American Assets Trust (AAT) 10-Q 28 Jul 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		60,724,630
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001500217
Current Fiscal Year End Date	--12-31
American Assets Trust, L.P.
Entity Information [Line Items]
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
Entity Central Index Key	0001509570

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Operating real estate	$ 3,489,314	$ 3,468,537
Construction in progress	220,906	202,385
Held for development	547	547
Total Real estate, at cost	3,710,767	3,671,469
Accumulated depreciation	(988,560)	(936,913)
Real estate, net	2,722,207	2,734,556
Cash and cash equivalents	84,709	49,571
Accounts receivable, net	7,348	7,848
Deferred rent receivables, net	89,042	87,192
Other assets, net	109,154	108,714
TOTAL ASSETS	3,012,460	2,987,881
LIABILITIES:
Secured notes payable, net	74,623	74,578
Unsecured notes payable, net	1,613,663	1,539,453
Unsecured line of credit, net	0	34,057
Accounts payable and accrued expenses	62,961	65,992
Security deposits payable	8,680	8,699
Other liabilities and deferred credits, net	76,417	79,577
Total liabilities	1,836,344	1,802,356
Commitments and contingencies (Note 11)
American Assets Trust, Inc. stockholders’ equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,724,630 and 60,718,653 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	607	607
Additional paid-in capital	1,465,346	1,461,201
Accumulated dividends in excess of net income	(262,745)	(251,167)
Accumulated other comprehensive income	11,524	10,624
Total American Assets Trust, Inc. stockholders’ equity	1,214,732	1,221,265
Noncontrolling interests	(38,616)	(35,740)
Total equity	1,176,116	1,185,525
TOTAL LIABILITIES AND EQUITY	$ 3,012,460	$ 2,987,881

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
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 (in shares)	60,724,630	60,718,653
Common stock, shares issued (in shares)	60,724,630	60,718,653

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUE:
Rental income	$ 103,901	$ 99,016	$ 206,611	$ 196,002
Other property income	5,820	5,139	10,864	9,623
Total revenue	109,721	104,155	217,475	205,625
EXPENSES:
Rental expenses	28,711	25,853	56,216	49,998
Real estate taxes	11,086	11,287	22,718	22,716
General and administrative	8,609	7,612	17,608	14,754
Depreciation and amortization	29,823	31,087	59,724	61,499
Total operating expenses	78,229	75,839	156,266	148,967
OPERATING INCOME	31,492	28,316	61,209	56,658
Interest expense, net	(16,368)	(14,547)	(32,097)	(29,213)
Other income (expense), net	273	(181)	6,951	(343)
NET INCOME	15,397	13,588	36,063	27,102
Net income attributable to restricted shares	(190)	(154)	(379)	(309)
Net income attributable to unitholders in the Operating Partnership	(3,224)	(2,852)	(7,565)	(5,688)
Net income attributable to American Assets Trust, Inc. stockholders	$ 11,983	$ 10,582	$ 28,119	$ 21,105
EARNINGS PER COMMON SHARE, BASIC
Earnings per common share, basic (in USD per share)	$ 0.20	$ 0.18	$ 0.47	$ 0.35
Weighted average shares of common stock outstanding-basic (in shares)	60,146,210	60,040,243	60,145,414	60,039,467
EARNINGS PER COMMON SHARE, DILUTED
Earnings per common share, diluted (in USD per share)	$ 0.20	$ 0.18	$ 0.47	$ 0.35
Weighted average shares of common stock outstanding-diluted (in shares)	76,327,747	76,221,780	76,326,951	76,221,004
Dividends declared per common share (in USD per share)	$ 0.33	$ 0.32	$ 0.66	$ 0.64
COMPREHENSIVE INCOME
Net income	$ 15,397	$ 13,588	$ 36,063	$ 27,102
Other comprehensive income - unrealized income on swap derivatives during the period	4,360	3,314	2,091	8,910
Reclassification of amortization of forward-starting swap included in interest expense	(98)	(275)
Comprehensive income	19,659	16,627	37,202	35,462
Comprehensive income attributable to non-controlling interests	(4,127)	(3,496)	(7,804)	(7,462)
Comprehensive income attributable to American Assets Trust, Inc.	15,532	13,131	29,398	28,000
Interest Expense
COMPREHENSIVE INCOME
Reclassification of amortization of forward-starting swap included in interest expense	$ (98)	$ (275)	$ (952)	$ (550)

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests - Unitholders in the Operating Partnership
Beginning Balance (in shares) at Dec. 31, 2021		60,525,580
Beginning Balance at Dec. 31, 2021	$ 1,210,123	$ 605	$ 1,453,272	$ (217,785)	$ 2,872	$ (28,841)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	13,514			10,678		2,836
Forfeiture of restricted stock (in shares)		(3,121)
Dividends declared and paid	(24,545)			(19,367)		(5,178)
Stock-based compensation	1,489		1,489
Shares withheld for employee taxes (in shares)		(416)
Shares withheld for employee taxes	(15)		(15)
Other comprehensive income - change in value of interest rate swaps	5,596				4,408	1,188
Reclassification of amortization of forward-starting swap included in interest expense	(275)				(217)	(58)
Ending Balance (in shares) at Mar. 31, 2022		60,522,043
Ending Balance at Mar. 31, 2022	1,205,887	$ 605	1,454,746	(226,474)	7,063	(30,053)
Beginning Balance (in shares) at Dec. 31, 2021		60,525,580
Beginning Balance at Dec. 31, 2021	1,210,123	$ 605	1,453,272	(217,785)	2,872	(28,841)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	27,102
Other comprehensive income - change in value of interest rate swaps	8,910
Ending Balance (in shares) at Jun. 30, 2022		60,528,115
Ending Balance at Jun. 30, 2022	1,199,968	$ 605	1,456,747	(235,107)	9,457	(31,734)
Beginning Balance (in shares) at Mar. 31, 2022		60,522,043
Beginning Balance at Mar. 31, 2022	1,205,887	$ 605	1,454,746	(226,474)	7,063	(30,053)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	13,588			10,736		2,852
Issuance of restricted stock (in shares)		6,072
Dividends declared and paid	(24,547)			(19,369)		(5,178)
Stock-based compensation	2,001		2,001
Other comprehensive income - change in value of interest rate swaps	3,314				2,610	704
Reclassification of amortization of forward-starting swap included in interest expense	(275)				(216)	(59)
Ending Balance (in shares) at Jun. 30, 2022		60,528,115
Ending Balance at Jun. 30, 2022	$ 1,199,968	$ 605	1,456,747	(235,107)	9,457	(31,734)
Beginning Balance (in shares) at Dec. 31, 2022	60,718,653	60,718,653
Beginning Balance at Dec. 31, 2022	$ 1,185,525	$ 607	1,461,201	(251,167)	10,624	(35,740)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20,666			16,325		4,341
Forfeiture of restricted stock (in shares)		(818)
Dividends declared and paid	(25,377)			(20,037)		(5,340)
Stock-based compensation	2,035		2,035
Other comprehensive income - change in value of interest rate swaps	(2,269)				(1,786)	(483)
Reclassification of amortization of forward-starting swap included in interest expense	(854)				(673)	(181)
Ending Balance (in shares) at Mar. 31, 2023		60,717,835
Ending Balance at Mar. 31, 2023	$ 1,179,726	$ 607	1,463,236	(254,879)	8,165	(37,403)
Beginning Balance (in shares) at Dec. 31, 2022	60,718,653	60,718,653
Beginning Balance at Dec. 31, 2022	$ 1,185,525	$ 607	1,461,201	(251,167)	10,624	(35,740)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	36,063
Other comprehensive income - change in value of interest rate swaps	$ 2,091
Ending Balance (in shares) at Jun. 30, 2023	60,724,630	60,724,630
Ending Balance at Jun. 30, 2023	$ 1,176,116	$ 607	1,465,346	(262,745)	11,524	(38,616)
Beginning Balance (in shares) at Mar. 31, 2023		60,717,835
Beginning Balance at Mar. 31, 2023	1,179,726	$ 607	1,463,236	(254,879)	8,165	(37,403)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	15,397			12,173		3,224
Issuance of restricted stock (in shares)		10,348
Forfeiture of restricted stock (in shares)		(3,553)
Dividends declared and paid	(25,379)			(20,039)		(5,340)
Stock-based compensation	2,110		2,110
Other comprehensive income - change in value of interest rate swaps	4,360				3,436	924
Reclassification of amortization of forward-starting swap included in interest expense	$ (98)				(77)	(21)
Ending Balance (in shares) at Jun. 30, 2023	60,724,630	60,724,630
Ending Balance at Jun. 30, 2023	$ 1,176,116	$ 607	$ 1,465,346	$ (262,745)	$ 11,524	$ (38,616)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net income	$ 36,063	$ 27,102
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(4,950)	(5,425)
Depreciation and amortization	59,724	61,499
Amortization of debt issuance costs and debt discounts	1,718	1,279
Provision for uncollectable rental income	739	(86)
Stock-based compensation expense	4,145	3,490
Other noncash interest expense, net	(952)	(549)
Other, net	432	(1,724)
Changes in operating assets and liabilities
Change in accounts receivable	(3)	314
Change in other assets	(1,374)	(1,459)
Change in accounts payable and accrued expenses	1,723	(46)
Change in security deposits payable	(19)	474
Change in other liabilities and deferred credits	872	1,188
Net cash provided by operating activities	98,118	86,057
INVESTING ACTIVITIES
Acquisition of real estate	0	(45,167)
Capital expenditures	(44,411)	(63,060)
Leasing commissions	(4,675)	(4,252)
Net cash used in investing activities	(49,086)	(112,479)
FINANCING ACTIVITIES
Proceeds from unsecured term loan	225,000	0
Repayment of unsecured line of credit	(36,000)	0
Repayment of unsecured term loan	(150,000)	0
Debt issuance costs	(2,138)	(3,245)
Dividends paid to common stock and unitholders	(50,756)	(49,092)
Shares withheld for employee taxes	0	(15)
Net cash used in financing activities	(13,894)	(52,352)
Net increase (decrease) in cash and cash equivalents	35,138	(78,774)
Cash and cash equivalents, beginning of period	49,571	139,524
Cash and cash equivalents, end of period	84,709	60,750
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	84,709	60,750
Restricted cash	0	0
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 84,709	$ 60,750

Consolidated Balance Sheets - L

Consolidated Balance Sheets - LP - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real estate, at cost
Operating real estate	$ 3,489,314	$ 3,468,537
Construction in progress	220,906	202,385
Held for development	547	547
Total Real estate, at cost	3,710,767	3,671,469
Accumulated depreciation	(988,560)	(936,913)
Real estate, net	2,722,207	2,734,556
Cash and cash equivalents	84,709	49,571
Accounts receivable, net	7,348	7,848
Deferred rent receivables, net	89,042	87,192
Other assets, net	109,154	108,714
TOTAL ASSETS	3,012,460	2,987,881
LIABILITIES:
Secured notes payable, net	74,623	74,578
Unsecured notes payable, net	1,613,663	1,539,453
Unsecured line of credit, net	0	34,057
Accounts payable and accrued expenses	62,961	65,992
Security deposits payable	8,680	8,699
Other liabilities and deferred credits, net	76,417	79,577
Total liabilities	1,836,344	1,802,356
Commitments and contingencies (Note 11)
CAPITAL:
Accumulated other comprehensive income	11,524	10,624
TOTAL LIABILITIES AND EQUITY	3,012,460	2,987,881
American Assets Trust, L.P.
Real estate, at cost
Operating real estate	3,489,314	3,468,537
Construction in progress	220,906	202,385
Held for development	547	547
Total Real estate, at cost	3,710,767	3,671,469
Accumulated depreciation	(988,560)	(936,913)
Real estate, net	2,722,207	2,734,556
Cash and cash equivalents	84,709	49,571
Accounts receivable, net	7,348	7,848
Deferred rent receivables, net	89,042	87,192
Other assets, net	109,154	108,714
TOTAL ASSETS	3,012,460	2,987,881
LIABILITIES:
Secured notes payable, net	74,623	74,578
Unsecured notes payable, net	1,613,663	1,539,453
Unsecured line of credit, net	0	34,057
Accounts payable and accrued expenses	62,961	65,992
Security deposits payable	8,680	8,699
Other liabilities and deferred credits, net	76,417	79,577
Total liabilities	1,836,344	1,802,356
Commitments and contingencies (Note 11)
CAPITAL:
Limited partners' capital, 16,181,537 and 16,181,537 units issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	(42,242)	(39,127)
General partner's capital, 60,724,630 and 60,718,653 units issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	1,203,208	1,210,641
Accumulated other comprehensive income	15,150	14,011
Total capital	1,176,116	1,185,525
TOTAL LIABILITIES AND EQUITY	$ 3,012,460	$ 2,987,881

Consolidated Balance Sheets -_2

Consolidated Balance Sheets - LP (Parenthetical) - American Assets Trust, L.P. - shares	Jun. 30, 2023	Dec. 31, 2022
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)	60,724,630	60,718,653
General partners' capital, units outstanding (in shares)	60,724,630	60,718,653

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Unaudited) - LP - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUE:
Rental income		$ 103,901	$ 99,016	$ 206,611	$ 196,002
Other property income		5,820	5,139	10,864	9,623
Total revenue		109,721	104,155	217,475	205,625
EXPENSES:
Rental expenses		28,711	25,853	56,216	49,998
Real estate taxes		11,086	11,287	22,718	22,716
General and administrative		8,609	7,612	17,608	14,754
Depreciation and amortization		29,823	31,087	59,724	61,499
Total operating expenses		78,229	75,839	156,266	148,967
OPERATING INCOME		31,492	28,316	61,209	56,658
Interest expense, net		(16,368)	(14,547)	(32,097)	(29,213)
Other income (expense), net		273	(181)	6,951	(343)
NET INCOME		15,397	13,588	36,063	27,102
Net income attributable to restricted shares		(190)	(154)	(379)	(309)
Net income attributable to American Assets Trust, Inc. stockholders		$ 11,983	$ 10,582	$ 28,119	$ 21,105
EARNINGS PER COMMON SHARE, BASIC
Earnings per unit, basic (in USD per share)		$ 0.20	$ 0.18	$ 0.47	$ 0.35
Weighted average units outstanding - basic (in shares)		60,146,210	60,040,243	60,145,414	60,039,467
EARNINGS PER COMMON SHARE, DILUTED
Earnings per unit, diluted (in USD per share)		$ 0.20	$ 0.18	$ 0.47	$ 0.35
Weighted average units outstanding - diluted (in shares)		76,327,747	76,221,780	76,326,951	76,221,004
COMPREHENSIVE INCOME
Net income		$ 15,397	$ 13,588	$ 36,063	$ 27,102
Other comprehensive income - unrealized income on swap derivatives during the period		4,360	3,314	2,091	8,910
Reclassification of amortization of forward-starting swap included in interest expense		(98)	(275)
Comprehensive income		19,659	16,627	37,202	35,462
Comprehensive income attributable to American Assets Trust, Inc.		15,532	13,131	29,398	28,000
Interest Expense
COMPREHENSIVE INCOME
Reclassification of amortization of forward-starting swap included in interest expense		(98)	(275)	(952)	(550)
American Assets Trust, L.P.
REVENUE:
Rental income		103,901	99,016	206,611	196,002
Other property income		5,820	5,139	10,864	9,623
Total revenue		109,721	104,155	217,475	205,625
EXPENSES:
Rental expenses		28,711	25,853	56,216	49,998
Real estate taxes		11,086	11,287	22,718	22,716
General and administrative		8,609	7,612	17,608	14,754
Depreciation and amortization		29,823	31,087	59,724	61,499
Total operating expenses		78,229	75,839	156,266	148,967
OPERATING INCOME		31,492	28,316	61,209	56,658
Interest expense, net		(16,368)	(14,547)	(32,097)	(29,213)
Other income (expense), net		273	(181)	6,951	(343)
NET INCOME		15,397	13,588	36,063	27,102
Net income attributable to restricted shares		(190)	(154)	(379)	(309)
Net income attributable to American Assets Trust, Inc. stockholders		$ 15,207	$ 13,434	$ 35,684	$ 26,793
EARNINGS PER COMMON SHARE, BASIC
Earnings per unit, basic (in USD per share)		$ 0.20	$ 0.18	$ 0.47	$ 0.35
Weighted average units outstanding - basic (in shares)		76,327,747	76,221,780	76,326,951	76,221,004
EARNINGS PER COMMON SHARE, DILUTED
Earnings per unit, diluted (in USD per share)		$ 0.20	$ 0.18	$ 0.47	$ 0.35
Weighted average units outstanding - diluted (in shares)		76,327,747	76,221,780	76,326,951	76,221,004
Distributions per unit (in USD per share)		$ 0.33	$ 0.32	$ 0.66	$ 0.64
COMPREHENSIVE INCOME
Net income		$ 15,397	$ 13,588	$ 36,063	$ 27,102
Other comprehensive income - unrealized income on swap derivatives during the period		4,360	3,314	2,091	8,910
Reclassification of amortization of forward-starting swap included in interest expense		(98)	(275)
Comprehensive income		19,659	16,627	37,202	35,462
American Assets Trust, L.P. | Interest Expense
COMPREHENSIVE INCOME
Reclassification of amortization of forward-starting swap included in interest expense		(98)	(275)	(952)	(550)
Limited Partner | American Assets Trust, L.P.
EXPENSES:
NET INCOME	[1]	3,224	2,852
COMPREHENSIVE INCOME
Net income	[1]	3,224	2,852
Comprehensive income attributable to American Assets Trust, Inc.		(4,127)	(3,496)	(7,804)	(7,462)
General Partner | American Assets Trust, L.P.
EXPENSES:
NET INCOME	[2]	12,173	10,736
COMPREHENSIVE INCOME
Net income	[2]	12,173	10,736
Comprehensive income attributable to American Assets Trust, Inc.		$ 15,532	$ 13,131	$ 29,398	$ 28,000
[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 Partn

Consolidated Statement of Partners' Capital (Unaudited) - LP - USD ($) $ in Thousands		Total	American Assets Trust, L.P.	American Assets Trust, L.P. Accumulated Other Comprehensive Income (Loss)	American Assets Trust, L.P. Limited Partner	[1]	American Assets Trust, L.P. General Partner
Beginning partners' capital account (in shares) at Dec. 31, 2021					16,181,537		60,525,580	[2]
Beginning partners' capital account at Dec. 31, 2021			$ 1,210,123	$ 4,169	$ (30,138)		$ 1,236,092	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		$ 13,514	13,514		2,836		$ 10,678	[2]
Forfeiture of restricted units (in shares)	[2]						(3,121)
Distributions			(24,545)		$ (5,178)		$ (19,367)	[2]
Stock-based compensation			1,489				$ 1,489	[2]
Units withheld for employee taxes (in shares)	[2]						(416)
Units withheld for employee taxes		(15)	(15)				$ (15)	[2]
Other comprehensive income - change in value of interest rate swaps		5,596	5,596	5,596
Reclassification of amortization of forward-starting swap included in interest expense		(275)	(275)	(275)
Ending partners' capital account (in shares) at Mar. 31, 2022					16,181,537		60,522,043	[2]
Ending partners' capital account at Mar. 31, 2022			1,205,887	9,490	$ (32,480)		$ 1,228,877	[2]
Beginning partners' capital account (in shares) at Dec. 31, 2021					16,181,537		60,525,580	[2]
Beginning partners' capital account at Dec. 31, 2021			1,210,123	4,169	$ (30,138)		$ 1,236,092	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		27,102	27,102
Other comprehensive income - change in value of interest rate swaps		8,910	8,910
Ending partners' capital account (in shares) at Jun. 30, 2022					16,181,537		60,528,115	[2]
Ending partners' capital account at Jun. 30, 2022			1,199,968	12,529	$ (34,806)		$ 1,222,245	[2]
Beginning partners' capital account (in shares) at Mar. 31, 2022					16,181,537		60,522,043	[2]
Beginning partners' capital account at Mar. 31, 2022			1,205,887	9,490	$ (32,480)		$ 1,228,877	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		13,588	13,588		2,852		$ 10,736	[2]
Issuance of restricted units (in shares)	[2]						6,072
Distributions			(24,547)		$ (5,178)		$ (19,369)	[2]
Stock-based compensation			2,001				$ 2,001	[2]
Other comprehensive income - change in value of interest rate swaps		3,314	3,314	3,314
Reclassification of amortization of forward-starting swap included in interest expense		(275)	(275)	(275)
Ending partners' capital account (in shares) at Jun. 30, 2022					16,181,537		60,528,115	[2]
Ending partners' capital account at Jun. 30, 2022			1,199,968	12,529	$ (34,806)		$ 1,222,245	[2]
Beginning partners' capital account (in shares) at Dec. 31, 2022					16,181,537		60,718,653	[2]
Beginning partners' capital account at Dec. 31, 2022			1,185,525	14,011	$ (39,127)		$ 1,210,641	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		20,666	20,666		4,341		$ 16,325	[2]
Forfeiture of restricted units (in shares)	[2]						(818)
Distributions			(25,377)		$ (5,340)		$ (20,037)	[2]
Stock-based compensation			2,035				$ 2,035	[2]
Other comprehensive income - change in value of interest rate swaps		(2,269)	(2,269)	(2,269)
Reclassification of amortization of forward-starting swap included in interest expense		(854)	(854)	(854)
Ending partners' capital account (in shares) at Mar. 31, 2023					16,181,537		60,717,835	[2]
Ending partners' capital account at Mar. 31, 2023			1,179,726	10,888	$ (40,126)		$ 1,208,964	[2]
Beginning partners' capital account (in shares) at Dec. 31, 2022					16,181,537		60,718,653	[2]
Beginning partners' capital account at Dec. 31, 2022			1,185,525	14,011	$ (39,127)		$ 1,210,641	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		36,063	36,063
Other comprehensive income - change in value of interest rate swaps		2,091	2,091
Ending partners' capital account (in shares) at Jun. 30, 2023					16,181,537		60,724,630	[2]
Ending partners' capital account at Jun. 30, 2023			1,176,116	15,150	$ (42,242)		$ 1,203,208	[2]
Beginning partners' capital account (in shares) at Mar. 31, 2023					16,181,537		60,717,835	[2]
Beginning partners' capital account at Mar. 31, 2023			1,179,726	10,888	$ (40,126)		$ 1,208,964	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		15,397	15,397		3,224		$ 12,173	[2]
Issuance of restricted units (in shares)	[2]						10,348
Forfeiture of restricted units (in shares)	[2]						(3,553)
Distributions			(25,379)		$ (5,340)		$ (20,039)	[2]
Stock-based compensation			2,110				$ 2,110	[2]
Other comprehensive income - change in value of interest rate swaps		4,360	4,360	4,360
Reclassification of amortization of forward-starting swap included in interest expense		$ (98)	(98)	(98)
Ending partners' capital account (in shares) at Jun. 30, 2023					16,181,537		60,724,630	[2]
Ending partners' capital account at Jun. 30, 2023			$ 1,176,116	$ 15,150	$ (42,242)		$ 1,203,208	[2]
[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 Ca_2

Consolidated Statements of Cash Flows (Unaudited) - LP - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net income	$ 36,063	$ 27,102
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(4,950)	(5,425)
Depreciation and amortization	59,724	61,499
Amortization of debt issuance costs and debt discounts	1,718	1,279
Provision for uncollectable rental income	739	(86)
Stock-based compensation expense	4,145	3,490
Other noncash interest expense, net	(952)	(549)
Other, net	432	(1,724)
Changes in operating assets and liabilities
Change in accounts receivable	(3)	314
Change in other assets	(1,374)	(1,459)
Change in accounts payable and accrued expenses	1,723	(46)
Change in security deposits payable	(19)	474
Change in other liabilities and deferred credits	872	1,188
Net cash provided by operating activities	98,118	86,057
INVESTING ACTIVITIES
Acquisition of real estate	0	(45,167)
Capital expenditures	(44,411)	(63,060)
Leasing commissions	(4,675)	(4,252)
Net cash used in investing activities	(49,086)	(112,479)
FINANCING ACTIVITIES
Proceeds from unsecured term loan	225,000	0
Repayment of unsecured line of credit	(36,000)	0
Repayment of unsecured notes payable	(150,000)	0
Debt issuance costs	(2,138)	(3,245)
Distributions	(50,756)	(49,092)
Shares withheld for employee taxes	0	(15)
Net cash used in financing activities	(13,894)	(52,352)
Net increase (decrease) in cash and cash equivalents	35,138	(78,774)
Cash and cash equivalents, beginning of period	49,571	139,524
Cash and cash equivalents, end of period	84,709	60,750
Cash and cash equivalents	84,709	60,750
Restricted cash	0	0
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	84,709	60,750
American Assets Trust, L.P.
OPERATING ACTIVITIES
Net income	36,063	27,102
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(4,950)	(5,425)
Depreciation and amortization	59,724	61,499
Amortization of debt issuance costs and debt discounts	1,718	1,279
Provision for uncollectable rental income	739	(86)
Stock-based compensation expense	4,145	3,490
Other noncash interest expense, net	(952)	(549)
Other, net	432	(1,724)
Changes in operating assets and liabilities
Change in accounts receivable	(3)	314
Change in other assets	(1,374)	(1,459)
Change in accounts payable and accrued expenses	1,723	(46)
Change in security deposits payable	(19)	474
Change in other liabilities and deferred credits	872	1,188
Net cash provided by operating activities	98,118	86,057
INVESTING ACTIVITIES
Acquisition of real estate	0	(45,167)
Capital expenditures	(44,411)	(63,060)
Leasing commissions	(4,675)	(4,252)
Net cash used in investing activities	(49,086)	(112,479)
FINANCING ACTIVITIES
Proceeds from unsecured term loan	225,000	0
Repayment of unsecured line of credit	(36,000)	0
Repayment of unsecured notes payable	(150,000)	0
Debt issuance costs	(2,138)	(3,245)
Distributions	(50,756)	(49,092)
Shares withheld for employee taxes	0	(15)
Net cash used in financing activities	(13,894)	(52,352)
Net increase (decrease) in cash and cash equivalents	35,138	(78,774)
Cash and cash equivalents, beginning of period	49,571	139,524
Cash and cash equivalents, end of period	84,709	60,750
Cash and cash equivalents	84,709	60,750
Restricted cash	0	0
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 84,709	$ 60,750

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
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 220 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. As of June 30, 2023, we owned or had a controlling interest in 31 office, retail, multifamily and mixed-use operating properties, the operations of which we consolidate. Additionally, as of June 30, 2023, 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 Corporate Campus East III Torrey Reserve Campus First & Main Bel-Spring 520 Torrey Point Lloyd Portfolio Solana Crossing City Center Bellevue The Landmark at One Market Eastgate Office Park 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, 2022. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using our best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Any reference to the number of properties, number of units, square footage, employee numbers or percentages of beneficial ownership of our shares are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. Consolidated Statements of Cash Flows—Supplemental Disclosures The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): Six Months Ended June 30, 2023 2022 Supplemental cash flow information Total interest costs incurred $ 35,863 $ 31,774 Interest capitalized $ 3,766 $ 2,561 Interest expense, net $ 32,097 $ 29,213 Cash paid for interest, net of amounts capitalized $ 30,458 $ 28,201 Cash paid for income taxes $ 779 $ 474 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 17,223 $ 19,489 Accrued leasing commissions $ 1,297 $ 2,936 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, 2022. There have been no changes to our significant accounting policies during the six months ended June 30, 2023. 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 office real estate, retail real estate, multifamily real estate and mixed-use real estate. 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 retail segment primarily include rental of retail 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, 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 tenants to perform under the terms of their lease agreement. The provision for doubtful accounts at June 30, 2023 and December 31, 2022 was approximately $1.8 million and $2.1 million, respectively. Rent Concessions – COVID-19 Due to the impacts of COVID-19, from 2020 through 2022 we provided lease concessions to certain tenants, primarily within the retail segment, in the form of rent deferrals and abatements. We assess each lease concession and determine whether it represents a lease modification under Accounting Standards Codification Topic 842, Leases ("ASC 842"). Recent Accounting Pronouncements 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 have been or are expected to be discontinued as part of reference rate reform. For hedges, the guidance generally allows changes to the reference rate and other critical terms without having to de-designate the hedging relationship, and permits the shortcut method to continue to be applied. For contract modifications, changes in the reference rate or other critical terms will be treated as a continuation of the prior contract. This guidance can be applied immediately, however, it is generally only available with a sunset date of December 31, 2024. We are still evaluating the impact of reference rate reform and whether we will apply any of these practical expedients.

ACQUIRED IN-PLACE LEASES AND AB

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES	ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES The following summarizes our acquired lease intangibles and leasing costs, which are included in other assets and other liabilities and deferred credits, as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 In-place leases $ 58,119 $ 58,119 Accumulated amortization (37,139) (34,593) Above market leases 1,885 1,885 Accumulated amortization (1,799) (1,778) Acquired lease intangible assets, net $ 21,066 $ 23,633 Below market leases $ 52,832 $ 52,832 Accumulated accretion (34,766) (33,168) Acquired lease intangible liabilities, net $ 18,066 $ 19,664

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2023
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 our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2023 we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative position and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivative. As a result, we have determined that our derivative valuation in its entirety is classified in Level 2 of the fair value hierarchy. A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows (in thousands): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Deferred compensation liability $ — $ 2,429 $ — $ 2,429 $ — $ 2,411 $ — $ 2,411 Interest rate swap asset $ — $ 11,881 $ — $ 11,881 $ — $ 9,986 $ — $ 9,986 Interest rate swap liability $ — $ — $ — $ — $ — $ 196 $ — $ 196 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 5.0% to 6.0%. 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 term loans set forth below are deemed to be at fair value since the outstanding debt is directly tied to monthly Secured Overnight Financing Rate (“SOFR”) contracts. A summary of the carrying amount and fair value of our secured financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands): June 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Secured notes payable, net $ 74,623 $ 75,301 $ 74,578 $ 75,129 Unsecured term loans, net $ 322,917 $ 325,000 $ 249,428 $ 250,000 Unsecured senior guaranteed notes, net $ 798,567 $ 767,584 $ 798,362 $ 761,470 Senior unsecured notes, net $ 492,178 $ 387,150 $ 491,663 $ 403,500 Unsecured line of credit, net $ — $ — $ 34,057 $ 36,000

DERIVATIVE AND HEDGING ACTIVITI

DERIVATIVE AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE AND HEDGING ACTIVITIES	DERIVATIVE AND HEDGING ACTIVITIESOur 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 June 30, 2023 (dollars in thousands): Swap Counterparty Notional Amount Effective Date Maturity Date Fair Value Bank of America, N.A. $ 50,000 1/14/2022 1/5/2027 $ 4,552 Wells Fargo Bank, N.A. $ 50,000 1/14/2022 1/5/2027 $ 4,556 Wells Fargo Bank, N.A. $ 150,000 1/5/2023 1/5/2025 $ 2,213 Mizuho Capital Markets LLC $ 75,000 1/5/2023 1/5/2025 $ 560 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 the cash flow hedges in place will reduce interest expense by approximately $0.4 million.

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets consist of the following (in thousands): June 30, 2023 December 31, 2022 Leasing commissions, net of accumulated amortization of $46,768 and $43,078, respectively $ 38,044 $ 38,436 Interest rate swap asset 11,881 9,986 Acquired above market leases, net 86 107 Acquired in-place leases, net 20,980 23,526 Lease incentives, net of accumulated amortization of $1,111 and $1,012, respectively 1,446 1,296 Other intangible assets, net of accumulated amortization of $1,732 and $1,549, respectively 1,986 2,165 Debt issuance costs, net of accumulated amortization of $577 and $0, respectively 1,620 — Right-of-use lease asset, net 22,723 23,921 Prepaid expenses and other 10,388 9,277 Total other assets $ 109,154 $ 108,714

OTHER LIABILITIES AND DEFERRED

OTHER LIABILITIES AND DEFERRED CREDITS	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
OTHER LIABILITIES AND DEFERRED CREDITS	OTHER LIABILITIES AND DEFERRED CREDITS Other liabilities and deferred credits consist of the following (in thousands): June 30, 2023 December 31, 2022 Acquired below market leases, net $ 18,066 $ 19,664 Prepaid rent and deferred revenue 19,170 17,971 Interest rate swap liability — 196 Deferred compensation 2,429 2,411 Deferred tax liability 852 852 Straight-line rent liability 11,349 12,746 Lease liability 24,501 25,676 Other liabilities 50 61 Total other liabilities and deferred credits, net $ 76,417 $ 79,577 Straight-line rent liability relates to leases which have rental payments that decrease over time or one-time upfront payments for which the rental revenue is deferred and recognized on a straight-line basis.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2023
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. Debt of American Assets Trust, L.P. Secured notes payable The following table is a summary of our total secured notes payable outstanding as of June 30, 2023 and December 31, 2022 (in thousands): Principal Balance as of Stated Interest Rate Stated Maturity Date Description of Debt June 30, 2023 December 31, 2022 as of June 30, 2023 City Center Bellevue (1) $ 75,000 $ 75,000 5.08 % October 1, 2027 75,000 75,000 Debt issuance costs, net of accumulated amortization of $497 and $452, respectively (377) (422) Total Secured Notes Payable Outstanding $ 74,623 $ 74,578 (1) Interest only. The Operating Partnership has provided a carve-out guarantee on the mortgage at City Center Bellevue. Certain loans require the Operating Partnership to comply with various financial covenants. As of June 30, 2023, the Operating Partnership was in compliance with these financial covenants. Unsecured notes payable The following table is a summary of the Operating Partnership's total unsecured notes payable outstanding as of June 30, 2023 and December 31, 2022 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date June 30, 2023 December 31, 2022 as of June 30, 2023 Term Loan A $ 100,000 $ 100,000 Variable (1) January 5, 2027 Term Loan B 150,000 100,000 Variable (3) January 5, 2025 (2) Term Loan C 75,000 50,000 Variable (4) January 5, 2025 (2) Senior Guaranteed Notes, Series F 100,000 100,000 3.78 % (5) July 19, 2024 Senior Guaranteed Notes, Series B 100,000 100,000 4.45 % February 2, 2025 Senior Guaranteed Notes, Series C 100,000 100,000 4.50 % April 1, 2025 Senior Guaranteed Notes, Series D 250,000 250,000 4.29 % (6) March 1, 2027 Senior Guaranteed Notes, Series E 100,000 100,000 4.24 % (7) May 23, 2029 Senior Guaranteed Notes, Series G 150,000 150,000 3.91 % (8) July 30, 2030 3.375% Senior Unsecured Notes 500,000 500,000 3.38 % February 1, 2031 1,625,000 1,550,000 Debt discount and issuance costs, net of accumulated amortization of $6,353 and $11,709, respectively (11,337) (10,547) Total Unsecured Notes Payable $ 1,613,663 $ 1,539,453 (1) The Operating Partnership entered into two interest rate swap agreements that are intended to fix the interest rate associated with Term Loan A at approximately 2.70% through its maturity date, subject to adjustments based on our consolidated leverage ratio. (2) On January 5, 2023, we extended Term Loan B and Term Loan C to a maturity date of January 5, 2025 with one, twelve-month extension option and increased the fully drawn borrowings thereunder to $150 million and $75 million, respectively. (3) The Operating Partnership entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan B as follows, in each case subject to adjustments based on our consolidated leverage ratio: (a) from March 1, 2018 through November 30, 2022, the effective interest rate associated with Term Loan B was approximately 2.65% (and such interest rate swap agreement was terminated as of November 30, 2022) and (b) from January 5, 2023 through January 4, 2025, the effective interest rate associated with Term Loan B is approximately 5.47% for the first year (January 5, 2023 through January 4, 2024) and 5.57% for the second year (January 5, 2024 through January 4, 2025) of Term Loan B. Note that variable interest was paid on Term Loan B from December 1, 2022 through January 4, 2023 at 5.32% as there were no interest rate swap agreements in place during such time period on Term Loan B. (4) The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan C as follows, in each case subject to adjustments based on our consolidated leverage ratio: (a) from March 1, 2018 through November 30, 2022, the effective interest rate associated with Term Loan C was approximately 2.64% (and such interest rate swap agreement was terminated as of November 30, 2022) and (b) from January 5, 2023 through January 4, 2025, the effective interest rate associated with Term Loan C is approximately 5.47% for the first year (January 5, 2023 through January 4, 2024) and 5.57% for the second year (January 5, 2024 through January 4, 2025) of Term Loan C. Note that variable interest was paid on Term Loan C from December 1, 2022 through January 4, 2023 at 5.32% as there were no interest rate swap agreements in place during such time period on Term Loan C. (5) The Operating Partnership entered into a treasury lock contract on May 31, 2017, which was settled on June 23, 2017 at a loss of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge; accordingly, the effective interest rate is approximately 3.85% per annum. (6) The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. 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. (7) The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million. The treasury lock contract was deemed to be a highly effective cash flow hedge; accordingly, the effective interest rate is approximately 4.18% per annum. (8) The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge; accordingly, the effective interest rate is approximately 3.88% per annum. Senior Unsecured Notes 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 the Operating Partnership to comply with various financial covenants. As of June 30, 2023, 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. On January 5, 2023, we entered into the Amended and Restated Term Loan Agreement, which increased the aggregate unsecured borrowings from $150 million to $225 million and extended the maturity date of Term Loan B and Term Loan C from March 1, 2023 to January 5, 2025, with one, twelve-month extension option, subject to certain conditions. Borrowings under the Amended and Restated Term Loan Agreement bear interest at floating rates equal to, at the Operating Partnership’s option, either (1) the applicable SOFR, plus a SOFR adjustment and a spread (based on the Operating Partnership’s consolidated leverage ratio and applicable year of Term Loan B and Term Loan C) ranging from 1.20% to 1.90%, or (2) a base rate equal to the highest of (a) 0%, (b) the prime rate, (c) the federal funds rate plus 50 bps and (d) the one-month SOFR, plus a SOFR adjustment and 100 bps, plus, in each case, a spread (based on the Operating Partnership’s consolidated leverage ratio and applicable year of the Term Loan B and Term Loan C) ranging from 0.20% to 0.90%. Additionally, the Operating Partnership may elect for borrowings to bear interest based on a ratings-based pricing grid based on the Operating Partnership’s then-applicable investment grade debt ratings under the terms set forth in the Amended and Restated Term Loan Agreement. Prior to entering into the Amended and Restated Term Loan Agreement, the Operating Partnership entered into interest rate swap agreements that are intended to fix the interest rate associated with Term Loan B and Term Loan C at approximately (1) 5.47% for the first year of Term Loan B and Term Loan C and (2) 5.57% for the second year of Term Loan B and Term Loan C, subject to adjustments based on the company’s consolidated leverage ratio. Third 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 had an accordion feature that allowed us to increase the availability thereunder up to an additional $250 million, subject to meeting specified requirements and obtaining additional commitments from lenders. Borrowings under the Second Amended and Restated Credit Agreement initially bore 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. 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 bore 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 were 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. On January 5, 2022, we entered into the Third Amended and Restated Credit Facility, which provides for aggregate, unsecured borrowings of up to $500 million, consisting of a revolving line of credit of $400 million (the “2022 Revolver Loan”) and a term loan of $100 million (the “2022 Term Loan A”). The 2022 Revolver Loan initially matures on January 5, 2026, subject to two, six-month extension options. The 2022 Term Loan A matures on January 5, 2027, with no further extension options. Borrowings under the Third Amended and Restated Credit Agreement bear interest at floating rates equal to, at the Operating Partnership’s option, either (1) the applicable SOFR, plus the applicable SOFR Adjustment, and a spread which ranges from (a) 1.05% to 1.50% (with respect to the 2022 Revolver Loans) and (b) 1.20% to 1.70% (with respect to the 2022 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, (c) the Term SOFR Screen Rate with a term of one month plus 100 bps and (d) 1.00%, plus a spread which ranges from (i) 0.10% to 0.50% (with respect to the 2022 Revolver Loan) and (ii) 0.20% to 0.70% (with respect to the 2022 Term Loan A), in each case based on our consolidated leverage ratio. On January 14, 2022, the Operating Partnership entered into two interest rate swap agreements that are intended to fix the interest rate associated with the 2022 Term Loan A at approximately 2.70% through January 5, 2027, subject to adjustments based on our consolidated leverage ratio. At June 30, 2023, there were no amounts outstanding under the 2022 Revolver Loan and we had incurred approximately $1.6 million of net debt issuance costs which are recorded in other assets, net on the consolidated balance sheet. For the six months ended June 30, 2023, the weighted average interest rate on the 2022 Revolver Loan was 5.96%. Additionally, the Third 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 Third Amended and Restated Credit Facility provides that our annual distributions may not exceed the greater of (1) 95% of our funds from operation ("FFO") or (2) the amount required for us to (a) qualify and maintain our REIT status and (b) avoid the payment of federal or state income or excise tax. If certain events of default exist or would result from a distribution, we may be precluded from making distributions other than those necessary to qualify and maintain our status as a REIT. As of June 30, 2023, the Operating Partnership was in compliance with the financial covenants in the Third Amended and Restated Credit Facility.

PARTNERS' CAPITAL OF AMERICAN A

PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	6 Months Ended
	Jun. 30, 2023
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 21.2% of the ownership interests in our Operating Partnership at June 30, 2023. Common units and shares of our common stock have essentially the same economic characteristics in that common units and shares of our common stock share equally in the total net income or loss distributions of our Operating Partnership. Investors who own common units have the right to cause our Operating Partnership to redeem any or all of their common units for cash equal to the then-current market value of one share of our common stock, or, at our election, shares of our common stock on a one-for-one basis. During the six months ended June 30, 2023, 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 June 30, 2023 and 2022 does not include the weighted average of 571,999 and 483,110 unvested outstanding 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. The calculation of diluted EPU for the six months ended June 30, 2023 and 2022 does not include the weighted average of 572,623 and 484,295 unvested outstanding 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.	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
EQUITY OF AMERICAN ASSETS TRUST, INC.	EQUITY OF AMERICAN ASSETS TRUST, INC. Stockholders' Equity On December 3, 2021, 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 million. 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. For the six months ended June 30, 2023, no shares of common stock were sold through the ATM equity program. We intend to use the net proceeds from the ATM equity program to fund our development or redevelopment activities, repay amounts outstanding from time to time under our revolving line of credit or other debt financing obligations, fund potential acquisition opportunities and/or for general corporate purposes. As of June 30, 2023, we had the capacity to issue up to $250 million in shares of our common stock under our current ATM equity program. Actual future sales will depend on a variety of factors including, but not limited to, market conditions, the trading price of our common stock and our capital needs. As of June 30, 2023, we have no obligation to sell the remaining shares available for sale under the ATM equity program. Dividends The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units during the six months ended June 30, 2023: Period Amount per Period Covered Dividend Paid Date First Quarter 2023 $ 0.33 January 1, 2023 to March 31, 2023 March 23, 2023 Second Quarter 2023 $ 0.33 April 1, 2023 to June 30, 2023 June 22, 2023 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 six months ended June 30, 2023: Units Weighted Average Grant Date Fair Value Nonvested at January 1, 2023 574,044 $ 20.98 Granted 10,348 19.33 Vested (6,072) 32.94 Forfeited (4,371) 20.92 Nonvested at June 30, 2023 573,949 $ 20.87 We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $2.1 million and $2.0 million in noncash compensation expense for the three months ended June 30, 2023 and 2022, respectively, which is included in general and administrative expenses on the consolidated statements of comprehensive income. We recognized $4.1 million and $3.5 million in noncash compensation expense for the six months ended June 30, 2023 and 2022, respectively. Unrecognized compensation expense was $7.9 million at June 30, 2023. 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 571,999 and 483,110 for the three months ended June 30, 2023 and 2022, respectively, and 572,623 and 484,295 for the six months ended June 30, 2023 and 2022, respectively. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares as these unvested shares have nonforfeitable dividend equivalent rights. Diluted EPS is calculated by dividing the net income applicable to common stockholders for the period by the weighted average number of common and dilutive instruments outstanding during the period using the treasury stock method. For the three and six months ended June 30, 2023 and 2022, diluted shares exclude incentive restricted stock as these awards are considered contingently issuable. Additionally, the unvested restricted stock awards subject to time vesting are anti-dilutive for all periods presented, and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 NUMERATOR Net income $ 15,397 $ 13,588 $ 36,063 $ 27,102 Less: Net income attributable to restricted shares (190) (154) (379) (309) Less: Income from operations attributable to unitholders in the Operating Partnership (3,224) (2,852) (7,565) (5,688) Net income attributable to common stockholders—basic $ 11,983 $ 10,582 $ 28,119 $ 21,105 Income from operations attributable to American Assets Trust, Inc. common stockholders—basic $ 11,983 $ 10,582 $ 28,119 $ 21,105 Plus: Income from operations attributable to unitholders in the Operating Partnership 3,224 2,852 7,565 5,688 Net income attributable to common stockholders—diluted $ 15,207 $ 13,434 $ 35,684 $ 26,793 DENOMINATOR Weighted average common shares outstanding—basic 60,146,210 60,040,243 60,145,414 60,039,467 Effect of dilutive securities—conversion of Operating Partnership units 16,181,537 16,181,537 16,181,537 16,181,537 Weighted average common shares outstanding—diluted 76,327,747 76,221,780 76,326,951 76,221,004 Earnings per common share, basic $ 0.20 $ 0.18 $ 0.47 $ 0.35 Earnings per common share, diluted $ 0.20 $ 0.18 $ 0.47 $ 0.35

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We elected to be taxed as a REIT and operate in a manner that allows us to qualify as a REIT for federal income tax purposes commencing with our 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 asset is included in our consolidated balance sheets of $0.7 million and $0.7 million, and a deferred tax liability is included in our consolidated balance sheets of $0.9 million and $0.9 million as of June 30, 2023 and December 31, 2022, respectively, in relation to real estate asset basis differences of property subject to state taxes based on income and certain prepaid expenses of our TRS. Income tax expense is recorded in other (expense) income, net on our consolidated statements of comprehensive income. For the three and six months ended June 30, 2023, we recorded income tax expense of $0.2 million and $0.5 million, respectively. For the three and six months ended June 30, 2022, we recorded income tax expense of $0.2 million and $0.4 million, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal We are sometimes involved in various disputes, lawsuits, warranty claims, environmental considerations, 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 amount 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) 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. Additionally, we have a management agreement with Outrigger pursuant to which Outrigger manages our Waikele Center and Shops at Kalakaua. In connection with such management agreement, we pay Outrigger a fixed management fee of $12,000 per month in the aggregate plus additional amounts for any lease renewal services provided by Outrigger at our request. This management agreement can be terminated by us at any time and for any reason on 30 days' notice without any cancellation or termination fees. 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 5.0% of the hotel's gross room revenue, as well as a monthly program fee equal to 4.0% of the hotel's gross room revenue. If the franchise license is terminated due to our failure to make required improvements or to otherwise comply with its terms, we may be liable to the franchisor for a termination payment, which could be as high as $7.0 million based on operating performance through June 30, 2023. 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 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 may 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, Washington, Oregon, Texas and Hawaii. 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. 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 23.7% of total revenues for the six months ended June 30, 2023. 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 47.4% of total revenues for the six months ended June 30, 2023. This makes us susceptible to demand for office rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the office industry. For the six months ended June 30, 2023 and 2022, no tenant accounted for more than 10% of our total rental revenue.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
LEASES	LEASES Lessor Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. Our leases with office, retail, mixed-use and residential tenants are classified as operating leases. Leases at our office and retail properties and the retail portion of our mixed-use property generally range from three years to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, usually provide for cost recoveries for the tenant’s share of certain operating costs. Our leases may also include variable lease payments in the form of percentage rents based on the tenant’s level of sales achieved in excess of a breakpoint threshold. Leases on apartments generally range from 7 to 15 months, with a majority having 12-month lease terms. Rooms at the hotel portion of our mixed-use property are rented on a nightly basis. Leases at our office and retail properties and the retail portion of our mixed-use property may contain lease extension options, at our lessee's discretion. The extension options are generally for 3 to 10 years and contain primarily rent at fixed rates or the prevailing market rent. The extension options are generally exercisable 6 to 12 months prior to the expiration of the lease and require the lessee to not be in default of the lease terms. We attempt to maximize the amount we expect to derive from the underlying real estate property following the end of a lease, to the extent it is not extended. We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. However, the residual value of a real estate property is still subject to various market-specific, asset-specific, and tenant-specific risks and characteristics. As of June 30, 2023, 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, 2023 (six months ending December 31, 2023) $ 186,351 2024 241,130 2025 221,970 2026 205,360 2027 179,884 Thereafter 332,536 Total $ 1,367,231 The above future minimum rentals exclude residential leases, which typically range from 7 to 15 months, and exclude the hotel, as rooms are rented on a nightly basis. Lessee Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. At The Landmark at One Market, we lease, as lessee, a building adjacent to The Landmark at One Market under an operating lease effective through June 30, 2026, which we have the option to extend until 2031 by way of the remaining five years extension option (the "Annex Lease"). The lease payments under the extension option provided for under the Annex Lease will be equal to the fair rental value at the time the extension option is exercised. The extension option is included in the calculation of the right-of-use asset and lease liability as we are reasonably certain of exercising the extension option. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement in determining the present value of lease payments. Current annual payments under the operating leases are as follows, as of June 30, 2023 (in thousands): Year Ending December 31, 2023 (six months ending December 31, 2023) $ 1,689 2024 3,428 2025 3,531 2026 3,584 2027 3,584 Thereafter 12,543 Total lease payments 28,359 Imputed interest (3,858) Present value of lease liability $ 24,501 Lease costs under the operating leases are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 927 $ 844 $ 1,854 $ 1,689 Sublease income (836) (944) (1,839) (1,707) Total lease cost (income) $ 91 $ (100) $ 15 $ (18) Weighted-average remaining lease term - operating leases (in years) 8.0 Weighted-average discount rate - operating leases 3.19 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Six Months Ended June 30, 2023 2022 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 1,640 $ 1,592 Subleases
LEASES	LEASES Lessor Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. Our leases with office, retail, mixed-use and residential tenants are classified as operating leases. Leases at our office and retail properties and the retail portion of our mixed-use property generally range from three years to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, usually provide for cost recoveries for the tenant’s share of certain operating costs. Our leases may also include variable lease payments in the form of percentage rents based on the tenant’s level of sales achieved in excess of a breakpoint threshold. Leases on apartments generally range from 7 to 15 months, with a majority having 12-month lease terms. Rooms at the hotel portion of our mixed-use property are rented on a nightly basis. Leases at our office and retail properties and the retail portion of our mixed-use property may contain lease extension options, at our lessee's discretion. The extension options are generally for 3 to 10 years and contain primarily rent at fixed rates or the prevailing market rent. The extension options are generally exercisable 6 to 12 months prior to the expiration of the lease and require the lessee to not be in default of the lease terms. We attempt to maximize the amount we expect to derive from the underlying real estate property following the end of a lease, to the extent it is not extended. We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. However, the residual value of a real estate property is still subject to various market-specific, asset-specific, and tenant-specific risks and characteristics. As of June 30, 2023, 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, 2023 (six months ending December 31, 2023) $ 186,351 2024 241,130 2025 221,970 2026 205,360 2027 179,884 Thereafter 332,536 Total $ 1,367,231 The above future minimum rentals exclude residential leases, which typically range from 7 to 15 months, and exclude the hotel, as rooms are rented on a nightly basis. Lessee Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. At The Landmark at One Market, we lease, as lessee, a building adjacent to The Landmark at One Market under an operating lease effective through June 30, 2026, which we have the option to extend until 2031 by way of the remaining five years extension option (the "Annex Lease"). The lease payments under the extension option provided for under the Annex Lease will be equal to the fair rental value at the time the extension option is exercised. The extension option is included in the calculation of the right-of-use asset and lease liability as we are reasonably certain of exercising the extension option. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement in determining the present value of lease payments. Current annual payments under the operating leases are as follows, as of June 30, 2023 (in thousands): Year Ending December 31, 2023 (six months ending December 31, 2023) $ 1,689 2024 3,428 2025 3,531 2026 3,584 2027 3,584 Thereafter 12,543 Total lease payments 28,359 Imputed interest (3,858) Present value of lease liability $ 24,501 Lease costs under the operating leases are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 927 $ 844 $ 1,854 $ 1,689 Sublease income (836) (944) (1,839) (1,707) Total lease cost (income) $ 91 $ (100) $ 15 $ (18) Weighted-average remaining lease term - operating leases (in years) 8.0 Weighted-average discount rate - operating leases 3.19 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Six Months Ended June 30, 2023 2022 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 1,640 $ 1,592 Subleases

COMPONENTS OF RENTAL INCOME AND

COMPONENTS OF RENTAL INCOME AND EXPENSE	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
COMPONENTS OF RENTAL INCOME AND EXPENSE	COMPONENTS OF RENTAL INCOME AND EXPENSE The principal components of rental income are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Lease rental income Office $ 50,269 $ 48,949 $ 99,595 $ 96,999 Retail 24,707 23,286 49,385 47,327 Multifamily 14,146 13,167 28,663 26,083 Mixed-use 3,024 2,814 5,974 5,614 Percentage rent 605 756 1,160 1,238 Hotel revenue 10,491 9,414 20,509 17,469 Other 659 630 1,325 1,272 Total rental income $ 103,901 $ 99,016 $ 206,611 $ 196,002 Lease rental income includes $1.0 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and $3.2 million and $3.8 million for the six months ended June 30, 2023 and 2022, 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 was $0.8 million and $0.8 million for the three months ended June 30, 2023 and 2022, respectively, and $1.6 million and $1.7 million for the six months ended June 30, 2023 and 2022, respectively. The principal components of rental expenses are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Rental operating $ 12,911 $ 11,379 $ 25,351 $ 22,523 Hotel operating 7,343 6,474 14,260 12,122 Repairs and maintenance 5,411 5,309 10,646 10,069 Marketing 569 469 1,077 988 Rent 883 781 1,766 1,590 Hawaii excise tax 1,016 923 1,987 1,732 Management fees 578 518 1,129 974 Total rental expenses $ 28,711 $ 25,853 $ 56,216 $ 49,998

OTHER INCOME (EXPENSE), NET

OTHER INCOME (EXPENSE), NET	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
OTHER INCOME (EXPENSE), NET	OTHER INCOME (EXPENSE), NET The principal components of other income (expense), net, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest and investment income $ 460 $ 21 $ 893 $ 57 Income tax expense (187) (202) (457) (400) Other non-operating income — — 6,515 — Total other income (expense), net $ 273 $ (181) $ 6,951 $ (343)

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
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 Chief Executive Officer and Chairman of the 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. 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. Rental revenue recognized on the AAI leases of $0.1 million and $0.1 million for the six months ended June 30, 2023 and 2022, respectively, is included in rental income on the statements of comprehensive income. On occasion, the company utilizes aircraft services provided by AAI Aviation, Inc. ("AAIA"), an entity owned and controlled by Mr. Rady. For the six months ended June 30, 2023 and 2022, we incurred approximately $0.1 million and $0.1 million of expenses, respectively, related to aircraft services of AAIA or reimbursement to Mr. Rady (or his trust) for use of the aircraft owned by AAIA. These expenses are recorded as general and administrative expenses in our consolidated statements of comprehensive income. The Waikiki Beach Walk entities have a 47.7% investment in WBW CHP LLC, an entity that was formed to, among other things, construct a chilled water plant to provide air conditioning to the property and other adjacent facilities. The operating expenses of WBW CHP LLC are recovered through reimbursements from its members, and reimbursements to WBW CHP LLC of $0.5 million and $0.5 million for the six months ended June 30, 2023 and 2022, respectively, are included in rental expenses on the consolidated statements of comprehensive income.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2023
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 office real estate, retail real estate, multifamily real estate and mixed-use real estate. 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 retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel. We evaluate the performance of our segments based on segment profit, which is defined as property revenue less property expenses. We do not use asset information as a measure to assess performance and make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, interest expense, depreciation and amortization expense and other income and expense are not included in segment profit as our internal reporting addresses these items on a corporate level. Segment profit is not a measure of operating income or cash flows from operating activities as measured by GAAP, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit in the same manner. We consider segment profit to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our properties. The following table represents operating activity within our reportable segments (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total Office Property revenue $ 52,219 $ 50,593 $ 103,189 $ 100,162 Property expense (14,894) (14,063) (29,714) (27,393) Segment profit 37,325 36,530 73,475 72,769 Total Retail Property revenue 25,901 24,338 51,528 49,179 Property expense (7,555) (7,430) (15,259) (15,158) Segment profit 18,346 16,908 36,269 34,021 Total Multifamily Property revenue 15,193 14,214 30,756 28,103 Property expense (6,786) (6,221) (13,317) (12,300) Segment profit 8,407 7,993 17,439 15,803 Total Mixed-Use Property revenue 16,408 15,010 32,002 28,181 Property expense (10,562) (9,426) (20,644) (17,863) Segment profit 5,846 5,584 11,358 10,318 Total segments’ profit $ 69,924 $ 67,015 $ 138,541 $ 132,911 The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total segments’ profit $ 69,924 $ 67,015 $ 138,541 $ 132,911 General and administrative (8,609) (7,612) (17,608) (14,754) Depreciation and amortization (29,823) (31,087) (59,724) (61,499) Interest expense, net (16,368) (14,547) (32,097) (29,213) Other income (expense), net 273 (181) 6,951 (343) Net income 15,397 13,588 36,063 27,102 Net income attributable to restricted shares (190) (154) (379) (309) Net income attributable to unitholders in the Operating Partnership (3,224) (2,852) (7,565) (5,688) Net income attributable to American Assets Trust, Inc. stockholders $ 11,983 $ 10,582 $ 28,119 $ 21,105 The following table shows net real estate and secured note payable balances for each of the segments (in thousands): June 30, 2023 December 31, 2022 Net Real Estate Office $ 1,617,689 $ 1,615,479 Retail 570,556 579,219 Multifamily 366,231 370,993 Mixed-Use 167,731 168,865 $ 2,722,207 $ 2,734,556 Secured Notes Payable (1) Office $ 75,000 $ 75,000 $ 75,000 $ 75,000 (1) Excludes debt issuance costs of $0.4 million and $0.4 million for each of the periods ended June 30, 2023 and December 31, 2022, respectively. Capital expenditures for each segment for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Capital Expenditures (1) Office $ 19,812 $ 30,051 $ 40,537 $ 56,717 Retail 1,645 3,697 4,170 7,257 Multifamily 1,216 1,315 2,529 2,886 Mixed-Use 718 121 1,850 452 $ 23,391 $ 35,184 $ 49,086 $ 67,312 (1) Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Consolidation	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.
Basis of Accounting	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, 2022.
Use of Estimates	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.
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 office real estate, retail real estate, multifamily real estate and mixed-use real estate. 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 retail segment primarily include rental of retail 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 and Rent Concessions – COVID-19	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, 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 tenants to perform under the terms of their lease agreement. The provision for doubtful accounts at June 30, 2023 and December 31, 2022 was approximately $1.8 million and $2.1 million, respectively. Rent Concessions – COVID-19 Due to the impacts of COVID-19, from 2020 through 2022 we provided lease concessions to certain tenants, primarily within the retail segment, in the form of rent deferrals and abatements. We assess each lease concession and determine whether
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 have been or are expected to be discontinued as part of reference rate reform. For hedges, the guidance generally allows changes to the reference rate and other critical terms without having to de-designate the hedging relationship, and permits the shortcut method to continue to be applied. For contract modifications, changes in the reference rate or other critical terms will be treated as a continuation of the prior contract. This guidance can be applied immediately, however, it is generally only available with a sunset date of December 31, 2024. We are still evaluating the impact of reference rate reform and whether we will apply any of these practical expedients.
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. 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.
Derivatives	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 the cash flow hedges in place will reduce interest expense by approximately $0.4 million.The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative.  This analysis reflects the contractual terms of the derivative, including the period to maturity, and counterparty credit risk and uses observable market-based inputs, including interest rate curves, and implied volatilities.  The fair value of the interest rate swap is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts).  The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Properties Owned	A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street Corporate Campus East III Torrey Reserve Campus First & Main Bel-Spring 520 Torrey Point Lloyd Portfolio Solana Crossing City Center Bellevue The Landmark at One Market Eastgate Office Park 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
Supplemental Disclosures Related to the Consolidated Statements of Cash Flows	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): Six Months Ended June 30, 2023 2022 Supplemental cash flow information Total interest costs incurred $ 35,863 $ 31,774 Interest capitalized $ 3,766 $ 2,561 Interest expense, net $ 32,097 $ 29,213 Cash paid for interest, net of amounts capitalized $ 30,458 $ 28,201 Cash paid for income taxes $ 779 $ 474 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 17,223 $ 19,489 Accrued leasing commissions $ 1,297 $ 2,936

ACQUIRED IN-PLACE LEASES AND _2

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Acquired Lease Intangibles Included In Other Assets and Other Liabilities	The following summarizes our acquired lease intangibles and leasing costs, which are included in other assets and other liabilities and deferred credits, as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 In-place leases $ 58,119 $ 58,119 Accumulated amortization (37,139) (34,593) Above market leases 1,885 1,885 Accumulated amortization (1,799) (1,778) Acquired lease intangible assets, net $ 21,066 $ 23,633 Below market leases $ 52,832 $ 52,832 Accumulated accretion (34,766) (33,168) Acquired lease intangible liabilities, net $ 18,066 $ 19,664

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Financial Liabilities Measured at Fair Value on Recurring Basis	A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows (in thousands): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Deferred compensation liability $ — $ 2,429 $ — $ 2,429 $ — $ 2,411 $ — $ 2,411 Interest rate swap asset $ — $ 11,881 $ — $ 11,881 $ — $ 9,986 $ — $ 9,986 Interest rate swap liability $ — $ — $ — $ — $ — $ 196 $ — $ 196
Carrying Amount and Fair Value of Financial Instruments	A summary of the carrying amount and fair value of our secured financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands): June 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Secured notes payable, net $ 74,623 $ 75,301 $ 74,578 $ 75,129 Unsecured term loans, net $ 322,917 $ 325,000 $ 249,428 $ 250,000 Unsecured senior guaranteed notes, net $ 798,567 $ 767,584 $ 798,362 $ 761,470 Senior unsecured notes, net $ 492,178 $ 387,150 $ 491,663 $ 403,500 Unsecured line of credit, net $ — $ — $ 34,057 $ 36,000

DERIVATIVE AND HEDGING ACTIVI_2

DERIVATIVE AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following is a summary of the terms of our outstanding interest rate swaps as of June 30, 2023 (dollars in thousands): Swap Counterparty Notional Amount Effective Date Maturity Date Fair Value Bank of America, N.A. $ 50,000 1/14/2022 1/5/2027 $ 4,552 Wells Fargo Bank, N.A. $ 50,000 1/14/2022 1/5/2027 $ 4,556 Wells Fargo Bank, N.A. $ 150,000 1/5/2023 1/5/2025 $ 2,213 Mizuho Capital Markets LLC $ 75,000 1/5/2023 1/5/2025 $ 560

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Components of Other Assets	Other assets consist of the following (in thousands): June 30, 2023 December 31, 2022 Leasing commissions, net of accumulated amortization of $46,768 and $43,078, respectively $ 38,044 $ 38,436 Interest rate swap asset 11,881 9,986 Acquired above market leases, net 86 107 Acquired in-place leases, net 20,980 23,526 Lease incentives, net of accumulated amortization of $1,111 and $1,012, respectively 1,446 1,296 Other intangible assets, net of accumulated amortization of $1,732 and $1,549, respectively 1,986 2,165 Debt issuance costs, net of accumulated amortization of $577 and $0, respectively 1,620 — Right-of-use lease asset, net 22,723 23,921 Prepaid expenses and other 10,388 9,277 Total other assets $ 109,154 $ 108,714

OTHER LIABILITIES AND DEFERRE_2

OTHER LIABILITIES AND DEFERRED CREDITS (Tables)	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Other Liabilities and Deferred Credits	Other liabilities and deferred credits consist of the following (in thousands): June 30, 2023 December 31, 2022 Acquired below market leases, net $ 18,066 $ 19,664 Prepaid rent and deferred revenue 19,170 17,971 Interest rate swap liability — 196 Deferred compensation 2,429 2,411 Deferred tax liability 852 852 Straight-line rent liability 11,349 12,746 Lease liability 24,501 25,676 Other liabilities 50 61 Total other liabilities and deferred credits, net $ 76,417 $ 79,577

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary of Secured and Unsecured Notes Payable Outstanding	The following table is a summary of our total secured notes payable outstanding as of June 30, 2023 and December 31, 2022 (in thousands): Principal Balance as of Stated Interest Rate Stated Maturity Date Description of Debt June 30, 2023 December 31, 2022 as of June 30, 2023 City Center Bellevue (1) $ 75,000 $ 75,000 5.08 % October 1, 2027 75,000 75,000 Debt issuance costs, net of accumulated amortization of $497 and $452, respectively (377) (422) Total Secured Notes Payable Outstanding $ 74,623 $ 74,578 (1) Interest only. The following table is a summary of the Operating Partnership's total unsecured notes payable outstanding as of June 30, 2023 and December 31, 2022 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date June 30, 2023 December 31, 2022 as of June 30, 2023 Term Loan A $ 100,000 $ 100,000 Variable (1) January 5, 2027 Term Loan B 150,000 100,000 Variable (3) January 5, 2025 (2) Term Loan C 75,000 50,000 Variable (4) January 5, 2025 (2) Senior Guaranteed Notes, Series F 100,000 100,000 3.78 % (5) July 19, 2024 Senior Guaranteed Notes, Series B 100,000 100,000 4.45 % February 2, 2025 Senior Guaranteed Notes, Series C 100,000 100,000 4.50 % April 1, 2025 Senior Guaranteed Notes, Series D 250,000 250,000 4.29 % (6) March 1, 2027 Senior Guaranteed Notes, Series E 100,000 100,000 4.24 % (7) May 23, 2029 Senior Guaranteed Notes, Series G 150,000 150,000 3.91 % (8) July 30, 2030 3.375% Senior Unsecured Notes 500,000 500,000 3.38 % February 1, 2031 1,625,000 1,550,000 Debt discount and issuance costs, net of accumulated amortization of $6,353 and $11,709, respectively (11,337) (10,547) Total Unsecured Notes Payable $ 1,613,663 $ 1,539,453 (1) The Operating Partnership entered into two interest rate swap agreements that are intended to fix the interest rate associated with Term Loan A at approximately 2.70% through its maturity date, subject to adjustments based on our consolidated leverage ratio. (2) On January 5, 2023, we extended Term Loan B and Term Loan C to a maturity date of January 5, 2025 with one, twelve-month extension option and increased the fully drawn borrowings thereunder to $150 million and $75 million, respectively. (3) The Operating Partnership entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan B as follows, in each case subject to adjustments based on our consolidated leverage ratio: (a) from March 1, 2018 through November 30, 2022, the effective interest rate associated with Term Loan B was approximately 2.65% (and such interest rate swap agreement was terminated as of November 30, 2022) and (b) from January 5, 2023 through January 4, 2025, the effective interest rate associated with Term Loan B is approximately 5.47% for the first year (January 5, 2023 through January 4, 2024) and 5.57% for the second year (January 5, 2024 through January 4, 2025) of Term Loan B. Note that variable interest was paid on Term Loan B from December 1, 2022 through January 4, 2023 at 5.32% as there were no interest rate swap agreements in place during such time period on Term Loan B. (4) The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan C as follows, in each case subject to adjustments based on our consolidated leverage ratio: (a) from March 1, 2018 through November 30, 2022, the effective interest rate associated with Term Loan C was approximately 2.64% (and such interest rate swap agreement was terminated as of November 30, 2022) and (b) from January 5, 2023 through January 4, 2025, the effective interest rate associated with Term Loan C is approximately 5.47% for the first year (January 5, 2023 through January 4, 2024) and 5.57% for the second year (January 5, 2024 through January 4, 2025) of Term Loan C. Note that variable interest was paid on Term Loan C from December 1, 2022 through January 4, 2023 at 5.32% as there were no interest rate swap agreements in place during such time period on Term Loan C. (5) The Operating Partnership entered into a treasury lock contract on May 31, 2017, which was settled on June 23, 2017 at a loss of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge; accordingly, the effective interest rate is approximately 3.85% per annum. (6) The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. 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. (7) The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million. The treasury lock contract was deemed to be a highly effective cash flow hedge; accordingly, the effective interest rate is approximately 4.18% per annum. (8) The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge; accordingly, the effective interest rate is approximately 3.88% per annum.

EQUITY OF AMERICAN ASSETS TRU_2

EQUITY OF AMERICAN ASSETS TRUST, INC. (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Dividends Declared and Paid on Shares of Common Stock and Noncontrolling Common Units	The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units during the six months ended June 30, 2023: Period Amount per Period Covered Dividend Paid Date First Quarter 2023 $ 0.33 January 1, 2023 to March 31, 2023 March 23, 2023 Second Quarter 2023 $ 0.33 April 1, 2023 to June 30, 2023 June 22, 2023
Activity of Restricted Stock Awards	The following table summarizes the activity of restricted stock awards during the six months ended June 30, 2023: Units Weighted Average Grant Date Fair Value Nonvested at January 1, 2023 574,044 $ 20.98 Granted 10,348 19.33 Vested (6,072) 32.94 Forfeited (4,371) 20.92 Nonvested at June 30, 2023 573,949 $ 20.87
Computation of Basic and Diluted EPS	The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 NUMERATOR Net income $ 15,397 $ 13,588 $ 36,063 $ 27,102 Less: Net income attributable to restricted shares (190) (154) (379) (309) Less: Income from operations attributable to unitholders in the Operating Partnership (3,224) (2,852) (7,565) (5,688) Net income attributable to common stockholders—basic $ 11,983 $ 10,582 $ 28,119 $ 21,105 Income from operations attributable to American Assets Trust, Inc. common stockholders—basic $ 11,983 $ 10,582 $ 28,119 $ 21,105 Plus: Income from operations attributable to unitholders in the Operating Partnership 3,224 2,852 7,565 5,688 Net income attributable to common stockholders—diluted $ 15,207 $ 13,434 $ 35,684 $ 26,793 DENOMINATOR Weighted average common shares outstanding—basic 60,146,210 60,040,243 60,145,414 60,039,467 Effect of dilutive securities—conversion of Operating Partnership units 16,181,537 16,181,537 16,181,537 16,181,537 Weighted average common shares outstanding—diluted 76,327,747 76,221,780 76,326,951 76,221,004 Earnings per common share, basic $ 0.20 $ 0.18 $ 0.47 $ 0.35 Earnings per common share, diluted $ 0.20 $ 0.18 $ 0.47 $ 0.35

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Current Minimum Future Rentals Under the Leases	As of June 30, 2023, 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, 2023 (six months ending December 31, 2023) $ 186,351 2024 241,130 2025 221,970 2026 205,360 2027 179,884 Thereafter 332,536 Total $ 1,367,231
Current Minimum Annual Payments Under the Leases	Current annual payments under the operating leases are as follows, as of June 30, 2023 (in thousands): Year Ending December 31, 2023 (six months ending December 31, 2023) $ 1,689 2024 3,428 2025 3,531 2026 3,584 2027 3,584 Thereafter 12,543 Total lease payments 28,359 Imputed interest (3,858) Present value of lease liability $ 24,501
Lease Costs Under Operating Leases and Supplemental Cash Flow Information of Leases	Lease costs under the operating leases are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 927 $ 844 $ 1,854 $ 1,689 Sublease income (836) (944) (1,839) (1,707) Total lease cost (income) $ 91 $ (100) $ 15 $ (18) Weighted-average remaining lease term - operating leases (in years) 8.0 Weighted-average discount rate - operating leases 3.19 % Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands): Six Months Ended June 30, 2023 2022 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 1,640 $ 1,592

COMPONENTS OF RENTAL INCOME A_2

COMPONENTS OF RENTAL INCOME AND EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Principal Components of Rental Income	The principal components of rental income are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Lease rental income Office $ 50,269 $ 48,949 $ 99,595 $ 96,999 Retail 24,707 23,286 49,385 47,327 Multifamily 14,146 13,167 28,663 26,083 Mixed-use 3,024 2,814 5,974 5,614 Percentage rent 605 756 1,160 1,238 Hotel revenue 10,491 9,414 20,509 17,469 Other 659 630 1,325 1,272 Total rental income $ 103,901 $ 99,016 $ 206,611 $ 196,002
Principal Components of Rental Expenses	The principal components of rental expenses are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Rental operating $ 12,911 $ 11,379 $ 25,351 $ 22,523 Hotel operating 7,343 6,474 14,260 12,122 Repairs and maintenance 5,411 5,309 10,646 10,069 Marketing 569 469 1,077 988 Rent 883 781 1,766 1,590 Hawaii excise tax 1,016 923 1,987 1,732 Management fees 578 518 1,129 974 Total rental expenses $ 28,711 $ 25,853 $ 56,216 $ 49,998

OTHER INCOME (EXPENSE), NET (Ta

OTHER INCOME (EXPENSE), NET (Tables)	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
Principal Components of Other Income (Expense), Net	The principal components of other income (expense), net, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest and investment income $ 460 $ 21 $ 893 $ 57 Income tax expense (187) (202) (457) (400) Other non-operating income — — 6,515 — Total other income (expense), net $ 273 $ (181) $ 6,951 $ (343)

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segments Operating Activity	The following table represents operating activity within our reportable segments (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total Office Property revenue $ 52,219 $ 50,593 $ 103,189 $ 100,162 Property expense (14,894) (14,063) (29,714) (27,393) Segment profit 37,325 36,530 73,475 72,769 Total Retail Property revenue 25,901 24,338 51,528 49,179 Property expense (7,555) (7,430) (15,259) (15,158) Segment profit 18,346 16,908 36,269 34,021 Total Multifamily Property revenue 15,193 14,214 30,756 28,103 Property expense (6,786) (6,221) (13,317) (12,300) Segment profit 8,407 7,993 17,439 15,803 Total Mixed-Use Property revenue 16,408 15,010 32,002 28,181 Property expense (10,562) (9,426) (20,644) (17,863) Segment profit 5,846 5,584 11,358 10,318 Total segments’ profit $ 69,924 $ 67,015 $ 138,541 $ 132,911
Reconciliation of Segment Profit to Net Income Attributable to Stockholders	The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total segments’ profit $ 69,924 $ 67,015 $ 138,541 $ 132,911 General and administrative (8,609) (7,612) (17,608) (14,754) Depreciation and amortization (29,823) (31,087) (59,724) (61,499) Interest expense, net (16,368) (14,547) (32,097) (29,213) Other income (expense), net 273 (181) 6,951 (343) Net income 15,397 13,588 36,063 27,102 Net income attributable to restricted shares (190) (154) (379) (309) Net income attributable to unitholders in the Operating Partnership (3,224) (2,852) (7,565) (5,688) Net income attributable to American Assets Trust, Inc. stockholders $ 11,983 $ 10,582 $ 28,119 $ 21,105
Net Real Estate and Secured Note Payable Balances by Segments	The following table shows net real estate and secured note payable balances for each of the segments (in thousands): June 30, 2023 December 31, 2022 Net Real Estate Office $ 1,617,689 $ 1,615,479 Retail 570,556 579,219 Multifamily 366,231 370,993 Mixed-Use 167,731 168,865 $ 2,722,207 $ 2,734,556 Secured Notes Payable (1) Office $ 75,000 $ 75,000 $ 75,000 $ 75,000 (1) Excludes debt issuance costs of $0.4 million and $0.4 million for each of the periods ended June 30, 2023 and December 31, 2022, respectively.
Capital Expenditures for Each Segment	Capital expenditures for each segment for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Capital Expenditures (1) Office $ 19,812 $ 30,051 $ 40,537 $ 56,717 Retail 1,645 3,697 4,170 7,257 Multifamily 1,216 1,315 2,529 2,886 Mixed-Use 718 121 1,850 452 $ 23,391 $ 35,184 $ 49,086 $ 67,312 (1) Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) employee property segment room	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Number of employees | employee	220
Office, retail, multifamily, and mixed-use operating properties	31
Properties held for development	3
Number of operating segments | segment	4
Room in mixed-use segment all-suite hotel | room	369
Allowance for doubtful accounts | $	$ 1.8	$ 2.1

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplement Disclosures Related to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Total interest costs incurred	$ 35,863	$ 31,774
Interest capitalized	3,766	2,561
Interest expense, net	32,097	29,213
Cash paid for interest, net of amounts capitalized	30,458	28,201
Cash paid for income taxes	779	474
Accounts payable and accrued liabilities for construction in progress	17,223	19,489
Accrued leasing commissions	$ 1,297	$ 2,936

ACQUIRED IN-PLACE LEASES AND _3

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES - Acquired Lease Intangibles and Leasing Costs Included in Other Assets and Other Liabilities and Deferred Credits (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (1,732)	$ (1,549)
Below market leases	52,832	52,832
Accumulated accretion	(34,766)	(33,168)
Acquired lease intangible liabilities, net	18,066	19,664
Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	21,066	23,633
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Leases, gross	58,119	58,119
Accumulated amortization	(37,139)	(34,593)
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Leases, gross	1,885	1,885
Accumulated amortization	$ (1,799)	$ (1,778)

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Liabilities Fair Value Measurement on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	$ 2,429	$ 2,411
Interest rate swap asset	11,881	9,986
Interest rate swap liability	0	196
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	0	0
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	2,429	2,411
Interest rate swap asset	11,881	9,986
Interest rate swap liability	0	196
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	0	0
Interest rate swap asset	0	0
Interest rate swap liability	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - Level 2	Jun. 30, 2023
Minimum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate	0.050
Maximum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate	0.060

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Secured notes payable, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 74,623	$ 74,578
Unsecured term loans, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	322,917	249,428
Unsecured senior guaranteed notes, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	798,567	798,362
Senior unsecured notes, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	492,178	491,663
Unsecured line of credit, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	34,057
Level 2 | Secured notes payable, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	75,301	75,129
Level 2 | Unsecured term loans, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	325,000	250,000
Level 2 | Unsecured senior guaranteed notes, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	767,584	761,470
Level 2 | Senior unsecured notes, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	387,150	403,500
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	$ 36,000

DERIVATIVE AND HEDGING ACTIVI_3

DERIVATIVE AND HEDGING ACTIVITIES (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value
Estimated derivative reclassification from Accumulated OCI to Income	$ 400,000
Designated as Hedging Instrument | Cash Flow Hedging | American Assets Trust, L.P. | Interest Rate Swap, 1/5/2027 | Bank of America, N.A.
Notional Amount
Interest rate swap asset	50,000,000
Fair Value
Interest rate swap asset	4,552,000
Designated as Hedging Instrument | Cash Flow Hedging | American Assets Trust, L.P. | Interest Rate Swap, 1/5/2027 | Wells Fargo Bank, N.A.
Notional Amount
Interest rate swap asset	50,000,000
Fair Value
Interest rate swap asset	4,556,000
Designated as Hedging Instrument | Cash Flow Hedging | American Assets Trust, L.P. | Interest Rate Swap, 1/5/2025 | Wells Fargo Bank, N.A.
Notional Amount
Interest rate swap asset	150,000,000
Fair Value
Interest rate swap asset	2,213,000
Designated as Hedging Instrument | Cash Flow Hedging | American Assets Trust, L.P. | Interest Rate Swap, 1/5/2025 | Mizuho Capital Markets LLC
Notional Amount
Interest rate swap liability	75,000,000
Fair Value
Interest rate swap liability	$ 560,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing commissions, net of accumulated amortization of $46,768 and $43,078, respectively	$ 38,044	$ 38,436
Interest rate swap asset	$ 11,881	$ 9,986
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Acquired above market leases, net	$ 86	$ 107
Acquired in-place leases, net	20,980	23,526
Lease incentives, net of accumulated amortization of $1,111 and $1,012, respectively	1,446	1,296
Other intangible assets, net of accumulated amortization of $1,732 and $1,549, respectively	1,986	2,165
Debt issuance costs, net of accumulated amortization of $577 and $0, respectively	1,620	0
Right-of-use lease asset, net	$ 22,723	$ 23,921
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Prepaid expenses and other	$ 10,388	$ 9,277
Total other assets	109,154	108,714
Leasing commissions, accumulative amortization	46,768	43,078
Lease incentives, accumulated amortization	1,111	1,012
Other intangible assets, accumulated amortization	1,732	1,549
Debt issuance costs, accumulated amortization	$ 577	$ 0

OTHER LIABILITIES AND DEFERRE_3

OTHER LIABILITIES AND DEFERRED CREDITS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Acquired below market leases, net	$ 18,066	$ 19,664
Prepaid rent and deferred revenue	19,170	17,971
Interest rate swap liability	0	196
Deferred compensation	2,429	2,411
Deferred tax liability	852	852
Straight-line rent liability	11,349	12,746
Lease liability	24,501	25,676
Other liabilities	50	61
Total other liabilities and deferred credits, net	$ 76,417	$ 79,577

DEBT - Summary of Total Secured

DEBT - Summary of Total Secured Notes Payable Outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt issuance costs, net of accumulated amortization of $497 and $452, respectively	$ (1,620)	$ 0
Debt issuance costs, accumulated amortization	577	0
American Assets Trust, L.P. | Secured notes payable, net
Debt Instrument [Line Items]
Principal Balance	75,000	75,000
Debt issuance costs, net of accumulated amortization of $497 and $452, respectively	(377)	(422)
Total Notes Payable	74,623	74,578
Debt issuance costs, accumulated amortization	497	452
American Assets Trust, L.P. | 5.08% City Center Bellevue, October 2027 | Secured notes payable, net
Debt Instrument [Line Items]
Principal Balance	$ 75,000	$ 75,000
Stated Interest Rate	5.08%

DEBT - Summary of Total Unsecur

DEBT - Summary of Total Unsecured Notes Payable Outstanding (Details)						1 Months Ended
	Jan. 05, 2023 USD ($) extension	Jul. 17, 2019 USD ($)	Jun. 23, 2017 USD ($)	May 11, 2017 USD ($)	Jan. 18, 2017 USD ($)	Jan. 04, 2023 USD ($)	Jun. 30, 2023 USD ($) interest_rate_swap_agreement	Dec. 31, 2022 USD ($)	Jan. 26, 2021 USD ($)	Mar. 01, 2018	Jan. 09, 2018 USD ($)
Debt Instrument [Line Items]
Debt discount and issuance costs, net of accumulated amortization of $6,353 and $11,709, respectively							$ (1,620,000)	$ 0
Debt issuance costs, accumulated amortization							577,000	0
American Assets Trust, L.P. | Forward Contracts
Debt Instrument [Line Items]
Loss on derivative settlement			$ 500,000
Gain on derivative settlement		$ 500,000		$ 700,000	$ 10,400,000
American Assets Trust, L.P. | Unsecured term loans, net
Debt Instrument [Line Items]
Principal Balance							1,625,000,000	1,550,000,000
Debt discount and issuance costs, net of accumulated amortization of $6,353 and $11,709, respectively							(11,337,000)	(10,547,000)
Total Notes Payable							1,613,663,000	1,539,453,000
Debt issuance costs, accumulated amortization							$ 6,353,000	11,709,000
American Assets Trust, L.P. | Term Loan A | Interest Rate Swap
Debt Instrument [Line Items]
Number of interest rate swap agreements | interest_rate_swap_agreement							2
Derivative fixed interest rate							2.70%
American Assets Trust, L.P. | Term Loan A | Unsecured term loans, net
Debt Instrument [Line Items]
Principal Balance							$ 100,000,000	100,000,000
American Assets Trust, L.P. | Term Loan B
Debt Instrument [Line Items]
Face amount of debt	$ 150,000,000
American Assets Trust, L.P. | Term Loan B | Interest Rate Swap
Debt Instrument [Line Items]
Interest rate during period						5.32%
American Assets Trust, L.P. | Term Loan B | Interest Rate Swap | First year
Debt Instrument [Line Items]
Derivative fixed interest rate	5.47%									2.65%
American Assets Trust, L.P. | Term Loan B | Interest Rate Swap | Second year
Debt Instrument [Line Items]
Derivative fixed interest rate	5.57%
American Assets Trust, L.P. | Term Loan B | Unsecured term loans, net
Debt Instrument [Line Items]
Principal Balance							150,000,000	100,000,000
American Assets Trust, L.P. | Term Loan C
Debt Instrument [Line Items]
Face amount of debt	$ 75,000,000
American Assets Trust, L.P. | Term Loan C | Interest Rate Swap
Debt Instrument [Line Items]
Derivative fixed interest rate										2.64%
Interest rate during period						5.32%
American Assets Trust, L.P. | Term Loan C | Interest Rate Swap | First year
Debt Instrument [Line Items]
Derivative fixed interest rate	5.47%
American Assets Trust, L.P. | Term Loan C | Interest Rate Swap | Second year
Debt Instrument [Line Items]
Derivative fixed interest rate	5.57%
American Assets Trust, L.P. | Term Loan C | Unsecured term loans, net
Debt Instrument [Line Items]
Principal Balance							$ 75,000,000	50,000,000
American Assets Trust, L.P. | Senior Guaranteed Notes, Series F | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument							3.85%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series F | Unsecured term loans, net
Debt Instrument [Line Items]
Principal Balance							$ 100,000,000	100,000,000
Stated Interest Rate							3.78%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series B | Unsecured term loans, net
Debt Instrument [Line Items]
Principal Balance							$ 100,000,000	100,000,000
Stated Interest Rate							4.45%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series C | Unsecured term loans, net
Debt Instrument [Line Items]
Principal Balance							$ 100,000,000	100,000,000
Stated Interest Rate							4.50%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series D | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument							3.87%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series D | Unsecured term loans, net
Debt Instrument [Line Items]
Principal Balance							$ 250,000,000	250,000,000
Stated Interest Rate							4.29%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series E | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument							4.18%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series E | Unsecured term loans, net
Debt Instrument [Line Items]
Principal Balance							$ 100,000,000	100,000,000
Stated Interest Rate							4.24%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series G | Forward Contracts
Debt Instrument [Line Items]
Effective rate of debt instrument							3.88%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series G | Unsecured term loans, net
Debt Instrument [Line Items]
Principal Balance							$ 150,000,000	150,000,000
Stated Interest Rate							3.91%
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]
Principal Balance							$ 500,000,000	$ 500,000,000
Stated Interest Rate							3.375%
Face amount of debt									$ 500,000,000
American Assets Trust, L.P. | Term Loan B & Term Loan C
Debt Instrument [Line Items]
Debt extension options | extension	1
Extension term	12 months
American Assets Trust, L.P. | Term Loan B & Term Loan C | Unsecured term loans, net
Debt Instrument [Line Items]
Debt extension options | extension	1
Extension term	12 months
Face amount of debt	$ 225,000,000					$ 150,000,000					$ 150,000,000

DEBT - Narrative (Details)

DEBT - Narrative (Details)						6 Months Ended
	Jan. 05, 2023 USD ($) extension	Jan. 05, 2022 USD ($) extension	Jan. 26, 2021 USD ($)	Jan. 09, 2019 extension	Jan. 09, 2018 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jan. 04, 2023 USD ($)	Jan. 14, 2022 interest_rate_swap_agreement
Debt Instrument [Line Items]
Repayment of unsecured term loan						$ 150,000,000	$ 0
Repayments of line of credit						36,000,000	0
Unsecured line of credit, net
Debt Instrument [Line Items]
Maximum leverage ratio of revolving credit facility		60%
Maximum secured leverage ratio on revolving credit facility		40%
Minimum fixed charge coverage ratio covenant threshold		1.50
Minimum unsecured leverage ratio		175%
Maximum unsecured leverage ratio		60%
Maximum recourse indebtedness of total asset value		15%
Third Amended and Restated Credit Facility | Unsecured line of credit, net
Debt Instrument [Line Items]
Percentage annual distributions cannot exceed funds from operations		95%
American Assets Trust, L.P.
Debt Instrument [Line Items]
Repayment of unsecured term loan						150,000,000	0
Repayments of line of credit						$ 36,000,000	$ 0
American Assets Trust, L.P. | Unsecured term loans, net | Base Rate
Debt Instrument [Line Items]
Minimum base rate	0%
American Assets Trust, L.P. | Unsecured term loans, net | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
American Assets Trust, L.P. | Unsecured term loans, net | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1%
American Assets Trust, L.P. | Unsecured term loans, net | Minimum | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%
American Assets Trust, L.P. | Unsecured term loans, net | Maximum | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.90%
American Assets Trust, L.P. | Unsecured line of credit, net | Minimum | Secured Overnight Financing Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.05%
American Assets Trust, L.P. | Unsecured line of credit, net | Maximum | Secured Overnight Financing Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
American Assets Trust, L.P. | 3.375% Senior Unsecured Notes
Debt Instrument [Line Items]
Stated Interest Rate			3.375%
Note offering percent			0.98935
Weighted average yield of investment			3.502%
Proceeds from debt, net of issuance costs			$ 489,700,000
American Assets Trust, L.P. | 3.375% Senior Unsecured Notes | Unsecured term loans, net
Debt Instrument [Line Items]
Face amount of debt			500,000,000
Stated Interest Rate						3.375%
American Assets Trust, L.P. | Senior Guaranteed Notes, Series A | Unsecured term loans, net
Debt Instrument [Line Items]
Repayment of unsecured term loan			150,000,000
Loss on early extinguishment of debt			(3,900,000)
American Assets Trust, L.P. | Second Amended and Restated Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity					$ 450,000,000
Additional borrowing capacity					250,000,000
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured term loans, net
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity					$ 100,000,000
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured term loans, net | London Interbank Offered Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1%
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured term loans, net | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%			0.50%
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured term loans, net | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1%
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured term loans, net | Minimum | London Interbank Offered Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.30%
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured term loans, net | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.30%
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured term loans, net | Maximum | London Interbank Offered Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.90%
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured term loans, net | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.90%
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit, net
Debt Instrument [Line Items]
Repayments of line of credit			$ 100,000,000
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit, net | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity					$ 350,000,000
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit, net | Minimum | London Interbank Offered Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate					1.05%
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit, net | Minimum | Base Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate					0.10%
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit, net | Maximum | London Interbank Offered Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate					1.50%
American Assets Trust, L.P. | Second Amended and Restated Credit Facility | Unsecured line of credit, net | Maximum | Base Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate					0.50%
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 B | Unsecured term loans, net | First year
Debt Instrument [Line Items]
Derivative fixed interest rate	5.47%
American Assets Trust, L.P. | Term Loan B | Unsecured term loans, net | Second year
Debt Instrument [Line Items]
Derivative fixed interest rate	5.57%
American Assets Trust, L.P. | Term Loan B | Unsecured term loans, net | Base Rate
Debt Instrument [Line Items]
Minimum base rate					0%
American Assets Trust, L.P. | Term Loan B | Unsecured term loans, net | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.50%
American Assets Trust, L.P. | Term Loan B | Unsecured term loans, net | Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate					1%
American Assets Trust, L.P. | Term Loan B | Unsecured term loans, net | Minimum | London Interbank Offered Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.20%
American Assets Trust, L.P. | Term Loan B | Unsecured term loans, net | Maximum | London Interbank Offered Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.70%
American Assets Trust, L.P. | Term Loan B & Term Loan C
Debt Instrument [Line Items]
Debt extension options | extension	1
Extension term	12 months
American Assets Trust, L.P. | Term Loan B & Term Loan C | Unsecured term loans, net
Debt Instrument [Line Items]
Face amount of debt	$ 225,000,000				$ 150,000,000			$ 150,000,000
Debt extension options | extension	1
Extension term	12 months
American Assets Trust, L.P. | Term Loan B & Term Loan C | Unsecured term loans, net | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.20%
American Assets Trust, L.P. | Term Loan B & Term Loan C | Unsecured term loans, net | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%
American Assets Trust, L.P. | First Amendment To Second Amended And Restated Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.20%
American Assets Trust, L.P. | First Amendment To Second Amended And Restated Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.70%
American Assets Trust, L.P. | First Amendment To Second Amended And Restated Credit Facility | Unsecured term loans, net
Debt Instrument [Line Items]
Debt extension options | extension				3
Extension term				1 year
American Assets Trust, L.P. | First Amendment To Second Amended And Restated Credit Facility | Unsecured term loans, net | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
American Assets Trust, L.P. | First Amendment To Second Amended And Restated Credit Facility | Unsecured term loans, net | Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate				1%
American Assets Trust, L.P. | First Amendment To Second Amended And Restated Credit Facility | Unsecured term loans, net | Minimum | London Interbank Offered Rate
Debt Instrument [Line Items]
Basis spread on variable rate				1.20%
American Assets Trust, L.P. | First Amendment To Second Amended And Restated Credit Facility | Unsecured term loans, net | Maximum | London Interbank Offered Rate
Debt Instrument [Line Items]
Basis spread on variable rate				1.70%
American Assets Trust, L.P. | Third Amended and Restated Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity		$ 500,000,000
American Assets Trust, L.P. | Third Amended and Restated Credit Facility | Interest Rate Swap
Debt Instrument [Line Items]
Derivative fixed interest rate									2.70%
Number of interest rate swap agreements | interest_rate_swap_agreement									2
American Assets Trust, L.P. | Third Amended and Restated Credit Facility | Unsecured term loans, net
Debt Instrument [Line Items]
Debt extension options | extension		2
Extension term		6 months
Revolving credit facility borrowing limit, maximum borrowing capacity		$ 100,000,000
American Assets Trust, L.P. | Third Amended and Restated Credit Facility | Unsecured term loans, net | Base Rate
Debt Instrument [Line Items]
Minimum base rate		1%
American Assets Trust, L.P. | Third Amended and Restated Credit Facility | Unsecured term loans, net | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.20%
American Assets Trust, L.P. | Third Amended and Restated Credit Facility | Unsecured term loans, net | Minimum | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
American Assets Trust, L.P. | Third Amended and Restated Credit Facility | Unsecured term loans, net | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.70%
American Assets Trust, L.P. | Third Amended and Restated Credit Facility | Unsecured term loans, net | Maximum | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.70%
American Assets Trust, L.P. | Third Amended and Restated Credit Facility | Unsecured line of credit, net
Debt Instrument [Line Items]
Debt issuance costs, net, revolving credit facility						$ 1,600,000
Weighted average interest rate, revolving credit facility						5.96%
American Assets Trust, L.P. | Third Amended and Restated Credit Facility | Unsecured line of credit, net | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit, maximum borrowing capacity		$ 400,000,000
American Assets Trust, L.P. | Third Amended and Restated Credit Facility | Unsecured line of credit, net | Minimum | Base Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%
American Assets Trust, L.P. | Third Amended and Restated Credit Facility | Unsecured line of credit, net | 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		6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2022 shares	Jun. 30, 2023 shares	Jun. 30, 2022 shares
Capital Unit [Line Items]
Antidilutive securities excluded from computation of EPS (in shares)	571,999	483,110	572,623	484,295
American Assets Trust, L.P.
Capital Unit [Line Items]
Percentage of ownership interests classified as noncontrolling	21.20%		21.20%
American Assets Trust, L.P.
Capital Unit [Line Items]
Noncontrolling common units (in shares)	16,181,537		16,181,537
American Assets Trust, L.P. | Operating Partnership Units
Capital Unit [Line Items]
Antidilutive securities excluded from computation of EPS (in shares)	571,999	483,110	572,623	484,295
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) $ in Thousands		3 Months Ended		6 Months Ended
	Dec. 03, 2021 USD ($) sales_agent	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($) shares
Equity [Line Items]
Stock-based compensation expense		$ 2,100	$ 2,000	$ 4,145	$ 3,490
Share-based compensation expense not yet recognized		$ 7,900		$ 7,900
Antidilutive securities excluded from computation of EPS (in shares) | shares		571,999	483,110	572,623	484,295
At The Market Equity Program
Equity [Line Items]
Number of sales agents | sales_agent	5
Aggregate offering price of common share	$ 250,000
Remaining capacity to issue		$ 250,000		$ 250,000

EQUITY OF AMERICAN ASSETS TRU_4

EQUITY OF AMERICAN ASSETS TRUST, INC. - Dividends Declare and Paid on Shares on Common Stock and Noncontrolling Common Units (Details) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Equity [Abstract]
Amount per Share/Unit	$ 0.33	$ 0.33

EQUITY OF AMERICAN ASSETS TRU_5

EQUITY OF AMERICAN ASSETS TRUST, INC. - Summary of Activity of Restricted Stock Awards (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Units
Nonvested, beginning balance (in shares) | shares	574,044
Granted (in shares) | shares	10,348
Vested (in shares) | shares	(6,072)
Forfeited (in shares) | shares	(4,371)
Nonvested, ending balance (in shares) | shares	573,949
Weighted Average Grant Date Fair Value
Nonvested, beginning balance (in USD per share) | $ / shares	$ 20.98
Granted (in USD per share) | $ / shares	19.33
Vested (in USD per share) | $ / shares	32.94
Forfeited (in USD per share) | $ / shares	20.92
Nonvested, ending balance (in USD per share) | $ / shares	$ 20.87

EQUITY OF AMERICAN ASSETS TRU_6

EQUITY OF AMERICAN ASSETS TRUST, INC. - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
NUMERATOR
Net income	$ 15,397	$ 13,588	$ 36,063	$ 27,102
Less: Net income attributable to restricted shares	(190)	(154)	(379)	(309)
Less: Income from operations attributable to unitholders in the Operating Partnership	(3,224)	(2,852)	(7,565)	(5,688)
Net income attributable to American Assets Trust, Inc. stockholders	11,983	10,582	28,119	21,105
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	11,983	10,582	28,119	21,105
Plus: Income from operations attributable to unitholders in the Operating Partnership	3,224	2,852	7,565	5,688
Net income attributable to common stockholders—diluted	$ 15,207	$ 13,434	$ 35,684	$ 26,793
DENOMINATOR
Weighted average common shares outstanding—basic (in shares)	60,146,210	60,040,243	60,145,414	60,039,467
Effect of dilutive securities-conversion of Operating Partnership units (in shares)	16,181,537	16,181,537	16,181,537	16,181,537
Weighted average common shares outstanding - diluted (in shares)	76,327,747	76,221,780	76,326,951	76,221,004
Earnings per common share, basic (in USD per share)	$ 0.20	$ 0.18	$ 0.47	$ 0.35
Earnings per common share, diluted (in USD per share)	$ 0.20	$ 0.18	$ 0.47	$ 0.35

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred tax asset	$ 700		$ 700		$ 700
Deferred tax liability	900		900		$ 900
Income tax expense	$ 187	$ 202	$ 457	$ 400

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) property
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Termination payment	$ 7,000
Number of consolidated properties located in Southern California | property	15
Total Revenues | Industry Concentration Risk | Retail
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Proportion of total revenue provided by retail or office tenants	23.70%
Total Revenues | Industry Concentration Risk | Office
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Proportion of total revenue provided by retail or office tenants	47.40%
Waikiki Beach Walk - Retail
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Property management fee	3%
Outrigger Hotels
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Property management fee	6%
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	3.50%
Previous months of management fees	12 months
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
Payment for management fee	$ 12
Termination notice period	30 days
Outrigger Hotels | Maximum
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Property management fee	3%
Wbw Hotel Lessee Llc
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Years of contract	20 years
Proportion of hotel occupancy gross revenue paid for program fee	4%
Wbw Hotel Lessee Llc | Future Time Period Prior to 12-31-2021
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Proportion of hotel occupancy gross revenue paid for franchise royalty fee	5%
Del Monte Center | Minimum
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Years, environmental remediation length	5 years
Del Monte Center | Maximum
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Years, environmental remediation length	7 years

LEASES - Narrative (Details)

LEASES - Narrative (Details)	6 Months Ended
	Jun. 30, 2023
Apartments
Lessor, Lease, Description [Line Items]
Term of contract	12 months
Minimum
Lessor, Lease, Description [Line Items]
Term of lease extension option	3 years
Lease extension options exercise period	6 months
Minimum | Office And Retail Sites
Lessor, Lease, Description [Line Items]
Term of contract	3 years
Minimum | Apartments
Lessor, Lease, Description [Line Items]
Term of contract	7 months
Maximum
Lessor, Lease, Description [Line Items]
Term of lease extension option	10 years
Lease extension options exercise period	12 months
Maximum | Office And Retail Sites
Lessor, Lease, Description [Line Items]
Term of contract	10 years
Maximum | Apartments
Lessor, Lease, Description [Line Items]
Term of contract	15 months
Landmark at One Market
Lessor, Lease, Description [Line Items]
Term of lease extension period	5 years

LEASES - Minimum Future Rentals

LEASES - Minimum Future Rentals from Noncancelable Operating Leases (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023 (six months ending December 31, 2023)	$ 186,351
2024	241,130
2025	221,970
2026	205,360
2027	179,884
Thereafter	332,536
Total	$ 1,367,231

LEASES - Lease Obligations - Mi

LEASES - Lease Obligations - Minimum Future Rental Payments from Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (six months ending December 31, 2023)	$ 1,689
2024	3,428
2025	3,531
2026	3,584
2027	3,584
Thereafter	12,543
Total lease payments	28,359
Imputed interest	(3,858)
Present value of lease liability	$ 24,501	$ 25,676

LEASES - Lease Costs & Addition

LEASES - Lease Costs & Additional Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 927	$ 844	$ 1,854	$ 1,689
Sublease income	(836)	(944)	(1,839)	(1,707)
Total lease cost (income)	$ 91	$ (100)	$ 15	$ (18)
Weighted-average remaining lease term - operating leases (in years)	8 years		8 years
Weighted-average discount rate - operating leases	3.19%		3.19%

LEASES - Supplemental Lease Inf

LEASES - Supplemental Lease Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 1,640	$ 1,592

COMPONENTS OF RENTAL INCOME A_3

COMPONENTS OF RENTAL INCOME AND EXPENSE - Component of Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Rental Income [Line Items]
Percentage rent	$ 605	$ 756	$ 1,160	$ 1,238
Hotel revenue	10,491	9,414	20,509	17,469
Other	659	630	1,325	1,272
Total rental income	103,901	99,016	206,611	196,002
Office
Rental Income [Line Items]
Lease rental income	50,269	48,949	99,595	96,999
Retail
Rental Income [Line Items]
Lease rental income	24,707	23,286	49,385	47,327
Multifamily
Rental Income [Line Items]
Lease rental income	14,146	13,167	28,663	26,083
Mixed-use
Rental Income [Line Items]
Lease rental income	$ 3,024	$ 2,814	$ 5,974	$ 5,614

COMPONENTS OF RENTAL INCOME A_4

COMPONENTS OF RENTAL INCOME AND EXPENSE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Recognition of straight-line rents	$ 1	$ 0.1	$ 3.2	$ 3.8
Recognition of amortization of above and below market leases	$ 0.8	$ 0.8	$ 1.6	$ 1.7

COMPONENTS OF RENTAL INCOME A_5

COMPONENTS OF RENTAL INCOME AND EXPENSE - Components of Rental Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Rental operating	$ 12,911	$ 11,379	$ 25,351	$ 22,523
Hotel operating	7,343	6,474	14,260	12,122
Repairs and maintenance	5,411	5,309	10,646	10,069
Marketing	569	469	1,077	988
Rent	883	781	1,766	1,590
Hawaii excise tax	1,016	923	1,987	1,732
Management fees	578	518	1,129	974
Total rental expenses	$ 28,711	$ 25,853	$ 56,216	$ 49,998

OTHER INCOME (EXPENSE), NET - C

OTHER INCOME (EXPENSE), NET - Components of Other (Expense) Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income and Expenses [Abstract]
Interest and investment income	$ 460	$ 21	$ 893	$ 57
Income tax expense	(187)	(202)	(457)	(400)
Other non-operating income	0	0	6,515	0
Total other income (expense), net	$ 273	$ (181)	$ 6,951	$ (343)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Mar. 01, 2021	Mar. 01, 2019	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Rental income			$ 103,901	$ 99,016	$ 206,611	$ 196,002
General and administrative			$ 8,609	$ 7,612	17,608	14,754
American Assets, Inc. | Related Party
Related Party Transaction [Line Items]
Term of contract	10 years	3 years
Rental income					100	100
American Assets, Inc. | Related Party | Office Space Lease
Related Party Transaction [Line Items]
Amounts of transaction	$ 200	$ 200
AAI Aviation, Inc. | Related Party
Related Party Transaction [Line Items]
General and administrative					$ 100	100
WBW CHP LLC
Related Party Transaction [Line Items]
Investment in WBW CHP LLC					47.70%
WBW CHP LLC | Reimbursement of Operating Expenses
Related Party Transaction [Line Items]
Amounts of transaction					$ 500	$ 500

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 segment room
Segment Reporting [Abstract]
Number of operating segments | segment	4
Room in mixed-use segment all-suite hotel | room	369

SEGMENT REPORTING - Operating A

SEGMENT REPORTING - Operating Activity Within Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
OPERATING INCOME	$ 31,492	$ 28,316	$ 61,209	$ 56,658
Total segments’ profit	69,924	67,015	138,541	132,911
Office
Segment Reporting Information [Line Items]
Property revenue	52,219	50,593	103,189	100,162
Property expense	(14,894)	(14,063)	(29,714)	(27,393)
OPERATING INCOME	37,325	36,530	73,475	72,769
Retail
Segment Reporting Information [Line Items]
Property revenue	25,901	24,338	51,528	49,179
Property expense	(7,555)	(7,430)	(15,259)	(15,158)
OPERATING INCOME	18,346	16,908	36,269	34,021
Multifamily
Segment Reporting Information [Line Items]
Property revenue	15,193	14,214	30,756	28,103
Property expense	(6,786)	(6,221)	(13,317)	(12,300)
OPERATING INCOME	8,407	7,993	17,439	15,803
Mixed-use
Segment Reporting Information [Line Items]
Property revenue	16,408	15,010	32,002	28,181
Property expense	(10,562)	(9,426)	(20,644)	(17,863)
OPERATING INCOME	$ 5,846	$ 5,584	$ 11,358	$ 10,318

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Segment Profit to Net Income Attributable to Stockholders (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting [Abstract]
Total segments’ profit	$ 69,924		$ 67,015		$ 138,541	$ 132,911
General and administrative	(8,609)		(7,612)		(17,608)	(14,754)
Depreciation and amortization	(29,823)		(31,087)		(59,724)	(61,499)
Interest expense, net	(16,368)		(14,547)		(32,097)	(29,213)
Other income (expense), net	273		(181)		6,951	(343)
NET INCOME	15,397	$ 20,666	13,588	$ 13,514	36,063	27,102
Net income attributable to restricted shares	(190)		(154)		(379)	(309)
Net income attributable to unitholders in the Operating Partnership	(3,224)		(2,852)		(7,565)	(5,688)
Net income attributable to American Assets Trust, Inc. stockholders	$ 11,983		$ 10,582		$ 28,119	$ 21,105

SEGMENT REPORTING - Net Real Es

SEGMENT REPORTING - Net Real Estate and Secured Note Payable Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Real estate, net	$ 2,722,207	$ 2,734,556
Secured Notes Payable	75,000	75,000
Debt issuance costs	1,620	0
American Assets Trust, L.P.
Segment Reporting Information [Line Items]
Real estate, net	2,722,207	2,734,556
Secured notes payable, net | American Assets Trust, L.P.
Segment Reporting Information [Line Items]
Debt issuance costs	377	422
Office
Segment Reporting Information [Line Items]
Real estate, net	1,617,689	1,615,479
Secured Notes Payable	75,000	75,000
Retail
Segment Reporting Information [Line Items]
Real estate, net	570,556	579,219
Multifamily
Segment Reporting Information [Line Items]
Real estate, net	366,231	370,993
Mixed-use
Segment Reporting Information [Line Items]
Real estate, net	$ 167,731	$ 168,865

SEGMENT REPORTING - Capital Exp

SEGMENT REPORTING - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Capital expenditures	$ 23,391	$ 35,184	$ 49,086	$ 67,312
Office
Segment Reporting Information [Line Items]
Capital expenditures	19,812	30,051	40,537	56,717
Retail
Segment Reporting Information [Line Items]
Capital expenditures	1,645	3,697	4,170	7,257
Multifamily
Segment Reporting Information [Line Items]
Capital expenditures	1,216	1,315	2,529	2,886
Mixed-use
Segment Reporting Information [Line Items]
Capital expenditures	$ 718	$ 121	$ 1,850	$ 452