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Share Name | Share Symbol | Market | Type |
---|---|---|---|
American Assets Trust Inc | NYSE:AAT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.05 | -0.23% | 21.51 | 22.08 | 21.24 | 21.92 | 248,158 | 22:30:00 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | (American Assets Trust, Inc.) | 27-3338708 | (American Assets Trust, Inc.) | |||||||||||
Maryland | (American Assets Trust, L.P.) | 27-3338894 | (American Assets Trust, L.P.) | |||||||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Registrant | Title of Each Class | Trading Symbol | Name Of Each Exchange On Which Registered | ||||||||
American Assets Trust, Inc. | Common Stock, $.01 par value per share | AAT | New York Stock Exchange | ||||||||
American Assets Trust, L.P. | None | None | None |
American Assets Trust, Inc. | None | ||||
American Assets Trust, L.P. | None |
American Assets Trust, Inc. | ☒ | Yes | ☐ | No | |||||||||||||
American Assets Trust, L.P. | ☐ | Yes | ☒ | No |
American Assets Trust, Inc. | ☐ | Yes | ☒ | No | |||||||||||||
American Assets Trust, L.P. | ☐ | Yes | ☒ | No |
American Assets Trust, Inc. | ☒ | Yes | ☐ | No | |||||||||||||
American Assets Trust, L.P. | ☒ | Yes | ☐ | No |
American Assets Trust, Inc. | ☒ | Yes | ☐ | No | |||||||||||||
American Assets Trust, L.P. | ☒ | Yes | ☐ | No |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | |||||||||||||||||
Non-Accelerated Filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging Growth Company | ☐ |
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | |||||||||||||||||
Non-Accelerated Filer | ☒ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging Growth Company | ☐ |
American Assets Trust, Inc. | ☐ | Yes | ☒ | No | |||||||||||||
American Assets Trust, L.P. | ☐ | Yes | ☒ | No |
Retail Portion | Location |
Year Built/
Renovated |
Number
of Buildings |
Net
Rentable Square Feet |
Percent
Leased |
Annualized
Base Rent |
Annualized
Base Rent Per Leased Square Foot |
||||||||||||||||||||||||||||||||||
Waikiki Beach Walk—Retail | Honolulu, HI | 2006 | 3 | 93,925 | 89.6 | % | $ | 6,413,365 | $ | 76.21 |
Hotel Portion | Location |
Year Built/
Renovated |
Number
of Buildings |
Units |
Average
Occupancy |
Average
Daily Rate |
Revenue
per Available Room |
||||||||||||||||||||||||||||||||||
Waikiki Beach Walk—Embassy SuitesTM
|
Honolulu, HI | 2008/2014/2020 | 2 | 369 | 66.4 | % | $ | 278.87 | $ | 185.13 |
Property | Location |
Year Built/
Renovated |
Number
of Buildings |
Units |
Percentage
Leased |
Annualized
Base Rent |
Average Monthly Base Rent per Leased Unit | ||||||||||||||||||||||||||||||||||
Loma Palisades | San Diego, CA | 1958/2001 - 2008/2021 | 80 | 548 | 97.5 | % | $ | 15,005,424 | $ | 2,340 | |||||||||||||||||||||||||||||||
Imperial Beach Gardens | Imperial Beach, CA | 1959/2008 | 26 | 160 | 95.6 | 4,134,048 | 2,252 | ||||||||||||||||||||||||||||||||||
Mariner’s Point | Imperial Beach, CA | 1986 | 8 | 88 | 95.5 | 1,988,148 | 1,971 | ||||||||||||||||||||||||||||||||||
Santa Fe Park RV Resort (6)
|
San Diego, CA | 1971/2007-2008 | 1 | 126 | 93.7 | 1,793,688 | 1,266 | ||||||||||||||||||||||||||||||||||
Pacific Ridge Apartments | San Diego, CA | 2013 | 3 | 533 | 97.7 | 19,541,508 | 3,127 | ||||||||||||||||||||||||||||||||||
Hassalo on Eighth - Multifamily (5)
|
Portland, OR | 2015 | 3 | 657 | 94.1 | 11,094,504 | 1,495 | ||||||||||||||||||||||||||||||||||
Total / Weighted Average Multifamily | 121 | 2,112 | 96.0 | % | $ | 53,557,320 | $ | 2,201 |
Leased Square Feet | Annualized Base | Pro Forma Annualized | |||||||||||||||||||||
Under Signed But | Annualized | Rent per | Base Rent per | ||||||||||||||||||||
Not Commenced Leases (a) | Base Rent (b) | Leased Square Foot (b) | Leased Square Foot (c) | ||||||||||||||||||||
Office Portfolio | $ | 53,388 | $ | 4,089,350 | $ | 76.60 | $ | 51.65 | |||||||||||||||
Retail Portfolio | 79,424 | 1,721,495 | $ | 21.67 | $ | 25.67 | |||||||||||||||||
Total Retail and Office Portfolio | $ | 132,812 | $ | 5,810,845 | $ | 43.75 | $ | 40.00 |
Property | Number of Ground Leases | Square Footage Leased Pursuant to Ground Leases (a) | Aggregate Annualized Base Rent | ||||||||||||||
Carmel Mountain Plaza | 5 | 17,607 | $ | 805,561 | |||||||||||||
South Bay Marketplace | 1 | 2,824 | $ | 102,276 | |||||||||||||
Del Monte Center | 1 | 212,500 | $ | 96,000 | |||||||||||||
Alamo Quarry Market | 3 | 20,694 | $ | 301,371 |
Tenant | Property(ies) |
Lease
Expiration |
Total Leased
Square Feet |
Rentable
Square Feet as a Percentage of Total |
Annualized
Base Rent (1)
|
Annualized
Base Rent as a Percentage of Total |
||||||||||||||||||||||||||||||||
Google LLC | The Landmark at One Market | 12/31/2029 | 253,198 | 3.6 | % | $ | 24,904,188 | 9.6 | % | |||||||||||||||||||||||||||||
LPL Holdings, Inc. | La Jolla Commons | 4/30/2029 | 421,001 | 5.9 | 18,724,794 | 7.2 | ||||||||||||||||||||||||||||||||
Autodesk, Inc. | The Landmark at One Market |
12/31/2022
12/31/2023 |
138,615 | 2.0 | 12,615,795 | 4.9 | ||||||||||||||||||||||||||||||||
Smartsheet, Inc. | City Center Bellevue |
12/31/2026
4/30/2029 |
123,041 | 1.7 | 6,664,187 | 2.6 | ||||||||||||||||||||||||||||||||
VMware, Inc | City Center Bellevue |
11/30/2022
5/31/2025 9/30/2027 |
109,985 | 1.6 | 5,584,938 | 2.1 | ||||||||||||||||||||||||||||||||
Illumina, Inc. | La Jolla Commons | 10/31/2027 | 73,176 | 1.0 | 4,453,345 | 1.7 | ||||||||||||||||||||||||||||||||
Lowe's | Waikele Center | 5/31/2028 | 155,000 | 2.2 | 3,720,000 | 1.4 | ||||||||||||||||||||||||||||||||
Clearesult Operating, LLC | First & Main | 4/30/2025 | 101,848 | 1.4 | 3,283,536 | 1.3 | ||||||||||||||||||||||||||||||||
State of Oregon: Department of Environmental Quality | Lloyd District Portfolio | 10/31/2031 | 87,787 | 1.2 | 2,849,538 | 1.1 | ||||||||||||||||||||||||||||||||
Genentech, Inc. | Lloyd District Portfolio | 10/31/2026 | 66,852 | 0.9 | 2,269,545 | 0.9 | ||||||||||||||||||||||||||||||||
Internal Revenue Service (2) | First & Main | 8/31/2030 | 63,648 | 0.9 | 2,189,700 | 0.8 | ||||||||||||||||||||||||||||||||
Nordstrom Rack (3) |
Alamo Quarry Market,
Carmel Mountain Plaza |
10/31/2027
9/30/2027 |
69,047 | 1.0 | 2,189,648 | 0.8 | ||||||||||||||||||||||||||||||||
Sprouts Farmers Market |
Solana Beach Towne Centre,
Carmel Mountain Plaza, Geary Marketplace |
6/30/2024
3/31/2025 9/30/2032 |
71,431 | 1.0 | 2,121,187 | 0.8 | ||||||||||||||||||||||||||||||||
Veterans Benefits Administration | First & Main | 8/31/2030 | 74,885 | 1.1 | 1,997,006 | 0.8 | ||||||||||||||||||||||||||||||||
California Bank & Trust | Torrey Reserve Campus | 2/29/2024 | 34,731 | 0.5 | 1,975,300 | 0.8 | ||||||||||||||||||||||||||||||||
WeWork | Lloyd District Portfolio | 1/31/2032 | 55,395 | 0.8 | 1,939,933 | 0.7 | ||||||||||||||||||||||||||||||||
Industrious | City Center Bellevue | 3/31/2034 | 37,166 | 0.5 | 1,888,472 | 0.7 | ||||||||||||||||||||||||||||||||
Perkins Coie, LLP | Torrey Reserve Campus | 12/31/2028 | 36,980 | 0.5 | 1,859,601 | 0.7 | ||||||||||||||||||||||||||||||||
Troutman Sanders, LLP |
Torrey Reserve Campus,
First & Main |
3/31/2025
4/30/2025 |
33,812 | 0.5 | 1,746,292 | 0.7 | ||||||||||||||||||||||||||||||||
Marshalls |
Solana Beach Towne Centre,
Carmel Mountain Plaza |
1/31/2025
1/31/2029 |
68,055 | 1.0 | 1,728,228 | 0.7 | ||||||||||||||||||||||||||||||||
MEI Pharma, Inc. | Torrey Reserve Campus | 3/31/2028 | 32,775 | 0.5 | 1,519,121 | 0.6 | ||||||||||||||||||||||||||||||||
Vons | Lomas Santa Fe Plaza | 12/31/2022 | 25,689 | 0.4 | 1,384,693 | 0.5 | ||||||||||||||||||||||||||||||||
At Home Stores | Carmel Mountain Plaza | 7/31/2029 | 107,870 | 1.5 | 1,384,552 | 0.5 | ||||||||||||||||||||||||||||||||
Cisco Systems, Inc. | City Center Bellevue | 2/28/2023 | 29,415 | 0.4 | 1,382,130 | 0.5 | ||||||||||||||||||||||||||||||||
Ruth's Chris Steak House |
Waikele Beach Walk,
Torrey Reserve Campus |
2/29/2025
1/31/2030 |
14,833 | 0.2 | 1,332,035 | 0.5 | ||||||||||||||||||||||||||||||||
TOTAL | 2,286,235 | 32.3 | % | $ | 111,707,764 | 42.9 | % |
Region | Number of Properties | Net Rentable Square Feet |
Percentage of Net Rentable Square Feet (1)
|
||||||||||||||
Southern California | 10 | 2,885,421 | 40.7 | % | |||||||||||||
Northern California | 4 | 1,231,010 | 17.4 | ||||||||||||||
Oregon | 3 | 920,478 | 13.0 | ||||||||||||||
Washington | 3 | 933,653 | 13.2 | ||||||||||||||
Texas | 1 | 588,148 | 8.3 | ||||||||||||||
Hawaii (2)
|
3 | 523,643 | 7.4 | ||||||||||||||
Total | 24 | 7,082,353 | 100.0 | % |
Segment | Number of Properties | Property Operating Income | Percentage of Property Operating Income | ||||||||||||||
Office | 11 | $ | 136,133 | 55.4 | % | ||||||||||||
Retail | 12 | 66,679 | 27.1 | ||||||||||||||
Mixed-Use | 1 | 29,104 | 11.8 | ||||||||||||||
Multifamily | 6 | 14,138 | 5.7 | ||||||||||||||
Total | 30 | $ | 246,054 | 100.0 | % |
Year of Lease Expiration |
Square
Footage of Expiring Leases |
Percentage
of Portfolio Net Rentable Square Feet |
Annualized Base
Rent (1)
|
Percentage
of Portfolio Annualized Base Rent |
Annualized Base Rent Per Leased Square Foot (2)
|
|||||||||||||||||||||||||||
Available | 613,558 | 8.7 | % | $ | — | — | % | $ | — | |||||||||||||||||||||||
Month to Month | 66,621 | 0.9 | 1,077,249 | 0.4 | 16.17 | |||||||||||||||||||||||||||
2022 | 614,263 | 8.7 | 23,525,088 | 9.7 | 38.30 | |||||||||||||||||||||||||||
2023 | 664,843 | 9.4 | 27,878,687 | 11.4 | 41.93 | |||||||||||||||||||||||||||
2024 | 738,838 | 10.4 | 25,953,027 | 10.7 | 35.13 | |||||||||||||||||||||||||||
2025 | 578,208 | 8.2 | 21,714,290 | 8.9 | 37.55 | |||||||||||||||||||||||||||
2026 | 613,853 | 8.7 | 23,539,658 | 9.7 | 38.35 | |||||||||||||||||||||||||||
2027 | 574,651 | 8.1 | 22,420,057 | 9.2 | 39.02 | |||||||||||||||||||||||||||
2028 | 743,126 | 10.5 | 17,981,232 | 7.4 | 24.20 | |||||||||||||||||||||||||||
2029 | 996,420 | 14.1 | 53,608,330 | 22.0 | 53.80 | |||||||||||||||||||||||||||
2030 | 235,733 | 3.3 | 8,621,930 | 3.5 | 36.57 | |||||||||||||||||||||||||||
2031 | 279,759 | 4.0 | 9,173,880 | 3.8 | 32.79 | |||||||||||||||||||||||||||
Thereafter | 228,757 | 3.2 | 8,072,803 | 3.3 | 35.29 | |||||||||||||||||||||||||||
Signed Leases Not Commenced | 133,723 | 1.9 | — | — | — | |||||||||||||||||||||||||||
Total: | 7,082,353 | 100.0 | % | $ | 243,566,231 | 100.0 | % | $ | 34.39 |
American Assets Trust, Inc. | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Rental income | $ | 360,208 | $ | 330,312 | $ | 343,865 | $ | 309,537 | $ | 298,803 | |||||||||||||||||||
Other property income | 15,620 | 14,261 | 22,876 | 21,330 | 16,180 | ||||||||||||||||||||||||
Total revenues | 375,828 | 344,573 | 366,741 | 330,867 | 314,983 | ||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Rental expenses | 86,980 | 79,178 | 91,967 | 86,482 | 84,006 | ||||||||||||||||||||||||
Real estate taxes | 42,794 | 41,941 | 40,013 | 34,973 | 32,671 | ||||||||||||||||||||||||
General and administrative | 29,879 | 26,581 | 24,871 | 22,784 | 21,382 | ||||||||||||||||||||||||
Depreciation and amortization | 116,306 | 108,292 | 96,205 | 107,093 | 83,278 | ||||||||||||||||||||||||
Total operating expenses | 275,959 | 255,992 | 253,056 | 251,332 | 221,337 | ||||||||||||||||||||||||
Operating income | 99,869 | 88,581 | 113,685 | 79,535 | 93,646 | ||||||||||||||||||||||||
Interest expense | (58,587) | (53,440) | (54,008) | (52,248) | (53,848) | ||||||||||||||||||||||||
Loss on early extinguishment of debt | (4,271) | — | — | — | — | ||||||||||||||||||||||||
Gain on sale of real estate | — | — | 633 | — | — | ||||||||||||||||||||||||
Other income (expense), net | (418) | 447 | (122) | (85) | 334 | ||||||||||||||||||||||||
Net income | 36,593 | 35,588 | 60,188 | 27,202 | 40,132 | ||||||||||||||||||||||||
Net income attributable to restricted shares | (564) | (383) | (381) | (311) | (241) | ||||||||||||||||||||||||
Net income attributable to unitholders in the Operating Partnership
|
(7,653) | (7,545) | (14,089) | (7,205) | (10,814) | ||||||||||||||||||||||||
Net income attributable to American Assets Trust, Inc. stockholders
|
$ | 28,376 | $ | 27,660 | $ | 45,718 | $ | 19,686 | $ | 29,077 | |||||||||||||||||||
Net income attributable to common stockholders per share
|
|||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.47 | $ | 0.46 | $ | 0.84 | $ | 0.42 | $ | 0.62 | |||||||||||||||||||
Diluted earnings per share | $ | 0.47 | $ | 0.46 | $ | 0.84 | $ | 0.42 | $ | 0.62 | |||||||||||||||||||
Weighted average shares of common stock outstanding - basic
|
59,990,740 | 59,806,309 | 54,110,949 | 46,950,812 | 46,715,520 | ||||||||||||||||||||||||
Weighted average shares of common stock outstanding - diluted
|
76,172,277 | 76,119,763 | 70,786,132 | 64,136,559 | 64,087,250 | ||||||||||||||||||||||||
Dividends declared per share | $ | 1.16 | $ | 1.00 | $ | 1.14 | $ | 1.09 | $ | 1.05 |
American Assets Trust, Inc. | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||||||||||||
Net real estate | $ | 2,681,981 | $ | 2,492,734 | $ | 2,523,475 | $ | 2,039,853 | $ | 2,076,707 | |||||||||||||||||||
Total assets | 3,017,927 | 2,817,309 | 2,790,333 | 2,198,250 | 2,259,864 | ||||||||||||||||||||||||
Notes payable and line of credit | 1,649,203 | 1,406,751 | 1,357,659 | 1,290,772 | 1,325,020 | ||||||||||||||||||||||||
Total liabilities | 1,807,804 | 1,563,903 | 1,496,661 | 1,395,779 | 1,415,720 | ||||||||||||||||||||||||
Stockholders' equity | 1,238,964 | 1,271,442 | 1,313,917 | 802,977 | 833,710 | ||||||||||||||||||||||||
Noncontrolling interests | (28,841) | (18,036) | (20,245) | (506) | 10,434 | ||||||||||||||||||||||||
Total equity | 1,210,123 | 1,253,406 | 1,293,672 | 802,471 | 844,144 | ||||||||||||||||||||||||
Total liabilities and equity | 3,017,927 | 2,817,309 | 2,790,333 | 2,198,250 | 2,259,864 | ||||||||||||||||||||||||
Other Data: | |||||||||||||||||||||||||||||
Funds from operations (FFO) (1)
|
$ | 152,899 | $ | 143,880 | $ | 155,760 | $ | 134,295 | $ | 123,410 | |||||||||||||||||||
FFO attributable to common stock and units | 152,342 | 143,503 | 155,384 | 133,990 | 123,174 |
Year Ended December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Net income | $ | 36,593 | $ | 35,588 | $ | 60,188 | $ | 27,202 | $ | 40,132 | |||||||||||||||||||
Plus: Real estate depreciation and amortization | 116,306 | 108,292 | 96,205 | 107,093 | 83,278 | ||||||||||||||||||||||||
Less: Gain on sale of real estate | — | — | (633) | — | — | ||||||||||||||||||||||||
Funds from operations, as defined by NAREIT | 152,899 | 143,880 | 155,760 | 134,295 | 123,410 | ||||||||||||||||||||||||
Less: Nonforfeitable dividends on restricted stock awards | (557) | (377) | (376) | (305) | (236) | ||||||||||||||||||||||||
FFO attributable to common stock and units | $ | 152,342 | $ | 143,503 | $ | 155,384 | $ | 133,990 | $ | 123,174 |
December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Same-Store | 26 | 24 | 25 | ||||||||||||||
Non-Same Store | 4 | 4 | 3 | ||||||||||||||
Total Properties | 30 | 28 | 28 | ||||||||||||||
Redevelopment Same-Store | 27 | 26 | 26 | ||||||||||||||
Total Development Properties | 3 | 3 | 3 |
Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Segment | Tenant Improvements and Leasing Commissions | Maintenance Capital Expenditures | Total Tenant Improvements, Leasing Commissions and Maintenance Capital Expenditures | Redevelopment and Expansions | New Development | Total Capital Expenditures | ||||||||||||||||||||||||||||||||
Office Portfolio | $ | 38,309 | $ | 11,334 | $ | 49,643 | $ | 16,486 | $ | 26,987 | $ | 93,116 | ||||||||||||||||||||||||||
Retail Portfolio | 5,506 | 1,705 | 7,211 | 21 | — | 7,232 | ||||||||||||||||||||||||||||||||
Multifamily Portfolio | 9 | 5,702 | 5,711 | 130 | — | 5,841 | ||||||||||||||||||||||||||||||||
Mixed-Use Portfolio | 274 | 1,267 | 1,541 | — | — | 1,541 | ||||||||||||||||||||||||||||||||
Total | $ | 44,098 | $ | 20,008 | $ | 64,106 | $ | 16,637 | $ | 26,987 | $ | 107,730 | ||||||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Segment | Tenant Improvements and Leasing Commissions | Maintenance Capital Expenditures | Total Tenant Improvements, Leasing Commissions and Maintenance Capital Expenditures | Redevelopment and Expansions | New Development | Total Capital Expenditures | ||||||||||||||||||||||||||||||||
Office Portfolio | $ | 35,732 | $ | 8,745 | $ | 44,477 | $ | 4,096 | $ | 4,309 | $ | 52,882 | ||||||||||||||||||||||||||
Retail Portfolio | 4,504 | 4,089 | 8,593 | 3 | — | 8,596 | ||||||||||||||||||||||||||||||||
Multifamily Portfolio | — | 3,897 | 3,897 | — | — | 3,897 | ||||||||||||||||||||||||||||||||
Mixed-Use Portfolio | 36 | 3,666 | 3,702 | — | — | 3,702 | ||||||||||||||||||||||||||||||||
Total | $ | 40,272 | $ | 20,397 | $ | 60,669 | $ | 4,099 | $ | 4,309 | $ | 69,077 | ||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | Change | % | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Rental income | $ | 360,208 | $ | 330,312 | $ | 29,896 | 9 | % | |||||||||||||||
Other property income | 15,620 | 14,261 | 1,359 | 10 | |||||||||||||||||||
Total property revenues | 375,828 | 344,573 | 31,255 | 9 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Rental expenses | 86,980 | 79,178 | 7,802 | 10 | |||||||||||||||||||
Real estate taxes | 42,794 | 41,941 | 853 | 2 | |||||||||||||||||||
Total property expenses | 129,774 | 121,119 | 8,655 | 7 | |||||||||||||||||||
Net operating income | 246,054 | 223,454 | 22,600 | 10 | |||||||||||||||||||
General and administrative | (29,879) | (26,581) | (3,298) | 12 | |||||||||||||||||||
Depreciation and amortization | (116,306) | (108,292) | (8,014) | 7 | |||||||||||||||||||
Interest expense | (58,587) | (53,440) | (5,147) | 10 | |||||||||||||||||||
Loss on early extinguishment of debt | (4,271) | — | (4,271) | 100 | % | ||||||||||||||||||
Other income (expense), net | (418) | 447 | (865) | (194) | |||||||||||||||||||
Net income | 36,593 | 35,588 | 1,005 | 3 | |||||||||||||||||||
Net income attributable to restricted shares | (564) | (383) | (181) | 47 | |||||||||||||||||||
Net income attributable to unitholders in the Operating Partnership
|
(7,653) | (7,545) | (108) | 1 | |||||||||||||||||||
Net income attributable to American Assets Trust, Inc. stockholders
|
$ | 28,376 | $ | 27,660 | $ | 716 | 3 | % |
Percentage Leased (1)
Year Ended
December 31,
|
|||||||||||
2021 | 2020 | ||||||||||
Office | 90.4 | % | 93.0 | % | |||||||
Retail | 92.6 | % | 90.7 | % | |||||||
Multifamily | 96.0 | % | 86.2 | % | |||||||
Mixed-Use (2)
|
89.6 | % | 89.2 | % |
Total Portfolio |
Same-Store Portfolio (1)
|
||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | % | 2021 | 2020 | Change | % | ||||||||||||||||||||||||||||||||||||||||
Office | $ | 181,916 | $ | 171,955 | $ | 9,961 | 6 | % | $ | 175,296 | $ | 170,707 | $ | 4,589 | 3 | % | |||||||||||||||||||||||||||||||
Retail | 93,249 | 86,204 | 7,045 | 8 | 93,249 | 86,204 | 7,045 | 8 | |||||||||||||||||||||||||||||||||||||||
Multifamily | 48,896 | 47,274 | 1,622 | 3 | 48,896 | 47,274 | 1,622 | 3 | |||||||||||||||||||||||||||||||||||||||
Mixed-Use | 36,147 | 24,879 | 11,268 | 45 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
$ | 360,208 | $ | 330,312 | $ | 29,896 | 9 | % | $ | 317,441 | $ | 304,185 | $ | 13,256 | 4 | % |
Total Portfolio | Same-Store Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | % | 2021 | 2020 | Change | % | ||||||||||||||||||||||||||||||||||||||||
Office | $ | 4,450 | $ | 5,599 | $ | (1,149) | (21) | % | $ | 4,040 | $ | 5,572 | $ | (1,532) | (27) | % | |||||||||||||||||||||||||||||||
Retail | 1,413 | 2,076 | (663) | (32) | 1,413 | 2,076 | (663) | (32) | |||||||||||||||||||||||||||||||||||||||
Multifamily | 3,419 | 3,053 | 366 | 12 | 3,419 | 3,053 | 366 | 12 | |||||||||||||||||||||||||||||||||||||||
Mixed-Use | 6,338 | 3,533 | 2,805 | 79 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
$ | 15,620 | $ | 14,261 | $ | 1,359 | 10 | % | $ | 8,872 | $ | 10,701 | $ | (1,829) | (17) | % |
Total Portfolio | Same-Store Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | % | 2021 | 2020 | Change | % | ||||||||||||||||||||||||||||||||||||||||
Office | $ | 30,506 | $ | 28,234 | $ | 2,272 | 8 | % | $ | 28,341 | $ | 27,341 | $ | 1,000 | 4 | % | |||||||||||||||||||||||||||||||
Retail | 15,676 | 15,446 | 230 | 1 | 15,676 | 15,446 | 230 | 1 | |||||||||||||||||||||||||||||||||||||||
Multifamily | 16,269 | 15,324 | 945 | 6 | 16,269 | 15,324 | 945 | 6 | |||||||||||||||||||||||||||||||||||||||
Mixed-Use | 24,529 | 20,174 | 4,355 | 22 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
$ | 86,980 | $ | 79,178 | $ | 7,802 | 10 | % | $ | 60,286 | $ | 58,111 | $ | 2,175 | 4 | % |
Total Portfolio | Same-Store Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | % | 2021 | 2020 | Change | % | ||||||||||||||||||||||||||||||||||||||||
Office | $ | 19,727 | $ | 19,190 | $ | 537 | 3 | % | $ | 18,962 | $ | 18,475 | $ | 487 | 3 | % | |||||||||||||||||||||||||||||||
Retail | 12,307 | 11,928 | 379 | 3 | 12,307 | 11,928 | 379 | 3 | |||||||||||||||||||||||||||||||||||||||
Multifamily | 6,942 | 6,750 | 192 | 3 | 6,942 | 6,750 | 192 | 3 | |||||||||||||||||||||||||||||||||||||||
Mixed-Use | 3,818 | 4,073 | (255) | (6) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
$ | 42,794 | $ | 41,941 | $ | 853 | 2 | % | $ | 38,211 | $ | 37,153 | $ | 1,058 | 3 | % |
Total Portfolio | Same-Store Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | % | 2021 | 2020 | Change | % | ||||||||||||||||||||||||||||||||||||||||
Office | $ | 136,133 | $ | 130,130 | $ | 6,003 | 5 | % | $ | 132,033 | $ | 130,463 | $ | 1,570 | 1 | % | |||||||||||||||||||||||||||||||
Retail | 66,679 | 60,906 | 5,773 | 9 | 66,679 | 60,906 | 5,773 | 9 | |||||||||||||||||||||||||||||||||||||||
Multifamily | 29,104 | 28,253 | 851 | 3 | 29,104 | 28,253 | 851 | 3 | |||||||||||||||||||||||||||||||||||||||
Mixed-Use | 14,138 | 4,165 | 9,973 | 239 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
$ | 246,054 | $ | 223,454 | $ | 22,600 | 10 | % | $ | 227,816 | $ | 219,622 | $ | 8,194 | 4 | % |
Payments by Period | |||||||||||||||||||||||||||||||||||||||||
Contractual Obligations | Total |
Within
1 Year |
2 Years | 3 Years | 4 Years | 5 Years |
More than
5 Years |
||||||||||||||||||||||||||||||||||
Principal payments on long-term indebtedness (1)
|
$ | 1,661,000 | $ | 211,000 | $ | 150,000 | $ | 100,000 | $ | 200,000 | $ | — | $ | 1,000,000 | |||||||||||||||||||||||||||
Line of credit (1)
|
— | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Interest payments | 347,187 | 58,668 | 51,414 | 48,734 | 38,851 | 37,705 | 111,815 | ||||||||||||||||||||||||||||||||||
Operating lease | 33,229 | 3,232 | 3,328 | 3,428 | 3,531 | 3,584 | 16,126 | ||||||||||||||||||||||||||||||||||
Tenant-related commitments | 22,963 | 18,013 | 4,273 | — | 677 | — | — | ||||||||||||||||||||||||||||||||||
Construction-related commitments | 115,335 | 109,420 | 5,915 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 2,179,714 | $ | 400,333 | $ | 214,930 | $ | 152,162 | $ | 243,059 | $ | 41,289 | $ | 1,127,941 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net operating income | $ | 246,054 | $ | 223,454 | $ | 234,761 | |||||||||||
General and administrative | (29,879) | (26,581) | (24,871) | ||||||||||||||
Depreciation and amortization | (116,306) | (108,292) | (96,205) | ||||||||||||||
Interest expense | (58,587) | (53,440) | (54,008) | ||||||||||||||
Gain on sale of real estate | — | — | 633 | ||||||||||||||
Loss on early extinguishment of debt | (4,271) | — | — | ||||||||||||||
Other income (expense), net | (418) | 447 | (122) | ||||||||||||||
Net income | $ | 36,593 | $ | 35,588 | $ | 60,188 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net income | $ | 36,593 | $ | 35,588 | $ | 60,188 | |||||||||||
Plus: Real estate depreciation and amortization | 116,306 | 108,292 | 96,205 | ||||||||||||||
Less: Gain on sale of real estate | — | — | (633) | ||||||||||||||
Funds from operations, as defined by NAREIT | $ | 152,899 | $ | 143,880 | $ | 155,760 | |||||||||||
Less: Nonforfeitable dividends on restricted stock awards | (557) | (377) | (376) | ||||||||||||||
FFO attributable to common stock and units | $ | 152,342 | $ | 143,503 | $ | 155,384 | |||||||||||
FFO per diluted share/unit | $ | 2.00 | $ | 1.89 | $ | 2.20 | |||||||||||
Weighted average number of common shares and units, diluted (1)
|
76,175,004 | 76,122,842 | 70,788,597 |
Exhibit No. | Description | ||||
3.1(1) | |||||
3.2(1) | |||||
3.3(2) | |||||
4.1(1) | |||||
4.2(3) | |||||
4.3* | |||||
10.1(4) | |||||
10.2(4) | |||||
10.3(1) | |||||
10.4(1) | |||||
10.5* | |||||
10.6(4) | |||||
10.7(1) | |||||
10.8(1) | |||||
10.9(4) | |||||
10.10(5) | |||||
10.11(5) | |||||
10.12(6) | |||||
10.13(7) | |||||
10.14(7) | |||||
10.15(7) | |||||
10.16(8) | |||||
10.17(9) | |||||
10.18(10) | |||||
10.19(11) | |||||
10.20(11) | |||||
10.21(11) | |||||
10.22(11) |
Exhibit No. | Description | ||||
10.23(11) | |||||
10.24(12) | |||||
10.25(13) | |||||
10.26(13) | |||||
10.32(14) | |||||
10.33(15) | |||||
10.34(16) | |||||
10.35(16) | |||||
10.36(16) | |||||
10.37(16) | |||||
10.38(16) | |||||
10.39(17) | |||||
21.1* | |||||
22.1* | |||||
23.1* | |||||
23.2* | |||||
31.1* | |||||
31.2* | |||||
31.3* | |||||
31.4* | |||||
32.1* | |||||
32.2* | |||||
101.INS* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL Document. | ||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
American Assets Trust, Inc. | American Assets Trust, L.P. | |||||||
By: American Assets Trust, Inc. | ||||||||
Its: General Partner | ||||||||
/s/ ERNEST RADY | /s/ ERNEST RADY | |||||||
Ernest Rady
|
Ernest Rady
|
|||||||
Chairman and Chief Executive Officer | Chairman and Chief Executive Officer | |||||||
(Principal Executive Officer)
|
(Principal Executive Officer)
|
|||||||
/s/ ROBERT F. BARTON | /s/ ROBERT F. BARTON | |||||||
Robert F. Barton
Executive Vice President and Chief Financial Officer
|
Robert F. Barton
Executive Vice President and Chief Financial Officer
|
|||||||
(Principal Financial and Accounting Officer)
|
(Principal Financial and Accounting Officer)
|
Signature | Title | Date | ||||||||||||
/s/ ERNEST RADY | Chairman of the Board and Chief Executive Officer | February 11, 2022 | ||||||||||||
Ernest Rady | ||||||||||||||
/s/ ROBERT F. BARTON | Executive Vice President, Chief Financial Officer and Treasurer | February 11, 2022 | ||||||||||||
Robert F. Barton | ||||||||||||||
/s/ JOY L. SCHAEFER | Director | February 11, 2022 | ||||||||||||
Joy L. Schaefer | ||||||||||||||
/s/ NINA TRAN | Director | February 11, 2022 | ||||||||||||
Nina Tran | ||||||||||||||
/s/ THOMAS S. OLINGER | Director | February 11, 2022 | ||||||||||||
Thomas S. Olinger | ||||||||||||||
/s/ ROBERT S. SULLIVAN | Director | February 11, 2022 | ||||||||||||
Robert S. Sullivan | ||||||||||||||
Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42)
|
|||||
American Assets Trust, Inc. | |||||
Consolidated Balance Sheets as of December 31, 2021 and 2020
|
|||||
Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020, and 2019
|
|||||
Consolidated Statements of Equity for the years ended December 31, 2021, 2020, and 2019
|
|||||
Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020, and 2019
|
|||||
American Assets Trust, L.P. | |||||
Consolidated Balance Sheets as of December 31, 2021 and 2020
|
|||||
Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020, and 2019
|
|||||
Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020, and 2019
|
|||||
Impairment of real estate properties | |||||
Description of the Matter |
The Company’s net real estate properties totaled $2.68 billion as of December 31, 2021. As discussed in Note 1 to the consolidated financial statements, the Company reviews 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 its estimated fair value. Properties classified as held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. There were no impairment charges during the year ended December 31, 2021.
Auditing the Company's impairment assessment for real estate properties is challenging because of the subjective auditor judgment necessary in evaluating management’s identification of indicators of potential impairment and the related assessment of the severity of such indicators in determining whether a triggering event has occurred that requires the Company to evaluate the recoverability of the asset.
|
||||
How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s property impairment review process. For example, we tested controls over management’s process for identifying and evaluating potential impairment indicators.
Our testing of the Company’s impairment assessment included, among other procedures, evaluating significant judgments applied in determining whether indicators of impairment were present at any given property by obtaining evidence to corroborate such judgments and searching for evidence contrary to such judgments. For example, we searched for tenants or groups of tenants with large reserved balances or upcoming lease expirations that occupy a substantial portion of any particular property and searched for significant declines in operating results of any particular property due to occupancy changes, tenant bankruptcies, environmental issues, adverse changes in legal factors or natural disasters.
|
||||
Property asset acquisitions
|
|||||
Description of the Matter
|
During the year ended December 31, 2021, the Company completed the acquisitions of Eastgate Office Park and Corporate Campus East III for a purchase price of approximately $125 million, excluding closing costs of approximately $0.2 million, and $84 million, excluding closing costs of approximately $0.1 million, respectively. As discussed in Note 1 and Note 2 to the consolidated financial statements, the Company accounted for the purchases as asset acquisitions in accordance with the authoritative accounting guidance on acquisitions and business combinations. The Company’s methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed consists of use of the income, sales comparison and cost approaches. For acquired operating real estate properties, the purchase price is allocated to land and buildings, intangible assets such as in-place leases, and tangible assets and liabilities acquired, if any, based on their relative fair value.
Auditing the Company’s accounting for its acquisitions was complex due to the significant estimation required by management in determining the relative fair values of the acquired land and buildings and intangible assets such as in-place leases. The significant estimation was primarily due to the judgmental nature of inputs, including discount rates, capitalization rates and certain market assumptions such as market rental rates and market comparable prices for similar land parcels.
|
||||
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s accounting for acquisitions process. For example, we tested controls over the valuation of acquired land, buildings and intangible assets, including the valuation models and underlying assumptions used to develop such estimates.
Our testing of the Company’s accounting for its acquisitions included, among other procedures, reading the purchase agreements and testing the values allocated to the assets acquired and liabilities assumed by evaluating the valuation methods and significant assumptions used by management. For example, our real estate valuation specialists assisted us in evaluating the methodologies used by the Company and testing the consistency of the selected discount rates, capitalization rates and various market assumptions such as market rental rates and market comparable prices for similar land parcels with external market data sources. Additionally, we evaluated the completeness and accuracy of the underlying data supporting the determination of various inputs. Also, with the assistance of our specialists, we evaluated the incorporation of the key assumptions in the aforementioned models and tested such models for clerical accuracy.
|
Impairment of real estate properties | |||||
Description of the Matter |
The Company’s net real estate properties totaled $2.68 billion as of December 31, 2021. As discussed in Note 1 to the consolidated financial statements, the Company reviews 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 its estimated fair value. Properties classified as held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. There were no impairment charges during the year ended December 31, 2021.
Auditing the Company's impairment assessment for real estate properties is challenging because of the subjective auditor judgment necessary in evaluating management’s identification of indicators of potential impairment and the related assessment of the severity of such indicators in determining whether a triggering event has occurred that requires the Company to evaluate the recoverability of the asset.
|
||||
How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s property impairment review process. For example, we tested controls over management’s process for identifying and evaluating potential impairment indicators.
Our testing of the Company’s impairment assessment included, among other procedures, evaluating significant judgments applied in determining whether indicators of impairment were present at any given property by obtaining evidence to corroborate such judgments and searching for evidence contrary to such judgments. For example, we searched for tenants or groups of tenants with large reserved balances or upcoming lease expirations that occupy a substantial portion of any particular property and searched for significant declines in operating results of any particular property due to occupancy changes, tenant bankruptcies, environmental issues, adverse changes in legal factors or natural disasters.
|
||||
Property asset acquisition | |||||
Description of the Matter
|
During the year ended December 31, 2021, the Company completed the acquisitions of Eastgate Office Park and Corporate Campus East III for a purchase price of approximately $125 million, excluding closing costs of approximately $0.2 million, and $84 million, excluding closing costs of approximately $0.1 million, respectively. As discussed in Note 1 and Note 2 to the consolidated financial statements, the Company accounted for the purchases as asset acquisitions in accordance with the authoritative accounting guidance on acquisitions and business combinations. The Company’s methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed consists of use of the income, sales comparison and cost approaches. For acquired operating real estate properties, the purchase price is allocated to land and buildings, intangible assets such as in-place leases, and tangible assets and liabilities acquired, if any, based on their relative fair value.
Auditing the Company’s accounting for its acquisitions was complex due to the significant estimation required by management in determining the relative fair values of the acquired land and buildings and intangible assets such as in-place leases. The significant estimation was primarily due to the judgmental nature of inputs, including discount rates, capitalization rates and certain market assumptions such as market rental rates and market comparable prices for similar land parcels.
|
||||
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s accounting for acquisitions process. For example, we tested controls over the valuation of acquired land, buildings and intangible assets, including the valuation models and underlying assumptions used to develop such estimates.
Our testing of the Company’s accounting for its acquisitions included, among other procedures, reading the purchase agreements and testing the values allocated to the assets acquired and liabilities assumed by evaluating the valuation methods and significant assumptions used by management. For example, our real estate valuation specialists assisted us in evaluating the methodologies used by the Company and testing the consistency of the selected discount rates, capitalization rates and various market assumptions such as market rental rates and market comparable prices for similar land parcels with external market data sources. Additionally, we evaluated the completeness and accuracy of the underlying data supporting the determination of various inputs. Also, with the assistance of our specialists, we evaluated the incorporation of the key assumptions in the aforementioned models and tested such models for clerical accuracy.
|
December 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost | |||||||||||
Operating real estate | $ | 3,389,726 | $ | 3,155,280 | |||||||
Construction in progress | 139,098 | 91,047 | |||||||||
Held for development | 547 | 547 | |||||||||
3,529,371 | 3,246,874 | ||||||||||
Accumulated depreciation | (847,390) | (754,140) | |||||||||
Net real estate | 2,681,981 | 2,492,734 | |||||||||
Cash and cash equivalents | 139,524 | 137,333 | |||||||||
Restricted cash | — | 1,716 | |||||||||
Accounts receivable, net | 7,445 | 6,938 | |||||||||
Deferred rent receivables, net | 82,724 | 72,476 | |||||||||
Other assets, net | 106,253 | 106,112 | |||||||||
TOTAL ASSETS | $ | 3,017,927 | $ | 2,817,309 | |||||||
LIABILITIES AND EQUITY | |||||||||||
LIABILITIES: | |||||||||||
Secured notes payable, net | $ | 110,965 | $ | 110,923 | |||||||
Unsecured notes payable, net | 1,538,238 | 1,196,677 | |||||||||
Unsecured line of credit, net | — | 99,151 | |||||||||
Accounts payable and accrued expenses | 64,531 | 59,262 | |||||||||
Security deposits payable | 7,855 | 6,590 | |||||||||
Other liabilities and deferred credits | 86,215 | 91,300 | |||||||||
Total liabilities | 1,807,804 | 1,563,903 | |||||||||
Commitments and contingencies (Note 12) | |||||||||||
EQUITY: | |||||||||||
American Assets Trust, Inc. stockholders' equity | |||||||||||
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,525,580 and 60,476,292 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively
|
605 | 605 | |||||||||
Additional paid-in capital | 1,453,272 | 1,445,644 | |||||||||
Accumulated dividends in excess of net income | (217,785) | (176,560) | |||||||||
Accumulated other comprehensive income | 2,872 | 1,753 | |||||||||
Total American Assets Trust, Inc. stockholders' equity | 1,238,964 | 1,271,442 | |||||||||
Noncontrolling interests | (28,841) | (18,036) | |||||||||
Total equity | 1,210,123 | 1,253,406 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ | 3,017,927 | $ | 2,817,309 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
REVENUE: | |||||||||||||||||
Rental income | $ | 360,208 | $ | 330,312 | $ | 343,865 | |||||||||||
Other property income | 15,620 | 14,261 | 22,876 | ||||||||||||||
Total revenue | 375,828 | 344,573 | 366,741 | ||||||||||||||
EXPENSES: | |||||||||||||||||
Rental expenses | 86,980 | 79,178 | 91,967 | ||||||||||||||
Real estate taxes | 42,794 | 41,941 | 40,013 | ||||||||||||||
General and administrative | 29,879 | 26,581 | 24,871 | ||||||||||||||
Depreciation and amortization | 116,306 | 108,292 | 96,205 | ||||||||||||||
Total operating expenses | 275,959 | 255,992 | 253,056 | ||||||||||||||
OPERATING INCOME | 99,869 | 88,581 | 113,685 | ||||||||||||||
Interest expense | (58,587) | (53,440) | (54,008) | ||||||||||||||
Loss on early extinguishment of debt | (4,271) | — | — | ||||||||||||||
Gain on sale of real estate | — | — | 633 | ||||||||||||||
Other (expense) income, net | (418) | 447 | (122) | ||||||||||||||
NET INCOME | 36,593 | 35,588 | 60,188 | ||||||||||||||
Net income attributable to restricted shares | (564) | (383) | (381) | ||||||||||||||
Net income attributable to unitholders in the Operating Partnership | (7,653) | (7,545) | (14,089) | ||||||||||||||
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS | $ | 28,376 | $ | 27,660 | $ | 45,718 | |||||||||||
EARNINGS PER COMMON SHARE, BASIC | |||||||||||||||||
Basic income attributable to common stockholders per share | $ | 0.47 | $ | 0.46 | $ | 0.84 | |||||||||||
Weighted average shares of common stock outstanding - basic | 59,990,740 | 59,806,309 | 54,110,949 | ||||||||||||||
EARNINGS PER COMMON SHARE, DILUTED | |||||||||||||||||
Diluted income attributable to common stockholders per share | $ | 0.47 | $ | 0.46 | $ | 0.84 | |||||||||||
Weighted average shares of common stock outstanding - diluted | 76,172,277 | 76,119,763 | 70,786,132 | ||||||||||||||
COMPREHENSIVE INCOME | |||||||||||||||||
Net income | $ | 36,593 | $ | 35,588 | $ | 60,188 | |||||||||||
Other comprehensive gain (loss) - unrealized gain (loss) on swap derivatives during the period | 2,723 | (3,649) | (5,571) | ||||||||||||||
Reclassification of amortization of forward starting swap included in interest expense | (1,098) | (1,330) | (1,304) | ||||||||||||||
Reclassification of amortization of forward-starting swap realized gain included in loss on early extinguishment of debt | (193) | — | — | ||||||||||||||
Comprehensive income | 38,025 | 30,609 | 53,313 | ||||||||||||||
Comprehensive income attributable to noncontrolling interest | (7,966) | (6,496) | (12,301) | ||||||||||||||
Comprehensive income attributable to American Assets Trust, Inc. | $ | 30,059 | $ | 24,113 | $ | 41,012 |
American Assets Trust, Inc. Stockholders' Equity | Noncontrolling Interests - Unitholders in the Operating Partnership | Total | |||||||||||||||||||||||||||||||||||||||
Common Shares | Additional Paid-in Capital | Accumulated Dividends in Excess of Net Income | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 47,335,409 | $ | 474 | $ | 920,661 | $ | (128,778) | $ | 10,620 | $ | (506) | 802,471 | |||||||||||||||||||||||||||||
Net income | — | — | — | 46,099 | — | 14,089 | 60,188 | ||||||||||||||||||||||||||||||||||
Common shares issued
|
11,871,552 | 118 | 515,236 | — | — | — | 515,354 | ||||||||||||||||||||||||||||||||||
Issuance of restricted stock
|
173,008 | 2 | (2) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock
|
(70,641) | (1) | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Conversion of operating partnership units
|
787,060 | 8 | 12,979 | — | 148 | (13,135) | — | ||||||||||||||||||||||||||||||||||
Dividends declared and paid
|
— | — | — | (61,699) | — | (18,906) | (80,605) | ||||||||||||||||||||||||||||||||||
Stock-based compensation
|
— | — | 4,477 | — | — | — | 4,477 | ||||||||||||||||||||||||||||||||||
Shares withheld for employee taxes
|
(28,160) | — | (1,338) | — | — | — | (1,338) | ||||||||||||||||||||||||||||||||||
Other comprehensive income - change in value of interest rate swaps | — | — | — | — | (4,482) | (1,602) | (6,084) | ||||||||||||||||||||||||||||||||||
Other comprehensive income - unrealized gain on forward-starting interest rate swaps
|
— | — | — | — | 392 | 121 | 513 | ||||||||||||||||||||||||||||||||||
Reclassification of amortization of forward starting swaps included in interest expense | — | — | — | — | (998) | (306) | (1,304) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 60,068,228 | 601 | 1,452,014 | (144,378) | 5,680 | (20,245) | 1,293,672 | ||||||||||||||||||||||||||||||||||
Net income
|
— | — | — | 28,043 | — | 7,545 | 35,588 | ||||||||||||||||||||||||||||||||||
Issuance of restricted stock
|
317,574 | 3 | (3) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock
|
(95,086) | (1) | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Conversion of operating partnership units
|
209,011 | 2 | (12,003) | — | 3 | 11,998 | — | ||||||||||||||||||||||||||||||||||
Dividends declared and paid
|
— | — | — | (60,225) | — | (16,285) | (76,510) | ||||||||||||||||||||||||||||||||||
Stock-based compensation
|
— | — | 6,307 | — | — | — | 6,307 | ||||||||||||||||||||||||||||||||||
Shares withheld for employee taxes
|
(23,435) | — | (672) | — | — | — | (672) | ||||||||||||||||||||||||||||||||||
Other comprehensive loss - change in value of interest rate swaps | — | — | — | — | (2,885) | (764) | (3,649) | ||||||||||||||||||||||||||||||||||
Reclassification of amortization of forward starting swaps included in interest expense | — | — | — | — | (1,045) | (285) | (1,330) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 60,476,292 | 605 | 1,445,644 | (176,560) | 1,753 | (18,036) | 1,253,406 | ||||||||||||||||||||||||||||||||||
Net income
|
— | — | — | 28,940 | — | 7,653 | 36,593 | ||||||||||||||||||||||||||||||||||
Issuance of restricted stock
|
229,819 | 2 | (2) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock
|
(155,390) | (2) | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Dividends declared and paid
|
— | — | — | (70,165) | — | (18,771) | (88,936) | ||||||||||||||||||||||||||||||||||
Stock-based compensation
|
— | — | 8,493 | — | — | — | 8,493 | ||||||||||||||||||||||||||||||||||
Shares withheld for employee taxes
|
(25,141) | — | (865) | — | — | — | (865) | ||||||||||||||||||||||||||||||||||
Other comprehensive loss - change in value of interest rate swaps | — | — | — | — | 2,135 | 588 | 2,723 | ||||||||||||||||||||||||||||||||||
Reclassification of amortization of forward-starting swaps included in interest expense | — | — | — | — | (864) | (234) | (1,098) | ||||||||||||||||||||||||||||||||||
Reclassification of amortization of forward-starting swaps included in loss on early extinguishment of debt | — | — | — | — | (152) | (41) | (193) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 60,525,580 | $ | 605 | $ | 1,453,272 | $ | (217,785) | $ | 2,872 | $ | (28,841) | $ | 1,210,123 |
Year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 36,593 | $ | 35,588 | $ | 60,188 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Deferred rent revenue and amortization of lease intangibles | (17,634) | (31,242) | (6,985) | ||||||||||||||
Depreciation and amortization | 116,306 | 108,292 | 96,205 | ||||||||||||||
Amortization of debt issuance costs and debt fair value adjustments | 2,753 | 1,477 | 1,467 | ||||||||||||||
Provision for uncollectable rental income | (2,289) | 18,427 | 1,751 | ||||||||||||||
Early extinguishment of debt | 4,271 | — | — | ||||||||||||||
Gain on sale of real estate | — | — | (633) | ||||||||||||||
Stock-based compensation expense | 8,493 | 6,307 | 4,477 | ||||||||||||||
Settlement of forward interest rate swap agreement | — | — | 513 | ||||||||||||||
Lease termination income | — | — | (4,518) | ||||||||||||||
Other noncash interest expense | (1,098) | (1,330) | (1,304) | ||||||||||||||
Other, net | 1,314 | (695) | 4,746 | ||||||||||||||
Changes in operating assets and liabilities | |||||||||||||||||
Change in accounts receivable | 2,273 | (4,940) | (1,071) | ||||||||||||||
Change in other assets | 109 | 141 | (2,420) | ||||||||||||||
Change in accounts payable and accrued expenses | 15,331 | (2,108) | 5,956 | ||||||||||||||
Change in security deposits payable | 443 | (1,726) | (971) | ||||||||||||||
Change in other liabilities and deferred credits | 1,464 | (1,206) | (3,585) | ||||||||||||||
Net cash provided by operating activities | 168,329 | 126,985 | 153,816 | ||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Acquisition of real estate, net | (204,511) | — | (507,780) | ||||||||||||||
Capital expenditures | (104,588) | (63,488) | (88,327) | ||||||||||||||
Proceeds from sale of real estate, net of selling costs | — | — | 8,191 | ||||||||||||||
Leasing commissions | (3,142) | (5,589) | (11,267) | ||||||||||||||
Purchase of marketable securities | (47,760) | — | — | ||||||||||||||
Sale of marketable securities | 47,723 | — | — | ||||||||||||||
Net cash used in investing activities | (312,278) | (69,077) | (599,183) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Repayment of secured notes payable | — | (51,003) | (20,762) | ||||||||||||||
Proceeds from unsecured line of credit | — | 100,000 | 59,000 | ||||||||||||||
Repayment of unsecured line of credit | (100,000) | — | (123,000) | ||||||||||||||
Repayment of unsecured notes payable | (155,375) | — | — | ||||||||||||||
Proceeds from issuance of unsecured notes payable | 494,675 | — | 150,000 | ||||||||||||||
Debt issuance costs | (5,075) | (125) | (1,103) | ||||||||||||||
Proceeds from issuance of common stock, net | — | — | 515,354 | ||||||||||||||
Dividends paid to common stock and unitholders | (88,936) | (76,510) | (80,605) | ||||||||||||||
Shares withheld for employee taxes | (865) | (672) | (1,338) | ||||||||||||||
Net cash provided by (used in) financing activities | 144,424 | (28,310) | 497,546 | ||||||||||||||
Net increase in cash, cash equivalents and restricted cash | 475 | 29,598 | 52,179 | ||||||||||||||
Cash, cash equivalents and restricted cash, beginning of year | 139,049 | 109,451 | 57,272 | ||||||||||||||
Cash, cash equivalents and restricted cash, end of year | $ | 139,524 | $ | 139,049 | $ | 109,451 |
Year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cash and cash equivalents | $ | 139,524 | $ | 137,333 | $ | 99,303 | |||||||||||
Restricted cash | — | 1,716 | 10,148 | ||||||||||||||
Total cash, cash equivalents and restricted cash shown in Statement of Cash Flows | $ | 139,524 | $ | 139,049 | $ | 109,451 |
December 31, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost | |||||||||||
Operating real estate | $ | 3,389,726 | $ | 3,155,280 | |||||||
Construction in progress | 139,098 | 91,047 | |||||||||
Held for development | 547 | 547 | |||||||||
3,529,371 | 3,246,874 | ||||||||||
Accumulated depreciation | (847,390) | (754,140) | |||||||||
Net real estate | 2,681,981 | 2,492,734 | |||||||||
Cash and cash equivalents | 139,524 | 137,333 | |||||||||
Restricted cash | — | 1,716 | |||||||||
Accounts receivable, net | 7,445 | 6,938 | |||||||||
Deferred rent receivables, net | 82,724 | 72,476 | |||||||||
Other assets, net | 106,253 | 106,112 | |||||||||
TOTAL ASSETS | $ | 3,017,927 | $ | 2,817,309 | |||||||
LIABILITIES AND CAPITAL | |||||||||||
LIABILITIES: | |||||||||||
Secured notes payable, net | $ | 110,965 | $ | 110,923 | |||||||
Unsecured notes payable, net | 1,538,238 | 1,196,677 | |||||||||
Unsecured line of credit, net | — | 99,151 | |||||||||
Accounts payable and accrued expenses | 64,531 | 59,262 | |||||||||
Security deposits payable | 7,855 | 6,590 | |||||||||
Other liabilities and deferred credits | 86,215 | 91,300 | |||||||||
Total liabilities | 1,807,804 | 1,563,903 | |||||||||
Commitments and contingencies (Note 12) | |||||||||||
CAPITAL: | |||||||||||
Limited partners' capital, 16,181,537 and 16,181,537 units issued and outstanding as of December 31, 2021 and December 31, 2020, respectively
|
(30,138) | (19,020) | |||||||||
General partner's capital, 60,525,580 and 60,476,292 units issued and outstanding as of December 31, 2021 and December 31, 2020, respectively
|
1,236,092 | 1,269,689 | |||||||||
Accumulated other comprehensive income | 4,169 | 2,737 | |||||||||
Total capital | 1,210,123 | 1,253,406 | |||||||||
TOTAL LIABILITIES AND CAPITAL | $ | 3,017,927 | $ | 2,817,309 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
REVENUE: | |||||||||||||||||
Rental income | $ | 360,208 | $ | 330,312 | $ | 343,865 | |||||||||||
Other property income | 15,620 | 14,261 | 22,876 | ||||||||||||||
Total revenue | 375,828 | 344,573 | 366,741 | ||||||||||||||
EXPENSES: | |||||||||||||||||
Rental expenses | 86,980 | 79,178 | 91,967 | ||||||||||||||
Real estate taxes | 42,794 | 41,941 | 40,013 | ||||||||||||||
General and administrative | 29,879 | 26,581 | 24,871 | ||||||||||||||
Depreciation and amortization | 116,306 | 108,292 | 96,205 | ||||||||||||||
Total operating expenses | 275,959 | 255,992 | 253,056 | ||||||||||||||
OPERATING INCOME | 99,869 | 88,581 | 113,685 | ||||||||||||||
Interest expense | (58,587) | (53,440) | (54,008) | ||||||||||||||
Loss on early extinguishment of debt | (4,271) | — | — | ||||||||||||||
Gain on sale of real estate | — | — | 633 | ||||||||||||||
Other (expense) income, net | (418) | 447 | (122) | ||||||||||||||
NET INCOME | 36,593 | 35,588 | 60,188 | ||||||||||||||
Net income attributable to restricted shares | (564) | (383) | (381) | ||||||||||||||
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, L.P. | $ | 36,029 | $ | 35,205 | $ | 59,807 | |||||||||||
EARNINGS PER UNIT - BASIC
|
|||||||||||||||||
Earnings per unit, basic
|
$ | 0.47 | $ | 0.46 | $ | 0.84 | |||||||||||
Weighted average units outstanding, basic | 76,172,277 | 76,119,763 | 70,786,132 | ||||||||||||||
EARNINGS PER UNIT - DILUTED
|
|||||||||||||||||
Earnings per unit, diluted
|
$ | 0.47 | $ | 0.46 | $ | 0.84 | |||||||||||
Weighted average units outstanding, diluted | 76,172,277 | 76,119,763 | 70,786,132 | ||||||||||||||
DISTRIBUTIONS PER UNIT | $ | 1.16 | $ | 1.00 | $ | 1.14 | |||||||||||
COMPREHENSIVE INCOME | |||||||||||||||||
Net income | $ | 36,593 | $ | 35,588 | $ | 60,188 | |||||||||||
Other comprehensive gain (loss) - unrealized gain (loss) on swap derivatives during the period | 2,723 | (3,649) | (5,571) | ||||||||||||||
Reclassification of amortization of forward starting swaps included in interest expense | (1,098) | (1,330) | (1,304) | ||||||||||||||
Reclassification of amortization of forward-starting swap realized gain included in loss on early extinguishment of debt | (193) | — | — | ||||||||||||||
Comprehensive income | 38,025 | 30,609 | 53,313 | ||||||||||||||
Comprehensive income attributable to Limited Partners | (7,966) | (6,496) | (12,301) | ||||||||||||||
Comprehensive income attributable to General Partner | $ | 30,059 | $ | 24,113 | $ | 41,012 |
Limited Partners' Capital (1)
|
General Partner's Capital (2)
|
Accumulated Other Comprehensive Income (Loss) | Total Capital | ||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | ||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 17,177,608 | $ | (4,477) | 47,335,409 | $ | 792,357 | $ | 14,591 | $ | 802,471 | |||||||||||||||||||||||||
Net income | — | 14,089 | — | 46,099 | — | 60,188 | |||||||||||||||||||||||||||||
Contributions from American Assets Trust, Inc. | — | — | 11,871,552 | 515,354 | — | 515,354 | |||||||||||||||||||||||||||||
Conversion of operating partnership units | (787,060) | (12,987) | 787,060 | 12,987 | — | — | |||||||||||||||||||||||||||||
Issuance of restricted units | — | — | 173,008 | — | — | — | |||||||||||||||||||||||||||||
Forfeiture of restricted units | — | — | (70,641) | — | — | — | |||||||||||||||||||||||||||||
Distributions | — | (18,906) | — | (61,699) | — | (80,605) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 4,477 | — | 4,477 | |||||||||||||||||||||||||||||
Units withheld for employee taxes | — | — | (28,160) | (1,338) | — | (1,338) | |||||||||||||||||||||||||||||
Other comprehensive income - change in value of interest rate swaps | — | — | — | — | (6,084) | (6,084) | |||||||||||||||||||||||||||||
Other comprehensive income - unrealized gain on forward-starting interest rate swaps
|
— | — | — | — | 513 | 513 | |||||||||||||||||||||||||||||
Reclassification of amortization of forward starting swaps included in interest expense | — | — | — | — | (1,304) | (1,304) | |||||||||||||||||||||||||||||
Balance at December 31, 2019 | 16,390,548 | (22,281) | 60,068,228 | 1,308,237 | 7,716 | 1,293,672 | |||||||||||||||||||||||||||||
Net income | — | 7,545 | — | 28,043 | — | 35,588 | |||||||||||||||||||||||||||||
Conversion of operating partnership units | (209,011) | 12,001 | 209,011 | (12,001) | — | — | |||||||||||||||||||||||||||||
Issuance of restricted units | — | — | 317,574 | — | — | — | |||||||||||||||||||||||||||||
Forfeiture of restricted units | — | — | (95,086) | — | — | — | |||||||||||||||||||||||||||||
Distributions | — | (16,285) | — | (60,225) | — | (76,510) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 6,307 | — | 6,307 | |||||||||||||||||||||||||||||
Units withheld for employee taxes | — | — | (23,435) | (672) | — | (672) | |||||||||||||||||||||||||||||
Other comprehensive loss - change in value of interest rate swaps | — | — | — | — | (3,649) | (3,649) | |||||||||||||||||||||||||||||
Reclassification of amortization of forward starting swaps included in interest expense | — | — | — | — | (1,330) | (1,330) | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | 16,181,537 | (19,020) | 60,476,292 | 1,269,689 | 2,737 | 1,253,406 | |||||||||||||||||||||||||||||
Net income | — | 7,653 | — | 28,940 | — | 36,593 | |||||||||||||||||||||||||||||
Issuance of restricted units | — | — | 229,819 | — | — | — | |||||||||||||||||||||||||||||
Forfeiture of restricted units | — | — | (155,390) | — | — | — | |||||||||||||||||||||||||||||
Distributions | — | (18,771) | — | (70,165) | — | (88,936) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 8,493 | — | 8,493 | |||||||||||||||||||||||||||||
Units withheld for employee taxes | — | — | (25,141) | (865) | — | (865) | |||||||||||||||||||||||||||||
Other comprehensive loss - change in value of interest rate swaps | — | — | — | — | 2,723 | 2,723 | |||||||||||||||||||||||||||||
Reclassification of amortization of forward-starting swaps included in interest expense | — | — | — | — | (1,098) | (1,098) | |||||||||||||||||||||||||||||
Reclassification of amortization of forward-starting swaps included in loss on early extinguishment of debt | — | — | — | — | (193) | (193) | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | 16,181,537 | $ | (30,138) | 60,525,580 | $ | 1,236,092 | $ | 4,169 | $ | 1,210,123 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 36,593 | $ | 35,588 | $ | 60,188 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Deferred rent revenue and amortization of lease intangibles | (17,634) | (31,242) | (6,985) | ||||||||||||||
Depreciation and amortization | 116,306 | 108,292 | 96,205 | ||||||||||||||
Amortization of debt issuance costs and debt fair value adjustments | 2,753 | 1,477 | 1,467 | ||||||||||||||
Provision for uncollectable rental income | (2,289) | 18,427 | 1,751 | ||||||||||||||
Early extinguishment of debt | 4,271 | — | — | ||||||||||||||
Gain on sale of real estate | — | — | (633) | ||||||||||||||
Stock-based compensation expense | 8,493 | 6,307 | 4,477 | ||||||||||||||
Settlement of forward interest rate swap agreement | — | — | 513 | ||||||||||||||
Lease termination income | — | — | (4,518) | ||||||||||||||
Other noncash interest expense | (1,098) | (1,330) | (1,304) | ||||||||||||||
Other, net | 1,314 | (695) | 4,746 | ||||||||||||||
Changes in operating assets and liabilities | |||||||||||||||||
Change in accounts receivable and deferred rent receivables | 2,273 | (4,940) | (1,071) | ||||||||||||||
Change in other assets | 109 | 141 | (2,420) | ||||||||||||||
Change in accounts payable and accrued expenses | 15,331 | (2,108) | 5,956 | ||||||||||||||
Change in security deposits payable | 443 | (1,726) | (971) | ||||||||||||||
Change in other liabilities and deferred credits | 1,464 | (1,206) | (3,585) | ||||||||||||||
Net cash provided by operating activities | 168,329 | 126,985 | 153,816 | ||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Acquisition of real estate, net | (204,511) | — | (507,780) | ||||||||||||||
Capital expenditures | (104,588) | (63,488) | (88,327) | ||||||||||||||
Proceeds from sale of real estate, net of selling costs | — | — | 8,191 | ||||||||||||||
Leasing commissions | (3,142) | (5,589) | (11,267) | ||||||||||||||
Purchase of marketable securities | (47,760) | — | — | ||||||||||||||
Sale of marketable securities | 47,723 | — | — | ||||||||||||||
Net cash used in investing activities | (312,278) | (69,077) | (599,183) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Repayment of secured notes payable | — | (51,003) | (20,762) | ||||||||||||||
Proceeds from unsecured line of credit | — | 100,000 | 59,000 | ||||||||||||||
Repayment of unsecured line of credit | (100,000) | — | (123,000) | ||||||||||||||
Repayment of unsecured notes payable | (155,375) | — | — | ||||||||||||||
Proceeds from issuance of unsecured notes payable | 494,675 | — | 150,000 | ||||||||||||||
Debt issuance costs | (5,075) | (125) | (1,103) | ||||||||||||||
Contributions from American Assets Trust, Inc. | — | — | 515,354 | ||||||||||||||
Distributions | (88,936) | (76,510) | (80,605) | ||||||||||||||
Shares withheld for employee taxes | (865) | (672) | (1,338) | ||||||||||||||
Net cash provided by (used in) financing activities | 144,424 | (28,310) | 497,546 | ||||||||||||||
Net increase in cash, cash equivalents and restricted cash | 475 | 29,598 | 52,179 | ||||||||||||||
Cash, cash equivalents and restricted cash, beginning of year | 139,049 | 109,451 | 57,272 | ||||||||||||||
Cash, cash equivalents and restricted cash, end of year | $ | 139,524 | $ | 139,049 | $ | 109,451 |
Year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cash and cash equivalents | $ | 139,524 | $ | 137,333 | $ | 99,303 | |||||||||||
Restricted cash | — | 1,716 | 10,148 | ||||||||||||||
Total cash, cash equivalents and restricted cash shown in Statement of Cash Flows | $ | 139,524 | $ | 139,049 | $ | 109,451 |
Retail | ||||||||
Carmel Country Plaza | Gateway Marketplace | Alamo Quarry Market | ||||||
Carmel Mountain Plaza | Del Monte Center | Hassalo on Eighth - Retail | ||||||
South Bay Marketplace | Geary Marketplace | |||||||
Lomas Santa Fe Plaza | The Shops at Kalakaua | |||||||
Solana Beach Towne Centre | Waikele Center |
Office | ||||||||
La Jolla Commons | One Beach Street | Corporate Campus East III | ||||||
Torrey Reserve Campus | First & Main | |||||||
Torrey Point | Lloyd Portfolio | |||||||
Solana Crossing | City Center Bellevue | |||||||
The Landmark at One Market | Eastgate Office Park |
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 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Supplemental cash flow information | |||||||||||||||||
Total interest costs incurred | $ | 61,578 | $ | 54,510 | $ | 54,636 | |||||||||||
Interest capitalized | $ | 2,991 | $ | 1,070 | $ | 628 | |||||||||||
Interest expense | $ | 58,587 | $ | 53,440 | $ | 54,008 | |||||||||||
Cash paid for interest, net of amounts capitalized | $ | 50,970 | $ | 53,467 | $ | 51,975 | |||||||||||
Cash paid for income taxes | $ | 356 | $ | 844 | $ | 971 | |||||||||||
Supplemental schedule of noncash investing and financing activities | |||||||||||||||||
Accounts payable and accrued liabilities for construction in progress | $ | 18,697 | $ | 22,884 | $ | 25,413 | |||||||||||
Accrued leasing commissions | $ | 2,628 | $ | 555 | $ | 3,345 | |||||||||||
Building recorded in termination of ground lease | $ | — | $ | — | $ | 4,518 |
Retail | Office | Multifamily | Mixed-Use | Total | |||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Land | $ | 254,016 | $ | 284,263 | $ | 72,668 | $ | 76,635 | $ | 687,582 | |||||||||||||||||||
Buildings | 527,262 | 1,270,131 | 393,713 | 129,226 | 2,320,332 | ||||||||||||||||||||||||
Land improvements | 47,425 | 14,269 | 7,764 | 2,606 | 72,064 | ||||||||||||||||||||||||
Tenant improvements | 89,520 | 218,639 | — | 2,366 | 310,525 | ||||||||||||||||||||||||
Furniture, fixtures, and equipment
|
1,098 | 5,003 | 18,039 | 15,416 | 39,556 | ||||||||||||||||||||||||
Construction in progress (1)
|
7,160 | 87,340 | 4,448 | 364 | 99,312 | ||||||||||||||||||||||||
926,481 | 1,879,645 | 496,632 | 226,613 | 3,529,371 | |||||||||||||||||||||||||
Accumulated depreciation | (335,374) | (343,433) | (115,317) | (53,266) | (847,390) | ||||||||||||||||||||||||
Net real estate | $ | 591,107 | $ | 1,536,212 | $ | 381,315 | $ | 173,347 | $ | 2,681,981 | |||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Land | $ | 254,016 | $ | 225,238 | $ | 72,668 | $ | 76,635 | $ | 628,557 | |||||||||||||||||||
Buildings | 526,522 | 1,137,711 | 392,224 | 128,477 | 2,184,934 | ||||||||||||||||||||||||
Land improvements | 47,425 | 11,672 | 7,346 | 2,606 | 69,049 | ||||||||||||||||||||||||
Tenant improvements | 88,326 | 186,423 | — | 1,890 | 276,639 | ||||||||||||||||||||||||
Furniture, fixtures, and equipment
|
1,069 | 3,236 | 16,480 | 15,651 | 36,436 | ||||||||||||||||||||||||
Construction in progress (1)
|
5,170 | 43,595 | 1,831 | 663 | 51,259 | ||||||||||||||||||||||||
922,528 | 1,607,875 | 490,549 | 225,922 | 3,246,874 | |||||||||||||||||||||||||
Accumulated depreciation | (314,610) | (290,768) | (100,745) | (48,017) | (754,140) | ||||||||||||||||||||||||
Net real estate | $ | 607,918 | $ | 1,317,107 | $ | 389,804 | $ | 177,905 | $ | 2,492,734 |
Eastgate Office Park | Corporate Campus East III | |||||||
Land | $ | 35,822 | $ | 23,203 | ||||
Building | 76,692 | 52,234 | ||||||
Land improvements | 1,740 | 667 | ||||||
Furniture, fixtures, and equipment | 4,305 | 3,091 | ||||||
Total real estate | 118,559 | 79,195 | ||||||
Lease intangibles | 7,023 | 5,341 | ||||||
Prepaid expenses and other assets | 8 | 13 | ||||||
Assets acquired | $ | 125,590 | $ | 84,549 | ||||
Accounts payable and accrued expenses | $ | (31) | $ | (9) | ||||
Security deposits payable | (513) | (310) | ||||||
Other liabilities and deferred credits | (535) | (3,844) | ||||||
Liabilities assumed | $ | (1,079) | $ | (4,163) |
Eastgate Office Park | Corporate Campus East III | Total | |||||||||
Revenues | $ | 5,139 | $ | 1,909 | $ | 7,048 | |||||
Operating expenses | $ | (5,235) | $ | (2,131) | $ | (7,366) | |||||
Operating loss | $ | (96) | $ | (222) | $ | (318) | |||||
Net loss attributable to American Assets Trust, Inc. | $ | (99) | $ | (222) | $ | (321) |
December 31, 2021 | December 31, 2020 | ||||||||||
In-place leases | $ | 67,215 | $ | 60,965 | |||||||
Accumulated amortization | (38,130) | (34,758) | |||||||||
Above market leases | 2,532 | 5,389 | |||||||||
Accumulated amortization | (2,383) | (5,268) | |||||||||
Acquired lease intangible assets, net | $ | 29,234 | $ | 26,328 | |||||||
Below market leases | $ | 58,655 | $ | 56,677 | |||||||
Accumulated accretion | (36,253) | (35,219) | |||||||||
Acquired lease intangible liabilities, net | $ | 22,402 | $ | 21,458 |
Year Ended December 31, | |||||||||||||||||
|
2021 | 2020 | 2019 | ||||||||||||||
Amortization of in-place leases | $ | (6,664) | $ | (5,018) | $ | (4,762) | |||||||||||
Amortization of above market leases | (34) | (62) | (345) | ||||||||||||||
Amortization of below market leases | 3,271 | 3,994 | 4,131 | ||||||||||||||
$ | (3,427) | $ | (1,086) | $ | (976) |
In-Place
Leases |
Above Market
Leases |
Below Market
Leases |
|||||||||||||||
Year Ending December 31, | |||||||||||||||||
2022 | $ | 6,734 | $ | 41 | $ | 3,171 | |||||||||||
2023 | 4,456 | 41 | 2,896 | ||||||||||||||
2024 | 4,146 | 38 | 2,581 | ||||||||||||||
2025 | 3,580 | 25 | 2,169 | ||||||||||||||
2026 | 3,287 | 4 | 1,767 | ||||||||||||||
Thereafter | 6,882 | — | 9,818 | ||||||||||||||
$ | 29,085 | $ | 149 | $ | 22,402 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Deferred compensation liability | $ | — | $ | 2,503 | $ | — | $ | 2,503 | $ | — | $ | 2,059 | $ | — | $ | 2,059 | |||||||||||||
Interest rate swap liability | $ | — | $ | 1,807 | $ | — | $ | 1,807 | $ | — | $ | 4,531 | $ | — | $ | 4,531 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Secured notes payable
|
$ | 110,965 | $ | 113,207 | $ | 110,923 | $ | 114,074 | |||||||||||||||
Unsecured term loan
|
$ | 249,654 | $ | 250,000 | $ | 249,233 | $ | 250,000 | |||||||||||||||
Unsecured senior guaranteed notes | $ | 797,953 | $ | 832,795 | $ | 947,444 | $ | 1,017,378 | |||||||||||||||
Senior unsecured notes, net | $ | 490,631 | $ | 503,000 | $ | — | $ | — | |||||||||||||||
Unsecured line of credit | $ | — | $ | — | $ | 99,151 | $ | 100,000 |
December 31, 2021 | December 31, 2020 | ||||||||||
Leasing commissions, net of accumulated amortization of $40,595 and $35,167, respectively
|
$ | 38,589 | $ | 38,173 | |||||||
Acquired above market leases, net | 149 | 121 | |||||||||
Acquired in-place leases, net | 29,085 | 26,207 | |||||||||
Lease incentives, net of accumulated amortization of $913 and $802, respectively
|
595 | 994 | |||||||||
Other intangible assets, net of accumulated amortization of $1,382 and $1,213, respectively
|
2,445 | 2,565 | |||||||||
Right-of-use lease asset, net | 26,254 | 29,350 | |||||||||
Prepaid expenses, deposits and other | 9,136 | 8,702 | |||||||||
Total other assets | $ | 106,253 | $ | 106,112 |
December 31, 2021 | December 31, 2020 | ||||||||||
Acquired below market leases, net | $ | 22,402 | $ | 21,458 | |||||||
Prepaid rent and deferred revenue | 16,309 | 14,518 | |||||||||
Interest rate swap liability | 1,807 | 4,531 | |||||||||
Straight-line rent liability | 14,274 | 18,049 | |||||||||
Deferred rent expense and lease intangible | 3 | 16 | |||||||||
Deferred compensation | 2,503 | 2,059 | |||||||||
Deferred tax liability | 967 | 570 | |||||||||
Lease liability | 27,917 | 30,060 | |||||||||
Other liabilities | 33 | 39 | |||||||||
Total other liabilities and deferred credits, net | $ | 86,215 | $ | 91,300 |
Description of Debt | Principal Balance as of | Stated Interest Rate | Stated Maturity Date | ||||||||||||||||||||
December 31, 2021 | December 31, 2020 | as of December 31, 2021 | |||||||||||||||||||||
City Center Bellevue (1)
|
111,000 | 111,000 | 3.98 | % | November 1, 2022 | ||||||||||||||||||
111,000 | 111,000 | ||||||||||||||||||||||
Debt issuance costs, net of accumulated amortization of $387 and $345, respectively
|
(35) | (77) | |||||||||||||||||||||
Total Secured Notes Payable | $ | 110,965 | $ | 110,923 |
Description of Debt | Principal Balance as of | Stated Interest Rate | Stated Maturity Date | |||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | as of December 31, 2021 | ||||||||||||||||||||||||
Term Loan A | $ | 100,000 | $ | 100,000 | Variable |
(1)
|
January 9, 2022 |
(2)
|
||||||||||||||||||
Senior Guaranteed Notes, Series A (3)
|
— | 150,000 | 4.04 | % |
(4)
|
October 31, 2021 | ||||||||||||||||||||
Term Loan B | 100,000 | 100,000 | Variable |
(5)
|
March 1, 2023 | |||||||||||||||||||||
Term Loan C | 50,000 | 50,000 | Variable |
(6)
|
March 1, 2023 | |||||||||||||||||||||
Senior Guaranteed Notes, Series F | 100,000 | 100,000 | 3.78 | % |
(7)
|
July 19, 2024 | ||||||||||||||||||||
Senior Guaranteed Notes, Series B | 100,000 | 100,000 | 4.45 | % | February 2, 2025 | |||||||||||||||||||||
Senior Guaranteed Notes, Series C | 100,000 | 100,000 | 4.50 | % | April 1, 2025 | |||||||||||||||||||||
Senior Guaranteed Notes, Series D | 250,000 | 250,000 | 4.29 | % |
(8)
|
March 1, 2027 | ||||||||||||||||||||
Senior Guaranteed Notes, Series E | 100,000 | 100,000 | 4.24 | % |
(9)
|
May 23, 2029 | ||||||||||||||||||||
Senior Guaranteed Notes, Series G | 150,000 | 150,000 | 3.91 | % |
(10)
|
July 30, 2030 | ||||||||||||||||||||
3.375% Senior Unsecured Notes | 500,000 | — | 3.38 | % | February 1, 2031 | |||||||||||||||||||||
1,550,000 | 1,200,000 | |||||||||||||||||||||||||
Debt discount and issuance costs, net of accumulated amortization of $9,462 and $8,856, respectively
|
(11,762) | (3,323) | ||||||||||||||||||||||||
Total Unsecured Notes Payable | $ | 1,538,238 | $ | 1,196,677 |
2022 (1)
|
$ | 211,000 | |||
2023 | 150,000 | ||||
2024 | 100,000 | ||||
2025 | 200,000 | ||||
2026 | — | ||||
Thereafter | 1,000,000 | ||||
$ | 1,661,000 |
Swap Counterparty | Notional Amount | Effective Date | Maturity Date | Fair Value | |||||||||||||||||||||||||
U.S. Bank N.A. | $ | 100,000 | 3/1/2016 | 3/1/2023 | $ | (1,206) | |||||||||||||||||||||||
Wells Fargo Bank, N.A. | $ | 50,000 | 5/2/2016 | 3/1/2023 | $ | (601) |
Period | Amount per Share/Unit | Period Covered | Dividend Paid Date | |||||||||||||||||
First Quarter 2019 | $ | 0.28 | January 1, 2019 to March 31, 2019 | March 28, 2019 | ||||||||||||||||
Second Quarter 2019 | $ | 0.28 | April 1, 2019 to June 30, 2019 | June 27, 2019 | ||||||||||||||||
Third Quarter 2019 | $ | 0.28 | July 1, 2019 to September 30, 2019 | September 26, 2019 | ||||||||||||||||
Fourth Quarter 2019 | $ | 0.30 | October 1, 2019 to December 31, 2019 | December 26, 2019 | ||||||||||||||||
First Quarter 2020 | $ | 0.30 | January 1, 2020 to March 31, 2020 | March 26, 2020 | ||||||||||||||||
Second Quarter 2020 | $ | 0.20 | April 1, 2020 to June 30, 2020 | June 25, 2020 | ||||||||||||||||
Third Quarter 2020 | $ | 0.25 | July 1, 2020 to September 30, 2020 | September 24, 2020 | ||||||||||||||||
Fourth Quarter 2020 | $ | 0.25 | October 1, 2020 to December 31, 2020 | December 24, 2020 | ||||||||||||||||
First Quarter 2021 | $ | 0.28 | January 1, 2021 to March 31, 2021 | March 25, 2021 | ||||||||||||||||
Second Quarter 2021 | $ | 0.28 | April 1, 2021 to June 30, 2021 | June 24, 2021 | ||||||||||||||||
Third Quarter 2021 | $ | 0.30 | July 1, 2021 to September 30, 2021 | September 23, 2021 | ||||||||||||||||
Fourth Quarter 2021 | $ | 0.30 | October 1, 2021 to December 31, 2021 | December 23, 2021 |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Per Share | % | Per Share | % | Per Share | % | |||||||||||||||||||||||||||||||||
Ordinary income | $ | 0.73 | 62.6 | % | $ | 0.66 | 66.0 | % | $ | 1.09 | 95.6 | % | ||||||||||||||||||||||||||
Capital gain | — | — | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||
Return of capital | 0.43 | 37.4 | % | 0.34 | 34.0 | % | 0.05 | 4.4 | % | |||||||||||||||||||||||||||||
Total | $ | 1.16 | 100.0 | % | $ | 1.00 | 100.0 | % | $ | 1.14 | 100.0 | % |
Grant | Fair Value at Grant Date | Number | ||||||
June 11, 2019 (1)
|
$45.35 | 4,412 | ||||||
December 9, 2019 (2)
|
$28.06 - $30.97
|
168,596 | ||||||
June 9, 2020 (1)
|
$33.29 | 6,008 | ||||||
December 4, 2020 (3)
|
$19.02 - $20.83
|
311,566 | ||||||
June 8, 2021 (1)
|
38.59 | 5,184 | ||||||
December 9, 2021 (4)
|
$24.27 - $25.17
|
224,635 |
2021 | |||||||||||
Units | Weighted Average Grant Date Fair Value | ||||||||||
Balance at beginning of year | 491,957 | $ | 23.53 | ||||||||
Granted | 229,819 | 25.04 | |||||||||
Vested | (78,989) | 25.00 | |||||||||
Forfeited | (155,390) | 24.25 | |||||||||
Balance at end of year | 487,397 | $ | 23.78 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
NUMERATOR | |||||||||||||||||
Net income | $ | 36,593 | $ | 35,588 | $ | 60,188 | |||||||||||
Less: Net income attributable to restricted shares | (564) | (383) | (381) | ||||||||||||||
Less: Income attributable to unitholders in the Operating Partnership
|
(7,653) | (7,545) | (14,089) | ||||||||||||||
Net income attributable to common stockholders—basic
|
$ | 28,376 | $ | 27,660 | $ | 45,718 | |||||||||||
Income attributable to American Assets Trust, Inc. common stockholders—basic
|
$ | 28,376 | $ | 27,660 | $ | 45,718 | |||||||||||
Plus: Income attributable to unitholders in the Operating Partnership
|
7,653 | 7,545 | 14,089 | ||||||||||||||
Net income attributable to common stockholders—diluted
|
$ | 36,029 | $ | 35,205 | $ | 59,807 | |||||||||||
DENOMINATOR | |||||||||||||||||
Weighted average common shares outstanding—basic
|
59,990,740 | 59,806,309 | 54,110,949 | ||||||||||||||
Effect of dilutive securities—conversion of Operating Partnership units
|
16,181,537 | 16,313,454 | 16,675,183 | ||||||||||||||
Weighted average common shares outstanding—diluted
|
76,172,277 | 76,119,763 | 70,786,132 | ||||||||||||||
Earnings per common share, basic | $ | 0.47 | $ | 0.46 | $ | 0.84 | |||||||||||
Earnings per common share, diluted | $ | 0.47 | $ | 0.46 | $ | 0.84 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | — | $ | (542) | $ | 48 | |||||||||||
State | 483 | 412 | 625 | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | 118 | (80) | 237 | ||||||||||||||
State | 137 | 201 | (91) | ||||||||||||||
Provision for income taxes (benefit) | $ | 738 | $ | (9) | $ | 819 |
2022 | $ | 235,625 | |||
2023 | 221,814 | ||||
2024 | 190,860 | ||||
2025 | 167,588 | ||||
2026 | 152,488 | ||||
Thereafter | 370,926 | ||||
Total | $ | 1,339,301 |
Year Ending December 31, | ||||||||
2022 | $ | 3,232 | ||||||
2023 | 3,328 | |||||||
2024 | 3,428 | |||||||
2025 | 3,531 | |||||||
2026 | 3,584 | |||||||
Thereafter | 16,126 | |||||||
Total lease payments | $ | 33,229 | ||||||
Imputed interest | (5,312) | |||||||
Present value of lease liability | $ | 27,917 |
Year Ended December 31, | ||||||||
2021 | 2020 | |||||||
Operating lease cost | $ | 3,926 | $ | 3,902 | ||||
Sublease income | (3,634) | (4,297) | ||||||
Total lease (income) cost | $ | 292 | $ | (395) | ||||
Weighted-average remaining lease term - operating leases (in years) | 9.5 | |||||||
Weighted-average discount rate - operating leases | 3.19 | % |
Year Ended December 31, | ||||||||
2021 | 2020 | |||||||
Operating cash flow information: | ||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 2,791 | $ | 3,422 | ||||
Non-cash activity: | ||||||||
Right-of-use assets obtained in exchange for operating lease obligations | $ | — | $ | 27,321 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Minimum rents | |||||||||||||||||
Office | $ | 180,704 | $ | 170,853 | $ | 136,118 | |||||||||||
Retail | 89,326 | 82,176 | 99,601 | ||||||||||||||
Multifamily | 48,654 | 47,071 | 47,448 | ||||||||||||||
Mixed-Use | 9,901 | 7,302 | 15,702 | ||||||||||||||
Percentage rent | 4,337 | 3,516 | 2,476 | ||||||||||||||
Hotel revenue | 24,935 | 17,209 | 40,297 | ||||||||||||||
Other | 2,351 | 2,185 | 2,223 | ||||||||||||||
Total rental income | $ | 360,208 | $ | 330,312 | $ | 343,865 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Rental operating | $ | 41,488 | $ | 38,194 | $ | 38,331 | |||||||||||
Hotel operating | 17,518 | 13,691 | 24,522 | ||||||||||||||
Repairs and maintenance | 18,113 | 17,813 | 17,035 | ||||||||||||||
Marketing | 1,779 | 2,023 | 2,538 | ||||||||||||||
Rent | 4,023 | 3,955 | 3,372 | ||||||||||||||
Hawaii excise tax | 2,792 | 2,479 | 4,160 | ||||||||||||||
Management fees | 1,267 | 1,023 | 2,009 | ||||||||||||||
Total rental expenses | $ | 86,980 | $ | 79,178 | $ | 91,967 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Interest and investment income | $ | 324 | $ | 436 | $ | 696 | |||||||||||
Income tax (expense) benefit | (738) | 9 | (819) | ||||||||||||||
Other non-operating (expense) income | (4) | 2 | 1 | ||||||||||||||
Total other (expense) income | $ | (418) | $ | 447 | $ | (122) |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Total Office | |||||||||||||||||
Property revenue | $ | 186,366 | $ | 177,554 | $ | 144,683 | |||||||||||
Property expense | (50,233) | (47,424) | (42,234) | ||||||||||||||
Segment profit | 136,133 | 130,130 | 102,449 | ||||||||||||||
Total Retail | |||||||||||||||||
Property revenue | 94,662 | 88,280 | 107,604 | ||||||||||||||
Property expense | (27,983) | (27,374) | (30,633) | ||||||||||||||
Segment profit | 66,679 | 60,906 | 76,971 | ||||||||||||||
Total Multifamily | |||||||||||||||||
Property revenue | 52,315 | 50,327 | 51,066 | ||||||||||||||
Property expense | (23,211) | (22,074) | (20,863) | ||||||||||||||
Segment profit | 29,104 | 28,253 | 30,203 | ||||||||||||||
Total Mixed-Use | |||||||||||||||||
Property revenue | 42,485 | 28,412 | 63,388 | ||||||||||||||
Property expense | (28,347) | (24,247) | (38,250) | ||||||||||||||
Segment profit | 14,138 | 4,165 | 25,138 | ||||||||||||||
Total segments’ profit | $ | 246,054 | $ | 223,454 | $ | 234,761 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Total segments' profit | $ | 246,054 | $ | 223,454 | $ | 234,761 | |||||||||||
General and administrative | (29,879) | (26,581) | (24,871) | ||||||||||||||
Depreciation and amortization | (116,306) | (108,292) | (96,205) | ||||||||||||||
Interest expense | (58,587) | (53,440) | (54,008) | ||||||||||||||
Loss on early extinguishment of debt | (4,271) | — | — | ||||||||||||||
Gain on sale of real estate | — | — | 633 | ||||||||||||||
Other (expense) income, net | (418) | 447 | (122) | ||||||||||||||
Net income | 36,593 | 35,588 | 60,188 | ||||||||||||||
Net income attributable to restricted shares | (564) | (383) | (381) | ||||||||||||||
Net income attributable to unitholders in the Operating Partnership
|
(7,653) | (7,545) | (14,089) | ||||||||||||||
Net income attributable to American Assets Trust, Inc. stockholders
|
$ | 28,376 | $ | 27,660 | $ | 45,718 |
December 31, 2021 | December 31, 2020 | ||||||||||
Net real estate | |||||||||||
Office | $ | 1,536,212 | $ | 1,317,107 | |||||||
Retail | 591,107 | 607,918 | |||||||||
Multifamily | 381,315 | 389,804 | |||||||||
Mixed-Use | 173,347 | 177,905 | |||||||||
$ | 2,681,981 | $ | 2,492,734 | ||||||||
Secured Notes Payable (1)
|
|||||||||||
Office | $ | 111,000 | $ | 111,000 | |||||||
Retail | — | — | |||||||||
$ | 111,000 | $ | 111,000 | ||||||||
Capital Expenditures (2)
|
|||||||||||
Office | $ | 93,116 | $ | 52,882 | |||||||
Retail | 7,232 | 8,596 | |||||||||
Multifamily | 5,841 | 3,897 | |||||||||
Mixed-Use | 1,541 | 3,702 | |||||||||
$ | 107,730 | $ | 69,077 |
Three Months Ended | |||||||||||||||||||||||
December 31,
2021 |
September 30,
2021 |
June 30,
2021 |
March 31,
2021 |
||||||||||||||||||||
Total revenue | $ | 101,747 | $ | 98,286 | $ | 91,809 | $ | 83,986 | |||||||||||||||
Operating income | 25,715 | 27,669 | 26,423 | 20,062 | |||||||||||||||||||
Net income | 10,478 | 12,895 | 11,487 | 1,733 | |||||||||||||||||||
Net income attributable to restricted shares | (147) | (145) | (135) | (137) | |||||||||||||||||||
Net income attributable to unitholders in the Operating Partnership | (2,194) | (2,709) | (2,411) | (339) | |||||||||||||||||||
Net income attributable to American Assets Trust, Inc. stockholders
|
$ | 8,137 | $ | 10,041 | $ | 8,941 | $ | 1,257 | |||||||||||||||
Net income per share attributable to common stockholders - basic and diluted
|
$ | 0.14 | $ | 0.17 | $ | 0.15 | $ | 0.02 | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||
December 31,
2020 |
September 30,
2020 |
June 30,
2020 |
March 31,
2020 |
||||||||||||||||||||
Total revenue | $ | 81,347 | $ | 84,374 | $ | 82,109 | $ | 96,743 | |||||||||||||||
Operating income | 16,415 | 20,323 | 22,995 | 28,848 | |||||||||||||||||||
Net income | 3,788 | 6,490 | 9,826 | 15,484 | |||||||||||||||||||
Net income attributable to restricted shares | (123) | (87) | (69) | (104) | |||||||||||||||||||
Net income attributable to unitholders in the Operating Partnership | (767) | (1,365) | (2,101) | (3,312) | |||||||||||||||||||
Net income attributable to American Assets Trust, Inc. stockholders | $ | 2,898 | $ | 5,038 | $ | 7,656 | $ | 12,068 | |||||||||||||||
Net income per share attributable to common stockholders - basic and diluted | $ | 0.05 | $ | 0.08 | $ | 0.13 | $ | 0.20 |
Three Months Ended | |||||||||||||||||||||||
December 31,
2021 |
September 30,
2021 |
June 30,
2021 |
March 31,
2021 |
||||||||||||||||||||
Total revenue | $ | 101,747 | $ | 98,286 | $ | 91,809 | $ | 83,986 | |||||||||||||||
Operating income | 25,715 | 27,669 | 26,423 | 20,062 | |||||||||||||||||||
Net income | 10,478 | 12,895 | 11,487 | 1,733 | |||||||||||||||||||
Net income attributable to restricted shares | (147) | (145) | (135) | (137) | |||||||||||||||||||
Net income attributable to American Assets Trust, L.P. unit holders
|
$ | 10,331 | $ | 12,750 | $ | 11,352 | $ | 1,596 | |||||||||||||||
Net income per unit attributable to unit holders - basic and diluted
|
$ | 0.14 | $ | 0.17 | $ | 0.15 | $ | 0.02 | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||
December 31,
2020 |
September 30,
2020 |
June 30,
2020 |
March 31,
2020 |
||||||||||||||||||||
Total revenue | $ | 81,347 | $ | 84,374 | $ | 82,109 | $ | 96,743 | |||||||||||||||
Operating income | 16,415 | 20,323 | 22,995 | 28,848 | |||||||||||||||||||
Net income | 3,788 | 6,490 | 9,826 | 15,484 | |||||||||||||||||||
Net income attributable to restricted shares | (123) | (87) | (69) | (104) | |||||||||||||||||||
Net income attributable to American Assets Trust, L.P. unit holders | $ | 3,665 | $ | 6,403 | $ | 9,757 | $ | 15,380 | |||||||||||||||
Net income per unit attributable to common unit holders - basic and diluted
|
$ | 0.05 | $ | 0.08 | $ | 0.13 | $ | 0.20 |
Encumbrance as of December 31, 2021 | Initial Cost | Cost Capitalized Subsequent to Acquisition |
Gross Carrying Amount
at December 31, 2021 |
Accumulated
Depreciation and Amortization |
Year Built/
Renovated |
Date Acquired | Life on which depreciation in latest income statements is computed | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Land |
Building and
Improvements |
Land |
Building and
Improvements |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alamo Quarry Market | $ | — | $ | 26,396 | $ | 109,294 | $ | 21,557 | $ | 26,816 | $ | 130,431 | $ | (68,138) | 1997/1999 | 12/9/2003 | 35 years | ||||||||||||||||||||||||||||||||||||||||||
Carmel Country Plaza | — | 4,200 | — | 13,235 | 4,200 | 13,235 | (9,361) | 1991 | 1/10/1989 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Carmel Mountain Plaza | — | 22,477 | 65,217 | 37,619 | 31,034 | 94,279 | (50,201) | 1994/2014 | 3/28/2003 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Del Monte Center | — | 27,412 | 87,570 | 34,958 | 27,117 | 122,823 | (73,187) | 1967/1984/2006 | 4/8/2004 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Gateway Marketplace | — | 17,363 | 21,644 | 1,239 | 17,363 | 22,883 | (3,767) | 1997/2016 | 7/6/2017 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Geary Marketplace | — | 8,239 | 12,353 | 227 | 8,239 | 12,580 | (3,593) | 2012 | 12/19/2012 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Hassalo on Eighth - Retail | — | — | — | 29,044 | 597 | 28,447 | (7,821) | 2015 | 7/1/2011 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Lomas Santa Fe Plaza | — | 8,600 | 11,282 | 14,081 | 8,620 | 25,343 | (18,707) | 1972/1997 | 6/12/1995 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
The Shops at Kalakaua | — | 13,993 | 10,817 | 144 | 14,006 | 10,948 | (5,342) | 1971/2006 | 3/31/2005 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Solana Beach Towne Centre | — | 40,980 | 38,842 | 4,577 | 40,980 | 43,419 | (15,212) | 1973/2000/2004 | 1/19/2011 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
South Bay Marketplace | — | 4,401 | — | 12,653 | 4,401 | 12,653 | (8,383) | 1997 | 9/16/1995 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Waikele Center | — | 55,593 | 126,858 | 43,617 | 70,644 | 155,424 | (71,661) | 1993/2008 | 9/16/2004 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
City Center Bellevue | 111,000 | 25,135 | 190,998 | 57,802 | 25,135 | 248,800 | (73,173) | 1987 | 8/21/2012 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Eastgate Office Park | — | 35,822 | 82,737 | 490 | 35,822 | 83,227 | (1,854) | 1985 | 7/7/2021 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Campus East III | — | 23,203 | 55,992 | 11 | 23,203 | 56,003 | (681) | 1986 | 9/10/2021 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
First & Main | — | 14,697 | 109,739 | 11,260 | 14,697 | 120,999 | (37,427) | 2010 | 3/11/2011 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
The Landmark at One Market | — | 34,575 | 141,196 | 32,405 | 34,575 | 173,601 | (47,420) | 1917/2000 | 6/30/2010 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Lloyd Portfolio | — | 18,660 | 61,401 | 104,807 | 11,845 | 173,023 | (50,452) | 1940-2015 | 7/1/2011 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
One Beach Street | — | 15,332 | 18,017 | 20,378 | 15,332 | 38,395 | (4,456) | 1924/1972/1987/1992 | 1/24/2012 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Solana Crossing: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solana Crossing I-II | — | 7,111 | 17,100 | 8,166 | 7,111 | 25,266 | (8,342) | 1982/2005 | 1/19/2011 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Solana Crossing III-IV | — | 7,298 | 27,887 | 6,271 | 7,298 | 34,158 | (10,859) | 1982/2005 | 1/19/2011 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Solana Crossing Land | — | 487 | — | 60 | 547 | — | — | N/A | 1/19/2011 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
Torrey Reserve Campus: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Torrey Plaza | — | 4,095 | — | 59,936 | 5,408 | 58,623 | (23,260) | 1996-1997/2014 | 6/6/1989 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Pacific North Court | — | 3,263 | — | 28,599 | 4,309 | 27,553 | (13,860) | 1997-1998 | 6/6/1989 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Pacific South Court | — | 3,285 | — | 40,015 | 4,226 | 39,074 | (17,795) | 1996-1997 | 6/6/1989 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Pacific VC | — | 1,413 | — | 10,637 | 2,148 | 9,902 | (6,076) | 1998/2000 | 6/6/1989 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Pacific Torrey Daycare | — | 715 | — | 1,963 | 911 | 1,767 | (1,040) | 1996-1997 | 6/6/1989 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Torrey Reserve Building 6 | — | — | — | 8,012 | 682 | 7,330 | (2,372) | 2013 | 6/6/1989 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Torrey Reserve Building 5 | — | — | — | 4,012 | 1,017 | 2,995 | (678) | 2014 | 6/6/1989 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Torrey Reserve Building 13 & 14 | — | — | — | 16,139 | 2,188 | 13,951 | (3,566) | 2015 | 6/6/1989 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Torrey Point | — | 2,073 | 741 | 49,779 | 5,050 | 47,543 | (5,496) | 2018 | 5/9/1997 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
La Jolla Commons | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
La Jolla Commons I-II | — | 62,312 | 393,662 | 2,507 | 62,312 | 396,169 | (34,627) | 2008-2014 | 6/20/2019 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||
La Jolla Commons Land | — | 20,446 | — | 37,003 | 20,446 | 37,003 | — | N/A | 6/20/2019 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
Imperial Beach Gardens | — | 1,281 | 4,820 | 6,085 | 1,281 | 10,905 | (8,692) | 1959/2008 | 7/31/1985 | 30 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Loma Palisades | — | 14,000 | 16,570 | 34,101 | 14,052 | 50,619 | (31,846) | 1958/2001 - 2008/2021 | 7/20/1990 | 30 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Mariner’s Point | — | 2,744 | 4,540 | 1,902 | 2,744 | 6,442 | (4,236) | 1986 | 5/9/2001 | 30 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Santa Fe Park RV Resort | — | 401 | 928 | 1,460 | 401 | 2,388 | (1,613) | 1971/2007-2008 | 6/1/1979 | 30 years |
Encumbrance as of December 31, 2021 | Initial Cost | Cost Capitalized Subsequent to Acquisition |
Gross Carrying Amount
at December 31, 2021 |
Accumulated
Depreciation and Amortization |
Year Built/
Renovated |
Date Acquired | Life on which depreciation in latest income statements is computed | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Land |
Building and
Improvements |
Land |
Building and
Improvements |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pacific Ridge Apartments | — | 47,971 | 178,497 | 2,831 | 47,971 | 181,328 | (31,341) | 2013 | 4/28/2017 | 30 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Hassalo on Eighth - Multifamily | — | — | — | 178,503 | 6,219 | 172,284 | (37,589) | 2015 | 7/1/2011 | 30 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Waikiki Beach Walk: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | — | 45,995 | 74,943 | 971 | 45,995 | 75,914 | (25,065) | 2006 | 1/19/2011 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Hotel | — | 30,640 | 60,029 | 14,033 | 30,640 | 74,062 | (28,201) | 2008/2014/2020 | 1/19/2011 | 35 years | |||||||||||||||||||||||||||||||||||||||||||||||||
$ | 111,000 | $ | 652,608 | $ | 1,923,674 | $ | 953,089 | $ | 687,582 | $ | 2,841,789 | $ | (847,390) |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Real estate assets | |||||||||||||||||
Balance, beginning of period | $ | 3,246,874 | 3,188,697 | 2,630,191 | |||||||||||||
Additions: | |||||||||||||||||
Property acquisitions | 197,754 | — | 476,421 | ||||||||||||||
Improvements | 93,455 | 64,997 | 101,285 | ||||||||||||||
Deductions: | |||||||||||||||||
Cost of Real Estate Sold | — | — | (8,845) | ||||||||||||||
Other (1)
|
(8,712) | (6,820) | (10,355) | ||||||||||||||
Balance, end of period | $ | 3,529,371 | $ | 3,246,874 | $ | 3,188,697 | |||||||||||
Accumulated depreciation | |||||||||||||||||
Balance, beginning of period | $ | 754,140 | $ | 665,222 | $ | 590,338 | |||||||||||
Additions—depreciation | 101,962 | 95,738 | 85,428 | ||||||||||||||
Deductions: | |||||||||||||||||
Cost of Real Estate Sold | — | — | (189) | ||||||||||||||
Other (1)
|
(8,712) | (6,820) | (10,355) | ||||||||||||||
Balance, end of period | $ | 847,390 | $ | 754,140 | $ | 665,222 |
1 Year American Assets Chart |
1 Month American Assets Chart |
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