Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Real estate, at cost
Operating real estate	$ 3,656,674	$ 3,449,009
Construction in progress	68,067	176,868
Held for development	487	487
Total Real estate, at cost	3,725,228	3,626,364
Accumulated depreciation	(1,090,834)	(1,038,878)
Real estate, net	2,634,394	2,587,486
Cash and cash equivalents	143,736	425,659
Accounts receivable, net	6,491	6,905
Deferred rent receivables, net	86,357	88,059
Other assets, net	84,698	87,737
Real estate assets held for sale	0	77,519
TOTAL ASSETS	2,955,676	3,273,365
LIABILITIES:
Secured notes payable, net	74,804	74,759
Unsecured notes payable, net	1,611,829	1,935,756
Accounts payable and accrued expenses	66,606	63,693
Security deposits payable	9,206	8,896
Other liabilities and deferred credits, net	59,386	62,588
Liabilities related to real estate assets held for sale	0	3,352
Total liabilities	1,821,831	2,149,044
Commitments and contingencies (Note 12)
American Assets Trust, Inc. stockholders’ equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 61,152,542 and 61,138,238 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	612	611
Additional paid-in capital	1,478,222	1,474,869
Accumulated dividends in excess of net income	(297,518)	(304,339)
Accumulated other comprehensive income	2,809	4,760
Total American Assets Trust, Inc. stockholders’ equity	1,184,125	1,175,901
Noncontrolling interests	(50,280)	(51,580)
Total equity	1,133,845	1,124,321
TOTAL LIABILITIES AND EQUITY	$ 2,955,676	$ 3,273,365