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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 |
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Maryland
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(American Assets Trust, Inc.)
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27-3338708
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(American Assets Trust, Inc.)
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Maryland
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(American Assets Trust, L.P.)
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27-3338894
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(American Assets Trust, L.P.)
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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1455 El Camino Real, Suite 200
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92130
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San Diego
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California
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|||
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(Address of Principal Executive Offices)
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(Zip Code)
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Large Accelerated Filer
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☒
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Accelerated Filer
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☐
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Non-Accelerated Filer
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☐
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(Do not check if a smaller reporting company)
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Large Accelerated Filer
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☐
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Accelerated Filer
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☐
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Non-Accelerated Filer
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☒
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(Do not check if a smaller reporting company)
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Smaller reporting company
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☐
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Emerging growth company
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☐
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☐
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Name of Registrant
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Title of each class
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Trading Symbol
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Name of each exchange on which registered
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American Assets Trust, Inc.
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Common Stock, par value $0.01 per share
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AAT
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New York Stock Exchange
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American Assets Trust, L.P.
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None
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None
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None
|
•
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better reflects how management and the analyst community view the business as a single operating unit;
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•
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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;
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•
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greater efficiency for American Assets Trust, Inc. and the Operating Partnership and resulting savings in time, effort and expense; and
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•
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greater efficiency for investors by reducing duplicative disclosure by providing a single document for their review.
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•
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consolidated financial statements;
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•
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the following notes to the consolidated financial statements:
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◦
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Debt;
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◦
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Equity/Partners' Capital; and
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◦
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Earnings Per Share/Unit; and
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•
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Liquidity and Capital Resources in Management's Discussion and Analysis of Financial Condition and Results of Operations.
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June 30,
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December 31,
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||||
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2019
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2018
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||||
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(unaudited)
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||||
ASSETS
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||||
Real estate, at cost
|
|
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||||
Operating real estate
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$
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3,056,767
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$
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2,549,571
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Construction in progress
|
83,461
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71,228
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||
Held for development
|
547
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9,392
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||
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3,140,775
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2,630,191
|
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||
Accumulated depreciation
|
(621,852
|
)
|
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(590,338
|
)
|
||
Net real estate
|
2,518,923
|
|
|
2,039,853
|
|
||
Cash and cash equivalents
|
44,778
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|
47,956
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||
Restricted cash
|
9,702
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|
9,316
|
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||
Accounts receivable, net
|
10,104
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|
9,289
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||
Deferred rent receivables, net
|
42,098
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39,815
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Other assets, net
|
93,153
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|
52,021
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TOTAL ASSETS
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$
|
2,718,758
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$
|
2,198,250
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LIABILITIES AND EQUITY
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||||
LIABILITIES:
|
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||||
Secured notes payable, net
|
$
|
162,426
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$
|
182,572
|
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Unsecured notes payable, net
|
1,045,949
|
|
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1,045,863
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Unsecured line of credit, net
|
93,540
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|
62,337
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Accounts payable and accrued expenses
|
54,652
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46,616
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Security deposits payable
|
7,907
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8,844
|
|
||
Other liabilities and deferred credits, net
|
62,362
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|
49,547
|
|
||
Total liabilities
|
1,426,836
|
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1,395,779
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Commitments and contingencies (Note 12)
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|
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|||
EQUITY:
|
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||||
American Assets Trust, Inc. stockholders’ equity
|
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||||
Common stock, $0.01 par value, 490,000,000 shares authorized, 59,722,748 and 47,335,409 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively
|
597
|
|
|
474
|
|
||
Additional paid-in capital
|
1,438,768
|
|
|
920,661
|
|
||
Accumulated dividends in excess of net income
|
(135,497
|
)
|
|
(128,778
|
)
|
||
Accumulated other comprehensive income
|
5,876
|
|
|
10,620
|
|
||
Total American Assets Trust, Inc. stockholders’ equity
|
1,309,744
|
|
|
802,977
|
|
||
Noncontrolling interests
|
(17,822
|
)
|
|
(506
|
)
|
||
Total equity
|
1,291,922
|
|
|
802,471
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
2,718,758
|
|
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$
|
2,198,250
|
|
|
Three Months Ended June 30,
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Six Months Ended June 30,
|
||||||||||||
|
2019
|
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2018
|
|
2019
|
|
2018
|
||||||||
REVENUE:
|
|
|
|
|
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|
||||||||
Rental income
|
$
|
79,656
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$
|
76,892
|
|
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$
|
156,487
|
|
|
$
|
153,093
|
|
Other property income
|
4,457
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|
|
8,131
|
|
|
12,945
|
|
|
12,662
|
|
||||
Total revenue
|
84,113
|
|
|
85,023
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|
169,432
|
|
|
165,755
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|
||||
EXPENSES:
|
|
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||||||||
Rental expenses
|
21,826
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20,882
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|
42,622
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|
41,302
|
|
||||
Real estate taxes
|
9,275
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|
|
8,628
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|
|
18,321
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|
|
17,174
|
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||||
General and administrative
|
5,943
|
|
|
5,396
|
|
|
12,016
|
|
|
10,963
|
|
||||
Depreciation and amortization
|
22,582
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|
32,868
|
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43,165
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|
66,147
|
|
||||
Total operating expenses
|
59,626
|
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|
67,774
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116,124
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|
135,586
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||||
OPERATING INCOME
|
24,487
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17,249
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|
53,308
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30,169
|
|
||||
Interest expense
|
(13,129
|
)
|
|
(12,688
|
)
|
|
(26,478
|
)
|
|
(26,508
|
)
|
||||
Gain on sale of real estate
|
633
|
|
|
—
|
|
|
633
|
|
|
—
|
|
||||
Other (expense) income, net
|
(50
|
)
|
|
(148
|
)
|
|
(279
|
)
|
|
61
|
|
||||
NET INCOME
|
11,941
|
|
|
4,413
|
|
|
27,184
|
|
|
3,722
|
|
||||
Net income attributable to restricted shares
|
(92
|
)
|
|
(216
|
)
|
|
(185
|
)
|
|
(144
|
)
|
||||
Net income attributable to unitholders in the Operating Partnership
|
(2,933
|
)
|
|
(1,125
|
)
|
|
(6,988
|
)
|
|
(959
|
)
|
||||
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS
|
$
|
8,916
|
|
|
$
|
3,072
|
|
|
$
|
20,011
|
|
|
$
|
2,619
|
|
|
|
|
|
|
|
|
|
||||||||
EARNINGS PER COMMON SHARE
|
|
|
|
|
|
|
|
||||||||
Earnings per common share, basic
|
$
|
0.18
|
|
|
$
|
0.07
|
|
|
$
|
0.41
|
|
|
$
|
0.06
|
|
Weighted average shares of common stock outstanding - basic
|
50,135,978
|
|
|
46,939,449
|
|
|
48,578,872
|
|
|
46,937,645
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per common share, diluted
|
$
|
0.18
|
|
|
$
|
0.07
|
|
|
$
|
0.41
|
|
|
$
|
0.06
|
|
Weighted average shares of common stock outstanding - diluted
|
66,889,784
|
|
|
64,132,520
|
|
|
65,543,409
|
|
|
64,131,665
|
|
||||
|
|
|
|
|
|
|
|
||||||||
DIVIDENDS DECLARED PER COMMON SHARE
|
$
|
0.28
|
|
|
$
|
0.27
|
|
|
$
|
0.56
|
|
|
$
|
0.54
|
|
|
|
|
|
|
|
|
|
||||||||
COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
11,941
|
|
|
$
|
4,413
|
|
|
$
|
27,184
|
|
|
$
|
3,722
|
|
Other comprehensive (loss) income - unrealized (loss) income on swap derivative during the period
|
(3,891
|
)
|
|
875
|
|
|
(6,023
|
)
|
|
3,736
|
|
||||
Reclassification of amortization of forward-starting swap included in interest expense
|
(319
|
)
|
|
(319
|
)
|
|
(639
|
)
|
|
(639
|
)
|
||||
Comprehensive income
|
7,731
|
|
|
4,969
|
|
|
20,522
|
|
|
6,819
|
|
||||
Comprehensive income attributable to non-controlling interest
|
(1,820
|
)
|
|
(1,271
|
)
|
|
(5,218
|
)
|
|
(1,773
|
)
|
||||
Comprehensive income attributable to American Assets Trust, Inc.
|
$
|
5,911
|
|
|
$
|
3,698
|
|
|
$
|
15,304
|
|
|
$
|
5,046
|
|
|
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
|
—
|
|
|
—
|
|
|
—
|
|
|
11,188
|
|
|
—
|
|
|
4,055
|
|
|
15,243
|
|
||||||
Common shares issued
|
162,531
|
|
|
1
|
|
|
7,033
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,034
|
|
||||||
Forfeiture of restricted stock
|
(11,046
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Dividends declared and paid
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,251
|
)
|
|
—
|
|
|
(4,810
|
)
|
|
(18,061
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,098
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,098
|
|
||||||
Other comprehensive income - change in value of interest rate swaps
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,561
|
)
|
|
(571
|
)
|
|
(2,132
|
)
|
||||||
Reclassification of amortization of forward-starting swap included in interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(234
|
)
|
|
(86
|
)
|
|
(320
|
)
|
||||||
Balance at March 31, 2019
|
47,486,894
|
|
|
$
|
475
|
|
|
$
|
928,792
|
|
|
$
|
(130,841
|
)
|
|
$
|
8,825
|
|
|
$
|
(1,918
|
)
|
|
$
|
805,333
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
9,008
|
|
|
—
|
|
|
2,933
|
|
|
11,941
|
|
||||||
Common shares issued
|
11,444,382
|
|
|
114
|
|
|
495,866
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
495,980
|
|
||||||
Issuance of restricted stock
|
4,412
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Conversion of operating partnership units
|
787,060
|
|
|
8
|
|
|
12,979
|
|
|
—
|
|
|
148
|
|
|
(13,135
|
)
|
|
—
|
|
||||||
Dividends declared and paid
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,664
|
)
|
|
—
|
|
|
(4,589
|
)
|
|
(18,253
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,131
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,131
|
|
||||||
Other comprehensive income - change in value of interest rate swaps
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,857
|
)
|
|
(1,034
|
)
|
|
(3,891
|
)
|
||||||
Reclassification of amortization of forward-starting swap included in interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(240
|
)
|
|
(79
|
)
|
|
(319
|
)
|
||||||
Balance at June 30, 2019
|
59,722,748
|
|
|
$
|
597
|
|
|
$
|
1,438,768
|
|
|
$
|
(135,497
|
)
|
|
$
|
5,876
|
|
|
$
|
(17,822
|
)
|
|
$
|
1,291,922
|
|
|
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 loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(525
|
)
|
|
—
|
|
|
(166
|
)
|
|
(691
|
)
|
||||||
Forfeiture of restricted stock
|
(1,104
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Dividends declared and paid
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,745
|
)
|
|
—
|
|
|
(4,643
|
)
|
|
(17,388
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
727
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
727
|
|
||||||
Other comprehensive income - change in value of interest rate swaps
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,107
|
|
|
754
|
|
|
2,861
|
|
||||||
Reclassification of amortization of forward-starting swap included in interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(234
|
)
|
|
(86
|
)
|
|
(320
|
)
|
||||||
Balance at March 31, 2018
|
47,203,484
|
|
|
$
|
473
|
|
|
$
|
919,793
|
|
|
$
|
(110,550
|
)
|
|
$
|
13,324
|
|
|
$
|
6,293
|
|
|
$
|
829,333
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
3,288
|
|
|
$
|
—
|
|
|
1,125
|
|
|
4,413
|
|
|||||
Issuance of restricted stock
|
5,320
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Forfeiture of restricted stock
|
(2,208
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Conversion of operating partnership units
|
17,372
|
|
|
—
|
|
|
(916
|
)
|
|
—
|
|
|
—
|
|
|
916
|
|
|
—
|
|
||||||
Dividends declared and paid
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,746
|
)
|
|
—
|
|
|
(4,642
|
)
|
|
(17,388
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
727
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
727
|
|
||||||
Shares withheld for employee taxes
|
(159
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
||||||
Other comprehensive income - change in value of interest rate swaps
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
643
|
|
|
232
|
|
|
875
|
|
||||||
Reclassification of amortization of forward-starting swap included in interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(233
|
)
|
|
(86
|
)
|
|
(319
|
)
|
||||||
Balance at June 30, 2018
|
47,223,809
|
|
|
$
|
473
|
|
|
$
|
919,598
|
|
|
$
|
(120,008
|
)
|
|
$
|
13,734
|
|
|
$
|
3,838
|
|
|
$
|
817,635
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
27,184
|
|
|
$
|
3,722
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Deferred rent revenue and amortization of lease intangibles
|
2,562
|
|
|
2,096
|
|
||
Depreciation and amortization
|
43,165
|
|
|
66,147
|
|
||
Amortization of debt issuance costs and debt fair value adjustments
|
724
|
|
|
806
|
|
||
Gain on sale of real estate
|
(633
|
)
|
|
—
|
|
||
Stock-based compensation expense
|
2,229
|
|
|
1,454
|
|
||
Lease termination income
|
(4,518
|
)
|
|
—
|
|
||
Other noncash interest expense
|
(639
|
)
|
|
(639
|
)
|
||
Other, net
|
(380
|
)
|
|
1,495
|
|
||
Changes in operating assets and liabilities
|
|
|
|
||||
Change in accounts receivable
|
(177
|
)
|
|
2,220
|
|
||
Change in other assets
|
1,305
|
|
|
755
|
|
||
Change in accounts payable and accrued expenses
|
3,453
|
|
|
1,749
|
|
||
Change in security deposits payable
|
(1,380
|
)
|
|
2,142
|
|
||
Change in other liabilities and deferred credits
|
(2,726
|
)
|
|
370
|
|
||
Net cash provided by operating activities
|
70,169
|
|
|
82,317
|
|
||
INVESTING ACTIVITIES
|
|
|
|
||||
Acquisition of real estate
|
(507,780
|
)
|
|
—
|
|
||
Capital expenditures
|
(47,838
|
)
|
|
(20,353
|
)
|
||
Proceeds from sale of real estate, net of selling costs
|
8,191
|
|
|
—
|
|
||
Leasing commissions
|
(2,623
|
)
|
|
(3,057
|
)
|
||
Net cash used in investing activities
|
(550,050
|
)
|
|
(23,410
|
)
|
||
FINANCING ACTIVITIES
|
|
|
|
||||
Repayment of secured notes payable
|
(20,187
|
)
|
|
(74,476
|
)
|
||
Proceeds from unsecured line of credit
|
59,000
|
|
|
35,000
|
|
||
Repayment of unsecured line of credit
|
(28,000
|
)
|
|
(13,000
|
)
|
||
Debt issuance costs
|
(424
|
)
|
|
(2,656
|
)
|
||
Proceeds from issuance of common stock, net
|
503,014
|
|
|
(236
|
)
|
||
Dividends paid to common stock and unitholders
|
(36,314
|
)
|
|
(34,776
|
)
|
||
Shares withheld for employee taxes
|
—
|
|
|
(6
|
)
|
||
Net cash provided by (used in) financing activities
|
477,089
|
|
|
(90,150
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
(2,792
|
)
|
|
(31,243
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
57,272
|
|
|
91,954
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
54,480
|
|
|
$
|
60,711
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Cash and cash equivalents
|
$
|
44,778
|
|
|
$
|
51,326
|
|
Restricted cash
|
9,702
|
|
|
9,385
|
|
||
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows
|
$
|
54,480
|
|
|
$
|
60,711
|
|
|
June 30,
|
|
December 31,
|
||||
|
2019
|
|
2018
|
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Real estate, at cost
|
|
|
|
||||
Operating real estate
|
$
|
3,056,767
|
|
|
$
|
2,549,571
|
|
Construction in progress
|
83,461
|
|
|
71,228
|
|
||
Held for development
|
547
|
|
|
9,392
|
|
||
|
3,140,775
|
|
|
2,630,191
|
|
||
Accumulated depreciation
|
(621,852
|
)
|
|
(590,338
|
)
|
||
Net real estate
|
2,518,923
|
|
|
2,039,853
|
|
||
Cash and cash equivalents
|
44,778
|
|
|
47,956
|
|
||
Restricted cash
|
9,702
|
|
|
9,316
|
|
||
Accounts receivable, net
|
10,104
|
|
|
9,289
|
|
||
Deferred rent receivables, net
|
42,098
|
|
|
39,815
|
|
||
Other assets, net
|
93,153
|
|
|
52,021
|
|
||
TOTAL ASSETS
|
$
|
2,718,758
|
|
|
$
|
2,198,250
|
|
LIABILITIES AND CAPITAL
|
|
|
|
||||
LIABILITIES:
|
|
|
|
||||
Secured notes payable, net
|
$
|
162,426
|
|
|
$
|
182,572
|
|
Unsecured notes payable, net
|
1,045,949
|
|
|
1,045,863
|
|
||
Unsecured line of credit, net
|
93,540
|
|
|
62,337
|
|
||
Accounts payable and accrued expenses
|
54,652
|
|
|
46,616
|
|
||
Security deposits payable
|
7,907
|
|
|
8,844
|
|
||
Other liabilities and deferred credits
|
62,362
|
|
|
49,547
|
|
||
Total liabilities
|
1,426,836
|
|
|
1,395,779
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
|
|||
CAPITAL:
|
|
|
|
||||
Limited partners' capital, 16,390,548 and 17,177,608 units issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
|
(19,875
|
)
|
|
(4,477
|
)
|
||
General partner's capital, 59,722,748 and 47,335,409 units issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
|
1,303,868
|
|
|
792,357
|
|
||
Accumulated other comprehensive income
|
7,929
|
|
|
14,591
|
|
||
Total capital
|
1,291,922
|
|
|
802,471
|
|
||
TOTAL LIABILITIES AND CAPITAL
|
$
|
2,718,758
|
|
|
$
|
2,198,250
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
REVENUE:
|
|
|
|
|
|
|
|
||||||||
Rental income
|
$
|
79,656
|
|
|
$
|
76,892
|
|
|
$
|
156,487
|
|
|
$
|
153,093
|
|
Other property income
|
4,457
|
|
|
8,131
|
|
|
12,945
|
|
|
12,662
|
|
||||
Total revenue
|
84,113
|
|
|
85,023
|
|
|
169,432
|
|
|
165,755
|
|
||||
EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Rental expenses
|
21,826
|
|
|
20,882
|
|
|
42,622
|
|
|
41,302
|
|
||||
Real estate taxes
|
9,275
|
|
|
8,628
|
|
|
18,321
|
|
|
17,174
|
|
||||
General and administrative
|
5,943
|
|
|
5,396
|
|
|
12,016
|
|
|
10,963
|
|
||||
Depreciation and amortization
|
22,582
|
|
|
32,868
|
|
|
43,165
|
|
|
66,147
|
|
||||
Total operating expenses
|
59,626
|
|
|
67,774
|
|
|
116,124
|
|
|
135,586
|
|
||||
OPERATING INCOME
|
24,487
|
|
|
17,249
|
|
|
53,308
|
|
|
30,169
|
|
||||
Interest expense
|
(13,129
|
)
|
|
(12,688
|
)
|
|
(26,478
|
)
|
|
(26,508
|
)
|
||||
Gain on sale of real estate
|
633
|
|
|
—
|
|
|
633
|
|
|
—
|
|
||||
Other (expense) income, net
|
(50
|
)
|
|
(148
|
)
|
|
(279
|
)
|
|
61
|
|
||||
NET INCOME
|
11,941
|
|
|
4,413
|
|
|
27,184
|
|
|
3,722
|
|
||||
Net income attributable to restricted shares
|
(92
|
)
|
|
(216
|
)
|
|
(185
|
)
|
|
(144
|
)
|
||||
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, L.P.
|
$
|
11,849
|
|
|
$
|
4,197
|
|
|
$
|
26,999
|
|
|
$
|
3,578
|
|
|
|
|
|
|
|
|
|
||||||||
EARNINGS PER UNIT - BASIC
|
|
|
|
|
|
|
|
||||||||
Earnings per unit, basic
|
$
|
0.18
|
|
|
$
|
0.07
|
|
|
$
|
0.41
|
|
|
$
|
0.06
|
|
Weighted average units outstanding - basic
|
66,889,784
|
|
|
64,132,520
|
|
|
65,543,409
|
|
|
64,131,665
|
|
||||
|
|
|
|
|
|
|
|
||||||||
EARNINGS PER UNIT - DILUTED
|
|
|
|
|
|
|
|
||||||||
Earnings per unit, diluted
|
$
|
0.18
|
|
|
$
|
0.07
|
|
|
$
|
0.41
|
|
|
$
|
0.06
|
|
Weighted average units outstanding - diluted
|
66,889,784
|
|
|
64,132,520
|
|
|
65,543,409
|
|
|
64,131,665
|
|
||||
|
|
|
|
|
|
|
|
||||||||
DISTRIBUTIONS PER UNIT
|
$
|
0.28
|
|
|
$
|
0.27
|
|
|
$
|
0.56
|
|
|
$
|
0.54
|
|
|
|
|
|
|
|
|
|
||||||||
COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
11,941
|
|
|
$
|
4,413
|
|
|
$
|
27,184
|
|
|
$
|
3,722
|
|
Other comprehensive income (loss) - unrealized income (loss) on swap derivative during the period
|
(3,891
|
)
|
|
875
|
|
|
(6,023
|
)
|
|
3,736
|
|
||||
Reclassification of amortization of forward-starting swap included in interest expense
|
(319
|
)
|
|
(319
|
)
|
|
(639
|
)
|
|
(639
|
)
|
||||
Comprehensive income
|
7,731
|
|
|
4,969
|
|
|
20,522
|
|
|
6,819
|
|
||||
Comprehensive income attributable to Limited Partners
|
(1,820
|
)
|
|
(1,271
|
)
|
|
(5,218
|
)
|
|
(1,773
|
)
|
||||
Comprehensive income attributable to General Partner
|
$
|
5,911
|
|
|
$
|
3,698
|
|
|
$
|
15,304
|
|
|
$
|
5,046
|
|
|
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
|
—
|
|
|
4,055
|
|
|
—
|
|
|
11,188
|
|
|
—
|
|
|
15,243
|
|
||||
Contributions from American Assets Trust, Inc.
|
—
|
|
|
—
|
|
|
162,531
|
|
|
7,034
|
|
|
—
|
|
|
7,034
|
|
||||
Forfeiture of restricted units
|
—
|
|
|
—
|
|
|
(11,046
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Distributions
|
—
|
|
|
(4,810
|
)
|
|
—
|
|
|
(13,251
|
)
|
|
—
|
|
|
(18,061
|
)
|
||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
1,098
|
|
|
—
|
|
|
1,098
|
|
||||
Other comprehensive income - change in value of interest rate swap
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,132
|
)
|
|
(2,132
|
)
|
||||
Reclassification of amortization of forward-starting swap included in interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(320
|
)
|
|
(320
|
)
|
||||
Balance at March 31, 2019
|
17,177,608
|
|
|
$
|
(5,232
|
)
|
|
47,486,894
|
|
|
$
|
798,426
|
|
|
$
|
12,139
|
|
|
$
|
805,333
|
|
Net income
|
—
|
|
|
2,933
|
|
|
—
|
|
|
9,008
|
|
|
—
|
|
|
11,941
|
|
||||
Contributions from American Assets Trust, Inc.
|
—
|
|
|
—
|
|
|
11,444,382
|
|
|
495,980
|
|
|
—
|
|
|
495,980
|
|
||||
Issuance of restricted units
|
—
|
|
|
—
|
|
|
4,412
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Conversion of operating partnership units
|
(787,060
|
)
|
|
(12,987
|
)
|
|
787,060
|
|
|
12,987
|
|
|
—
|
|
|
—
|
|
||||
Distributions
|
—
|
|
|
(4,589
|
)
|
|
—
|
|
|
(13,664
|
)
|
|
—
|
|
|
(18,253
|
)
|
||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
1,131
|
|
|
—
|
|
|
1,131
|
|
||||
Other comprehensive income - change in value of interest rate swap
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,891
|
)
|
|
(3,891
|
)
|
||||
Reclassification of amortization of forward-starting swap included in interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(319
|
)
|
|
(319
|
)
|
||||
Balance at June 30, 2019
|
16,390,548
|
|
|
$
|
(19,875
|
)
|
|
59,722,748
|
|
|
$
|
1,303,868
|
|
|
$
|
7,929
|
|
|
$
|
1,291,922
|
|
|
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 loss
|
—
|
|
|
(166
|
)
|
|
—
|
|
|
(525
|
)
|
|
—
|
|
|
(691
|
)
|
||||
Forfeiture of restricted units
|
—
|
|
|
—
|
|
|
(1,104
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Distributions
|
—
|
|
|
(4,643
|
)
|
|
—
|
|
|
(12,745
|
)
|
|
—
|
|
|
(17,388
|
)
|
||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
727
|
|
|
—
|
|
|
727
|
|
||||
Other comprehensive income - change in value of interest rate swap
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,861
|
|
|
2,861
|
|
||||
Reclassification of amortization of forward-starting swap included in interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(320
|
)
|
|
(320
|
)
|
||||
Balance at March 31, 2018
|
17,194,980
|
|
|
$
|
1,326
|
|
|
47,203,484
|
|
|
$
|
809,716
|
|
|
$
|
18,291
|
|
|
$
|
829,333
|
|
Net income
|
—
|
|
|
1,125
|
|
|
—
|
|
|
3,288
|
|
|
—
|
|
|
4,413
|
|
||||
Issuance of restricted units
|
—
|
|
|
—
|
|
|
5,320
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Forfeiture of restricted units
|
—
|
|
|
—
|
|
|
(2,208
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Conversion of operating partnership units
|
(17,372
|
)
|
|
916
|
|
|
17,372
|
|
|
(916
|
)
|
|
—
|
|
|
—
|
|
||||
Distributions
|
—
|
|
|
(4,642
|
)
|
|
—
|
|
|
(12,746
|
)
|
|
—
|
|
|
(17,388
|
)
|
||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
727
|
|
|
—
|
|
|
727
|
|
||||
Units withheld for employee taxes
|
—
|
|
|
—
|
|
|
(159
|
)
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
||||
Other comprehensive income - change in value of interest rate swap
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
875
|
|
|
875
|
|
||||
Reclassification of amortization of forward-starting swap included in interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(319
|
)
|
|
(319
|
)
|
||||
Balance at June 30, 2018
|
17,177,608
|
|
|
$
|
(1,275
|
)
|
|
47,223,809
|
|
|
$
|
800,063
|
|
|
$
|
18,847
|
|
|
$
|
817,635
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
27,184
|
|
|
$
|
3,722
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
||||
Deferred rent revenue and amortization of lease intangibles
|
2,562
|
|
|
2,096
|
|
||
Depreciation and amortization
|
43,165
|
|
|
66,147
|
|
||
Amortization of debt issuance costs and debt fair value adjustments
|
724
|
|
|
806
|
|
||
Gain on sale of real estate
|
(633
|
)
|
|
—
|
|
||
Stock-based compensation expense
|
2,229
|
|
|
1,454
|
|
||
Lease termination income
|
(4,518
|
)
|
|
—
|
|
||
Other noncash interest expense
|
(639
|
)
|
|
(639
|
)
|
||
Other, net
|
(380
|
)
|
|
1,495
|
|
||
Changes in operating assets and liabilities
|
|
|
|
||||
Change in accounts receivable
|
(177
|
)
|
|
2,220
|
|
||
Change in other assets
|
1,305
|
|
|
755
|
|
||
Change in accounts payable and accrued expenses
|
3,453
|
|
|
1,749
|
|
||
Change in security deposits payable
|
(1,380
|
)
|
|
2,142
|
|
||
Change in other liabilities and deferred credits
|
(2,726
|
)
|
|
370
|
|
||
Net cash provided by operating activities
|
70,169
|
|
|
82,317
|
|
||
INVESTING ACTIVITIES
|
|
|
|
||||
Acquisition of real estate
|
(507,780
|
)
|
|
—
|
|
||
Capital expenditures
|
(47,838
|
)
|
|
(20,353
|
)
|
||
Proceeds from sale of real estate, net of selling costs
|
8,191
|
|
|
—
|
|
||
Leasing commissions
|
(2,623
|
)
|
|
(3,057
|
)
|
||
Net cash used in investing activities
|
(550,050
|
)
|
|
(23,410
|
)
|
||
FINANCING ACTIVITIES
|
|
|
|
||||
Repayment of secured notes payable
|
(20,187
|
)
|
|
(74,476
|
)
|
||
Proceeds from unsecured line of credit
|
59,000
|
|
|
35,000
|
|
||
Repayment of unsecured line of credit
|
(28,000
|
)
|
|
(13,000
|
)
|
||
Debt issuance costs
|
(424
|
)
|
|
(2,656
|
)
|
||
Contributions from American Assets Trust, Inc.
|
503,014
|
|
|
(236
|
)
|
||
Distributions
|
(36,314
|
)
|
|
(34,776
|
)
|
||
Shares withheld for employee taxes
|
—
|
|
|
(6
|
)
|
||
Net cash provided by (used in) financing activities
|
477,089
|
|
|
(90,150
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
(2,792
|
)
|
|
(31,243
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
57,272
|
|
|
91,954
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
54,480
|
|
|
$
|
60,711
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Cash and cash equivalents
|
$
|
44,778
|
|
|
$
|
51,326
|
|
Restricted cash
|
9,702
|
|
|
9,385
|
|
||
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows
|
$
|
54,480
|
|
|
$
|
60,711
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Supplemental cash flow information
|
|
|
|
||||
Total interest costs incurred
|
$
|
26,808
|
|
|
$
|
27,419
|
|
Interest capitalized
|
$
|
330
|
|
|
$
|
911
|
|
Interest expense
|
$
|
26,478
|
|
|
$
|
26,508
|
|
Cash paid for interest, net of amounts capitalized
|
$
|
26,574
|
|
|
$
|
26,926
|
|
Cash paid for income taxes
|
$
|
601
|
|
|
$
|
337
|
|
Supplemental schedule of noncash investing and financing activities
|
|
|
|
|
|
||
Accounts payable and accrued liabilities for construction in progress
|
$
|
12,245
|
|
|
$
|
8,156
|
|
Accrued leasing commissions
|
$
|
7,963
|
|
|
$
|
2,735
|
|
Reduction to capital for prepaid offering costs
|
$
|
—
|
|
|
$
|
236
|
|
|
La Jolla Commons
|
||
Land
|
$
|
82,759
|
|
Building
|
361,471
|
|
|
Land improvements
|
1,359
|
|
|
Furniture, fixtures, and equipment
|
30,822
|
|
|
Total real estate
|
476,411
|
|
|
Lease intangibles
|
40,082
|
|
|
Prepaid expenses and other assets
|
13
|
|
|
Assets acquired
|
$
|
516,506
|
|
Accounts payable and accrued expenses
|
$
|
3,578
|
|
Security deposits payable
|
443
|
|
|
Other liabilities and deferred credits
|
3,817
|
|
|
Liabilities assumed
|
$
|
7,838
|
|
|
Six Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2018
|
||||||||||||
|
As Reported
|
|
ProForma
|
|
As Reported
|
|
ProForma
|
||||||||
Total revenue
|
$
|
169,432
|
|
|
$
|
185,876
|
|
|
$
|
165,755
|
|
|
$
|
184,359
|
|
Total operating expenses
|
$
|
116,124
|
|
|
$
|
128,236
|
|
|
$
|
135,586
|
|
|
$
|
150,861
|
|
Operating income
|
$
|
53,308
|
|
|
$
|
57,640
|
|
|
$
|
30,169
|
|
|
$
|
33,498
|
|
Net income
|
$
|
27,184
|
|
|
$
|
30,888
|
|
|
$
|
3,722
|
|
|
$
|
6,524
|
|
|
June 20, 2019 through June 30, 2019
|
||
Revenues
|
$
|
1,168
|
|
Operating expenses
|
$
|
1,996
|
|
Operating income
|
$
|
(828
|
)
|
Net income attributable to American Assets Trust, Inc.
|
$
|
(828
|
)
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
In-place leases
|
$
|
69,232
|
|
|
$
|
40,884
|
|
Accumulated amortization
|
(34,575
|
)
|
|
(34,603
|
)
|
||
Above market leases
|
9,680
|
|
|
11,963
|
|
||
Accumulated amortization
|
(9,431
|
)
|
|
(11,445
|
)
|
||
Acquired lease intangible assets, net
|
$
|
34,906
|
|
|
$
|
6,799
|
|
Below market leases
|
$
|
65,198
|
|
|
$
|
63,172
|
|
Accumulated accretion
|
(37,614
|
)
|
|
(37,220
|
)
|
||
Acquired lease intangible liabilities, net
|
$
|
27,584
|
|
|
$
|
25,952
|
|
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, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Deferred compensation liability
|
$
|
—
|
|
$
|
1,494
|
|
$
|
—
|
|
$
|
1,494
|
|
|
$
|
—
|
|
$
|
1,424
|
|
$
|
—
|
|
$
|
1,424
|
|
Interest rate swap asset
|
$
|
—
|
|
$
|
961
|
|
$
|
—
|
|
$
|
961
|
|
|
$
|
—
|
|
$
|
6,002
|
|
$
|
—
|
|
$
|
6,002
|
|
Interest rate swap liability
|
$
|
—
|
|
$
|
1,783
|
|
$
|
—
|
|
$
|
1,783
|
|
|
$
|
—
|
|
$
|
801
|
|
$
|
—
|
|
$
|
801
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Secured notes payable, net
|
$
|
162,426
|
|
|
$
|
167,201
|
|
|
$
|
182,572
|
|
|
$
|
183,253
|
|
Unsecured term loans, net
|
$
|
248,617
|
|
|
$
|
250,000
|
|
|
$
|
248,765
|
|
|
$
|
250,000
|
|
Unsecured senior guaranteed notes, net
|
$
|
797,331
|
|
|
$
|
818,958
|
|
|
$
|
797,098
|
|
|
$
|
790,267
|
|
Unsecured line of credit, net
|
$
|
93,540
|
|
|
$
|
95,000
|
|
|
$
|
62,337
|
|
|
$
|
64,000
|
|
Swap Counterparty
|
|
Notional Amount
|
|
Effective Date
|
|
Maturity Date
|
|
Fair Value
|
||||
Bank of America, N.A.
|
|
$
|
100,000
|
|
|
1/9/2019
|
|
1/9/2021
|
|
$
|
(1,783
|
)
|
U.S. Bank N.A.
|
|
$
|
100,000
|
|
|
3/1/2016
|
|
3/1/2023
|
|
$
|
606
|
|
Wells Fargo Bank, N.A.
|
|
$
|
50,000
|
|
|
5/2/2016
|
|
3/1/2023
|
|
$
|
325
|
|
Wells Fargo Bank, N.A.
|
|
$
|
100,000
|
|
|
6/20/2019
|
|
7/31/2019
|
|
$
|
30
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Leasing commissions, net of accumulated amortization of $29,584 and $28,597, respectively
|
$
|
42,008
|
|
|
$
|
28,796
|
|
Interest rate swap asset
|
961
|
|
|
6,002
|
|
||
Acquired above market leases, net
|
249
|
|
|
518
|
|
||
Acquired in-place leases, net
|
34,657
|
|
|
6,281
|
|
||
Lease incentives, net of accumulated amortization of $431 and $299, respectively
|
598
|
|
|
747
|
|
||
Other intangible assets, net of accumulated amortization of $1,061 and $981, respectively
|
3,014
|
|
|
2,994
|
|
||
Right-of-use lease asset
|
6,278
|
|
|
—
|
|
||
Prepaid expenses and other
|
5,388
|
|
|
6,683
|
|
||
Total other assets
|
$
|
93,153
|
|
|
$
|
52,021
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Acquired below market leases, net
|
$
|
27,584
|
|
|
$
|
25,952
|
|
Prepaid rent and deferred revenue
|
10,650
|
|
|
11,634
|
|
||
Interest rate swap liability
|
1,783
|
|
|
801
|
|
||
Deferred rent expense and lease intangible
|
37
|
|
|
2,210
|
|
||
Deferred compensation
|
1,494
|
|
|
1,424
|
|
||
Deferred tax liability
|
95
|
|
|
93
|
|
||
Straight-line rent liability
|
13,725
|
|
|
7,393
|
|
||
Lease liability
|
6,942
|
|
|
—
|
|
||
Other liabilities
|
52
|
|
|
40
|
|
||
Total other liabilities and deferred credits, net
|
$
|
62,362
|
|
|
$
|
49,547
|
|
|
Principal Balance as of
|
|
Stated Interest Rate
|
|
Stated Maturity Date
|
|||||||
Description of Debt
|
June 30, 2019
|
|
December 31, 2018
|
|
as of June 30, 2019
|
|||||||
Torrey Reserve—North Court
(1)(2)
|
—
|
|
|
19,620
|
|
|
7.22
|
%
|
|
June 1, 2019
|
||
Torrey Reserve—VCI, VCII, VCIII
(2)
|
6,567
|
|
|
6,635
|
|
|
6.36
|
%
|
|
June 1, 2020
|
||
Solana Crossing I-II
(2)
|
10,387
|
|
|
10,502
|
|
|
5.91
|
%
|
|
June 1, 2020
|
||
Solana Beach Towne Centre
(2)
|
34,625
|
|
|
35,008
|
|
|
5.91
|
%
|
|
June 1, 2020
|
||
City Center Bellevue
(3)
|
111,000
|
|
|
111,000
|
|
|
3.98
|
%
|
|
November 1, 2022
|
||
|
162,579
|
|
|
182,765
|
|
|
|
|
|
|||
Debt issuance costs, net of accumulated amortization of $420 and $671, respectively
|
(153
|
)
|
|
(193
|
)
|
|
|
|
|
|||
Total Secured Notes Payable Outstanding
|
$
|
162,426
|
|
|
$
|
182,572
|
|
|
|
|
|
(1)
|
Loan repaid in full, without premium or penalty, on March 1, 2019.
|
(2)
|
Principal payments based on a
30
-year amortization schedule.
|
(3)
|
Interest only.
|
Description of Debt
|
Principal Balance as of
|
|
Stated Interest Rate
|
|
Stated Maturity Date
|
|||||||||
June 30, 2019
|
|
December 31, 2018
|
|
as of June 30, 2019
|
|
|||||||||
Term Loan A
|
$
|
100,000
|
|
|
$
|
100,000
|
|
|
Variable
|
|
(1)
|
|
January 9, 2021
|
|
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 $7,324 and $6,844, respectively
|
(4,051
|
)
|
|
(4,137
|
)
|
|
|
|
|
|
|
|||
Total Unsecured Notes Payable
|
$
|
1,045,949
|
|
|
$
|
1,045,863
|
|
|
|
|
|
|
|
(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
4.13%
through its stated maturity date, subject to adjustments based on our consolidated leverage ratio.
|
(2)
|
The Operating Partnership entered into a one-month forward-starting
seven years
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.
|
|
Three Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2019
|
||||
Number of shares of common stock issued through ATM programs
|
519,382
|
|
681,913
|
||||
Weighted average price per share
|
$45.57
|
|
$45.56
|
||||
|
|
|
|
||||
Proceeds, gross
|
$
|
23,671
|
|
|
$
|
31,071
|
|
Sales agent compensation
|
(237
|
)
|
|
(311
|
)
|
||
Offering costs
|
(79
|
)
|
|
(372
|
)
|
||
Proceeds, net
|
$
|
23,355
|
|
|
$
|
30,388
|
|
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
|
|
Units
|
|
Weighted Average Grant Date Fair Value
|
||
Nonvested at January 1, 2019
|
342,093
|
|
|
$28.33
|
|
Granted
|
4,412
|
|
|
45.35
|
|
Vested
|
(5,320
|
)
|
|
37.58
|
|
Forfeited
|
(11,046
|
)
|
|
$28.41
|
|
Nonvested at June 30, 2019
|
330,139
|
|
|
$28.40
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
NUMERATOR
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
11,941
|
|
|
$
|
4,413
|
|
|
$
|
27,184
|
|
|
$
|
3,722
|
|
Less: Net income attributable to restricted shares
|
(92
|
)
|
|
(216
|
)
|
|
(185
|
)
|
|
(144
|
)
|
||||
Less: Income from operations attributable to unitholders in the Operating Partnership
|
(2,933
|
)
|
|
(1,125
|
)
|
|
(6,988
|
)
|
|
(959
|
)
|
||||
Net income attributable to common stockholders—basic
|
$
|
8,916
|
|
|
$
|
3,072
|
|
|
$
|
20,011
|
|
|
$
|
2,619
|
|
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic
|
$
|
8,916
|
|
|
$
|
3,072
|
|
|
$
|
20,011
|
|
|
$
|
2,619
|
|
Plus: Income from operations attributable to unitholders in the Operating Partnership
|
2,933
|
|
|
1,125
|
|
|
6,988
|
|
|
959
|
|
||||
Net income attributable to common stockholders—diluted
|
$
|
11,849
|
|
|
$
|
4,197
|
|
|
$
|
26,999
|
|
|
$
|
3,578
|
|
DENOMINATOR
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding—basic
|
50,135,978
|
|
|
46,939,449
|
|
|
48,578,872
|
|
|
46,937,645
|
|
||||
Effect of dilutive securities—conversion of Operating Partnership units
|
16,753,806
|
|
|
17,193,071
|
|
|
16,964,537
|
|
|
17,194,020
|
|
||||
Weighted average common shares outstanding—diluted
|
66,889,784
|
|
|
64,132,520
|
|
|
65,543,409
|
|
|
64,131,665
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per common share, basic
|
$
|
0.18
|
|
|
$
|
0.07
|
|
|
$
|
0.41
|
|
|
$
|
0.06
|
|
Earnings per common share, diluted
|
$
|
0.18
|
|
|
$
|
0.07
|
|
|
$
|
0.41
|
|
|
$
|
0.06
|
|
Year Ending December 31,
|
|
||
2019 (six months ending December 31, 2019)
|
$
|
110,091
|
|
2020
|
209,142
|
|
|
2021
|
198,553
|
|
|
2022
|
180,346
|
|
|
2023
|
159,058
|
|
|
Thereafter
|
611,674
|
|
|
Total
|
$
|
1,468,864
|
|
Year Ending December 31,
|
|
||
2019 (six months ending December 31, 2019)
|
$
|
1,692
|
|
2020
|
3,422
|
|
|
2021
|
2,153
|
|
|
2022
|
—
|
|
|
2023
|
—
|
|
|
Thereafter
|
—
|
|
|
Total lease payments
|
$
|
7,267
|
|
Imputed interest
|
$
|
(325
|
)
|
Present value of lease liability
|
$
|
6,942
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||
|
2019
|
|
2019
|
||||
Operating lease cost
|
$
|
833
|
|
|
$
|
1,667
|
|
Variable lease cost
|
—
|
|
|
—
|
|
||
Sublease income
|
(633
|
)
|
|
(1,258
|
)
|
||
Total lease cost
|
$
|
200
|
|
|
$
|
409
|
|
|
|
|
|
||||
Weighted-average remaining lease term - operating leases (in years)
|
|
|
2.1
|
|
|||
Weighted-average discount rate - operating leases
|
|
|
4.13
|
%
|
|
Six Months Ended June 30,
|
||
|
2019
|
||
Operating cash flow information:
|
|
||
Cash paid for amounts included in the measurement of lease liabilities
|
$
|
1,655
|
|
Non-cash activity:
|
|
||
Right-of-use assets obtained in exchange for operating lease obligations
|
$
|
7,661
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Lease rental income
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
25,021
|
|
|
$
|
19,548
|
|
|
$
|
49,470
|
|
|
$
|
39,202
|
|
Office
|
28,564
|
|
|
24,140
|
|
|
54,712
|
|
|
47,446
|
|
||||
Multifamily
|
11,975
|
|
|
11,721
|
|
|
23,971
|
|
|
23,207
|
|
||||
Mixed-use
|
3,886
|
|
|
2,740
|
|
|
7,763
|
|
|
5,565
|
|
||||
Cost reimbursement
|
—
|
|
|
8,491
|
|
|
—
|
|
|
16,833
|
|
||||
Percentage rent
|
289
|
|
|
355
|
|
|
555
|
|
|
791
|
|
||||
Hotel revenue
|
9,466
|
|
|
9,530
|
|
|
19,108
|
|
|
19,313
|
|
||||
Other
|
455
|
|
|
367
|
|
|
908
|
|
|
736
|
|
||||
Total rental income
|
$
|
79,656
|
|
|
$
|
76,892
|
|
|
$
|
156,487
|
|
|
$
|
153,093
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Rental operating
|
$
|
9,008
|
|
|
$
|
8,742
|
|
|
$
|
17,559
|
|
|
$
|
17,402
|
|
Hotel operating
|
6,036
|
|
|
5,995
|
|
|
12,009
|
|
|
12,027
|
|
||||
Repairs and maintenance
|
3,971
|
|
|
3,389
|
|
|
7,430
|
|
|
6,390
|
|
||||
Marketing
|
568
|
|
|
503
|
|
|
1,114
|
|
|
915
|
|
||||
Rent
|
849
|
|
|
806
|
|
|
1,690
|
|
|
1,600
|
|
||||
Hawaii excise tax
|
914
|
|
|
969
|
|
|
1,858
|
|
|
2,002
|
|
||||
Management fees
|
480
|
|
|
478
|
|
|
962
|
|
|
966
|
|
||||
Total rental expenses
|
$
|
21,826
|
|
|
$
|
20,882
|
|
|
$
|
42,622
|
|
|
$
|
41,302
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest and investment income
|
$
|
156
|
|
|
$
|
23
|
|
|
$
|
163
|
|
|
$
|
163
|
|
Income tax expense
|
(206
|
)
|
|
(171
|
)
|
|
(442
|
)
|
|
(106
|
)
|
||||
Other non-operating income
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||
Total other (expense) income, net
|
$
|
(50
|
)
|
|
$
|
(148
|
)
|
|
$
|
(279
|
)
|
|
$
|
61
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Total Retail
|
|
|
|
|
|
|
|
||||||||
Property revenue
|
$
|
25,871
|
|
|
$
|
26,415
|
|
|
$
|
55,308
|
|
|
$
|
52,572
|
|
Property expense
|
(7,731
|
)
|
|
(7,138
|
)
|
|
(14,885
|
)
|
|
(13,949
|
)
|
||||
Segment profit
|
18,140
|
|
|
19,277
|
|
|
40,423
|
|
|
38,623
|
|
||||
Total Office
|
|
|
|
|
|
|
|
||||||||
Property revenue
|
30,200
|
|
|
31,052
|
|
|
58,006
|
|
|
57,822
|
|
||||
Property expense
|
(9,269
|
)
|
|
(8,342
|
)
|
|
(17,758
|
)
|
|
(16,355
|
)
|
||||
Segment profit
|
20,931
|
|
|
22,710
|
|
|
40,248
|
|
|
41,467
|
|
||||
Total Multifamily
|
|
|
|
|
|
|
|
||||||||
Property revenue
|
12,897
|
|
|
12,622
|
|
|
25,796
|
|
|
25,046
|
|
||||
Property expense
|
(4,883
|
)
|
|
(5,020
|
)
|
|
(9,956
|
)
|
|
(10,017
|
)
|
||||
Segment profit
|
8,014
|
|
|
7,602
|
|
|
15,840
|
|
|
15,029
|
|
||||
Total Mixed-Use
|
|
|
|
|
|
|
|
||||||||
Property revenue
|
15,145
|
|
|
14,934
|
|
|
30,322
|
|
|
30,315
|
|
||||
Property expense
|
(9,218
|
)
|
|
(9,010
|
)
|
|
(18,344
|
)
|
|
(18,155
|
)
|
||||
Segment profit
|
5,927
|
|
|
5,924
|
|
|
11,978
|
|
|
12,160
|
|
||||
Total segments’ profit
|
$
|
53,012
|
|
|
$
|
55,513
|
|
|
$
|
108,489
|
|
|
$
|
107,279
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Total segments’ profit
|
$
|
53,012
|
|
|
$
|
55,513
|
|
|
$
|
108,489
|
|
|
$
|
107,279
|
|
General and administrative
|
(5,943
|
)
|
|
(5,396
|
)
|
|
(12,016
|
)
|
|
(10,963
|
)
|
||||
Depreciation and amortization
|
(22,582
|
)
|
|
(32,868
|
)
|
|
(43,165
|
)
|
|
(66,147
|
)
|
||||
Interest expense
|
(13,129
|
)
|
|
(12,688
|
)
|
|
(26,478
|
)
|
|
(26,508
|
)
|
||||
Gain on sale of real estate
|
633
|
|
|
—
|
|
|
633
|
|
|
—
|
|
||||
Other (expense) income, net
|
(50
|
)
|
|
(148
|
)
|
|
(279
|
)
|
|
61
|
|
||||
Net income
|
11,941
|
|
|
4,413
|
|
|
27,184
|
|
|
3,722
|
|
||||
Net income attributable to restricted shares
|
(92
|
)
|
|
(216
|
)
|
|
(185
|
)
|
|
(144
|
)
|
||||
Net income attributable to unitholders in the Operating Partnership
|
(2,933
|
)
|
|
(1,125
|
)
|
|
(6,988
|
)
|
|
(959
|
)
|
||||
Net income attributable to American Assets Trust, Inc. stockholders
|
$
|
8,916
|
|
|
$
|
3,072
|
|
|
$
|
20,011
|
|
|
$
|
2,619
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Net Real Estate
|
|
|
|
||||
Retail
|
$
|
627,988
|
|
|
$
|
628,734
|
|
Office
|
1,307,106
|
|
|
822,574
|
|
||
Multifamily
|
406,378
|
|
|
412,042
|
|
||
Mixed-Use
|
177,451
|
|
|
176,503
|
|
||
|
$
|
2,518,923
|
|
|
$
|
2,039,853
|
|
Secured Notes Payable
(1)
|
|
|
|
||||
Retail
|
$
|
34,625
|
|
|
$
|
35,008
|
|
Office
|
127,954
|
|
|
147,757
|
|
||
Multifamily
|
—
|
|
|
—
|
|
||
Mixed-Use
|
—
|
|
|
—
|
|
||
|
$
|
162,579
|
|
|
$
|
182,765
|
|
(1)
|
Excludes debt issuance costs of
$0.2 million
and
$0.2 million
for each of the periods ending
June 30, 2019
and
December 31, 2018
, respectively.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Capital Expenditures
(1)
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
6,650
|
|
|
$
|
3,228
|
|
|
$
|
11,441
|
|
|
$
|
5,457
|
|
Office
|
17,418
|
|
|
7,513
|
|
|
33,901
|
|
|
14,886
|
|
||||
Multifamily
|
685
|
|
|
875
|
|
|
1,456
|
|
|
2,484
|
|
||||
Mixed-Use
|
3,271
|
|
|
429
|
|
|
3,663
|
|
|
583
|
|
||||
|
$
|
28,024
|
|
|
$
|
12,045
|
|
|
$
|
50,461
|
|
|
$
|
23,410
|
|
(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,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Same-Store
|
24
|
|
|
23
|
|
|
24
|
|
|
23
|
|
Non-Same Store
|
4
|
|
|
3
|
|
|
4
|
|
|
3
|
|
Total Properties
|
28
|
|
|
26
|
|
|
28
|
|
|
26
|
|
|
|
|
|
|
|
|
|
||||
Redevelopment Same-Store
|
25
|
|
|
24
|
|
|
25
|
|
|
24
|
|
|
|
|
|
|
|
|
|
||||
Total Development Properties
|
3
|
|
|
4
|
|
|
3
|
|
|
4
|
|
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
|||||||||
|
2019
|
|
2018
|
|
||||||||||
Revenues
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
79,656
|
|
|
$
|
76,892
|
|
|
$
|
2,764
|
|
|
4
|
%
|
Other property income
|
4,457
|
|
|
8,131
|
|
|
(3,674
|
)
|
|
(45
|
)
|
|||
Total property revenues
|
84,113
|
|
|
85,023
|
|
|
(910
|
)
|
|
(1
|
)
|
|||
Expenses
|
|
|
|
|
|
|
|
|||||||
Rental expenses
|
21,826
|
|
|
20,882
|
|
|
944
|
|
|
5
|
|
|||
Real estate taxes
|
9,275
|
|
|
8,628
|
|
|
647
|
|
|
7
|
|
|||
Total property expenses
|
31,101
|
|
|
29,510
|
|
|
1,591
|
|
|
5
|
|
|||
Total property income
|
53,012
|
|
|
55,513
|
|
|
(2,501
|
)
|
|
(5
|
)
|
|||
General and administrative
|
(5,943
|
)
|
|
(5,396
|
)
|
|
(547
|
)
|
|
10
|
|
|||
Depreciation and amortization
|
(22,582
|
)
|
|
(32,868
|
)
|
|
10,286
|
|
|
(31
|
)
|
|||
Interest expense
|
(13,129
|
)
|
|
(12,688
|
)
|
|
(441
|
)
|
|
3
|
|
|||
Gain on sale of real estate
|
633
|
|
|
—
|
|
|
633
|
|
|
100
|
|
|||
Other (expense) income, net
|
(50
|
)
|
|
(148
|
)
|
|
98
|
|
|
(66
|
)
|
|||
Net income
|
11,941
|
|
|
4,413
|
|
|
7,528
|
|
|
171
|
|
|||
Net income attributable to restricted shares
|
(92
|
)
|
|
(216
|
)
|
|
124
|
|
|
(57
|
)
|
|||
Net income attributable to unitholders in the Operating Partnership
|
(2,933
|
)
|
|
(1,125
|
)
|
|
(1,808
|
)
|
|
161
|
|
|||
Net income attributable to American Assets Trust, Inc. stockholders
|
$
|
8,916
|
|
|
$
|
3,072
|
|
|
$
|
5,844
|
|
|
190
|
%
|
|
Percentage Leased
(1)
|
||||
|
June 30,
|
||||
|
2019
|
2018
|
|||
Retail
|
97.5
|
%
|
|
96.7
|
%
|
Office
|
93.7
|
%
|
|
93.8
|
%
|
Multifamily
|
92.6
|
%
|
|
93.9
|
%
|
Mixed-Use
(2)
|
98.2
|
%
|
|
95.9
|
%
|
(1)
|
The percentage leased includes the square footage under lease, including leases which may not have commenced as of
June 30, 2019
or
June 30, 2018
, 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
|
|
%
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|||||||||||||||||||||
Retail
|
$
|
25,346
|
|
|
$
|
25,830
|
|
|
$
|
(484
|
)
|
|
(2
|
)%
|
|
$
|
21,708
|
|
|
$
|
21,257
|
|
|
$
|
451
|
|
|
2
|
%
|
Office
|
28,757
|
|
|
25,890
|
|
|
2,867
|
|
|
11
|
|
|
27,251
|
|
|
25,885
|
|
|
1,366
|
|
|
5
|
|
||||||
Multifamily
|
12,024
|
|
|
11,767
|
|
|
257
|
|
|
2
|
|
|
12,024
|
|
|
11,767
|
|
|
257
|
|
|
2
|
|
||||||
Mixed-Use
|
13,529
|
|
|
13,405
|
|
|
124
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
$
|
79,656
|
|
|
$
|
76,892
|
|
|
$
|
2,764
|
|
|
4
|
%
|
|
$
|
60,983
|
|
|
$
|
58,909
|
|
|
$
|
2,074
|
|
|
4
|
%
|
(1)
|
For this table and tables following, the same-store portfolio excludes: (i) Waikele Center due to significant redevelopment activity; (ii) Torrey Point, which was placed into operations and became available for occupancy in August 2018; (iii) La Jolla Commons as it was acquired on June 20, 2019; (iv) Waikiki Beach Walk Retail and Embassy Suites
TM
Hotel due to significant spalling repair activity; and (v) land held for development.
|
|
Total Portfolio
|
|
Same-Store Portfolio
|
||||||||||||||||||||||||||
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|||||||||||||||||||||
Retail
|
$
|
525
|
|
|
$
|
585
|
|
|
$
|
(60
|
)
|
|
(10
|
)%
|
|
$
|
96
|
|
|
$
|
362
|
|
|
$
|
(266
|
)
|
|
(73
|
)%
|
Office
|
1,443
|
|
|
5,162
|
|
|
(3,719
|
)
|
|
(72
|
)
|
|
1,386
|
|
|
3,779
|
|
|
(2,393
|
)
|
|
(63
|
)
|
||||||
Multifamily
|
873
|
|
|
855
|
|
|
18
|
|
|
2
|
|
|
873
|
|
|
855
|
|
|
18
|
|
|
2
|
|
||||||
Mixed-Use
|
1,616
|
|
|
1,529
|
|
|
87
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
$
|
4,457
|
|
|
$
|
8,131
|
|
|
$
|
(3,674
|
)
|
|
(45
|
)%
|
|
$
|
2,355
|
|
|
$
|
4,996
|
|
|
$
|
(2,641
|
)
|
|
(53
|
)%
|
|
Total Portfolio
|
|
Same-Store Portfolio
|
||||||||||||||||||||||||||
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|||||||||||||||||||||
Retail
|
$
|
3,948
|
|
|
$
|
3,598
|
|
|
$
|
350
|
|
|
10
|
%
|
|
$
|
3,026
|
|
|
$
|
3,006
|
|
|
$
|
20
|
|
|
1
|
%
|
Office
|
6,167
|
|
|
5,443
|
|
|
724
|
|
|
13
|
|
|
5,654
|
|
|
5,342
|
|
|
312
|
|
|
6
|
|
||||||
Multifamily
|
3,302
|
|
|
3,553
|
|
|
(251
|
)
|
|
(7
|
)
|
|
3,302
|
|
|
3,553
|
|
|
(251
|
)
|
|
(7
|
)
|
||||||
Mixed-Use
|
8,409
|
|
|
8,288
|
|
|
121
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
$
|
21,826
|
|
|
$
|
20,882
|
|
|
$
|
944
|
|
|
5
|
%
|
|
$
|
11,982
|
|
|
$
|
11,901
|
|
|
$
|
81
|
|
|
1
|
%
|
|
Total Portfolio
|
|
Same-Store Portfolio
|
||||||||||||||||||||||||||
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
|
Three Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|||||||||||||||||||||
Retail
|
$
|
3,783
|
|
|
$
|
3,540
|
|
|
$
|
243
|
|
|
7
|
%
|
|
$
|
3,034
|
|
|
$
|
2,811
|
|
|
$
|
223
|
|
|
8
|
%
|
Office
|
3,102
|
|
|
2,899
|
|
|
203
|
|
|
7
|
|
|
2,822
|
|
|
2,840
|
|
|
(18
|
)
|
|
(1
|
)
|
||||||
Multifamily
|
1,581
|
|
|
1,467
|
|
|
114
|
|
|
8
|
|
|
1,581
|
|
|
1,467
|
|
|
114
|
|
|
8
|
|
||||||
Mixed-Use
|
809
|
|
|
722
|
|
|
87
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
$
|
9,275
|
|
|
$
|
8,628
|
|
|
$
|
647
|
|
|
7
|
%
|
|
$
|
7,437
|
|
|
$
|
7,118
|
|
|
$
|
319
|
|
|
4
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
|||||||||
|
2019
|
|
2018
|
|
||||||||||
Revenues
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
156,487
|
|
|
$
|
153,093
|
|
|
$
|
3,394
|
|
|
2
|
%
|
Other property income
|
12,945
|
|
|
12,662
|
|
|
283
|
|
|
2
|
|
|||
Total property revenues
|
169,432
|
|
|
165,755
|
|
|
3,677
|
|
|
2
|
|
|||
Expenses
|
|
|
|
|
|
|
|
|||||||
Rental expenses
|
42,622
|
|
|
41,302
|
|
|
1,320
|
|
|
3
|
|
|||
Real estate taxes
|
18,321
|
|
|
17,174
|
|
|
1,147
|
|
|
7
|
|
|||
Total property expenses
|
60,943
|
|
|
58,476
|
|
|
2,467
|
|
|
4
|
|
|||
Total property income
|
108,489
|
|
|
107,279
|
|
|
1,210
|
|
|
1
|
|
|||
General and administrative
|
(12,016
|
)
|
|
(10,963
|
)
|
|
(1,053
|
)
|
|
10
|
|
|||
Depreciation and amortization
|
(43,165
|
)
|
|
(66,147
|
)
|
|
22,982
|
|
|
(35
|
)
|
|||
Interest expense
|
(26,478
|
)
|
|
(26,508
|
)
|
|
30
|
|
|
—
|
|
|||
Gain on sale of real estate
|
633
|
|
|
—
|
|
|
633
|
|
|
100
|
|
|||
Other income (expense), net
|
(279
|
)
|
|
61
|
|
|
(340
|
)
|
|
557
|
|
|||
Net income
|
27,184
|
|
|
3,722
|
|
|
23,462
|
|
|
630
|
|
|||
Net income attributable to restricted shares
|
(185
|
)
|
|
(144
|
)
|
|
(41
|
)
|
|
28
|
|
|||
Net income attributable to unitholders in the Operating Partnership
|
(6,988
|
)
|
|
(959
|
)
|
|
(6,029
|
)
|
|
629
|
|
|||
Net income attributable to American Assets Trust, Inc. stockholders
|
$
|
20,011
|
|
|
$
|
2,619
|
|
|
$
|
17,392
|
|
|
664
|
%
|
|
Percentage Leased
(1)
|
||||
|
June 30,
|
||||
|
2019
|
|
2018
|
||
Retail
|
97.5
|
%
|
|
96.7
|
%
|
Office
|
93.7
|
%
|
|
93.8
|
%
|
Multifamily
|
92.6
|
%
|
|
93.9
|
%
|
Mixed-Use
(2)
|
98.2
|
%
|
|
95.9
|
%
|
(1)
|
The percentage leased includes the square footage under lease, including leases which may not have commenced as of
June 30, 2019
or
June 30, 2018
, 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
|
|
%
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|||||||||||||||||||||
Retail
|
$
|
50,080
|
|
|
$
|
51,638
|
|
|
(1,558
|
)
|
|
(3
|
)%
|
|
$
|
42,928
|
|
|
$
|
42,454
|
|
|
$
|
474
|
|
|
1
|
%
|
|
Office
|
55,100
|
|
|
50,869
|
|
|
4,231
|
|
|
8
|
|
|
53,256
|
|
|
50,858
|
|
|
2,398
|
|
|
5
|
|
||||||
Multifamily
|
24,068
|
|
|
23,302
|
|
|
766
|
|
|
3
|
|
|
24,068
|
|
|
23,302
|
|
|
766
|
|
|
3
|
|
||||||
Mixed-Use
|
27,239
|
|
|
27,284
|
|
|
(45
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
$
|
156,487
|
|
|
$
|
153,093
|
|
|
$
|
3,394
|
|
|
2
|
%
|
|
$
|
120,252
|
|
|
$
|
116,614
|
|
|
$
|
3,638
|
|
|
3
|
%
|
(1)
|
For this table and tables following, the same-store portfolio excludes: (i) Waikele Center due to significant redevelopment activity; (ii) Torrey Point, which was placed into operations and became available for occupancy in August 2018; (iii) La Jolla Commons as it was acquired on June 20, 2019; (iv) Waikiki Beach Walk Retail and Embassy Suites
TM
Hotel due to significant spalling repair activity; and (v) land held for development.
|
|
Total Portfolio
|
|
Same-Store Portfolio
|
||||||||||||||||||||||||||
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|||||||||||||||||||||
Retail
|
$
|
5,228
|
|
|
$
|
934
|
|
|
$
|
4,294
|
|
|
460
|
%
|
|
$
|
4,595
|
|
|
$
|
440
|
|
|
$
|
4,155
|
|
|
944
|
%
|
Office
|
2,906
|
|
|
6,953
|
|
|
(4,047
|
)
|
|
(58
|
)
|
|
2,811
|
|
|
5,532
|
|
|
(2,721
|
)
|
|
(49
|
)
|
||||||
Multifamily
|
1,728
|
|
|
1,744
|
|
|
(16
|
)
|
|
(1
|
)
|
|
1,728
|
|
|
1,744
|
|
|
(16
|
)
|
|
(1
|
)
|
||||||
Mixed-Use
|
3,083
|
|
|
3,031
|
|
|
52
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
$
|
12,945
|
|
|
$
|
12,662
|
|
|
$
|
283
|
|
|
2
|
%
|
|
$
|
9,134
|
|
|
$
|
7,716
|
|
|
$
|
1,418
|
|
|
18
|
%
|
|
Total Portfolio
|
|
Same-Store Portfolio
|
||||||||||||||||||||||||||
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|||||||||||||||||||||
Retail
|
$
|
7,467
|
|
|
$
|
7,048
|
|
|
$
|
419
|
|
|
6
|
%
|
|
$
|
5,831
|
|
|
$
|
5,906
|
|
|
$
|
(75
|
)
|
|
(1
|
)%
|
Office
|
11,636
|
|
|
10,540
|
|
|
1,096
|
|
|
10
|
|
|
10,854
|
|
|
10,307
|
|
|
547
|
|
|
5
|
|
||||||
Multifamily
|
6,794
|
|
|
7,005
|
|
|
(211
|
)
|
|
(3
|
)
|
|
6,795
|
|
|
7,005
|
|
|
(210
|
)
|
|
(3
|
)
|
||||||
Mixed-Use
|
16,725
|
|
|
16,709
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
$
|
42,622
|
|
|
$
|
41,302
|
|
|
$
|
1,320
|
|
|
3
|
%
|
|
$
|
23,480
|
|
|
$
|
23,218
|
|
|
$
|
262
|
|
|
1
|
%
|
|
Total Portfolio
|
|
Same-Store Portfolio
|
||||||||||||||||||||||||||
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|||||||||||||||||||||
Retail
|
$
|
7,418
|
|
|
$
|
6,901
|
|
|
$
|
517
|
|
|
7
|
%
|
|
$
|
5,967
|
|
|
$
|
5,444
|
|
|
$
|
523
|
|
|
10
|
%
|
Office
|
6,122
|
|
|
5,815
|
|
|
307
|
|
|
5
|
|
|
5,684
|
|
|
5,699
|
|
|
(15
|
)
|
|
—
|
|
||||||
Multifamily
|
3,162
|
|
|
3,012
|
|
|
150
|
|
|
5
|
|
|
3,161
|
|
|
3,012
|
|
|
149
|
|
|
5
|
|
||||||
Mixed-Use
|
1,619
|
|
|
1,446
|
|
|
173
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
$
|
18,321
|
|
|
$
|
17,174
|
|
|
$
|
1,147
|
|
|
7
|
%
|
|
$
|
14,812
|
|
|
$
|
14,155
|
|
|
$
|
657
|
|
|
5
|
%
|
|
Total Portfolio
|
|
Same-Store Portfolio
|
||||||||||||||||||||||||||
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|
%
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|||||||||||||||||||||
Retail
|
$
|
40,423
|
|
|
$
|
38,623
|
|
|
$
|
1,800
|
|
|
5
|
%
|
|
$
|
35,725
|
|
|
$
|
31,544
|
|
|
$
|
4,181
|
|
|
13
|
%
|
Office
|
40,248
|
|
|
41,467
|
|
|
(1,219
|
)
|
|
(3
|
)
|
|
39,529
|
|
|
40,384
|
|
|
(855
|
)
|
|
(2
|
)
|
||||||
Multifamily
|
15,840
|
|
|
15,029
|
|
|
811
|
|
|
5
|
|
|
15,840
|
|
|
15,029
|
|
|
811
|
|
|
5
|
|
||||||
Mixed-Use
|
11,978
|
|
|
12,160
|
|
|
(182
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
$
|
108,489
|
|
|
$
|
107,279
|
|
|
$
|
1,210
|
|
|
1
|
%
|
|
$
|
91,094
|
|
|
$
|
86,957
|
|
|
$
|
4,137
|
|
|
5
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net operating income
|
$
|
53,012
|
|
|
$
|
55,513
|
|
|
$
|
108,489
|
|
|
$
|
107,279
|
|
General and administrative
|
(5,943
|
)
|
|
(5,396
|
)
|
|
(12,016
|
)
|
|
(10,963
|
)
|
||||
Depreciation and amortization
|
(22,582
|
)
|
|
(32,868
|
)
|
|
(43,165
|
)
|
|
(66,147
|
)
|
||||
Interest expense
|
(13,129
|
)
|
|
(12,688
|
)
|
|
(26,478
|
)
|
|
(26,508
|
)
|
||||
Gain on sale of real estate
|
633
|
|
|
—
|
|
|
633
|
|
|
—
|
|
||||
Other (expense) income, net
|
(50
|
)
|
|
(148
|
)
|
|
(279
|
)
|
|
61
|
|
||||
Net income
|
$
|
11,941
|
|
|
$
|
4,413
|
|
|
$
|
27,184
|
|
|
$
|
3,722
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||
|
2019
|
|
2019
|
||||
Funds from Operations (FFO)
|
|
|
|
||||
Net income
|
$
|
11,941
|
|
|
$
|
27,184
|
|
Plus: Real estate depreciation and amortization
|
22,582
|
|
|
43,165
|
|
||
Gain on sale of real estate
|
(633
|
)
|
|
(633
|
)
|
||
Funds from operations
|
33,890
|
|
|
69,716
|
|
||
Less: Nonforfeitable dividends on incentive restricted stock awards
|
(94
|
)
|
|
(185
|
)
|
||
FFO attributable to common stock and units
|
$
|
33,796
|
|
|
$
|
69,531
|
|
FFO per diluted share/unit
|
$
|
0.51
|
|
|
$
|
1.06
|
|
Weighted average number of common shares and units, diluted
(1)
|
66,890,084
|
|
|
65,543,584
|
|
(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
|
|
|
|
10.2*
|
|
|
10.4(1)
|
|
|
31.1*
|
|
|
31.2*
|
|
|
31.3*
|
|
|
31.4*
|
|
|
32.1*
|
|
|
32.2*
|
|
|
101.INS*
|
|
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*
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
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 2, 2019
|
|
Date:
|
August 2, 2019
|
1 Year American Assets Chart |
1 Month American Assets Chart |
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