American Assets Trust, L.P.

CIK:0001509570|SEC Filings

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE:
Rental income	$ 103,115	$ 101,070	$ 207,537	$ 204,021
Other property income	6,368	6,863	12,538	12,519
Total revenue	109,483	107,933	220,075	216,540
EXPENSES:
Rental expenses	31,769	29,678	63,489	59,978
Real estate taxes	9,791	10,645	21,737	21,650
General and administrative	8,912	8,850	17,695	18,162
Depreciation and amortization	32,712	32,782	65,023	63,276
Total operating expenses	83,184	81,955	167,944	163,066
Gain on sale of real estate	0	0	0	44,476
OPERATING INCOME	26,299	25,978	52,131	97,950
Interest expense, net	(19,931)	(19,784)	(39,638)	(38,564)
Other income, net	422	927	1,036	1,842
NET INCOME	6,790	7,121	13,529	61,228
Net income attributable to restricted shares	(235)	(206)	(471)	(409)
Net income attributable to unitholders in the Operating Partnership	(1,380)	(1,459)	(2,749)	(12,828)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$ 5,175	$ 5,456	$ 10,309	$ 47,991
EARNINGS PER COMMON SHARE
Earnings per common share, basic (in dollars per share)	$ 0.09	$ 0.09	$ 0.17	$ 0.79
Weighted average shares of common stock outstanding - basic (in shares)	60,703,355	60,540,125	60,700,533	60,538,720
Earnings per common share, diluted (in dollars per share)	$ 0.09	$ 0.09	$ 0.17	$ 0.79
Weighted average shares of common stock outstanding - diluted (in shares)	76,884,892	76,721,662	76,882,070	76,720,257
DIVIDENDS DECLARED PER COMMON SHARE (in USD per share)	$ 0.340	$ 0.340	$ 0.680	$ 0.680
COMPREHENSIVE INCOME
Net income	$ 6,790	$ 7,121	$ 13,529	$ 61,228
Other comprehensive loss - change in value of interest rate swaps	(470)	(768)	(746)	(1,960)
Reclassification of amortization of forward-starting swaps included in interest expense	(257)	(258)	(515)	(516)
Comprehensive income	6,063	6,095	12,268	58,752
Comprehensive income attributable to non-controlling interests	(1,227)	(1,241)	(2,483)	(12,303)
Comprehensive income attributable to American Assets Trust, Inc.	$ 4,836	$ 4,854	$ 9,785	$ 46,449

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net income	$ 13,529	$ 61,228
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(1,816)	(363)
Depreciation and amortization	65,023	63,276
Amortization of debt issuance costs and debt discounts	1,514	1,442
Provision for uncollectible rental income	1,333	183
Gain on sale of real estate	0	(44,476)
Stock-based compensation expense	3,364	3,353
Lease termination income	0	814
Other noncash interest expense, net	(515)	(515)
Other, net	57	(179)
Changes in operating assets and liabilities
Change in accounts receivable	1,140	1,160
Change in other assets	(1,259)	(1,570)
Change in accounts payable and accrued expenses	3,920	1,316
Change in security deposits payable	437	74
Change in other liabilities and deferred credits	757	297
Net cash provided by operating activities	87,484	86,040
INVESTING ACTIVITIES
Acquisition of real estate	0	(67,879)
Capital expenditures	(44,909)	(37,259)
Proceeds from sale of real estate, net of selling costs	0	117,784
Leasing commissions	(4,767)	(3,027)
Net cash (used in) provided by investing activities	(49,676)	9,619
FINANCING ACTIVITIES
Repayment of unsecured term loan	0	(225,000)
Repayment of unsecured notes payable	0	(100,000)
Debt issuance costs	4,718	0
Dividends paid to common stock and unitholders	(52,755)	(52,582)
Net cash used in financing activities	(57,473)	(377,582)
Net decrease in cash and cash equivalents	(19,665)	(281,923)
Cash and cash equivalents, beginning of period	129,362	425,659
Cash and cash equivalents, end of period	$ 109,697	$ 143,736

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate, at cost
Operating real estate	$ 3,718,569	$ 3,694,203
Construction in progress	88,156	68,937
Held for development	487	487
Total real estate, at cost	3,807,212	3,763,627
Accumulated depreciation	(1,195,972)	(1,144,259)
Net real estate	2,611,240	2,619,368
Cash and cash equivalents	109,697	129,362
Accounts receivable, net	5,502	7,407
Deferred rent receivables, net	84,527	84,642
Other assets, net	81,567	80,497
TOTAL ASSETS	2,892,533	2,921,276
LIABILITIES:
Secured notes payable, net	74,895	74,849
Unsecured notes payable, net	1,613,061	1,612,761
Accounts payable and accrued expenses	81,216	71,094
Security deposits payable	10,500	10,063
Other liabilities and deferred credits	58,779	61,304
Total liabilities	1,838,451	1,830,071
Commitments and contingencies (Note 11)
American Assets Trust, Inc. stockholders’ equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 61,404,213 and 61,390,936 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	614	614
Additional paid-in capital	1,483,234	1,479,870
Accumulated dividends in excess of net income	(362,058)	(331,086)
Accumulated other comprehensive income	424	1,419
Total American Assets Trust, Inc. stockholders’ equity	1,122,214	1,150,817
Noncontrolling interests	(68,132)	(59,612)
Total equity	1,054,082	1,091,205
TOTAL LIABILITIES AND EQUITY	$ 2,892,533	$ 2,921,276