Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | American Assets Trust, Inc. |
Entity Central Index Key | 0001500217 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pay vs Performance Disclosure [Table] | ||||
Pay vs Performance [Table Text Block] | Value of Initial Fixed $100 Investment Based on: Year Summary Compensation Table Total for PEO ($) Compensation Actually Paid to PEO ($) 1 Average Summary Compensation Table Total for Non-PEO NEOs ($) Average Compensation Actually Paid to Non-PEO NEOs ($) 1 Total Shareholder Return ($) Peer Group Total Shareholder Return ($) 2 Net Income (in '000, $) Funds From Operations (in '000, $) 3 Net Operating Income (in '000, $) 4 2022 5,078,174 3,449,143 2,222,627 1,642,540 64.19 82.81 55,877 179,215 270,215 2021 5,061,774 2,725,241 2,046,598 1,204,783 87.17 117.46 36,593 152,899 246,054 2020 4,433,798 1,281,379 1,780,674 711,366 65.04 90.01 35,588 143,880 223,454 | |||
Company Selected Measure Name | Funds From Operations | |||
Named Executive Officers, Footnote [Text Block] | Year PEO Non-PEO Named Executive Officers 2022 Ernest Rady Robert Barton, Adam Wyll and Jerry Gammieri 2021 Ernest Rady Robert Barton, Adam Wyll and Jerry Gammieri 2020 Ernest Rady Robert Barton, Adam Wyll and Jerry Gammieri | |||
Peer Group Issuers, Footnote [Text Block] | Represents the cumulative TSR (the “Peer Group TSR”) of the S&P 600 Real Estate Index. | |||
PEO Total Compensation Amount | $ 5,078,174 | $ 5,061,774 | $ 4,433,798 | |
PEO Actually Paid Compensation Amount | $ 3,449,143 | 2,725,241 | 1,281,379 | |
Adjustment To PEO Compensation, Footnote [Text Block] | The amounts reported in the “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to Non-PEO NEOs” columns do not reflect the actual compensation paid to or realized by our PEO or our non-PEO NEOs during each applicable year. The calculation of compensation actually paid for purposes of this table includes point-in-time fair values of stock awards and these values will fluctuate based on our stock price, various accounting valuation assumptions and projected performance related to our performance awards. See the Summary Compensation Table for certain other compensation of our PEO and our non-PEO NEOs for each applicable fiscal year and the Stock Vested table for the value realized by each of them upon the vesting of stock awards during 2022. The following adjustments were made to the Summary Compensation Table “Total Compensation” for our PEO and our other named executive officers to derive the compensation actually paid to our PEO and the average compensation actually paid to our remaining named executive officers for the relevant fiscal year, as determined under SEC rules (and described below), which includes the individuals indicated in the table below for each fiscal year: Year PEO Non-PEO Named Executive Officers 2022 Ernest Rady Robert Barton, Adam Wyll and Jerry Gammieri 2021 Ernest Rady Robert Barton, Adam Wyll and Jerry Gammieri 2020 Ernest Rady Robert Barton, Adam Wyll and Jerry Gammieri Compensation actually paid to our PEO and the average for our non-PEO named executive officers represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, as adjusted as follows: 2020 2021 2022 Adjustments PEO Average Non-PEO NEOs PEO Average Non-PEO NEOs PEO Average Non-PEO NEOs Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY $ (2,845,667) $ (1,034,350) $ (3,232,619) $ (1,117,937) $ (2,925,552) $ (1,028,686) Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End (a) 2,150,847 788,645 2,303,804 785,002 2,347,285 817,236 Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End (b) (916,938) (323,846) (726,799) (266,499) (906,031) (322,484) Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date (c) (455,118) (138,002) 274,592 98,085 123,565 52,222 Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End (1,085,544) (361,754) (955,511) (340,466) (268,297) (98,376) Total Adjustments $ (3,152,420) $ (1,069,307) $ (2,336,533) $ (841,815) $ (1,629,030) $ (580,088) | |||
Non-PEO NEO Average Total Compensation Amount | $ 2,222,627 | 2,046,598 | 1,780,674 | |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 1,642,540 | 1,204,783 | 711,366 | |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | The amounts reported in the “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to Non-PEO NEOs” columns do not reflect the actual compensation paid to or realized by our PEO or our non-PEO NEOs during each applicable year. The calculation of compensation actually paid for purposes of this table includes point-in-time fair values of stock awards and these values will fluctuate based on our stock price, various accounting valuation assumptions and projected performance related to our performance awards. See the Summary Compensation Table for certain other compensation of our PEO and our non-PEO NEOs for each applicable fiscal year and the Stock Vested table for the value realized by each of them upon the vesting of stock awards during 2022. The following adjustments were made to the Summary Compensation Table “Total Compensation” for our PEO and our other named executive officers to derive the compensation actually paid to our PEO and the average compensation actually paid to our remaining named executive officers for the relevant fiscal year, as determined under SEC rules (and described below), which includes the individuals indicated in the table below for each fiscal year: Year PEO Non-PEO Named Executive Officers 2022 Ernest Rady Robert Barton, Adam Wyll and Jerry Gammieri 2021 Ernest Rady Robert Barton, Adam Wyll and Jerry Gammieri 2020 Ernest Rady Robert Barton, Adam Wyll and Jerry Gammieri Compensation actually paid to our PEO and the average for our non-PEO named executive officers represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, as adjusted as follows: 2020 2021 2022 Adjustments PEO Average Non-PEO NEOs PEO Average Non-PEO NEOs PEO Average Non-PEO NEOs Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY $ (2,845,667) $ (1,034,350) $ (3,232,619) $ (1,117,937) $ (2,925,552) $ (1,028,686) Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End (a) 2,150,847 788,645 2,303,804 785,002 2,347,285 817,236 Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End (b) (916,938) (323,846) (726,799) (266,499) (906,031) (322,484) Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date (c) (455,118) (138,002) 274,592 98,085 123,565 52,222 Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End (1,085,544) (361,754) (955,511) (340,466) (268,297) (98,376) Total Adjustments $ (3,152,420) $ (1,069,307) $ (2,336,533) $ (841,815) $ (1,629,030) $ (580,088) | |||
Equity Valuation Assumption Difference, Footnote [Text Block] | The table below includes the Monte Carlo assumptions used to determine the fair value of the grants awarded during each applicable fiscal year and that remain unvested as of applicable fiscal year. 2020 Awards - valuation assumptions as of December 31, 2020: 2021 Awards - valuation assumptions as of December 31, 2021: 2022 Awards - valuation assumptions as of December 31, 2022: Tranche 1 Tranche 2 Tranche 3 Tranche 1 Tranche 2 Tranche 3 Tranche 1 Tranche 2 Tranche 3 Expected Term 1 year 2 years 3 years 1 year 2 years 3 years 1 year 2 years 3 years Risk-Free Rate 0.09 % 0.10 % 0.18 % 0.37 % 0.72 % 0.97 % 4.75 % 4.47 % 4.28 % Dividend Yield 3.46 % 3.46 % 3.46 % 3.20 % 3.20 % 3.20 % 4.83 % 4.83 % 4.83 % Volatility 53.87 % 44.89 % 41.35 % 29.30 % 40.83 % 36.70 % 29.15 % 29.29 % 37.68 % (b) The table below includes the Monte Carlo assumptions used to determine the change in fair value of awards that remained outstanding and unvested as of each applicable fiscal year end in the table above to the prior fiscal year end. December 2018 Award December 2019 Award December 2019 Award December 2019 Award December 2020 Award December 2020 Award December 2020 Award December 2021 Award December 2021 Award Tranche 3 Tranche 2 Tranche 3 Tranche 3 Tranche 2 Tranche 3 Tranche 3 Tranche 2 Tranche 3 Valuation assumptions based on prior fiscal year end December 31, 2019 December 31, 2020 December 31, 2021 Expected Term 2 years 2 years 3 years 2 years 2 years 3 years 2 years 2 years 3 years Risk-Free Rate 1.62 % 1.62 % 1.64 % 0.10 % 0.10 % 0.18 % 0.72 % 0.72 % 0.97 % Dividend Yield 2.61 % 2.61 % 2.61 % 3.46 % 3.46 % 3.46 % 3.20 % 3.20 % 3.20 % Volatility 17.14 % 17.14 % 16.76 % 44.89 % 44.89 % 41.35 % 40.83 % 40.83 % 36.70 % Valuation assumptions based on applicable fiscal year end December 31, 2020 December 31, 2021 December 31, 2022 Expected Term 2 years 2 years 3 years 2 years 2 years 3 years 2 years 2 years 3 years Risk-Free Rate 0.10 % 0.10 % 0.18 % 0.72 % 0.72 % 0.97 % 4.47 % 4.47 % 4.28 % Dividend Yield 3.46 % 3.46 % 3.46 % 3.20 % 3.20 % 3.20 % 4.83 % 4.83 % 4.83 % Volatility 44.89 % 44.89 % 41.35 % 40.83 % 40.83 % 36.70 % 29.29 % 29.29 % 37.68 % (c) The table below includes the Monte Carlo assumptions used to determine the change in the fair value of awards that vested during each applicable fiscal year end in the table above from the prior fiscal year end. Fair value on the vesting date is based on the closing stock price on the measurement. December 2017 Award December 2018 Award December 2019 Award December 2018 Award December 2019 Award December 2020 Award December 2019 Award December 2020 Award December 2021 Award Tranche 3 Tranche 2 Tranche 1 Tranche 3 Tranche 2 Tranche 1 Tranche 3 Tranche 2 Tranche 1 Valuation assumptions based on prior fiscal year end December 31, 2019 December 31, 2020 December 31, 2021 Expected Term 1 year 1 year 1 year 1 year 1 year 1 year 1 year 1 year 1 year Risk-Free Rate 1.70 % 1.70 % 1.70 % 0.09 % 0.09 % 0.09 % 0.37 % 0.37 % 0.37 % Dividend Yield 2.61 % 2.61 % 2.61 % 3.46 % 3.46 % 3.46 % 3.20 % 3.20 % 3.20 % Volatility 16.01 % 16.01 % 16.01 % 53.87 % 53.87 % 53.87 % 29.30 % 29.30 % 29.30 % | |||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | The following graph compares the compensation actually paid to our PEO, the average of the compensation actually paid to our remaining NEOs with the TSR performance of our company stock and the TSR performance of our company stock with the TSR performance of the S&P 600 Real Estate Index. TSR amounts in the graph assume that $100 was invested beginning on December 31, 2019 and that all distributions or dividends were reinvested on a quarterly basis. | |||
Compensation Actually Paid vs. Net Income [Text Block] | The following graph compares the compensation actually paid to our PEO and the average of the compensation actually paid to our remaining NEOs with net income. | |||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | The following graph compares the compensation actually paid to our PEO and the average of the compensation actually paid to our remaining NEOs with FFO. | |||
Total Shareholder Return Vs Peer Group [Text Block] | The following graph compares the compensation actually paid to our PEO, the average of the compensation actually paid to our remaining NEOs with the TSR performance of our company stock and the TSR performance of our company stock with the TSR performance of the S&P 600 Real Estate Index. TSR amounts in the graph assume that $100 was invested beginning on December 31, 2019 and that all distributions or dividends were reinvested on a quarterly basis. | |||
Tabular List [Table Text Block] | Important Financial Performance Measures Funds From Operations Net Operating Income | |||
Total Shareholder Return Amount | $ 64.19 | 87.17 | 65.04 | |
Peer Group Total Shareholder Return Amount | 82.81 | 117.46 | 90.01 | |
Net Income (Loss) | $ 55,877,000 | $ 36,593,000 | $ 35,588,000 | |
Company Selected Measure Amount | 179,215,000 | 152,899,000 | 143,880,000 | |
PEO Name | Ernest Rady | |||
Additional 402(v) Disclosure [Text Block] | Pay Versus Performance Tabular List We believe the following performance measures represent the most important financial performance measures used by us to link compensation actually paid to our NEOs for the fiscal year ended December 31, 2022: For additional details regarding our most important financial performance measures, please see the sections titled “Executive Summary for 2022” and “Elements of Executive Officer Compensation” in our Compensation Discussion and Analysis (CD&A) elsewhere in this Proxy Statement. Relationship Between Financial Performance Measures | |||
Measure [Axis]: 1 | ||||
Pay vs Performance Disclosure [Table] | ||||
Measure Name | Funds From Operations | |||
Non-GAAP Measure Description [Text Block] | Although we use numerous financial and non-financial performance measures for the purpose of evaluating company performance for our executive compensation program, we have determined that FFO is the financial performance measure that, in our assessment, represents the most important financial performance measure (that is not otherwise required to be disclosed in the table) used to link company performance and executive compensation for the most recently completed fiscal year. FFO, a non-GAAP measure, is therefore our Company Selected Measure. We calculate FFO in accordance with the standards established by NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, impairment losses, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. (A reconciliation of net income to FFO is included on page 62 of our Annual Report on Form 10-K for the year ended December 31, 2022.) | |||
Measure [Axis]: 2 | ||||
Pay vs Performance Disclosure [Table] | ||||
Compensation Actually Paid vs. Other Measure [Text Block] | The following graph compares the compensation actually paid to our PEO and the average of the compensation actually paid to our remaining NEOs with NOI. | |||
Other Performance Measure Amount | 270,215,000 | 246,054,000 | 223,454,000 | |
Measure Name | Net Operating Income | |||
Non-GAAP Measure Description [Text Block] | While FFO is our Company Selected Measure, as described in footnote (3) above, we have elected to present NOI as a supplemental measure in the table above, as NOI is also an important financial performance measure used by our Compensation Committee to link company performance and executive compensation for the most recently completed fiscal year. NOI is a non-GAAP measure. We define NOI as operating revenues (rental income, tenant reimbursements, lease termination fees, ground lease rental income and other property income) less property and related expenses (property expenses, ground lease expenses, property marketing costs, real estate taxes and insurance). NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expense, other non-property income and losses, gains and losses from property dispositions, extraordinary items, tenant improvements and leasing commissions. (A reconciliation of NOI to net income is included on page 61 of our Annual Report on Form 10-K for the year ended December 31, 2022. | |||
Equity Awards Granted During the Year, Unvested [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Equity Awards, Valuation Assumptions, Expected Term, Tranche 1 | 1 year | 1 year | 1 year | |
Equity Awards, Valuation Assumptions, Expected Term, Tranche 2 | 2 years | 2 years | 2 years | |
Equity Awards, Valuation Assumptions, Expected Term, Tranche Three | 3 years | 3 years | 3 years | |
Equity Awards, Valuation Assumptions, Risk-Free Rate, Tranche One | 4.75% | 0.37% | 0.09% | |
Equity Awards, Valuation Assumptions, Risk-Free Rate, Tranche Two | 4.47% | 0.72% | 0.10% | |
Equity Awards, Valuation Assumptions, Risk-Free Rate, Tranche Three | 4.28% | 0.97% | 0.18% | |
Equity Awards, Valuation Assumptions, Dividend Yield, Tranche One | 4.83% | 3.20% | 3.46% | |
Equity Awards, Valuation Assumptions, Dividend Yield, Tranche Two | 4.83% | 3.20% | 3.46% | |
Equity Awards, Valuation Assumptions, Dividend Yield, Tranche Three | 4.83% | 3.20% | 3.46% | |
Equity Awards, Valuation Assumptions, Volatility, Tranche One | 29.15% | 29.30% | 53.87% | |
Equity Awards, Valuation Assumptions, Volatility, Tranche Two | 29.29% | 40.83% | 44.89% | |
Equity Awards, Valuation Assumptions, Volatility, Tranche Three | 37.68% | 36.70% | 41.35% | |
Equity Awards Granted in Prior Years, Unvested [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Equity Awards, Valuation Assumptions, Expected Term, Tranche 1 | 2 years | 2 years | 2 years | 2 years |
Equity Awards, Valuation Assumptions, Expected Term, Tranche 2 | 2 years | 2 years | 2 years | 2 years |
Equity Awards, Valuation Assumptions, Expected Term, Tranche Three | 3 years | 3 years | 3 years | 3 years |
Equity Awards, Valuation Assumptions, Risk-Free Rate, Tranche One | 4.47% | 0.72% | 0.10% | 1.62% |
Equity Awards, Valuation Assumptions, Risk-Free Rate, Tranche Two | 4.47% | 0.72% | 0.10% | 1.62% |
Equity Awards, Valuation Assumptions, Risk-Free Rate, Tranche Three | 4.28% | 0.97% | 0.18% | 1.64% |
Equity Awards, Valuation Assumptions, Dividend Yield, Tranche One | 4.83% | 3.20% | 3.46% | 2.61% |
Equity Awards, Valuation Assumptions, Dividend Yield, Tranche Two | 4.83% | 3.20% | 3.46% | 2.61% |
Equity Awards, Valuation Assumptions, Dividend Yield, Tranche Three | 4.83% | 3.20% | 3.46% | 2.61% |
Equity Awards, Valuation Assumptions, Volatility, Tranche One | 29.29% | 40.83% | 44.89% | 17.14% |
Equity Awards, Valuation Assumptions, Volatility, Tranche Two | 29.29% | 40.83% | 44.89% | 17.14% |
Equity Awards, Valuation Assumptions, Volatility, Tranche Three | 37.68% | 36.70% | 41.35% | 16.76% |
Equity Awards Granted in Prior Years, Vested [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Equity Awards, Valuation Assumptions, Expected Term, Tranche 1 | 1 year | 1 year | 1 year | |
Equity Awards, Valuation Assumptions, Expected Term, Tranche 2 | 1 year | 1 year | 1 year | |
Equity Awards, Valuation Assumptions, Expected Term, Tranche Three | 1 year | 1 year | 1 year | |
Equity Awards, Valuation Assumptions, Risk-Free Rate, Tranche One | 0.37% | 0.09% | 1.70% | |
Equity Awards, Valuation Assumptions, Risk-Free Rate, Tranche Two | 0.37% | 0.09% | 1.70% | |
Equity Awards, Valuation Assumptions, Risk-Free Rate, Tranche Three | 0.37% | 0.09% | 1.70% | |
Equity Awards, Valuation Assumptions, Dividend Yield, Tranche One | 3.20% | 3.46% | 2.61% | |
Equity Awards, Valuation Assumptions, Dividend Yield, Tranche Two | 3.20% | 3.46% | 2.61% | |
Equity Awards, Valuation Assumptions, Dividend Yield, Tranche Three | 3.20% | 3.46% | 2.61% | |
Equity Awards, Valuation Assumptions, Volatility, Tranche One | 29.30% | 53.87% | 16.01% | |
Equity Awards, Valuation Assumptions, Volatility, Tranche Two | 29.30% | 53.87% | 16.01% | |
Equity Awards, Valuation Assumptions, Volatility, Tranche Three | 29.30% | 53.87% | 16.01% | |
PEO [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | $ (1,629,030) | $ (2,336,533) | $ (3,152,420) | |
PEO [Member] | Equity Awards Reported Value [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (2,925,552) | (3,232,619) | (2,845,667) | |
PEO [Member] | Equity Awards Granted During the Year, Unvested [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 2,347,285 | 2,303,804 | 2,150,847 | |
PEO [Member] | Equity Awards Granted in Prior Years, Unvested [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (906,031) | (726,799) | (916,938) | |
PEO [Member] | Equity Awards Granted in Prior Years, Vested [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 123,565 | 274,592 | (455,118) | |
PEO [Member] | Equity Awards that Failed to Meet Vesting Conditions [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (268,297) | (955,511) | (1,085,544) | |
Non-PEO NEO [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (580,088) | (841,815) | (1,069,307) | |
Non-PEO NEO [Member] | Equity Awards Reported Value [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (1,028,686) | (1,117,937) | (1,034,350) | |
Non-PEO NEO [Member] | Equity Awards Granted During the Year, Unvested [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 817,236 | 785,002 | 788,645 | |
Non-PEO NEO [Member] | Equity Awards Granted in Prior Years, Unvested [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (322,484) | (266,499) | (323,846) | |
Non-PEO NEO [Member] | Equity Awards Granted in Prior Years, Vested [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 52,222 | 98,085 | (138,002) | |
Non-PEO NEO [Member] | Equity Awards that Failed to Meet Vesting Conditions [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | $ (98,376) | $ (340,466) | $ (361,754) |