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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             

aat-20210331_g1.jpg
AMERICAN ASSETS TRUST, INC.
(Exact Name of Registrant as Specified in its Charter)
Commission file number: 001-35030

AMERICAN ASSETS TRUST, L.P.
(Exact Name of Registrant as Specified in its Charter)
Commission file number: 333-202342-01
 
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.)
3420 Carmel Mountain Road, Suite 100
San Diego, California 92121
(Address of Principal Executive Offices and Zip Code)
(858) 350-2600
(Registrant’s Telephone Number, Including Area Code)
 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    

    American Assets Trust, Inc.               Yes     No
    American Assets Trust, L.P.              Yes     No
(American Assets Trust, L.P. became subject to filing requirements under Section 13 of the Securities Exchange Act of 1934, as amended, upon effectiveness of its Registration Statement on Form S-3 on February 6, 2015 and has filed all required reports subsequent to that date.)
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    
    
    American Assets Trust, Inc.               Yes      No
    American Assets Trust, L.P.              Yes      No
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
American Assets Trust, Inc.
Large Accelerated FilerAccelerated Filer
Non-Accelerated Filer(Do not check if a smaller reporting company)Smaller reporting company
Emerging growth company

American Assets Trust, L.P.
Large Accelerated FilerAccelerated Filer
Non-Accelerated Filer(Do not check if a smaller reporting company)Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      
    
    American Assets Trust, Inc.               Yes      No
    American Assets Trust, L.P.              Yes      No

Securities registered pursuant to Section 12(b) of the Act:
Name of RegistrantTitle of each classTrading SymbolName of each exchange on which registered
American Assets Trust, Inc.Common Stock, par value $0.01 per shareAATNew York Stock Exchange
American Assets Trust, L.P.NoneNoneNone

American Assets Trust, Inc. had 60,472,286 shares of common stock, par value $0.01 per share, outstanding as of April 30, 2021.



EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended March 31, 2021 of American Assets Trust, Inc., a Maryland corporation, and American Assets Trust, L.P., a Maryland limited partnership, of which American Assets Trust, Inc. is the parent company and sole general partner. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our” or “the company” refer to American Assets Trust, Inc. together with its consolidated subsidiaries, including American Assets Trust, L.P. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “our Operating Partnership” or “the Operating Partnership” refer to American Assets Trust, L.P. together with its consolidated subsidiaries.

American Assets Trust, Inc. operates as a real estate investment trust, or REIT, and is the sole general partner of the Operating Partnership. As of March 31, 2021, American Assets Trust, Inc. owned an approximate 78.8% partnership interest in the Operating Partnership. The remaining approximately 21.3% partnership interests are owned by non-affiliated investors and certain of our directors and executive officers. As the sole general partner of the Operating Partnership, American Assets Trust, Inc. has full, exclusive and complete authority and control over the Operating Partnership’s day-to-day management and business, can cause it to enter into certain major transactions, including acquisitions, dispositions and debt refinancings, and can cause changes in its line of business, capital structure and distribution policies.

The company believes that combining the quarterly reports on Form 10-Q of American Assets Trust, Inc. and the Operating Partnership into a single report will result in the following benefits:

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.

Management operates American Assets Trust, Inc. and the Operating Partnership as one enterprise. The management of American Assets Trust, Inc. and the Operating Partnership are the same.

There are certain differences between American Assets Trust, Inc. and the Operating Partnership, which are reflected in the disclosures in this report. We believe it is important to understand the differences between American Assets Trust, Inc. and the Operating Partnership in the context of how American Assets Trust, Inc. and the Operating Partnership operate as an interrelated consolidated company. American Assets Trust, Inc. is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership. As a result, American Assets Trust, Inc. does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership. American Assets Trust, Inc. itself does not hold any indebtedness. The Operating Partnership holds substantially all the assets of the company, directly or indirectly holds the ownership interests in the company’s real estate ventures, conducts the operations of the business and is structured as a partnership with no publicly-traded equity. Except for net proceeds from public equity issuances by American Assets Trust, Inc., which are generally contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the company’s business through the Operating Partnership’s operations, by the Operating Partnership’s direct or indirect incurrence of indebtedness or through the issuance of operating partnership units.

Noncontrolling interests and stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of American Assets Trust, Inc. and those of American Assets Trust, L.P. The partnership interests in the Operating Partnership that are not owned by American Assets Trust, Inc. are accounted for as partners’ capital in the Operating Partnership’s financial statements and as noncontrolling interests in American Assets Trust, Inc.’s financial statements. To help investors understand the significant differences between the company and the Operating Partnership, this report presents the following separate sections for each of American Assets Trust, Inc. and the Operating Partnership:

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.



This report also includes separate Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of American Assets Trust, Inc. and the Operating Partnership in order to establish that the Chief Executive Officer and the Chief Financial Officer of American Assets Trust, Inc. have made the requisite certifications and American Assets Trust, Inc. and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.




AMERICAN ASSETS TRUST, INC. AND AMERICAN ASSETS TRUST, L.P.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2021
 
PART 1. FINANCIAL INFORMATION
Item 1.Financial Statements
Consolidated Financial Statements of American Assets Trust, Inc.:
Consolidated Financial Statements of American Assets Trust, L.P.:
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.




PART 1 - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


American Assets Trust, Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Data)
 
March 31,December 31,
20212020
 (unaudited)
ASSETS
Real estate, at cost
Operating real estate$3,164,594 $3,155,280 
Construction in progress93,001 91,047 
Held for development547 547 
3,258,142 3,246,874 
Accumulated depreciation(776,825)(754,140)
Real estate, net2,481,317 2,492,734 
Cash and cash equivalents380,434 137,333 
Restricted cash1,716 1,716 
Accounts receivable, net6,031 6,938 
Deferred rent receivables, net76,690 72,476 
Other assets, net103,158 106,112 
TOTAL ASSETS$3,049,346 $2,817,309 
LIABILITIES AND EQUITY
LIABILITIES:
Secured notes payable, net$110,934 $110,923 
Unsecured notes payable, net1,536,890 1,196,677 
Unsecured line of credit, net 99,151 
Accounts payable and accrued expenses71,226 59,262 
Security deposits payable6,629 6,590 
Other liabilities and deferred credits, net88,228 91,300 
Total liabilities1,813,907 1,563,903 
Commitments and contingencies (Note 11)
EQUITY:
American Assets Trust, Inc. stockholders’ equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,472,286 and 60,476,292 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
605 605 
Additional paid-in capital1,447,128 1,445,644 
Accumulated dividends in excess of net income(192,098)(176,560)
Accumulated other comprehensive income1,964 1,753 
Total American Assets Trust, Inc. stockholders’ equity1,257,599 1,271,442 
Noncontrolling interests(22,160)(18,036)
Total equity1,235,439 1,253,406 
TOTAL LIABILITIES AND EQUITY$3,049,346 $2,817,309 
The accompanying notes are an integral part of these consolidated financial statements.
1

American Assets Trust, Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)
(In Thousands, Except Shares and Per Share Data)
 Three Months Ended March 31,
 20212020
REVENUE:
Rental income$81,130 $92,070 
Other property income2,856 4,673 
Total revenue83,986 96,743 
EXPENSES:
Rental expenses18,246 22,568 
Real estate taxes11,354 11,045 
General and administrative6,823 6,820 
Depreciation and amortization27,501 27,462 
Total operating expenses63,924 67,895 
OPERATING INCOME20,062 28,848 
Interest expense(14,005)(13,472)
Early extinguishment of debt(4,271) 
Other (expense) income, net(53)108 
NET INCOME1,733 15,484 
Net income attributable to restricted shares(137)(104)
Net income attributable to unitholders in the Operating Partnership(339)(3,312)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS$1,257 $12,068 
EARNINGS PER COMMON SHARE
Earnings per common share, basic
$0.02 $0.20 
Weighted average shares of common stock outstanding - basic59,984,335 59,723,072 
Earnings per common share, diluted
$0.02 $0.20 
Weighted average shares of common stock outstanding - diluted76,165,872 76,113,620 
DIVIDENDS DECLARED PER COMMON SHARE$0.28 $0.30 
COMPREHENSIVE INCOME
Net income$1,733 $15,484 
Other comprehensive income (loss) - unrealized income (loss) on swap derivatives during the period 747 (6,115)
Reclassification of amortization of forward-starting swap realized gains included in interest expense(275)(333)
Reclassification of amortization of forward-starting swap realized gain included in early extinguishment of debt(193) 
Comprehensive income2,012 9,036 
Comprehensive income attributable to non-controlling interests(407)(1,941)
Comprehensive income attributable to American Assets Trust, Inc.$1,605 $7,095 
The accompanying notes are an integral part of these consolidated financial statements.
2

American Assets Trust, Inc.
Consolidated Statement of Equity
(Unaudited)
(In Thousands, Except Share Data)

 American Assets Trust, Inc. Stockholders’ EquityNoncontrolling Interests - Unitholders in the Operating PartnershipTotal
 Common SharesAdditional
Paid-in
Capital
Accumulated
Dividends in
Excess of Net
Income
Accumulated Other Comprehensive Income (Loss)
 SharesAmount
Balance at December 31, 202060,476,292 $605 $1,445,644 $(176,560)$1,753 $(18,036)$1,253,406 
Net income— — — 1,394 — 339 1,733 
Forfeiture of restricted stock(4,006)— — — — — — 
Dividends declared and paid— — — (16,932)— (4,531)(21,463)
Stock-based compensation— — 1,484 — — — 1,484 
Other comprehensive gain - change in value of interest rate swaps— — — — 579 168 747 
Reclassification of amortization of forward-starting swap realized gains included in interest expense— — — — (216)(59)(275)
Reclassification of amortization of forward-starting swap realized gain included in early extinguishment of debt— $— $— $— $(152)$(41)(193)
Balance at March 31, 202160,472,286 $605 $1,447,128 $(192,098)$1,964 $(22,160)$1,235,439 

 Common SharesAdditional
Paid-in
Capital
Accumulated
Dividends in
Excess of Net
Income
Accumulated Other Comprehensive Income (Loss)Noncontrolling Interests - Unitholders in the Operating PartnershipTotal
 SharesAmount
Balance at December 31, 201960,068,228 $601 $1,452,014 $(144,378)$5,680 $(20,245)$1,293,672 
Net income— — — 12,172 — 3,312 15,484 
Dividends declared and paid— — — (18,020)— (4,917)(22,937)
Stock-based compensation— — 1,250 — — — 1,250 
Other comprehensive loss - change in value of interest rate swaps— — — — (4,816)(1,299)(6,115)
Reclassification of amortization of forward-starting swap included in interest expense— — — — (261)(72)(333)
Balance at March 31, 202060,068,228 $601 $1,453,264 $(150,226)$603 $(23,221)$1,281,021 


The accompanying notes are an integral part of these consolidated financial statements.
3

American Assets Trust, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
 Three Months Ended March 31,
 20212020
OPERATING ACTIVITIES
Net income$1,733 $15,484 
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles(6,292)(3,762)
Depreciation and amortization27,501 27,462 
Amortization of debt issuance costs and debt discounts577 374 
Early extinguishment of debt4,271  
Provision for uncollectable rental income3,213 370 
Stock-based compensation expense1,484 1,250 
Other noncash interest expense(275)(333)
Other, net32 (3,940)
Changes in operating assets and liabilities
Change in accounts receivable(1,841)3,632 
Change in other assets651 616 
Change in accounts payable and accrued expenses11,098 4,435 
Change in security deposits payable39 30 
Change in other liabilities and deferred credits314 (257)
Net cash provided by operating activities42,505 45,361 
INVESTING ACTIVITIES
Capital expenditures(11,372)(20,531)
Leasing commissions(844)(3,394)
Net cash used in investing activities(12,216)(23,925)
FINANCING ACTIVITIES
Repayment of secured notes payable (51,003)
Repayment of unsecured line of credit(100,000) 
Proceeds from unsecured notes payable494,675  
Repayment of unsecured notes payable(155,375) 
Debt issuance costs(5,025) 
Proceeds from issuance of common stock, net (119)
Dividends paid to common stock and unitholders(21,463)(22,937)
Net cash provided by (used in) financing activities212,812 (74,059)
Net increase (decrease) in cash and cash equivalents243,101 (52,623)
Cash, cash equivalents and restricted cash, beginning of period139,049 109,451 
Cash, cash equivalents and restricted cash, end of period$382,150 $56,828 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows:
Three Months Ended March 31,
20212020
Cash and cash equivalents380,434 52,371 
Restricted cash1,716 4,457 
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows$382,150 $56,828 
The accompanying notes are an integral part of these consolidated financial statements.
4

American Assets Trust, L.P.
Consolidated Balance Sheets
(In Thousands, Except Unit Data)
 
March 31,December 31,
20212020
 (unaudited)
ASSETS
Real estate, at cost
Operating real estate$3,164,594 $3,155,280 
Construction in progress93,001 91,047 
Held for development547 547 
3,258,142 3,246,874 
Accumulated depreciation(776,825)(754,140)
Real estate, net2,481,317 2,492,734 
Cash and cash equivalents380,434 137,333 
Restricted cash1,716 1,716 
Accounts receivable, net6,031 6,938 
Deferred rent receivables, net76,690 72,476 
Other assets, net103,158 106,112 
TOTAL ASSETS$3,049,346 $2,817,309 
LIABILITIES AND CAPITAL
LIABILITIES:
Secured notes payable, net$110,934 $110,923 
Unsecured notes payable, net1,536,890 1,196,677 
Unsecured line of credit, net 99,151 
Accounts payable and accrued expenses71,226 59,262 
Security deposits payable6,629 6,590 
Other liabilities and deferred credits, net88,228 91,300 
Total liabilities1,813,907 1,563,903 
Commitments and contingencies (Note 11)
CAPITAL:
Limited partners' capital, 16,181,537 and 16,181,537 units issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
(23,212)(19,020)
General partner's capital, 60,472,286 and 60,476,292 units issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
1,255,635 1,269,689 
Accumulated other comprehensive income3,016 2,737 
Total capital1,235,439 1,253,406 
TOTAL LIABILITIES AND CAPITAL$3,049,346 $2,817,309 

The accompanying notes are an integral part of these consolidated financial statements.

5

American Assets Trust, L.P.
Consolidated Statements of Comprehensive Income
(Unaudited)
(In Thousands, Except Shares and Per Unit Data)
 Three Months Ended March 31,
 20212020
REVENUE:
Rental income$81,130 $92,070 
Other property income2,856 4,673 
Total revenue83,986 96,743 
EXPENSES:
Rental expenses18,246 22,568 
Real estate taxes11,354 11,045 
General and administrative6,823 6,820 
Depreciation and amortization27,501 27,462 
Total operating expenses63,924 67,895 
OPERATING INCOME20,062 28,848 
Interest expense(14,005)(13,472)
Early extinguishment of debt(4,271) 
Other (expense) income, net(53)108 
NET INCOME1,733 15,484 
Net income attributable to restricted shares(137)(104)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, L.P.$1,596 $15,380 
EARNINGS PER UNIT - BASIC
Earnings per unit, basic
$0.02 $0.20 
Weighted average units outstanding - basic76,165,872 76,113,620 
EARNINGS PER UNIT - DILUTED
Earnings per unit, diluted
$0.02 $0.20 
Weighted average units outstanding - diluted76,165,872 76,113,620 
DISTRIBUTIONS PER UNIT$0.28 $0.30 
COMPREHENSIVE INCOME
Net income$1,733 $15,484 
Other comprehensive income (loss) - unrealized income (loss) on swap derivatives during the period 747 (6,115)
Reclassification of amortization of forward-starting swap realized gains included in interest expense(275)(333)
Reclassification of amortization of forward-starting swap realized gain included in early extinguishment of debt(193) 
Comprehensive income2,012 9,036 
Comprehensive income attributable to Limited Partners(407)(1,941)
Comprehensive income attributable to General Partner$1,605 $7,095 

The accompanying notes are an integral part of these consolidated financial statements.
6

American Assets Trust, L.P.
Consolidated Statement of Partners' Capital
(Unaudited)
(In Thousands, Except Unit Data)


Limited Partners' Capital (1)
General Partner's Capital (2)
Accumulated Other Comprehensive Income (Loss)Total Capital
UnitsAmountUnitsAmount
Balance at December 31, 202016,181,537 $(19,020)60,476,292 $1,269,689 $2,737 $1,253,406 
Net income— 339 — 1,394 — 1,733 
Forfeiture of restricted units— — (4,006)— — — 
Distributions— (4,531)— (16,932)— (21,463)
Stock-based compensation— — — 1,484 — 1,484 
Other comprehensive gain - change in value of interest rate swap— — — — 747 747 
Reclassification of amortization of forward-starting swap realized gains included in interest expense— — — — (275)(275)
Reclassification of amortization of forward-starting swap included in early extinguishment of debt— — — — (193)(193)
Balance at March 31, 202116,181,537 $(23,212)60,472,286 $1,255,635 $3,016 $1,235,439 

 
Limited Partners' Capital (1)
General Partner's Capital (2)
Accumulated Other Comprehensive Income (Loss)Total Capital
 UnitsAmountUnitsAmount
Balance at December 31, 201916,390,548 $(22,281)60,068,228 $1,308,237 $7,716 $1,293,672 
Net income— 3,312 — 12,172 — 15,484 
Distributions— (4,917)— (18,020)— (22,937)
Stock-based compensation— — — 1,250 — 1,250 
Other comprehensive loss - change in value of interest rate swap— — — — (6,115)(6,115)
Reclassification of amortization of forward-starting swap realized gains included in interest expense— — — — (333)(333)
Balance at March 31, 202016,390,548 $(23,886)60,068,228 $1,303,639 $1,268 $1,281,021 


(1) Consists of limited partnership interests held by third parties.
(2) Consists of general partnership interests held by American Assets Trust, Inc.
The accompanying notes are an integral part of these consolidated financial statements.
7

American Assets Trust, L.P.
Consolidated Statements of Cash Flows
(Unaudited, In Thousands)
 Three Months Ended March 31,
 20212020
OPERATING ACTIVITIES
Net income$1,733 $15,484 
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles(6,292)(3,762)
Depreciation and amortization27,501 27,462 
Amortization of debt issuance costs and debt discounts577 374 
Early extinguishment of debt4,271  
Provision for uncollectable rental income3,213 370 
Stock-based compensation expense1,484 1,250 
Other noncash interest expense(275)(333)
Other, net32 (3,940)
Changes in operating assets and liabilities
Change in accounts receivable(1,841)3,632 
Change in other assets651 616 
Change in accounts payable and accrued expenses11,098 4,435 
Change in security deposits payable39 30 
Change in other liabilities and deferred credits314 (257)
Net cash provided by operating activities42,505 45,361 
INVESTING ACTIVITIES
Capital expenditures(11,372)(20,531)
Leasing commissions(844)(3,394)
Net cash used in investing activities(12,216)(23,925)
FINANCING ACTIVITIES
Repayment of secured notes payable (51,003)
Repayment of unsecured line of credit(100,000) 
Proceeds from unsecured notes payable494,675  
Repayment of unsecured notes payable(155,375) 
Debt issuance costs(5,025) 
Contributions from American Assets Trust, Inc. (119)
Distributions(21,463)(22,937)
Net cash provided by (used in) financing activities212,812 (74,059)
Net increase (decrease) in cash and cash equivalents243,101 (52,623)
Cash, cash equivalents and restricted cash, beginning of period139,049 109,451 
Cash, cash equivalents and restricted cash, end of period$382,150 $56,828 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows:
Three Months Ended March 31,
20212020
Cash and cash equivalents$380,434 $52,371 
Restricted cash1,716 4,457 
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows$382,150 $56,828 
The accompanying notes are an integral part of these consolidated financial statements.
8

American Assets Trust, Inc. and American Assets Trust, L.P.
Notes to Consolidated Financial Statements
March 31, 2021
(Unaudited)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business and Organization
American Assets Trust, Inc. (which may be referred to in these financial statements as the “Company,” “we,” “us,” or “our”) is a Maryland corporation formed on July 16, 2010 that did not have any operating activity until the consummation of our initial public offering on January 19, 2011. The Company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The Company’s operations are carried on through our Operating Partnership and its subsidiaries, including our taxable real estate investment trust ("REIT") subsidiary ("TRS"). Since the formation of our Operating Partnership, the Company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations.
We are a full service, vertically integrated, and self-administered REIT with approximately 190 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing.
As of March 31, 2021, we owned or had a controlling interest in 28 office, retail, multifamily and mixed-use operating properties, the operations of which we consolidate. Additionally, as of March 31, 2021, we owned land at three of our properties that we classify as held for development and/or construction in progress. A summary of the properties owned by us is as follows:
Retail
Carmel Country PlazaGateway MarketplaceAlamo Quarry Market
Carmel Mountain PlazaDel Monte CenterHassalo on Eighth - Retail
South Bay MarketplaceGeary Marketplace
Lomas Santa Fe PlazaThe Shops at Kalakaua
Solana Beach Towne CentreWaikele Center