (11,793) Segment profit 33,100 32,716 Total Retail Property revenue 21,774 25,826 Property expense (7,442) (7,331) Segment profit 14,332 18,495 Total Multifamily Property revenue 12,552 12,825 Property expense (5,491) (5,510) Segment profit 7,061 7,315 Total Mixed-Use Property revenue 5,196 13,583 Property expense (5,303) (8,979) Segment profit (107) 4,604 Total segments’ profit $ 54,386 $ 63,130
Reconciliation of segment profit to net income attributable to stockholders	The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands): Three Months Ended March 31, 2021 2020 Total segments’ profit $ 54,386 $ 63,130 General and administrative (6,823) (6,820) Depreciation and amortization (27,501) (27,462) Interest expense (14,005) (13,472) Early extinguishment of debt (4,271) — Other income (expense), net (53) 108 Net income 1,733 15,484 Net income attributable to restricted shares (137) (104) Net income attributable to unitholders in the Operating Partnership (339) (3,312) Net income attributable to American Assets Trust, Inc. stockholders $ 1,257 $ 12,068
Net real estate and secured note payable balances by segments	The following table shows net real estate and secured note payable balances for each of the segments (in thousands): March 31, 2021 December 31, 2020 Net Real Estate Office $ 1,314,179 $ 1,317,107 Retail 603,522 607,918 Multifamily 387,106 389,804 Mixed-Use 176,510 177,905 $ 2,481,317 $ 2,492,734 Secured Notes Payable (1) Office $ 111,000 $ 111,000 $ 111,000 $ 111,000 (1) Excludes debt issuance costs of $0.1 million and $0.1 million for each of the periods ended March 31, 2021 and December 31, 2020, respectively.
Capital expenditures for each segment	Capital expenditures for each segment for the three months ended March 31, 2021 and 2020 were as follows (in thousands): Three Months Ended March 31, 2021 2020 Capital Expenditures (1) Office $ 9,527 $ 18,200 Retail 1,722 3,558 Multifamily 963 1,284 Mixed-Use 4 883 $ 12,216 $ 23,925

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)EmployeeRoomSegmentProperty	Dec. 31, 2020USD ($)
Accounting Policies [Abstract]
Number of employees | Employee	190
Office, retail, multifamily, and mixed-use operating properties | Property	28
Properties held for development | Property	3
Number of operating segments | Segment	4
Room in mixed-use segment all-suite hotel | Room	369
Allowance for Doubtful Accounts, Rent Receivables	$ 12.2	$ 10
Rent Concessions - COVID-19	$ 1.2
Rent Concessions - COVID-19 (Percentage)	2.00%
Deferred Rent Repayments - COVID-19	$ 0.7
Deferred Rent Repayments - COVID-19 (Percentage)	88.00%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplement Disclosures Related to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Total interest costs incurred	$ 14,564	$ 13,736
Interest capitalized	559	264
Interest expense	14,005	13,472
Cash paid for interest, net of amounts capitalized	13,069	15,043
Cash paid for income taxes	71	51
Accounts payable and accrued liabilities for construction in progress	7,109	16,541
Accrued leasing commissions	$ 631	$ 2,083

ACQUIRED IN-PLACE LEASES AND _3

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES Acquired Lease Intangibles and Leasing Costs Included in Other Assets and Other Liabilities and Deferred Credits (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Leases, gross	$ 114	$ 121
Accumulated amortization	(1,277)	(1,213)
Below market leases	56,666	56,677
Accumulated accretion	(35,993)	(35,219)
Acquired lease intangible liabilities, net	20,673	21,458
Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	25,237	26,328
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Leases, gross	60,447	60,965
Accumulated amortization	(35,324)	(34,758)
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Leases, gross	4,665	5,389
Accumulated amortization	$ (4,551)	$ (5,268)

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Fair Value, Inputs, Level 2	Mar. 31, 2021
Minimum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate (as a percent)	0.027
Maximum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate (as a percent)	0.039

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Liabilities Fair Value Measurement on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	$ 2,158	$ 2,059
Interest rate swap liability	3,784	4,531
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 liability	0	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	2,158	2,059
Interest rate swap liability	3,784	4,531
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 liability	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Repayments of Unsecured Debt	$ 155,375	$ 0
Secured notes payable, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	110,934		$ 110,923
Unsecured term loans, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	249,338		249,233
Unsecured senior guaranteed notes, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	797,645		947,444
Unsecured line of credit, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0		99,151
Senior Unsecured Notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	489,907		0
Fair Value, Inputs, Level 2 | Secured notes payable, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	113,364		114,074
Fair Value, Inputs, Level 2 | Unsecured term loans, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	250,000		250,000
Fair Value, Inputs, Level 2 | Unsecured senior guaranteed notes, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	827,895		1,017,378
Fair Value, Inputs, Level 2 | Unsecured line of credit, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0		100,000
Fair Value, Inputs, Level 2 | Senior Unsecured Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 493,790		$ 0

DERIVATIVE AND HEDGING ACTIVI_3

DERIVATIVE AND HEDGING ACTIVITIES (Details) - USD ($)	Jul. 17, 2019	May 11, 2017	Jan. 18, 2017	Sep. 19, 2014	Aug. 19, 2014	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimated derivative reclassification from Accumulated OCI to Income						$ 1,100,000
American Assets Trust, L.P. | Forward Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative contract term					7 years
Gain on derivative settlement	$ 500,000	$ 700,000	$ 10,400,000	$ 1,600,000
Designated as Hedging Instrument | Cash Flow Hedging | American Assets Trust, L.P. | Interest Rate Swap, 3/1/2023 | Wells Fargo Bank, N.A.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount						$ 50,000,000
Effective Date						May 2, 2016
Maturity Date						Mar. 1, 2023
Interest rate swap liability						$ (1,251,000)
Interest Rate Derivative Liabilities, at Fair Value						1,251,000
Designated as Hedging Instrument | Cash Flow Hedging | American Assets Trust, L.P. | Interest Rate Swap, 3/1/2023 | U.S. Bank N.A.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount						$ 100,000,000
Effective Date						Mar. 1, 2016
Maturity Date						Mar. 1, 2023
Interest rate swap liability						$ (2,533,000)
Interest Rate Derivative Liabilities, at Fair Value						$ 2,533,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing commissions, net of accumulated amortization of $36,529 and $35,167, respectively	$ 37,385	$ 38,173
Acquired above market leases, net	114	121
Acquired in-place leases, net	25,123	26,207
Lease incentives, net of accumulated amortization of $862 and $802, respectively	934	994
Other intangible assets, net of accumulated amortization of $1,277 and $1,213, respectively	2,486	2,565
Debt issuance costs, net of accumulated amortization of $1,324 and $0, respectively	746	0
Right-of-use lease asset, net	28,583	29,350
Prepaid expenses and other	7,787	8,702
Total other assets	103,158	106,112
Leasing commissions, accumulative amortization	(36,529)	(35,167)
Lease incentives, accumulated amortization	(862)	(802)
Other intangible assets, accumulated amortization	(1,277)	(1,213)
Debt issuance costs, accumulated amortization	$ (1,324)	$ 0

OTHER LIABILITIES AND DEFERRE_3

OTHER LIABILITIES AND DEFERRED CREDITS (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Acquired below market leases, net	$ 20,673	$ 21,458
Prepaid rent and deferred revenue	14,371	14,518
Interest rate swap liability	3,784	4,531
Deferred rent expense and lease intangible	13	16
Deferred compensation	2,158	2,059
Deferred tax liability	570	570
Straight-line rent liability	17,156	18,049
Lease liability	29,471	30,060
Other liabilities	32	39
Total other liabilities and deferred credits, net	$ 88,228	$ 91,300

DEBT - Summary of Total Secured

DEBT - Summary of Total Secured Notes Payable Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt issuance costs, net	$ (746)	$ 0
Debt issuance costs, accumulated amortization	1,324	0
American Assets Trust, L.P. | Secured notes payable, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	111,000	111,000
Debt issuance costs, net	(66)	(77)
Total Debt Outstanding	110,934	110,923
Debt issuance costs, accumulated amortization	355	345
American Assets Trust, L.P. | City Center Bellevue | Secured notes payable, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance	$ 111,000	$ 111,000
Stated Interest Rate	3.98%
Stated Maturity Date	Nov. 1, 2022

DEBT - Summary of Total Unsecur

DEBT - Summary of Total Unsecured Notes Payable Outstanding (Details) - USD ($) $ in Thousands	Jul. 17, 2019	Jun. 23, 2017	May 11, 2017	Jan. 18, 2017	Sep. 19, 2014	Aug. 19, 2014	Mar. 31, 2021	Jan. 26, 2021	Dec. 31, 2020	Dec. 31, 2018
Debt Instrument [Line Items]
Debt issuance costs, net							$ (746)		$ 0
Debt issuance costs, accumulated amortization							1,324		0
American Assets Trust, L.P. | Forward Contracts
Debt Instrument [Line Items]
Derivative contract term						7 years
Gain on derivative settlement	$ 500		$ 700	$ 10,400	$ 1,600
Loss on derivative settlement		$ 500
American Assets Trust, L.P. | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance							1,550,000		1,200,000
Debt issuance costs, net							(13,110)		(3,323)
Total Debt Outstanding							1,536,890		1,196,677
Debt issuance costs, accumulated amortization							$ 9,463		8,856
American Assets Trust, L.P. | Term Loan A | Interest Rate Swap
Debt Instrument [Line Items]
Derivative fixed interest rate (in percent)							4.13%
American Assets Trust, L.P. | Term Loan A | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance							$ 100,000		100,000
Stated Maturity Date							Jan. 9, 2022
American Assets Trust, L.P. | Senior Guaranteed Notes, Series A | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)							3.88%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series A | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance							$ 0		150,000
Stated Interest Rate							4.04%
Stated Maturity Date							Oct. 31, 2021
American Assets Trust, L.P. | Term Loan B | Interest Rate Swap
Debt Instrument [Line Items]
Derivative fixed interest rate (in percent)							2.75%			3.15%
American Assets Trust, L.P. | Term Loan B | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance							$ 100,000		100,000
Stated Maturity Date							Mar. 1, 2023
American Assets Trust, L.P. | Term Loan C | Interest Rate Swap
Debt Instrument [Line Items]
Derivative fixed interest rate (in percent)							2.74%			3.14%
American Assets Trust, L.P. | Term Loan C | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance							$ 50,000		50,000
Stated Maturity Date							Mar. 1, 2023
American Assets Trust, L.P. | Senior Guaranteed Notes, Series F | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)							3.85%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series F | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance							$ 100,000		100,000
Stated Interest Rate							3.78%
Stated Maturity Date							Jul. 19, 2024
American Assets Trust, L.P. | Senior Guaranteed Notes, Series B | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance							$ 100,000		100,000
Stated Interest Rate							4.45%
Stated Maturity Date							Feb. 2, 2025
American Assets Trust, L.P. | Senior Guaranteed Notes, Series C | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance							$ 100,000		100,000
Stated Interest Rate							4.50%
Stated Maturity Date							Apr. 1, 2025
American Assets Trust, L.P. | Senior Guaranteed Notes, Series D | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)							3.87%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series D | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance							$ 250,000		250,000
Stated Interest Rate							4.29%
Stated Maturity Date							Mar. 1, 2027
American Assets Trust, L.P. | Senior Guaranteed Notes, Series E | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)							4.18%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series E | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance							$ 100,000		100,000
Stated Interest Rate							4.24%
Stated Maturity Date							May 23, 2029
American Assets Trust, L.P. | Senior Guaranteed Notes, Series G | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument (in percent)							3.88%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series G | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance							$ 150,000		150,000
Stated Interest Rate							3.91%
Stated Maturity Date							Jul. 30, 2030
American Assets Trust, L.P. | 3.375% Senior Unsecured Notes
Debt Instrument [Line Items]
Stated Interest Rate								3.375%
American Assets Trust, L.P. | 3.375% Senior Unsecured Notes | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance							$ 500,000		$ 0
Stated Interest Rate							3.38%
Stated Maturity Date							Feb. 1, 2031

DEBT - Narrative (Details)

DEBT - Narrative (Details)	Jan. 26, 2021USD ($)	Jan. 09, 2019Extension_Option	Jan. 09, 2018USD ($)Extension_Option	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Unsecured line of credit, net				$ 0		$ 99,151,000
Repayments of Unsecured Debt				155,375,000	$ 0
Early extinguishment of debt				(4,271,000)	0
Repayments of Lines of Credit				100,000,000	0
Unsecured term loans, net | Term Loan B | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on federal funds rate			0.50%
Unsecured term loans, net | Term Loan B | Eurodollar
Debt Instrument [Line Items]
Basis spread on Eurodollar rate			1.00%
Unsecured term loans, net | Term Loan C | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on federal funds rate			0.50%
Unsecured term loans, net | Term Loan C | Eurodollar
Debt Instrument [Line Items]
Basis spread on Eurodollar rate			1.00%
Unsecured term loans, net | Term Loan A | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on federal funds rate		0.50%
Unsecured term loans, net | Term Loan A | Eurodollar
Debt Instrument [Line Items]
Basis spread on Eurodollar rate		1.00%
Unsecured term loans, net | Second Amended and Restated Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
Unsecured line of credit, net
Debt Instrument [Line Items]
Minimum fixed charge coverage ratio covenant threshold			1.50
Minimum unsecured leverage ratio			175.00%
Maximum leverage ratio of revolving credit facility			60.00%
Maximum secured leverage ratio on revolving credit facility			40.00%
Maximum unsecured leverage ratio			60.00%
Maximum recourse indebtedness of total asset value			15.00%
Unsecured line of credit, net | Second Amended and Restated Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Unsecured line of credit, net | Second Amended and Restated Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on federal funds rate			0.50%
American Assets Trust, L.P.
Debt Instrument [Line Items]
Unsecured line of credit, net				0		99,151,000
Repayments of Unsecured Debt				155,375,000	0
Early extinguishment of debt				(4,271,000)	0
Repayments of Lines of Credit				100,000,000	$ 0
American Assets Trust, L.P. | Term Loan B
Debt Instrument [Line Items]
Term of debt instrument			7 years
American Assets Trust, L.P. | Term Loan B | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.70%
American Assets Trust, L.P. | Term Loan B | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.35%
American Assets Trust, L.P. | Term Loan C
Debt Instrument [Line Items]
Term of debt instrument			7 years
American Assets Trust, L.P. | Term Loan C | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.70%
American Assets Trust, L.P. | Term Loan C | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.35%
American Assets Trust, L.P. | Term Loan A | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.20%
American Assets Trust, L.P. | Term Loan A | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.70%
American Assets Trust, L.P. | Second Amended and Restated Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity			$ 450,000,000
Additional borrowing capacity			$ 250,000,000
American Assets Trust, L.P. | 3.375% Senior Unsecured Notes
Debt Instrument [Line Items]
Stated Interest Rate	3.375%
Proceeds from Debt, Net of Issuance Costs	$ 489,700,000
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity, after Year 10	3.502%
Note Offering Percent	0.98935
American Assets Trust, L.P. | Unsecured term loans, net
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				1,550,000,000		1,200,000,000
American Assets Trust, L.P. | Unsecured term loans, net | Senior Guaranteed Notes, Series G
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				$ 150,000,000		150,000,000
Stated Interest Rate				3.91%
Stated Maturity Date				Jul. 30, 2030
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				$ 100,000,000		100,000,000
Stated Maturity Date				Mar. 1, 2023
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B | Base Rate
Debt Instrument [Line Items]
Minimum base rate			0.00%
Prime rate			prime rate
Federal funds rate			federal funds rate
Eurodollar rate			Eurodollar
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.20%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				$ 50,000,000		50,000,000
Stated Maturity Date				Mar. 1, 2023
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C | Base Rate
Debt Instrument [Line Items]
Minimum base rate			0.00%
Prime rate			prime rate
Federal funds rate			federal funds rate
Eurodollar rate			Eurodollar
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.20%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan C | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				$ 100,000,000		100,000,000
Stated Maturity Date				Jan. 9, 2022
Debt extension options | Extension_Option		3
Extension term		1 year
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | Base Rate
Debt Instrument [Line Items]
Prime rate		prime rate
Federal funds rate		federal funds rate
Eurodollar rate		Eurodollar
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan A | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.70%
American Assets Trust, L.P. | Unsecured term loans, net | Term Loan B & Term Loan C
Debt Instrument [Line Items]
Face amount of debt			$ 150,000,000
American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity			$ 100,000,000
American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.30%
American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.30%
American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.90%
American Assets Trust, L.P. | Unsecured term loans, net | Second Amended and Restated Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.90%
American Assets Trust, L.P. | Unsecured term loans, net | Senior Guaranteed Notes, Series A
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				$ 0		150,000,000
Stated Interest Rate				4.04%
Stated Maturity Date				Oct. 31, 2021
Repayments of Unsecured Debt	$ 150,000,000
Early extinguishment of debt	3,900,000
American Assets Trust, L.P. | Unsecured term loans, net | 3.375% Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term Debt, Principal Balance				$ 500,000,000		$ 0
Stated Interest Rate				3.38%
Stated Maturity Date				Feb. 1, 2031
Face amount of debt	500,000,000
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, net, revolving credit facility				$ (700,000)
Weighted average interest rate, revolving credit facility				1.21%
Repayments of Lines of Credit	$ 100,000,000
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity			$ 350,000,000
Debt extension options | Extension_Option			2
Extension term			6 months
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Base Rate
Debt Instrument [Line Items]
Prime rate			prime rate
Federal funds rate			federal funds rate
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Minimum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.05%
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Minimum | Base Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Maximum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
American Assets Trust, L.P. | Unsecured line of credit, net | Second Amended and Restated Credit Facility | Maximum | Base Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%

PARTNERS' CAPITAL OF AMERICAN_2

PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. (Details)	3 Months Ended
	Mar. 31, 2021shares	Mar. 31, 2020shares
Operating Partnership Units
Capital Unit [Line Items]
Antidilutive securities excluded from computation of EPS (in shares)	489,775	345,153
American Assets Trust, L.P.
Capital Unit [Line Items]
Percentage of ownership interests classified as noncontrolling	21.30%
American Assets Trust, L.P.
Capital Unit [Line Items]
Noncontrolling common units (in shares)	16,181,537
American Assets Trust, L.P. | Operating Partnership Units
Capital Unit [Line Items]
Weighted average unvested shares outstanding (in shares)	489,775	345,153
Antidilutive securities excluded from computation of EPS (in shares)	489,775	345,153
Limited Partner | American Assets Trust, L.P.
Capital Unit [Line Items]
Common unit conversion ratio	1
Common Shares | American Assets Trust, L.P.
Capital Unit [Line Items]
Conversion of operating partnership units (in shares)	0

EQUITY OF AMERICAN ASSETS TRU_3

EQUITY OF AMERICAN ASSETS TRUST, INC. - Narrative (Details)	Mar. 02, 2018Agent	May 27, 2015USD ($)Agent	Mar. 31, 2021USD ($)shares	Mar. 31, 2020USD ($)shares
Equity [Line Items]
Noncash compensation expense			$ 1,500,000	$ 1,300,000
Unrecognized compensation expense			$ 6,900,000
Operating Partnership Units
Equity [Line Items]
Antidilutive securities excluded from computation of EPS (in shares) | shares			489,775	345,153
At The Market Equity Program
Equity [Line Items]
Number of sales agents | Agent	1	5
Aggregate offering price of common share		$ 250,000,000
Remaining capacity to issue			$ 132,600,000
American Assets Trust, L.P. | Operating Partnership Units
Equity [Line Items]
Weighted average unvested shares outstanding (in shares) | shares			489,775	345,153
Antidilutive securities excluded from computation of EPS (in shares) | shares			489,775	345,153

EQUITY OF AMERICAN ASSETS TRU_4

EQUITY OF AMERICAN ASSETS TRUST, INC. - Dividends Declare and Paid on Shares on Common Stock and Noncontrolling Common Units (Details)	3 Months Ended
	Sep. 30, 2020$ / shares
Equity [Abstract]
Dividends period	First Quarter 2021
Amount per Share/Unit (in USD per unit)	$ 0.28
Date dividend to be paid	Mar. 25, 2021

EQUITY OF AMERICAN ASSETS TRU_5

EQUITY OF AMERICAN ASSETS TRUST, INC. - Summary of Activity of Restricted Stock Awards (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Noncash compensation expense	$ 1.5	$ 1.3
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, Beginning, Shares	491,957
Granted, Shares	0
Vested, Shares	0
Forfeited, Shares	(4,006)
Nonvested, End of year, shares	487,951
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested, Beginning, Weighted Average Grant Date Fair Value (in USD per share)	$ 23.53
Granted, Weighted Average Grant Date Fair Value (in USD per share)	0
Vested, Weighted Average Grant Date Fair Value (in USD per share)	0
Forfeited, Weighted Average Grant Date Fair Value (in USD per share)	23.24
Nonvested, End of Year, Weighted Average Grant Date Fair Value (in USD per share)	$ 23.54

EQUITY OF AMERICAN ASSETS TRU_6

EQUITY OF AMERICAN ASSETS TRUST, INC. - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity [Abstract]
Net income	$ 1,733	$ 15,484
Less: Net income attributable to restricted shares	(137)	(104)
Less: Income from operations attributable to unitholders in the Operating Partnership	(339)	(3,312)
Net income attributable to common stockholders—basic	1,257	12,068
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	1,257	12,068
Plus: Income from operations attributable to unitholders in the Operating Partnership-diluted	339	3,312
Net income attributable to common stockholders-diluted	$ 1,596	$ 15,380
Weighted average common shares outstanding-basic (in shares)	59,984,335	59,723,072
Effect of dilutive securities-conversion of Operating Partnership units (in shares)	16,181,537	16,390,548
Weighted average common shares outstanding - diluted (in shares)	76,165,872	76,113,620
Earnings per common share, basic (in USD per share)	$ 0.02	$ 0.20
Earnings per common share, diluted (in USD per share)	$ 0.02	$ 0.20

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Deferred tax liability	$ 570		$ 570
Income tax benefit (expense)	$ (127)	$ (206)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)moProperty	Mar. 31, 2020
Commitment And Contingencies [Line Items]
Termination payment | $	$ 4.9
Number of consolidated properties located in Southern California | Property	15
Maximum proportion of total revenue provided by any single tenant (as a percent)	10.00%	10.00%
Total Revenues | Retail
Commitment And Contingencies [Line Items]
Proportion of total revenue provided by retail or office tenants (as a percent)	25.90%
Total Revenues | Office
Commitment And Contingencies [Line Items]
Proportion of total revenue provided by retail or office tenants (as a percent)	52.90%
Waikiki Beach Walk - Retail
Commitment And Contingencies [Line Items]
Property management fee (as a percent)	3.00%
Outrigger Hotels
Commitment And Contingencies [Line Items]
Property management fee (as a percent)	6.00%
Number of calendar months termination fee is based	2 months
Maximum proportion of hotel's fiscal year gross revenues paid for aggregate yearly management fee (as a percent)	3.50%
Previous months of management fees	12 months
Hotel management agreement default penalty factor of previous twelve months of management fees in first 11 years of term	8
Years in hotel management agreement term	11 years
Hotel management agreement default penalty factor of previous twelve months of management fees in twelfth year of term	4
Hotel management agreement default penalty factor of previous twelve months of management fees in thirteenth year of term	3
Hotel management agreement default penalty factor of previous twelve months of management fees in fourteenth year of term	2
Hotel management agreement default penalty factor of previous twelve months of management fees in fifteenth year of term	1
Outrigger Hotels | Maximum
Commitment And Contingencies [Line Items]
Property management fee (as a percent)	3.00%
Outrigger Hotels | Future Year Period One
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	15 years
Outrigger Hotels | Future Year Period Two
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	14 years
Outrigger Hotels | Future Year Period Three
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	13 years
Outrigger Hotels | Future Year Period Four
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	12 years
Wbw Hotel Lessee Llc
Commitment And Contingencies [Line Items]
Years of contract	20 years
Proportion of hotel occupancy gross revenue paid for program fee (as a percent)	4.00%
Wbw Hotel Lessee Llc | Future Time Period Prior to 12-31-2021
Commitment And Contingencies [Line Items]
Proportion of hotel occupancy gross revenue paid for franchise royalty fee (as a percent)	4.00%
Wbw Hotel Lessee Llc | Future Time Period After 12-31-2021
Commitment And Contingencies [Line Items]
Proportion of hotel occupancy gross revenue paid for franchise royalty fee (as a percent)	5.00%
Del Monte Center | Maximum
Commitment And Contingencies [Line Items]
Years, environmental remediation length	7 years
Del Monte Center | Minimum
Commitment And Contingencies [Line Items]
Years, environmental remediation length	5 years

LEASES - Narrative (Details)

LEASES - Narrative (Details)	3 Months Ended
	Mar. 31, 2021
Lessor, Lease, Description [Line Items]
Years, minimum term range of office and retail leases	3 years
Years, maximum term range of office and retail leases	10 years
Months, minimum term of apartment leases	7 months
Months, maximum term of apartment leases	15 months
Operating leases rental period terms	12 months
Minimum
Lessor, Lease, Description [Line Items]
Lease extension option period	3 years
Lease extension options exercise period	6 months
Maximum
Lessor, Lease, Description [Line Items]
Lease extension option period	10 years
Lease extension options exercise period	12 months
Land Mark At One Market [Member]
Lessor, Lease, Description [Line Items]
Lease extension option exercise period	5 years

LEASES - Minimum Future Rentals

LEASES - Minimum Future Rentals from Noncancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2021USD ($)
Leases [Abstract]
2021 (nine months ending December 31, 2021)	$ 162,655
2022	215,710
2023	199,077
2024	168,525
2025	147,434
Thereafter	443,310
Total	$ 1,336,711

LEASES - Lease Obligations - Mi

LEASES - Lease Obligations - Minimum Future Rental Payments from Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2021 (nine months ending December 31, 2021)	$ 2,350
2022	3,232
2023	3,328
2024	3,428
2025	3,531
Thereafter	19,710
Total lease payments	35,579
Imputed interest	(6,108)
Present value of lease liability	$ 29,471	$ 30,060

LEASES - Lease Costs & Addition

LEASES - Lease Costs & Additional Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease cost	$ 1,132	$ 844
Variable lease cost	0	0
Sublease income	(1,194)	(868)
Total lease (income) cost	$ (62)	$ (24)
Weighted-average remaining lease term - operating leases (in years)	10 years
Weighted-average discount rate - operating leases (as a percent)	3.21%

LEASES - Supplemental Lease Inf

LEASES - Supplemental Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 865	$ 846
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$ 0	$ 22,188

COMPONENTS OF RENTAL INCOME A_3

COMPONENTS OF RENTAL INCOME AND EXPENSE - Component of Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Rental Income [Line Items]
Percentage rent	$ 526	$ 301
Hotel revenue	3,271	8,125
Other	571	577
Total rental income	81,130	92,070
Recognition of straight-line rents	5,500	2,800
Recognition of amortization of above and below market leases	800	900
Office
Rental Income [Line Items]
Lease rental income	43,362	42,213
Retail
Rental Income [Line Items]
Lease rental income	20,853	24,955
Multifamily
Rental Income [Line Items]
Lease rental income	11,752	11,967
Mixed-use
Rental Income [Line Items]
Lease rental income	$ 795	$ 3,932

COMPONENTS OF RENTAL INCOME A_4

COMPONENTS OF RENTAL INCOME AND EXPENSE (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue Recognition and Deferred Revenue [Abstract]
Recognition of straight-line rents	$ 5.5	$ 2.8
Recognition of amortization of above and below market leases	$ 0.8	$ 0.9

COMPONENTS OF RENTAL INCOME A_5

COMPONENTS OF RENTAL INCOME AND EXPENSE - Components of Rental Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue Recognition and Deferred Revenue [Abstract]
Rental operating	$ 9,496	$ 9,882
Hotel operating	2,724	5,747
Repairs and maintenance	3,742	4,297
Marketing	393	507
Rent	1,152	853
Hawaii excise tax	532	865
Management fees	207	417
Total rental expenses	$ 18,246	$ 22,568

OTHER (EXPENSE) INCOME, NET - C

OTHER (EXPENSE) INCOME, NET - Components of Other (Expense) Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Income and Expenses [Abstract]
Interest and investment income	$ 74	$ 312
Income tax expense	(127)	(206)
Other non-operating income	0	2
Total other (expense) income, net	$ (53)	$ 108

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2021	Mar. 01, 2019
Related Party Transaction [Line Items]
Rental income	$ 81,130	$ 92,070
Investment in WBW CHP LLC (as a percent)	47.70%
WBW CHP LLC
Related Party Transaction [Line Items]
Amount recovered for reimbursements of operating expense for related party	$ 300	300
American Assets, Inc. | Board of Directors Chairman
Related Party Transaction [Line Items]
Rental income	$ 100	$ 0
Lessor, Operating Lease, Term of Contract	10 years			3 years
American Assets, Inc. | Board of Directors Chairman | Scenario, Forecast
Related Party Transaction [Line Items]
Rental income			$ 200

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details)	3 Months Ended
	Mar. 31, 2021SegmentRoom
Segment Reporting [Abstract]
Number of operating segments | Segment	4
Room in mixed-use segment all-suite hotel | Room	369

SEGMENT REPORTING - Operating A

SEGMENT REPORTING - Operating Activity Within Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ 20,062	$ 28,848
Total segments’ profit	54,386	63,130
Office
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	44,464	44,509
Property Expenses	(11,364)	(11,793)
Operating Income (Loss)	33,100	32,716
Retail
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	21,774	25,826
Property Expenses	(7,442)	(7,331)
Operating Income (Loss)	14,332	18,495
Multifamily
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	12,552	12,825
Property Expenses	(5,491)	(5,510)
Operating Income (Loss)	7,061	7,315
Mixed-use
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	5,196	13,583
Property Expenses	(5,303)	(8,979)
Operating Income (Loss)	$ (107)	$ 4,604

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Segment Profit to Net Income Attributable to Stockholders (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting [Abstract]
Total segments’ profit	$ 54,386	$ 63,130
General and administrative	(6,823)	(6,820)
Depreciation and amortization	(27,501)	(27,462)
Interest expense	(14,005)	(13,472)
Early extinguishment of debt	(4,271)	0
Other (expense) income, net	(53)	108
NET INCOME	1,733	15,484
Net income attributable to restricted shares	(137)	(104)
Net income attributable to unitholders in the Operating Partnership	339	3,312
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$ 1,257	$ 12,068

SEGMENT REPORTING - Net Real Es

SEGMENT REPORTING - Net Real Estate and Secured Note Payable Balances (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net Real Estate		$ 2,481,317	$ 2,492,734
Secured Notes Payable	[1]	111,000	111,000
Debt issuance costs, net of accumulated amortization of $1,324 and $0, respectively		746	0
American Assets Trust, L.P.
Segment Reporting Information [Line Items]
Net Real Estate		2,481,317	2,492,734
Secured notes payable, net | American Assets Trust, L.P.
Segment Reporting Information [Line Items]
Debt issuance costs, net of accumulated amortization of $1,324 and $0, respectively		66	77
Office
Segment Reporting Information [Line Items]
Net Real Estate		1,314,179	1,317,107
Secured Notes Payable	[1]	111,000	111,000
Retail
Segment Reporting Information [Line Items]
Net Real Estate		603,522	607,918
Multifamily
Segment Reporting Information [Line Items]
Net Real Estate		387,106	389,804
Mixed-use
Segment Reporting Information [Line Items]
Net Real Estate		$ 176,510	$ 177,905
[1]	Excludes debt issuance costs of $0.1 million and $0.1 million for each of the periods ended March 31, 2021 and December 31, 2020, respectively.

SEGMENT REPORTING - Capital Exp

SEGMENT REPORTING - Capital Expenditures (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Capital expenditures	[1]	$ 12,216	$ 23,925
Office
Segment Reporting Information [Line Items]
Capital expenditures	[1]	9,527	18,200
Retail
Segment Reporting Information [Line Items]
Capital expenditures	[1]	1,722	3,558
Multifamily
Segment Reporting Information [Line Items]
Capital expenditures	[1]	963	1,284
Mixed-use
Segment Reporting Information [Line Items]
Capital expenditures	[1]	$ 4	$ 883
[1]	Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid