American Assets Trust 10-K 11 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 11, 2025	Jun. 28, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	AAT
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,180
Entity Common Stock, Shares Outstanding		61,138,238
Documents Incorporated by Reference	Portions of American Assets Trust, Inc.'s Proxy Statement with respect to its 2025 Annual Meeting of Stockholders to be filed not later than 120 days after the end of its fiscal year are incorporated by reference into Part III hereof.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001500217
American Assets Trust, L.P.
Document Information [Line Items]
Document Type	10-K
Entity Registrant Name	AMERICAN ASSETS TRUST, L.P.
Entity File Number	33-202342-01
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3338894
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001509570

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor [Line Items]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	San Diego, California
American Assets Trust, L.P.
Auditor [Line Items]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	San Diego, California

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate, at cost
Operating real estate	$ 3,449,009	$ 3,353,735
Construction in progress	176,868	238,482
Held for development	487	487
Total Real estate, at cost	3,626,364	3,592,704
Accumulated depreciation	(1,038,878)	(958,645)
Net real estate	2,587,486	2,634,059
Cash and cash equivalents	425,659	82,888
Accounts receivable, net	6,905	6,486
Deferred rent receivables, net	88,059	87,995
Other assets, net	87,737	99,030
Real estate assets held for sale	77,519	74,223
TOTAL ASSETS	3,273,365	2,984,681
LIABILITIES:
Secured notes payable, net	74,759	74,669
Unsecured notes payable, net	1,935,756	1,614,958
Accounts payable and accrued expenses	63,693	60,958
Security deposits payable	8,896	8,778
Other liabilities and deferred credits	62,588	69,739
Liabilities related to real estate assets held for sale	3,352	1,904
Total liabilities	2,149,044	1,831,006
Commitments and contingencies (Note 12)
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 61,138,238 and 60,895,786 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	611	609
Additional paid-in capital	1,474,869	1,469,206
Accumulated dividends in excess of net income	(304,339)	(280,239)
Accumulated other comprehensive income	4,760	8,282
Total American Assets Trust, Inc. stockholders' equity	1,175,901	1,197,858
Noncontrolling interests	(51,580)	(44,183)
Total equity	1,124,321	1,153,675
TOTAL LIABILITIES AND EQUITY	$ 3,273,365	$ 2,984,681

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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 issued (in shares)	61,138,238	60,895,786
Common stock, shares outstanding (in shares)	61,138,238	60,895,786

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUE:
Rental income	$ 423,611	$ 419,373	$ 402,507
Other property income	34,244	21,791	20,141
Total revenue	457,855	441,164	422,648
EXPENSES:
Rental Expenses	123,503	118,801	107,645
Real estate taxes	44,224	45,156	44,788
General and administrative	35,468	35,960	32,143
Depreciation and amortization	125,461	119,500	123,338
Total operating expenses	328,656	319,417	307,914
OPERATING INCOME	129,199	121,747	114,734
Interest expense, net	(74,527)	(64,706)	(58,232)
Other income (expense), net	18,147	7,649	(625)
Net income	72,819	64,690	55,877
Net income attributable to restricted shares	(787)	(761)	(648)
Net income attributable to unitholders in the Operating Partnership	(15,234)	(13,551)	(11,723)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$ 56,798	$ 50,378	$ 43,506
EARNINGS PER COMMON SHARE, BASIC
Basic income attributable to common stockholders per share (in USD per share)	$ 0.94	$ 0.84	$ 0.72
Weighted average shares of common stock outstanding-basic (in shares)	60,333,055	60,158,976	60,048,970
EARNINGS PER COMMON SHARE, DILUTED
Diluted income attributable to common stockholders per share (in USD per share)	$ 0.94	$ 0.84	$ 0.72
Weighted average shares of common stock outstanding-diluted (in shares)	76,514,592	76,340,513	76,230,507
COMPREHENSIVE INCOME
Net income	$ 72,819	$ 64,690	$ 55,877
Other comprehensive income - unrealized (loss) income on interest swaps derivative/ treasury locks during the period		(1,827)	11,319
Reclassification of amortization of forward starting swap included in interest expense, net	(377)	(1,149)	(1,477)
Comprehensive income	68,349	61,714	65,719
Comprehensive income attributable to noncontrolling interest	(14,286)	(12,917)	(13,813)
Comprehensive income attributable to American Assets Trust, Inc.	54,063	48,797	51,906
Interest Rate Swap
COMPREHENSIVE INCOME
Other comprehensive income - unrealized (loss) income on interest swaps derivative/ treasury locks during the period	(2,748)	(1,827)	11,319
Treasury Locks
COMPREHENSIVE INCOME
Other comprehensive income - unrealized (loss) income on interest swaps derivative/ treasury locks during the period	$ (1,345)	$ 0	$ 0

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Interest Rate Swap	Treasury Locks	Common Shares	Additional Paid-in Capital	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Interest Rate Swap	Accumulated Other Comprehensive Income (Loss) Treasury Locks	Noncontrolling Interests - Unitholders in the Operating Partnership	Noncontrolling Interests - Unitholders in the Operating Partnership Interest Rate Swap	Noncontrolling Interests - Unitholders in the Operating Partnership Treasury Locks
Beginning Balance (shares) at Dec. 31, 2021				60,525,580
Beginning balance at Dec. 31, 2021	$ 1,210,123			$ 605	$ 1,453,272	$ (217,785)	$ 2,872			$ (28,841)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	55,877					44,154				11,723
Issuance of restricted stock (in shares)				325,682
Issuance of restricted stock	0			$ 3	(3)
Forfeiture of restricted stock (in shares)				(106,796)
Forfeiture of restricted stock	0			$ (1)	1
Dividends declared and paid	(98,248)					(77,536)				(20,712)
Stock-based compensation	8,690				8,690
Shares withheld for employee taxes (in shares)				(25,813)
Shares withheld for employee taxes	(759)				(759)
Other comprehensive income - change in value of interest rate swaps	11,319	$ 11,319	$ 0				8,916			2,403
Reclassification of amortization of forward starting swap included in interest expense, net	(1,477)						(1,164)			(313)
Ending Balance (shares) at Dec. 31, 2022				60,718,653
Ending 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	64,690					51,139				13,551
Issuance of restricted stock (in shares)				300,889
Issuance of restricted stock	0			$ 3	(3)
Forfeiture of restricted stock (in shares)				(82,481)
Forfeiture of restricted stock	0			$ (1)	1
Dividends declared and paid	(101,571)					(80,211)				(21,360)
Stock-based compensation	8,838				8,838
Shares withheld for employee taxes (in shares)				(41,275)
Shares withheld for employee taxes	(831)				(831)
Other comprehensive income - change in value of interest rate swaps	(1,827)	(1,827)	0				(1,437)			(390)
Reclassification of amortization of forward starting swap included in interest expense, net	$ (1,149)						(905)			(244)
Ending Balance (shares) at Dec. 31, 2023	60,895,786			60,895,786
Ending 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	72,819					57,585				15,234
Issuance of restricted stock (in shares)				303,648
Issuance of restricted stock	0			$ 3	(3)
Forfeiture of restricted stock (in shares)				(10,397)
Dividends declared and paid	(103,368)					(81,685)				(21,683)
Stock-based compensation	7,110				7,110
Shares withheld for employee taxes (in shares)				(50,799)
Shares withheld for employee taxes	(1,445)			$ (1)	(1,444)
Other comprehensive income - change in value of interest rate swaps		$ (2,748)	$ (1,345)					$ (2,164)	$ (1,061)		$ (584)	$ (284)
Reclassification of amortization of forward starting swap included in interest expense, net	$ (377)						(297)			(80)
Ending Balance (shares) at Dec. 31, 2024	61,138,238			61,138,238
Ending balance at Dec. 31, 2024	$ 1,124,321			$ 611	$ 1,474,869	$ (304,339)	$ 4,760			$ (51,580)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES
Net income	$ 72,819	$ 64,690	$ 55,877
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(5,781)	(7,239)	(11,489)
Depreciation and amortization	125,461	119,500	123,338
Amortization of debt issuance costs and debt discounts	3,652	3,388	2,581
Provision for uncollectable rental income	1,517	1,439	2,334
Stock-based compensation expense	7,110	8,838	8,690
Settlement of treasury locks	(1,345)	0	0
Other noncash interest expense, net	(377)	(1,149)	(1,477)
Other, net	1,161	266	(252)
Changes in operating assets and liabilities
Change in accounts receivable	(1,787)	(870)	(404)
Change in other assets	(1,266)	(1,141)	(723)
Change in accounts payable and accrued expenses	5,577	765	(1,237)
Change in security deposits payable	140	181	655
Change in other liabilities and deferred credits	225	83	1,179
Net cash provided by operating activities	207,106	188,751	179,072
INVESTING ACTIVITIES
Acquisition of real estate, net	0	0	(45,166)
Capital expenditures	(70,205)	(82,980)	(113,781)
Leasing commissions	(7,202)	(6,907)	(7,374)
Net cash used in investing activities	(77,407)	(89,887)	(166,321)
FINANCING ACTIVITIES
Proceeds from secured notes payable	0	0	75,000
Repayment of secured notes payable	0	0	(111,000)
Proceeds from unsecured line of credit	100,000	0	36,000
Repayment of unsecured line of credit	(100,000)	(36,000)	0
Proceeds from unsecured term loan	0	225,000	0
Repayment of unsecured term loan	0	(150,000)	0
Proceeds from unsecured notes payable	523,273	0	0
Repayment of unsecured notes payable	(200,000)	0	0
Debt issuance costs	(5,388)	(2,145)	(3,697)
Dividends paid to common stock and unitholders	(103,368)	(101,571)	(98,248)
Shares withheld for employee taxes	(1,445)	(831)	(759)
Net cash provided by (used in) financing activities	213,072	(65,547)	(102,704)
Net increase (decrease) in cash, cash equivalents	342,771	33,317	(89,953)
Cash and cash equivalents, beginning of year	82,888	49,571	139,524
Cash and cash equivalents, end of year	$ 425,659	$ 82,888	$ 49,571

Consolidated Balance Sheets - L

Consolidated Balance Sheets - LP - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate, at cost
Operating real estate	$ 3,449,009	$ 3,353,735
Construction in progress	176,868	238,482
Held for development	487	487
Total Real estate, at cost	3,626,364	3,592,704
Accumulated depreciation	(1,038,878)	(958,645)
Net real estate	2,587,486	2,634,059
Cash and cash equivalents	425,659	82,888
Accounts receivable, net	6,905	6,486
Deferred rent receivables, net	88,059	87,995
Other assets, net	87,737	99,030
Real estate assets held for sale	77,519	74,223
TOTAL ASSETS	3,273,365	2,984,681
LIABILITIES:
Secured notes payable, net	74,759	74,669
Unsecured notes payable, net	1,935,756	1,614,958
Accounts payable and accrued expenses	63,693	60,958
Security deposits payable	8,896	8,778
Other liabilities and deferred credits	62,588	69,739
Liabilities related to real estate assets held for sale	3,352	1,904
Total liabilities	2,149,044	1,831,006
Commitments and contingencies (Note 12)
CAPITAL:
Accumulated other comprehensive income	4,760	8,282
TOTAL LIABILITIES AND EQUITY	3,273,365	2,984,681
American Assets Trust, L.P.
Real estate, at cost
Operating real estate	3,449,009	3,353,735
Construction in progress	176,868	238,482
Held for development	487	487
Total Real estate, at cost	3,626,364	3,592,704
Accumulated depreciation	(1,038,878)	(958,645)
Net real estate	2,587,486	2,634,059
Cash and cash equivalents	425,659	82,888
Accounts receivable, net	6,905	6,486
Deferred rent receivables, net	88,059	87,995
Other assets, net	87,737	99,030
Real estate assets held for sale	77,519	74,223
TOTAL ASSETS	3,273,365	2,984,681
LIABILITIES:
Secured notes payable, net	74,759	74,669
Unsecured notes payable, net	1,935,756	1,614,958
Accounts payable and accrued expenses	63,693	60,958
Security deposits payable	8,896	8,778
Other liabilities and deferred credits	62,588	69,739
Liabilities related to real estate assets held for sale	3,352	1,904
Total liabilities	2,149,044	1,831,006
Commitments and contingencies (Note 12)
CAPITAL:
Limited partners' capital, 16,181,537 and 16,181,537 units issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	(53,385)	(46,936)
General partner's capital, 61,138,238 and 60,895,786 units issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	1,171,141	1,189,576
Accumulated other comprehensive income	6,565	11,035
Total capital	1,124,321	1,153,675
TOTAL LIABILITIES AND EQUITY	$ 3,273,365	$ 2,984,681

Consolidated Balance Sheets -_2

Consolidated Balance Sheets - LP (Parenthetical) - American Assets Trust, L.P. - shares	Dec. 31, 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)	61,138,238	60,895,786
General partners' capital, units outstanding (in shares)	61,138,238	60,895,786

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income - LP - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUE:
Rental income		$ 423,611	$ 419,373	$ 402,507
Other property income		34,244	21,791	20,141
Total revenue		457,855	441,164	422,648
EXPENSES:
Rental Expenses		123,503	118,801	107,645
Real estate taxes		44,224	45,156	44,788
General and administrative		35,468	35,960	32,143
Depreciation and amortization		125,461	119,500	123,338
Total operating expenses		328,656	319,417	307,914
OPERATING INCOME		129,199	121,747	114,734
Interest expense, net		(74,527)	(64,706)	(58,232)
Other income (expense), net		18,147	7,649	(625)
Net income		72,819	64,690	55,877
Net income attributable to restricted shares		(787)	(761)	(648)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS		$ 56,798	$ 50,378	$ 43,506
EARNINGS PER COMMON SHARE, BASIC
Earnings per unit, basic (in USD per share)		$ 0.94	$ 0.84	$ 0.72
Weighted average units outstanding - basic (in shares)		60,333,055	60,158,976	60,048,970
EARNINGS PER COMMON SHARE, DILUTED
Earnings per unit, diluted (in USD per share)		$ 0.94	$ 0.84	$ 0.72
Weighted average units outstanding - diluted (in shares)		76,514,592	76,340,513	76,230,507
COMPREHENSIVE INCOME
Net income		$ 72,819	$ 64,690	$ 55,877
Other comprehensive income - unrealized (loss) income on interest swaps derivative/ treasury locks during the period			(1,827)	11,319
Reclassification of amortization of forward starting swap included in interest expense, net		(377)	(1,149)	(1,477)
Comprehensive income		68,349	61,714	65,719
Comprehensive income attributable to American Assets Trust, Inc.		54,063	48,797	51,906
Treasury Locks
COMPREHENSIVE INCOME
Other comprehensive income - unrealized (loss) income on interest swaps derivative/ treasury locks during the period		(1,345)	0	0
American Assets Trust, L.P.
REVENUE:
Rental income		423,611	419,373	402,507
Other property income		34,244	21,791	20,141
Total revenue		457,855	441,164	422,648
EXPENSES:
Rental Expenses		123,503	118,801	107,645
Real estate taxes		44,224	45,156	44,788
General and administrative		35,468	35,960	32,143
Depreciation and amortization		125,461	119,500	123,338
Total operating expenses		328,656	319,417	307,914
OPERATING INCOME		129,199	121,747	114,734
Interest expense, net		(74,527)	(64,706)	(58,232)
Other income (expense), net		18,147	7,649	(625)
Net income		72,819	64,690	55,877
Net income attributable to restricted shares		(787)	(761)	(648)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS		$ 72,032	$ 63,929	$ 55,229
EARNINGS PER COMMON SHARE, BASIC
Earnings per unit, basic (in USD per share)		$ 0.94	$ 0.84	$ 0.72
Weighted average units outstanding - basic (in shares)		76,514,592	76,340,513	76,230,507
EARNINGS PER COMMON SHARE, DILUTED
Earnings per unit, diluted (in USD per share)		$ 0.94	$ 0.84	$ 0.72
Weighted average units outstanding - diluted (in shares)		76,514,592	76,340,513	76,230,507
DISTRIBUTIONS PER UNIT (in dollars per share)		$ 1.34	$ 1.32	$ 1.28
COMPREHENSIVE INCOME
Net income		$ 72,819	$ 64,690	$ 55,877
Other comprehensive income - unrealized (loss) income on interest swaps derivative/ treasury locks during the period			(1,827)	11,319
Reclassification of amortization of forward starting swap included in interest expense, net		(377)	(1,149)	(1,477)
Comprehensive income		68,349	61,714	65,719
American Assets Trust, L.P. | Limited Partners
EXPENSES:
Net income	[1]	15,234	13,551	11,723
COMPREHENSIVE INCOME
Net income	[1]	15,234	13,551	11,723
Comprehensive income attributable to American Assets Trust, Inc.		(14,286)	(12,917)	(13,813)
American Assets Trust, L.P. | General Partner
EXPENSES:
Net income	[2]	57,585	51,139	44,154
COMPREHENSIVE INCOME
Net income	[2]	57,585	51,139	44,154
Comprehensive income attributable to American Assets Trust, Inc.		54,063	48,797	51,906
American Assets Trust, L.P. | Treasury Locks
COMPREHENSIVE INCOME
Other comprehensive income - unrealized (loss) income on interest swaps derivative/ treasury locks during the period		$ (1,345)	$ 0	$ 0
[1]Consists of limited partnership interests held by third parties.[2]Consists of general and limited partnership interests held by American Assets Trust, Inc.

Consolidated Statements of Part

Consolidated Statements of Partners' Capital - LP - USD ($) $ in Thousands		Total	Interest Rate Swap	American Assets Trust, L.P.	American Assets Trust, L.P. Forward Contracts	American Assets Trust, L.P. Interest Rate Swap	American Assets Trust, L.P. Accumulated Other Comprehensive Income (Loss)	American Assets Trust, L.P. Accumulated Other Comprehensive Income (Loss) Forward Contracts	American Assets Trust, L.P. Accumulated Other Comprehensive Income (Loss) Interest Rate Swap	American Assets Trust, L.P. Limited Partners	[1]	American Assets Trust, L.P. General Partner
Beginning balance (in shares) at Dec. 31, 2021										16,181,537		60,525,580	[2]
Beginning balance at Dec. 31, 2021				$ 1,210,123			$ 4,169			$ (30,138)		$ 1,236,092	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		$ 55,877		55,877						11,723		$ 44,154	[2]
Issuance of restricted stock (in shares)	[2]											325,682
Forfeiture of restricted units (in shares)	[2]											(106,796)
Distributions				(98,248)						$ (20,712)		$ (77,536)	[2]
Stock-based compensation				8,690								$ 8,690	[2]
Units withheld for employee taxes (in shares)	[2]											(25,813)
Units withheld for employee taxes		(759)		(759)								$ (759)	[2]
Other comprehensive income - change in value of interest rate swaps		11,319	$ 11,319	11,319		$ 11,319	11,319
Reclassification of amortization of forward starting swap included in interest expense, net		(1,477)		(1,477)			(1,477)
Ending balance (in shares) at Dec. 31, 2022										16,181,537		60,718,653	[2]
Ending balance at Dec. 31, 2022				1,185,525			14,011			$ (39,127)		$ 1,210,641	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		64,690		64,690						13,551		$ 51,139	[2]
Issuance of restricted stock (in shares)	[2]											300,889
Forfeiture of restricted units (in shares)	[2]											(82,481)
Distributions				(101,571)						$ (21,360)		$ (80,211)	[2]
Stock-based compensation				8,838								$ 8,838	[2]
Units withheld for employee taxes (in shares)	[2]											(41,275)
Units withheld for employee taxes		(831)		(831)								$ (831)	[2]
Other comprehensive income - change in value of interest rate swaps		(1,827)	(1,827)	(1,827)		(1,827)	(1,827)
Reclassification of amortization of forward starting swap included in interest expense, net		(1,149)		(1,149)			(1,149)
Ending balance (in shares) at Dec. 31, 2023										16,181,537		60,895,786	[2]
Ending balance at Dec. 31, 2023				1,153,675			11,035			$ (46,936)		$ 1,189,576	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		72,819		72,819						15,234		$ 57,585	[2]
Issuance of restricted stock (in shares)	[2]											303,648
Forfeiture of restricted units (in shares)	[2]											(10,397)
Distributions				(103,368)						$ (21,683)		$ (81,685)	[2]
Stock-based compensation				7,110								$ 7,110	[2]
Units withheld for employee taxes (in shares)	[2]											(50,799)
Units withheld for employee taxes		(1,445)		(1,445)								$ (1,445)	[2]
Other comprehensive income - change in value of interest rate swaps			$ (2,748)		$ (1,345)	$ (2,748)		$ (1,345)	$ (2,748)
Reclassification of amortization of forward starting swap included in interest expense, net		$ (377)		(377)			(377)
Ending balance (in shares) at Dec. 31, 2024										16,181,537		61,138,238	[2]
Ending balance at Dec. 31, 2024				$ 1,124,321			$ 6,565			$ (53,385)		$ 1,171,141	[2]
[1]Consists of limited partnership interests held by third parties.[2]Consists of general and limited partnership interests held by American Assets Trust, Inc.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - LP - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES
Net income	$ 72,819	$ 64,690	$ 55,877
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(5,781)	(7,239)	(11,489)
Depreciation and amortization	125,461	119,500	123,338
Amortization of debt issuance costs and debt discounts	3,652	3,388	2,581
Provision for uncollectable rental income	1,517	1,439	2,334
Stock-based compensation expense	7,110	8,838	8,690
Settlement of treasury locks	(1,345)	0	0
Other noncash interest expense, net	(377)	(1,149)	(1,477)
Other, net	1,161	266	(252)
Changes in operating assets and liabilities
Change in accounts receivable and deferred rent receivables	(1,787)	(870)	(404)
Change in other assets	(1,266)	(1,141)	(723)
Change in accounts payable and accrued expenses	5,577	765	(1,237)
Change in security deposits payable	140	181	655
Change in other liabilities and deferred credits	225	83	1,179
Net cash provided by operating activities	207,106	188,751	179,072
INVESTING ACTIVITIES
Acquisition of real estate, net	0	0	(45,166)
Capital expenditures	(70,205)	(82,980)	(113,781)
Leasing commissions	(7,202)	(6,907)	(7,374)
Net cash used in investing activities	(77,407)	(89,887)	(166,321)
FINANCING ACTIVITIES
Proceeds from secured notes payable	0	0	75,000
Repayment of secured notes payable	0	0	111,000
Proceeds from unsecured line of credit	100,000	0	36,000
Repayment of unsecured line of credit	(100,000)	(36,000)	0
Proceeds from unsecured term loan	0	225,000	0
Repayment of unsecured term loan	0	(150,000)	0
Proceeds from unsecured notes payable	523,273	0	0
Repayment of unsecured notes payable	(200,000)	0	0
Debt issuance costs	(5,388)	(2,145)	(3,697)
Distributions	(103,368)	(101,571)	(98,248)
Shares withheld for employee taxes	(1,445)	(831)	(759)
Net cash provided by (used in) financing activities	213,072	(65,547)	(102,704)
Net increase (decrease) in cash, cash equivalents	342,771	33,317	(89,953)
Cash and cash equivalents, beginning of year	82,888	49,571	139,524
Cash and cash equivalents, end of year	425,659	82,888	49,571
American Assets Trust, L.P.
OPERATING ACTIVITIES
Net income	72,819	64,690	55,877
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(5,781)	(7,239)	(11,489)
Depreciation and amortization	125,461	119,500	123,338
Amortization of debt issuance costs and debt discounts	3,652	3,388	2,581
Provision for uncollectable rental income	1,517	1,439	2,334
Stock-based compensation expense	7,110	8,838	8,690
Settlement of treasury locks	(1,345)	0	0
Other noncash interest expense, net	(377)	(1,149)	(1,477)
Other, net	1,161	266	(252)
Changes in operating assets and liabilities
Change in accounts receivable and deferred rent receivables	(1,787)	(870)	(404)
Change in other assets	(1,266)	(1,141)	(723)
Change in accounts payable and accrued expenses	5,577	765	(1,237)
Change in security deposits payable	140	181	655
Change in other liabilities and deferred credits	225	83	1,179
Net cash provided by operating activities	207,106	188,751	179,072
INVESTING ACTIVITIES
Acquisition of real estate, net	0	0	(45,166)
Capital expenditures	(70,205)	(82,980)	(113,781)
Leasing commissions	(7,202)	(6,907)	(7,374)
Net cash used in investing activities	(77,407)	(89,887)	(166,321)
FINANCING ACTIVITIES
Proceeds from secured notes payable	0	0	75,000
Repayment of secured notes payable	0	0	111,000
Proceeds from unsecured line of credit	100,000	0	36,000
Repayment of unsecured line of credit	(100,000)	(36,000)	0
Proceeds from unsecured term loan	0	225,000	0
Repayment of unsecured term loan	0	(150,000)	0
Proceeds from unsecured notes payable	523,273	0	0
Repayment of unsecured notes payable	(200,000)	0	0
Debt issuance costs	(5,388)	(2,145)	(3,697)
Distributions	(103,368)	(101,571)	(98,248)
Shares withheld for employee taxes	(1,445)	(831)	(759)
Net cash provided by (used in) financing activities	213,072	(65,547)	(102,704)
Net increase (decrease) in cash, cash equivalents	342,771	33,317	(89,953)
Cash and cash equivalents, beginning of year	82,888	49,571	139,524
Cash and cash equivalents, end of year	$ 425,659	$ 82,888	$ 49,571

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 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 (the “Offering”) and the related acquisition on January 19, 2011 of certain assets of a combination of entities whose assets included entities owned and/or controlled by Ernest S. Rady and his affiliates, including the Rady Trust, which in turn owned (1) controlling interests in entities owning 17 properties and the property management business of American Assets, Inc. and (2) noncontrolling interests in entities owning four properties. The company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The company's operations are carried on through our Operating Partnership and its subsidiaries, including our taxable REIT subsidiary. Since the formation of our Operating Partnership, the company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. We are a vertically integrated and self-administered REIT with 226 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. Any reference to the number of properties or units, square footage or acres, employees; or references to beneficial ownership interests, are unaudited and outside the scope of our independent registered public accounting firm's audit of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. As of December 31, 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 December 31, 2024, we owned land at three of our properties that we classify as held for development and construction in progress. A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center (held for sale) Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street 14Acres (formerly known as Eastgate Office Park) Torrey Reserve Campus First & Main Timber Ridge (formerly known as Corporate Campus East III) Torrey Point Lloyd Portfolio Solana Crossing City Center Bellevue Timber Springs (formerly known as Bel-Spring 520) The Landmark at One Market Multifamily Loma Palisades Hassalo on Eighth - Multifamily Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and Construction in Progress La Jolla Commons - Construction in Progress Solana Crossing – Land Lloyd Portfolio – Construction in Progress Basis of Presentation Our consolidated financial statements include the accounts of the company, our Operating Partnership and our subsidiaries. The equity interests of other investors in our Operating Partnership are reflected as noncontrolling interests. The company follows the Financial Accounting Standards Board (the "FASB") guidance for determining whether an entity is a variable interest entity (“VIE”) and requires the performance of a qualitative rather than a quantitative analysis to determine the primary beneficiary of a VIE. Under this guidance, an entity would be required to consolidate a VIE if it has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. American Assets Trust, Inc. has concluded that the Operating Partnership is a VIE, and because American Assets Trust, Inc. has both the power and the rights to control the Operating Partnership, American Assets Trust, Inc. is the primary beneficiary and is required to continue to consolidate the Operating Partnership. Substantially all of the assets and liabilities of the company are related to the operating partnership VIE. All intercompany transactions and balances are eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Consolidated Statements of Cash Flows-Supplemental Disclosures The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): Year Ended December 31, 2024 2023 2022 Supplemental cash flow information Total interest costs incurred $ 82,030 $ 72,479 $ 63,997 Interest capitalized $ 7,503 $ 7,773 $ 5,765 Interest expense, net $ 74,527 $ 64,706 $ 58,232 Cash paid for interest, net of amounts capitalized $ 64,413 $ 62,003 $ 56,060 Cash paid for income taxes $ 1,247 $ 1,427 $ 865 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 14,396 $ 16,103 $ 20,832 Accrued leasing commissions $ 2,197 $ 1,726 $ 2,442 Revenue Recognition and Accounts Receivable Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, based on management's assessment of credit, collection and other business risks. When we determine that we are the owner of tenant improvements and the tenant has reimbursed us for a portion or all of the tenant improvement costs, we consider the amount paid to be additional rent, which is recognized on a straight-line basis over the term of the related lease. For first generation tenants, in instances in which we fund tenant improvements and the improvements are deemed to be owned by us, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When we determine that the tenant is the owner of tenant improvements, tenant allowances are recorded as lease incentives and we commence revenue recognition and lease incentive amortization when possession or control of the space is turned over to the tenant for tenant work to begin. Percentage rents, which represent additional rents based upon the level of sales achieved by certain tenants, are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved and the percentage rents are collectible. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. Other property income includes parking income, general excise tax billed to tenants and fees charged to tenants at our multifamily properties. Other property income is recognized when we satisfy performance obligations as evidenced by the transfer of control of our services to customers. We measure other property income based on the amount of consideration we expect to be entitled to in exchange for the services provided. We recognize general excise tax gross, with the amounts billed to tenants and customers recorded in other property income and the related taxes paid as rental expense. The general excise tax included in other property income was $3.8 million, $3.7 million and $3.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees for which the tenant has relinquished control of the space are generally recognized on the later of the termination date or the satisfaction of all conditions precedent to the lease termination, including, without limitation, payment of all lease termination fees. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Current accounts receivable from tenants primarily relate to contractual minimum rent and percentage rent as well as real estate tax and other cost reimbursements. Accounts receivable from straight-line rent is typically longer term in nature and relates to the cumulative amount by which straight-line rental income recorded to date exceeds cash rents billed to date under the contractual lease agreement. We recognize revenue on the hotel portion of our mixed-use property from the rental of hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when the rooms are occupied and services have been provided. Food and beverage sales are recognized when the customer has been served or at the time the transaction occurs. Revenue from room rental is included in rental revenue on the statement of comprehensive income. Revenue from other sales and services provided is included in other property income on the statement of comprehensive income. We make estimates of the collectability of our current accounts receivable and straight-line rents receivable which requires significant judgment by management. The collectability of receivables is affected by numerous different factors including current economic trends, tenant bankruptcies, the status of collectability of current cash rents receivable, tenants' recent and historical financial and operating results, changes in our tenants' credit ratings, communications between our operating personnel and tenants, the extent of security deposits and letters of credits held with respect to tenants, and the ability of the tenant to perform under the terms of their lease agreement when evaluating the adequacy of the allowance for doubtful accounts. If our assessment of these factors indicates that it is no longer probable that we will be able to collect substantially all rents, we recognize a charge to rental income and limit our rental income to the lesser of lease income on a straight-line basis plus variable rents when they become accruable or cash collected. If we change our conclusion regarding the probability of collecting rent payments required by a lessee, we may recognize an adjustment to rental income in the period we make a change to our prior conclusion. At December 31, 2024 and December 31, 2023, our allowance for doubtful accounts was $2.0 million and $1.4 million, respectively. Total collectability related adjustments for rental income, which includes the allowance for doubtful accounts and deferred rent receivables, was $1.5 million, $1.5 million and $2.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Real Estate Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 30 years to a maximum of 40 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 3 years to 15 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to the contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. For the years ended December 31, 2024, 2023 and 2022, real estate depreciation expense was $111.7 million, $106.3 million and $108.1 million, respectively. Acquisitions of properties are accounted for in accordance with the authoritative accounting guidance on acquisitions and business combinations. Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and appraised values. When we acquire operating real estate properties, the purchase price is allocated to land and buildings, intangibles such as in-place leases, and to current assets and liabilities acquired, if any. Such valuations include a consideration of the noncancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below market renewal options are determined based on a review of several qualitative and quantitative factors on a lease-by-lease basis at acquisition to determine whether it is probable that the tenant would exercise its option to renew the lease agreement. These factors include: (1) the type of tenant in relation to the property it occupies, (2) the quality of the tenant, including the tenant's long term business prospects and (3) whether the fixed rate renewal option was sufficiently lower than the fair rental of the property at the date the option becomes exercisable such that it would appear to be reasonably assured that the tenant would exercise the option to renew. The value allocated to in-place leases is amortized over the related lease term and reflected as depreciation and amortization in the statement of comprehensive income. The value of above and below market leases associated with the original noncancelable lease terms are amortized to rental income over the terms of the respective noncancelable lease periods and are reflected as either an increase (for below market leases) or a decrease (for above market leases) to rental income in the statement of comprehensive income. The value of the leases associated with below market lease renewal options that are likely to be exercised are amortized to rental income over the respective renewal periods. If a tenant vacates its space prior to contractual termination of its lease or the lease is not renewed, the unamortized balance of any in-place lease value is written off to rental income and amortization expense. Transaction costs related to the acquisition of a business, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are expensed as incurred and included in “general and administrative expenses” in our consolidated statements of comprehensive income. For asset acquisitions not meeting the definition of a business, transaction costs are capitalized as part of the acquisition cost. Real Estate Held for Sale The company classifies long-lived assets or a disposal group to be sold as held for sale during the period when all the necessary criteria are met. The criteria includes (i) management, having the authority to approve the action, commits to a plan to sell the asset or the disposal group, (ii) the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated, (iv) the sale of the asset or disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year, (v) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Held for sale properties are evaluated quarterly to ensure that properties continue to meet the held for sale criteria. If properties are required to be reclassified from held for sale to held for use due to changes to a plan of sale, they are recorded at the lower of fair value or the carrying amount before the property was classified as held for sale, adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used. Properties that do not meet the held for sale criteria are accounted for as operating properties. Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the company reports the assets and liabilities of the disposal group, if material, in the line items “real estate assets held for sale” and “liabilities related to real estate assets held for sale”, as applicable, on the consolidated balance sheets. A long-lived asset or disposal group that is classified as held for sale is measured at the lower of its cost or estimated fair value less any costs to sell. The fair values of assets held for sale are assessed each reporting period and changes in such fair values are reported as an adjustment to the carrying value of the asset or disposal group with an offset on the consolidated statements of income, to the extent that any subsequent changes in fair value do not exceed the cost basis of the asset or disposal group. Any loss resulting from the transfer of long-lived assets or disposal groups to assets held for sale is recognized in the period during which the held for sale criteria are met. Capitalized Costs We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance and construction costs and salaries and related costs of personnel directly involved. Additionally, we capitalize interest costs related to development and significant redevelopment activities. Capitalization of these costs begins when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine that the completion of development or redevelopment is no longer probable, we expense all capitalized costs which are not recoverable. Impairment of Long Lived Assets We review for impairment on a property by property basis whenever events or changes in circumstances indicate that the carrying value of a property may not be fully recoverable. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Accordingly, the reduction of estimated future cash flows could result in the recognition of an impairment charge on certain of our long-lived assets. Management has not identified indicators that the value of our real estate investments was impaired at December 31, 2024 or December 31, 2023. There were no impairment charges during the years ended December 31, 2024, 2023 and 2022. Financial Instruments The estimated fair values of financial instruments are determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair values. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges. Derivative Instruments At times, we may use derivative instruments to manage exposure to variable interest rate risk. We may enter into interest rate swaps to manage our exposure to variable interest rate risk. If and when we enter into derivative instruments, we ensure that such instruments qualify as cash flow hedges and would not enter into derivative instruments for speculative purposes. Any interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR or Secured Overnight Financing Rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. See the discussion under Note 8 for certain quantitative details related to interest rate swaps and for a discussion on how we value derivative financial instruments. Cash and Cash Equivalents We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity of less than 3 months. Cash balances in individual banks may exceed the federally insured limit of $250,000 by the Federal Deposit Insurance Corporation (the "FDIC"). No losses have been experienced related to such accounts. At December 31, 2024 and December 31, 2023, we had $350.7 million and $64.1 million, respectively, in excess of the FDIC insured limit. At December 31, 2024 and December 31, 2023, we had $71.2 million and $12.3 million, respectively, in money market funds that are not FDIC insured. Restricted Cash Restricted cash consists of amounts held by lenders to provide for future real estate tax expenditures, insurance expenditures and reserves for capital improvements. As of December 31, 2024 and 2023, we had no restricted cash. Other Assets Other assets consist primarily of lease costs, lease incentives, acquired in-place leases and acquired above market leases. Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place and include third-party commissions related to obtaining a lease. Capitalized lease costs are amortized over the life of the related lease and included in depreciation and amortization expense on the statement of comprehensive income. If a tenant vacates its space prior to the contractual termination of its lease, the unamortized balance of any lease costs are written off. We view these lease costs as part of the up-front initial investment we made in order to generate a long-term cash inflow. Therefore, we classify cash outflows for lease costs as an investing activity in our consolidated statements of cash flows. Variable Interest Entities Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is the party that has a controlling interest in the VIE. Identifying the party with the controlling interest requires a focus on which entity has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (1) the obligation to absorb the expected losses of the VIE or (2) the right to receive the benefits from the VIE. At December 31, 2024 and December 31, 2023 we had no investments in real estate joint ventures, and no other interests in VIEs to be evaluated for consolidated. Stock-Based Compensation We grant stock-based compensation awards to our employees and directors typically in the form of restricted shares of common stock, options to purchase common stock and/or shares of common stock. For the grants of performance and market-based restricted stock awards in December 2022 (the “2022 grant”), December 2023 (the “2023 grant”), and December 2024 (the “2024 grant”), we measure stock-based compensation expense based on the fair value of the award on the grant date, adjusted for changes to probabilities of achieving performance targets, and recognize expense ratably over the vesting period. Modifications of stock-based compensation awards are treated as an exchange of the original award for a new award with the resulting total compensation cost equal to the grant-date fair value of the original award plus the incremental value of the modification to the award. The calculation of the incremental value is based on the excess of the fair value of the new (modified) award based on current circumstances over the fair value of the original award measured immediately before its terms are modified. Deferred Compensation Our Operating Partnership has adopted the American Assets Trust Executive Deferral Plan V (“EDP V”) and the American Assets Trust Executive Deferral Plan VI (“EDP VI”). These plans were adopted by our Operating Partnership as successor plans to those deferred compensation plans maintained by American Assets, Inc. (“AAI”) in which certain employees of AAI, who were transferred to us in connection with the Offering (the “Transferred Participants”), participated prior to the Offering. EDP V and EDP VI contain substantially the same terms and conditions as these predecessor plans. AAI transferred to our Operating Partnership the Transferred Participants' account balances under the predecessor plans. These transferred account balances represent amounts deferred by the Transferred Participants prior to the Offering while they were employed by AAI. At the time eligible participants defer compensation, we record compensation cost and a corresponding deferred compensation plan liability, which is included in other liabilities and deferred credits on our consolidated balance sheets. This liability is adjusted to fair value at the end of each accounting period based on the performance of the benchmark funds selected by each participant, and the impact of adjusting the liability to fair value is recorded as an increase or decrease to compensation cost. Income Taxes We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2011. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we maintain our qualification for taxation as a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders. If we fail to maintain our qualification as a REIT in any taxable year, and are unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to regular U.S. federal income tax. We are subject to certain state and local income taxes. We, together with one of our subsidiaries, have elected to treat such subsidiary as a taxable REIT subsidiary (a “TRS”) for federal income tax purposes. Certain activities that we undertake must be conducted by a TRS, such as non-customary services for our tenants, and holding assets that we cannot hold directly. A TRS is subject to federal and state income taxes. Segment Information Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in four reportable segments: the acquisition, redevelopment, ownership and management of office real estate, retail real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel. Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, that requires the quarterly disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”), and (iii) included in each reported measure of a segment’s profit or loss. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. We retrospectively adopted ASU 2023-07 during the year ended December 31, 2024. While the adoption has no impact on our financial statements, it has resulted in incremental disclosures within the footnotes to our consolidated financial statements, see Note 17 Segment Reporting. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures . This pronouncement requires enhanced income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This pronouncement is effective for annual periods in fiscal years beginning after December 15, 2024, and should be applied either prospectively or retrospectively. We are currently evaluating the impact this pronouncement will have on our disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures. This pronouncement requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and should be applied either prospectively or retrospectively, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

REAL ESTATE

REAL ESTATE	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE A summary of our real estate investments is as follows (in thousands): Retail Office Multifamily Mixed-Use Total December 31, 2024 Land $ 226,899 $ 297,947 $ 72,668 $ 76,635 $ 674,149 Buildings 446,775 1,407,244 407,297 130,594 2,391,910 Land improvements 40,658 16,779 8,515 2,606 68,558 Tenant improvements 78,126 240,099 — 3,020 321,245 Furniture, fixtures, and equipment 629 6,241 12,273 13,019 32,162 Construction in progress (1) 3,302 132,742 1,685 611 138,340 796,389 2,101,052 502,438 226,485 3,626,364 Accumulated depreciation (318,352) (503,594) (151,422) (65,510) (1,038,878) Net real estate (2) $ 478,037 $ 1,597,458 $ 351,016 $ 160,975 $ 2,587,486 December 31, 2023 Land $ 226,899 $ 297,947 $ 72,668 $ 76,635 $ 674,149 Buildings 445,001 1,325,835 401,536 130,493 2,302,865 Land improvements 39,256 16,108 8,414 2,606 66,384 Tenant improvements 72,938 228,253 — 2,913 304,104 Furniture, fixtures, and equipment 734 6,123 20,323 18,069 45,249 Construction in progress (1) 6,757 189,417 3,676 103 199,953 791,585 2,063,683 506,617 230,819 3,592,704 Accumulated depreciation (299,309) (449,360) (145,384) (64,592) (958,645) Net real estate (2) $ 492,276 $ 1,614,323 $ 361,233 $ 166,227 $ 2,634,059 (1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets. (2) Excludes net real estate assets held for sale Real Estate Assets Held for Sale As of December 31, 2024, the company had one property under contract for sale, classified as held for sale. The following table presents the assets associated with the property classified as held for sale (in thousands): December 31, 2024 December 31, 2023 Assets Buildings and improvements $ 100,567 $ 99,765 Land 27,117 27,117 Tenant improvements 24,758 21,633 Construction in Progress 1,692 549 Accumulated depreciation (80,435) (77,808) Net real estate assets 73,699 71,256 Other Assets 3,820 2,968 Real estate assets held for sale $ 77,519 $ 74,223

ACQUIRED IN-PLACE LEASES AND AB

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES	ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES The following summarizes our acquired lease intangibles, which are included in other assets and other liabilities and deferred credits (in thousands): December 31, 2024 December 31, 2023 In-place leases $ 49,813 $ 51,488 Accumulated amortization (35,798) (32,891) Above market leases 432 1,724 Accumulated amortization (403) (1,658) Acquired lease intangible assets, net $ 14,044 $ 18,663 Below market leases $ 42,420 $ 44,038 Accumulated accretion (29,344) (28,425) Acquired lease intangible liabilities, net $ 13,076 $ 15,613 The value allocated to in-place leases is amortized over the related lease term as depreciation and amortization expense in the statement of comprehensive income. Above and below market leases are amortized over the related lease term as additional rental income for below market leases or a reduction of rental income for above market leases in the statement of comprehensive income. Rental income (loss) includes net amortization from acquired above and below market leases of $2.7 million, $3.1 million and $3.3 million in 2024, 2023 and 2022, respectively. The remaining weighted-average amortization period as of December 31, 2024, is 4.5 years, 0.9 years and 11.3 years for in-place leases, above market leases and below market leases, respectively. Below market leases include $8.1 million related to below market renewal options, and the weighted-average period prior to the commencement of the renewal options is 7.1 years. Increases (decreases) in net income as a result of amortization of our in-place leases, above market leases and below market leases are as follows (in thousands): Year Ended December 31, 2024 2023 2022 Amortization of in-place leases $ (4,583) $ (4,928) $ (7,188) Amortization of above market leases (38) (41) (41) Amortization of below market leases 2,721 3,127 3,348 $ (1,900) $ (1,842) $ (3,881) As of December 31, 2024, the amortization for acquired leases during the next five years and thereafter (excluding the real estate assets held for sale), assuming no early lease terminations, is as follows (in thousands): In-Place Above Market Below Market Year Ending December 31, 2025 $ 3,767 $ 26 $ 2,046 2026 3,263 3 1,630 2027 3,012 — 1,315 2028 2,801 — 1,011 2029 773 — 661 Thereafter 399 — 6,413 $ 14,015 $ 29 $ 13,076

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 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 December 31, 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): December 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Deferred compensation liability $ — $ 2,968 $ — $ 2,968 $ — $ 2,627 $ — $ 2,627 Interest rate swap asset $ — $ 5,215 $ — $ 5,215 $ — $ 7,963 $ — $ 7,963 Interest rate swap liability $ — $ — $ — $ — $ — $ — $ — $ — The fair value of our secured notes payable and unsecured notes payable is sensitive to fluctuations in interest rates. Discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable, using rates ranging from 5.8% to 6.8%. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying values of our line of credit and term loan set forth below are deemed to be at fair value since the outstanding debt is directly tied to monthly SOFR contracts. A summary of the carrying amount and fair value of our financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands): December 31, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Secured notes payable $ 74,759 $ 74,231 $ 74,669 $ 74,804 Unsecured term loan $ 324,739 $ 325,000 $ 323,491 $ 325,000 Unsecured senior guaranteed notes $ 599,172 $ 571,543 $ 798,772 $ 770,998 Senior unsecured notes, net $ 1,011,845 $ 959,234 $ 492,694 $ 405,860

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets consist of the following (in thousands): December 31, 2024 December 31, 2023 Leasing commissions, net of accumulated amortization of $51,068 and $46,415, respectively $ 34,862 $ 36,257 Interest rate swap asset 5,215 7,963 Acquired above market leases, net 29 66 Acquired in-place leases, net 14,015 18,597 Lease incentives, net of accumulated amortization of $1,171 and $1,198, respectively 1,760 1,174 Other intangible assets, net of accumulated amortization of $2,062 and $1,813, respectively 1,560 1,809 Debt issuance costs on line of credit, net of accumulated amortization of $1,943 and $1,296, respectively 648 1,295 Right-of-use lease asset, net 18,993 21,503 Prepaid expenses, deposits and other 10,655 10,366 Total other assets $ 87,737 $ 99,030

OTHER LIABILITIES AND DEFERRED

OTHER LIABILITIES AND DEFERRED CREDITS	12 Months Ended
	Dec. 31, 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): December 31, 2024 December 31, 2023 Acquired below market leases, net $ 13,076 $ 15,613 Prepaid rent and deferred revenue 17,408 16,747 Straight-line rent liability 7,692 10,656 Deferred compensation 2,968 2,627 Deferred tax liability 781 784 Lease liability 20,638 23,254 Other liabilities 25 58 Total other liabilities and deferred credits, net $ 62,588 $ 69,739 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	12 Months Ended
	Dec. 31, 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% and 6.150% 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 is a summary of the Operating Partnership's total secured notes payable outstanding as of December 31, 2024 and December 31, 2023 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date December 31, 2024 December 31, 2023 as of December 31, 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 $632 and $542, respectively (241) (331) Total Secured Notes Payable $ 74,759 $ 74,669 (1) Interest only. The Operating Partnership has provided a carve-out guarantee on the new mortgage at City Center Bellevue. Certain loans require the Operating Partnership to comply with various financial covenants. As of December 31, 2024, the Operating Partnership was in compliance with these financial covenants. Unsecured notes payable The following is a summary of the Operating Partnership's total unsecured notes payable outstanding as of December 31, 2024 and December 31, 2023 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date December 31, 2024 December 31, 2023 as of December 31, 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 (4) — 100,000 3.78 % (4) July 19, 2024 Senior Guaranteed Notes, Series B (5) — 100,000 4.45 % February 2, 2025 Senior Guaranteed Notes, Series C (6) 100,000 100,000 4.50 % April 1, 2025 Senior Guaranteed Notes, Series D 250,000 250,000 4.29 % (7) March 1, 2027 Senior Guaranteed Notes, Series E 100,000 100,000 4.24 % (8) May 23, 2029 Senior Guaranteed Notes, Series G 150,000 150,000 3.91 % (9) July 30, 2030 3.375% Senior Unsecured Notes 500,000 500,000 3.38 % February 1, 2031 6.150% Senior Notes 525,000 — 6.15 % (10) October 1, 2034 1,950,000 1,625,000 Debt discount and issuance costs, net of accumulated amortization of $9,890 and $7,259, respectively (14,244) (10,042) Total Unsecured Notes Payable $ 1,935,756 $ 1,614,958 (1) The Operating Partnership has 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. On January 2, 2025, we repaid the entirety of Term Loan B and Term Loan C. (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 Senior B Notes were prepaid in full on December 2, 2024, without penalty or premium. (6) The Senior C Notes were prepaid in full on February 3, 2025, without penalty or premium. (7) The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. 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. (8) The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum. (9) The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. (10) The Operating Partnership entered into a treasury lock contract on September 9, 2024 for $150 million and September 10, 2024 for an additional $150 million, which were both settled on September 10, 2024 at a combined loss of approximately $1.3 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 6.209% per annum. Scheduled principal payments on secured and unsecured notes payable as of December 31, 2024 are as follows (in thousands): 2025 (1) $ 325,000 2026 — 2027 425,000 2028 — 2029 100,000 Thereafter 1,175,000 $ 2,025,000 (1) Term Loan B, Term Loan C and Series C Notes, totaling $325 million in the aggregate, were repaid in full without penalty or premium, subsequent to the year ended December 31, 2024. 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. On September 17, 2024, the Operating Partnership issued $525 million of senior unsecured notes (the “6.150% Senior Notes”) that mature October 1, 2034, and bear interest at 6.150% per annum. The 6.150% Senior Notes were priced at 99.671% of the principal amount with a yield to maturity of 6.194%. The net proceeds of the 6.150% Senior Notes, after the issuance discount, underwriting fees, and other costs, were approximately $518.2 million. To date, the net proceeds were used to repay the $100 million then outstanding balance under our Revolver Loan on September 19, 2024, our Series B Notes in the amount of $100 million on December 2, 2024 and our Series C Notes in the amount of $100 million on February 3, 2025. The remaining net proceeds will be used for working capital and general corporate purposes. Prior to the issuance of the 6.150% Senior Notes, the Operating Partnership entered into a treasury lock contract on September 9, 2024 for $150 million and September 10, 2024 for an additional $150 million, which were both settled on September 10, 2024 at a combined loss of approximately $1.3 million. As a result of the loss on these treasury lock contracts and the debt discount, the effective rate on our 6.150% Senior Notes is 6.209% per annum. The treasury lock contracts have been deemed to be highly effective cash flow hedges and have been designated as accounting hedges. Any gains or losses incurred upon the settlement of these treasury lock contracts are included in accumulated other comprehensive income and are amortized to interest expense over the life of the 6.150% Senior Notes. The 3.375% Senior Notes and the 6.150% 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 December 31, 2024, the Operating Partnership was in compliance with all then in-place 3.375% Senior Notes and 6.15% 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 December 2, 2024, we repaid the entirety of the $100 million Series B Notes. On February 3, 2025, we repaid the entirety of the $100 million Series C Notes. 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 to repay the entirety of our $100 million 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, Series F 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 December 31, 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 December 31, 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 $0.65 million of net debt issuance costs which are recorded in other assets, net on the consolidated balance sheet. For the year ended December 31, 2024, the weighted average interest rate on the Revolver Loan was 6.37%. 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 FFO or (2) the amount required for us to (a) qualify and maintain our REIT status and (b) avoid the payment of federal or state income or excise tax. If certain events of default exist or would result from a distribution, we may be precluded from making distributions other than those necessary to qualify and maintain our status as a REIT. As of December 31, 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 he (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 December 31, 2024, the entirety of the principal amounts of Term Loan B and Term Loan C were outstanding. On January 2, 2025, we repaid the entirety of Term Loan B and Term Loan C. 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 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.

DERIVATIVE AND HEDGING ACTIVITI

DERIVATIVE AND HEDGING ACTIVITIES	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE AND HEDGING ACTIVITIES	DERIVATIVE AND HEDGING ACTIVITIES Our objectives in using derivatives are to add stability to interest expense and to manage exposure to interest rate movement. To accomplish these objectives, we use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The following is a summary of the terms of the interest rate swaps as of December 31, 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 $ 2,571 Wells Fargo Bank, N.A. $ 50,000 1/14/2022 1/5/2027 $ 2,573 Wells Fargo Bank, N.A. $ 150,000 1/5/2023 1/5/2025 $ 69 Mizuho Capital Markets LLC $ 75,000 1/5/2023 1/5/2025 $ 2 These forward-starting interest rate swap contracts are designed to fix the effective interest rates (1) associated with Term Loan A at 2.70% through its maturity date, subject to adjustments based on our consolidated leverage ratio, (2) associated with Term Loan B at 5.47% from January 5, 2023 to January 4, 2024 and at 5.57% from January 5, 2024 to January 4, 2025, subject to adjustments based on our consolidated debt ratio and (3) associated with Term Loan C at 5.47% from January 5, 2023 to January 4, 2024 and at 5.57% from January 5, 2024 to January 4, 2025, subject to adjustments based on our consolidated debt ratio. The forward-starting interest rate swap contracts associated with Term Loan A, Term Loan B, and Term Loan C each have accrual periods designed to match the respective tenors of these term loans. Prior to the issuance of the 6.150% Senior Notes, the Operating Partnership entered into a treasury lock contract on September 9, 2024 for $150 million and September 10, 2024 for an additional $150 million, which were both settled on September 10, 2024 at a combined loss of approximately $1.3 million. As a result of the loss on these treasury lock contracts and the debt discount, the effective rate on our 6.150% Senior Notes is 6.209% per annum. The treasury lock contracts have been deemed to be highly effective cash flow hedges and have been designated as accounting hedges. Any gains or losses incurred upon the settlement of these treasury lock contracts are included in accumulated other comprehensive income and are amortized to interest expense over the life of the 6.150% Senior Notes. We also previously entered into forward-starting interest rate swap contracts in connection with our Series D Notes (the “Series D Interest Rate Swaps”), which we subsequently settled. The Series D Interest Rate Swaps fixed the effective interest rate of the Series D Notes at 3.87% per annum. All of the forward-starting interest rate swap contracts that we have entered into have been deemed to be highly effective cash flow hedges and have been designated as accounting hedges. In addition, we have entered into treasury lock contracts from time to time in connection with the Operating Partnership’s Notes to reduce their interest rate variability exposure. As a result of these treasury lock contracts (1) the effective interest rate of our Series E Notes is 4.18% per annum, (2) the effective interest rate of our Series F Notes is 3.85% per annum, and (3) the effective interest rate of our Series G Notes is 3.88% per annum. These treasury lock contracts have been deemed to be highly effective cash flow hedges and have been designated as accounting hedges. Any gains or losses incurred upon the settlement of these treasury lock contracts are included in accumulated other comprehensive income and are amortized to interest expense over the life of the related series of Notes. The effective portion of changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded as accumulated other comprehensive income and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. For the next twelve months, we estimate that $1.0 million will be reclassified as a decrease to interest expense.

PARTNERS' CAPITAL OF AMERICAN A

PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. As of December 31, 2024, the Operating Partnership had 16,181,537 common units (the “Noncontrolling Common Units”) outstanding. American Assets Trust, Inc. owned 78.9% of the Operating Partnership at December 31, 2024. The remaining 21.1% of the partnership interests are owned by non-affiliated investors and certain of our directors and executive officers. Common units and shares of the company's common stock have essentially the same economic characteristics in that common units and shares of the company's common stock share equally in the total net income or loss distributions of the Operating Partnership. American Assets Trust, Inc. is the Operating Partnership’s general partner and is responsible for the management of the Operating Partnership’s business. As the general partner of the Operating Partnership, the company effectively controls the ability to issue common stock of American Assets Trust, Inc. upon a limited partner’s notice of redemption. Investors who own common units have the right to cause the Operating Partnership to redeem any or all of their common units for cash equal to the then-current market value of one share of the company's common stock, or, at the company's election, shares of the company's common stock on a one-for-one basis. In addition, American Assets Trust, Inc. has generally acquired common units upon a limited partner’s notice of redemption in exchange for shares of the company's common stock. The redemption provisions of common units owned by limited partners that permit the Operating Partnership to settle in either cash or common stock at the option of the company are further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Operating Partnership evaluated this guidance, including the requirement to settle in unregistered shares, and determined that these common units meet the requirements to qualify for presentation as permanent equity.

EQUITY OF AMERICAN ASSETS TRUST

EQUITY OF AMERICAN ASSETS TRUST, INC.	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
EQUITY OF AMERICAN ASSETS TRUST, INC.	EQUITY OF AMERICAN ASSETS TRUST, INC. Stockholders' Equity On December 3, 2021, we entered into a new ATM equity program, with five sales agents under which we may, from time to time, offer and sell shares of our common stock having an aggregate offering price of up to $250 million. The sale of shares of our common stock made through the ATM equity program are made in "at-the-market" offerings as defined in Rule 415 of the Securities Act of 1933, as amended. For the year ended December 31, 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 December 31, 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 December 31, 2024, we have no obligation to sell the remaining shares available for sale under the active ATM equity program. Preferred Stock Authorized Shares We have been authorized to issue 10,000,000 shares of preferred stock with a par value of $0.01, of which no shares were outstanding at December 31, 2024. Upon issuance, our board of directors has the ability to define the terms of the preferred shares, including voting rights, liquidation preferences, conversion and redemption provisions and dividend rates. Dividends The following table lists the dividends declared and paid on our shares of common stock and Noncontrolling Common Units for the years ended December 31, 2024, 2023 and 2022: Period Amount per Share/Unit Period Covered Dividend Paid Date First Quarter 2022 $ 0.320 January 1, 2022 to March 31, 2022 March 24, 2022 Second Quarter 2022 $ 0.320 April 1, 2022 to June 30, 2022 June 23, 2022 Third Quarter 2022 $ 0.320 July 1, 2022 to September 30, 2022 September 22, 2022 Fourth Quarter 2022 $ 0.320 October 1, 2022 to December 31, 2022 December 22, 2022 First Quarter 2023 $ 0.330 January 1, 2023 to March 31, 2023 March 23, 2023 Second Quarter 2023 $ 0.330 April 1, 2023 to June 30, 2023 June 22, 2023 Third Quarter 2023 $ 0.330 July 1, 2023 to September 30, 2023 September 21, 2023 Fourth Quarter 2023 $ 0.330 October 1, 2023 to December 31, 2023 December 21, 2023 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 Third Quarter 2024 $ 0.335 July 1, 2024 to September 30, 2024 September 19, 2024 Fourth Quarter 2024 $ 0.335 October 1, 2024 to December 31, 2024 December 19, 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 loss on extinguishment of debt, revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation. A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2024 2023 2022 Per Share % Per Share % Per Share % Ordinary income $ 1.09 81.5 % $ 1.20 90.6 % $ 1.18 92.1 % Capital gain — — % — — % — — % Return of capital 0.25 18.5 % 0.12 9.4 % 0.10 7.9 % Total $ 1.34 100.0 % $ 1.32 100.0 % $ 1.28 100.0 % Stock-Based Compensation The company has established the 2011 Equity Incentive Award Plan, which provides for grants to directors, employees and consultants of the company and the Operating Partnership of stock options, restricted stock, dividend equivalents, stock payments, performance shares, LTIP units, stock appreciation rights and other incentive awards. In June 2020, at the annual shareholder meeting, the shareholders approved the Amended and Restated 2011 Equity Incentive Award Plan (the "Amended and Restated 2011 Plan"). An aggregate of 4,054,411 shares of our common stock are authorized for issuance under awards granted pursuant to the Amended and Restated 2011 Plan, and as of December 31, 2024, 1,672,303 shares of common stock remain available for future issuance. The following shares of restricted common stock have been issued as of December 31, 2024: Grant Fair Value at Grant Date Number June 7, 2022 (1) 32.94 6,072 December 7, 2022 (2) 18.53 - 19.52 319,610 June 5, 2023 (1) 19.33 10,348 December 7, 2023 (3) 14.65 - 15.54 290,541 June 3, 2024 (1) 21.79 9,180 December 4, 2024 (4) 19.83 - 20.79 236,052 December 4, 2024 (5) 28.47 58,416 (1) Restricted common stock issued to members of the company's non-employee directors. These awards of restricted stock will vest subject to the director's continued service on the Board of Directors on the earlier of (i) the one year anniversary of the date of grant or (ii) the date of the next annual meeting of our stockholders, if such non-employee director continues his or her service on the Board of Directors until the next annual meeting of stockholders, but not thereafter, pursuant to our independent director compensation policy. (2) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2023, 2024 and 2025, subject to the employee's continued employment on those dates. (3) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2024, 2025 and 2026, subject to the employee's continued employment on those dates. (4) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2025, 2026 and 2027, subject to the employee's continued employment on those dates. (5) Time-based restricted common stock issued to Mr. Wyll related to his transition to Chief Executive Officer, which are eligible to vest in substantially equal one-third tranches on December 4, 2025, December 4, 2026 and December 4, 2027, subject to Mr. Wyll's continued employment on those dates. For the 2022, 2023, and 2024 grants, the fair value of the awards was estimated using a Monte Carlo Simulation model. For the 2022, 2023, and 2024 grants, vesting is subject to multiple vesting conditions as follows: (1) a service condition which requires continued employment of the employee as of each vesting date during the three-year vesting term for the employee to be eligible for vesting, (2) a performance condition with respect to our FFO per share for the FFO performance periods and (3) a market condition with respect to our relative total shareholder return performance over a one-year, two-year and three-year performance as compared to a pre-determined index. On each measurement date the performance condition and market condition performance will determine the number of shares that vest. We measure stock-based compensation expense based on the fair value of the award on the grant date, adjusted for changes to probabilities of achieving performance targets, and recognize expense over the vesting period. For the restricted stock grants that are time-vesting, issued to our non-employee directors, we estimate the stock compensation expense based on the fair value of the stock at the grant date. The following table summarizes the activity of non-vested restricted stock awards during the year ended December 31, 2024: 2024 Units Weighted Average Grant Date Fair Value Balance at beginning of year 585,865 $ 17.95 Granted 303,648 21.93 Vested (278,178) 19.15 Forfeited (10,397) 18.30 Balance at end of year 600,938 $ 19.40 We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $7.1 million, $8.8 million and $8.7 million in noncash compensation expense for the years ended December 31, 2024, 2023 and 2022, respectively, each of which is included in general and administrative expense on the statement of comprehensive income. Unrecognized compensation expense was $9.4 million at December 31, 2024, which will be recognized over a weighted-average period of 1.60 years . Earnings Per Share We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating security is calculated according to dividends declared and participation rights in undistributed earnings. For the years ended December 31, 2024, 2023 and 2022, we had a weighted average of approximately 583,512 shares, 573,344 shares and 489,765 unvested shares outstanding, respectively, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares. Diluted EPS is calculated by dividing the net income attributable to common stockholders for the period by the weighted average number of common and dilutive instruments outstanding during the period using the treasury stock method. For the year ended December 31, 2024, diluted shares exclude incentive restricted stock as these awards are considered contingently issuable. Additionally, the unvested restricted stock awards subject to time vesting are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. Earnings Per Unit of the Operating Partnership Basic earnings (loss) per unit (“EPU”) of the Operating Partnership is computed by dividing income (loss) applicable to unitholders by the weighted average Operating Partnership units outstanding, as adjusted for the effect of participating securities. Operating Partnership units granted in equity-based payment transactions are considered participating securities prior to vesting. The impact of unvested Operating Partnership unit awards on EPU has been calculated using the two-class method whereby earnings are allocated to the unvested Operating Partnership unit awards based on distributions and the unvested Operating Partnership units’ participation rights in undistributed earnings (losses). The calculation of diluted earnings per unit for the year ended December 31, 2024, 2023 and 2022 does not include 583,512, 573,344, and 489,765 unvested weighted average Operating Partnership units, respectively, as these equity securities are either considered contingently issuable or the effect of including these equity securities was anti-dilutive. The computation of basic and diluted EPS for American Assets Trust, Inc. is presented below (dollars in thousands, except share and per share amounts): Year Ended December 31, 2024 2023 2022 NUMERATOR Net income $ 72,819 $ 64,690 $ 55,877 Less: Net income attributable to restricted shares (787) (761) (648) Less: Income attributable to unitholders in the Operating Partnership (15,234) (13,551) (11,723) Net income attributable to common stockholders—basic $ 56,798 $ 50,378 $ 43,506 Income attributable to American Assets Trust, Inc. common stockholders—basic $ 56,798 $ 50,378 $ 43,506 Plus: Income attributable to unitholders in the Operating Partnership 15,234 13,551 11,723 Net income attributable to common stockholders—diluted $ 72,032 $ 63,929 $ 55,229 DENOMINATOR Weighted average common shares outstanding—basic 60,333,055 60,158,976 60,048,970 Effect of dilutive securities—conversion of Operating Partnership units 16,181,537 16,181,537 16,181,537 Weighted average common shares outstanding—diluted 76,514,592 76,340,513 76,230,507 Earnings per common share, basic $ 0.94 $ 0.84 $ 0.72 Earnings per common share, diluted $ 0.94 $ 0.84 $ 0.72

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 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 taxable year ended December 31, 2011. As a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders. Our Operating Partnership is subject to state and local income taxes and 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 $1.0 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 December 31, 2024 and 2023, respectively, in relation to real estate asset basis differences and prepaid expenses for our TRS. The income tax provision included in other income (expense) on the consolidated statement of comprehensive income is as follows (in thousands): Year Ended December 31, 2024 2023 2022 Current: Federal $ 31 $ 86 $ — State 962 1,191 1,063 Deferred: Federal — (21) 8 State (107) (215) (221) Provision for income taxes $ 886 $ 1,041 $ 850

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal We are sometimes involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. As of December 31, 2024, no litigation liabilities have been 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 tenants' operations at our properties. Commitments See Footnote 13 for description of our leases, as a lessee. We have management agreements with Outrigger Hotels & Resorts or an affiliate thereof (“Outrigger”) pursuant to which Outrigger manages each of the retail and hotel portions of the Waikiki Beach Walk property. Under the management agreement with Outrigger relating to the retail portion of Waikiki Beach Walk (the “retail management agreement”), we pay Outrigger a monthly management fee of 3.0% of net revenues from the retail portion of Waikiki Beach Walk. Pursuant to the terms of the retail management agreement, if the agreement is terminated in certain instances, including our election not to repair damage or destruction at the property, a condemnation or our failure to make required working capital infusions, we would be obligated to pay Outrigger a termination fee equal to the sum of the management fees paid for the two months immediately preceding the termination date. The retail management agreement may not be terminated by us or by Outrigger without cause. Under our management agreement with Outrigger relating to the hotel portion of Waikiki Beach Walk (the “hotel management agreement”), we pay Outrigger a monthly management fee of 6.0% of the hotel's gross operating profit, as well as 3.0% of the hotel's gross revenues; provided that the aggregate management fee payable to Outrigger for any year shall not exceed 3.5% of the hotel's gross revenues for such fiscal year. Pursuant to the terms of the hotel management agreement, if the agreement is terminated in certain instances, including upon a transfer by us of the hotel or upon a default by us under the hotel management agreement, we would be required to pay a cancellation fee calculated by multiplying (1) the management fees for the previous 12 months by (2) (a) eight, if the agreement is terminated in the first 11 years of its term, or (b) four, three, two or one, if the agreement is terminated in the twelfth, thirteenth, fourteenth or fifteenth year, respectively, of its term. The hotel management agreement may not be terminated by us or by Outrigger without cause. Additionally, we have entered into 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 may be terminated by us at any time and for any reason on at least 30 days' notice without payment of 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 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 $8.2 million based on operating performance through December 31, 2024. Our Del Monte Center property has ongoing environmental remediation related to ground water contamination. The environmental issue existed at purchase and is currently in the final stages of remediation. The final stages of the remediation will include routine, long term ground monitoring by the appropriate regulatory agency over the next five 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 and social factors affecting the markets in which the tenants operate. Fifteen of our consolidated properties, representing 43.2% and 41.2% of our total revenue for the year ended December 31, 2024 and 2023, respectively, are located in Southern California, which exposes us to greater economic risks than if we owned a more geographically diverse portfolio. Our mixed-use property located in Honolulu, Hawaii accounted for 14.8% and 15.1% of total revenues for the year ended December 31, 2024 and 2023, respectively. Tenants in the office industry accounted for 47.1% and 47.1% of total revenues for the years December 31, 2024 and 2023, respectively. This makes us susceptible to demand for office rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the office industry. Tenants in the retail industry accounted for 23.8% and 23.7% of total revenues for the years December 31, 2024 and 2023, respectively. This makes us susceptible to demand for retail rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the retail industry. Two retail properties, Alamo Quarry Market and Waikele Center combined accounted for 8.8% and 9.0% of total revenues for the years ended December 31, 2024 and 2023, respectively. For the years ended December 31, 2024 and 2023, no tenant accounted for more than 10.0% of our total rental revenue. At December 31, 2024, Google LLC at The Landmark at One Market accounted for 9.5% of total annualized base rent. Three other tenants (LPL Holdings, Inc., Autodesk, Inc., and Smartsheet, Inc.) comprise 14.4% of our total annualized base rent at December 31, 2024, in the aggregate. No other tenants represent greater than 2.0% of our total annualized base rent. Total annualized base rent used for the percentage calculations includes the annualized base rent as of December 31, 2024 for our office properties, retail properties and the retail portion of our mixed-use property.

LEASES

LEASES	12 Months Ended
	Dec. 31, 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. At December 31, 2024, our office, retail and mixed-use properties are located in five states: California, Washington, Oregon, Texas and Hawaii. At December 31, 2024, we had approximately 864 leases with office and retail tenants, including the retail portion of our mixed-use property. Our multifamily properties are located in Southern California and Portland, Oregon, and we had 1,849 leases with residential tenants at December 31, 2024, excluding Santa Fe Park RV Resort. As of December 31, 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 (excluding the real estate assets held for sale) are as follows for the years ended December 31 (in thousands): 2025 $ 246,612 2026 237,403 2027 211,390 2028 167,064 2029 109,389 Thereafter 181,947 Total $ 1,153,805 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 by way of the remaining five years extension option (the "Annex Lease"). The lease payments under the extension option provided for under the Annex Lease will be equal to the fair rental value at the time the extension option is exercised. The extension option is included in the calculation of the right-of-use asset and lease liability as we are reasonably certain of exercising the extension option. In March 2020, we exercised a five-year extension option to extend the Annex Lease through June 30, 2026, which was memorialized in a lease amendment executed in August 2020 that additionally modified other certain lease payment terms. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement in determining the present value of lease payments. Current annual payments under the operating leases are as follows, as of December 31, 2024 (in thousands): Year Ending December 31, 2025 $ 3,531 2026 3,584 2027 3,584 2028 3,584 2029 3,584 Thereafter 5,375 Total lease payments 23,242 Imputed interest (2,604) Present value of lease liability $ 20,638 Lease costs under the operating leases are as follows (in thousands): Year Ended December 31, 2024 2023 Operating lease cost $ 3,727 $ 3,713 Sublease income (3,445) (3,664) Total lease (income) cost $ 282 $ 49 Weighted-average remaining lease term - operating leases (in years) 6.5 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): Year Ended December 31, 2024 2023 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 3,428 $ 3,328 Subleases At The Landmark at One Market, we (as sublandlord) sublease the Annex Lease building under operating leases effective through December 31, 2029. The subleases contain extension options, subject to our ability to extend the Annex Lease, that can extend the subleases through December 31, 2039 at the fair rental value at the time the extension option is exercised.
LEASES	LEASES Lessor Operating Leases We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases. Our leases with office, retail, mixed-use and residential tenants are classified as operating leases. Leases at our office and retail properties and the retail portion of our mixed-use property generally range from three years to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, usually provide for cost recoveries for the tenant’s share of certain operating costs. Our leases may also include variable lease payments in the form of percentage rents based on the tenant’s level of sales achieved in excess of a breakpoint threshold. Leases on apartments generally range from seven months to fifteen months, with a majority having 12 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. At December 31, 2024, our office, retail and mixed-use properties are located in five states: California, Washington, Oregon, Texas and Hawaii. At December 31, 2024, we had approximately 864 leases with office and retail tenants, including the retail portion of our mixed-use property. Our multifamily properties are located in Southern California and Portland, Oregon, and we had 1,849 leases with residential tenants at December 31, 2024, excluding Santa Fe Park RV Resort. As of December 31, 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 (excluding the real estate assets held for sale) are as follows for the years ended December 31 (in thousands): 2025 $ 246,612 2026 237,403 2027 211,390 2028 167,064 2029 109,389 Thereafter 181,947 Total $ 1,153,805 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 by way of the remaining five years extension option (the "Annex Lease"). The lease payments under the extension option provided for under the Annex Lease will be equal to the fair rental value at the time the extension option is exercised. The extension option is included in the calculation of the right-of-use asset and lease liability as we are reasonably certain of exercising the extension option. In March 2020, we exercised a five-year extension option to extend the Annex Lease through June 30, 2026, which was memorialized in a lease amendment executed in August 2020 that additionally modified other certain lease payment terms. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement in determining the present value of lease payments. Current annual payments under the operating leases are as follows, as of December 31, 2024 (in thousands): Year Ending December 31, 2025 $ 3,531 2026 3,584 2027 3,584 2028 3,584 2029 3,584 Thereafter 5,375 Total lease payments 23,242 Imputed interest (2,604) Present value of lease liability $ 20,638 Lease costs under the operating leases are as follows (in thousands): Year Ended December 31, 2024 2023 Operating lease cost $ 3,727 $ 3,713 Sublease income (3,445) (3,664) Total lease (income) cost $ 282 $ 49 Weighted-average remaining lease term - operating leases (in years) 6.5 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): Year Ended December 31, 2024 2023 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 3,428 $ 3,328 Subleases At The Landmark at One Market, we (as sublandlord) sublease the Annex Lease building under operating leases effective through December 31, 2029. The subleases contain extension options, subject to our ability to extend the Annex Lease, that can extend the subleases through December 31, 2039 at the fair rental value at the time the extension option is exercised.

COMPONENTS OF RENTAL INCOME AND

COMPONENTS OF RENTAL INCOME AND EXPENSE	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2024 2023 2022 Minimum rents Office $ 197,256 $ 200,870 $ 196,793 Retail 102,848 99,504 95,574 Multifamily 61,112 57,643 53,816 Mixed-Use 12,359 12,194 11,590 Percentage rent 4,353 3,625 4,004 Hotel revenue 43,030 42,881 38,115 Other 2,652 2,656 2,615 Total rental income $ 423,611 $ 419,373 $ 402,507 Minimum rents include $3.1 million, $3.9 million and $5.9 million for the years ended December 31, 2024, 2023 and 2022, respectively, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $2.7 million, $3.1 million and $3.3 million for the years ended December 31, 2024, 2023 and 2022, respectively, to recognize the amortization of above and below market leases. The principal components of rental expenses are as follows (in thousands): Year Ended December 31, 2024 2023 2022 Rental operating $ 56,810 $ 53,028 $ 47,832 Hotel operating 29,903 29,380 25,833 Repairs and maintenance 23,214 22,639 22,222 Marketing 3,054 3,485 2,379 Rent 3,585 3,536 3,215 Hawaii excise tax 4,516 4,387 4,081 Management fees 2,421 2,346 2,083 Total rental expenses $ 123,503 $ 118,801 $ 107,645

OTHER (EXPENSE) INCOME

OTHER (EXPENSE) INCOME	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
OTHER (EXPENSE) INCOME	OTHER (EXPENSE) INCOME The principal components of other (expense) income, net are as follows (in thousands): Year Ended December 31, 2024 2023 2022 Interest and investment income $ 9,031 $ 2,175 $ 225 Income tax (expense) benefit (886) (1,041) (850) Other non-operating income (expense) 10,002 6,515 — Total other income (expense) $ 18,147 $ 7,649 $ (625)

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS During the first quarter of 2019, we terminated the lease agreement with American Assets, Inc. ("AAI"), an entity owned and controlled by Mr. Rady, and entered into a new lease agreement with AAI for office space at Torrey Reserve Campus. Rents commenced on March 1, 2019 for an initial lease term of three years at an average annual rental rate of $0.2 million. During the third quarter of 2020, we entered into a new lease with AAI for office space at Torrey Point to replace its existing lease at Torrey Reserve Campus. Rents commenced on March 1, 2021 for an initial lease term of ten years at an average annual rental rate of $0.2 million. Rental revenue recognized on the leases of $0.3 million, $0.3 million and $0.3 million for the years ended December 31, 2024, 2023 and 2022, respectively, is included in rental income on the consolidated statements of comprehensive income. At Torrey Reserve Campus, we lease space to Ensight, Inc, or Ensight (formerly EDisability, LLC), an entity majority owned and controlled by Mr. Rady. During the fourth quarter of 2020, we entered into a lease termination agreement with Ensight and entered into a new lease agreement for office space at Torrey Reserve Campus. Rents under the new lease agreement commenced on June 1, 2021 for an initial three years at an average rental rate of $0.1 million. During the first quarter of 2024, we entered into a lease amendment with Ensight for a two-year extension term at an average annual rental rate of $0.1 million. Rent revenue recognized on the lease of $0.1 million, $0.1 million and $0.1 million for the years ended December 31, 2024, 2023 and 2022, respectively, is included in rental income on the consolidated statements of comprehensive income. On occasion, the company utilizes aircraft services provided by AAI Aviation, Inc. ("AAIA"), an entity owned and controlled by Mr. Rady. For the years ending December 31, 2024, 2023 and 2022, we incurred approximately $0.2 million, $0.2 million and $0.2 million, respectively, of expenses related to aircraft services of AAIA or reimbursement to Mr. Rady (or his trust) for use of the aircraft owned by AAIA. These expenses are recorded as general and administrative expenses in our consolidated statements of comprehensive income. As of December 31, 2024, Mr. Rady and his affiliates owned approximately 16.5% of our outstanding common stock and 19.3% of our outstanding common units, which together represent an approximate 35.7% beneficial interest in our company on a fully diluted basis. The Waikiki Beach Walk entities have a 47.7% investment in WBW CHP LLC, an entity that was formed to, among other things, construct a chilled water plant to provide air conditioning to the property and other adjacent facilities. The operating expenses of WBW CHP LLC are recovered through reimbursements from its members, and reimbursements to WBW CHP LLC of $1.1 million, $1.1 million and $1.3 million were made for the years ended December 31, 2024, 2023 and 2022, respectively, and included in rental expenses on the statements of comprehensive income.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING In November 2023, the FASB issued 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 (“CODM”) and included within the segment measure of profit or loss. For the year ended December 31, 2024, the CODM for the company is comprised of our executive management team: Mr. Rady, our Chief Executive Officer (through December 31, 2024) and Executive Chairman (effective January 1, 2025), Mr. Wyll, our President and Chief Operating Officer (through December 31, 2024), and Chief Executive Officer (effective January 1, 2025) and Mr. Barton, our Chief Financial Officer. Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. However, we have aggregated our properties into reportable segments as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies. We operate in four reportable business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel. Regular reportable segment updates are provided directly to the CODM. These updates include the performance of our segments based on segment profit which is defined as property revenue less property expenses, and this serves as the profit or loss measure used by the CODM for performance assessment and resource allocation. We consider segment profit to be an appropriate supplemental measure to net income because it assists both investors and the CODM in understanding the core operations of our properties. Segment profit provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. 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. 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. A significant segment expense is a category of expenses and amounts regularly provided to the CODM that is included in the calculation of each reported measure of segment profit or loss. Further, the CODM will use this measure to assess segment performance in deciding how to allocate resources. Significant expenses included in the reportable segment profit or loss measure are presented by rental expenses and real estate taxes for each reportable segment. Rental expenses includes facilities service expense, utilities expense, repairs and maintenance expense, insurance expense and other costs. The following table represents the significant segment expenses and operating activity within our reportable segments (in thousands): Year Ended December 31, 2024 2023 2022 Total Office Property revenue $ 215,778 $ 207,856 $ 203,391 Rental Expenses 43,181 40,627 36,985 Real Estate Taxes 19,053 20,712 20,493 Property expense 62,234 61,339 57,478 Segment profit 153,544 146,517 145,913 Total Retail Property revenue 109,040 104,767 100,912 Rental Expenses 18,578 18,008 16,631 Real Estate Taxes 13,930 13,432 13,675 Property expense 32,508 31,440 30,306 Segment profit 76,532 73,327 70,606 Total Multifamily Property revenue 65,372 61,830 58,139 Rental Expenses 21,603 20,788 19,152 Real Estate Taxes 7,186 7,237 7,104 Property expense 28,789 28,025 26,256 Segment profit 36,583 33,805 31,883 Total Mixed-Use Property revenue 67,665 66,711 60,206 Rental Expenses 40,141 39,378 34,877 Real Estate Taxes 4,055 3,775 3,516 Property expense 44,196 43,153 38,393 Segment profit 23,469 23,558 21,813 Total segments’ profit $ 290,128 $ 277,207 $ 270,215 The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands): Year Ended December 31, 2024 2023 2022 Total segments' profit $ 290,128 $ 277,207 $ 270,215 General and administrative (35,468) (35,960) (32,143) Depreciation and amortization (125,461) (119,500) (123,338) Interest expense, net (74,527) (64,706) (58,232) Loss on early extinguishment of debt — — — Other income (expense), net 18,147 7,649 (625) Net income 72,819 64,690 55,877 Net income attributable to restricted shares (787) (761) (648) Net income attributable to unitholders in the Operating Partnership (15,234) (13,551) (11,723) Net income attributable to American Assets Trust, Inc. stockholders $ 56,798 $ 50,378 $ 43,506 The following table shows net real estate and secured note payable balances for each of the reportable segments, along with their capital expenditures for each year (in thousands): December 31, 2024 December 31, 2023 Net real estate Office $ 1,597,458 $ 1,614,323 Retail (1) 478,037 492,276 Multifamily 351,016 361,233 Mixed-Use 160,975 166,227 $ 2,587,486 $ 2,634,059 Secured Notes Payable (2) Office $ 75,000 $ 75,000 Retail — — $ 75,000 $ 75,000 Capital Expenditures (3) Office $ 56,720 $ 71,336 Retail 13,568 8,856 Multifamily 5,637 5,902 Mixed-Use 1,482 3,793 $ 77,407 $ 89,887 (1) Excludes the real estate assets held for sale. (2) Excludes unamortized debt issuance costs of $0.2 million and $0.3 million as of December 31, 2024 and 2023, respectively. (3) Capital expenditures represent cash paid for capital expenditures during the year and includes leasing commissions paid.

QUARTERLY FINANCIAL INFORMATION

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The tables below reflect selected American Assets Trust, Inc. quarterly information for 2024 and 2023 (in thousands, except per shares data): Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 113,460 $ 122,810 $ 110,890 $ 110,695 Operating income 30,048 37,808 30,794 30,549 Net income 11,584 21,318 15,294 24,623 Net income attributable to restricted shares (202) (194) (195) (196) Net income attributable to unitholders in the Operating Partnership (2,405) (4,467) (3,195) (5,167) Net income attributable to American Assets Trust, Inc. stockholders $ 8,977 $ 16,657 $ 11,904 $ 19,260 Net income per share attributable to common stockholders - basic and diluted $ 0.15 $ 0.28 $ 0.20 $ 0.32 Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 112,491 $ 111,198 $ 109,721 $ 107,754 Operating income 29,399 31,139 31,492 29,716 Net income 13,492 15,135 15,397 20,666 Net income attributable to restricted shares (193) (189) (190) (189) Net income attributable to unitholders in the Operating Partnership (2,818) (3,168) (3,224) (4,341) Net income attributable to American Assets Trust, Inc. stockholders $ 10,481 $ 11,778 $ 11,983 $ 16,136 Net income per share attributable to common stockholders - basic and diluted $ 0.17 $ 0.20 $ 0.20 $ 0.27 The tables below reflect selected American Assets Trust, L.P. quarterly information for 2024 and 2023 (in thousands, except per shares data): Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 113,460 $ 122,810 $ 110,890 $ 110,695 Operating income 30,048 37,808 30,794 30,549 Net income 11,584 21,318 15,294 24,623 Net income attributable to restricted shares (202) (194) (195) (196) Net income attributable to American Assets Trust, L.P. unit holders $ 11,382 $ 21,124 $ 15,099 $ 24,427 Net income per unit attributable to unit holders - basic and diluted $ 0.15 $ 0.28 $ 0.20 $ 0.32 Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 112,491 $ 111,198 $ 109,721 $ 107,754 Operating income 29,399 31,139 31,492 29,716 Net income 13,492 15,135 15,397 20,666 Net income attributable to restricted shares (193) (189) (190) (189) Net income attributable to American Assets Trust, L.P. unit holders $ 13,299 $ 14,946 $ 15,207 $ 20,477 Net income per unit attributable to common unit holders - basic and diluted $ 0.17 $ 0.20 $ 0.20 $ 0.27

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On January 2, 2025, we repaid in full the $225 million outstanding balance on our Term Loan B and Term Loan C under the Amended and Restated Term Loan Agreement. On February 3, 2025, we repaid in full the $100 million outstanding balance on our Series C Notes under the Note Purchase Agreement.

SCHEDULE III-Consolidated Real

SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation	Encumbrance as of December 31, 2024 Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount at December 31, 2024 Accumulated Year Built/ Date Acquired Life on which depreciation in latest income statements is computed Description Land Building and Land Building and Alamo Quarry Market $ — $ 26,396 $ 109,294 $ 33,816 $ 26,816 $ 142,690 $ (81,971) 1997/1999 12/9/2003 35 years Carmel Country Plaza — 4,200 — 14,094 4,200 14,094 (10,787) 1991 1/10/1989 35 years Carmel Mountain Plaza — 22,477 65,217 43,388 31,034 100,048 (60,361) 1994/2020 3/28/2003 35 years Gateway Marketplace — 17,363 21,644 1,175 17,363 22,819 (6,264) 1997/2016 7/6/2017 35 years Geary Marketplace — 8,239 12,353 297 8,239 12,650 (4,789) 2012 12/19/2012 35 years Hassalo on Eighth - Retail — — — 27,886 597 27,289 (11,071) 2015 7/1/2011 35 years Lomas Santa Fe Plaza — 8,600 11,282 14,043 8,620 25,305 (21,007) 1972/1997 6/12/1995 35 years The Shops at Kalakaua — 13,993 10,817 157 14,006 10,961 (6,362) 1971/2006 3/31/2005 35 years Solana Beach Towne Centre — 40,980 38,842 5,413 40,980 44,255 (19,609) 1973/2004 1/19/2011 35 years South Bay Marketplace — 4,401 — 13,022 4,401 13,022 (9,544) 1997/2018 9/16/1995 35 years Waikele Center — 55,593 126,858 44,549 70,644 156,356 (86,587) 1993/2008 9/16/2004 35 years City Center Bellevue 75,000 25,135 190,998 56,692 25,135 247,690 (91,763) 1987/2023 8/21/2012 40 years 14Acres — 35,822 82,737 15,776 35,822 98,513 (10,680) 1985/2024 7/7/2021 40 years Timber Ridge — 23,203 55,992 4,417 23,203 60,409 (7,044) 1986 9/10/2021 40 years Timber Springs — 13,744 30,339 1,783 13,744 32,122 (3,365) 1983 3/8/2022 40 years First & Main — 14,697 109,739 12,950 14,697 122,689 (49,372) 2010 3/11/2011 40 years The Landmark at One Market — 34,575 141,196 34,966 34,575 176,162 (70,137) 1917/2000 6/30/2010 40 years Lloyd Portfolio — 18,660 61,401 111,153 11,845 179,369 (72,353) 1940/2022 7/1/2011 40 years One Beach Street — 15,332 18,017 43,525 15,332 61,542 (5,091) 1924/2024 1/24/2012 40 years Solana Crossing: Solana Crossing I-II — 7,111 17,100 10,549 7,111 27,649 (10,602) 1982/2022 1/19/2011 40 years Solana Crossing III-IV — 7,298 27,887 9,660 7,298 37,547 (14,358) 1982/2022 1/19/2011 40 years Solana Crossing Land — 487 — — 487 — — N/A 1/19/2011 N/A Torrey Reserve Campus: Torrey Plaza — 4,095 — 63,357 5,408 62,044 (29,687) 1996-1997/2014 6/6/1989 40 years Pacific North Court — 3,263 — 38,118 4,309 37,072 (18,317) 1997-1998 6/6/1989 40 years Pacific South Court — 3,285 — 38,918 4,226 37,977 (20,197) 1996-1997 6/6/1989 40 years Pacific VC — 1,413 — 10,939 2,148 10,204 (7,022) 1998-2000 6/6/1989 40 years Pacific Torrey Daycare — 715 — 1,963 911 1,767 (1,209) 1996-1997 6/6/1989 40 years Torrey Reserve Building 6 — — — 6,833 682 6,151 (1,922) 2013 6/6/1989 40 years Torrey Reserve Building 5 — — — 3,573 1,017 2,556 (598) 2014 6/6/1989 40 years Torrey Reserve Building 13 & 14 — — — 16,631 2,188 14,443 (5,674) 2015 6/6/1989 40 years Torrey Point — 2,073 741 49,900 5,050 47,664 (12,140) 2018 5/9/1997 40 years La Jolla Commons La Jolla Commons I-II — 62,312 393,662 18,804 62,312 412,466 (71,999) 2008/2014 6/20/2019 40 years La Jolla Commons Land — 20,446 — 127,070 20,446 127,070 (63) N/A 6/20/2019 N/A Imperial Beach Gardens — 1,281 4,820 8,873 1,281 13,693 (8,808) 1959/2023 7/31/1985 30 years Loma Palisades — 14,000 16,570 39,635 14,052 56,153 (34,564) 1958/2022 7/20/1990 30 years Mariner’s Point — 2,744 4,540 1,945 2,744 6,485 (4,608) 1986 5/9/2001 30 years Santa Fe Park RV Resort — 401 928 1,516 401 2,444 (1,768) 1971/2008 6/1/1979 30 years Encumbrance as of December 31, 2024 Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount at December 31, 2024 Accumulated Year Built/ Date Acquired Life on which depreciation in latest income statements is computed Description Land Building and Land Building and Pacific Ridge Apartments — 47,971 178,497 1,492 47,971 179,989 (48,549) 2013 4/28/2017 30 years Hassalo on Eighth - Multifamily — — — 177,226 6,219 171,007 (53,126) 2015 7/1/2011 30 years Waikiki Beach Walk: Retail — 45,995 74,943 2,304 45,995 77,247 (32,022) 2006 1/19/2011 35 years Hotel — 30,640 60,029 12,573 30,640 72,602 (33,488) 2008/2020 1/19/2011 35 years $ 75,000 $ 638,940 $ 1,866,443 $ 1,120,981 $ 674,149 $ 2,952,215 $ (1,038,878) The table above excludes the real estate assets held for sale as of December 31, 2024 Year Ended December 31, 2024 2023 2022 Real estate assets Balance, beginning of period $ 3,741,768 3,671,469 3,529,371 Additions: Property acquisitions — — 44,076 Improvements 68,484 78,249 116,613 Deductions: Real estate assets held for sale (154,134) — — Other (1) (29,754) (7,950) (18,591) Balance, end of period $ 3,626,364 $ 3,741,768 $ 3,671,469 Accumulated depreciation Balance, beginning of period $ 1,036,453 $ 936,913 $ 847,390 Additions—depreciation 111,727 106,306 108,118 Deductions: Real estate assets held for sale (80,435) — — Other (2) (28,867) (6,766) (18,595) Balance, end of period $ 1,038,878 $ 1,036,453 $ 936,913 (1) Other deductions for the years ended December 31, 2024, 2023 and 2022 represent the write-off of fully depreciated assets and certain incomplete development costs written off. (2) Other deductions for the years ended December 31, 2024, 2023 and 2022 represent the write-off of fully depreciated assets.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 8,977	$ 16,657	$ 11,904	$ 19,260	$ 10,481	$ 11,778	$ 11,983	$ 16,136

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Adam Wyll [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 29, 2024, Adam Wyll, our President and then Chief Operating Officer (and current President and Chief Executive Officer effective January 1, 2025), adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) (the “Wyll 10b5-1 Plan”). The Wyll 10b5-1 Plan provided for the sale of a number of shares of common stock that Mr. Wyll then owned equal to 54% of the gross shares from certain performance-based restricted stock units (the “Wyll PRSUs”) granted under our Amended and Restated 2011 Equity Incentive Award Plan that were scheduled to vest in December 2024. The sale of shares pursuant to the Wyll 10b5-1 Plan was intended to satisfy tax withholding obligations upon vesting of the Wyll PRSUs. The Wyll 10b5-1 Plan terminated on December 31, 2024.
Name	Adam Wyll
Title	President and then Chief Operating Officer (and current President and Chief Executive Officer effective January 1, 2025)
Rule 10b5-1 Arrangement Terminated	true
Termination Date	December 31, 2024
Arrangement Duration	124 days

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have developed and implemented a cybersecurity risk management program intended to protect the security, confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Our cybersecurity risk management program includes: • risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise information technology (“IT”) environment; • a team of employees (as further described below), or our Response Team responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; • the use of reputable, recognized external service providers that assess, test and otherwise assist with aspects of our cybersecurity controls; • periodic cybersecurity awareness training of our employees, incident response personnel, and senior management; • an incident response plan that includes procedures for responding to cybersecurity incidents; and • a risk management process with respect to IT-related third-party service providers. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have developed and implemented a cybersecurity risk management program intended to protect the security, confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity and other IT risks. The Audit Committee reviews and approves our cybersecurity risk management program. The Audit Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Director of IT and Legal Department or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity and other IT risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity and other IT risks. The Audit Committee reviews and approves our cybersecurity risk management program. The Audit Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Director of IT and Legal Department or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]	Our Response Team is responsible for assessing and managing our material risks from cybersecurity threats, has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Response Team includes our President and Chief Operating Officer (and current President and Chief Executive Officer effective January 1, 2025), our Executive Vice President and Chief Financial Officer, our Director of IT, our Business Systems Manager, our Corporate Controller and our Director of Internal Audit. The Response Team members' relevant experience includes overseeing IT departments, reviewing existing security measures, and implementing solutions to mitigate security risks that may pose threats to a business. Our Response Team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including third-party consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Response Team is responsible for assessing and managing our material risks from cybersecurity threats, has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Response Team includes our President and Chief Operating Officer (and current President and Chief Executive Officer effective January 1, 2025), our Executive Vice President and Chief Financial Officer, our Director of IT, our Business Systems Manager, our Corporate Controller and our Director of Internal Audit. The Response Team members' relevant experience includes overseeing IT departments, reviewing existing security measures, and implementing solutions to mitigate security risks that may pose threats to a business.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Response Team members' relevant experience includes overseeing IT departments, reviewing existing security measures, and implementing solutions to mitigate security risks that may pose threats to a business.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Response Team is responsible for assessing and managing our material risks from cybersecurity threats, has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Response Team includes our President and Chief Operating Officer (and current President and Chief Executive Officer effective January 1, 2025), our Executive Vice President and Chief Financial Officer, our Director of IT, our Business Systems Manager, our Corporate Controller and our Director of Internal Audit. The Response Team members' relevant experience includes overseeing IT departments, reviewing existing security measures, and implementing solutions to mitigate security risks that may pose threats to a business. Our Response Team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including third-party consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 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 (the “Offering”) and the related acquisition on January 19, 2011 of certain assets of a combination of entities whose assets included entities owned and/or controlled by Ernest S. Rady and his affiliates, including the Rady Trust, which in turn owned (1) controlling interests in entities owning 17 properties and the property management business of American Assets, Inc. and (2) noncontrolling interests in entities owning four properties. The company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The company's operations are carried on through our Operating Partnership and its subsidiaries, including our taxable REIT subsidiary. Since the formation of our Operating Partnership, the company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. We are a vertically integrated and self-administered REIT with 226 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing. Any reference to the number of properties or units, square footage or acres, employees; or references to beneficial ownership interests, are unaudited and outside the scope of our independent registered public accounting firm's audit of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. As of December 31, 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 December 31, 2024, we owned land at three of our properties that we classify as held for development and construction in progress. A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center (held for sale) Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street 14Acres (formerly known as Eastgate Office Park) Torrey Reserve Campus First & Main Timber Ridge (formerly known as Corporate Campus East III) Torrey Point Lloyd Portfolio Solana Crossing City Center Bellevue Timber Springs (formerly known as Bel-Spring 520) The Landmark at One Market Multifamily Loma Palisades Hassalo on Eighth - Multifamily Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and Construction in Progress La Jolla Commons - Construction in Progress Solana Crossing – Land Lloyd Portfolio – Construction in Progress
Basis of Presentation	Basis of Presentation Our consolidated financial statements include the accounts of the company, our Operating Partnership and our subsidiaries. The equity interests of other investors in our Operating Partnership are reflected as noncontrolling interests. The company follows the Financial Accounting Standards Board (the "FASB") guidance for determining whether an entity is a variable interest entity (“VIE”) and requires the performance of a qualitative rather than a quantitative analysis to determine the primary beneficiary of a VIE. Under this guidance, an entity would be required to consolidate a VIE if it has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. American Assets Trust, Inc. has concluded that the Operating Partnership is a VIE, and because American Assets Trust, Inc. has both the power and the rights to control the Operating Partnership, American Assets Trust, Inc. is the primary beneficiary and is required to continue to consolidate the Operating Partnership. Substantially all of the assets and liabilities of the company are related to the operating partnership VIE. All intercompany transactions and balances are eliminated in consolidation.
Use of Estimates	Use of Estimates
Revenue Recognition and Accounts Receivable	Revenue Recognition and Accounts Receivable Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, based on management's assessment of credit, collection and other business risks. When we determine that we are the owner of tenant improvements and the tenant has reimbursed us for a portion or all of the tenant improvement costs, we consider the amount paid to be additional rent, which is recognized on a straight-line basis over the term of the related lease. For first generation tenants, in instances in which we fund tenant improvements and the improvements are deemed to be owned by us, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When we determine that the tenant is the owner of tenant improvements, tenant allowances are recorded as lease incentives and we commence revenue recognition and lease incentive amortization when possession or control of the space is turned over to the tenant for tenant work to begin. Percentage rents, which represent additional rents based upon the level of sales achieved by certain tenants, are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved and the percentage rents are collectible. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. Other property income includes parking income, general excise tax billed to tenants and fees charged to tenants at our multifamily properties. Other property income is recognized when we satisfy performance obligations as evidenced by the transfer of control of our services to customers. We measure other property income based on the amount of consideration we expect to be entitled to in exchange for the services provided. We recognize general excise tax gross, with the amounts billed to tenants and customers recorded in other property income and the related taxes paid as rental expense. The general excise tax included in other property income was $3.8 million, $3.7 million and $3.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees for which the tenant has relinquished control of the space are generally recognized on the later of the termination date or the satisfaction of all conditions precedent to the lease termination, including, without limitation, payment of all lease termination fees. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Current accounts receivable from tenants primarily relate to contractual minimum rent and percentage rent as well as real estate tax and other cost reimbursements. Accounts receivable from straight-line rent is typically longer term in nature and relates to the cumulative amount by which straight-line rental income recorded to date exceeds cash rents billed to date under the contractual lease agreement. We recognize revenue on the hotel portion of our mixed-use property from the rental of hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when the rooms are occupied and services have been provided. Food and beverage sales are recognized when the customer has been served or at the time the transaction occurs. Revenue from room rental is included in rental revenue on the statement of comprehensive income. Revenue from other sales and services provided is included in other property income on the statement of comprehensive income. We make estimates of the collectability of our current accounts receivable and straight-line rents receivable which requires significant judgment by management. The collectability of receivables is affected by numerous different factors including current economic trends, tenant bankruptcies, the status of collectability of current cash rents receivable, tenants' recent and historical financial and operating results, changes in our tenants' credit ratings, communications between our operating personnel and tenants, the extent of security deposits and letters of credits held with respect to tenants, and the ability of the tenant to perform under the terms of their lease agreement when evaluating the adequacy of the allowance for doubtful accounts. If our assessment of these factors indicates that it is no longer probable that we will be able to collect substantially all rents, we recognize a charge to rental income and limit our rental income to the lesser of lease income on a straight-line basis plus variable rents when they become accruable or cash collected. If we change our conclusion regarding the probability of collecting rent payments required by a lessee, we may recognize an adjustment to rental income in the period we make a change to our prior conclusion. At December 31, 2024 and December 31, 2023, our allowance for doubtful accounts was $2.0 million and $1.4 million, respectively. Total collectability related adjustments for rental income, which includes the allowance for doubtful accounts and deferred rent receivables, was $1.5 million, $1.5 million and $2.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Real Estate	Real Estate Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 30 years to a maximum of 40 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 3 years to 15 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to the contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. For the years ended December 31, 2024, 2023 and 2022, real estate depreciation expense was $111.7 million, $106.3 million and $108.1 million, respectively. Acquisitions of properties are accounted for in accordance with the authoritative accounting guidance on acquisitions and business combinations. Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and appraised values. When we acquire operating real estate properties, the purchase price is allocated to land and buildings, intangibles such as in-place leases, and to current assets and liabilities acquired, if any. Such valuations include a consideration of the noncancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below market renewal options are determined based on a review of several qualitative and quantitative factors on a lease-by-lease basis at acquisition to determine whether it is probable that the tenant would exercise its option to renew the lease agreement. These factors include: (1) the type of tenant in relation to the property it occupies, (2) the quality of the tenant, including the tenant's long term business prospects and (3) whether the fixed rate renewal option was sufficiently lower than the fair rental of the property at the date the option becomes exercisable such that it would appear to be reasonably assured that the tenant would exercise the option to renew. The value allocated to in-place leases is amortized over the related lease term and reflected as depreciation and amortization in the statement of comprehensive income. The value of above and below market leases associated with the original noncancelable lease terms are amortized to rental income over the terms of the respective noncancelable lease periods and are reflected as either an increase (for below market leases) or a decrease (for above market leases) to rental income in the statement of comprehensive income. The value of the leases associated with below market lease renewal options that are likely to be exercised are amortized to rental income over the respective renewal periods. If a tenant vacates its space prior to contractual termination of its lease or the lease is not renewed, the unamortized balance of any in-place lease value is written off to rental income and amortization expense.
Real Estate Held for Sale	Real Estate Held for Sale The company classifies long-lived assets or a disposal group to be sold as held for sale during the period when all the necessary criteria are met. The criteria includes (i) management, having the authority to approve the action, commits to a plan to sell the asset or the disposal group, (ii) the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated, (iv) the sale of the asset or disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year, (v) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Held for sale properties are evaluated quarterly to ensure that properties continue to meet the held for sale criteria. If properties are required to be reclassified from held for sale to held for use due to changes to a plan of sale, they are recorded at the lower of fair value or the carrying amount before the property was classified as held for sale, adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used. Properties that do not meet the held for sale criteria are accounted for as operating properties. Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the company reports the assets and liabilities of the disposal group, if material, in the line items “real estate assets held for sale” and “liabilities related to real estate assets held for sale”, as applicable, on the consolidated balance sheets. A long-lived asset or disposal group that is classified as held for sale is measured at the lower of its cost or estimated fair value less any costs to sell. The fair values of assets held for sale are assessed each reporting period and changes in such fair values are reported as an adjustment to the carrying value of the asset or disposal group with an offset on the consolidated statements of income, to the extent that any subsequent changes in fair value do not exceed the cost basis of the asset or disposal group. Any loss resulting from the transfer of long-lived assets or disposal groups to assets held for sale is recognized in the period during which the held for sale criteria are met.
Capitalized Costs	Capitalized Costs
Impairment of Long Lived Assets	Impairment of Long Lived Assets
Financial Instruments	Financial Instruments The estimated fair values of financial instruments are determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair values. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges.
Derivative Instruments	Derivative Instruments At times, we may use derivative instruments to manage exposure to variable interest rate risk. We may enter into interest rate swaps to manage our exposure to variable interest rate risk. If and when we enter into derivative instruments, we ensure that such instruments qualify as cash flow hedges and would not enter into derivative instruments for speculative purposes.
Cash and Cash Equivalents	Cash and Cash Equivalents
Restricted Cash	Restricted Cash
Other Assets	Other Assets
Variable Interest Entities	Variable Interest Entities
Stock-Based Compensation	Stock-Based Compensation We grant stock-based compensation awards to our employees and directors typically in the form of restricted shares of common stock, options to purchase common stock and/or shares of common stock. For the grants of performance and market-based restricted stock awards in December 2022 (the “2022 grant”), December 2023 (the “2023 grant”), and December 2024 (the “2024 grant”), we measure stock-based compensation expense based on the fair value of the award on the grant date, adjusted for changes to probabilities of achieving performance targets, and recognize expense ratably over the vesting period.
Deferred Compensation	Deferred Compensation Our Operating Partnership has adopted the American Assets Trust Executive Deferral Plan V (“EDP V”) and the American Assets Trust Executive Deferral Plan VI (“EDP VI”). These plans were adopted by our Operating Partnership as successor plans to those deferred compensation plans maintained by American Assets, Inc. (“AAI”) in which certain employees of AAI, who were transferred to us in connection with the Offering (the “Transferred Participants”), participated prior to the Offering. EDP V and EDP VI contain substantially the same terms and conditions as these predecessor plans. AAI transferred to our Operating Partnership the Transferred Participants' account balances under the predecessor plans. These transferred account balances represent amounts deferred by the Transferred Participants prior to the Offering while they were employed by AAI.
Income Taxes	Income Taxes We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2011. To maintain our qualification as a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we maintain our qualification for taxation as a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders. If we fail to maintain our qualification as a REIT in any taxable year, and are unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to regular U.S. federal income tax. We are subject to certain state and local income taxes.
Segment Information	Segment Information
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, that requires the quarterly disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”), and (iii) included in each reported measure of a segment’s profit or loss. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. We retrospectively adopted ASU 2023-07 during the year ended December 31, 2024. While the adoption has no impact on our financial statements, it has resulted in incremental disclosures within the footnotes to our consolidated financial statements, see Note 17 Segment Reporting. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures . This pronouncement requires enhanced income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This pronouncement is effective for annual periods in fiscal years beginning after December 15, 2024, and should be applied either prospectively or retrospectively. We are currently evaluating the impact this pronouncement will have on our disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures. This pronouncement requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and should be applied either prospectively or retrospectively, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.
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 December 31, 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)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Properties Owned	A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center (held for sale) Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street 14Acres (formerly known as Eastgate Office Park) Torrey Reserve Campus First & Main Timber Ridge (formerly known as Corporate Campus East III) Torrey Point Lloyd Portfolio Solana Crossing City Center Bellevue Timber Springs (formerly known as Bel-Spring 520) The Landmark at One Market Multifamily Loma Palisades Hassalo on Eighth - Multifamily Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and Construction in Progress La Jolla Commons - Construction in Progress Solana Crossing – Land Lloyd Portfolio – Construction in Progress A summary of our real estate investments is as follows (in thousands): Retail Office Multifamily Mixed-Use Total December 31, 2024 Land $ 226,899 $ 297,947 $ 72,668 $ 76,635 $ 674,149 Buildings 446,775 1,407,244 407,297 130,594 2,391,910 Land improvements 40,658 16,779 8,515 2,606 68,558 Tenant improvements 78,126 240,099 — 3,020 321,245 Furniture, fixtures, and equipment 629 6,241 12,273 13,019 32,162 Construction in progress (1) 3,302 132,742 1,685 611 138,340 796,389 2,101,052 502,438 226,485 3,626,364 Accumulated depreciation (318,352) (503,594) (151,422) (65,510) (1,038,878) Net real estate (2) $ 478,037 $ 1,597,458 $ 351,016 $ 160,975 $ 2,587,486 December 31, 2023 Land $ 226,899 $ 297,947 $ 72,668 $ 76,635 $ 674,149 Buildings 445,001 1,325,835 401,536 130,493 2,302,865 Land improvements 39,256 16,108 8,414 2,606 66,384 Tenant improvements 72,938 228,253 — 2,913 304,104 Furniture, fixtures, and equipment 734 6,123 20,323 18,069 45,249 Construction in progress (1) 6,757 189,417 3,676 103 199,953 791,585 2,063,683 506,617 230,819 3,592,704 Accumulated depreciation (299,309) (449,360) (145,384) (64,592) (958,645) Net real estate (2) $ 492,276 $ 1,614,323 $ 361,233 $ 166,227 $ 2,634,059 (1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets. (2) Excludes net real estate assets held for sale
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): Year Ended December 31, 2024 2023 2022 Supplemental cash flow information Total interest costs incurred $ 82,030 $ 72,479 $ 63,997 Interest capitalized $ 7,503 $ 7,773 $ 5,765 Interest expense, net $ 74,527 $ 64,706 $ 58,232 Cash paid for interest, net of amounts capitalized $ 64,413 $ 62,003 $ 56,060 Cash paid for income taxes $ 1,247 $ 1,427 $ 865 Supplemental schedule of noncash investing and financing activities Accounts payable and accrued liabilities for construction in progress $ 14,396 $ 16,103 $ 20,832 Accrued leasing commissions $ 2,197 $ 1,726 $ 2,442

REAL ESTATE (Tables)

REAL ESTATE (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Summary of Real Estate Investments	A summary of the properties owned by us is as follows: Retail Carmel Country Plaza Gateway Marketplace Alamo Quarry Market Carmel Mountain Plaza Del Monte Center (held for sale) Hassalo on Eighth - Retail South Bay Marketplace Geary Marketplace Lomas Santa Fe Plaza The Shops at Kalakaua Solana Beach Towne Centre Waikele Center Office La Jolla Commons One Beach Street 14Acres (formerly known as Eastgate Office Park) Torrey Reserve Campus First & Main Timber Ridge (formerly known as Corporate Campus East III) Torrey Point Lloyd Portfolio Solana Crossing City Center Bellevue Timber Springs (formerly known as Bel-Spring 520) The Landmark at One Market Multifamily Loma Palisades Hassalo on Eighth - Multifamily Imperial Beach Gardens Mariner's Point Santa Fe Park RV Resort Pacific Ridge Apartments Mixed-Use Waikiki Beach Walk Retail and Embassy Suites™ Hotel Held for Development and Construction in Progress La Jolla Commons - Construction in Progress Solana Crossing – Land Lloyd Portfolio – Construction in Progress A summary of our real estate investments is as follows (in thousands): Retail Office Multifamily Mixed-Use Total December 31, 2024 Land $ 226,899 $ 297,947 $ 72,668 $ 76,635 $ 674,149 Buildings 446,775 1,407,244 407,297 130,594 2,391,910 Land improvements 40,658 16,779 8,515 2,606 68,558 Tenant improvements 78,126 240,099 — 3,020 321,245 Furniture, fixtures, and equipment 629 6,241 12,273 13,019 32,162 Construction in progress (1) 3,302 132,742 1,685 611 138,340 796,389 2,101,052 502,438 226,485 3,626,364 Accumulated depreciation (318,352) (503,594) (151,422) (65,510) (1,038,878) Net real estate (2) $ 478,037 $ 1,597,458 $ 351,016 $ 160,975 $ 2,587,486 December 31, 2023 Land $ 226,899 $ 297,947 $ 72,668 $ 76,635 $ 674,149 Buildings 445,001 1,325,835 401,536 130,493 2,302,865 Land improvements 39,256 16,108 8,414 2,606 66,384 Tenant improvements 72,938 228,253 — 2,913 304,104 Furniture, fixtures, and equipment 734 6,123 20,323 18,069 45,249 Construction in progress (1) 6,757 189,417 3,676 103 199,953 791,585 2,063,683 506,617 230,819 3,592,704 Accumulated depreciation (299,309) (449,360) (145,384) (64,592) (958,645) Net real estate (2) $ 492,276 $ 1,614,323 $ 361,233 $ 166,227 $ 2,634,059 (1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets. (2) Excludes net real estate assets held for sale
Summary of Real Estate Assets Held for Sale	The following table presents the assets associated with the property classified as held for sale (in thousands): December 31, 2024 December 31, 2023 Assets Buildings and improvements $ 100,567 $ 99,765 Land 27,117 27,117 Tenant improvements 24,758 21,633 Construction in Progress 1,692 549 Accumulated depreciation (80,435) (77,808) Net real estate assets 73,699 71,256 Other Assets 3,820 2,968 Real estate assets held for sale $ 77,519 $ 74,223

ACQUIRED IN-PLACE LEASES AND _2

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Summary of acquired lease intangibles included in other assets and other liabilities	The following summarizes our acquired lease intangibles, which are included in other assets and other liabilities and deferred credits (in thousands): December 31, 2024 December 31, 2023 In-place leases $ 49,813 $ 51,488 Accumulated amortization (35,798) (32,891) Above market leases 432 1,724 Accumulated amortization (403) (1,658) Acquired lease intangible assets, net $ 14,044 $ 18,663 Below market leases $ 42,420 $ 44,038 Accumulated accretion (29,344) (28,425) Acquired lease intangible liabilities, net $ 13,076 $ 15,613 Increases (decreases) in net income as a result of amortization of our in-place leases, above market leases and below market leases are as follows (in thousands): Year Ended December 31, 2024 2023 2022 Amortization of in-place leases $ (4,583) $ (4,928) $ (7,188) Amortization of above market leases (38) (41) (41) Amortization of below market leases 2,721 3,127 3,348 $ (1,900) $ (1,842) $ (3,881)
Summary of Future Amortization for Acquired In-Place Leases	As of December 31, 2024, the amortization for acquired leases during the next five years and thereafter (excluding the real estate assets held for sale), assuming no early lease terminations, is as follows (in thousands): In-Place Above Market Below Market Year Ending December 31, 2025 $ 3,767 $ 26 $ 2,046 2026 3,263 3 1,630 2027 3,012 — 1,315 2028 2,801 — 1,011 2029 773 — 661 Thereafter 399 — 6,413 $ 14,015 $ 29 $ 13,076

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Deferred compensation liability $ — $ 2,968 $ — $ 2,968 $ — $ 2,627 $ — $ 2,627 Interest rate swap asset $ — $ 5,215 $ — $ 5,215 $ — $ 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 financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands): December 31, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Secured notes payable $ 74,759 $ 74,231 $ 74,669 $ 74,804 Unsecured term loan $ 324,739 $ 325,000 $ 323,491 $ 325,000 Unsecured senior guaranteed notes $ 599,172 $ 571,543 $ 798,772 $ 770,998 Senior unsecured notes, net $ 1,011,845 $ 959,234 $ 492,694 $ 405,860

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Components of Other Assets	Other assets consist of the following (in thousands): December 31, 2024 December 31, 2023 Leasing commissions, net of accumulated amortization of $51,068 and $46,415, respectively $ 34,862 $ 36,257 Interest rate swap asset 5,215 7,963 Acquired above market leases, net 29 66 Acquired in-place leases, net 14,015 18,597 Lease incentives, net of accumulated amortization of $1,171 and $1,198, respectively 1,760 1,174 Other intangible assets, net of accumulated amortization of $2,062 and $1,813, respectively 1,560 1,809 Debt issuance costs on line of credit, net of accumulated amortization of $1,943 and $1,296, respectively 648 1,295 Right-of-use lease asset, net 18,993 21,503 Prepaid expenses, deposits and other 10,655 10,366 Total other assets $ 87,737 $ 99,030

OTHER LIABILITIES AND DEFERRE_2

OTHER LIABILITIES AND DEFERRED CREDITS (Tables)	12 Months Ended
	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Summary of Other liabilities and deferred credits	Other liabilities and deferred credits consist of the following (in thousands): December 31, 2024 December 31, 2023 Acquired below market leases, net $ 13,076 $ 15,613 Prepaid rent and deferred revenue 17,408 16,747 Straight-line rent liability 7,692 10,656 Deferred compensation 2,968 2,627 Deferred tax liability 781 784 Lease liability 20,638 23,254 Other liabilities 25 58 Total other liabilities and deferred credits, net $ 62,588 $ 69,739

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Summary of Notes Payable Outstanding	The following is a summary of the Operating Partnership's total secured notes payable outstanding as of December 31, 2024 and December 31, 2023 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date December 31, 2024 December 31, 2023 as of December 31, 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 $632 and $542, respectively (241) (331) Total Secured Notes Payable $ 74,759 $ 74,669 (1) Interest only. The following is a summary of the Operating Partnership's total unsecured notes payable outstanding as of December 31, 2024 and December 31, 2023 (in thousands): Description of Debt Principal Balance as of Stated Interest Rate Stated Maturity Date December 31, 2024 December 31, 2023 as of December 31, 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 (4) — 100,000 3.78 % (4) July 19, 2024 Senior Guaranteed Notes, Series B (5) — 100,000 4.45 % February 2, 2025 Senior Guaranteed Notes, Series C (6) 100,000 100,000 4.50 % April 1, 2025 Senior Guaranteed Notes, Series D 250,000 250,000 4.29 % (7) March 1, 2027 Senior Guaranteed Notes, Series E 100,000 100,000 4.24 % (8) May 23, 2029 Senior Guaranteed Notes, Series G 150,000 150,000 3.91 % (9) July 30, 2030 3.375% Senior Unsecured Notes 500,000 500,000 3.38 % February 1, 2031 6.150% Senior Notes 525,000 — 6.15 % (10) October 1, 2034 1,950,000 1,625,000 Debt discount and issuance costs, net of accumulated amortization of $9,890 and $7,259, respectively (14,244) (10,042) Total Unsecured Notes Payable $ 1,935,756 $ 1,614,958 (1) The Operating Partnership has 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. On January 2, 2025, we repaid the entirety of Term Loan B and Term Loan C. (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 Senior B Notes were prepaid in full on December 2, 2024, without penalty or premium. (6) The Senior C Notes were prepaid in full on February 3, 2025, without penalty or premium. (7) The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. 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. (8) The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum. (9) The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. (10) The Operating Partnership entered into a treasury lock contract on September 9, 2024 for $150 million and September 10, 2024 for an additional $150 million, which were both settled on September 10, 2024 at a combined loss of approximately $1.3 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 6.209% per annum.
Scheduled Principal Payments on Notes Payable	Scheduled principal payments on secured and unsecured notes payable as of December 31, 2024 are as follows (in thousands): 2025 (1) $ 325,000 2026 — 2027 425,000 2028 — 2029 100,000 Thereafter 1,175,000 $ 2,025,000 (1) Term Loan B, Term Loan C and Series C Notes, totaling $325 million in the aggregate, were repaid in full without penalty or premium, subsequent to the year ended December 31, 2024.

DERIVATIVE AND HEDGING ACTIVI_2

DERIVATIVE AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Interest Rate Swap Terms	The following is a summary of the terms of the interest rate swaps as of December 31, 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 $ 2,571 Wells Fargo Bank, N.A. $ 50,000 1/14/2022 1/5/2027 $ 2,573 Wells Fargo Bank, N.A. $ 150,000 1/5/2023 1/5/2025 $ 69 Mizuho Capital Markets LLC $ 75,000 1/5/2023 1/5/2025 $ 2

EQUITY OF AMERICAN ASSETS TRU_2

EQUITY OF AMERICAN ASSETS TRUST, INC. (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Summary 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 for the years ended December 31, 2024, 2023 and 2022: Period Amount per Share/Unit Period Covered Dividend Paid Date First Quarter 2022 $ 0.320 January 1, 2022 to March 31, 2022 March 24, 2022 Second Quarter 2022 $ 0.320 April 1, 2022 to June 30, 2022 June 23, 2022 Third Quarter 2022 $ 0.320 July 1, 2022 to September 30, 2022 September 22, 2022 Fourth Quarter 2022 $ 0.320 October 1, 2022 to December 31, 2022 December 22, 2022 First Quarter 2023 $ 0.330 January 1, 2023 to March 31, 2023 March 23, 2023 Second Quarter 2023 $ 0.330 April 1, 2023 to June 30, 2023 June 22, 2023 Third Quarter 2023 $ 0.330 July 1, 2023 to September 30, 2023 September 21, 2023 Fourth Quarter 2023 $ 0.330 October 1, 2023 to December 31, 2023 December 21, 2023 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 Third Quarter 2024 $ 0.335 July 1, 2024 to September 30, 2024 September 19, 2024 Fourth Quarter 2024 $ 0.335 October 1, 2024 to December 31, 2024 December 19, 2024
Summary of Income Tax Status of Dividends Per Share Paid	A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2024 2023 2022 Per Share % Per Share % Per Share % Ordinary income $ 1.09 81.5 % $ 1.20 90.6 % $ 1.18 92.1 % Capital gain — — % — — % — — % Return of capital 0.25 18.5 % 0.12 9.4 % 0.10 7.9 % Total $ 1.34 100.0 % $ 1.32 100.0 % $ 1.28 100.0 %
Summary of Restricted Common Stock	The following shares of restricted common stock have been issued as of December 31, 2024: Grant Fair Value at Grant Date Number June 7, 2022 (1) 32.94 6,072 December 7, 2022 (2) 18.53 - 19.52 319,610 June 5, 2023 (1) 19.33 10,348 December 7, 2023 (3) 14.65 - 15.54 290,541 June 3, 2024 (1) 21.79 9,180 December 4, 2024 (4) 19.83 - 20.79 236,052 December 4, 2024 (5) 28.47 58,416 (1) Restricted common stock issued to members of the company's non-employee directors. These awards of restricted stock will vest subject to the director's continued service on the Board of Directors on the earlier of (i) the one year anniversary of the date of grant or (ii) the date of the next annual meeting of our stockholders, if such non-employee director continues his or her service on the Board of Directors until the next annual meeting of stockholders, but not thereafter, pursuant to our independent director compensation policy. (2) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2023, 2024 and 2025, subject to the employee's continued employment on those dates. (3) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2024, 2025 and 2026, subject to the employee's continued employment on those dates. (4) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2025, 2026 and 2027, subject to the employee's continued employment on those dates. (5) Time-based restricted common stock issued to Mr. Wyll related to his transition to Chief Executive Officer, which are eligible to vest in substantially equal one-third tranches on December 4, 2025, December 4, 2026 and December 4, 2027, subject to Mr. Wyll's continued employment on those dates.
Summary of Activity of Restricted Stock Awards	The following table summarizes the activity of non-vested restricted stock awards during the year ended December 31, 2024: 2024 Units Weighted Average Grant Date Fair Value Balance at beginning of year 585,865 $ 17.95 Granted 303,648 21.93 Vested (278,178) 19.15 Forfeited (10,397) 18.30 Balance at end of year 600,938 $ 19.40
Summary of Computation of Basic and Diluted EPS	The computation of basic and diluted EPS for American Assets Trust, Inc. is presented below (dollars in thousands, except share and per share amounts): Year Ended December 31, 2024 2023 2022 NUMERATOR Net income $ 72,819 $ 64,690 $ 55,877 Less: Net income attributable to restricted shares (787) (761) (648) Less: Income attributable to unitholders in the Operating Partnership (15,234) (13,551) (11,723) Net income attributable to common stockholders—basic $ 56,798 $ 50,378 $ 43,506 Income attributable to American Assets Trust, Inc. common stockholders—basic $ 56,798 $ 50,378 $ 43,506 Plus: Income attributable to unitholders in the Operating Partnership 15,234 13,551 11,723 Net income attributable to common stockholders—diluted $ 72,032 $ 63,929 $ 55,229 DENOMINATOR Weighted average common shares outstanding—basic 60,333,055 60,158,976 60,048,970 Effect of dilutive securities—conversion of Operating Partnership units 16,181,537 16,181,537 16,181,537 Weighted average common shares outstanding—diluted 76,514,592 76,340,513 76,230,507 Earnings per common share, basic $ 0.94 $ 0.84 $ 0.72 Earnings per common share, diluted $ 0.94 $ 0.84 $ 0.72

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Summary of Income Tax Provision	The income tax provision included in other income (expense) on the consolidated statement of comprehensive income is as follows (in thousands): Year Ended December 31, 2024 2023 2022 Current: Federal $ 31 $ 86 $ — State 962 1,191 1,063 Deferred: Federal — (21) 8 State (107) (215) (221) Provision for income taxes $ 886 $ 1,041 $ 850

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Minimum Future Rentals From Noncancelable Operating Leases	As of December 31, 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 (excluding the real estate assets held for sale) are as follows for the years ended December 31 (in thousands): 2025 $ 246,612 2026 237,403 2027 211,390 2028 167,064 2029 109,389 Thereafter 181,947 Total $ 1,153,805
Summary of Current Annual Payments Under Operating Leases	Current annual payments under the operating leases are as follows, as of December 31, 2024 (in thousands): Year Ending December 31, 2025 $ 3,531 2026 3,584 2027 3,584 2028 3,584 2029 3,584 Thereafter 5,375 Total lease payments 23,242 Imputed interest (2,604) Present value of lease liability $ 20,638
Summary of Lease Costs Under Operating Leases and Supplemental Cash Flow Information of Leases	Lease costs under the operating leases are as follows (in thousands): Year Ended December 31, 2024 2023 Operating lease cost $ 3,727 $ 3,713 Sublease income (3,445) (3,664) Total lease (income) cost $ 282 $ 49 Weighted-average remaining lease term - operating leases (in years) 6.5 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): Year Ended December 31, 2024 2023 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 3,428 $ 3,328

COMPONENTS OF RENTAL INCOME A_2

COMPONENTS OF RENTAL INCOME AND EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Summary of Principal Components of Rental Income	The principal components of rental income are as follows (in thousands): Year Ended December 31, 2024 2023 2022 Minimum rents Office $ 197,256 $ 200,870 $ 196,793 Retail 102,848 99,504 95,574 Multifamily 61,112 57,643 53,816 Mixed-Use 12,359 12,194 11,590 Percentage rent 4,353 3,625 4,004 Hotel revenue 43,030 42,881 38,115 Other 2,652 2,656 2,615 Total rental income $ 423,611 $ 419,373 $ 402,507
Summary of Principal Components of Rental Expenses	The principal components of rental expenses are as follows (in thousands): Year Ended December 31, 2024 2023 2022 Rental operating $ 56,810 $ 53,028 $ 47,832 Hotel operating 29,903 29,380 25,833 Repairs and maintenance 23,214 22,639 22,222 Marketing 3,054 3,485 2,379 Rent 3,585 3,536 3,215 Hawaii excise tax 4,516 4,387 4,081 Management fees 2,421 2,346 2,083 Total rental expenses $ 123,503 $ 118,801 $ 107,645

OTHER (EXPENSE) INCOME (Tables)

OTHER (EXPENSE) INCOME (Tables)	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
Summary of Principal Components of Other (Expense) Income, Net	The principal components of other (expense) income, net are as follows (in thousands): Year Ended December 31, 2024 2023 2022 Interest and investment income $ 9,031 $ 2,175 $ 225 Income tax (expense) benefit (886) (1,041) (850) Other non-operating income (expense) 10,002 6,515 — Total other income (expense) $ 18,147 $ 7,649 $ (625)

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segments Operating Activity	The following table represents the significant segment expenses and operating activity within our reportable segments (in thousands): Year Ended December 31, 2024 2023 2022 Total Office Property revenue $ 215,778 $ 207,856 $ 203,391 Rental Expenses 43,181 40,627 36,985 Real Estate Taxes 19,053 20,712 20,493 Property expense 62,234 61,339 57,478 Segment profit 153,544 146,517 145,913 Total Retail Property revenue 109,040 104,767 100,912 Rental Expenses 18,578 18,008 16,631 Real Estate Taxes 13,930 13,432 13,675 Property expense 32,508 31,440 30,306 Segment profit 76,532 73,327 70,606 Total Multifamily Property revenue 65,372 61,830 58,139 Rental Expenses 21,603 20,788 19,152 Real Estate Taxes 7,186 7,237 7,104 Property expense 28,789 28,025 26,256 Segment profit 36,583 33,805 31,883 Total Mixed-Use Property revenue 67,665 66,711 60,206 Rental Expenses 40,141 39,378 34,877 Real Estate Taxes 4,055 3,775 3,516 Property expense 44,196 43,153 38,393 Segment profit 23,469 23,558 21,813 Total segments’ profit $ 290,128 $ 277,207 $ 270,215
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): Year Ended December 31, 2024 2023 2022 Total segments' profit $ 290,128 $ 277,207 $ 270,215 General and administrative (35,468) (35,960) (32,143) Depreciation and amortization (125,461) (119,500) (123,338) Interest expense, net (74,527) (64,706) (58,232) Loss on early extinguishment of debt — — — Other income (expense), net 18,147 7,649 (625) Net income 72,819 64,690 55,877 Net income attributable to restricted shares (787) (761) (648) Net income attributable to unitholders in the Operating Partnership (15,234) (13,551) (11,723) Net income attributable to American Assets Trust, Inc. stockholders $ 56,798 $ 50,378 $ 43,506
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 reportable segments, along with their capital expenditures for each year (in thousands): December 31, 2024 December 31, 2023 Net real estate Office $ 1,597,458 $ 1,614,323 Retail (1) 478,037 492,276 Multifamily 351,016 361,233 Mixed-Use 160,975 166,227 $ 2,587,486 $ 2,634,059 Secured Notes Payable (2) Office $ 75,000 $ 75,000 Retail — — $ 75,000 $ 75,000 Capital Expenditures (3) Office $ 56,720 $ 71,336 Retail 13,568 8,856 Multifamily 5,637 5,902 Mixed-Use 1,482 3,793 $ 77,407 $ 89,887 (1) Excludes the real estate assets held for sale. (2) Excludes unamortized debt issuance costs of $0.2 million and $0.3 million as of December 31, 2024 and 2023, respectively. (3) Capital expenditures represent cash paid for capital expenditures during the year and includes leasing commissions paid.

QUARTERLY FINANCIAL INFORMATI_2

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract]
Summary of Selected Quarterly Information	The tables below reflect selected American Assets Trust, Inc. quarterly information for 2024 and 2023 (in thousands, except per shares data): Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 113,460 $ 122,810 $ 110,890 $ 110,695 Operating income 30,048 37,808 30,794 30,549 Net income 11,584 21,318 15,294 24,623 Net income attributable to restricted shares (202) (194) (195) (196) Net income attributable to unitholders in the Operating Partnership (2,405) (4,467) (3,195) (5,167) Net income attributable to American Assets Trust, Inc. stockholders $ 8,977 $ 16,657 $ 11,904 $ 19,260 Net income per share attributable to common stockholders - basic and diluted $ 0.15 $ 0.28 $ 0.20 $ 0.32 Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 112,491 $ 111,198 $ 109,721 $ 107,754 Operating income 29,399 31,139 31,492 29,716 Net income 13,492 15,135 15,397 20,666 Net income attributable to restricted shares (193) (189) (190) (189) Net income attributable to unitholders in the Operating Partnership (2,818) (3,168) (3,224) (4,341) Net income attributable to American Assets Trust, Inc. stockholders $ 10,481 $ 11,778 $ 11,983 $ 16,136 Net income per share attributable to common stockholders - basic and diluted $ 0.17 $ 0.20 $ 0.20 $ 0.27 The tables below reflect selected American Assets Trust, L.P. quarterly information for 2024 and 2023 (in thousands, except per shares data): Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 113,460 $ 122,810 $ 110,890 $ 110,695 Operating income 30,048 37,808 30,794 30,549 Net income 11,584 21,318 15,294 24,623 Net income attributable to restricted shares (202) (194) (195) (196) Net income attributable to American Assets Trust, L.P. unit holders $ 11,382 $ 21,124 $ 15,099 $ 24,427 Net income per unit attributable to unit holders - basic and diluted $ 0.15 $ 0.28 $ 0.20 $ 0.32 Three Months Ended December 31, September 30, June 30, March 31, Total revenue $ 112,491 $ 111,198 $ 109,721 $ 107,754 Operating income 29,399 31,139 31,492 29,716 Net income 13,492 15,135 15,397 20,666 Net income attributable to restricted shares (193) (189) (190) (189) Net income attributable to American Assets Trust, L.P. unit holders $ 13,299 $ 14,946 $ 15,207 $ 20,477 Net income per unit attributable to common unit holders - basic and diluted $ 0.17 $ 0.20 $ 0.20 $ 0.27

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) employee property segment room	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of employees | employee	226
Number of office, retail, multifamily and mixed-use operating properties | property	31
Properties held for development | property	3
Allowance for doubtful accounts	$ 2,000,000	$ 1,400,000
Total bad debt expense	1,500,000	1,500,000	$ 2,300,000
Real estate depreciation expense	111,700,000	106,300,000	108,100,000
Cash balance at banks, excess of FDIC insured limit	350,700,000	64,100,000
Restricted cash	$ 0	0
Number of operating segments | segment	4
Rooms in mixed-use segment all-suite hotel | room	369
Money Market Funds
Summary Of Significant Accounting Policies [Line Items]
Cash balance at banks, excess of FDIC insured limit	$ 71,200,000	12,300,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Percentage of taxable income required to distribute to qualify as real estate investment trust (REIT)	90%
Minimum | Building And Improvement
Summary Of Significant Accounting Policies [Line Items]
Real Estate, estimated useful lives	30 years
Minimum | Furniture And Equipment
Summary Of Significant Accounting Policies [Line Items]
Real Estate, estimated useful lives	3 years
Maximum | Building And Improvement
Summary Of Significant Accounting Policies [Line Items]
Real Estate, estimated useful lives	40 years
Maximum | Furniture And Equipment
Summary Of Significant Accounting Policies [Line Items]
Real Estate, estimated useful lives	15 years
Other Income
Summary Of Significant Accounting Policies [Line Items]
General excise tax recognized, gross	$ 3,800,000	$ 3,700,000	$ 3,400,000
Earnest S. Rady
Summary Of Significant Accounting Policies [Line Items]
Properties owned through controlling interest | property	17
Properties owned through noncontrolling interest | property	4

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Disclosures Related to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental cash flow information
Total interest costs incurred	$ 82,030	$ 72,479	$ 63,997
Interest capitalized	7,503	7,773	5,765
Interest expense, net	74,527	64,706	58,232
Cash paid for interest, net of amounts capitalized	64,413	62,003	56,060
Cash paid for income taxes	1,247	1,427	865
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for construction in progress	14,396	16,103	20,832
Accrued leasing commissions	$ 2,197	$ 1,726	$ 2,442

REAL ESTATE - Summary of Real E

REAL ESTATE - Summary of Real Estate Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real Estate Properties [Line Items]
Land	$ 674,149	$ 674,149
Buildings	2,391,910	2,302,865
Land improvements	68,558	66,384
Tenant improvements	321,245	304,104
Furniture, fixtures, and equipment	32,162	45,249
Construction in progress	138,340	199,953
Total Real estate, at cost	3,626,364	3,592,704
Accumulated depreciation	(1,038,878)	(958,645)
Net real estate	2,587,486	2,634,059
Retail
Real Estate Properties [Line Items]
Land	226,899	226,899
Buildings	446,775	445,001
Land improvements	40,658	39,256
Tenant improvements	78,126	72,938
Furniture, fixtures, and equipment	629	734
Construction in progress	3,302	6,757
Total Real estate, at cost	796,389	791,585
Accumulated depreciation	(318,352)	(299,309)
Net real estate	478,037	492,276
Office
Real Estate Properties [Line Items]
Land	297,947	297,947
Buildings	1,407,244	1,325,835
Land improvements	16,779	16,108
Tenant improvements	240,099	228,253
Furniture, fixtures, and equipment	6,241	6,123
Construction in progress	132,742	189,417
Total Real estate, at cost	2,101,052	2,063,683
Accumulated depreciation	(503,594)	(449,360)
Net real estate	1,597,458	1,614,323
Multifamily
Real Estate Properties [Line Items]
Land	72,668	72,668
Buildings	407,297	401,536
Land improvements	8,515	8,414
Tenant improvements	0	0
Furniture, fixtures, and equipment	12,273	20,323
Construction in progress	1,685	3,676
Total Real estate, at cost	502,438	506,617
Accumulated depreciation	(151,422)	(145,384)
Net real estate	351,016	361,233
Mixed-Use
Real Estate Properties [Line Items]
Land	76,635	76,635
Buildings	130,594	130,493
Land improvements	2,606	2,606
Tenant improvements	3,020	2,913
Furniture, fixtures, and equipment	13,019	18,069
Construction in progress	611	103
Total Real estate, at cost	226,485	230,819
Accumulated depreciation	(65,510)	(64,592)
Net real estate	$ 160,975	$ 166,227

REAL ESTATE - Narrative (Detail

REAL ESTATE - Narrative (Details)	Dec. 31, 2024 property
Real Estate [Abstract]
Number of properties held for sale	1

REAL ESTATE - Summary of Real_2

REAL ESTATE - Summary of Real Estate Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real Estate [Line Items]
Land	$ 674,149	$ 674,149
Tenant improvements	321,245	304,104
Construction in progress	176,868	238,482
Accumulated depreciation	(1,038,878)	(958,645)
Net real estate	2,587,486	2,634,059
Other assets, net	87,737	99,030
TOTAL ASSETS	3,273,365	2,984,681
Disposal Group, Held-for-Sale, Not Discontinued Operations
Real Estate [Line Items]
Buildings	100,567	99,765
Land	27,117	27,117
Tenant improvements	24,758	21,633
Construction in progress	1,692	549
Accumulated depreciation	(80,435)	(77,808)
Net real estate	73,699	71,256
Other assets, net	3,820	2,968
TOTAL ASSETS	$ 77,519	$ 74,223

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	Dec. 31, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Net of accumulated amortization of other intangible assets	$ (2,062)	$ (1,813)
Acquired lease intangible assets, net	14,044	18,663
Below market leases	42,420	44,038
Accumulated accretion	(29,344)	(28,425)
Acquired lease intangible liabilities, net	13,076	15,613
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets	49,813	51,488
Net of accumulated amortization of other intangible assets	(35,798)	(32,891)
Acquired lease intangible assets, net	14,015	18,597
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets	432	1,724
Net of accumulated amortization of other intangible assets	(403)	(1,658)
Acquired lease intangible assets, net	$ 29	$ 66

ACQUIRED IN-PLACE LEASES AND _4

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of acquired above and below market leases	$ 2.7	$ 3.1	$ 3.3
Weighted-average amortization period of below market leases	11 years 3 months 18 days
Acquired lease, below market renewal options	$ 8.1
Weighted-average amortization period of acquired leases prior to the commencement of renewal option	7 years 1 month 6 days
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period of acquired leases	4 years 6 months
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period of acquired leases	10 months 24 days

ACQUIRED IN-PLACE LEASES AND _5

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES - Increases (Decreases) in Net Income as Result of Amortization of In-Place Leases Above Market Leases and Below Market Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of below market leases	$ 2,721	$ 3,127	$ 3,348
Amortization of acquired above and below market leases	(1,900)	(1,842)	(3,881)
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of leases	(4,583)	(4,928)	(7,188)
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of leases	$ (38)	$ (41)	$ (41)

ACQUIRED IN-PLACE LEASES AND _6

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES - Amortization for Acquired In-Place Leases During Next Five Years and Thereafter Assuming No Early Lease Terminations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 14,044	$ 18,663
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
2025	2,046
2026	1,630
2027	1,315
2028	1,011
2029	661
Thereafter	6,413
Acquired lease intangible liabilities, net	13,076	15,613
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
2025	3,767
2026	3,263
2027	3,012
2028	2,801
2029	773
Thereafter	399
Acquired lease intangible assets, net	14,015	18,597
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
2025	26
2026	3
2027	0
2028	0
2029	0
Thereafter	0
Acquired lease intangible assets, net	$ 29	$ 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	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	$ 2,968	$ 2,627
Interest rate swap asset	5,215	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	2,968	2,627
Interest rate swap asset	5,215	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	Dec. 31, 2024
Minimum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate	0.058
Maximum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate	0.068

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Secured notes payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 74,759	$ 74,669
Secured notes payable | Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	74,231	74,804
Unsecured Debt | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	324,739	323,491
Unsecured Debt | Carrying Value | 3.375% Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,011,845	492,694
Unsecured Debt | Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	325,000	325,000
Unsecured Debt | Fair Value | Level 2 | 3.375% Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	959,234	405,860
Unsecured senior guaranteed notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	599,172	798,772
Unsecured senior guaranteed notes | Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 571,543	$ 770,998

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Leasing commissions, net of accumulated amortization of $51,068 and $46,415, respectively	$ 34,862	$ 36,257
Interest rate swap asset	$ 5,215	$ 7,963
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Acquired lease intangible assets, net	$ 14,044	$ 18,663
Lease incentives, net of accumulated amortization of $1,171 and $1,198, respectively	1,760	1,174
Other intangible assets, net of accumulated amortization of $2,062 and $1,813, respectively	1,560	1,809
Right-of-use lease asset, net	$ 18,993	$ 21,503
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Prepaid expenses, deposits and other	$ 10,655	$ 10,366
Total other assets	87,737	99,030
Leasing commissions accumulative amortization	51,068	46,415
Lease incentives, accumulated amortization	1,171	1,198
Other intangible assets, accumulated amortization	2,062	1,813
Other
Finite-Lived Intangible Assets [Line Items]
Debt issuance costs on line of credit, net of accumulated amortization of $1,943 and $1,296, respectively	648	1,295
Accumulated amortization	1,943	1,296
Above market leases
Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	29	66
Other intangible assets, accumulated amortization	403	1,658
In-place leases
Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	14,015	18,597
Other intangible assets, accumulated amortization	$ 35,798	$ 32,891

OTHER LIABILITIES AND DEFERRE_3

OTHER LIABILITIES AND DEFERRED CREDITS (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Acquired below market leases, net	$ 13,076	$ 15,613
Prepaid rent and deferred revenue	17,408	16,747
Straight-line rent liability	7,692	10,656
Deferred compensation	2,968	2,627
Deferred tax liability	781	784
Lease liability	$ 20,638	$ 23,254
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total other liabilities and deferred credits, net	Total other liabilities and deferred credits, net
Other liabilities	$ 25	$ 58
Total other liabilities and deferred credits, net	$ 62,588	$ 69,739

DEBT - Narrative (Details)

DEBT - Narrative (Details)

12 Months Ended

Feb. 03, 2025 USD ($)

Jan. 02, 2025 USD ($)

Dec. 02, 2024 USD ($)

Sep. 17, 2024 USD ($)

Sep. 10, 2024 USD ($)

Jul. 19, 2024 USD ($)

Jul. 18, 2024 USD ($)

Jan. 05, 2023 USD ($) extension

Jan. 05, 2022 USD ($) extension

Jan. 26, 2021 USD ($)

Jun. 23, 2017 USD ($)

Oct. 31, 2014 USD ($)

Dec. 31, 2024 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Sep. 09, 2024 USD ($)

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

$ 0

Repayment of unsecured line of credit

100,000,000

36,000,000

0

Proceeds from unsecured line of credit

100,000,000

0

36,000,000

Third Amended and Restated Credit Facility | Unsecured line of credit

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

175%

Maximum unsecured leverage ratio (in percentage)

60%

Maximum Recourse Indebtedness Of Total Asset Value

15%

Percentage annual distributions cannot exceed funds from operations

95%

American Assets Trust, L.P.

Debt Instrument [Line Items]

Repayments of unsecured debt

0

150,000,000

0

Repayment of unsecured line of credit

100,000,000

36,000,000

0

Proceeds from unsecured line of credit

100,000,000

0

$ 36,000,000

American Assets Trust, L.P. | Secured notes payable

Debt Instrument [Line Items]

Principal Balance as of

$ 75,000,000

75,000,000

American Assets Trust, L.P. | Unsecured Debt

Debt Instrument [Line Items]

Maximum aggregate debt ratio

60%

Minimum debt service ratio

1.5

Maximum secured debt ratio

40%

Minimum maintenance of total unencumbered assets

150%

Principal Balance as of

$ 1,950,000,000

1,625,000,000

American Assets Trust, L.P. | Unsecured Debt | Subsequent Event

Debt Instrument [Line Items]

Repayments of unsecured debt

$ 325,000,000

American Assets Trust, L.P. | Unsecured Debt | SOFR

Debt Instrument [Line Items]

Basis spread on variable rate

1%

American Assets Trust, L.P. | Unsecured Debt | SOFR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

1.20%

American Assets Trust, L.P. | Unsecured Debt | SOFR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.90%

American Assets Trust, L.P. | Unsecured Debt | Base Rate

Debt Instrument [Line Items]

Minimum base rate

0%

American Assets Trust, L.P. | Unsecured Debt | Federal Funds Rate

Debt Instrument [Line Items]

Basis spread on variable rate

0.50%

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

Debt Instrument [Line Items]

Stated Interest Rate

3.375%

3.375%

American Assets Trust, L.P. | 3.375% Senior Unsecured Notes | Unsecured Debt

Debt Instrument [Line Items]

Stated Interest Rate

3.375%

3.375%

Face amount of debt

$ 500,000,000

Note offering percent

0.98935

Effective interest rate (percent)

3.502%

Proceeds from debt, net of issuance costs

$ 489,700,000

Principal Balance as of

$ 500,000,000

500,000,000

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

Debt Instrument [Line Items]

Repayments of unsecured debt

150,000,000

Make-whole payment

3,900,000

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

Debt Instrument [Line Items]

Repayment of unsecured line of credit

$ 100,000,000

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

Debt Instrument [Line Items]

Face amount of debt

$ 350,000,000

Partial debt repayment, minimum percentage of principal

5%

Full debt repayment percentage of principal plus a Make-Whole Amount

100%

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

Debt Instrument [Line Items]

Stated Interest Rate

4.04%

Face amount of debt

$ 150,000,000

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

Debt Instrument [Line Items]

Stated Interest Rate

4.45%

Face amount of debt

$ 100,000,000

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

Debt Instrument [Line Items]

Stated Interest Rate

4.50%

Face amount of debt

$ 100,000,000

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

Debt Instrument [Line Items]

Stated Interest Rate

4.29%

4.29%

Face amount of debt

$ 250,000,000

Principal Balance as of

$ 250,000,000

250,000,000

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

Debt Instrument [Line Items]

Stated Interest Rate

4.24%

4.24%

Face amount of debt

$ 100,000,000

Principal Balance as of

$ 100,000,000

100,000,000

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

Debt Instrument [Line Items]

Stated Interest Rate

3.78%

3.78%

Face amount of debt

$ 100,000,000

Repayments of unsecured debt

$ 100,000,000

Proceeds from unsecured line of credit

$ 100,000,000

Principal Balance as of

$ 0

100,000,000

American Assets Trust, L.P. | Senior Guaranteed Notes, Series G | Unsecured Debt

Debt Instrument [Line Items]

Stated Interest Rate

3.91%

3.91%

Face amount of debt

$ 150,000,000

Principal Balance as of

150,000,000

$ 150,000,000

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

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 500,000,000

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

Debt Instrument [Line Items]

Basis spread on variable rate

0.20%

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

Debt Instrument [Line Items]

Basis spread on variable rate

0.70%

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

Debt Instrument [Line Items]

Debt issuance costs, net, revolving credit facility

$ 650,000

Weighted average interest rate

6.37%

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

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 400,000,000

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

Debt Instrument [Line Items]

Basis spread on variable rate

1.05%

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

Debt Instrument [Line Items]

Basis spread on variable rate

1.50%

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

Debt Instrument [Line Items]

Basis spread on variable rate

0.10%

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

Debt Instrument [Line Items]

Basis spread on variable rate

0.50%

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

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 100,000,000

Number of extensions available | extension

2

Extension term

6 months

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

Debt Instrument [Line Items]

Basis spread on variable rate

1%

American Assets Trust, L.P. | Third Amended and Restated Credit Facility | Unsecured Debt | SOFR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

1.20%

American Assets Trust, L.P. | Third Amended and Restated Credit Facility | Unsecured Debt | SOFR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

1.70%

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

Debt Instrument [Line Items]

Minimum base rate

1%

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

Debt Instrument [Line Items]

Basis spread on variable rate

0.50%

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

Debt Instrument [Line Items]

Face amount of debt

$ 150,000,000

Principal Balance as of

$ 150,000,000

150,000,000

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

Debt Instrument [Line Items]

Face amount of debt

$ 75,000,000

Principal Balance as of

75,000,000

75,000,000

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

Debt Instrument [Line Items]

Number of extensions available | extension

1

Extension term

12 months

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

Debt Instrument [Line Items]

Number of extensions available | extension

1

Extension term

12 months

American Assets Trust, L.P. | Term Loan B & Term Loan C | Unsecured Debt | Subsequent Event

Debt Instrument [Line Items]

Repayments of unsecured debt

$ 225,000,000

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

Debt Instrument [Line Items]

Basis spread on variable rate

0.20%

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

Debt Instrument [Line Items]

Basis spread on variable rate

0.90%

American Assets Trust, L.P. | Interest Rate Swap, Year One | Unsecured Debt

Debt Instrument [Line Items]

Fixed interest rate on derivative

5.47%

American Assets Trust, L.P. | Interest Rate Swap, Year Two | Unsecured Debt

Debt Instrument [Line Items]

Fixed interest rate on derivative

5.57%

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

Debt Instrument [Line Items]

Principal Balance as of

$ 100,000,000

100,000,000

American Assets Trust, L.P. | 6.150% Senior Unsecured Notes

Debt Instrument [Line Items]

Stated Interest Rate

6.15%

American Assets Trust, L.P. | 6.150% Senior Unsecured Notes | Unsecured Debt

Debt Instrument [Line Items]

Stated Interest Rate

6.15%

6.15%

Face amount of debt

$ 525,000,000

Note offering percent

0.99671

Effective interest rate (percent)

6.194%

6.209%

Proceeds from debt, net of issuance costs

$ 518,200,000

Principal Balance as of

$ 525,000,000

0

American Assets Trust, L.P. | Revolver Loan | Unsecured Debt

Debt Instrument [Line Items]

Repayments of unsecured debt

$ 100,000,000

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

Debt Instrument [Line Items]

Stated Interest Rate

4.45%

Repayments of unsecured debt

$ 100,000,000

Principal Balance as of

$ 0

100,000,000

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

Debt Instrument [Line Items]

Stated Interest Rate

4.50%

Principal Balance as of

$ 100,000,000

$ 100,000,000

American Assets Trust, L.P. | Senior Guaranteed Notes, Series C | Unsecured Debt | Subsequent Event

Debt Instrument [Line Items]

Repayments of unsecured debt

$ 100,000,000

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

Debt Instrument [Line Items]

Fixed interest rate on derivative

2.70%

Fixed interest rate on derivative

2.70%

Treasury Locks | American Assets Trust, L.P.

Debt Instrument [Line Items]

Notional amount

$ 150,000,000

$ 150,000,000

Loss on derivatives

$ 1,300,000

$ 500,000

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

Debt Instrument [Line Items]

Effective interest rate (percent)

3.87%

Treasury Locks | American Assets Trust, L.P. | Senior Guaranteed Notes, Series E

Debt Instrument [Line Items]

Effective interest rate (percent)

4.18%

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

Debt Instrument [Line Items]

Effective interest rate (percent)

3.85%

Treasury Locks | American Assets Trust, L.P. | Senior Guaranteed Notes, Series G

Debt Instrument [Line Items]

Effective interest rate (percent)

3.88%

Treasury Locks | American Assets Trust, L.P. | 6.150% Senior Unsecured Notes

Debt Instrument [Line Items]

Effective interest rate (percent)

6.209%

DEBT - Summary of Total Secured

DEBT - Summary of Total Secured Notes Payable Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total Secured Notes Payable	$ 2,025,000
Secured notes payable
Debt Instrument [Line Items]
Accumulated amortization	632	$ 542
American Assets Trust, L.P. | Secured notes payable
Debt Instrument [Line Items]
Principal Balance as of	75,000	75,000
Debt discount and issuance costs, net of accumulated amortization of $9,890 and $7,259, respectively	(241)	(331)
Total Secured Notes Payable	74,759	74,669
American Assets Trust, L.P. | 5.08% City Center Bellevue, October 2027 | Secured notes payable
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)

12 Months Ended

Sep. 10, 2024 USD ($)

Jul. 18, 2024 USD ($)

Jan. 05, 2023 USD ($) extension

Jul. 17, 2019 USD ($)

Jun. 23, 2017 USD ($)

May 11, 2017 USD ($)

Jan. 18, 2017 USD ($)

Dec. 31, 2024 USD ($) interest_rate_swap_agreement

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Sep. 17, 2024 USD ($)

Sep. 09, 2024 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]

Total Unsecured Notes Payable

$ 1,935,756,000

$ 1,614,958,000

Borrowings

100,000,000

0

$ 36,000,000

American Assets Trust, L.P.

Debt Instrument [Line Items]

Total Unsecured Notes Payable

1,935,756,000

1,614,958,000

Borrowings

100,000,000

0

$ 36,000,000

American Assets Trust, L.P. | Unsecured Debt

Debt Instrument [Line Items]

Principal Balance as of

1,950,000,000

1,625,000,000

Debt discount and issuance costs, net of accumulated amortization of $9,890 and $7,259, respectively

(14,244,000)

(10,042,000)

Total Unsecured Notes Payable

1,935,756,000

1,614,958,000

Accumulated amortization

9,890,000

7,259,000

American Assets Trust, L.P. | Treasury Locks

Debt Instrument [Line Items]

Loss on derivatives

$ 1,300,000

$ 500,000

Gain on derivatives

$ 500,000

$ 700,000

$ 10,400,000

Notional amount

$ 150,000,000

$ 150,000,000

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

Debt Instrument [Line Items]

Principal Balance as of

$ 100,000,000

100,000,000

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%

Fixed interest rate on derivative

2.70%

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

Debt Instrument [Line Items]

Principal Balance as of

$ 150,000,000

150,000,000

Face amount of debt

$ 150,000,000

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

Debt Instrument [Line Items]

Fixed interest rate on derivative

5.47%

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

Debt Instrument [Line Items]

Fixed interest rate on derivative

5.57%

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

Debt Instrument [Line Items]

Principal Balance as of

$ 75,000,000

75,000,000

Face amount of debt

$ 75,000,000

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

Debt Instrument [Line Items]

Fixed interest rate on derivative

5.57%

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

Debt Instrument [Line Items]

Fixed interest rate on derivative

5.47%

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

Debt Instrument [Line Items]

Principal Balance as of

$ 0

100,000,000

Stated Interest Rate

3.78%

3.78%

Face amount of debt

$ 100,000,000

Borrowings

$ 100,000,000

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

Debt Instrument [Line Items]

Effective interest rate (percent)

3.85%

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

Debt Instrument [Line Items]

Principal Balance as of

$ 0

100,000,000

Stated Interest Rate

4.45%

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

Debt Instrument [Line Items]

Principal Balance as of

$ 100,000,000

100,000,000

Stated Interest Rate

4.50%

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

Debt Instrument [Line Items]

Principal Balance as of

$ 250,000,000

250,000,000

Stated Interest Rate

4.29%

4.29%

Face amount of debt

$ 250,000,000

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

Debt Instrument [Line Items]

Effective interest rate (percent)

3.87%

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

Debt Instrument [Line Items]

Principal Balance as of

$ 100,000,000

100,000,000

Stated Interest Rate

4.24%

4.24%

Face amount of debt

$ 100,000,000

Senior Guaranteed Notes, Series E | American Assets Trust, L.P. | Treasury Locks

Debt Instrument [Line Items]

Effective interest rate (percent)

4.18%

Senior Guaranteed Notes, Series G | American Assets Trust, L.P. | Unsecured Debt

Debt Instrument [Line Items]

Principal Balance as of

150,000,000

$ 150,000,000

Stated Interest Rate

3.91%

3.91%

Face amount of debt

$ 150,000,000

Senior Guaranteed Notes, Series G | American Assets Trust, L.P. | Treasury Locks

Debt Instrument [Line Items]

Effective interest rate (percent)

3.88%

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

Debt Instrument [Line Items]

Stated Interest Rate

3.375%

3.375%

3.375% Senior Unsecured Notes | American Assets Trust, L.P. | Unsecured Debt

Debt Instrument [Line Items]

Principal Balance as of

$ 500,000,000

500,000,000

Stated Interest Rate

3.375%

3.375%

Face amount of debt

$ 500,000,000

Effective interest rate (percent)

3.502%

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. | Unsecured Debt

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%

6.150% Senior Unsecured Notes | American Assets Trust, L.P.

Debt Instrument [Line Items]

Stated Interest Rate

6.15%

6.150% Senior Unsecured Notes | American Assets Trust, L.P. | Unsecured Debt

Debt Instrument [Line Items]

Principal Balance as of

$ 525,000,000

$ 0

Stated Interest Rate

6.15%

6.15%

Face amount of debt

$ 525,000,000

Effective interest rate (percent)

6.209%

6.194%

6.150% Senior Unsecured Notes | American Assets Trust, L.P. | Treasury Locks

Debt Instrument [Line Items]

Effective interest rate (percent)

6.209%

DEBT - Scheduled Principal Paym

DEBT - Scheduled Principal Payments on Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2025	$ 325,000
2026	0
2027	425,000
2028	0
2029	100,000
Thereafter	1,175,000
Total Secured Notes Payable	2,025,000
Repayments of unsecured debt	$ 0	$ 150,000	$ 0

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. $ in Thousands	Dec. 31, 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
Interest rate swap asset	2,571
Wells Fargo Bank, N.A. | Interest Rate Swap, 1/5/2027
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	50,000
Interest rate swap asset	2,573
Wells Fargo Bank, N.A. | Interest Rate Swap, 1/5/2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	150,000
Interest rate swap asset	69
Mizuho Capital Markets LLC | Interest Rate Swap, 1/5/2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	75,000
Interest rate swap asset	$ 2

DERIVATIVE AND HEDGING ACTIVI_4

DERIVATIVE AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) $ in Millions			12 Months Ended
	Sep. 10, 2024	Jun. 23, 2017	Dec. 31, 2024	Sep. 17, 2024	Sep. 09, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassified within twelve months			$ 1
American Assets Trust, L.P. | 6.150% Senior Unsecured Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Stated Interest Rate				6.15%
American Assets Trust, L.P. | 6.150% Senior Unsecured Notes | Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Stated Interest Rate			6.15%	6.15%
Effective interest rate (percent)			6.209%	6.194%
American Assets Trust, L.P. | Interest Rate Swap | Term Loan A
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed interest rate on derivative			2.70%
American Assets Trust, L.P. | Interest Rate Swap | Term Loan B | First period
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed interest rate on derivative			5.47%
American Assets Trust, L.P. | Interest Rate Swap | Term Loan B | Second period
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed interest rate on derivative			5.57%
American Assets Trust, L.P. | Interest Rate Swap | Term Loan C | First period
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed interest rate on derivative			5.57%
American Assets Trust, L.P. | Interest Rate Swap | Term Loan C | Second period
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed interest rate on derivative			5.47%
American Assets Trust, L.P. | Forward Contracts | Series D Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed interest rate on derivative			3.87%
American Assets Trust, L.P. | Forward Contracts | Series E Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed interest rate on derivative			4.18%
American Assets Trust, L.P. | Forward Contracts | Series F Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed interest rate on derivative			3.85%
American Assets Trust, L.P. | Forward Contracts | Series G Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed interest rate on derivative			3.88%
American Assets Trust, L.P. | Treasury Locks
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 150				$ 150
Loss on derivatives	$ 1.3	$ 0.5
American Assets Trust, L.P. | Treasury Locks | 6.150% Senior Unsecured Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Effective interest rate (percent)			6.209%

PARTNERS' CAPITAL OF AMERICAN_2

PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. (Details)	12 Months Ended
	Dec. 31, 2024 shares
American Assets Trust, L.P.
Capital Unit [Line Items]
Ownership percent by parent	78.90%
American Assets Trust, L.P.
Capital Unit [Line Items]
Non-controlling common units (in shares)	16,181,537
American Assets Trust, L.P. | Common Shares
Capital Unit [Line Items]
Redemption ratio	1
Non-Affiliated Investors | American Assets Trust, L.P.
Capital Unit [Line Items]
Percentage of ownership interests classified as noncontrolling	21.10%

EQUITY OF AMERICAN ASSETS TRU_3

EQUITY OF AMERICAN ASSETS TRUST, INC. - Narrative (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Dec. 03, 2021 USD ($) sales_agent	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Equity [Line Items]
Preferred stock, shares authorized (in shares)		10,000,000
Preferred stock, par-value (in dollars per share) | $ / shares		$ 0.01
Preferred stock, shares issued (in shares)		0
Equity incentive award plan, common stock authorized for issuance (in shares)		4,054,411
Equity incentive award plan, common stock available for future issuance (in shares)		1,672,303
Noncash compensation expense | $		$ 7.1	$ 8.8	$ 8.7
Unrecognized compensation expense | $		$ 9.4
Restricted Stock
Equity [Line Items]
Vesting period		3 years
Unrecognized compensation expense, weighted-average recognition period (in years)		1 year 7 months 6 days
Restricted Stock | Period one
Equity [Line Items]
Performance period		1 year
Restricted Stock | Period two
Equity [Line Items]
Performance period		2 years
Restricted Stock | Period three
Equity [Line Items]
Performance period		3 years
At The Market Equity Program
Equity [Line Items]
Aggregate offering price of common share | $	$ 250
Common shares issued (in shares)		0
Remaining capacity available for issuance | $		$ 250
$250.0 Million ATM | At The Market Equity Program
Equity [Line Items]
Number of sales agents | sales_agent	5
Operating Partnership Units | American Assets Trust, L.P.
Equity [Line Items]
Weighted average unvested shares outstanding (in shares)		583,512	573,344	489,765

EQUITY OF AMERICAN ASSETS TRU_4

EQUITY OF AMERICAN ASSETS TRUST, INC. - Dividends Declared and Paid on Shares of Common Stock and Noncontrolling Common Units (Details) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Amount per Share/Unit (in dollars per unit)	$ 0.335	$ 0.335	$ 0.335	$ 0.335	$ 0.330	$ 0.330	$ 0.330	$ 0.330	$ 0.320	$ 0.320	$ 0.320	$ 0.320	$ 1.34	$ 1.32	$ 1.28

EQUITY OF AMERICAN ASSETS TRU_5

EQUITY OF AMERICAN ASSETS TRUST, INC. - Summary of Income Tax Status of Dividends Per Share Paid (Details) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Ordinary income (in USD per share)													$ 1.09	$ 1.20	$ 1.18
Capital gain (in USD per share)													0	0	0
Return of capital (in USD per share)													0.25	0.12	0.10
Total (in dollars per share)	$ 0.335	$ 0.335	$ 0.335	$ 0.335	$ 0.330	$ 0.330	$ 0.330	$ 0.330	$ 0.320	$ 0.320	$ 0.320	$ 0.320	$ 1.34	$ 1.32	$ 1.28
Ordinary income													81.50%	90.60%	92.10%
Capital gain													0%	0%	0%
Return of capital													18.50%	9.40%	7.90%
Total													100%	100%	100%

EQUITY OF AMERICAN ASSETS TRU_6

EQUITY OF AMERICAN ASSETS TRUST, INC. - Restricted Common Stock Issued (Details) - Restricted Stock - $ / shares	Dec. 04, 2024	Jun. 03, 2024	Dec. 07, 2023	Jun. 05, 2023	Dec. 07, 2022	Jun. 07, 2022	Dec. 09, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in USD per share)		$ 21.79		$ 19.33		$ 32.94
Granted, Shares		9,180	290,541	10,348	319,610	6,072
December 4, 2024, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Shares	236,052
December 4, 2024, Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in USD per share)	$ 28.47
Granted, Shares	58,416
Period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights			33.30%		33.30%		33.30%
Period two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights			33.30%		33.30%		33.30%
Period three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights			33.30%		33.30%		33.30%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in USD per share)			$ 14.65		$ 18.53
Minimum | December 4, 2024, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in USD per share)	$ 19.83
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in USD per share)			$ 15.54		$ 19.52
Maximum | December 4, 2024, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in USD per share)	$ 20.79

EQUITY OF AMERICAN ASSETS TRU_7

EQUITY OF AMERICAN ASSETS TRUST, INC. - Summary of Activity of Restricted Stock Awards (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Nonvested, Number of Shares
Nonvested, Beginning, Shares | shares	585,865
Granted, Shares | shares	303,648
Vested, Shares | shares	(278,178)
Forfeited, Shares | shares	(10,397)
Nonvested, Ending, Shares | shares	600,938
Nonvested, Weighted Average Grant Date Fair Value
Nonvested, Beginning, Weighted Average Grant Date Fair Value (in USD per Share) | $ / shares	$ 17.95
Granted (in USD per share) | $ / shares	21.93
Vested (in USD per share) | $ / shares	19.15
Forfeited (in USD per share) | $ / shares	18.30
Nonvested, End of Year, Weighted Average Grant Date Fair Value (in USD per Share) | $ / shares	$ 19.40

EQUITY OF AMERICAN ASSETS TRU_8

EQUITY OF AMERICAN ASSETS TRUST, INC. - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
NUMERATOR
Net income	$ 11,584	$ 21,318	$ 15,294	$ 24,623	$ 13,492	$ 15,135	$ 15,397	$ 20,666	$ 72,819	$ 64,690	$ 55,877
Less: Net income attributable to restricted shares	(202)	(194)	(195)	(196)	(193)	(189)	(190)	(189)	(787)	(761)	(648)
Less: Income attributable to unitholders in the Operating Partnership	$ (2,405)	$ (4,467)	$ (3,195)	$ (5,167)	$ (2,818)	$ (3,168)	$ (3,224)	$ (4,341)	(15,234)	(13,551)	(11,723)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS									56,798	50,378	43,506
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic									56,798	50,378	43,506
Plus: Income attributable to unitholders in the Operating Partnership									15,234	13,551	11,723
Net income attributable to common stockholders—diluted									$ 72,032	$ 63,929	$ 55,229
DENOMINATOR
Weighted average common shares outstanding—basic (in shares)									60,333,055	60,158,976	60,048,970
Effect of dilutive securities-conversion of Operating Partnership units (in shares)									16,181,537	16,181,537	16,181,537
Weighted average common shares outstanding - diluted (in shares)									76,514,592	76,340,513	76,230,507
Basic income attributable to common stockholders per share (in USD per share)	$ 0.15	$ 0.28	$ 0.20	$ 0.32	$ 0.17	$ 0.20	$ 0.20	$ 0.27	$ 0.94	$ 0.84	$ 0.72
Diluted income attributable to common stockholders per share (in USD per share)	$ 0.15	$ 0.28	$ 0.20	$ 0.32	$ 0.17	$ 0.20	$ 0.20	$ 0.27	$ 0.94	$ 0.84	$ 0.72

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred tax asset	$ 1,000	$ 900
Deferred tax liabilities	$ 781	$ 784

INCOME TAXES - Income Tax Provi

INCOME TAXES - Income Tax Provision Included in Other Income Expense on Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 31	$ 86	$ 0
State	962	1,191	1,063
Deferred:
Federal	0	(21)	8
State	(107)	(215)	(221)
Provision for income taxes	$ 886	$ 1,041	$ 850

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property mo	Dec. 31, 2023
Commitment And Contingencies [Line Items]
Termination payment, as high as | $	$ 8,200
Revenues | Product Concentration Risk | Office Building
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	47.10%	47.10%
Revenues | Product Concentration Risk | Retail Site
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	23.80%	23.70%
Revenues | Customer Concentration Risk | Alamo Quarry Market and Waikele Center
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	8.80%	9%
Base Rent | Customer Concentration Risk
Commitment And Contingencies [Line Items]
Annualized base rent reporting percentage	2%
Base Rent | Customer Concentration Risk | Google LLC at The Landmark at One Market
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	9.50%
Base Rent | Customer Concentration Risk | LPL Holdings, Inc., Autodesk, Inc., and Smartsheet, Inc.
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	14.40%
Southern California
Commitment And Contingencies [Line Items]
Number of consolidated properties located in Southern California | property	15
Southern California | Revenues | Product Concentration Risk
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	43.20%	41.20%
Hawaii | Revenues | Product Concentration Risk
Commitment And Contingencies [Line Items]
Percentage of total revenue provided by properties	14.80%	15.10%
Maximum | Ground Water Contamination | Del Monte Center
Commitment And Contingencies [Line Items]
Environmental remediation monitoring period	7 years
Minimum | Ground Water Contamination | Del Monte Center
Commitment And Contingencies [Line Items]
Environmental remediation monitoring period	5 years
Waikiki Beach Walk - Retail
Commitment And Contingencies [Line Items]
Property management fee, percent	3%
Outrigger Hotels
Commitment And Contingencies [Line Items]
Property management fee, percent	6%
Number of calendar months termination fee is based	2 months
Maximum percentage of hotel's fiscal year gross revenues paid for aggregate yearly management fee	3.50%
Previous months of management fees	12 months
Hotel management agreement default penalty factor of previous twelve months of management fees in first 11 years of term	8
Years in hotel management agreement term	11 years
Hotel management agreement default penalty factor of previous twelve months of management fees in twelfth year of term	4
Hotel management agreement default penalty factor of previous twelve months of management fees in thirteenth year of term	3
Hotel management agreement default penalty factor of previous twelve months of management fees in fourteenth year of term	2
Hotel management agreement default penalty factor of previous twelve months of management fees in fifteenth year of term	1
Payment for management fee | $	$ 12
Termination notice period	30 days
Outrigger Hotels | Year of Agreement, 12th
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	15 years
Outrigger Hotels | Year of Agreement, 13th
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	14 years
Outrigger Hotels | Year of Agreement, 14th
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	13 years
Outrigger Hotels | Year of Agreement, 15th
Commitment And Contingencies [Line Items]
Years in hotel management agreement term	12 years
Outrigger Hotels | Maximum
Commitment And Contingencies [Line Items]
Property management fee, percent	3%
Wbw Hotel Lessee Llc
Commitment And Contingencies [Line Items]
Years of contract	20 years
Percentage of hotel occupancy gross revenue paid for program fee	4%
Wbw Hotel Lessee Llc | Future Time Period After 12-31-2021
Commitment And Contingencies [Line Items]
Percentage of hotel occupancy gross revenue paid for franchise royalty fee	5%

LEASES - Narrative (Details)

LEASES - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 lease state
Lessor, Lease, Description [Line Items]
Properties in number of states | state	5
Minimum
Lessor, Lease, Description [Line Items]
Term of office and retail leases	3 years
Term of apartment leases	7 months
Lease extension option period	3 years
Lease extension options exercise period	6 months
Maximum
Lessor, Lease, Description [Line Items]
Term of office and retail leases	10 years
Term of apartment leases	15 months
Lease extension option period	10 years
Lease extension options exercise period	12 months
The Land Mark at One Market
Lessor, Lease, Description [Line Items]
Lease extension option exercise period	5 years
Retail Or Office
Lessor, Lease, Description [Line Items]
Number of leases	864
Residential Property
Lessor, Lease, Description [Line Items]
Number of leases	1,849

LEASES - Minimum Future Rentals

LEASES - Minimum Future Rentals from Noncancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 246,612
2026	237,403
2027	211,390
2028	167,064
2029	109,389
Thereafter	181,947
Total	$ 1,153,805

LEASES - Current Annual Payment

LEASES - Current Annual Payment Under Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 3,531
2026	3,584
2027	3,584
2028	3,584
2029	3,584
Thereafter	5,375
Total lease payments	23,242
Imputed interest	(2,604)
Present value of lease liability	$ 20,638	$ 23,254

LEASES - Lease Costs & Addition

LEASES - Lease Costs & Additional Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 3,727	$ 3,713
Sublease income	(3,445)	(3,664)
Total lease (income) cost	$ 282	$ 49
Weighted-average remaining lease term - operating leases (in years)	6 years 6 months
Weighted-average discount rate - operating leases (as a percent)	3.19%

LEASES - Supplemental Lease Inf

LEASES - Supplemental Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 3,428	$ 3,328

COMPONENTS OF RENTAL INCOME A_3

COMPONENTS OF RENTAL INCOME AND EXPENSE - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Recognition of straight-line rents	$ 3.1	$ 3.9	$ 5.9
Recognition of amortization of above and below market leases	$ 2.7	$ 3.1	$ 3.3

COMPONENTS OF RENTAL INCOME A_4

COMPONENTS OF RENTAL INCOME AND EXPENSE - Component of Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Rental Income [Line Items]
Percentage rent	$ 4,353	$ 3,625	$ 4,004
Hotel revenue	43,030	42,881	38,115
Other	2,652	2,656	2,615
Total rental income	423,611	419,373	402,507
Office
Rental Income [Line Items]
Minimum rents	197,256	200,870	196,793
Retail
Rental Income [Line Items]
Minimum rents	102,848	99,504	95,574
Multifamily
Rental Income [Line Items]
Minimum rents	61,112	57,643	53,816
Mixed-Use
Rental Income [Line Items]
Minimum rents	$ 12,359	$ 12,194	$ 11,590

COMPONENTS OF RENTAL INCOME A_5

COMPONENTS OF RENTAL INCOME AND EXPENSE - Components of Rental Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Rental operating	$ 56,810	$ 53,028	$ 47,832
Hotel operating	29,903	29,380	25,833
Repairs and maintenance	23,214	22,639	22,222
Marketing	3,054	3,485	2,379
Rent	3,585	3,536	3,215
Hawaii excise tax	4,516	4,387	4,081
Management fees	2,421	2,346	2,083
Total rental expenses	$ 123,503	$ 118,801	$ 107,645

OTHER (EXPENSE) INCOME (Details

OTHER (EXPENSE) INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Interest and investment income	$ 9,031	$ 2,175	$ 225
Income tax (expense) benefit	(886)	(1,041)	(850)
Other non-operating income (expense)	10,002	6,515	0
Other income (expense), net	$ 18,147	$ 7,649	$ (625)

OTHER (EXPENSE) INCOME - Narrat

OTHER (EXPENSE) INCOME - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Other Income and Expenses [Abstract]
Net settlement payment	$ 10	$ 6.5

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands				3 Months Ended	12 Months Ended
	Jun. 01, 2021	Mar. 01, 2021	Mar. 01, 2019	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Rental income					$ 423,611	$ 419,373	$ 402,507
General and administrative					35,468	35,960	32,143
Rental Expenses					123,503	118,801	107,645
Related Party | American Assets, Inc.
Related Party Transaction [Line Items]
Term of lease		10 years	3 years
Rental income		$ 200	$ 200		300	300	300
Related Party | EDisability, LLC
Related Party Transaction [Line Items]
Term of lease	3 years
Rental income	$ 100				100	100	100
Operating lease, extension term				2 years
Average rental rate amount				$ 100
Related Party | AAI Aviation, Inc.
Related Party Transaction [Line Items]
General and administrative					$ 200	200	200
Related Party | WBW CHP LLC
Related Party Transaction [Line Items]
Investment in WBW CHP LLC, in percentage					47.70%
Rental Expenses					$ 1,100	$ 1,100	$ 1,300
Related Party | American Assets Trust, Inc. | Mr. Rady And Affiliates
Related Party Transaction [Line Items]
Percentage of ownership interests classified as noncontrolling					35.70%
Related Party | American Assets Trust, Inc. | Mr. Rady And Affiliates | Common Shares
Related Party Transaction [Line Items]
Percentage of ownership interests classified as noncontrolling					16.50%
Related Party | American Assets Trust, Inc. | Mr. Rady And Affiliates | Member Units
Related Party Transaction [Line Items]
Percentage of ownership interests classified as noncontrolling					19.30%

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment room
Segment Reporting [Abstract]
Number of operating segments | segment	4
Rooms 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								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Rental Expenses									$ 123,503	$ 118,801	$ 107,645
Real estate taxes									44,224	45,156	44,788
OPERATING INCOME	$ 30,048	$ 37,808	$ 30,794	$ 30,549	$ 29,399	$ 31,139	$ 31,492	$ 29,716	129,199	121,747	114,734
Total segments’ profit									290,128	277,207	270,215
Total Office
Segment Reporting Information [Line Items]
Property revenue									215,778	207,856	203,391
Rental Expenses									43,181	40,627	36,985
Real estate taxes									19,053	20,712	20,493
Property expense									62,234	61,339	57,478
OPERATING INCOME									153,544	146,517	145,913
Total Retail
Segment Reporting Information [Line Items]
Property revenue									109,040	104,767	100,912
Rental Expenses									18,578	18,008	16,631
Real estate taxes									13,930	13,432	13,675
Property expense									32,508	31,440	30,306
OPERATING INCOME									76,532	73,327	70,606
Total Multifamily
Segment Reporting Information [Line Items]
Property revenue									65,372	61,830	58,139
Rental Expenses									21,603	20,788	19,152
Real estate taxes									7,186	7,237	7,104
Property expense									28,789	28,025	26,256
OPERATING INCOME									36,583	33,805	31,883
Total Mixed-Use
Segment Reporting Information [Line Items]
Property revenue									67,665	66,711	60,206
Rental Expenses									40,141	39,378	34,877
Real estate taxes									4,055	3,775	3,516
Property expense									44,196	43,153	38,393
OPERATING INCOME									$ 23,469	$ 23,558	$ 21,813

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Segment Profit to Net Income Attributable to Stockholders (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Total segments’ profit									$ 290,128	$ 277,207	$ 270,215
General and administrative									(35,468)	(35,960)	(32,143)
Depreciation and amortization									(125,461)	(119,500)	(123,338)
Interest expense, net									(74,527)	(64,706)	(58,232)
Loss on early extinguishment of debt									0	0	0
Other income (expense), net									18,147	7,649	(625)
Net income	$ 11,584	$ 21,318	$ 15,294	$ 24,623	$ 13,492	$ 15,135	$ 15,397	$ 20,666	72,819	64,690	55,877
Net income attributable to restricted shares	(202)	(194)	(195)	(196)	(193)	(189)	(190)	(189)	(787)	(761)	(648)
Net income attributable to unitholders in the Operating Partnership	$ (2,405)	$ (4,467)	$ (3,195)	$ (5,167)	$ (2,818)	$ (3,168)	$ (3,224)	$ (4,341)	(15,234)	(13,551)	(11,723)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS									$ 56,798	$ 50,378	$ 43,506

SEGMENT REPORTING - Net Real Es

SEGMENT REPORTING - Net Real Estate and Secured Note Payable Balances for Each Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net real estate	$ 2,587,486	$ 2,634,059
Secured Notes Payable	75,000	75,000
Capital Expenditures	77,407	89,887
Office
Segment Reporting Information [Line Items]
Net real estate	1,597,458	1,614,323
Secured Notes Payable	75,000	75,000
Capital Expenditures	56,720	71,336
Retail
Segment Reporting Information [Line Items]
Net real estate	478,037	492,276
Secured Notes Payable	0	0
Capital Expenditures	13,568	8,856
Multifamily
Segment Reporting Information [Line Items]
Net real estate	351,016	361,233
Capital Expenditures	5,637	5,902
Mixed-Use
Segment Reporting Information [Line Items]
Net real estate	160,975	166,227
Capital Expenditures	1,482	3,793
American Assets Trust, L.P.
Segment Reporting Information [Line Items]
Net real estate	2,587,486	2,634,059
Secured notes payable | American Assets Trust, L.P.
Segment Reporting Information [Line Items]
Debt issuance costs	$ 241	$ 331

QUARTERLY FINANCIAL INFORMATI_3

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) - Selected Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Quarterly Financial Information [Line Items]
Revenues	$ 113,460	$ 122,810	$ 110,890	$ 110,695	$ 112,491	$ 111,198	$ 109,721	$ 107,754	$ 457,855	$ 441,164	$ 422,648
Operating income (loss)	30,048	37,808	30,794	30,549	29,399	31,139	31,492	29,716	129,199	121,747	114,734
Net income	11,584	21,318	15,294	24,623	13,492	15,135	15,397	20,666	72,819	64,690	55,877
Net income attributable to restricted shares	(202)	(194)	(195)	(196)	(193)	(189)	(190)	(189)	(787)	(761)	(648)
Net income attributable to unitholders in the Operating Partnership	(2,405)	(4,467)	(3,195)	(5,167)	(2,818)	(3,168)	(3,224)	(4,341)	$ (15,234)	$ (13,551)	$ (11,723)
Net income attributable to American Assets Trust, Inc. stockholders	$ 8,977	$ 16,657	$ 11,904	$ 19,260	$ 10,481	$ 11,778	$ 11,983	$ 16,136
Net income per share attributable to common stockholders - basic (in USD per share)	$ 0.15	$ 0.28	$ 0.20	$ 0.32	$ 0.17	$ 0.20	$ 0.20	$ 0.27	$ 0.94	$ 0.84	$ 0.72
Net income per share attributable to common stockholders - diluted (in USD per share)	$ 0.15	$ 0.28	$ 0.20	$ 0.32	$ 0.17	$ 0.20	$ 0.20	$ 0.27	$ 0.94	$ 0.84	$ 0.72
American Assets Trust, L.P.
Quarterly Financial Information [Line Items]
Revenues	$ 113,460	$ 122,810	$ 110,890	$ 110,695	$ 112,491	$ 111,198	$ 109,721	$ 107,754	$ 457,855	$ 441,164	$ 422,648
Operating income (loss)	30,048	37,808	30,794	30,549	29,399	31,139	31,492	29,716	129,199	121,747	114,734
Net income	11,584	21,318	15,294	24,623	13,492	15,135	15,397	20,666	72,819	64,690	55,877
Net income attributable to restricted shares	(202)	(194)	(195)	(196)	(193)	(189)	(190)	(189)	$ (787)	$ (761)	$ (648)
Net income attributable to American Assets Trust, L.P. unit holders	$ 11,382	$ 21,124	$ 15,099	$ 24,427	$ 13,299	$ 14,946	$ 15,207	$ 20,477
Net income per share attributable to common stockholders - basic (in USD per share)	$ 0.15	$ 0.28	$ 0.20	$ 0.32	$ 0.17	$ 0.20	$ 0.20	$ 0.27	$ 0.94	$ 0.84	$ 0.72
Net income per share attributable to common stockholders - diluted (in USD per share)	$ 0.15	$ 0.28	$ 0.20	$ 0.32	$ 0.17	$ 0.20	$ 0.20	$ 0.27	$ 0.94	$ 0.84	$ 0.72

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands			12 Months Ended
	Feb. 03, 2025	Jan. 02, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Repayments of unsecured debt			$ 0	$ 150,000	$ 0
American Assets Trust, L.P.
Subsequent Event [Line Items]
Repayments of unsecured debt			$ 0	$ 150,000	$ 0
Subsequent Event | Unsecured Debt | American Assets Trust, L.P.
Subsequent Event [Line Items]
Repayments of unsecured debt		$ 325,000
Subsequent Event | Term Loan B & Term Loan C | Unsecured Debt | American Assets Trust, L.P.
Subsequent Event [Line Items]
Repayments of unsecured debt		$ 225,000
Subsequent Event | Senior Guaranteed Notes, Series C | Unsecured Debt | American Assets Trust, L.P.
Subsequent Event [Line Items]
Repayments of unsecured debt	$ 100,000

SCHEDULE III-Consolidated Rea_2

SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 75,000
Initial Cost, Land	638,940
Initial Cost, Building and Improvements	1,866,443
Cost Capitalized Subsequent to Acquisition	1,120,981
Gross Carrying Amount, Land	674,149
Gross Carrying Amount, Building and Improvements	2,952,215
Accumulated Depreciation and Amortization	(1,038,878)	$ (1,036,453)	$ (936,913)	$ (847,390)
The aggregate tax basis for Federal tax purposes	2,500,000
Alamo Quarry Market
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	0
Initial Cost, Land	26,396
Initial Cost, Building and Improvements	109,294
Cost Capitalized Subsequent to Acquisition	33,816
Gross Carrying Amount, Land	26,816
Gross Carrying Amount, Building and Improvements	142,690
Accumulated Depreciation and Amortization	$ (81,971)
Life on which depreciation in latest income statements is computed	35 years
Carmel Country Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	4,200
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	14,094
Gross Carrying Amount, Land	4,200
Gross Carrying Amount, Building and Improvements	14,094
Accumulated Depreciation and Amortization	$ (10,787)
Life on which depreciation in latest income statements is computed	35 years
Carmel Mountain Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	22,477
Initial Cost, Building and Improvements	65,217
Cost Capitalized Subsequent to Acquisition	43,388
Gross Carrying Amount, Land	31,034
Gross Carrying Amount, Building and Improvements	100,048
Accumulated Depreciation and Amortization	$ (60,361)
Life on which depreciation in latest income statements is computed	35 years
Gateway Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	17,363
Initial Cost, Building and Improvements	21,644
Cost Capitalized Subsequent to Acquisition	1,175
Gross Carrying Amount, Land	17,363
Gross Carrying Amount, Building and Improvements	22,819
Accumulated Depreciation and Amortization	$ (6,264)
Life on which depreciation in latest income statements is computed	35 years
Geary Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	8,239
Initial Cost, Building and Improvements	12,353
Cost Capitalized Subsequent to Acquisition	297
Gross Carrying Amount, Land	8,239
Gross Carrying Amount, Building and Improvements	12,650
Accumulated Depreciation and Amortization	$ (4,789)
Life on which depreciation in latest income statements is computed	35 years
Hassalo on Eighth - Retail
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	0
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	27,886
Gross Carrying Amount, Land	597
Gross Carrying Amount, Building and Improvements	27,289
Accumulated Depreciation and Amortization	$ (11,071)
Life on which depreciation in latest income statements is computed	35 years
Lomas Santa Fe Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	8,600
Initial Cost, Building and Improvements	11,282
Cost Capitalized Subsequent to Acquisition	14,043
Gross Carrying Amount, Land	8,620
Gross Carrying Amount, Building and Improvements	25,305
Accumulated Depreciation and Amortization	$ (21,007)
Life on which depreciation in latest income statements is computed	35 years
The Shops at Kalakaua
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	13,993
Initial Cost, Building and Improvements	10,817
Cost Capitalized Subsequent to Acquisition	157
Gross Carrying Amount, Land	14,006
Gross Carrying Amount, Building and Improvements	10,961
Accumulated Depreciation and Amortization	$ (6,362)
Life on which depreciation in latest income statements is computed	35 years
Solana Beach Towne Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	40,980
Initial Cost, Building and Improvements	38,842
Cost Capitalized Subsequent to Acquisition	5,413
Gross Carrying Amount, Land	40,980
Gross Carrying Amount, Building and Improvements	44,255
Accumulated Depreciation and Amortization	$ (19,609)
Life on which depreciation in latest income statements is computed	35 years
South Bay Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	4,401
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	13,022
Gross Carrying Amount, Land	4,401
Gross Carrying Amount, Building and Improvements	13,022
Accumulated Depreciation and Amortization	$ (9,544)
Life on which depreciation in latest income statements is computed	35 years
Waikele Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	55,593
Initial Cost, Building and Improvements	126,858
Cost Capitalized Subsequent to Acquisition	44,549
Gross Carrying Amount, Land	70,644
Gross Carrying Amount, Building and Improvements	156,356
Accumulated Depreciation and Amortization	$ (86,587)
Life on which depreciation in latest income statements is computed	35 years
City Center Bellevue
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 75,000
Initial Cost, Land	25,135
Initial Cost, Building and Improvements	190,998
Cost Capitalized Subsequent to Acquisition	56,692
Gross Carrying Amount, Land	25,135
Gross Carrying Amount, Building and Improvements	247,690
Accumulated Depreciation and Amortization	$ (91,763)
Life on which depreciation in latest income statements is computed	40 years
14Acres
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	35,822
Initial Cost, Building and Improvements	82,737
Cost Capitalized Subsequent to Acquisition	15,776
Gross Carrying Amount, Land	35,822
Gross Carrying Amount, Building and Improvements	98,513
Accumulated Depreciation and Amortization	$ (10,680)
Life on which depreciation in latest income statements is computed	40 years
Timber Ridge
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	23,203
Initial Cost, Building and Improvements	55,992
Cost Capitalized Subsequent to Acquisition	4,417
Gross Carrying Amount, Land	23,203
Gross Carrying Amount, Building and Improvements	60,409
Accumulated Depreciation and Amortization	$ (7,044)
Life on which depreciation in latest income statements is computed	40 years
Timber Springs
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	13,744
Initial Cost, Building and Improvements	30,339
Cost Capitalized Subsequent to Acquisition	1,783
Gross Carrying Amount, Land	13,744
Gross Carrying Amount, Building and Improvements	32,122
Accumulated Depreciation and Amortization	$ (3,365)
Life on which depreciation in latest income statements is computed	40 years
First & Main
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	14,697
Initial Cost, Building and Improvements	109,739
Cost Capitalized Subsequent to Acquisition	12,950
Gross Carrying Amount, Land	14,697
Gross Carrying Amount, Building and Improvements	122,689
Accumulated Depreciation and Amortization	$ (49,372)
Life on which depreciation in latest income statements is computed	40 years
The Land Mark at One Market
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	34,575
Initial Cost, Building and Improvements	141,196
Cost Capitalized Subsequent to Acquisition	34,966
Gross Carrying Amount, Land	34,575
Gross Carrying Amount, Building and Improvements	176,162
Accumulated Depreciation and Amortization	$ (70,137)
Life on which depreciation in latest income statements is computed	40 years
Lloyd District Portfolio
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	18,660
Initial Cost, Building and Improvements	61,401
Cost Capitalized Subsequent to Acquisition	111,153
Gross Carrying Amount, Land	11,845
Gross Carrying Amount, Building and Improvements	179,369
Accumulated Depreciation and Amortization	$ (72,353)
Life on which depreciation in latest income statements is computed	40 years
One Beach Street
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	15,332
Initial Cost, Building and Improvements	18,017
Cost Capitalized Subsequent to Acquisition	43,525
Gross Carrying Amount, Land	15,332
Gross Carrying Amount, Building and Improvements	61,542
Accumulated Depreciation and Amortization	$ (5,091)
Life on which depreciation in latest income statements is computed	40 years
Solana Beach Corporate Centre I-II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	7,111
Initial Cost, Building and Improvements	17,100
Cost Capitalized Subsequent to Acquisition	10,549
Gross Carrying Amount, Land	7,111
Gross Carrying Amount, Building and Improvements	27,649
Accumulated Depreciation and Amortization	$ (10,602)
Life on which depreciation in latest income statements is computed	40 years
Solana Beach Corporate Centre III-IV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	7,298
Initial Cost, Building and Improvements	27,887
Cost Capitalized Subsequent to Acquisition	9,660
Gross Carrying Amount, Land	7,298
Gross Carrying Amount, Building and Improvements	37,547
Accumulated Depreciation and Amortization	$ (14,358)
Life on which depreciation in latest income statements is computed	40 years
Solana Beach Corporate Centre Land
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	487
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	0
Gross Carrying Amount, Land	487
Gross Carrying Amount, Building and Improvements	0
Accumulated Depreciation and Amortization	0
Torrey Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	0
Initial Cost, Land	4,095
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	63,357
Gross Carrying Amount, Land	5,408
Gross Carrying Amount, Building and Improvements	62,044
Accumulated Depreciation and Amortization	$ (29,687)
Life on which depreciation in latest income statements is computed	40 years
Pacific North Court
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	3,263
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	38,118
Gross Carrying Amount, Land	4,309
Gross Carrying Amount, Building and Improvements	37,072
Accumulated Depreciation and Amortization	$ (18,317)
Life on which depreciation in latest income statements is computed	40 years
Pacific South Court
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	3,285
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	38,918
Gross Carrying Amount, Land	4,226
Gross Carrying Amount, Building and Improvements	37,977
Accumulated Depreciation and Amortization	$ (20,197)
Life on which depreciation in latest income statements is computed	40 years
Pacific VC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	1,413
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	10,939
Gross Carrying Amount, Land	2,148
Gross Carrying Amount, Building and Improvements	10,204
Accumulated Depreciation and Amortization	$ (7,022)
Life on which depreciation in latest income statements is computed	40 years
Pacific Torrey Daycare
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	715
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	1,963
Gross Carrying Amount, Land	911
Gross Carrying Amount, Building and Improvements	1,767
Accumulated Depreciation and Amortization	$ (1,209)
Life on which depreciation in latest income statements is computed	40 years
Torrey Reserve Building 6
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	0
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	6,833
Gross Carrying Amount, Land	682
Gross Carrying Amount, Building and Improvements	6,151
Accumulated Depreciation and Amortization	$ (1,922)
Life on which depreciation in latest income statements is computed	40 years
Torrey Reserve Building 5
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	0
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	3,573
Gross Carrying Amount, Land	1,017
Gross Carrying Amount, Building and Improvements	2,556
Accumulated Depreciation and Amortization	$ (598)
Life on which depreciation in latest income statements is computed	40 years
Torrey Reserve Building 13 & 14
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	0
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	16,631
Gross Carrying Amount, Land	2,188
Gross Carrying Amount, Building and Improvements	14,443
Accumulated Depreciation and Amortization	$ (5,674)
Life on which depreciation in latest income statements is computed	40 years
Torrey Point
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	2,073
Initial Cost, Building and Improvements	741
Cost Capitalized Subsequent to Acquisition	49,900
Gross Carrying Amount, Land	5,050
Gross Carrying Amount, Building and Improvements	47,664
Accumulated Depreciation and Amortization	$ (12,140)
Life on which depreciation in latest income statements is computed	40 years
La Jolla Commons One & Two
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	62,312
Initial Cost, Building and Improvements	393,662
Cost Capitalized Subsequent to Acquisition	18,804
Gross Carrying Amount, Land	62,312
Gross Carrying Amount, Building and Improvements	412,466
Accumulated Depreciation and Amortization	$ (71,999)
Life on which depreciation in latest income statements is computed	40 years
La Jolla Commons - Land
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	20,446
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	127,070
Gross Carrying Amount, Land	20,446
Gross Carrying Amount, Building and Improvements	127,070
Accumulated Depreciation and Amortization	(63)
Imperial Beach Gardens
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	0
Initial Cost, Land	1,281
Initial Cost, Building and Improvements	4,820
Cost Capitalized Subsequent to Acquisition	8,873
Gross Carrying Amount, Land	1,281
Gross Carrying Amount, Building and Improvements	13,693
Accumulated Depreciation and Amortization	$ (8,808)
Life on which depreciation in latest income statements is computed	30 years
Loma Palisades
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	14,000
Initial Cost, Building and Improvements	16,570
Cost Capitalized Subsequent to Acquisition	39,635
Gross Carrying Amount, Land	14,052
Gross Carrying Amount, Building and Improvements	56,153
Accumulated Depreciation and Amortization	$ (34,564)
Life on which depreciation in latest income statements is computed	30 years
Mariner's Point
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	2,744
Initial Cost, Building and Improvements	4,540
Cost Capitalized Subsequent to Acquisition	1,945
Gross Carrying Amount, Land	2,744
Gross Carrying Amount, Building and Improvements	6,485
Accumulated Depreciation and Amortization	$ (4,608)
Life on which depreciation in latest income statements is computed	30 years
Santa Fe Park Rv Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	401
Initial Cost, Building and Improvements	928
Cost Capitalized Subsequent to Acquisition	1,516
Gross Carrying Amount, Land	401
Gross Carrying Amount, Building and Improvements	2,444
Accumulated Depreciation and Amortization	$ (1,768)
Life on which depreciation in latest income statements is computed	30 years
Pacific Ridge Apartments
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	47,971
Initial Cost, Building and Improvements	178,497
Cost Capitalized Subsequent to Acquisition	1,492
Gross Carrying Amount, Land	47,971
Gross Carrying Amount, Building and Improvements	179,989
Accumulated Depreciation and Amortization	$ (48,549)
Life on which depreciation in latest income statements is computed	30 years
Hassalo on Eighth - Residential
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	0
Initial Cost, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	177,226
Gross Carrying Amount, Land	6,219
Gross Carrying Amount, Building and Improvements	171,007
Accumulated Depreciation and Amortization	$ (53,126)
Life on which depreciation in latest income statements is computed	30 years
Waikiki Beach Walk - Retail
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	45,995
Initial Cost, Building and Improvements	74,943
Cost Capitalized Subsequent to Acquisition	2,304
Gross Carrying Amount, Land	45,995
Gross Carrying Amount, Building and Improvements	77,247
Accumulated Depreciation and Amortization	$ (32,022)
Life on which depreciation in latest income statements is computed	35 years
Waikiki Beach Walk Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance as of December 31, 2024	$ 0
Initial Cost, Land	30,640
Initial Cost, Building and Improvements	60,029
Cost Capitalized Subsequent to Acquisition	12,573
Gross Carrying Amount, Land	30,640
Gross Carrying Amount, Building and Improvements	72,602
Accumulated Depreciation and Amortization	$ (33,488)
Life on which depreciation in latest income statements is computed	35 years

SCHEDULE III-Consolidated Rea_3

SCHEDULE III-Consolidated Real Estate and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real estate assets
Balance, beginning of period	$ 3,741,768	$ 3,671,469	$ 3,529,371
Property acquisitions	0	0	44,076
Improvements	68,484	78,249	116,613
Real estate assets held for sale	(154,134)	0	0
Other	(29,754)	(7,950)	(18,591)
Balance, end of period	3,626,364	3,741,768	3,671,469
Accumulated depreciation
Balance, beginning of period	1,036,453	936,913	847,390
Additions—depreciation	111,727	106,306	108,118
Real estate assets held for sale	(80,435)	0	0
Other	(28,867)	(6,766)	(18,595)
Balance, end of period	$ 1,038,878	$ 1,036,453	$ 936,913