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EQUITY OF AMERICAN ASSETS TRUST, INC. (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Summary of Dividends Declared and Paid on Shares of Common Stock and Noncontrolling Common Units
The following table lists the dividends declared and paid on our shares of common stock and Noncontrolling Common Units for the years ended December 31, 2023, 2022 and 2021:
PeriodAmount per Share/UnitPeriod CoveredDividend Paid Date
First Quarter 2021$0.28 January 1, 2021 to March 31, 2021March 25, 2021
Second Quarter 2021$0.28 April 1, 2021 to June 30, 2021June 24, 2021
Third Quarter 2021$0.30 July 1, 2021 to September 30, 2021September 23, 2021
Fourth Quarter 2021$0.30 October 1, 2021 to December 31, 2021December 23, 2021
First Quarter 2022$0.32 January 1, 2022 to March 31, 2022March 24, 2022
Second Quarter 2022$0.32 April 1, 2022 to June 30, 2022June 23, 2022
Third Quarter 2022$0.32 July 1, 2022 to September 30, 2022September 22, 2022
Fourth Quarter 2022$0.32 October 1, 2022 to December 31, 2022December 22, 2022
First Quarter 2023$0.33 January 1, 2023 to March 31, 2023March 23, 2023
Second Quarter 2023$0.33 April 1, 2023 to June 30, 2023June 22, 2023
Third Quarter 2023$0.33 July 1, 2023 to September 30, 2023September 21, 2023
Fourth Quarter 2023$0.33 October 1, 2023 to December 31, 2023December 21, 2023
Summary of Income Tax Status of Dividends Per Share Paid A summary of the income tax status of dividends per share paid is as follows:
Year Ended December 31,
202320222021
Per Share%Per Share%Per Share%
Ordinary income$1.20 90.6 %$1.18 92.1 %$0.73 62.6 %
Capital gain— — %— — %— — %
Return of capital0.12 9.4 %0.10 7.9 %0.43 37.4 %
Total$1.32 100.0 %$1.28 100.0 %$1.16 100.0 %
Summary of Restricted Common Stock
The following shares of restricted common stock have been issued as of December 31, 2023:
GrantFair Value at Grant DateNumber
June 8, 2021 (1)
$38.595,184 
December 9, 2021 (2)
24.27 - 25.17
224,635 
June 7, 2022 (1)
32.946,072 
December 7, 2022 (3)
18.53 - 19.52
319,610 
June 5, 2023 (1)
19.3310,348 
December 7, 2023 (4)
14.65 - 15.54
290,541 
(1)     Restricted common stock issued to members of the company's non-employee directors. These awards of restricted stock will vest subject to the director's continued service on the Board of Directors on the earlier of (i) the one year anniversary of the date of grant or (ii) the date of the next annual meeting of our stockholders, if such non-employee director continues his or her service on the Board of Directors until the next annual meeting of stockholders, but not thereafter, pursuant to our independent director compensation policy.
(2)    Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2022, 2023 and 2024, subject to the employee's continued employment on those dates.
(3)    Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2023, 2024 and 2025, subject to the employee's continued employment on those dates.
(4)    Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2024, 2025 and 2026, subject to the employee's continued employment on those dates.
Summary of Activity of Restricted Stock Awards
The following table summarizes the activity of non-vested restricted stock awards during the year ended December 31, 2023:
2023
UnitsWeighted Average Grant Date Fair Value
Balance at beginning of year574,044 $20.98 
Granted300,889 15.25 
Vested(206,587)21.40 
Forfeited(82,481)20.87 
Balance at end of year585,865 $17.95 
Summary of Computation of Basic and Diluted EPS
The computation of basic and diluted EPS for American Assets Trust, Inc. is presented below (dollars in thousands, except share and per share amounts):
Year Ended December 31,
202320222021
NUMERATOR
Net income$64,690 $55,877 $36,593 
Less: Net income attributable to restricted shares(761)(648)(564)
Less: Income attributable to unitholders in the Operating Partnership
(13,551)(11,723)(7,653)
Net income attributable to common stockholders—basic
$50,378 $43,506 $28,376 
Income attributable to American Assets Trust, Inc. common stockholders—basic
$50,378 $43,506 $28,376 
Plus: Income attributable to unitholders in the Operating Partnership
13,551 11,723 7,653 
Net income attributable to common stockholders—diluted
$63,929 $55,229 $36,029 
DENOMINATOR
Weighted average common shares outstanding—basic
60,158,976 60,048,970 59,990,740 
Effect of dilutive securities—conversion of Operating Partnership units
16,181,537 16,181,537 16,181,537 
Weighted average common shares outstanding—diluted
76,340,513 76,230,507 76,172,277 
Earnings per common share, basic$0.84 $0.72 $0.47 
Earnings per common share, diluted$0.84 $0.72 $0.47