American Assets Trust (AAT) 10-Q 2 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		60,901,583
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
Real estate, at cost
Operating real estate	$ 3,524,459	$ 3,502,251
Construction in progress	244,995	239,030
Held for development	487	487
Total Real estate, at cost	3,769,941	3,741,768
Accumulated depreciation	(1,087,473)	(1,036,453)
Real estate, net	2,682,468	2,705,315
Cash and cash equivalents	114,880	82,888
Accounts receivable, net	7,557	7,624
Deferred rent receivables, net	90,103	89,210
Other assets, net	97,924	99,644
TOTAL ASSETS	2,992,932	2,984,681
LIABILITIES:
Secured notes payable, net	74,714	74,669
Unsecured notes payable, net	1,616,259	1,614,958
Accounts payable and accrued expenses	70,222	61,312
Security deposits payable	8,951	8,880
Other liabilities and deferred credits, net	77,130	71,187
Total liabilities	1,847,276	1,831,006
Commitments and contingencies (Note 11)
American Assets Trust, Inc. stockholders’ equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,901,583 and 60,895,786 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	609	609
Additional paid-in capital	1,472,569	1,469,206
Accumulated dividends in excess of net income	(289,486)	(280,239)
Accumulated other comprehensive income	8,557	8,282
Total American Assets Trust, Inc. stockholders’ equity	1,192,249	1,197,858
Noncontrolling interests	(46,593)	(44,183)
Total equity	1,145,656	1,153,675
TOTAL LIABILITIES AND EQUITY	$ 2,992,932	$ 2,984,681

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	490,000,000	490,000,000
Common stock, shares outstanding (in shares)	60,901,583	60,895,786
Common stock, shares issued (in shares)	60,901,583	60,895,786

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUE:
Rental income	$ 105,094	$ 103,901	$ 210,115	$ 206,611
Other property income	5,796	5,820	11,470	10,864
Total revenue	110,890	109,721	221,585	217,475
EXPENSES:
Rental expenses	29,505	28,711	59,346	56,216
Real estate taxes	10,843	11,086	22,089	22,718
General and administrative	8,737	8,609	17,579	17,608
Depreciation and amortization	31,011	29,823	61,228	59,724
Total operating expenses	80,096	78,229	160,242	156,266
OPERATING INCOME	30,794	31,492	61,343	61,209
Interest expense, net	(16,289)	(16,368)	(32,544)	(32,097)
Other income, net	789	273	11,118	6,951
NET INCOME	15,294	15,397	39,917	36,063
Net income attributable to restricted shares	(195)	(190)	(391)	(379)
Net income attributable to unitholders in the Operating Partnership	(3,195)	(3,224)	(8,362)	(7,565)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$ 11,904	$ 11,983	$ 31,164	$ 28,119
EARNINGS PER COMMON SHARE, BASIC
Earnings per common share, basic (in dollars per share)	$ 0.20	$ 0.20	$ 0.52	$ 0.47
Weighted average shares of common stock outstanding - basic (in shares)	60,312,878	60,146,210	60,311,399	60,145,414
Earnings per common share, diluted
Earnings per common share, diluted (in dollars per share)	$ 0.20	$ 0.20	$ 0.52	$ 0.47
Weighted average shares of common stock outstanding - diluted (in shares)	76,494,415	76,327,747	76,492,936	76,326,951
DIVIDENDS DECLARED PER COMMON SHARE (in USD per share)	$ 0.335	$ 0.330	$ 0.670	$ 0.660
COMPREHENSIVE INCOME
Net income	$ 15,294	$ 15,397	$ 39,917	$ 36,063
Other comprehensive income - unrealized (loss) income on swap derivatives during the period	(850)	4,360	542	2,091
Reclassification of amortization of forward-starting swap included in interest expense	(99)	(98)	(197)	(952)
Comprehensive income	14,345	19,659	40,262	37,202
Comprehensive income attributable to non-controlling interests	(2,993)	(4,127)	(8,432)	(7,804)
Comprehensive income attributable to American Assets Trust, Inc.	$ 11,352	$ 15,532	$ 31,830	$ 29,398

Consolidated Statement of Equit

Consolidated Statement of Equity - 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, 2022		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 (loss) - 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
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 (loss) - change in value of interest rate swaps	2,091
Reclassification of amortization of forward-starting swap included in interest expense	(952)
Ending Balance (in shares) at Jun. 30, 2023		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 (loss) - 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
Ending Balance at Jun. 30, 2023	$ 1,176,116	$ 607	1,465,346	(262,745)	11,524	(38,616)
Beginning Balance (in shares) at Dec. 31, 2023	60,895,786	60,895,786
Beginning Balance at Dec. 31, 2023	$ 1,153,675	$ 609	1,469,206	(280,239)	8,282	(44,183)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,623			19,456		5,167
Forfeiture of restricted stock (in shares)		(1,295)
Dividends declared and paid	(25,821)			(20,400)		(5,421)
Stock-based compensation	1,617		1,617
Other comprehensive income (loss) - change in value of interest rate swaps	1,392				1,100	292
Reclassification of amortization of forward-starting swap included in interest expense	(98)				(78)	(20)
Ending Balance (in shares) at Mar. 31, 2024		60,894,491
Ending Balance at Mar. 31, 2024	$ 1,155,388	$ 609	1,470,823	(281,183)	9,304	(44,165)
Beginning Balance (in shares) at Dec. 31, 2023	60,895,786	60,895,786
Beginning Balance at Dec. 31, 2023	$ 1,153,675	$ 609	1,469,206	(280,239)	8,282	(44,183)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	39,917
Other comprehensive income (loss) - change in value of interest rate swaps	542
Reclassification of amortization of forward-starting swap included in interest expense	$ (197)
Ending Balance (in shares) at Jun. 30, 2024	60,901,583	60,901,583
Ending Balance at Jun. 30, 2024	$ 1,145,656	$ 609	1,472,569	(289,486)	8,557	(46,593)
Beginning Balance (in shares) at Mar. 31, 2024		60,894,491
Beginning Balance at Mar. 31, 2024	1,155,388	$ 609	1,470,823	(281,183)	9,304	(44,165)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	15,294			12,099		3,195
Issuance of restricted stock (in shares)		9,180
Forfeiture of restricted stock (in shares)		(2,088)
Dividends declared and paid	(25,823)			(20,402)		(5,421)
Stock-based compensation	1,746		1,746
Other comprehensive income (loss) - change in value of interest rate swaps	(850)				(669)	(181)
Reclassification of amortization of forward-starting swap included in interest expense	$ (99)				(78)	(21)
Ending Balance (in shares) at Jun. 30, 2024	60,901,583	60,901,583
Ending Balance at Jun. 30, 2024	$ 1,145,656	$ 609	$ 1,472,569	$ (289,486)	$ 8,557	$ (46,593)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES
Net income	$ 39,917	$ 36,063
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(3,997)	(4,950)
Depreciation and amortization	61,228	59,724
Amortization of debt issuance costs and debt discounts	1,670	1,718
Provision for uncollectible rental income	490	739
Stock-based compensation expense	3,363	4,145
Lease termination income	11,065	0
Other noncash interest expense, net	(197)	(952)
Other, net	131	432
Changes in operating assets and liabilities
Change in accounts receivable	(302)	(3)
Change in other assets	(1,768)	(1,374)
Change in accounts payable and accrued expenses	2,444	1,723
Change in security deposits payable	71	(19)
Change in other liabilities and deferred credits	(55)	872
Net cash provided by operating activities	114,060	98,118
INVESTING ACTIVITIES
Capital expenditures	(26,616)	(44,411)
Leasing commissions	(3,808)	(4,675)
Net cash used in investing activities	(30,424)	(49,086)
FINANCING ACTIVITIES
Proceeds from unsecured term loan	0	225,000
Repayment of unsecured line of credit	0	(36,000)
Repayment of unsecured term loan	0	(150,000)
Debt issuance costs	0	(2,138)
Dividends paid to common stock and unitholders	(51,644)	(50,756)
Net cash used in financing activities	(51,644)	(13,894)
Net increase in cash and cash equivalents	31,992	35,138
Cash and cash equivalents, beginning of period	82,888	49,571
Cash and cash equivalents, end of period	$ 114,880	$ 84,709

Consolidated Balance Sheets - L

Consolidated Balance Sheets - LP - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real estate, at cost
Operating real estate	$ 3,524,459	$ 3,502,251
Construction in progress	244,995	239,030
Held for development	487	487
Total Real estate, at cost	3,769,941	3,741,768
Accumulated depreciation	(1,087,473)	(1,036,453)
Real estate, net	2,682,468	2,705,315
Cash and cash equivalents	114,880	82,888
Accounts receivable, net	7,557	7,624
Deferred rent receivables, net	90,103	89,210
Other assets, net	97,924	99,644
TOTAL ASSETS	2,992,932	2,984,681
LIABILITIES:
Secured notes payable, net	74,714	74,669
Unsecured notes payable, net	1,616,259	1,614,958
Accounts payable and accrued expenses	70,222	61,312
Security deposits payable	8,951	8,880
Other liabilities and deferred credits, net	77,130	71,187
Total liabilities	1,847,276	1,831,006
Commitments and contingencies (Note 11)
CAPITAL:
Accumulated other comprehensive income	8,557	8,282
TOTAL LIABILITIES AND EQUITY	2,992,932	2,984,681
American Assets Trust, L.P.
Real estate, at cost
Operating real estate	3,524,459	3,502,251
Construction in progress	244,995	239,030
Held for development	487	487
Total Real estate, at cost	3,769,941	3,741,768
Accumulated depreciation	(1,087,473)	(1,036,453)
Real estate, net	2,682,468	2,705,315
Cash and cash equivalents	114,880	82,888
Accounts receivable, net	7,557	7,624
Deferred rent receivables, net	90,103	89,210
Other assets, net	97,924	99,644
TOTAL ASSETS	2,992,932	2,984,681
LIABILITIES:
Secured notes payable, net	74,714	74,669
Unsecured notes payable, net	1,616,259	1,614,958
Accounts payable and accrued expenses	70,222	61,312
Security deposits payable	8,951	8,880
Other liabilities and deferred credits, net	77,130	71,187
Total liabilities	1,847,276	1,831,006
Commitments and contingencies (Note 11)
CAPITAL:
Limited partners' capital, 16,181,537 and 16,181,537 units issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	(49,416)	(46,936)
General partner's capital, 60,901,583 and 60,895,786 units issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	1,183,692	1,189,576
Accumulated other comprehensive income	11,380	11,035
Total capital	1,145,656	1,153,675
TOTAL LIABILITIES AND EQUITY	$ 2,992,932	$ 2,984,681

Consolidated Balance Sheets -_2

Consolidated Balance Sheets - LP (Parenthetical) - American Assets Trust, L.P. - shares	Jun. 30, 2024	Dec. 31, 2023
Limited partners' capital, units issued (in shares)	16,181,537	16,181,537
Limited partners' capital, units outstanding (in shares)	16,181,537	16,181,537
General partners' capital, units issued (in shares)	60,901,583	60,895,786
General partners' capital, units outstanding (in shares)	60,901,583	60,895,786

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income - LP - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUE:
Rental income		$ 105,094	$ 103,901	$ 210,115	$ 206,611
Other property income		5,796	5,820	11,470	10,864
Total revenue		110,890	109,721	221,585	217,475
EXPENSES:
Rental expenses		29,505	28,711	59,346	56,216
Real estate taxes		10,843	11,086	22,089	22,718
General and administrative		8,737	8,609	17,579	17,608
Depreciation and amortization		31,011	29,823	61,228	59,724
Total operating expenses		80,096	78,229	160,242	156,266
OPERATING INCOME		30,794	31,492	61,343	61,209
Interest expense, net		(16,289)	(16,368)	(32,544)	(32,097)
Other income, net		789	273	11,118	6,951
NET INCOME		15,294	15,397	39,917	36,063
Net income attributable to restricted shares		(195)	(190)	(391)	(379)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS		$ 11,904	$ 11,983	$ 31,164	$ 28,119
EARNINGS PER UNIT - BASIC
Earnings per unit, basic (in dollars per share)		$ 0.20	$ 0.20	$ 0.52	$ 0.47
Weighted average units outstanding - basic (in shares)		60,312,878	60,146,210	60,311,399	60,145,414
EARNINGS PER UNIT - DILUTED
Earnings per unit, diluted (in dollars per share)		$ 0.20	$ 0.20	$ 0.52	$ 0.47
Weighted average units outstanding - diluted (in shares)		76,494,415	76,327,747	76,492,936	76,326,951
COMPREHENSIVE INCOME
Net income		$ 15,294	$ 15,397	$ 39,917	$ 36,063
Other comprehensive income - unrealized (loss) income on swap derivatives during the period		(850)	4,360	542	2,091
Reclassification of amortization of forward-starting swap included in interest expense		(99)	(98)	(197)	(952)
Comprehensive income		14,345	19,659	40,262	37,202
Comprehensive income attributable to American Assets Trust, Inc.		11,352	15,532	31,830	29,398
American Assets Trust, L.P.
REVENUE:
Rental income		105,094	103,901	210,115	206,611
Other property income		5,796	5,820	11,470	10,864
Total revenue		110,890	109,721	221,585	217,475
EXPENSES:
Rental expenses		29,505	28,711	59,346	56,216
Real estate taxes		10,843	11,086	22,089	22,718
General and administrative		8,737	8,609	17,579	17,608
Depreciation and amortization		31,011	29,823	61,228	59,724
Total operating expenses		80,096	78,229	160,242	156,266
OPERATING INCOME		30,794	31,492	61,343	61,209
Interest expense, net		(16,289)	(16,368)	(32,544)	(32,097)
Other income, net		789	273	11,118	6,951
NET INCOME		15,294	15,397	39,917	36,063
Net income attributable to restricted shares		(195)	(190)	(391)	(379)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS		$ 15,099	$ 15,207	$ 39,526	$ 35,684
EARNINGS PER UNIT - BASIC
Earnings per unit, basic (in dollars per share)		$ 0.20	$ 0.20	$ 0.52	$ 0.47
Weighted average units outstanding - basic (in shares)		76,494,415	76,327,747	76,492,936	76,326,951
EARNINGS PER UNIT - DILUTED
Earnings per unit, diluted (in dollars per share)		$ 0.20	$ 0.20	$ 0.52	$ 0.47
Weighted average units outstanding - diluted (in shares)		76,494,415	76,327,747	76,492,936	76,326,951
DISTRIBUTIONS PER UNIT (in USD per share)		$ 0.335	$ 0.330	$ 0.670	$ 0.660
COMPREHENSIVE INCOME
Net income		$ 15,294	$ 15,397	$ 39,917	$ 36,063
Other comprehensive income - unrealized (loss) income on swap derivatives during the period		(850)	4,360	542	2,091
Reclassification of amortization of forward-starting swap included in interest expense		(99)	(98)	(197)	(952)
Comprehensive income		14,345	19,659	40,262	37,202
American Assets Trust, L.P. | Limited Partners
EXPENSES:
NET INCOME	[1]	3,195	3,224
COMPREHENSIVE INCOME
Net income	[1]	3,195	3,224
Comprehensive income attributable to American Assets Trust, Inc.		(2,993)	(4,127)	(8,432)	(7,804)
American Assets Trust, L.P. | General Partners
EXPENSES:
NET INCOME	[2]	12,099	12,173
COMPREHENSIVE INCOME
Net income	[2]	12,099	12,173
Comprehensive income attributable to American Assets Trust, Inc.		$ 11,352	$ 15,532	$ 31,830	$ 29,398
[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 - 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 Partners' Capital	[1]	American Assets Trust, L.P. General Partner's Capital
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 (loss) - 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 (loss) - change in value of interest rate swaps		2,091	2,091
Reclassification of amortization of forward-starting swap included in interest expense		(952)	(952)
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 stock (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 (loss) - 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]
Beginning partners' capital account (in shares) at Dec. 31, 2023					16,181,537		60,895,786	[2]
Beginning partners' capital account at Dec. 31, 2023			1,153,675	11,035	$ (46,936)		$ 1,189,576	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		24,623	24,623		5,167		$ 19,456	[2]
Forfeiture of restricted units (in shares)	[2]						(1,295)
Distributions			(25,821)		$ (5,421)		$ (20,400)	[2]
Stock-based compensation			1,617				$ 1,617	[2]
Other comprehensive income (loss) - change in value of interest rate swaps		1,392	1,392	1,392
Reclassification of amortization of forward-starting swap included in interest expense		(98)	(98)	(98)
Ending partners' capital account (in shares) at Mar. 31, 2024					16,181,537		60,894,491	[2]
Ending partners' capital account at Mar. 31, 2024			1,155,388	12,329	$ (47,190)		$ 1,190,249	[2]
Beginning partners' capital account (in shares) at Dec. 31, 2023					16,181,537		60,895,786	[2]
Beginning partners' capital account at Dec. 31, 2023			1,153,675	11,035	$ (46,936)		$ 1,189,576	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		39,917	39,917
Other comprehensive income (loss) - change in value of interest rate swaps		542	542
Reclassification of amortization of forward-starting swap included in interest expense		(197)	(197)
Ending partners' capital account (in shares) at Jun. 30, 2024					16,181,537		60,901,583	[2]
Ending partners' capital account at Jun. 30, 2024			1,145,656	11,380	$ (49,416)		$ 1,183,692	[2]
Beginning partners' capital account (in shares) at Mar. 31, 2024					16,181,537		60,894,491	[2]
Beginning partners' capital account at Mar. 31, 2024			1,155,388	12,329	$ (47,190)		$ 1,190,249	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		15,294	15,294		3,195		$ 12,099	[2]
Issuance of restricted stock (in shares)	[2]						9,180
Forfeiture of restricted units (in shares)	[2]						(2,088)
Distributions			(25,823)		$ (5,421)		$ (20,402)	[2]
Stock-based compensation			1,746				$ 1,746	[2]
Other comprehensive income (loss) - change in value of interest rate swaps		(850)	(850)	(850)
Reclassification of amortization of forward-starting swap included in interest expense		$ (99)	(99)	(99)
Ending partners' capital account (in shares) at Jun. 30, 2024					16,181,537		60,901,583	[2]
Ending partners' capital account at Jun. 30, 2024			$ 1,145,656	$ 11,380	$ (49,416)		$ 1,183,692	[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 - LP - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES
Net income	$ 39,917	$ 36,063
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(3,997)	(4,950)
Depreciation and amortization	61,228	59,724
Amortization of debt issuance costs and debt discounts	1,670	1,718
Provision for uncollectible rental income	490	739
Stock-based compensation expense	3,363	4,145
Lease termination income	11,065	0
Other noncash interest expense, net	(197)	(952)
Other, net	131	432
Changes in operating assets and liabilities
Change in accounts receivable	(302)	(3)
Change in other assets	(1,768)	(1,374)
Change in accounts payable and accrued expenses	2,444	1,723
Change in security deposits payable	71	(19)
Change in other liabilities and deferred credits	(55)	872
Net cash provided by operating activities	114,060	98,118
INVESTING ACTIVITIES
Capital expenditures	(26,616)	(44,411)
Leasing commissions	(3,808)	(4,675)
Net cash used in investing activities	(30,424)	(49,086)
FINANCING ACTIVITIES
Proceeds from unsecured term loan	0	225,000
Repayment of unsecured line of credit	0	(36,000)
Repayment of unsecured notes payable	0	(150,000)
Debt issuance costs	0	(2,138)
Distributions	(51,644)	(50,756)
Net cash used in financing activities	(51,644)	(13,894)
Net increase in cash and cash equivalents	31,992	35,138
Cash and cash equivalents, beginning of period	82,888	49,571
Cash and cash equivalents, end of period	114,880	84,709
American Assets Trust, L.P.
OPERATING ACTIVITIES
Net income	39,917	36,063
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(3,997)	(4,950)
Depreciation and amortization	61,228	59,724
Amortization of debt issuance costs and debt discounts	1,670	1,718
Provision for uncollectible rental income	490	739
Stock-based compensation expense	3,363	4,145
Lease termination income	11,065	0
Other noncash interest expense, net	(197)	(952)
Other, net	131	432
Changes in operating assets and liabilities
Change in accounts receivable	(302)	(3)
Change in other assets	(1,768)	(1,374)
Change in accounts payable and accrued expenses	2,444	1,723
Change in security deposits payable	71	(19)
Change in other liabilities and deferred credits	(55)	872
Net cash provided by operating activities	114,060	98,118
INVESTING ACTIVITIES
Capital expenditures	(26,616)	(44,411)
Leasing commissions	(3,808)	(4,675)
Net cash used in investing activities	(30,424)	(49,086)
FINANCING ACTIVITIES
Proceeds from unsecured term loan	0	225,000
Repayment of unsecured line of credit	0	(36,000)
Repayment of unsecured notes payable	0	(150,000)
Debt issuance costs	0	(2,138)
Distributions	(51,644)	(50,756)
Net cash used in financing activities	(51,644)	(13,894)
Net increase in cash and cash equivalents	31,992	35,138
Cash and cash equivalents, beginning of period	82,888	49,571
Cash and cash equivalents, end of period	$ 114,880	$ 84,709

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
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 228 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, 2024, 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, 2024, 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: 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 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 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”), which 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, 2023. 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, 2024 2023 Supplemental cash flow information Total interest costs incurred $ 36,706 $ 35,863 Interest capitalized $ 4,162 $ 3,766 Interest expense, net $ 32,544 $ 32,097 Cash paid for interest, net of amounts capitalized $ 31,381 $ 30,458 Cash paid for income taxes $ 763 $ 779 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 21,954 $ 17,223 Accrued leasing commissions $ 2,342 $ 1,297 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, 2023. There have been no changes to our significant accounting policies during the six months ended June 30, 2024. 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, 2024 and December 31, 2023 was approximately $1.4 million and $1.4 million, respectively. Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures. The pronouncement requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. The pronouncement will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. We are currently evaluating the impact this pronouncement will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures

ACQUIRED IN-PLACE LEASES AND AB

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES	6 Months Ended
	Jun. 30, 2024
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, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 In-place leases $ 51,354 $ 51,575 Accumulated amortization (35,062) (32,977) Above market leases 1,408 1,724 Accumulated amortization (1,360) (1,658) Acquired lease intangible assets, net $ 16,340 $ 18,664 Below market leases $ 50,561 $ 50,624 Accumulated accretion (35,472) (34,087) Acquired lease intangible liabilities, net $ 15,089 $ 16,537

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2024
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, 2024 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, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Deferred compensation liability $ — $ 2,721 $ — $ 2,721 $ — $ 2,627 $ — $ 2,627 Interest rate swap asset $ — $ 8,506 $ — $ 8,506 $ — $ 7,963 $ — $ 7,963 Interest rate swap liability $ — $ — $ — $ — $ — $ — $ — $ — 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 5.8% to 6.6%. 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 SOFR. 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, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Secured notes payable, net $ 74,714 $ 74,141 $ 74,669 $ 74,804 Unsecured term loans, net $ 324,072 $ 325,000 $ 323,491 $ 325,000 Unsecured senior guaranteed notes, net $ 798,977 $ 770,730 $ 798,772 $ 770,998 Senior unsecured notes, net $ 493,210 $ 414,185 $ 492,694 $ 405,860

DERIVATIVE AND HEDGING ACTIVITI

DERIVATIVE AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE AND HEDGING ACTIVITIES	DERIVATIVE AND HEDGING ACTIVITIES Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The following is a summary of the terms of our outstanding interest rate swaps as of June 30, 2024 (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 $ 3,558 Wells Fargo Bank, N.A. $ 50,000 1/14/2022 1/5/2027 $ 3,561 Wells Fargo Bank, N.A. $ 150,000 1/5/2023 1/5/2025 $ 1,069 Mizuho Capital Markets LLC $ 75,000 1/5/2023 1/5/2025 $ 318 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 $0.8 million.

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets consist of the following (in thousands): June 30, 2024 December 31, 2023 Leasing commissions, net of accumulated amortization of $51,292 and $47,978, respectively $ 37,013 $ 36,721 Interest rate swap asset 8,506 7,963 Acquired above market leases, net 48 66 Acquired in-place leases, net 16,292 18,598 Lease incentives, net of accumulated amortization of $1,230 and $1,205, respectively 1,513 1,232 Other intangible assets, net of accumulated amortization of $1,982 and $1,813, respectively 1,637 1,809 Debt issuance costs, net of accumulated amortization of $1,620 and $1,296, respectively 971 1,295 Right-of-use lease asset, net 20,260 21,503 Prepaid expenses and other 11,684 10,457 Total other assets $ 97,924 $ 99,644

OTHER LIABILITIES AND DEFERRED

OTHER LIABILITIES AND DEFERRED CREDITS	6 Months Ended
	Jun. 30, 2024
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, 2024 December 31, 2023 Acquired below market leases, net $ 15,089 $ 16,537 Prepaid rent and deferred revenue 27,644 17,261 Deferred compensation 2,721 2,627 Deferred tax liability 784 784 Straight-line rent liability 8,853 10,666 Lease liability 21,983 23,254 Other liabilities 56 58 Total other liabilities and deferred credits, net $ 77,130 $ 71,187 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, 2024
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) 3.375% senior notes, (ii) senior guaranteed notes, (iii) third amended and restated credit facility, and (iv) amended and restated term loan agreement, each discussed below. 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, 2024 and December 31, 2023 (in thousands): Principal Balance as of Stated Interest Rate Stated Maturity Date Description of Debt June 30, 2024 December 31, 2023 as of June 30, 2024 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 $587 and $542, respectively (286) (331) Total Secured Notes Payable Outstanding $ 74,714 $ 74,669 (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, 2024, 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, 2024 and December 31, 2023 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date June 30, 2024 December 31, 2023 as of June 30, 2024 Term Loan A $ 100,000 $ 100,000 Variable (1) January 5, 2027 Term Loan B 150,000 150,000 Variable (3) January 5, 2025 (2) Term Loan C 75,000 75,000 Variable (3) January 5, 2025 (2) Senior Guaranteed Notes, Series F 100,000 100,000 3.78 % (4) July 19, 2024 (4) 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 % (5) March 1, 2027 Senior Guaranteed Notes, Series E 100,000 100,000 4.24 % (6) May 23, 2029 Senior Guaranteed Notes, Series G 150,000 150,000 3.91 % (7) July 30, 2030 3.375% Senior Notes 500,000 500,000 3.38 % February 1, 2031 1,625,000 1,625,000 Debt discount and issuance costs, net of accumulated amortization of $8,561 and $7,259, respectively (8,741) (10,042) Total Unsecured Notes Payable $ 1,616,259 $ 1,614,958 (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 interest rate swap agreements that are intended to fix the effective interest rate associated with Term Loan B and Term Loan C, subject to adjustments based on our consolidated leverage ratio, at, 5.47% from January 5, 2023 to January 4, 2024 and at 5.57% from January 5, 2024 to January 4, 2025. (4) 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. On July 18, 2024, we borrowed $100 million on our Revolver Loan (as defined below) to repay the entirety of our Series F Notes upon their maturity on July 19, 2024. (5) The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. The forward-starting interest swap rate contracts were deemed to be highly effective cash flow hedges, accordingly, the effective interest rate is approximately 3.87% per annum. (6) 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. (7) 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. 3.375% Senior 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 then-existing revolver loan on January 26, 2021, (iii) fund the development of the La Jolla Commons III office building and (iv) for general corporate purposes. The 3.375% Senior Notes include a number of customary financial covenants, including: • A maximum aggregate debt ratio of 60%, • A minimum debt service ratio of 1.5x, • A maximum secured debt ratio of 40%, • A minimum maintenance of total unencumbered assets of 150%. As of June 30, 2024, the Operating Partnership was in compliance with all then in-place 3.375% Senior Notes covenants. Senior Guaranteed Notes On October 31, 2014, the Operating Partnership entered into a note purchase agreement (the “Note Purchase Agreement”) with a group of institutional purchasers that provided for the private placement of an aggregate of $350 million of senior guaranteed notes, of which (i) $150 million are designated as 4.04% Senior Guaranteed Notes, Series A, due October 31, 2021 (the “Series A Notes”), (ii) $100 million are designated as 4.45% Senior Guaranteed Notes, Series B, due February 2, 2025 (the “Series B Notes”) and (iii) $100 million are designated as 4.50% Senior Guaranteed Notes, Series C, due April 1, 2025 (the “Series C Notes”). The Series A Notes were issued on October 31, 2014, the Series B Notes were issued on February 2, 2015 and the Series C Notes were issued on April 2, 2015. The Series A Notes, the Series B Notes and the Series C Notes will pay interest quarterly on the last day of January, April, July and October until their respective maturities. On January 26, 2021, we repaid the entirety of the $150.0 million Series A Notes with a make-whole payment (as defined in the Note Purchase Agreement) of approximately $3.9 million. On March 1, 2017, the Operating Partnership entered into a Note Purchase Agreement for the private placement of $250 million of 4.29% Senior Guaranteed Notes, Series D, due March 1, 2027 (the “Series D Notes”). The Series D Notes were issued on March 1, 2017 and pay interest quarterly on the last day of January, April, July and October until their respective maturities. On May 23, 2017, the Operating Partnership entered into a Note Purchase Agreement for the private placement of $100 million of 4.24% Senior Guaranteed Notes, Series E, due May 23, 2029 (the “Series E Notes”). The Series E Notes were issued on May 23, 2017 and pay interest semi-annually on the 23rd of May and November until their respective maturities. On July 19, 2017, the Operating Partnership entered into a Note Purchase Agreement for the private placement of $100 million of 3.78% Senior Guaranteed Notes, Series F, due July 19, 2024 (the “Series F Notes”). The Series F Notes were issued on July 19, 2017 and pay interest semi-annually on the 31st of January and July until their respective maturities. On July 18, 2024, we borrowed $100 million on our Revolver Loan (as defined below) to repay the entirety of our Series F Notes upon their maturity on July 19, 2024. On July 30, 2019, the Operating Partnership entered into a Note Purchase Agreement for the private placement of $150 million of 3.91% Senior Guaranteed Notes, Series G, due July 30, 2030 (the “Series G Notes” and collectively with the Series A Notes, Series B Notes, Series C Notes, Series D Notes, Series E Notes, and Series G Notes are referred to herein as, the “Notes".) The Series G Notes were issued on July 30, 2019 and pay interest semi-annually on the 30th of July and January until their maturity. The Operating Partnership may prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of any series of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a make-whole amount. The Note Purchase Agreements contain a number of customary financial covenants, including, without limitation, tangible net worth thresholds, secured and unsecured leverage ratios and fixed charge coverage ratios. Subject to the terms of the Note Purchase Agreement and the Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, Make-Whole Amount or interest under the Notes, and (ii) a default in the payment of certain other indebtedness by us or our subsidiaries, the principal, accrued and unpaid interest, and the make-whole amount on the outstanding Notes will become due and payable at the option of the purchasers. The Operating Partnership's obligations under the Notes are fully and unconditionally guaranteed by the Operating Partnership and certain of the Operating Partnership's subsidiaries. Certain loans require the Operating Partnership to comply with various financial covenants, including the maintenance of minimum debt coverage ratios. As of June 30, 2024, the Operating Partnership was in compliance with all loan covenants. Third Amended and Restated Credit Facility On January 5, 2022, the Operating Partnership entered into the third amended and restated credit facility (the “Third Amended and Restated Credit Facility”) , which amended and restated our then-existing credit facility. The Third Amended and Restated Credit Facility provides for aggregate, unsecured borrowings of up to $500 million, consisting of a revolving line of credit of $400 million (the “Revolver Loan”) and a term loan of $100 million (“Term Loan A”). The Revolver Loan initially matures on January 5, 2026, subject to two, six-month extension options. Term Loan A matures on January 5, 2027, with no further extension options. As of June 30, 2024, the entirety of the principal amount of Term Loan A was outstanding, there were no amounts outstanding under the Revolver Loan, and the Operating Partnership had incurred approximately $0.97 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, 2024, the weighted average interest rate on the Revolver Loan was 6.53%. On July 18, 2024, we borrowed $100 million on our Revolver Loan to repay the entirety of our Series F Notes upon their maturity on July 19, 2024. 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%-1.50% (with respect to the Revolver Loan) and (b) 1.20% to 1.70% (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, (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%-0.50% (with respect to the Revolver Loan) and (ii) 0.20% to 0.70% (with respect to Term Loan A), in each case based on our consolidated leverage ratio. On January 14, 2022, the Operating Partnership entered into an interest rate swap agreement intended to fix the interest rate associated with the Term Loan A at approximately 2.70% through January 5, 2027, subject to adjustments based on our consolidated leverage ratio. 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 also provides that our annual distributions may not exceed the greater of (1) 95% of our funds from operations (“FFO”) or (2) the amount required for us to (a) qualify and maintain our REIT status and (b) avoid the payment of federal or state income or excise tax. If certain events of default exist or would result from a distribution, we may be precluded from making distributions other than those necessary to qualify and maintain our status as a REIT. As of June 30, 2024, the Operating Partnership was in compliance with all then in-place Third Amended and Restated Credit Facility covenants. Amended and Restated Term Loan Agreement On January 5, 2023, we entered into the amended and restated term loan agreement (the “Amended and Restated Term Loan Agreement”), which amended and restated our then-existing term loan agreement. The Amended and Restated Term Loan Agreement provides to the Operating Partnership a term loan of $150 million (“Term Loan B”) and a term loan of $75 million (“Term Loan C”), each maturing on January 5, 2025, with one, twelve-month extension option, subject to certain conditions. As of June 30, 2024, the entirety of the principal amounts of Term Loan B and Term Loan C were outstanding. 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 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. The Amended and Restated Term Loan Agreement contains a number of customary financial covenants, including, without limitation, tangible net worth thresholds, secured and unsecured leverage ratios and fixed charge coverage ratios. Subject to the terms of the Amended and Restated Term Loan Agreement, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal or interest under Term Loan B or Term Loan C, and (ii) a default in the payment of certain other indebtedness of the Operating Partnership, the company or their subsidiaries, the principal and accrued and unpaid interest and prepayment penalties on the outstanding Term Loan B or Term Loan C will become due and payable at the option of the lenders.

PARTNERS' CAPITAL OF AMERICAN A

PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	6 Months Ended
	Jun. 30, 2024
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, 2024. 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, 2024, 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, 2024 and 2023 does not include the weighted average of 583,239 and 571,999 unvested outstanding Operating Partnership units, respectively, and for the six months ended June 30, 2024 and 2023 does not include the weighted average of 584,225 and 572,623 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, 2024
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, 2024, 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, 2024, 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, 2024, 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, 2024: Period Amount per Period Covered Dividend Paid Date First Quarter 2024 $ 0.335 January 1, 2024 to March 31, 2024 March 21, 2024 Second Quarter 2024 $ 0.335 April 1, 2024 to June 30, 2024 June 20, 2024 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, 2024: Units Weighted Average Grant Date Fair Value Nonvested at January 1, 2024 585,865 $ 17.95 Granted 9,180 21.79 Vested (10,348) 19.33 Forfeited (3,383) 16.80 Nonvested at June 30, 2024 581,314 $ 17.65 We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $1.7 million and $2.1 million for the three months ended June 30, 2024 and 2023, respectively, and $3.4 million and $4.1 million for the six months ended June 30, 2024 and 2023, respectively, which is included in general and administrative expenses on the consolidated statements of comprehensive income. Unrecognized compensation expense was $6.1 million at June 30, 2024. 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 583,239 and 571,999 for the three months ended June 30, 2024 and 2023, respectively, and 584,225 and 572,623 for the six months ended June 30, 2024 and 2023, 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, 2024 and 2023, 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, 2024 2023 2024 2023 NUMERATOR Net income $ 15,294 $ 15,397 $ 39,917 $ 36,063 Less: Net income attributable to restricted shares (195) (190) (391) (379) Less: Income from operations attributable to unitholders in the Operating Partnership (3,195) (3,224) (8,362) (7,565) Net income attributable to common stockholders—basic $ 11,904 $ 11,983 $ 31,164 $ 28,119 Income from operations attributable to American Assets Trust, Inc. common stockholders—basic $ 11,904 $ 11,983 $ 31,164 $ 28,119 Plus: Income from operations attributable to unitholders in the Operating Partnership 3,195 3,224 8,362 7,565 Net income attributable to common stockholders—diluted $ 15,099 $ 15,207 $ 39,526 $ 35,684 DENOMINATOR Weighted average common shares outstanding—basic 60,312,878 60,146,210 60,311,399 60,145,414 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 76,494,415 76,327,747 76,492,936 76,326,951 Earnings per common share, basic $ 0.20 $ 0.20 $ 0.52 $ 0.47 Earnings per common share, diluted $ 0.20 $ 0.20 $ 0.52 $ 0.47

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
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 $0.9 million and $0.9 million, and a deferred tax liability is included in our consolidated balance sheets of $0.8 million and $0.8 million as of June 30, 2024 and December 31, 2023, 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 income, net on our consolidated statements of comprehensive income. For the three and six months ended June 30, 2024, we recorded income tax expense of $0.2 million and $0.5 million, respectively. For the three and six months ended June 30, 2023, we recorded income tax expense of $0.2 million and $0.5 million, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
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. 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 $8.1 million based on operating performance through June 30, 2024. 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 several 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 that costs 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 office industry accounted for 46.5% of total revenues for the six months ended June 30, 2024. 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. Furthermore, tenants in the retail industry accounted for 23.7% of total revenues for the six months ended June 30, 2024. 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. For the six months ended June 30, 2024 and 2023, no tenant accounted for more than 10% of our total rental revenue.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
LEASES	LEASES Lessor Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. Our leases with office, retail, mixed-use and residential tenants are classified as operating leases. Leases at our office and retail properties and the retail portion of our mixed-use property generally range from three years to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, usually provide for cost recoveries for the tenant’s share of certain operating costs. Our leases may also include variable lease payments in the form of percentage rents based on the tenant’s level of sales achieved in excess of a breakpoint threshold. Leases on apartments generally range from seven months to fifteen months, with a majority having 12-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, 2024, minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows for the years ended December 31 (in thousands): 2024 (six months ending December 31, 2024) $ 123,201 2025 247,119 2026 233,890 2027 204,824 2028 158,540 Thereafter 249,046 Total $ 1,216,620 The above future minimum rentals exclude residential leases, which typically range from seven months to fifteen months, and exclude the hotel, as rooms are rented on a nightly basis. Lessee Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. At The Landmark at One Market, we lease, as lessee, a building adjacent to The Landmark at One Market under an operating lease effective through June 30, 2026, which we have the option to extend until 2031 (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. As of June 30, 2024, current annual payments under the operating leases are as follows for the years ended December 31 (in thousands): 2024 (six months ending December 31, 2024) $ 1,740 2025 3,531 2026 3,584 2027 3,584 2028 3,584 Thereafter 8,959 Total lease payments 24,982 Imputed interest (2,999) Present value of lease liability $ 21,983 Lease costs under the operating leases are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease cost $ 815 $ 927 $ 1,786 $ 1,854 Sublease income (819) (836) (1,678) (1,839) Total lease cost (income) $ (4) $ 91 $ 108 $ 15 Weighted-average remaining lease term - operating leases (in years) 7.0 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, 2024 2023 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 1,689 $ 1,640 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 seven months to fifteen 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, 2024, minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows for the years ended December 31 (in thousands): 2024 (six months ending December 31, 2024) $ 123,201 2025 247,119 2026 233,890 2027 204,824 2028 158,540 Thereafter 249,046 Total $ 1,216,620 The above future minimum rentals exclude residential leases, which typically range from seven months to fifteen months, and exclude the hotel, as rooms are rented on a nightly basis. Lessee Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. At The Landmark at One Market, we lease, as lessee, a building adjacent to The Landmark at One Market under an operating lease effective through June 30, 2026, which we have the option to extend until 2031 (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. As of June 30, 2024, current annual payments under the operating leases are as follows for the years ended December 31 (in thousands): 2024 (six months ending December 31, 2024) $ 1,740 2025 3,531 2026 3,584 2027 3,584 2028 3,584 Thereafter 8,959 Total lease payments 24,982 Imputed interest (2,999) Present value of lease liability $ 21,983 Lease costs under the operating leases are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease cost $ 815 $ 927 $ 1,786 $ 1,854 Sublease income (819) (836) (1,678) (1,839) Total lease cost (income) $ (4) $ 91 $ 108 $ 15 Weighted-average remaining lease term - operating leases (in years) 7.0 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, 2024 2023 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 1,689 $ 1,640 Subleases

COMPONENTS OF RENTAL INCOME AND

COMPONENTS OF RENTAL INCOME AND EXPENSE	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 Lease rental income Office $ 49,337 $ 50,269 $ 98,972 $ 99,595 Retail 25,266 24,707 50,432 49,385 Multifamily 15,306 14,146 30,585 28,663 Mixed-use 3,120 3,024 6,101 5,974 Percentage rent 793 605 1,341 1,160 Hotel revenue 10,639 10,491 21,372 20,509 Other 633 659 1,312 1,325 Total rental income $ 105,094 $ 103,901 $ 210,115 $ 206,611 Lease rental income includes $0.4 million and $1.0 million for the three months ended June 30, 2024 and 2023, respectively, and $2.6 million and $3.2 million for the six months ended June 30, 2024 and 2023, 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 $0.7 million and $0.8 million for the three months ended June 30, 2024 and 2023, respectively, and $1.4 million and $1.6 million for the six months ended June 30, 2024 and 2023, respectively. The principal components of rental expenses are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Rental operating $ 13,452 $ 12,911 $ 27,167 $ 25,351 Hotel operating 7,335 7,343 14,754 14,260 Repairs and maintenance 5,707 5,411 10,831 10,646 Marketing 611 569 1,640 1,077 Rent 769 883 1,694 1,766 Hawaii excise tax 1,040 1,016 2,075 1,987 Management fees 591 578 1,185 1,129 Total rental expenses $ 29,505 $ 28,711 $ 59,346 $ 56,216

OTHER INCOME, NET

OTHER INCOME, NET	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
OTHER INCOME, NET	OTHER INCOME, NET The principal components of other income, net, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest and investment income $ 990 $ 460 $ 1,579 $ 893 Income tax expense (201) (187) (461) (457) Other non-operating income — — 10,000 6,515 Total other income, net $ 789 $ 273 $ 11,118 $ 6,951

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS During the third quarter of 2020, we entered into a lease with American Assets, Inc. ("AAI"), an entity owned and controlled by Ernest Rady, our Chief Executive Officer and Chairman of the Board, for office space at Torrey Point to replace a previously existing lease with AAI 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 lease of $0.1 million and $0.1 million for the six months ended June 30, 2024 and 2023, 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, 2024 and 2023, we incurred approximately $0.0 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, 2024 and 2023, respectively, are included in rental expenses on the consolidated statements of comprehensive income.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 Total Office Property revenue $ 51,310 $ 52,219 $ 102,992 $ 103,189 Property expense (14,945) (14,894) (29,937) (29,714) Segment profit 36,365 37,325 73,055 73,475 Total Retail Property revenue 26,475 25,901 52,501 51,528 Property expense (7,820) (7,555) (16,121) (15,259) Segment profit 18,655 18,346 36,380 36,269 Total Multifamily Property revenue 16,391 15,193 32,690 30,756 Property expense (6,825) (6,786) (13,806) (13,317) Segment profit 9,566 8,407 18,884 17,439 Total Mixed-Use Property revenue 16,714 16,408 33,402 32,002 Property expense (10,758) (10,562) (21,571) (20,644) Segment profit 5,956 5,846 11,831 11,358 Total segments’ profit $ 70,542 $ 69,924 $ 140,150 $ 138,541 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, 2024 2023 2024 2023 Total segments’ profit $ 70,542 $ 69,924 $ 140,150 $ 138,541 General and administrative (8,737) (8,609) (17,579) (17,608) Depreciation and amortization (31,011) (29,823) (61,228) (59,724) Interest expense, net (16,289) (16,368) (32,544) (32,097) Other income (expense), net 789 273 11,118 6,951 Net income 15,294 15,397 39,917 36,063 Net income attributable to restricted shares (195) (190) (391) (379) Net income attributable to unitholders in the Operating Partnership (3,195) (3,224) (8,362) (7,565) Net income attributable to American Assets Trust, Inc. stockholders $ 11,904 $ 11,983 $ 31,164 $ 28,119 The following table shows net real estate and secured note payable balances for each of the segments (in thousands): June 30, 2024 December 31, 2023 Net Real Estate Office $ 1,606,293 $ 1,614,323 Retail 556,183 563,532 Multifamily 356,494 361,233 Mixed-Use 163,498 166,227 $ 2,682,468 $ 2,705,315 Secured Notes Payable (1) Office $ 75,000 $ 75,000 $ 75,000 $ 75,000 (1) Excludes debt issuance costs of $0.3 million and $0.3 million for each of the periods ended June 30, 2024 and December 31, 2023, respectively. Capital expenditures for each segment for the three and six months ended June 30, 2024 and 2023 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Capital Expenditures (1) Office $ 12,683 $ 19,812 $ 21,669 $ 40,537 Retail 2,605 1,645 5,384 4,170 Multifamily 1,478 1,216 2,678 2,529 Mixed-Use 366 718 693 1,850 $ 17,132 $ 23,391 $ 30,424 $ 49,086 (1) Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT On July 18, 2024, we borrowed $100 million on our Revolver Loan to repay the entirety of our Series F Notes upon their maturity on July 19, 2024.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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, 2024
Accounting Policies [Abstract]
Business and Organization	Business and Organization American Assets Trust, Inc. (which may be referred to in these financial statements as the “company,” “we,” “us,” or “our”) is a Maryland corporation formed on July 16, 2010 that did not have any operating activity until the consummation of our initial public offering on January 19, 2011. The company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The company’s operations are carried on through our Operating Partnership and its subsidiaries, including our taxable real estate investment trust ("REIT") subsidiary ("TRS"). Since the formation of our Operating Partnership, the company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. We are a full service, vertically integrated, and self-administered REIT with approximately 228 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, 2024, 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, 2024, 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: 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 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 Multifamily Loma Palisades Hassalo on Eighth - Residential Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and/or Construction in Progress La Jolla Commons – Land Solana Crossing – Land Lloyd Portfolio – Construction in Progress
Basis of Presentation	Basis of Presentation Our consolidated financial statements include the accounts of the company, our Operating Partnership and our subsidiaries. The equity interests of other investors in our Operating Partnership are reflected as noncontrolling interests. The company follows the Financial Accounting Standards Board (the "FASB") guidance for determining whether an entity is a variable interest entity (“VIE”), which 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, 2023.
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 Information
Revenue Recognition and Accounts Receivable	Revenue Recognition and Accounts Receivable Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, net of valuation adjustments, based on management's assessment of credit, collection and other business risks.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures. The pronouncement requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. The pronouncement will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. We are currently evaluating the impact this pronouncement will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures
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. 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, 2024 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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Properties Owned	A summary of the properties owned by us is as follows: 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 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 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
Summary of 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, 2024 2023 Supplemental cash flow information Total interest costs incurred $ 36,706 $ 35,863 Interest capitalized $ 4,162 $ 3,766 Interest expense, net $ 32,544 $ 32,097 Cash paid for interest, net of amounts capitalized $ 31,381 $ 30,458 Cash paid for income taxes $ 763 $ 779 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 21,954 $ 17,223 Accrued leasing commissions $ 2,342 $ 1,297

ACQUIRED IN-PLACE LEASES AND _2

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 In-place leases $ 51,354 $ 51,575 Accumulated amortization (35,062) (32,977) Above market leases 1,408 1,724 Accumulated amortization (1,360) (1,658) Acquired lease intangible assets, net $ 16,340 $ 18,664 Below market leases $ 50,561 $ 50,624 Accumulated accretion (35,472) (34,087) Acquired lease intangible liabilities, net $ 15,089 $ 16,537

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summary of 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, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Deferred compensation liability $ — $ 2,721 $ — $ 2,721 $ — $ 2,627 $ — $ 2,627 Interest rate swap asset $ — $ 8,506 $ — $ 8,506 $ — $ 7,963 $ — $ 7,963 Interest rate swap liability $ — $ — $ — $ — $ — $ — $ — $ —
Summary of 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, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Secured notes payable, net $ 74,714 $ 74,141 $ 74,669 $ 74,804 Unsecured term loans, net $ 324,072 $ 325,000 $ 323,491 $ 325,000 Unsecured senior guaranteed notes, net $ 798,977 $ 770,730 $ 798,772 $ 770,998 Senior unsecured notes, net $ 493,210 $ 414,185 $ 492,694 $ 405,860

DERIVATIVE AND HEDGING ACTIVI_2

DERIVATIVE AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Interest Rate Derivatives	The following is a summary of the terms of our outstanding interest rate swaps as of June 30, 2024 (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 $ 3,558 Wells Fargo Bank, N.A. $ 50,000 1/14/2022 1/5/2027 $ 3,561 Wells Fargo Bank, N.A. $ 150,000 1/5/2023 1/5/2025 $ 1,069 Mizuho Capital Markets LLC $ 75,000 1/5/2023 1/5/2025 $ 318

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Components of Other Assets	Other assets consist of the following (in thousands): June 30, 2024 December 31, 2023 Leasing commissions, net of accumulated amortization of $51,292 and $47,978, respectively $ 37,013 $ 36,721 Interest rate swap asset 8,506 7,963 Acquired above market leases, net 48 66 Acquired in-place leases, net 16,292 18,598 Lease incentives, net of accumulated amortization of $1,230 and $1,205, respectively 1,513 1,232 Other intangible assets, net of accumulated amortization of $1,982 and $1,813, respectively 1,637 1,809 Debt issuance costs, net of accumulated amortization of $1,620 and $1,296, respectively 971 1,295 Right-of-use lease asset, net 20,260 21,503 Prepaid expenses and other 11,684 10,457 Total other assets $ 97,924 $ 99,644

OTHER LIABILITIES AND DEFERRE_2

OTHER LIABILITIES AND DEFERRED CREDITS (Tables)	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Summary of Other Liabilities and Deferred Credits	Other liabilities and deferred credits consist of the following (in thousands): June 30, 2024 December 31, 2023 Acquired below market leases, net $ 15,089 $ 16,537 Prepaid rent and deferred revenue 27,644 17,261 Deferred compensation 2,721 2,627 Deferred tax liability 784 784 Straight-line rent liability 8,853 10,666 Lease liability 21,983 23,254 Other liabilities 56 58 Total other liabilities and deferred credits, net $ 77,130 $ 71,187

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Summary of Notes Payable Outstanding	The following table is a summary of our total secured notes payable outstanding as of June 30, 2024 and December 31, 2023 (in thousands): Principal Balance as of Stated Interest Rate Stated Maturity Date Description of Debt June 30, 2024 December 31, 2023 as of June 30, 2024 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 $587 and $542, respectively (286) (331) Total Secured Notes Payable Outstanding $ 74,714 $ 74,669 (1) Interest only. The following table is a summary of the Operating Partnership's total unsecured notes payable outstanding as of June 30, 2024 and December 31, 2023 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date June 30, 2024 December 31, 2023 as of June 30, 2024 Term Loan A $ 100,000 $ 100,000 Variable (1) January 5, 2027 Term Loan B 150,000 150,000 Variable (3) January 5, 2025 (2) Term Loan C 75,000 75,000 Variable (3) January 5, 2025 (2) Senior Guaranteed Notes, Series F 100,000 100,000 3.78 % (4) July 19, 2024 (4) 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 % (5) March 1, 2027 Senior Guaranteed Notes, Series E 100,000 100,000 4.24 % (6) May 23, 2029 Senior Guaranteed Notes, Series G 150,000 150,000 3.91 % (7) July 30, 2030 3.375% Senior Notes 500,000 500,000 3.38 % February 1, 2031 1,625,000 1,625,000 Debt discount and issuance costs, net of accumulated amortization of $8,561 and $7,259, respectively (8,741) (10,042) Total Unsecured Notes Payable $ 1,616,259 $ 1,614,958 (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 interest rate swap agreements that are intended to fix the effective interest rate associated with Term Loan B and Term Loan C, subject to adjustments based on our consolidated leverage ratio, at, 5.47% from January 5, 2023 to January 4, 2024 and at 5.57% from January 5, 2024 to January 4, 2025. (4) 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. On July 18, 2024, we borrowed $100 million on our Revolver Loan (as defined below) to repay the entirety of our Series F Notes upon their maturity on July 19, 2024. (5) The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. The forward-starting interest swap rate contracts were deemed to be highly effective cash flow hedges, accordingly, the effective interest rate is approximately 3.87% per annum. (6) 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. (7) 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, 2024
Equity [Abstract]
Schedule of 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, 2024: Period Amount per Period Covered Dividend Paid Date First Quarter 2024 $ 0.335 January 1, 2024 to March 31, 2024 March 21, 2024 Second Quarter 2024 $ 0.335 April 1, 2024 to June 30, 2024 June 20, 2024
Schedule of Activity of Restricted Stock Awards	The following table summarizes the activity of restricted stock awards during the six months ended June 30, 2024: Units Weighted Average Grant Date Fair Value Nonvested at January 1, 2024 585,865 $ 17.95 Granted 9,180 21.79 Vested (10,348) 19.33 Forfeited (3,383) 16.80 Nonvested at June 30, 2024 581,314 $ 17.65
Schedule of 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, 2024 2023 2024 2023 NUMERATOR Net income $ 15,294 $ 15,397 $ 39,917 $ 36,063 Less: Net income attributable to restricted shares (195) (190) (391) (379) Less: Income from operations attributable to unitholders in the Operating Partnership (3,195) (3,224) (8,362) (7,565) Net income attributable to common stockholders—basic $ 11,904 $ 11,983 $ 31,164 $ 28,119 Income from operations attributable to American Assets Trust, Inc. common stockholders—basic $ 11,904 $ 11,983 $ 31,164 $ 28,119 Plus: Income from operations attributable to unitholders in the Operating Partnership 3,195 3,224 8,362 7,565 Net income attributable to common stockholders—diluted $ 15,099 $ 15,207 $ 39,526 $ 35,684 DENOMINATOR Weighted average common shares outstanding—basic 60,312,878 60,146,210 60,311,399 60,145,414 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 76,494,415 76,327,747 76,492,936 76,326,951 Earnings per common share, basic $ 0.20 $ 0.20 $ 0.52 $ 0.47 Earnings per common share, diluted $ 0.20 $ 0.20 $ 0.52 $ 0.47

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Current Minimum Future Rentals Under the Leases	As of June 30, 2024, minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows for the years ended December 31 (in thousands): 2024 (six months ending December 31, 2024) $ 123,201 2025 247,119 2026 233,890 2027 204,824 2028 158,540 Thereafter 249,046 Total $ 1,216,620
Schedule of Current Minimum Annual Payments Under the Leases	As of June 30, 2024, current annual payments under the operating leases are as follows for the years ended December 31 (in thousands): 2024 (six months ending December 31, 2024) $ 1,740 2025 3,531 2026 3,584 2027 3,584 2028 3,584 Thereafter 8,959 Total lease payments 24,982 Imputed interest (2,999) Present value of lease liability $ 21,983
Schedule of 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, 2024 2023 2024 2023 Operating lease cost $ 815 $ 927 $ 1,786 $ 1,854 Sublease income (819) (836) (1,678) (1,839) Total lease cost (income) $ (4) $ 91 $ 108 $ 15 Weighted-average remaining lease term - operating leases (in years) 7.0 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, 2024 2023 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 1,689 $ 1,640

COMPONENTS OF RENTAL INCOME A_2

COMPONENTS OF RENTAL INCOME AND EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of 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, 2024 2023 2024 2023 Lease rental income Office $ 49,337 $ 50,269 $ 98,972 $ 99,595 Retail 25,266 24,707 50,432 49,385 Multifamily 15,306 14,146 30,585 28,663 Mixed-use 3,120 3,024 6,101 5,974 Percentage rent 793 605 1,341 1,160 Hotel revenue 10,639 10,491 21,372 20,509 Other 633 659 1,312 1,325 Total rental income $ 105,094 $ 103,901 $ 210,115 $ 206,611
Schedule of 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, 2024 2023 2024 2023 Rental operating $ 13,452 $ 12,911 $ 27,167 $ 25,351 Hotel operating 7,335 7,343 14,754 14,260 Repairs and maintenance 5,707 5,411 10,831 10,646 Marketing 611 569 1,640 1,077 Rent 769 883 1,694 1,766 Hawaii excise tax 1,040 1,016 2,075 1,987 Management fees 591 578 1,185 1,129 Total rental expenses $ 29,505 $ 28,711 $ 59,346 $ 56,216

OTHER INCOME, NET (Tables)

OTHER INCOME, NET (Tables)	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Summary of Principal Components of Other Income (Expense), Net	The principal components of other income, net, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest and investment income $ 990 $ 460 $ 1,579 $ 893 Income tax expense (201) (187) (461) (457) Other non-operating income — — 10,000 6,515 Total other income, net $ 789 $ 273 $ 11,118 $ 6,951

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 Total Office Property revenue $ 51,310 $ 52,219 $ 102,992 $ 103,189 Property expense (14,945) (14,894) (29,937) (29,714) Segment profit 36,365 37,325 73,055 73,475 Total Retail Property revenue 26,475 25,901 52,501 51,528 Property expense (7,820) (7,555) (16,121) (15,259) Segment profit 18,655 18,346 36,380 36,269 Total Multifamily Property revenue 16,391 15,193 32,690 30,756 Property expense (6,825) (6,786) (13,806) (13,317) Segment profit 9,566 8,407 18,884 17,439 Total Mixed-Use Property revenue 16,714 16,408 33,402 32,002 Property expense (10,758) (10,562) (21,571) (20,644) Segment profit 5,956 5,846 11,831 11,358 Total segments’ profit $ 70,542 $ 69,924 $ 140,150 $ 138,541
Schedule of 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, 2024 2023 2024 2023 Total segments’ profit $ 70,542 $ 69,924 $ 140,150 $ 138,541 General and administrative (8,737) (8,609) (17,579) (17,608) Depreciation and amortization (31,011) (29,823) (61,228) (59,724) Interest expense, net (16,289) (16,368) (32,544) (32,097) Other income (expense), net 789 273 11,118 6,951 Net income 15,294 15,397 39,917 36,063 Net income attributable to restricted shares (195) (190) (391) (379) Net income attributable to unitholders in the Operating Partnership (3,195) (3,224) (8,362) (7,565) Net income attributable to American Assets Trust, Inc. stockholders $ 11,904 $ 11,983 $ 31,164 $ 28,119
Schedule of 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, 2024 December 31, 2023 Net Real Estate Office $ 1,606,293 $ 1,614,323 Retail 556,183 563,532 Multifamily 356,494 361,233 Mixed-Use 163,498 166,227 $ 2,682,468 $ 2,705,315 Secured Notes Payable (1) Office $ 75,000 $ 75,000 $ 75,000 $ 75,000 (1) Excludes debt issuance costs of $0.3 million and $0.3 million for each of the periods ended June 30, 2024 and December 31, 2023, respectively. Capital expenditures for each segment for the three and six months ended June 30, 2024 and 2023 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Capital Expenditures (1) Office $ 12,683 $ 19,812 $ 21,669 $ 40,537 Retail 2,605 1,645 5,384 4,170 Multifamily 1,478 1,216 2,678 2,529 Mixed-Use 366 718 693 1,850 $ 17,132 $ 23,391 $ 30,424 $ 49,086 (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 - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) employee segment property room	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Number of employees | employee	228
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
Accounts receivable, allowance for credit loss | $	$ 1.4	$ 1.4

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplement Disclosures Related to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Total interest costs incurred			$ 36,706	$ 35,863
Interest capitalized			4,162	3,766
Interest expense, net	$ 16,289	$ 16,368	32,544	32,097
Cash paid for interest, net of amounts capitalized			31,381	30,458
Cash paid for income taxes			763	779
Accounts payable and accrued liabilities for construction in progress			21,954	17,223
Accrued leasing commissions			$ 2,342	$ 1,297

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, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (1,982)	$ (1,813)
Acquired lease intangible assets, net	16,340	18,664
Below market leases	50,561	50,624
Accumulated accretion	(35,472)	(34,087)
Acquired lease intangible liabilities, net	15,089	16,537
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets	51,354	51,575
Accumulated amortization	(35,062)	(32,977)
Acquired lease intangible assets, net	16,292	18,598
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets	1,408	1,724
Accumulated amortization	(1,360)	(1,658)
Acquired lease intangible assets, net	$ 48	$ 66

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Liabilities Fair Value Measurement on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	$ 2,721	$ 2,627
Interest rate swap asset	8,506	7,963
Interest rate swap liability	0	0
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	2,721	2,627
Interest rate swap asset	8,506	7,963
Interest rate swap liability	0	0
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, 2024
Minimum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate	0.058
Maximum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate	0.066

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, 2024	Dec. 31, 2023
Secured notes payable, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 74,714	$ 74,669
Secured notes payable, net | Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	74,141	74,804
Unsecured notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	324,072	323,491
Unsecured notes | Carrying Value | 3.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	493,210	492,694
Unsecured notes | Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	325,000	325,000
Unsecured notes | Fair Value | Level 2 | 3.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	414,185	405,860
Unsecured senior guaranteed notes, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	798,977	798,772
Unsecured senior guaranteed notes, net | Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 770,730	$ 770,998

DERIVATIVE AND HEDGING ACTIVI_3

DERIVATIVE AND HEDGING ACTIVITIES - Summary of Interest Rate Swap Terms (Details) - Cash Flow Hedging - Designated as Hedging Instrument - American Assets Trust, L.P.	Jun. 30, 2024 USD ($)
Bank of America, N.A. | Interest Rate Swap, 1/5/2027
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 50,000,000
Interest rate swap asset	3,558,000
Wells Fargo Bank, N.A. | Interest Rate Swap, 1/5/2027
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	50,000,000
Interest rate swap asset	3,561,000
Wells Fargo Bank, N.A. | Interest Rate Swap, 1/5/2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	150,000,000
Interest rate swap asset	1,069,000
Mizuho Capital Markets LLC | Interest Rate Swap, 1/5/2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	75,000,000
Interest rate swap asset	$ 318,000

DERIVATIVE AND HEDGING ACTIVI_4

DERIVATIVE AND HEDGING ACTIVITIES - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Reclassified within twelve months	$ 0.8

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Leasing commissions, net of accumulated amortization of $51,292 and $47,978, respectively	$ 37,013	$ 36,721
Interest rate swap asset	$ 8,506	$ 7,963
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Acquired lease intangible assets, net	$ 16,340	$ 18,664
Lease incentives, net of accumulated amortization of $1,230 and $1,205, respectively	1,513	1,232
Other intangible assets, net of accumulated amortization of $1,982 and $1,813, respectively	1,637	1,809
Debt issuance costs, net of accumulated amortization of $1,620 and $1,296, respectively	971	1,295
Right-of-use lease asset, net	$ 20,260	$ 21,503
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Prepaid expenses and other	$ 11,684	$ 10,457
Total other assets	97,924	99,644
Leasing commissions accumulative amortization	51,292	47,978
Accumulated amortization	1,230	1,205
Other intangible assets, accumulated amortization	1,982	1,813
Accumulated amortization	1,620	1,296
Above market leases
Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	48	66
Other intangible assets, accumulated amortization	1,360	1,658
In-place leases
Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	16,292	18,598
Other intangible assets, accumulated amortization	$ 35,062	$ 32,977

OTHER LIABILITIES AND DEFERRE_3

OTHER LIABILITIES AND DEFERRED CREDITS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Acquired below market leases, net	$ 15,089	$ 16,537
Prepaid rent and deferred revenue	27,644	17,261
Deferred compensation	2,721	2,627
Deferred tax liability	784	784
Straight-line rent liability	8,853	10,666
Lease liability	21,983	23,254
Other liabilities	56	58
Total other liabilities and deferred credits, net	$ 77,130	$ 71,187

DEBT - Narrative (Details)

DEBT - Narrative (Details)

6 Months Ended

Jul. 18, 2024 USD ($)

Jan. 05, 2023 USD ($) extension

Jan. 05, 2022 USD ($) extension

Jan. 26, 2021 USD ($)

Oct. 31, 2014 USD ($)

Jun. 30, 2024 USD ($)

Jun. 30, 2023 USD ($)

Jan. 05, 2024

Jul. 30, 2019 USD ($)

Jul. 19, 2017 USD ($)

May 23, 2017 USD ($)

Mar. 01, 2017 USD ($)

Debt Instrument [Line Items]

Repayments of unsecured debt

$ 0

$ 150,000,000

Repayment of unsecured line of credit

0

36,000,000

American Assets Trust, L.P.

Debt Instrument [Line Items]

Repayments of unsecured debt

0

150,000,000

Repayment of unsecured line of credit

$ 0

$ 36,000,000

Unsecured term loans, net | American Assets Trust, L.P. | Secured Overnight Financing Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1%

Unsecured term loans, net | American Assets Trust, L.P. | Federal Funds Rate

Debt Instrument [Line Items]

Basis spread on variable rate

0.50%

Unsecured term loans, net | American Assets Trust, L.P. | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate

0%

Unsecured term loans, net | American Assets Trust, L.P. | Minimum | Secured Overnight Financing Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.20%

Unsecured term loans, net | American Assets Trust, L.P. | Maximum | Secured Overnight Financing Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.90%

3.375% Senior Notes | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Stated Interest Rate

3.375%

3.375%

Face amount of debt

$ 500,000,000

Note offering percent

0.98935

Weighted average yield of investment

3.502%

Proceeds from debt, net of issuance costs

$ 489,700,000

Maximum aggregate debt ratio

60%

Minimum debt service ratio

1.5

Maximum secured debt ratio

40%

Minimum maintenance of total unencumbered assets

150%

Senior Guaranteed Notes, Series A | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Repayments of unsecured debt

$ 150,000,000

Make-whole payment

3,900,000

Second Amended and Restated Credit Facility | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Repayment of unsecured line of credit

$ 100,000,000

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

Debt Instrument [Line Items]

Face amount of debt

$ 350,000,000

Partial debt repayment, minimum percentage of principal

5%

Full debt repayment percentage of principal plus a make-whole amount

100%

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

Debt Instrument [Line Items]

Stated Interest Rate

4.04%

Face amount of debt

$ 150,000,000

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

Debt Instrument [Line Items]

Stated Interest Rate

4.45%

Face amount of debt

$ 100,000,000

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

Debt Instrument [Line Items]

Stated Interest Rate

4.50%

Face amount of debt

$ 100,000,000

Senior Guaranteed Notes, Series D | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Stated Interest Rate

4.29%

4.29%

Face amount of debt

$ 250,000,000

Senior Guaranteed Notes, Series E | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Stated Interest Rate

4.24%

4.24%

Face amount of debt

$ 100,000,000

Senior Guaranteed Notes, Series F | Unsecured term loans, net | Subsequent Event

Debt Instrument [Line Items]

Borrowings

$ 100,000,000

Senior Guaranteed Notes, Series F | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Stated Interest Rate

3.78%

3.78%

Face amount of debt

$ 100,000,000

Senior Guaranteed Notes, Series F | Unsecured term loans, net | American Assets Trust, L.P. | Subsequent Event

Debt Instrument [Line Items]

Borrowings

$ 100,000,000

Senior Guaranteed Notes, Series G | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Stated Interest Rate

3.91%

3.91%

Face amount of debt

$ 150,000,000

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

Debt Instrument [Line Items]

Revolving credit facility borrowing limit, maximum borrowing capacity

$ 500,000,000

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

Debt Instrument [Line Items]

Basis spread on variable rate

1%

Third Amended and Restated Credit Facility | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Revolving credit facility borrowing limit, maximum borrowing capacity

$ 100,000,000

Number of extensions available | extension

2

Extension term

6 months

Third Amended and Restated Credit Facility | Unsecured term loans, net | American Assets Trust, L.P. | Secured Overnight Financing Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1%

Third Amended and Restated Credit Facility | Unsecured term loans, net | American Assets Trust, L.P. | Federal Funds Rate

Debt Instrument [Line Items]

Basis spread on variable rate

0.50%

Third Amended and Restated Credit Facility | Unsecured term loans, net | American Assets Trust, L.P. | Minimum | Secured Overnight Financing Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.20%

Third Amended and Restated Credit Facility | Unsecured term loans, net | American Assets Trust, L.P. | Minimum | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate

0.20%

Third Amended and Restated Credit Facility | Unsecured term loans, net | American Assets Trust, L.P. | Maximum | Secured Overnight Financing Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.70%

Third Amended and Restated Credit Facility | Unsecured term loans, net | American Assets Trust, L.P. | Maximum | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate

0.70%

Third Amended and Restated Credit Facility | 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 interest coverage ratio covenant threshold

1.75

Maximum unsecured leverage ratio (in percentage)

60%

Maximum recourse indebtedness of total asset value

15%

Percentage annual distributions cannot exceed funds from operations

95%

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

Debt Instrument [Line Items]

Debt issuance costs, net, revolving credit facility

$ 970,000

Weighted average interest rate

6.53%

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

Debt Instrument [Line Items]

Revolving credit facility borrowing limit, maximum borrowing capacity

$ 400,000,000

Third Amended and Restated Credit Facility | Unsecured line of credit, net | American Assets Trust, L.P. | Revolving Credit Facility | Minimum | Secured Overnight Financing Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.05%

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

Debt Instrument [Line Items]

Basis spread on variable rate

0.10%

Third Amended and Restated Credit Facility | Unsecured line of credit, net | American Assets Trust, L.P. | Revolving Credit Facility | Maximum | Secured Overnight Financing Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.50%

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

Debt Instrument [Line Items]

Basis spread on variable rate

0.50%

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

Debt Instrument [Line Items]

Fixed interest rate on derivative

2.70%

2.70%

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

Debt Instrument [Line Items]

Face amount of debt

$ 150,000,000

Term Loan B | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Face amount of debt

150,000,000

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

Debt Instrument [Line Items]

Face amount of debt

75,000,000

Term Loan C | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Face amount of debt

$ 75,000,000

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

Debt Instrument [Line Items]

Number of extensions available | extension

1

Extension term

12 months

Term Loan B & Term Loan C | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Number of extensions available | extension

1

Extension term

12 months

Term Loan B & Term Loan C | Unsecured term loans, net | American Assets Trust, L.P. | Minimum | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate

0.20%

Term Loan B & Term Loan C | Unsecured term loans, net | American Assets Trust, L.P. | Maximum | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate

0.90%

Interest Rate Swap, Year One | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Fixed interest rate on derivative

5.47%

Interest Rate Swap, Year Two | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Fixed interest rate on derivative

5.57%

DEBT - Summary of Total Secured

DEBT - Summary of Total Secured Notes Payable Outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt discount and issuance costs, net of accumulated amortization of $8,561 and $7,259, respectively	$ (971)	$ (1,295)
Accumulated amortization	1,620	1,296
Secured notes payable, net | American Assets Trust, L.P.
Debt Instrument [Line Items]
Principal Balance as of	75,000	75,000
Debt discount and issuance costs, net of accumulated amortization of $8,561 and $7,259, respectively	(286)	(331)
Total Secured Notes Payable Outstanding	74,714	74,669
Accumulated amortization	587	542
5.08% City Center Bellevue, October 2027 | Secured notes payable, net | American Assets Trust, L.P.
Debt Instrument [Line Items]
Principal Balance as of	$ 75,000	$ 75,000
Stated Interest Rate	5.08%

DEBT - Summary of Total Unsecur

DEBT - Summary of Total Unsecured Notes Payable Outstanding (Details)

Jul. 18, 2024 USD ($)

Jan. 05, 2023 USD ($) extension

Jan. 05, 2022 USD ($) extension

Jul. 17, 2019 USD ($)

Jun. 23, 2017 USD ($)

May 11, 2017 USD ($)

Jan. 18, 2017 USD ($)

Jun. 30, 2024 USD ($) interest_rate_swap_agreement

Jan. 05, 2024

Dec. 31, 2023 USD ($)

Jan. 26, 2021 USD ($)

Jul. 30, 2019 USD ($)

Jul. 19, 2017 USD ($)

May 23, 2017 USD ($)

Mar. 01, 2017 USD ($)

Debt Instrument [Line Items]

Accumulated amortization

$ 1,620,000

$ 1,296,000

Debt discount and issuance costs, net of accumulated amortization of $8,561 and $7,259, respectively

(971,000)

(1,295,000)

American Assets Trust, L.P. | Treasury Lock

Debt Instrument [Line Items]

Loss on derivatives

$ 500,000

Gain on derivatives

$ 10,400,000

American Assets Trust, L.P. | Forward Contracts

Debt Instrument [Line Items]

Gain on derivatives

$ 500,000

$ 700,000

Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Accumulated amortization

8,561,000

7,259,000

Principal Balance as of

1,625,000,000

1,625,000,000

Debt discount and issuance costs, net of accumulated amortization of $8,561 and $7,259, respectively

(8,741,000)

(10,042,000)

Total Secured Notes Payable Outstanding

$ 1,616,259,000

1,614,958,000

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

Debt Instrument [Line Items]

Number of interest rate | interest_rate_swap_agreement

2

Fixed interest rate on derivative

2.70%

2.70%

Term Loan A | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Principal Balance as of

$ 100,000,000

100,000,000

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

Debt Instrument [Line Items]

Face amount of debt

$ 150,000,000

Term Loan B | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Principal Balance as of

150,000,000

150,000,000

Face amount of debt

150,000,000

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

Debt Instrument [Line Items]

Face amount of debt

75,000,000

Term Loan C | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Principal Balance as of

$ 75,000,000

75,000,000

Face amount of debt

$ 75,000,000

Senior Guaranteed Notes, Series F | American Assets Trust, L.P. | Treasury Lock

Debt Instrument [Line Items]

Effective interest rate (percent)

3.85%

Senior Guaranteed Notes, Series F | Unsecured term loans, net | Subsequent Event

Debt Instrument [Line Items]

Borrowings

$ 100,000,000

Senior Guaranteed Notes, Series F | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Stated Interest Rate

3.78%

3.78%

Principal Balance as of

$ 100,000,000

100,000,000

Face amount of debt

$ 100,000,000

Senior Guaranteed Notes, Series F | Unsecured term loans, net | American Assets Trust, L.P. | Subsequent Event

Debt Instrument [Line Items]

Borrowings

$ 100,000,000

Senior Guaranteed Notes, Series B | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Stated Interest Rate

4.45%

Principal Balance as of

$ 100,000,000

100,000,000

Senior Guaranteed Notes, Series C | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Stated Interest Rate

4.50%

Principal Balance as of

$ 100,000,000

100,000,000

Senior Guaranteed Notes, Series D | American Assets Trust, L.P. | Treasury Lock

Debt Instrument [Line Items]

Effective interest rate (percent)

3.87%

Senior Guaranteed Notes, Series D | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Stated Interest Rate

4.29%

4.29%

Principal Balance as of

$ 250,000,000

250,000,000

Face amount of debt

$ 250,000,000

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

Debt Instrument [Line Items]

Effective interest rate (percent)

4.18%

Senior Guaranteed Notes, Series E | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Stated Interest Rate

4.24%

4.24%

Principal Balance as of

$ 100,000,000

100,000,000

Face amount of debt

$ 100,000,000

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

Debt Instrument [Line Items]

Effective interest rate (percent)

3.88%

Senior Guaranteed Notes, Series G | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Stated Interest Rate

3.91%

3.91%

Principal Balance as of

$ 150,000,000

150,000,000

Face amount of debt

$ 150,000,000

3.375% Senior Notes | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Stated Interest Rate

3.375%

3.375%

Principal Balance as of

$ 500,000,000

$ 500,000,000

Face amount of debt

$ 500,000,000

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

Debt Instrument [Line Items]

Number of extensions available | extension

1

Extension term

12 months

Term Loan B & Term Loan C | American Assets Trust, L.P. | Interest Rate Swap | First period

Debt Instrument [Line Items]

Fixed interest rate on derivative

5.47%

Term Loan B & Term Loan C | American Assets Trust, L.P. | Interest Rate Swap | Second period

Debt Instrument [Line Items]

Fixed interest rate on derivative

5.57%

Term Loan B & Term Loan C | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Number of extensions available | extension

1

Extension term

12 months

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

Debt Instrument [Line Items]

Revolving credit facility borrowing limit, maximum borrowing capacity

$ 500,000,000

Third Amended and Restated Credit Facility | Unsecured term loans, net | American Assets Trust, L.P.

Debt Instrument [Line Items]

Number of extensions available | extension

2

Extension term

6 months

Revolving credit facility borrowing limit, maximum borrowing capacity

$ 100,000,000

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

Debt Instrument [Line Items]

Revolving credit facility borrowing limit, maximum borrowing capacity

$ 400,000,000

PARTNERS' CAPITAL OF AMERICAN_2

PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2023 shares	Jun. 30, 2024 shares	Jun. 30, 2023 shares
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)	583,239	571,999	584,225	572,623
American Assets Trust, L.P. | Common Shares
Capital Unit [Line Items]
Conversion of operating partnership units (in shares)			0
American Assets Trust, L.P. | Limited Partners
Capital Unit [Line Items]
Common unit conversion ratio			1

EQUITY OF AMERICAN ASSETS TRU_3

EQUITY OF AMERICAN ASSETS TRUST, INC. - Narrative (Details) $ in Millions		3 Months Ended		6 Months Ended
	Dec. 03, 2021 USD ($) sales_agent	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares
Equity [Line Items]
Noncash compensation expense		$ 1.7	$ 2.1	$ 3.4	$ 4.1
Unrecognized compensation expense		$ 6.1		$ 6.1
Operating Partnership Units | American Assets Trust, L.P.
Equity [Line Items]
Weighted average unvested shares outstanding (in shares) | shares		583,239	571,999	584,225	572,623
At The Market Equity Program
Equity [Line Items]
Number of sales agents | sales_agent	5
Aggregate offering price of common share	$ 250
Common shares issued (in shares) | shares				0
Remaining capacity available for issuance		$ 250		$ 250

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, 2024	Mar. 31, 2024
Equity [Abstract]
Amount per Share/Unit (in dollars per unit)	$ 0.335	$ 0.335

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, 2024 $ / shares shares
Units
Nonvested, beginning balance (in shares) | shares	585,865
Granted (in shares) | shares	9,180
Vested (in shares) | shares	(10,348)
Forfeited (in shares) | shares	(3,383)
Nonvested, ending balance (in shares) | shares	581,314
Weighted Average Grant Date Fair Value
Nonvested, beginning balance (in dollars per share) | $ / shares	$ 17.95
Granted (in dollars per share) | $ / shares	21.79
Vested (in USD per share) | $ / shares	19.33
Forfeited (in USD per share) | $ / shares	16.80
Nonvested, ending balance (in USD per share) | $ / shares	$ 17.65

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, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
NUMERATOR
Net income	$ 15,294	$ 24,623	$ 15,397	$ 20,666	$ 39,917	$ 36,063
Less: Net income attributable to restricted shares	(195)		(190)		(391)	(379)
Less: Income from operations attributable to unitholders in the Operating Partnership	(3,195)		(3,224)		(8,362)	(7,565)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	11,904		11,983		31,164	28,119
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	11,904		11,983		31,164	28,119
Plus: Income from operations attributable to unitholders in the Operating Partnership	3,195		3,224		8,362	7,565
Net income attributable to common stockholders—diluted	$ 15,099		$ 15,207		$ 39,526	$ 35,684
DENOMINATOR
Weighted average common shares outstanding—basic (in shares)	60,312,878		60,146,210		60,311,399	60,145,414
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)	76,494,415		76,327,747		76,492,936	76,326,951
Earnings per common share, basic (in dollars per share)	$ 0.20		$ 0.20		$ 0.52	$ 0.47
Earnings per common share, diluted (in dollars per share)	$ 0.20		$ 0.20		$ 0.52	$ 0.47

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred tax asset	$ 900		$ 900		$ 900
Deferred tax liability	784		784		$ 784
Income tax expense	$ 201	$ 187	$ 461	$ 457

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) property
Commitment And Contingencies [Line Items]
Termination payment	$ 8,100
Revenues | Customer Concentration Risk | Retail Tenant
Commitment And Contingencies [Line Items]
Proportion of total revenue provided by retail or office tenants	23.70%
Southern California
Commitment And Contingencies [Line Items]
Number of consolidated properties located in southern California | property	15
Southern California | Revenues | Geographic Concentration Risk
Commitment And Contingencies [Line Items]
Proportion of total revenue provided by retail or office tenants	46.50%
Waikiki Beach Walk - Retail
Commitment And Contingencies [Line Items]
Property management fee	3%
Outrigger Hotels
Commitment And Contingencies [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%
Payment for management fee	$ 12
Termination notice period	30 days
Outrigger Hotels | Maximum
Commitment And Contingencies [Line Items]
Property management fee	3%
Wbw Hotel Lessee Llc
Commitment And Contingencies [Line Items]
Years of contract	20 years
Proportion of hotel occupancy gross revenue paid for franchise royalty fee	5%
Proportion of hotel occupancy gross revenue paid for program fee	4%

LEASES - Narrative (Details)

LEASES - Narrative (Details)	6 Months Ended
	Jun. 30, 2024
Lessor, Lease, Description [Line Items]
Operating leases rental period terms	12 months
Minimum
Lessor, Lease, Description [Line Items]
Term of office and retail leases	3 years
Term of apartment leases	7 months
Lease extension option period	3 years
Lease extension options exercise period	6 months
Maximum
Lessor, Lease, Description [Line Items]
Term of office and retail leases	10 years
Term of apartment leases	15 months
Lease extension option period	10 years
Lease extension options exercise period	12 months

LEASES - Minimum Future Rentals

LEASES - Minimum Future Rentals from Noncancelable Operating Leases (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024 (six months ending December 31, 2024)	$ 123,201
2025	247,119
2026	233,890
2027	204,824
2028	158,540
Thereafter	249,046
Total	$ 1,216,620

LEASES - Current Annual Payment

LEASES - Current Annual Payment Under Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (six months ending December 31, 2024)	$ 1,740
2025	3,531
2026	3,584
2027	3,584
2028	3,584
Thereafter	8,959
Total lease payments	24,982
Imputed interest	(2,999)
Present value of lease liability	$ 21,983	$ 23,254

LEASES - Lease Costs & Addition

LEASES - Lease Costs & Additional Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 815	$ 927	$ 1,786	$ 1,854
Sublease income	(819)	(836)	(1,678)	(1,839)
Total lease cost (income)	$ (4)	$ 91	$ 108	$ 15
Weighted-average remaining lease term - operating leases (in years)	7 years		7 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, 2024	Jun. 30, 2023
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 1,689	$ 1,640

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Rental Income [Line Items]
Percentage rent	$ 793	$ 605	$ 1,341	$ 1,160
Hotel revenue	10,639	10,491	21,372	20,509
Other	633	659	1,312	1,325
Total rental income	105,094	103,901	210,115	206,611
Office
Rental Income [Line Items]
Lease rental income	49,337	50,269	98,972	99,595
Retail
Rental Income [Line Items]
Lease rental income	25,266	24,707	50,432	49,385
Multifamily
Rental Income [Line Items]
Lease rental income	15,306	14,146	30,585	28,663
Mixed-use
Rental Income [Line Items]
Lease rental income	$ 3,120	$ 3,024	$ 6,101	$ 5,974

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Recognition of straight-line rents	$ 0.4	$ 1	$ 2.6	$ 3.2
Recognition of amortization of above and below market leases	$ 0.7	$ 0.8	$ 1.4	$ 1.6

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Rental operating	$ 13,452	$ 12,911	$ 27,167	$ 25,351
Hotel operating	7,335	7,343	14,754	14,260
Repairs and maintenance	5,707	5,411	10,831	10,646
Marketing	611	569	1,640	1,077
Rent	769	883	1,694	1,766
Hawaii excise tax	1,040	1,016	2,075	1,987
Management fees	591	578	1,185	1,129
Total rental expenses	$ 29,505	$ 28,711	$ 59,346	$ 56,216

OTHER INCOME, NET (Details)

OTHER INCOME, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Interest and investment income	$ 990	$ 460	$ 1,579	$ 893
Income tax expense	(201)	(187)	(461)	(457)
Other non-operating income	0	0	10,000	6,515
Total other income, net	$ 789	$ 273	$ 11,118	$ 6,951

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 01, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Rental income		$ 105,094	$ 103,901	$ 210,115	$ 206,611
General and administrative		8,737	8,609	17,579	17,608
Rental expenses		$ 29,505	$ 28,711	59,346	56,216
American Assets, Inc. | Related Party
Related Party Transaction [Line Items]
Term of lease	10 years
Rental income	$ 200			100	100
AAI Aviation, Inc. | Related Party
Related Party Transaction [Line Items]
General and administrative				$ 0	100
WBW CHP LLC | Related Party
Related Party Transaction [Line Items]
Investment in WBW CHP LLC, in percentage				47.70%
Rental expenses				$ 500	$ 500

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
OPERATING INCOME	$ 30,794	$ 31,492	$ 61,343	$ 61,209
Total segments’ profit	70,542	69,924	140,150	138,541
Total Office
Segment Reporting Information [Line Items]
Property revenue	51,310	52,219	102,992	103,189
Property expense	(14,945)	(14,894)	(29,937)	(29,714)
OPERATING INCOME	36,365	37,325	73,055	73,475
Total Retail
Segment Reporting Information [Line Items]
Property revenue	26,475	25,901	52,501	51,528
Property expense	(7,820)	(7,555)	(16,121)	(15,259)
OPERATING INCOME	18,655	18,346	36,380	36,269
Total Multifamily
Segment Reporting Information [Line Items]
Property revenue	16,391	15,193	32,690	30,756
Property expense	(6,825)	(6,786)	(13,806)	(13,317)
OPERATING INCOME	9,566	8,407	18,884	17,439
Total Mixed-Use
Segment Reporting Information [Line Items]
Property revenue	16,714	16,408	33,402	32,002
Property expense	(10,758)	(10,562)	(21,571)	(20,644)
OPERATING INCOME	$ 5,956	$ 5,846	$ 11,831	$ 11,358

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, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Total segments’ profit	$ 70,542		$ 69,924		$ 140,150	$ 138,541
General and administrative	(8,737)		(8,609)		(17,579)	(17,608)
Depreciation and amortization	(31,011)		(29,823)		(61,228)	(59,724)
Interest expense, net	(16,289)		(16,368)		(32,544)	(32,097)
Other income (expense), net	789		273		11,118	6,951
NET INCOME	15,294	$ 24,623	15,397	$ 20,666	39,917	36,063
Net income attributable to restricted shares	(195)		(190)		(391)	(379)
Net income attributable to unitholders in the Operating Partnership	(3,195)		(3,224)		(8,362)	(7,565)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$ 11,904		$ 11,983		$ 31,164	$ 28,119

SEGMENT REPORTING - Net Real Es

SEGMENT REPORTING - Net Real Estate and Secured Note Payable Balances for Each Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net Real Estate	$ 2,682,468		$ 2,682,468		$ 2,705,315
Secured Notes Payable	75,000		75,000		75,000
Debt issuance costs	971		971		1,295
Capital Expenditures	17,132	$ 23,391	30,424	$ 49,086
American Assets Trust, L.P.
Segment Reporting Information [Line Items]
Net Real Estate	2,682,468		2,682,468		2,705,315
Secured notes payable, net | American Assets Trust, L.P.
Segment Reporting Information [Line Items]
Debt issuance costs	286		286		331
Office
Segment Reporting Information [Line Items]
Net Real Estate	1,606,293		1,606,293		1,614,323
Secured Notes Payable	75,000		75,000		75,000
Capital Expenditures	12,683	19,812	21,669	40,537
Retail
Segment Reporting Information [Line Items]
Net Real Estate	556,183		556,183		563,532
Capital Expenditures	2,605	1,645	5,384	4,170
Multifamily
Segment Reporting Information [Line Items]
Net Real Estate	356,494		356,494		361,233
Capital Expenditures	1,478	1,216	2,678	2,529
Mixed-use
Segment Reporting Information [Line Items]
Net Real Estate	163,498		163,498		$ 166,227
Capital Expenditures	$ 366	$ 718	$ 693	$ 1,850

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) $ in Millions	Jul. 18, 2024 USD ($)
Subsequent Event | Senior Guaranteed Notes, Series F | Unsecured term loans, net
Subsequent Event [Line Items]
Borrowings	$ 100