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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.51 | 1 | 13:39:37 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
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.)
|
|
|
|
|
11455 El Camino Real, Suite 200,
San Diego, California
(Address of Principal Executive Offices)
|
92130
(Zip Code)
|
|
|
Large Accelerated Filer
|
x
|
|
Accelerated Filer
|
o
|
Non-Accelerated Filer
|
o
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
o
|
Emerging growth company
|
o
|
|
|
|
Large Accelerated Filer
|
o
|
|
Accelerated Filer
|
o
|
Non-Accelerated Filer
|
x
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
o
|
Emerging growth company
|
o
|
|
|
|
o
|
|
|
|
|
•
|
better reflects how management and the analyst community view the business as a single operating unit;
|
•
|
enhance investors' understanding of American Assets Trust, Inc. and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management;
|
•
|
greater efficiency for American Assets Trust, Inc. and the Operating Partnership and resulting savings in time, effort and expense; and
|
•
|
greater efficiency for investors by reducing duplicative disclosure by providing a single document for their review.
|
•
|
consolidated financial statements;
|
•
|
the following notes to the consolidated financial statements:
|
◦
|
Debt;
|
◦
|
Equity/Partners' Capital; and
|
◦
|
Earnings Per Share/Unit; and
|
•
|
Liquidity and Capital Resources in Management's Discussion and Analysis of Financial Condition and Results of Operations.
|
|
June 30,
|
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December 31,
|
||||
|
2018
|
|
2017
|
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Real estate, at cost
|
|
|
|
||||
Operating real estate
|
$
|
2,543,142
|
|
|
$
|
2,536,474
|
|
Construction in progress
|
76,502
|
|
|
68,272
|
|
||
Held for development
|
9,392
|
|
|
9,392
|
|
||
|
2,629,036
|
|
|
2,614,138
|
|
||
Accumulated depreciation
|
(595,042
|
)
|
|
(537,431
|
)
|
||
Net real estate
|
2,033,994
|
|
|
2,076,707
|
|
||
Cash and cash equivalents
|
51,326
|
|
|
82,610
|
|
||
Restricted cash
|
9,385
|
|
|
9,344
|
|
||
Accounts receivable, net
|
7,118
|
|
|
9,869
|
|
||
Deferred rent receivables, net
|
39,283
|
|
|
38,973
|
|
||
Other assets, net
|
44,934
|
|
|
42,361
|
|
||
TOTAL ASSETS
|
$
|
2,186,040
|
|
|
$
|
2,259,864
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
LIABILITIES:
|
|
|
|
||||
Secured notes payable, net
|
$
|
205,155
|
|
|
$
|
279,550
|
|
Unsecured notes payable, net
|
1,045,406
|
|
|
1,045,470
|
|
||
Unsecured line of credit, net
|
20,133
|
|
|
—
|
|
||
Accounts payable and accrued expenses
|
39,666
|
|
|
38,069
|
|
||
Security deposits payable
|
8,712
|
|
|
6,570
|
|
||
Other liabilities and deferred credits, net
|
49,333
|
|
|
46,061
|
|
||
Total liabilities
|
1,368,405
|
|
|
1,415,720
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
|
|||
EQUITY:
|
|
|
|
||||
American Assets Trust, Inc. stockholders’ equity
|
|
|
|
||||
Common stock, $0.01 par value, 490,000,000 shares authorized, 47,223,809 and 47,204,588 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively
|
473
|
|
|
473
|
|
||
Additional paid-in capital
|
919,598
|
|
|
919,066
|
|
||
Accumulated dividends in excess of net income
|
(120,008
|
)
|
|
(97,280
|
)
|
||
Accumulated other comprehensive income
|
13,734
|
|
|
11,451
|
|
||
Total American Assets Trust, Inc. stockholders’ equity
|
813,797
|
|
|
833,710
|
|
||
Noncontrolling interests
|
3,838
|
|
|
10,434
|
|
||
Total equity
|
817,635
|
|
|
844,144
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
2,186,040
|
|
|
$
|
2,259,864
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
REVENUE:
|
|
|
|
|
|
|
|
||||||||
Rental income
|
$
|
76,892
|
|
|
$
|
72,925
|
|
|
$
|
153,093
|
|
|
$
|
142,965
|
|
Other property income
|
8,131
|
|
|
4,181
|
|
|
12,662
|
|
|
7,933
|
|
||||
Total revenue
|
85,023
|
|
|
77,106
|
|
|
165,755
|
|
|
150,898
|
|
||||
EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Rental expenses
|
20,882
|
|
|
19,841
|
|
|
41,302
|
|
|
39,700
|
|
||||
Real estate taxes
|
8,628
|
|
|
7,904
|
|
|
17,174
|
|
|
15,440
|
|
||||
General and administrative
|
5,396
|
|
|
5,131
|
|
|
10,963
|
|
|
10,213
|
|
||||
Depreciation and amortization
|
32,868
|
|
|
24,182
|
|
|
66,147
|
|
|
42,168
|
|
||||
Total operating expenses
|
67,774
|
|
|
57,058
|
|
|
135,586
|
|
|
107,521
|
|
||||
OPERATING INCOME
|
17,249
|
|
|
20,048
|
|
|
30,169
|
|
|
43,377
|
|
||||
Interest expense
|
(12,688
|
)
|
|
(12,652
|
)
|
|
(26,508
|
)
|
|
(25,983
|
)
|
||||
Other (expense) income, net
|
(148
|
)
|
|
192
|
|
|
61
|
|
|
502
|
|
||||
NET INCOME
|
4,413
|
|
|
7,588
|
|
|
3,722
|
|
|
17,896
|
|
||||
Net income attributable to restricted shares
|
(216
|
)
|
|
(61
|
)
|
|
(144
|
)
|
|
(121
|
)
|
||||
Net income attributable to unitholders in the Operating Partnership
|
(1,125
|
)
|
|
(2,008
|
)
|
|
(959
|
)
|
|
(4,869
|
)
|
||||
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS
|
$
|
3,072
|
|
|
$
|
5,519
|
|
|
$
|
2,619
|
|
|
$
|
12,906
|
|
|
|
|
|
|
|
|
|
||||||||
EARNINGS PER COMMON SHARE
|
|
|
|
|
|
|
|
||||||||
Earnings per common share, basic
|
$
|
0.07
|
|
|
$
|
0.12
|
|
|
$
|
0.06
|
|
|
$
|
0.28
|
|
Weighted average shares of common stock outstanding - basic
|
46,939,449
|
|
|
46,871,377
|
|
|
46,937,645
|
|
|
46,524,510
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per common share, diluted
|
$
|
0.07
|
|
|
$
|
0.12
|
|
|
$
|
0.06
|
|
|
$
|
0.28
|
|
Weighted average shares of common stock outstanding - diluted
|
64,132,520
|
|
|
64,089,081
|
|
|
64,131,665
|
|
|
64,075,919
|
|
||||
|
|
|
|
|
|
|
|
||||||||
DIVIDENDS DECLARED PER COMMON SHARE
|
$
|
0.27
|
|
|
$
|
0.26
|
|
|
$
|
0.54
|
|
|
$
|
0.52
|
|
|
|
|
|
|
|
|
|
||||||||
COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
4,413
|
|
|
$
|
7,588
|
|
|
$
|
3,722
|
|
|
$
|
17,896
|
|
Other comprehensive income (loss) - unrealized income (loss) on swap derivative during the period
|
875
|
|
|
(518
|
)
|
|
3,736
|
|
|
(1,514
|
)
|
||||
Reclassification of amortization of forward-starting swap included in interest expense
|
(319
|
)
|
|
(330
|
)
|
|
(639
|
)
|
|
(475
|
)
|
||||
Comprehensive income
|
4,969
|
|
|
6,740
|
|
|
6,819
|
|
|
15,907
|
|
||||
Comprehensive income attributable to non-controlling interest
|
(1,271
|
)
|
|
(1,700
|
)
|
|
(1,773
|
)
|
|
(4,184
|
)
|
||||
Comprehensive income attributable to American Assets Trust, Inc.
|
$
|
3,698
|
|
|
$
|
5,040
|
|
|
$
|
5,046
|
|
|
$
|
11,723
|
|
|
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, 2017
|
47,204,588
|
|
|
$
|
473
|
|
|
$
|
919,066
|
|
|
$
|
(97,280
|
)
|
|
$
|
11,451
|
|
|
$
|
10,434
|
|
|
$
|
844,144
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
2,763
|
|
|
—
|
|
|
959
|
|
|
3,722
|
|
||||||
Issuance of restricted stock
|
5,320
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Forfeiture of restricted stock
|
(3,312
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Conversion of operating partnership units
|
17,372
|
|
|
—
|
|
|
(916
|
)
|
|
—
|
|
|
—
|
|
|
916
|
|
|
—
|
|
||||||
Dividends declared and paid
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,491
|
)
|
|
—
|
|
|
(9,285
|
)
|
|
(34,776
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,454
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,454
|
|
||||||
Shares withheld for employee taxes
|
(159
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
||||||
Other comprehensive income - change in value of interest rate swaps
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,750
|
|
|
986
|
|
|
3,736
|
|
||||||
Reclassification of amortization of forward-starting swap included in interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(467
|
)
|
|
(172
|
)
|
|
(639
|
)
|
||||||
Balance at June 30, 2018
|
47,223,809
|
|
|
$
|
473
|
|
|
$
|
919,598
|
|
|
$
|
(120,008
|
)
|
|
$
|
13,734
|
|
|
$
|
3,838
|
|
|
$
|
817,635
|
|
|
Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
3,722
|
|
|
$
|
17,896
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Deferred rent revenue and amortization of lease intangibles
|
2,096
|
|
|
(1,397
|
)
|
||
Depreciation and amortization
|
66,147
|
|
|
42,168
|
|
||
Amortization of debt issuance costs and debt fair value adjustments
|
806
|
|
|
2,180
|
|
||
Stock-based compensation expense
|
1,454
|
|
|
1,278
|
|
||
Settlement of derivative instruments
|
—
|
|
|
10,667
|
|
||
Other noncash interest expense
|
(639
|
)
|
|
(475
|
)
|
||
Other, net
|
1,495
|
|
|
482
|
|
||
Changes in operating assets and liabilities
|
|
|
|
||||
Change in accounts receivable
|
2,220
|
|
|
2,674
|
|
||
Change in other assets
|
755
|
|
|
468
|
|
||
Change in accounts payable and accrued expenses
|
1,749
|
|
|
5,869
|
|
||
Change in security deposits payable
|
2,142
|
|
|
665
|
|
||
Change in other liabilities and deferred credits
|
370
|
|
|
496
|
|
||
Net cash provided by operating activities
|
82,317
|
|
|
82,971
|
|
||
INVESTING ACTIVITIES
|
|
|
|
||||
Acquisition of real estate
|
—
|
|
|
(232,061
|
)
|
||
Capital expenditures
|
(20,353
|
)
|
|
(19,883
|
)
|
||
Leasing commissions
|
(3,057
|
)
|
|
(2,094
|
)
|
||
Deposit on property acquisition
|
—
|
|
|
(1,000
|
)
|
||
Net cash used in investing activities
|
(23,410
|
)
|
|
(255,038
|
)
|
||
FINANCING ACTIVITIES
|
|
|
|
||||
Repayment of secured notes payable
|
(74,476
|
)
|
|
(166,439
|
)
|
||
Proceeds from unsecured line of credit
|
35,000
|
|
|
130,000
|
|
||
Repayment of unsecured line of credit
|
(13,000
|
)
|
|
(150,000
|
)
|
||
Proceeds from unsecured notes payable
|
—
|
|
|
350,000
|
|
||
Debt issuance costs
|
(2,656
|
)
|
|
(2,281
|
)
|
||
Proceeds from issuance of common stock, net
|
(236
|
)
|
|
30,075
|
|
||
Dividends paid to common stock and unitholders
|
(34,776
|
)
|
|
(33,448
|
)
|
||
Shares withheld for employee taxes
|
(6
|
)
|
|
—
|
|
||
Net cash (used in) provided by financing activities
|
(90,150
|
)
|
|
157,907
|
|
||
Net decrease in cash and cash equivalents
|
(31,243
|
)
|
|
(14,160
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
91,954
|
|
|
54,751
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
60,711
|
|
|
$
|
40,591
|
|
|
Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Cash and cash equivalents
|
$
|
51,326
|
|
|
$
|
31,380
|
|
Restricted cash
|
9,385
|
|
|
9,211
|
|
||
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows
|
$
|
60,711
|
|
|
$
|
40,591
|
|
|
June 30,
|
|
December 31,
|
||||
|
2018
|
|
2017
|
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Real estate, at cost
|
|
|
|
||||
Operating real estate
|
$
|
2,543,142
|
|
|
$
|
2,536,474
|
|
Construction in progress
|
76,502
|
|
|
68,272
|
|
||
Held for development
|
9,392
|
|
|
9,392
|
|
||
|
2,629,036
|
|
|
2,614,138
|
|
||
Accumulated depreciation
|
(595,042
|
)
|
|
(537,431
|
)
|
||
Net real estate
|
2,033,994
|
|
|
2,076,707
|
|
||
Cash and cash equivalents
|
51,326
|
|
|
82,610
|
|
||
Restricted cash
|
9,385
|
|
|
9,344
|
|
||
Accounts receivable, net
|
7,118
|
|
|
9,869
|
|
||
Deferred rent receivables, net
|
39,283
|
|
|
38,973
|
|
||
Other assets, net
|
44,934
|
|
|
42,361
|
|
||
TOTAL ASSETS
|
$
|
2,186,040
|
|
|
$
|
2,259,864
|
|
LIABILITIES AND CAPITAL
|
|
|
|
||||
LIABILITIES:
|
|
|
|
||||
Secured notes payable, net
|
$
|
205,155
|
|
|
$
|
279,550
|
|
Unsecured notes payable, net
|
1,045,406
|
|
|
1,045,470
|
|
||
Unsecured line of credit, net
|
20,133
|
|
|
—
|
|
||
Accounts payable and accrued expenses
|
39,666
|
|
|
38,069
|
|
||
Security deposits payable
|
8,712
|
|
|
6,570
|
|
||
Other liabilities and deferred credits
|
49,333
|
|
|
46,061
|
|
||
Total liabilities
|
1,368,405
|
|
|
1,415,720
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
|
|||
CAPITAL:
|
|
|
|
||||
Limited partners' capital, 17,177,608 and 17,194,980 units issued and outstanding as of June 30, 2018 and December 31, 2017, respectively
|
(1,275
|
)
|
|
6,135
|
|
||
General partner's capital, 47,223,809 and 47,204,588 units issued and outstanding as of June 30, 2018 and December 31, 2017, respectively
|
800,063
|
|
|
822,259
|
|
||
Accumulated other comprehensive income
|
18,847
|
|
|
15,750
|
|
||
Total capital
|
817,635
|
|
|
844,144
|
|
||
TOTAL LIABILITIES AND CAPITAL
|
$
|
2,186,040
|
|
|
$
|
2,259,864
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
REVENUE:
|
|
|
|
|
|
|
|
||||||||
Rental income
|
$
|
76,892
|
|
|
$
|
72,925
|
|
|
$
|
153,093
|
|
|
$
|
142,965
|
|
Other property income
|
8,131
|
|
|
4,181
|
|
|
12,662
|
|
|
7,933
|
|
||||
Total revenue
|
85,023
|
|
|
77,106
|
|
|
165,755
|
|
|
150,898
|
|
||||
EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Rental expenses
|
20,882
|
|
|
19,841
|
|
|
41,302
|
|
|
39,700
|
|
||||
Real estate taxes
|
8,628
|
|
|
7,904
|
|
|
17,174
|
|
|
15,440
|
|
||||
General and administrative
|
5,396
|
|
|
5,131
|
|
|
10,963
|
|
|
10,213
|
|
||||
Depreciation and amortization
|
32,868
|
|
|
24,182
|
|
|
66,147
|
|
|
42,168
|
|
||||
Total operating expenses
|
67,774
|
|
|
57,058
|
|
|
135,586
|
|
|
107,521
|
|
||||
OPERATING INCOME
|
17,249
|
|
|
20,048
|
|
|
30,169
|
|
|
43,377
|
|
||||
Interest expense
|
(12,688
|
)
|
|
(12,652
|
)
|
|
(26,508
|
)
|
|
(25,983
|
)
|
||||
Other (expense) income, net
|
(148
|
)
|
|
192
|
|
|
61
|
|
|
502
|
|
||||
NET INCOME
|
4,413
|
|
|
7,588
|
|
|
3,722
|
|
|
17,896
|
|
||||
Net income attributable to restricted shares
|
(216
|
)
|
|
(61
|
)
|
|
(144
|
)
|
|
(121
|
)
|
||||
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, L.P.
|
$
|
4,197
|
|
|
$
|
7,527
|
|
|
$
|
3,578
|
|
|
$
|
17,775
|
|
|
|
|
|
|
|
|
|
||||||||
EARNINGS PER UNIT - BASIC
|
|
|
|
|
|
|
|
||||||||
Earnings per unit, basic
|
$
|
0.07
|
|
|
$
|
0.12
|
|
|
$
|
0.06
|
|
|
$
|
0.28
|
|
Weighted average units outstanding - basic
|
64,132,520
|
|
|
64,089,081
|
|
|
64,131,665
|
|
|
64,075,919
|
|
||||
|
|
|
|
|
|
|
|
||||||||
EARNINGS PER UNIT - DILUTED
|
|
|
|
|
|
|
|
||||||||
Earnings per unit, diluted
|
$
|
0.07
|
|
|
$
|
0.12
|
|
|
$
|
0.06
|
|
|
$
|
0.28
|
|
Weighted average units outstanding - diluted
|
64,132,520
|
|
|
64,089,081
|
|
|
64,131,665
|
|
|
64,075,919
|
|
||||
|
|
|
|
|
|
|
|
||||||||
DISTRIBUTIONS PER UNIT
|
$
|
0.27
|
|
|
$
|
0.26
|
|
|
$
|
0.54
|
|
|
$
|
0.52
|
|
|
|
|
|
|
|
|
|
||||||||
COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
4,413
|
|
|
$
|
7,588
|
|
|
$
|
3,722
|
|
|
$
|
17,896
|
|
Other comprehensive income (loss) - unrealized income (loss) on swap derivative during the period
|
875
|
|
|
(518
|
)
|
|
3,736
|
|
|
(1,514
|
)
|
||||
Reclassification of amortization of forward-starting swap included in interest expense
|
(319
|
)
|
|
(330
|
)
|
|
(639
|
)
|
|
(475
|
)
|
||||
Comprehensive income
|
4,969
|
|
|
6,740
|
|
|
6,819
|
|
|
15,907
|
|
||||
Comprehensive income attributable to Limited Partners
|
(1,271
|
)
|
|
(1,700
|
)
|
|
(1,773
|
)
|
|
(4,184
|
)
|
||||
Comprehensive income attributable to General Partner
|
$
|
3,698
|
|
|
$
|
5,040
|
|
|
$
|
5,046
|
|
|
$
|
11,723
|
|
|
Limited Partners' Capital
(1)
|
|
General Partner's Capital
(2)
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total Capital
|
||||||||||||||
|
Units
|
|
Amount
|
|
Units
|
|
Amount
|
|
|||||||||||||
Balance at December 31, 2017
|
17,194,980
|
|
|
$
|
6,135
|
|
|
47,204,588
|
|
|
$
|
822,259
|
|
|
$
|
15,750
|
|
|
$
|
844,144
|
|
Net income
|
—
|
|
|
959
|
|
|
—
|
|
|
2,763
|
|
|
—
|
|
|
3,722
|
|
||||
Conversion of operating partnership units
|
(17,372
|
)
|
|
916
|
|
|
17,372
|
|
|
(916
|
)
|
|
—
|
|
|
—
|
|
||||
Issuance of restricted units
|
—
|
|
|
—
|
|
|
5,320
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Forfeiture of restricted units
|
—
|
|
|
—
|
|
|
(3,312
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Distributions
|
—
|
|
|
(9,285
|
)
|
|
—
|
|
|
(25,491
|
)
|
|
—
|
|
|
(34,776
|
)
|
||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
1,454
|
|
|
—
|
|
|
1,454
|
|
||||
Units withheld for employee taxes
|
—
|
|
|
—
|
|
|
(159
|
)
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
||||
Other comprehensive income - change in value of interest rate swap
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,736
|
|
|
3,736
|
|
||||
Reclassification of amortization of forward-starting swap included in interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(639
|
)
|
|
(639
|
)
|
||||
Balance at June 30, 2018
|
17,177,608
|
|
|
$
|
(1,275
|
)
|
|
47,223,809
|
|
|
$
|
800,063
|
|
|
$
|
18,847
|
|
|
$
|
817,635
|
|
|
Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
3,722
|
|
|
$
|
17,896
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Deferred rent revenue and amortization of lease intangibles
|
2,096
|
|
|
(1,397
|
)
|
||
Depreciation and amortization
|
66,147
|
|
|
42,168
|
|
||
Amortization of debt issuance costs and debt fair value adjustments
|
806
|
|
|
2,180
|
|
||
Stock-based compensation expense
|
1,454
|
|
|
1,278
|
|
||
Settlement of derivative instruments
|
—
|
|
|
10,667
|
|
||
Other noncash interest expense
|
(639
|
)
|
|
(475
|
)
|
||
Other, net
|
1,495
|
|
|
482
|
|
||
Changes in operating assets and liabilities
|
|
|
|
||||
Change in accounts receivable
|
2,220
|
|
|
2,674
|
|
||
Change in other assets
|
755
|
|
|
468
|
|
||
Change in accounts payable and accrued expenses
|
1,749
|
|
|
5,869
|
|
||
Change in security deposits payable
|
2,142
|
|
|
665
|
|
||
Change in other liabilities and deferred credits
|
370
|
|
|
496
|
|
||
Net cash provided by operating activities
|
82,317
|
|
|
82,971
|
|
||
INVESTING ACTIVITIES
|
|
|
|
||||
Acquisition of real estate
|
—
|
|
|
(232,061
|
)
|
||
Capital expenditures
|
(20,353
|
)
|
|
(19,883
|
)
|
||
Leasing commissions
|
(3,057
|
)
|
|
(2,094
|
)
|
||
Deposit on property acquisition
|
—
|
|
|
(1,000
|
)
|
||
Net cash used in investing activities
|
(23,410
|
)
|
|
(255,038
|
)
|
||
FINANCING ACTIVITIES
|
|
|
|
||||
Repayment of secured notes payable
|
(74,476
|
)
|
|
(166,439
|
)
|
||
Proceeds from unsecured line of credit
|
35,000
|
|
|
130,000
|
|
||
Repayment of unsecured line of credit
|
(13,000
|
)
|
|
(150,000
|
)
|
||
Proceeds from unsecured notes payable
|
—
|
|
|
350,000
|
|
||
Debt issuance costs
|
(2,656
|
)
|
|
(2,281
|
)
|
||
Contributions from American Assets Trust, Inc.
|
(236
|
)
|
|
30,075
|
|
||
Distributions
|
(34,776
|
)
|
|
(33,448
|
)
|
||
Shares withheld for employee taxes
|
(6
|
)
|
|
—
|
|
||
Net cash (used in) provided by financing activities
|
(90,150
|
)
|
|
157,907
|
|
||
Net decrease in cash and cash equivalents
|
(31,243
|
)
|
|
(14,160
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
91,954
|
|
|
54,751
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
60,711
|
|
|
$
|
40,591
|
|
|
Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Cash and cash equivalents
|
$
|
51,326
|
|
|
$
|
31,380
|
|
Restricted cash
|
9,385
|
|
|
9,211
|
|
||
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows
|
$
|
60,711
|
|
|
$
|
40,591
|
|
|
Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Supplemental cash flow information
|
|
|
|
||||
Total interest costs incurred
|
$
|
27,419
|
|
|
$
|
26,730
|
|
Interest capitalized
|
$
|
911
|
|
|
$
|
747
|
|
Interest expense
|
$
|
26,508
|
|
|
$
|
25,983
|
|
Cash paid for interest, net of amounts capitalized
|
$
|
26,926
|
|
|
$
|
21,984
|
|
Cash paid for income taxes
|
$
|
337
|
|
|
$
|
296
|
|
Supplemental schedule of noncash investing and financing activities
|
|
|
|
|
|
||
Accounts payable and accrued liabilities for construction in progress
|
$
|
(1,192
|
)
|
|
$
|
2,113
|
|
Accrued leasing commissions
|
$
|
1,040
|
|
|
$
|
498
|
|
Reduction to capital for prepaid offering costs
|
$
|
236
|
|
|
$
|
69
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
In-place leases
|
$
|
44,500
|
|
|
$
|
54,206
|
|
Accumulated amortization
|
(37,269
|
)
|
|
(45,835
|
)
|
||
Above market leases
|
15,525
|
|
|
21,262
|
|
||
Accumulated amortization
|
(14,733
|
)
|
|
(20,084
|
)
|
||
Acquired lease intangible assets, net
|
$
|
8,023
|
|
|
$
|
9,549
|
|
Below market leases
|
$
|
67,348
|
|
|
$
|
67,423
|
|
Accumulated accretion
|
(38,991
|
)
|
|
(37,241
|
)
|
||
Acquired lease intangible liabilities, net
|
$
|
28,357
|
|
|
$
|
30,182
|
|
1.
|
Level 1 Inputs—quoted prices in active markets for identical assets or liabilities
|
2.
|
Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities
|
3.
|
Level 3 Inputs—unobservable inputs
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Deferred compensation liability
|
$
|
—
|
|
$
|
1,287
|
|
$
|
—
|
|
$
|
1,287
|
|
|
$
|
—
|
|
$
|
1,156
|
|
$
|
—
|
|
$
|
1,156
|
|
Interest rate swap asset
|
$
|
—
|
|
$
|
8,818
|
|
$
|
—
|
|
$
|
8,818
|
|
|
$
|
—
|
|
$
|
5,091
|
|
$
|
—
|
|
$
|
5,091
|
|
Interest rate swap liability
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
10
|
|
$
|
—
|
|
$
|
10
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||||||
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Secured notes payable, net
|
$
|
205,155
|
|
|
$
|
208,889
|
|
|
$
|
279,550
|
|
|
$
|
286,156
|
|
Unsecured term loans, net
|
$
|
248,541
|
|
|
$
|
250,000
|
|
|
$
|
248,839
|
|
|
$
|
250,000
|
|
Unsecured senior guaranteed notes, net
|
$
|
796,865
|
|
|
$
|
781,818
|
|
|
$
|
796,631
|
|
|
$
|
802,699
|
|
Unsecured line of credit, net
|
$
|
20,133
|
|
|
$
|
22,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Swap Counterparty
|
|
Notional Amount
|
|
Effective Date
|
|
Maturity Date
|
|
Fair Value
|
||||
Bank of America, N.A.
|
|
$
|
100,000
|
|
|
1/9/2014
|
|
1/9/2019
|
|
$
|
236
|
|
U.S. Bank N.A.
|
|
$
|
100,000
|
|
|
3/1/2016
|
|
3/1/2023
|
|
$
|
5,693
|
|
Wells Fargo Bank, N.A.
|
|
$
|
50,000
|
|
|
5/2/2016
|
|
3/1/2023
|
|
$
|
2,889
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Leasing commissions, net of accumulated amortization of $29,348 and $28,318, respectively
|
$
|
21,620
|
|
|
$
|
20,633
|
|
Interest rate swap asset
|
8,818
|
|
|
5,091
|
|
||
Acquired above market leases, net
|
792
|
|
|
1,178
|
|
||
Acquired in-place leases, net
|
7,231
|
|
|
8,371
|
|
||
Lease incentives, net of accumulated amortization of $208 and $136, respectively
|
1,057
|
|
|
916
|
|
||
Other intangible assets, net of accumulated amortization of $1,100 and $1,115, respectively
|
202
|
|
|
227
|
|
||
Prepaid expenses and other
|
5,214
|
|
|
5,945
|
|
||
Total other assets
|
$
|
44,934
|
|
|
$
|
42,361
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Acquired below market leases, net
|
$
|
28,357
|
|
|
$
|
30,182
|
|
Prepaid rent and deferred revenue
|
9,545
|
|
|
8,429
|
|
||
Interest rate swap liability
|
—
|
|
|
10
|
|
||
Deferred rent expense and lease intangible
|
2,017
|
|
|
1,670
|
|
||
Deferred compensation
|
1,287
|
|
|
1,156
|
|
||
Deferred tax liability
|
117
|
|
|
123
|
|
||
Straight-line rent liability
|
7,940
|
|
|
4,428
|
|
||
Other liabilities
|
70
|
|
|
63
|
|
||
Total other liabilities and deferred credits, net
|
$
|
49,333
|
|
|
$
|
46,061
|
|
|
Principal Balance as of
|
|
Stated Interest Rate
|
|
Stated Maturity Date
|
|||||||
Description of Debt
|
June 30, 2018
|
|
December 31, 2017
|
|
as of June 30, 2018
|
|||||||
Loma Palisades
(1)(2)
|
—
|
|
|
73,744
|
|
|
6.09
|
%
|
|
July 1, 2018
|
||
One Beach Street
(1)
|
21,900
|
|
|
21,900
|
|
|
3.94
|
%
|
|
April 1, 2019
|
||
Torrey Reserve—North Court
(3)
|
19,825
|
|
|
20,023
|
|
|
7.22
|
%
|
|
June 1, 2019
|
||
Torrey Reserve—VCI, VCII, VCIII
(3)
|
6,700
|
|
|
6,764
|
|
|
6.36
|
%
|
|
June 1, 2020
|
||
Solana Beach Corporate Centre I-II
(3)
|
10,613
|
|
|
10,721
|
|
|
5.91
|
%
|
|
June 1, 2020
|
||
Solana Beach Towne Centre
(3)
|
35,375
|
|
|
35,737
|
|
|
5.91
|
%
|
|
June 1, 2020
|
||
City Center Bellevue
(1)
|
111,000
|
|
|
111,000
|
|
|
3.98
|
%
|
|
November 1, 2022
|
||
|
205,413
|
|
|
279,889
|
|
|
|
|
|
|||
Debt issuance costs, net of accumulated amortization of $828 and $1,191, respectively
|
(258
|
)
|
|
(339
|
)
|
|
|
|
|
|||
Total Secured Notes Payable Outstanding
|
$
|
205,155
|
|
|
$
|
279,550
|
|
|
|
|
|
(1)
|
Interest only.
|
(2)
|
Loan repaid in full, without premium or penalty, on March 30, 2018.
|
(3)
|
Principal payments based on a
30
-year amortization schedule.
|
Description of Debt
|
Principal Balance as of
|
|
Stated Interest Rate
|
|
Stated Maturity Date
|
|||||||||
June 30, 2018
|
|
December 31, 2017
|
|
as of June 30, 2018
|
|
|||||||||
Term Loan A
|
$
|
100,000
|
|
|
$
|
100,000
|
|
|
Variable
|
|
(1)
|
|
January 9, 2019
|
|
Senior Guaranteed Notes, Series A
|
150,000
|
|
|
150,000
|
|
|
4.04
|
%
|
(2)
|
|
October 31, 2021
|
|
||
Term Loan B
|
100,000
|
|
|
100,000
|
|
|
Variable
|
|
(3)
|
|
March 1, 2023
|
|
||
Term Loan C
|
50,000
|
|
|
50,000
|
|
|
Variable
|
|
(4)
|
|
March 1, 2023
|
|
||
Senior Guaranteed Notes, Series F
|
100,000
|
|
|
100,000
|
|
|
3.78
|
%
|
(5)
|
|
July 19, 2024
|
|
||
Senior Guaranteed Notes, Series B
|
100,000
|
|
|
100,000
|
|
|
4.45
|
%
|
|
|
February 2, 2025
|
|
||
Senior Guaranteed Notes, Series C
|
100,000
|
|
|
100,000
|
|
|
4.50
|
%
|
|
|
April 1, 2025
|
|
||
Senior Guaranteed Notes, Series D
|
250,000
|
|
|
250,000
|
|
|
4.29
|
%
|
(6)
|
|
March 1, 2027
|
|
||
Senior Guaranteed Notes, Series E
|
100,000
|
|
|
100,000
|
|
|
4.24
|
%
|
(7)
|
|
May 23, 2029
|
|
||
|
1,050,000
|
|
|
1,050,000
|
|
|
|
|
|
|
|
|||
Debt issuance costs, net of accumulated amortization of $6,387 and $5,866, respectively
|
(4,594
|
)
|
|
(4,530
|
)
|
|
|
|
|
|
|
|||
Total Unsecured Notes Payable
|
$
|
1,045,406
|
|
|
$
|
1,045,470
|
|
|
|
|
|
|
|
(1)
|
The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan A at approximately
3.08%
through its maturity date and extension options, subject to adjustments based on our consolidated leverage ratio.
|
(2)
|
The Operating Partnership entered into a one-month forward-starting
seven
-year swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately
$1.6 million
. The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately
3.88%
per annum.
|
(3)
|
The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan B at approximately
3.15%
through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan B is approximately
2.75%
, subject to adjustments based on our consolidated leverage ratio.
|
(4)
|
The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan C at approximately
3.14%
through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan C is approximately
2.74%
, subject to adjustments based on our consolidated leverage ratio.
|
(5)
|
The Operating Partnership entered into a treasury lock contract on May 31, 2017, which was settled on June 23, 2017 at a loss of approximately
$0.5 million
. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately
3.85%
per annum.
|
(6)
|
The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately
$10.4 million
. The forward-starting interest swap rate contracts were deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately
3.87%
per annum.
|
(7)
|
The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately
$0.7 million
. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately
4.18%
per annum.
|
•
|
A maximum leverage ratio (defined as total indebtedness net of certain cash and cash equivalents to total asset value) of
60%
,
|
•
|
A maximum secured leverage ratio (defined as total secured debt to secured total asset value) of
40%
,
|
•
|
A minimum fixed charge coverage ratio (defined as consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges) of 1.50x,
|
•
|
A minimum unsecured interest coverage ratio of 1.75x,
|
•
|
A maximum unsecured leverage ratio of
60%
, and
|
•
|
Recourse indebtedness at any time cannot exceed
15%
of total asset value.
|
Period
|
|
Amount per
Share/Unit
|
|
Period Covered
|
|
Dividend Paid Date
|
||
First Quarter 2018
|
|
$
|
0.27
|
|
|
January 1, 2018 to March 31, 2018
|
|
March 29, 2018
|
Second Quarter 2018
|
|
$
|
0.27
|
|
|
April 1, 2018 to June 30, 2018
|
|
June 28, 2018
|
|
Units
|
|
Weighted Average Grant Date Fair Value
|
|
Nonvested at January 1, 2018
|
268,768
|
|
|
$29.89
|
Granted
|
5,320
|
|
|
$37.58
|
Vested
|
(6,719
|
)
|
|
$37.90
|
Forfeited
|
(3,312
|
)
|
|
$29.71
|
Nonvested at June 30, 2018
|
264,057
|
|
|
$29.85
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
NUMERATOR
|
|
|
|
|
|
|
|
||||||||
Net income from operations
|
$
|
4,413
|
|
|
$
|
7,588
|
|
|
$
|
3,722
|
|
|
$
|
17,896
|
|
Less: Net income attributable to restricted shares
|
(216
|
)
|
|
(61
|
)
|
|
(144
|
)
|
|
(121
|
)
|
||||
Less: Income from operations attributable to unitholders in the Operating Partnership
|
(1,125
|
)
|
|
(2,008
|
)
|
|
(959
|
)
|
|
(4,869
|
)
|
||||
Net income attributable to common stockholders—basic
|
$
|
3,072
|
|
|
$
|
5,519
|
|
|
$
|
2,619
|
|
|
$
|
12,906
|
|
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic
|
$
|
3,072
|
|
|
$
|
5,519
|
|
|
$
|
2,619
|
|
|
$
|
12,906
|
|
Plus: Income from operations attributable to unitholders in the Operating Partnership
|
1,125
|
|
|
2,008
|
|
|
959
|
|
|
4,869
|
|
||||
Net income attributable to common stockholders—diluted
|
$
|
4,197
|
|
|
$
|
7,527
|
|
|
$
|
3,578
|
|
|
$
|
17,775
|
|
DENOMINATOR
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding—basic
|
46,939,449
|
|
|
46,871,377
|
|
|
46,937,645
|
|
|
46,524,510
|
|
||||
Effect of dilutive securities—conversion of Operating Partnership units
|
17,193,071
|
|
|
17,217,704
|
|
|
17,194,020
|
|
|
17,551,409
|
|
||||
Weighted average common shares outstanding—diluted
|
64,132,520
|
|
|
64,089,081
|
|
|
64,131,665
|
|
|
64,075,919
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per common share, basic
|
$
|
0.07
|
|
|
$
|
0.12
|
|
|
$
|
0.06
|
|
|
$
|
0.28
|
|
Earnings per common share, diluted
|
$
|
0.07
|
|
|
$
|
0.12
|
|
|
$
|
0.06
|
|
|
$
|
0.28
|
|
Year Ending December 31,
|
|
|
||
2018 (six months ending December 31, 2018)
|
$
|
1,655
|
|
|
2019
|
3,347
|
|
|
|
2020
|
3,422
|
|
|
|
2021
|
3,460
|
|
(1)
|
|
2022
|
2,613
|
|
|
|
Thereafter
|
22,210
|
|
|
|
Total
|
$
|
36,707
|
|
|
(1)
|
Lease payments on the Annex Lease will be equal to fair rental value from July 2021 through the end of the extended lease term. In the table above, we have shown the option lease payments for this period based on the stated rate for the month of June 2021 of
$217,744
.
|
Year Ending December 31,
|
|
||
2018 (six months ending December 31, 2018)
|
$
|
84,572
|
|
2019
|
162,912
|
|
|
2020
|
145,082
|
|
|
2021
|
122,495
|
|
|
2022
|
103,261
|
|
|
Thereafter
|
278,047
|
|
|
Total
|
$
|
896,369
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Minimum rents
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
19,548
|
|
|
$
|
18,544
|
|
|
$
|
39,202
|
|
|
$
|
37,078
|
|
Office
|
24,140
|
|
|
23,213
|
|
|
47,446
|
|
|
46,335
|
|
||||
Multifamily
|
11,721
|
|
|
10,249
|
|
|
23,207
|
|
|
17,484
|
|
||||
Mixed-use
|
2,740
|
|
|
2,581
|
|
|
5,565
|
|
|
5,142
|
|
||||
Cost reimbursement
|
8,491
|
|
|
8,128
|
|
|
16,833
|
|
|
16,016
|
|
||||
Percentage rent
|
355
|
|
|
456
|
|
|
791
|
|
|
911
|
|
||||
Hotel revenue
|
9,530
|
|
|
9,345
|
|
|
19,313
|
|
|
19,210
|
|
||||
Other
|
367
|
|
|
409
|
|
|
736
|
|
|
789
|
|
||||
Total rental income
|
$
|
76,892
|
|
|
$
|
72,925
|
|
|
$
|
153,093
|
|
|
$
|
142,965
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Rental operating
|
$
|
8,742
|
|
|
$
|
8,437
|
|
|
$
|
17,402
|
|
|
$
|
16,510
|
|
Hotel operating
|
5,995
|
|
|
5,746
|
|
|
12,027
|
|
|
12,297
|
|
||||
Repairs and maintenance
|
3,389
|
|
|
2,984
|
|
|
6,390
|
|
|
5,515
|
|
||||
Marketing
|
503
|
|
|
462
|
|
|
915
|
|
|
898
|
|
||||
Rent
|
806
|
|
|
794
|
|
|
1,600
|
|
|
1,551
|
|
||||
Hawaii excise tax
|
969
|
|
|
945
|
|
|
2,002
|
|
|
1,970
|
|
||||
Management fees
|
478
|
|
|
473
|
|
|
966
|
|
|
959
|
|
||||
Total rental expenses
|
$
|
20,882
|
|
|
$
|
19,841
|
|
|
$
|
41,302
|
|
|
$
|
39,700
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Interest and investment income
|
$
|
23
|
|
|
$
|
113
|
|
|
$
|
163
|
|
|
$
|
260
|
|
Income tax (expense) benefit
|
(171
|
)
|
|
79
|
|
|
(106
|
)
|
|
242
|
|
||||
Other non-operating income
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||
Total other (expense) income, net
|
$
|
(148
|
)
|
|
$
|
192
|
|
|
$
|
61
|
|
|
$
|
502
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Total Retail
|
|
|
|
|
|
|
|
||||||||
Property revenue
|
$
|
26,415
|
|
|
$
|
24,954
|
|
|
$
|
52,572
|
|
|
$
|
49,745
|
|
Property expense
|
(7,138
|
)
|
|
(6,794
|
)
|
|
(13,949
|
)
|
|
(13,485
|
)
|
||||
Segment profit
|
19,277
|
|
|
18,160
|
|
|
38,623
|
|
|
36,260
|
|
||||
Total Office
|
|
|
|
|
|
|
|
||||||||
Property revenue
|
31,052
|
|
|
26,359
|
|
|
57,822
|
|
|
52,349
|
|
||||
Property expense
|
(8,342
|
)
|
|
(8,045
|
)
|
|
(16,355
|
)
|
|
(15,846
|
)
|
||||
Segment profit
|
22,710
|
|
|
18,314
|
|
|
41,467
|
|
|
36,503
|
|
||||
Total Multifamily
|
|
|
|
|
|
|
|
||||||||
Property revenue
|
12,622
|
|
|
11,023
|
|
|
25,046
|
|
|
18,914
|
|
||||
Property expense
|
(5,020
|
)
|
|
(4,082
|
)
|
|
(10,017
|
)
|
|
(7,293
|
)
|
||||
Segment profit
|
7,602
|
|
|
6,941
|
|
|
15,029
|
|
|
11,621
|
|
||||
Total Mixed-Use
|
|
|
|
|
|
|
|
||||||||
Property revenue
|
14,934
|
|
|
14,770
|
|
|
30,315
|
|
|
29,890
|
|
||||
Property expense
|
(9,010
|
)
|
|
(8,824
|
)
|
|
(18,155
|
)
|
|
(18,516
|
)
|
||||
Segment profit
|
5,924
|
|
|
5,946
|
|
|
12,160
|
|
|
11,374
|
|
||||
Total segments’ profit
|
$
|
55,513
|
|
|
$
|
49,361
|
|
|
$
|
107,279
|
|
|
$
|
95,758
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Total segments’ profit
|
$
|
55,513
|
|
|
$
|
49,361
|
|
|
$
|
107,279
|
|
|
$
|
95,758
|
|
General and administrative
|
(5,396
|
)
|
|
(5,131
|
)
|
|
(10,963
|
)
|
|
(10,213
|
)
|
||||
Depreciation and amortization
|
(32,868
|
)
|
|
(24,182
|
)
|
|
(66,147
|
)
|
|
(42,168
|
)
|
||||
Interest expense
|
(12,688
|
)
|
|
(12,652
|
)
|
|
(26,508
|
)
|
|
(25,983
|
)
|
||||
Other income, net
|
(148
|
)
|
|
192
|
|
|
61
|
|
|
502
|
|
||||
Net income
|
4,413
|
|
|
7,588
|
|
|
3,722
|
|
|
17,896
|
|
||||
Net income attributable to restricted shares
|
(216
|
)
|
|
(61
|
)
|
|
(144
|
)
|
|
(121
|
)
|
||||
Net income attributable to unitholders in the Operating Partnership
|
(1,125
|
)
|
|
(2,008
|
)
|
|
(959
|
)
|
|
(4,869
|
)
|
||||
Net income attributable to American Assets Trust, Inc. stockholders
|
$
|
3,072
|
|
|
$
|
5,519
|
|
|
$
|
2,619
|
|
|
$
|
12,906
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Net Real Estate
|
|
|
|
||||
Retail
|
$
|
630,860
|
|
|
$
|
658,654
|
|
Office
|
806,336
|
|
|
813,121
|
|
||
Multifamily
|
418,173
|
|
|
424,044
|
|
||
Mixed-Use
|
178,625
|
|
|
180,888
|
|
||
|
$
|
2,033,994
|
|
|
$
|
2,076,707
|
|
Secured Notes Payable
(1)
|
|
|
|
||||
Retail
|
$
|
35,375
|
|
|
$
|
35,737
|
|
Office
|
170,038
|
|
|
170,408
|
|
||
Multifamily
|
—
|
|
|
73,744
|
|
||
Mixed-Use
|
—
|
|
|
—
|
|
||
|
$
|
205,413
|
|
|
$
|
279,889
|
|
(1)
|
Excludes debt issuance costs of
$0.3 million
for each of the periods ending
June 30, 2018
and
December 31, 2017
, respectively.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Capital Expenditures
(1)
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
3,228
|
|
|
$
|
2,800
|
|
|
$
|
5,457
|
|
|
$
|
4,046
|
|
Office
|
7,513
|
|
|
8,800
|
|
|
14,886
|
|
|
15,160
|
|
||||
Multifamily
|
875
|
|
|
2,109
|
|
|
2,484
|
|
|
2,568
|
|
||||
Mixed-Use
|
429
|
|
|
113
|
|
|
583
|
|
|
203
|
|
||||
|
$
|
12,045
|
|
|
$
|
13,822
|
|
|
$
|
23,410
|
|
|
$
|
21,977
|
|
(1)
|
Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.
|
•
|
adverse economic or real estate developments in our markets;
|
•
|
our failure to generate sufficient cash flows to service our outstanding indebtedness;
|
•
|
defaults on, early terminations of or non-renewal of leases by tenants, including significant tenants;
|
•
|
difficulties in identifying properties to acquire and completing acquisitions;
|
•
|
difficulties in completing dispositions;
|
•
|
our failure to successfully operate acquired properties and operations;
|
•
|
our inability to develop or redevelop our properties due to market conditions;
|
•
|
fluctuations in interest rates and increased operating costs;
|
•
|
risks related to joint venture arrangements;
|
•
|
our failure to obtain necessary outside financing;
|
•
|
on-going litigation;
|
•
|
general economic conditions;
|
•
|
financial market fluctuations;
|
•
|
risks that affect the general retail, office, multifamily and mixed-use environment;
|
•
|
the competitive environment in which we operate;
|
•
|
decreased rental rates or increased vacancy rates;
|
•
|
conflicts of interests with our officers or directors;
|
•
|
lack or insufficient amounts of insurance;
|
•
|
environmental uncertainties and risks related to adverse weather conditions and natural disasters;
|
•
|
other factors affecting the real estate industry generally;
|
•
|
limitations imposed on our business and our ability to satisfy complex rules in order for us to continue to qualify as a real estate investment trust, or REIT, for U.S. federal income tax purposes; and
|
•
|
changes in governmental regulations or interpretations thereof, such as real estate and zoning laws and increases in real property tax rates and taxation of REITs.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Same-Store
|
23
|
|
|
22
|
|
|
23
|
|
|
21
|
|
Non-Same Store
|
3
|
|
|
3
|
|
|
3
|
|
|
4
|
|
Total Properties
|
26
|
|
|
25
|
|
|
26
|
|
|
25
|
|
|
|
|
|
|
|
|
|
||||
Redevelopment Same-Store
|
24
|
|
|
N/A
|
|
|
24
|
|
|
22
|
|
|
|
|
|
|
|
|
|
||||
Total Development Properties
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
|||||||||
|
2018
|
|
2017
|
|
||||||||||
Revenues
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
76,892
|
|
|
$
|
72,925
|
|
|
$
|
3,967
|
|
|
5
|
%
|
Other property income
|
8,131
|
|
|
4,181
|
|
|
3,950
|
|
|
94
|
|
|||
Total property revenues
|
85,023
|
|
|
77,106
|
|
|
7,917
|
|
|
10
|
|
|||
Expenses
|
|
|
|
|
|
|
|
|||||||
Rental expenses
|
20,882
|
|
|
19,841
|
|
|
1,041
|
|
|
5
|
|
|||
Real estate taxes
|
8,628
|
|
|
7,904
|
|
|
724
|
|
|
9
|
|
|||
Total property expenses
|
29,510
|
|
|
27,745
|
|
|
1,765
|
|
|
6
|
|
|||
Total property income
|
55,513
|
|
|
49,361
|
|
|
6,152
|
|
|
12
|
|
|||
General and administrative
|
(5,396
|
)
|
|
(5,131
|
)
|
|
(265
|
)
|
|
5
|
|
|||
Depreciation and amortization
|
(32,868
|
)
|
|
(24,182
|
)
|
|
(8,686
|
)
|
|
36
|
|
|||
Interest expense
|
(12,688
|
)
|
|
(12,652
|
)
|
|
(36
|
)
|
|
—
|
|
|||
Other (expense) income, net
|
(148
|
)
|
|
192
|
|
|
(340
|
)
|
|
(177
|
)
|
|||
Net income
|
4,413
|
|
|
7,588
|
|
|
(3,175
|
)
|
|
(42
|
)
|
|||
Net income attributable to restricted shares
|
(216
|
)
|
|
(61
|
)
|
|
(155
|
)
|
|
254
|
|
|||
Net income attributable to unitholders in the Operating Partnership
|
(1,125
|
)
|
|
(2,008
|
)
|
|
883
|
|
|
(44
|
)
|
|||
Net income attributable to American Assets Trust, Inc. stockholders
|
$
|
3,072
|
|
|
$
|
5,519
|
|
|
$
|
(2,447
|
)
|
|
(44
|
)%
|
|
Percentage Leased
(1)
|
||||
|
June 30,
|
||||
|
2018
|
2017
|
|||
Retail
|
96.7
|
%
|
|
96.8
|
%
|
Office
|
93.8
|
%
|
|
88.7
|
%
|
Multifamily
|
93.9
|
%
|
|
92.6
|
%
|
Mixed-Use
(2)
|
95.9
|
%
|
|
95.7
|
%
|
(1)
|
The percentage leased includes the square footage under lease, including leases which may not have commenced as of
June 30, 2018
or
June 30, 2017
, as applicable.
|
(2)
|
Includes the retail portion of the mixed-use property only.
|
|
Total Portfolio
|
|
Same-Store Portfolio
(1)
|
||||||||||||||||||||||||||
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|||||||||||||||||||||
Retail
|
$
|
25,830
|
|
|
$
|
24,532
|
|
|
$
|
1,298
|
|
|
5
|
%
|
|
$
|
20,490
|
|
|
$
|
19,752
|
|
|
$
|
738
|
|
|
4
|
%
|
Office
|
25,890
|
|
|
24,925
|
|
|
965
|
|
|
4
|
|
|
25,885
|
|
|
24,858
|
|
|
1,027
|
|
|
4
|
|
||||||
Multifamily
|
11,767
|
|
|
10,289
|
|
|
1,478
|
|
|
14
|
|
|
7,743
|
|
|
7,491
|
|
|
252
|
|
|
3
|
|
||||||
Mixed-Use
|
13,405
|
|
|
13,179
|
|
|
226
|
|
|
2
|
|
|
13,405
|
|
|
13,179
|
|
|
226
|
|
|
2
|
|
||||||
|
$
|
76,892
|
|
|
$
|
72,925
|
|
|
$
|
3,967
|
|
|
5
|
%
|
|
$
|
67,523
|
|
|
$
|
65,280
|
|
|
$
|
2,243
|
|
|
3
|
%
|
(1)
|
For this table and tables following, the same-store portfolio includes the Forever 21 building at Del Monte Center which we acquired on September 1, 2017 after previously owning the underlying land. The same-store portfolio excludes: (i) the Pacific Ridge Apartments as it was acquired on April 28, 2017; (ii) Gateway Marketplace as it was acquired on July 6, 2017; (iii) Waikele Center due to significant redevelopment activity and (iv) land held for development.
|
|
Total Portfolio
|
|
Same-Store Portfolio
|
||||||||||||||||||||||||||
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|||||||||||||||||||||
Retail
|
$
|
585
|
|
|
$
|
422
|
|
|
$
|
163
|
|
|
39
|
%
|
|
$
|
359
|
|
|
$
|
195
|
|
|
$
|
164
|
|
|
84
|
%
|
Office
|
5,162
|
|
|
1,434
|
|
|
3,728
|
|
|
260
|
|
|
3,779
|
|
|
1,460
|
|
|
2,319
|
|
|
159
|
|
||||||
Multifamily
|
855
|
|
|
734
|
|
|
121
|
|
|
16
|
|
|
678
|
|
|
625
|
|
|
53
|
|
|
8
|
|
||||||
Mixed-Use
|
1,529
|
|
|
1,591
|
|
|
(62
|
)
|
|
(4
|
)
|
|
1,529
|
|
|
1,591
|
|
|
(62
|
)
|
|
(4
|
)
|
||||||
|
$
|
8,131
|
|
|
$
|
4,181
|
|
|
$
|
3,950
|
|
|
94
|
%
|
|
$
|
6,345
|
|
|
$
|
3,871
|
|
|
$
|
2,474
|
|
|
64
|
%
|
|
Total Portfolio
|
|
Same-Store Portfolio
|
||||||||||||||||||||||||||
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|||||||||||||||||||||
Retail
|
$
|
3,598
|
|
|
$
|
3,538
|
|
|
$
|
60
|
|
|
2
|
%
|
|
$
|
2,912
|
|
|
$
|
2,755
|
|
|
$
|
157
|
|
|
6
|
%
|
Office
|
5,443
|
|
|
5,295
|
|
|
148
|
|
|
3
|
|
|
5,342
|
|
|
5,162
|
|
|
180
|
|
|
3
|
|
||||||
Multifamily
|
3,553
|
|
|
2,852
|
|
|
701
|
|
|
25
|
|
|
2,595
|
|
|
2,311
|
|
|
284
|
|
|
12
|
|
||||||
Mixed-Use
|
8,288
|
|
|
8,156
|
|
|
132
|
|
|
2
|
|
|
8,288
|
|
|
8,156
|
|
|
132
|
|
|
2
|
|
||||||
|
$
|
20,882
|
|
|
$
|
19,841
|
|
|
$
|
1,041
|
|
|
5
|
%
|
|
$
|
19,137
|
|
|
$
|
18,384
|
|
|
$
|
753
|
|
|
4
|
%
|
|
Total Portfolio
|
|
Same-Store Portfolio
|
||||||||||||||||||||||||||
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|||||||||||||||||||||
Retail
|
$
|
3,540
|
|
|
$
|
3,256
|
|
|
$
|
284
|
|
|
9
|
%
|
|
$
|
2,668
|
|
|
$
|
2,567
|
|
|
$
|
101
|
|
|
4
|
%
|
Office
|
2,899
|
|
|
2,750
|
|
|
149
|
|
|
5
|
|
|
2,840
|
|
|
2,685
|
|
|
155
|
|
|
6
|
|
||||||
Multifamily
|
1,467
|
|
|
1,230
|
|
|
237
|
|
|
19
|
|
|
876
|
|
|
752
|
|
|
124
|
|
|
16
|
|
||||||
Mixed-Use
|
722
|
|
|
668
|
|
|
54
|
|
|
8
|
|
|
722
|
|
|
668
|
|
|
54
|
|
|
8
|
|
||||||
|
$
|
8,628
|
|
|
$
|
7,904
|
|
|
$
|
724
|
|
|
9
|
%
|
|
$
|
7,106
|
|
|
$
|
6,672
|
|
|
$
|
434
|
|
|
7
|
%
|
|
Total Portfolio
|
|
Same-Store Portfolio
|
||||||||||||||||||||||||||
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|||||||||||||||||||||
Retail
|
$
|
19,277
|
|
|
$
|
18,160
|
|
|
$
|
1,117
|
|
|
6
|
%
|
|
$
|
15,269
|
|
|
$
|
14,625
|
|
|
$
|
644
|
|
|
4
|
%
|
Office
|
22,710
|
|
|
18,314
|
|
|
4,396
|
|
|
24
|
|
|
21,482
|
|
|
18,471
|
|
|
3,011
|
|
|
16
|
|
||||||
Multifamily
|
7,602
|
|
|
6,941
|
|
|
661
|
|
|
10
|
|
|
4,950
|
|
|
5,053
|
|
|
(103
|
)
|
|
(2
|
)
|
||||||
Mixed-Use
|
5,924
|
|
|
5,946
|
|
|
(22
|
)
|
|
—
|
|
|
5,924
|
|
|
5,946
|
|
|
(22
|
)
|
|
—
|
|
||||||
|
$
|
55,513
|
|
|
$
|
49,361
|
|
|
$
|
6,152
|
|
|
12
|
%
|
|
$
|
47,625
|
|
|
$
|
44,095
|
|
|
$
|
3,530
|
|
|
8
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
|||||||||
|
2018
|
|
2017
|
|
||||||||||
Revenues
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
153,093
|
|
|
$
|
142,965
|
|
|
$
|
10,128
|
|
|
7
|
%
|
Other property income
|
12,662
|
|
|
7,933
|
|
|
4,729
|
|
|
60
|
|
|||
Total property revenues
|
165,755
|
|
|
150,898
|
|
|
14,857
|
|
|
10
|
|
|||
Expenses
|
|
|
|
|
|
|
|
|||||||
Rental expenses
|
41,302
|
|
|
39,700
|
|
|
1,602
|
|
|
4
|
|
|||
Real estate taxes
|
17,174
|
|
|
15,440
|
|
|
1,734
|
|
|
11
|
|
|||
Total property expenses
|
58,476
|
|
|
55,140
|
|
|
3,336
|
|
|
6
|
|
|||
Total property income
|
107,279
|
|
|
95,758
|
|
|
11,521
|
|
|
12
|
|
|||
General and administrative
|
(10,963
|
)
|
|
(10,213
|
)
|
|
(750
|
)
|
|
7
|
|
|||
Depreciation and amortization
|
(66,147
|
)
|
|
(42,168
|
)
|
|
(23,979
|
)
|
|
57
|
|
|||
Interest expense
|
(26,508
|
)
|
|
(25,983
|
)
|
|
(525
|
)
|
|
2
|
|
|||
Other income (expense), net
|
61
|
|
|
502
|
|
|
(441
|
)
|
|
88
|
|
|||
Net income
|
3,722
|
|
|
17,896
|
|
|
(14,174
|
)
|
|
(79
|
)
|
|||
Net income attributable to restricted shares
|
(144
|
)
|
|
(121
|
)
|
|
(23
|
)
|
|
19
|
|
|||
Net income attributable to unitholders in the Operating Partnership
|
(959
|
)
|
|
(4,869
|
)
|
|
3,910
|
|
|
(80
|
)
|
|||
Net income attributable to American Assets Trust, Inc. stockholders
|
$
|
2,619
|
|
|
$
|
12,906
|
|
|
$
|
(10,287
|
)
|
|
(80
|
)%
|
|
Percentage Leased
(1)
|
||||
|
June 30,
|
||||
|
2018
|
|
2017
|
||
Retail
|
96.7
|
%
|
|
96.8
|
%
|
Office
|
93.8
|
%
|
|
88.7
|
%
|
Multifamily
|
93.9
|
%
|
|
92.6
|
%
|
Mixed-Use
(2)
|
95.9
|
%
|
|
95.7
|
%
|
(1)
|
The percentage leased includes the square footage under lease, including leases which may not have commenced as of
June 30, 2018
or
June 30, 2017
, as applicable.
|
(2)
|
Includes the retail portion of the mixed-use property only.
|
|
Total Portfolio
|
|
Same-Store Portfolio
(1)
|
||||||||||||||||||||||||||
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|||||||||||||||||||||
Retail
|
$
|
51,638
|
|
|
$
|
48,970
|
|
|
2,668
|
|
|
5
|
%
|
|
$
|
40,708
|
|
|
$
|
39,409
|
|
|
$
|
1,299
|
|
|
3
|
%
|
|
Office
|
50,869
|
|
|
49,611
|
|
|
1,258
|
|
|
3
|
|
|
50,858
|
|
|
49,486
|
|
|
1,372
|
|
|
3
|
|
||||||
Multifamily
|
23,302
|
|
|
17,534
|
|
|
5,768
|
|
|
33
|
|
|
15,260
|
|
|
14,736
|
|
|
524
|
|
|
4
|
|
||||||
Mixed-Use
|
27,284
|
|
|
26,850
|
|
|
434
|
|
|
2
|
|
|
27,284
|
|
|
26,850
|
|
|
434
|
|
|
2
|
|
||||||
|
$
|
153,093
|
|
|
$
|
142,965
|
|
|
$
|
10,128
|
|
|
7
|
%
|
|
$
|
134,110
|
|
|
$
|
130,481
|
|
|
$
|
3,629
|
|
|
3
|
%
|
(1)
|
For this table and tables following, the same-store portfolio includes the Forever 21 building at Del Monte Center which we acquired on September 1, 2017 after previously owning the underlying land. The same-store portfolio excludes: (i) the Pacific Ridge Apartments as it was acquired April 28, 2017; (ii) Gateway Marketplace as it was acquired on July 6, 2017; (iii) Waikele Center due to significant redevelopment activity and (iv) land held for development.
|
|
Total Portfolio
|
|
Same-Store Portfolio
|
||||||||||||||||||||||||||
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|||||||||||||||||||||
Retail
|
$
|
934
|
|
|
$
|
775
|
|
|
$
|
159
|
|
|
21
|
%
|
|
$
|
437
|
|
|
$
|
279
|
|
|
$
|
158
|
|
|
57
|
%
|
Office
|
6,953
|
|
|
2,738
|
|
|
4,215
|
|
|
154
|
|
|
5,532
|
|
|
2,781
|
|
|
2,751
|
|
|
99
|
|
||||||
Multifamily
|
1,744
|
|
|
1,380
|
|
|
364
|
|
|
26
|
|
|
1,450
|
|
|
1,270
|
|
|
180
|
|
|
14
|
|
||||||
Mixed-Use
|
3,031
|
|
|
3,040
|
|
|
(9
|
)
|
|
—
|
|
|
3,031
|
|
|
3,040
|
|
|
(9
|
)
|
|
—
|
|
||||||
|
$
|
12,662
|
|
|
$
|
7,933
|
|
|
$
|
4,729
|
|
|
60
|
%
|
|
$
|
10,450
|
|
|
$
|
7,370
|
|
|
$
|
3,080
|
|
|
42
|
%
|
|
Total Portfolio
|
|
Same-Store Portfolio
|
||||||||||||||||||||||||||
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|||||||||||||||||||||
Retail
|
$
|
7,048
|
|
|
$
|
6,956
|
|
|
$
|
92
|
|
|
1
|
%
|
|
$
|
5,725
|
|
|
$
|
5,335
|
|
|
$
|
390
|
|
|
7
|
%
|
Office
|
10,540
|
|
|
10,347
|
|
|
193
|
|
|
2
|
|
|
10,307
|
|
|
10,034
|
|
|
273
|
|
|
3
|
|
||||||
Multifamily
|
7,005
|
|
|
5,217
|
|
|
1,788
|
|
|
34
|
|
|
5,188
|
|
|
4,675
|
|
|
513
|
|
|
11
|
|
||||||
Mixed-Use
|
16,709
|
|
|
17,180
|
|
|
(471
|
)
|
|
(3
|
)
|
|
16,709
|
|
|
17,180
|
|
|
(471
|
)
|
|
(3
|
)
|
||||||
|
$
|
41,302
|
|
|
$
|
39,700
|
|
|
$
|
1,602
|
|
|
4
|
%
|
|
$
|
37,929
|
|
|
$
|
37,224
|
|
|
$
|
705
|
|
|
2
|
%
|
|
Total Portfolio
|
|
Same-Store Portfolio
|
||||||||||||||||||||||||||
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|||||||||||||||||||||
Retail
|
$
|
6,901
|
|
|
$
|
6,529
|
|
|
$
|
372
|
|
|
6
|
%
|
|
$
|
5,156
|
|
|
$
|
5,151
|
|
|
$
|
5
|
|
|
—
|
%
|
Office
|
5,815
|
|
|
5,499
|
|
|
316
|
|
|
6
|
|
|
5,699
|
|
|
5,367
|
|
|
332
|
|
|
6
|
|
||||||
Multifamily
|
3,012
|
|
|
2,076
|
|
|
936
|
|
|
45
|
|
|
1,735
|
|
|
1,598
|
|
|
137
|
|
|
9
|
|
||||||
Mixed-Use
|
1,446
|
|
|
1,336
|
|
|
110
|
|
|
8
|
|
|
1,446
|
|
|
1,336
|
|
|
110
|
|
|
8
|
|
||||||
|
$
|
17,174
|
|
|
$
|
15,440
|
|
|
$
|
1,734
|
|
|
11
|
%
|
|
$
|
14,036
|
|
|
$
|
13,452
|
|
|
$
|
584
|
|
|
4
|
%
|
|
Total Portfolio
|
|
Same-Store Portfolio
|
||||||||||||||||||||||||||
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|||||||||||||||||||||
Retail
|
$
|
38,623
|
|
|
$
|
36,260
|
|
|
$
|
2,363
|
|
|
7
|
%
|
|
$
|
30,264
|
|
|
$
|
29,202
|
|
|
$
|
1,062
|
|
|
4
|
%
|
Office
|
41,467
|
|
|
36,503
|
|
|
4,964
|
|
|
14
|
|
|
40,384
|
|
|
36,866
|
|
|
3,518
|
|
|
10
|
|
||||||
Multifamily
|
15,029
|
|
|
11,621
|
|
|
3,408
|
|
|
29
|
|
|
9,787
|
|
|
9,733
|
|
|
54
|
|
|
1
|
|
||||||
Mixed-Use
|
12,160
|
|
|
11,374
|
|
|
786
|
|
|
7
|
|
|
12,160
|
|
|
11,374
|
|
|
786
|
|
|
7
|
|
||||||
|
$
|
107,279
|
|
|
$
|
95,758
|
|
|
$
|
11,521
|
|
|
12
|
%
|
|
$
|
92,595
|
|
|
$
|
87,175
|
|
|
$
|
5,420
|
|
|
6
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net operating income
|
$
|
55,513
|
|
|
$
|
49,361
|
|
|
$
|
107,279
|
|
|
$
|
95,758
|
|
General and administrative
|
(5,396
|
)
|
|
(5,131
|
)
|
|
(10,963
|
)
|
|
(10,213
|
)
|
||||
Depreciation and amortization
|
(32,868
|
)
|
|
(24,182
|
)
|
|
(66,147
|
)
|
|
(42,168
|
)
|
||||
Interest expense
|
(12,688
|
)
|
|
(12,652
|
)
|
|
(26,508
|
)
|
|
(25,983
|
)
|
||||
Other income, net
|
(148
|
)
|
|
192
|
|
|
61
|
|
|
502
|
|
||||
Net income
|
$
|
4,413
|
|
|
$
|
7,588
|
|
|
$
|
3,722
|
|
|
$
|
17,896
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||
|
2018
|
|
2018
|
||||
Funds from Operations (FFO)
|
|
|
|
||||
Net income
|
$
|
4,413
|
|
|
$
|
3,722
|
|
Plus: Real estate depreciation and amortization
|
32,868
|
|
|
66,147
|
|
||
Funds from operations
|
37,281
|
|
|
69,869
|
|
||
Less: Nonforfeitable dividends on incentive restricted stock awards
|
(70
|
)
|
|
(141
|
)
|
||
FFO attributable to common stock and units
|
$
|
37,211
|
|
|
$
|
69,728
|
|
FFO per diluted share/unit
|
$
|
0.58
|
|
|
$
|
1.09
|
|
Weighted average number of common shares and units, diluted
(1)
|
64,132,485
|
|
|
64,131,519
|
|
(1)
|
The weighted average common shares used to compute FFO per diluted share include unvested restricted stock awards that are subject to time vesting, which were excluded from the computation of diluted EPS, as the vesting of the restricted stock awards is dilutive in the computation of FFO per diluted share but is anti-dilutive for the computation of diluted EPS for the period. Diluted shares exclude incentive restricted stock as these awards are considered contingently issuable.
|
Exhibit No.
|
|
Description
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
101*
|
|
The Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Statement of Equity, (iv) Consolidated Statements of Cash Flows and (v) the Notes to Consolidated Financial Statements that have been detail tagged.
|
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, President and Chief Executive Officer
|
|
Chairman, President and Chief Executive Officer
|
||
(Principal Executive Officer)
|
|
(Principal Executive Officer)
|
||
|
|
|
||
/s/ ROBERT F. BARTON
|
|
/s/ ROBERT F. BARTON
|
||
Robert F. Barton
|
|
Robert F. Barton
|
||
Executive Vice President, Chief Financial
Officer |
|
Executive Vice President, Chief Financial
Officer |
||
(Principal Financial and Accounting
Officer) |
|
(Principal Financial and Accounting
Officer) |
||
|
|
|
||
Date:
|
August 3, 2018
|
|
Date:
|
August 3, 2018
|
1 Year American Assets Chart |
1 Month American Assets Chart |
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