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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUE:        
Rental income $ 105,094 $ 103,901 $ 210,115 $ 206,611
Other property income 5,796 5,820 11,470 10,864
Total revenue 110,890 109,721 221,585 217,475
EXPENSES:        
Rental expenses 29,505 28,711 59,346 56,216
Real estate taxes 10,843 11,086 22,089 22,718
General and administrative 8,737 8,609 17,579 17,608
Depreciation and amortization 31,011 29,823 61,228 59,724
Total operating expenses 80,096 78,229 160,242 156,266
OPERATING INCOME 30,794 31,492 61,343 61,209
Interest expense, net (16,289) (16,368) (32,544) (32,097)
Other income, net 789 273 11,118 6,951
NET INCOME 15,294 15,397 39,917 36,063
Net income attributable to restricted shares (195) (190) (391) (379)
Net income attributable to unitholders in the Operating Partnership (3,195) (3,224) (8,362) (7,565)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS $ 11,904 $ 11,983 $ 31,164 $ 28,119
EARNINGS PER COMMON SHARE, BASIC        
Earnings per common share, basic (in dollars per share) $ 0.20 $ 0.20 $ 0.52 $ 0.47
Weighted average shares of common stock outstanding - basic (in shares) 60,312,878 60,146,210 60,311,399 60,145,414
Earnings per common share, diluted        
Earnings per common share, diluted (in dollars per share) $ 0.20 $ 0.20 $ 0.52 $ 0.47
Weighted average shares of common stock outstanding - diluted (in shares) 76,494,415 76,327,747 76,492,936 76,326,951
DIVIDENDS DECLARED PER COMMON SHARE (in USD per share) $ 0.335 $ 0.330 $ 0.670 $ 0.660
COMPREHENSIVE INCOME        
Net income $ 15,294 $ 15,397 $ 39,917 $ 36,063
Other comprehensive income - unrealized (loss) income on swap derivatives during the period (850) 4,360 542 2,091
Reclassification of amortization of forward-starting swap included in interest expense (99) (98) (197) (952)
Comprehensive income 14,345 19,659 40,262 37,202
Comprehensive income attributable to non-controlling interests (2,993) (4,127) (8,432) (7,804)
Comprehensive income attributable to American Assets Trust, Inc. $ 11,352 $ 15,532 $ 31,830 $ 29,398