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WASHINGTON, D.C. 20549

FORM 10-K

☒						ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

or

☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to   

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.)

Securities registered pursuant to Section 12(b) of the Act:

Registrant			Title of Each Class			Trading Symbol			Name Of Each Exchange On Which Registered
American Assets Trust, Inc.			Common Stock, $.01 par value per share			AAT			New York Stock Exchange
American Assets Trust, L.P.			None			None			None

Securities registered pursuant to Section 12(g) of the Act:

American Assets Trust, Inc.			None
American Assets Trust, L.P.			None

   

American Assets Trust, Inc.

☒

Yes

☐

No

American Assets Trust, L.P.

☐

Yes

☒

No

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

American Assets Trust, Inc.

☐

Yes

☒

No

American Assets Trust, L.P.

☐

Yes

☒

No

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

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted 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 and post such files).    

American Assets Trust, Inc.

☒

Yes

☐

No

American Assets Trust, L.P.

☒

Yes

☐

No

    American Assets Trust, Inc.

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-Accelerated Filer

☐

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. o

    American Assets Trust, L.P.

Large Accelerated Filer

☐

Accelerated Filer

☐

Non-Accelerated Filer

☒

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7562(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

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

The number of American Assets Trust, Inc.’s common shares outstanding on February 11, 2022 was 60,523,831.

TABLE OF CONTENTS

 

PART I			4
ITEM 1. BUSINESS			4
ITEM 1A. RISK FACTORS			9
ITEM 1B. UNRESOLVED STAFF COMMENTS			33
ITEM 2. PROPERTIES			34
ITEM 3. LEGAL PROCEEDINGS			39
ITEM 4. MINE SAFETY DISCLOSURES			39
PART II			40
ITEM 5. MARKET FOR OUR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES			40
ITEM 6. SELECTED FINANCIAL DATA			42
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			44
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			65
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA			66
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE			66
ITEM 9A. CONTROLS AND PROCEDURES			66
ITEM 9B. OTHER INFORMATION			68
PART III			68
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE			68
ITEM 11. EXECUTIVE COMPENSATION			68
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS			68
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE			68
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES			68
ITEM 15. DELINQUENT SECTION 16(A) REPORTS			68
PART IV			69
ITEM 16. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES			69
SIGNATURES			72

•the impact of epidemics, pandemics, or other outbreaks of illness, disease or virus (such as the outbreak of COVID-19 and its variants) and the actions taken by government authorities and others related thereto, including the ability of our company, our properties and our tenants to operate;

•adverse economic or real estate developments in our markets;

•our failure to generate sufficient cash flows to service our outstanding indebtedness;

•defaults on, early terminations of or non-renewal of leases by tenants, including significant tenants;

•difficulties in identifying properties to acquire and completing acquisitions;

•difficulties in completing dispositions;

•our failure to successfully operate acquired properties and operations;

•our inability to develop or redevelop our properties due to market conditions;

•fluctuations in interest rates and increased operating costs;

•risks related to joint venture arrangements;

•our failure to obtain necessary outside financing;

•on-going litigation;

•general economic conditions;

•financial market fluctuations;

•risks that affect the general office, retail, multifamily and mixed-use environment;

•the competitive environment in which we operate;

•decreased rental rates or increased vacancy rates;

•conflicts of interests with our officers or directors;

•lack or insufficient amounts of insurance;

•environmental uncertainties and risks related to adverse weather conditions and natural disasters;

•other factors affecting the real estate industry generally;

•limitations imposed on our business and our ability to satisfy complex rules in order for American Assets Trust, Inc. to continue to qualify as a real estate investment trust, or REIT, for U.S. federal income tax purposes; and

•changes in governmental regulations or interpretations thereof, such as real estate and zoning laws and increases in real property tax rates and taxation of REITs.

•Irreplaceable Portfolio of High Quality Office, Retail and Multifamily Properties. We have acquired and developed a high quality portfolio of office, retail and multifamily properties located in affluent neighborhoods and sought-after business centers in San Diego, California, San Francisco, California, Portland, Oregon; Bellevue, Washington; San Antonio, Texas and Oahu, Hawaii. Many of our properties are located in in-fill locations where developable land is scarce or where we believe current zoning, environmental and entitlement regulations significantly restrict new development. We believe that the location of many of our properties will provide us an advantage in terms of generating higher internal revenue growth on a relative basis.

•Experienced and Committed Senior Management Team with Strong Sponsorship. The members of our senior management team have significant experience in all aspects of the commercial real estate industry.

•Properties Located in High-Barrier-to-Entry Markets with Strong Real Estate Fundamentals. Our core markets currently include Southern California, Northern California, Oregon, Washington and Hawaii, which we believe have attractive long-term real estate fundamentals driven by favorable supply and demand characteristics.

•Extensive Market Knowledge and Long-Standing Relationships Facilitate Access to a Pipeline of Acquisition and Leasing Opportunities. We believe that our in-depth market knowledge and extensive network of long-standing relationships in the real estate industry provide us access to an ongoing pipeline of attractive acquisition and investment opportunities in and near our core markets, while also facilitating our leasing efforts and providing us with opportunities to increase occupancy rates at our properties.

•Internal Growth Prospects through Development, Redevelopment and Repositioning. The development and redevelopment potential at several of our properties presents compelling growth prospects and our expertise enhances our ability to capitalize on these opportunities.

•Broad Real Estate Expertise with Office, Retail and Multifamily Focus. Our senior management team has strong experience and capabilities across the real estate sector with significant expertise in the office, retail and multifamily asset classes, which provides for flexibility in pursuing attractive acquisition, development and repositioning opportunities. Ernest Rady, our Chairman and Chief Executive Officer, and Robert Barton,

•Capitalizing on Acquisition Opportunities in High-Barrier-to-Entry Markets. We intend to pursue growth through the strategic acquisition of attractively priced, high quality properties that are well located in their submarkets, focusing on markets that generally are characterized by strong supply and demand characteristics, including high barriers to entry and diverse industry bases, that appeal to institutional investors.

•Repositioning/Redevelopment and Development of Office, Retail and Multifamily Properties. Our strategy is to selectively reposition and redevelop several of our existing or newly-acquired properties, and we will also selectively pursue ground-up development of undeveloped land where we believe we can generate attractive risk-adjusted returns.

•Disciplined Capital Recycling Strategy. Our strategy is to pursue an efficient asset allocation strategy that maximizes the value of our investments by selectively disposing of properties whose returns appear to have been maximized and redeploying capital into acquisition, repositioning, redevelopment and development opportunities with higher return prospects, in each case in a manner that is consistent with our qualification as a REIT.

•Proactive Asset and Property Management. We actively manage our properties, employ targeted leasing strategies, leverage our existing tenant relationships and focus on reducing operating expenses to increase occupancy rates at our properties, attract high quality tenants and increase property cash flows, thereby enhancing the value of our properties.

In 2021, approximately 55% of our net operating income was from our office properties. Work from home, flexible work schedules, open workplaces, videoconferencing, and teleconferencing are becoming more common, particularly as a result of the COVID-19 pandemic. These practices may enable businesses to reduce their office space requirements. There is also an increasing trend among some businesses to utilize shared office spaces and co-working spaces. A continuation of the movement towards these practices could, over time, erode the overall demand for office space and, in turn, place downward pressure on occupancy, rental rates and property valuations, which may adversely affect our financial condition, results of operations and cash flow.

•our cash flow may be insufficient to meet our required principal and interest payments;

•we may be unable to borrow additional funds as needed or on favorable terms, which could, among other things, adversely affect our ability to meet operational needs;

•we may be unable to refinance our indebtedness at maturity or the refinancing terms may be less favorable than the terms of our original indebtedness;

•we may be forced to dispose of one or more of our properties, possibly on unfavorable terms or in violation of certain covenants to which we may be subject;

•we may violate restrictive covenants in our loan documents, which would entitle the lenders to accelerate our debt obligations; and

•our default under any loan with cross-default provisions could result in a default on other indebtedness.

Certain of our existing debt instruments and other financial arrangements (excluding our third amended and restated credit facility) provide for borrowings to be made at variable interest rates that use the London Interbank Offered Rate, or LIBOR (or metrics derived from or related to LIBOR), as a benchmark for establishing the interest rate applicable to outstanding borrowings thereunder, and we may incur additional indebtedness or enter into new financial arrangements that use LIBOR as a benchmark for establishing the interest rate for borrowing thereunder. On July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop persuading or compelling banks to submit LIBOR rates after 2021. The cessation date for submission and publication of rates for certain tenors of LIBOR has since been extended by the ICE Benchmark Administration until mid-2023. Notwithstanding this extension, a joint statement by key regulatory authorities calls on banks to cease entering into new contracts that use U.S. dollar LIBOR as a reference rate by no later than December 31, 2021. In response to concerns regarding the future of LIBOR, the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York convened the Alternative Reference Rates Committee, or ARRC, to identify alternatives to LIBOR. The ARRC has recommended benchmark replacement procedures to assist issuers in continued capital market entry while safeguarding against LIBOR’s discontinuation. The initial steps in the ARRC’s recommended provision reference variations of the Secured Overnight Financing Rate, or SOFR which we utilize for our third amended and restated credit facility. At this time, it is not possible to predict whether any such changes will occur, whether LIBOR will be phased out or SOFR or any other alternative reference rates or other reforms to LIBOR will be enacted in the United Kingdom, the United States or elsewhere, or the effect that any such changes, phase out, alternative reference rates or other reforms, if they occur, would have on the amount of interest paid on, or the market value of, our LIBOR-based securities, including our notes, as well as our debt instruments and other financial arrangements, including our third amended and restated credit facility. Uncertainty as to the nature of such potential changes, phase out, alternative reference rates or other reforms may materially adversely affect the trading market for LIBOR-based securities. Reform of, or the replacement or phasing out of, LIBOR and proposed regulation of LIBOR and other benchmarks may materially adversely affect the market value of and the amount of interest paid on our LIBOR-based securities, debt instruments, derivatives and other financial arrangements, and could have a material adverse effect on our business, financial condition and results of operations.

•even if we are able to acquire a desired property, competition from other potential acquirers may significantly increase the purchase price;

•we may acquire properties that are not accretive to our results upon acquisition, and we may not successfully manage and lease those properties to meet our expectations;

•our cash flow may be insufficient to meet our required principal and interest payments;

•we may spend more than budgeted amounts to make necessary improvements or renovations to acquired properties;

•we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations, and as a result our results of operations and financial condition could be adversely affected;

•market conditions may result in higher than expected vacancy rates and lower than expected rental rates; and

•we may acquire properties subject to liabilities and without any recourse, or with only limited recourse, with respect to unknown liabilities, such as liabilities for clean-up of undisclosed environmental contamination, claims by tenants, vendors or other persons dealing with the former owners of the properties, liabilities incurred in the ordinary course of business and claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties.

Rules and regulations applicable to REITs impose certain restrictions on our ability to utilize hedges, swaps and other types of derivatives to hedge our liabilities. Subject to these restrictions, we may enter into hedging transactions to protect us from the effects of interest rate fluctuations on floating rate debt. Our hedging transactions may include entering into interest rate cap agreements or interest rate swap agreements. As described under Note 8. "Derivative and Hedging Activities," to the accompanying consolidated financial statements, we have entered into several interest rate swap agreements that are intended to reduce the interest rate variability exposure with respect to certain of our indebtedness. These agreements involve risks, such as the risk that such arrangements would not be effective in reducing our exposure to interest rate changes or that a court could rule that such an agreement is not legally enforceable. In addition, interest rate hedging can be expensive, particularly during periods of rising and volatile interest rates. Hedging could reduce the overall returns on our investments. Failure to hedge effectively against interest rate changes could materially adversely affect our financial condition, results of operations, cash flow and per share trading price of our common stock. In addition, while such agreements would be intended to lessen the impact of rising interest rates on us, they could also expose us to the risk that the other parties to the agreements would not perform, we could incur significant costs associated with the settlement of the agreements or that the underlying transactions could fail to qualify as highly-effective cash flow hedges under Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 815, Derivatives and Hedging.

•restrict our ability to incur additional indebtedness;

•restrict our ability to incur additional liens;

•restrict our ability to make certain investments (including certain capital expenditures);

•restrict our ability to merge with another company;

•restrict our ability to sell or dispose of assets;

•restrict our ability to make distributions to American Assets Trust, Inc.'s stockholders or American Assets Trust, L.P.'s unitholders; and

•require us to satisfy minimum financial coverage ratios, minimum tangible net worth requirements and/or maximum leverage ratios.

•decreased demand for office, retail, multifamily and mixed-use space, which would cause market rental rates and property values to be negatively impacted;

•reduced values of our properties may limit our ability to dispose of assets at attractive prices or to obtain debt financing secured by our properties and may reduce the availability of unsecured loans;

•our ability to obtain financing on terms and conditions that we find acceptable, or at all, may be limited, which could reduce our ability to pursue acquisition and development opportunities and refinance existing debt, reduce our returns from our acquisition and development activities and increase our future interest expense; and

•one or more lenders under our third amended and restated credit facility could refuse to fund their financing commitment to us or could fail and we may not be able to replace the financing commitment of any such lenders on favorable terms, or at all.

•competition for guests with other hospitality properties, some of which may have greater marketing and financial resources than the managers of our hospitality properties;

•increases in operating costs from inflation, labor costs (including the impact of unionization), workers' compensation and healthcare related costs, utility costs, insurance and other factors that the managers of our hospitality properties may not be able to offset through higher rates;

•the fluctuating and seasonal demands of business travelers and tourism, which seasonality may cause quarterly fluctuations in our revenues;

•general and local economic conditions that may affect demand for travel in general (including as it may relate to the ongoing impact of the COVID-19 pandemic);

•periodic oversupply resulting from excessive new development;

•unforeseen events beyond our control, such as terrorist attacks, travel-related health concerns, including pandemics and epidemics, imposition of taxes or surcharges by regulatory authorities, travel-related accidents, climate change and unusual weather patterns, including natural disasters such as earthquakes, wildfires, tropical storms, hurricanes and tornadoes; and

•decreased reimbursement revenue from the licensor for traveler reward programs.

•unsuccessful development or redevelopment opportunities could result in direct expenses to us;

•construction or redevelopment costs of a project may exceed original estimates, possibly making the project less profitable than originally estimated, or unprofitable;

•time required to complete the construction or redevelopment of a project or to lease up the completed project may be greater than originally anticipated, thereby adversely affecting our cash flow and liquidity;

•contractor and subcontractor disputes, strikes, labor disputes or supply disruptions;

•failure to achieve expected occupancy and/or rent levels within the projected time frame, if at all;

•delays with respect to obtaining or the inability to obtain necessary zoning, occupancy, land use and other governmental permits, and changes in zoning and land use laws;

•occupancy rates and rents of a completed project may not be sufficient to make the project profitable;

•our ability to dispose of properties developed or redeveloped with the intent to sell could be impacted by the ability of prospective buyers to obtain financing given the current state of the credit markets; and

•the availability and pricing of financing to fund our development activities on favorable terms or at all.

Many of the properties we currently own are located in California, Oregon, Washington and Hawaii, which are areas especially subject to earthquakes. While we carry earthquake insurance on all of our properties, the amount of our earthquake insurance coverage may not be sufficient to fully cover losses from earthquakes and will be subject to limitations involving large deductibles or co-payments. In addition, we may reduce or discontinue earthquake insurance on some or all of our properties in the future if the cost of premiums for any such policies exceeds, in our judgment, the value of the coverage

We may become subject to laws or regulations related to climate change, which could cause our business, results of operations and financial condition to be impacted adversely. The federal government has enacted, and some of the states and localities in which we operate may enact, certain climate change laws and regulations or have begun regulating carbon footprints and greenhouse gas emissions. Although these laws and regulations have not had any known material adverse effects on our business to date, they could result in substantial costs, including compliance costs, increased energy costs, retrofit costs and construction costs, including monitoring and reporting costs, and capital expenditures for environmental control facilities and other new equipment. Furthermore, our reputation could be negatively affected if we violate climate change laws or regulations. We cannot predict how future laws and regulations, or future interpretations of current laws and regulations, related to climate change will affect our properties, business, results of operations and financial condition. Lastly, the potential physical impacts of climate change on our operations are highly uncertain, and would be particular to the geographic circumstances in areas in which we operate. These may include changes global weather patterns, which could include local changes in rainfall and storm patterns and intensities, water shortages, changing sea levels and changing temperature averages or extremes. These impacts may adversely affect our properties, our business, financial condition and results of operations.

In the event that we experience a substantial or comprehensive loss of one of our properties, we may not be able to rebuild such property to its existing specifications. Further, reconstruction or improvement of such a property would likely require significant upgrades to meet zoning and building code requirements. Environmental and legal restrictions could also restrict the rebuilding of our properties. For example, if we experienced a substantial or comprehensive loss of our Torrey Reserve Campus in San Diego, California, reconstruction could be delayed or prevented by the California Coastal Commission, which regulates land use in the California coastal zone.

We may co-invest in the future with other third parties through partnerships, joint ventures or other entities, acquiring non-controlling interests in or sharing responsibility for managing the affairs of a property, partnership, joint venture or other entity. Consequently, with respect to any such arrangement we may enter into in the future, we would not be in a position to exercise sole decision-making authority regarding the property, partnership, joint venture or other entity. Investments in partnerships, joint ventures or other entities may, under certain circumstances, involve risks not present were a third party not involved, including the possibility that partners or co-venturers might become bankrupt or fail to fund their share of required capital contributions. Partners or co-venturers may have economic or other business interests or goals which are inconsistent with our business interests or goals, and may be in a position to take actions contrary to our policies or objectives, and they may have competing interests in our markets that could create conflict of interest issues. Such investments may also have the potential risk of impasses on decisions, such as a sale, because neither we nor the partner or co-venturer would have full control over the partnership or joint venture. In addition, a sale or transfer by us to a third party of our interests in the joint venture may be subject to consent rights or rights of first refusal, in favor of our joint venture partners, which would in each case restrict our ability to dispose of our interest in the joint venture. Where we are a limited partner or non-managing member in any partnership or limited liability company, if such entity takes or expects to take actions that could jeopardize our status as a REIT or require us to pay tax, we may be forced to dispose of our interest in such entity. Disputes between us and partners or co-venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and/or directors from focusing their time and effort on our business. Consequently, actions by or disputes with partners or co-venturers might result in subjecting properties owned by the partnership or joint venture to additional risk. In addition, we may in certain circumstances be liable for the actions of our third-party partners or co-venturers. Our joint ventures may be subject to debt and, in the current volatile credit market, the refinancing of such debt may require equity capital calls.

Our growth depends on external sources of capital that are outside of our control and may not be available to us on commercially reasonable terms or at all, which could limit our ability, among other things, to meet our capital and operating needs or make the cash distributions to American Assets Trust, Inc.'s stockholders necessary to maintain our qualification as a REIT.

•general market conditions;

•the market's perception of our growth potential;

•our current debt levels;

•our current and expected future earnings;

•our cash flow and cash distributions; and

•the market price per share of our common stock.

•local oversupply or reduction in demand for office, retail, multifamily or mixed-use space;

•adverse changes in financial conditions of buyers, sellers and tenants of properties;

•vacancies or our inability to rent space on favorable terms, including possible market pressures to offer tenants rent abatements, tenant improvements, early termination rights or below market renewal options, and the need to periodically repair, renovate and re-let space;

•increased operating costs, including insurance premiums, utilities, real estate taxes and state and local taxes;

•a favorable interest rate environment that may result in a significant number of potential residents of our multifamily apartment communities deciding to purchase homes instead of renting;

•rent control or stabilization laws, or other laws regulating rental housing, which could prevent us from raising rents to offset increases in operating costs;

•civil unrest, acts of war, terrorist attacks, pandemics and natural disasters, including earthquakes, wildfires, tropical storms, hurricanes, tornadoes and floods, which may result in uninsured or underinsured losses;

•decreases in the underlying value of our real estate;

•changing submarket demographics; and

•changing traffic patterns.

•redemption rights of qualifying parties;

•a requirement that we may not be removed as the general partner of our Operating Partnership without our consent;

•transfer restrictions on common units;

•our ability, as general partner, in some cases, to amend the partnership agreement and to cause the Operating Partnership to issue units with terms that could delay, defer or prevent a merger or other change of control of us or our Operating Partnership without the consent of the limited partners; and

•the right of the limited partners to consent to direct or indirect transfers of the general partnership interest, including as a result of a merger or a sale of all or substantially all of our assets, in the event that such transfer requires approval by our common stockholders.

•wage and benefit costs;

•repair and maintenance expenses;

•energy costs;

•property taxes;

•insurance costs; and

•other operating expenses.

•we would not be allowed a deduction for distributions to American Assets Trust, Inc.'s stockholders in computing our taxable income and would be subject to the regular U.S. federal corporate income tax rate (and we could be subject to the federal alternative minimum tax for taxable years prior to 2018);

•we also could be subject to increased state and local taxes; and

•unless we are entitled to relief under applicable statutory provisions, we could not elect to be taxed as a REIT for four taxable years following the year during which we were disqualified.

The rapid development of the COVID-19 pandemic, restrictions intended to prevent its spread, and the volatile financial, economic and capital markets environment present material risks and uncertainties with respect to our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations and to pay dividends and distributions to security holders and could also have a material adverse effect on the market value of our securities.

ITEM 1B.UNRESOLVED STAFF COMMENTS

Retail and Office Portfolios

Property			Location						Year Built/ Renovated						Number of Buildings						Net Rentable Square Feet						Percentage Leased						Annualized Base Rent (1)						Annualized Base Rent Per Leased Square Foot
OFFICE PROPERTIES
La Jolla Commons			San Diego, CA						2008/2014						2						724,208						98.3		%				$	43,140,280					$	60.60
Torrey Reserve Campus			San Diego, CA						1996-2000/2014-2016						14						521,740						81.2						20,806,364						49.11
Torrey Point			San Diego, CA						2017						2						93,264						94.9						5,246,319						59.28
Solana Beach Corporate Centre			Solana Beach, CA						1982/2005						4						224,009						84.3						8,306,632						43.99
The Landmark at One Market (2)			San Francisco, CA						1917/2000						1						422,426						100.0						38,442,273						91.00
One Beach Street			San Francisco, CA						1924/1972/1987/1992						1						100,270						—						—						—
First & Main (7)			Portland, OR						2010						1						360,314						94.3						10,838,438						31.90
Lloyd Portfolio			Portland, OR						1940-2015						3						515,928						98.5						16,788,015						33.03
City Center Bellevue			Bellevue, WA						1987						1						496,437						93.0						23,957,153						51.89
Eastgate Office Park			Bellevue, WA						1985						4						280,053						86.7						9,023,004						37.16
Corporate Campus East III			Bellevue, WA						1986						4						157,163						85.9						5,115,751						37.89
Subtotal / Weighted Average Office Portfolio (3)															37						3,895,812						90.4		%				$	181,664,229					$	51.58
RETAIL PROPERTIES
Carmel Country Plaza			San Diego, CA						1991						9						78,098						84.2		%				$	3,575,947					$	54.38
Carmel Mountain Plaza (4)			San Diego, CA						1994/2014						15						528,416						95.0						12,605,920						25.11
South Bay Marketplace (4)			San Diego, CA						1997						9						132,877						100.0						2,453,978						18.47
Gateway Marketplace			San Diego, CA						1997/2016						3						127,861						100.0						2,624,425						20.53
Lomas Santa Fe Plaza			Solana Beach, CA						1972/1997						9						208,297						96.4						6,117,616						30.47
Solana Beach Towne Centre			Solana Beach, CA						1973/2000/2004						12						246,651						94.7						6,225,096						26.65
Del Monte Center (4)			Monterey, CA						1967/1984/2006						16						673,155						82.1						8,985,980						16.26
Geary Marketplace			Walnut Creek, CA						2012						3						35,159						100.0						1,276,954						36.32
The Shops at Kalakaua			Honolulu, HI						1971/2006						3						11,671						77.7						672,886						74.20
Waikele Center			Waipahu, HI						1993/2008						9						418,047						100.0						12,231,181						29.26
Alamo Quarry Market (4)			San Antonio, TX						1997/1999						16						588,148						94.0						13,968,360						25.27
Hassalo on Eighth - Retail (5)			Portland, OR						2015						3						44,236						71.0						1,017,659						32.40
Subtotal / Weighted Average Retail Portfolio (1)															107						3,092,616						92.6		%				$	71,756,002					$	25.06
Total / Weighted Average Retail and Office Portfolio (1)															144						6,988,428						91.4		%				$	253,420,231					$	39.67

Mixed-Use Portfolio

Retail Portion			Location						Year Built/ Renovated						Number of Buildings						Net Rentable Square Feet						Percent Leased						Annualized Base Rent						Annualized Base Rent Per Leased Square Foot
Waikiki Beach Walk—Retail			Honolulu, HI						2006						3						93,925						89.6		%				$	6,413,365					$	76.21

Hotel Portion			Location						Year Built/ Renovated						Number of Buildings						Units						Average Occupancy						Average Daily Rate						Revenue per Available Room
Waikiki Beach Walk—Embassy SuitesTM			Honolulu, HI						2008/2014/2020						2						369						66.4		%				$	278.87					$	185.13

 

Property			Location						Year Built/ Renovated						Number of Buildings						Units						Percentage Leased						Annualized Base Rent						Average Monthly Base Rent per Leased Unit
Loma Palisades			San Diego, CA						1958/2001 - 2008/2021						80						548						97.5		%				$	15,005,424					$	2,340
Imperial Beach Gardens			Imperial Beach, CA						1959/2008						26						160						95.6						4,134,048						2,252
Mariner’s Point			Imperial Beach, CA						1986						8						88						95.5						1,988,148						1,971
Santa Fe Park RV Resort (6)			San Diego, CA						1971/2007-2008						1						126						93.7						1,793,688						1,266
Pacific Ridge Apartments			San Diego, CA						2013						3						533						97.7						19,541,508						3,127
Hassalo on Eighth - Multifamily (5)			Portland, OR						2015						3						657						94.1						11,094,504						1,495
Total / Weighted Average Multifamily															121						2,112						96.0		%				$	53,557,320					$	2,201

    

			Leased Square Feet												Annualized Base						Pro Forma Annualized
			Under Signed But						Annualized						Rent per						Base Rent per
			Not Commenced Leases (a)						Base Rent (b)						Leased Square Foot (b)						Leased Square Foot (c)
Office Portfolio			$	53,388					$	4,089,350					$	76.60					$	51.65
Retail Portfolio			79,424						1,721,495						$	21.67					$	25.67
Total Retail and Office Portfolio			$	132,812					$	5,810,845					$	43.75					$	40.00

        

Property			Number of Ground Leases						Square Footage Leased Pursuant to Ground Leases (a)						Aggregate Annualized Base Rent
Carmel Mountain Plaza			5						17,607						$	805,561
South Bay Marketplace			1						2,824						$	102,276
Del Monte Center			1						212,500						$	96,000
Alamo Quarry Market			3						20,694						$	301,371

•The net rentable square feet for each of our retail properties and the retail portion of our mixed-use property is the sum of (1) the square footages of existing leases, plus (2) for available space, the field-verified square footage. The net rentable square feet for each of our office properties is the sum of (a) the square footages of existing leases, plus (b) for available space, management's estimate of net rentable square feet based, in part, on past leases. The net rentable square feet included in such office leases is generally determined consistently with the Building Owners and Managers Association, or BOMA, 2010 measurement guidelines. Net rentable square footage may be adjusted from the prior period to reflect re-measurement of leased space at the properties.

•Percentage leased for each of our retail and office properties and the retail portion of the mixed-use property is calculated as square footage under leases as of December 31, 2021, divided by net rentable square feet, expressed as a percentage. The square footage under lease includes leases which may not have commenced as of December 31, 2021. Percentage leased for our multifamily properties is calculated as total units rented as of December 31, 2021, divided by total units available, expressed as a percentage.

•Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents, before abatements) for the month ended December 31, 2021, by 12. Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage under lease as of December 31, 2021. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses. Total abatements for leases in effect as of December 31, 2021 for our retail and office portfolio equaled approximately $14.5 million for the year ended December 31, 2021. Total abatements for leases in effect as of December 31, 2021 for our mixed-use portfolio equaled approximately $5.2 million for the year ended December 31, 2021. Total abatements for leases in effect as of December 31, 2021 for our multifamily portfolio equaled approximately $1.5 million for the year ended December 31, 2021.

•Units represent the total number of units available for sale or rent at December 31, 2021.

•Average occupancy represents the percentage of available units that were sold during the 12-month period ended December 31, 2021, and is calculated by dividing the number of units sold by the product of the total number of units and the total number of days in the period. Average daily rate represents the average rate paid for the units sold and is calculated by dividing the total room revenue (i.e., excluding food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services) for the 12-month period ended December 31, 2021, by the number of units sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for the 12-month period ended December 31, 2021 and is calculated by multiplying average occupancy by the average daily rate. RevPAR does not include food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services.

•Average monthly base rent per leased unit represents the average monthly base rent per leased units as of December 31, 2021.

At December 31, 2021, our operating portfolio had approximately 810 leases with office and retail tenants, of which 3 expired on December 31, 2021 and there were 10 that had not yet commenced as of such date. Our residential properties had 1,910 leases with residential tenants at December 31, 2021, excluding Santa Fe Park RV Resort. The retail portion of our mixed-use property had approximately 64 leases with retailers. Only one tenant or affiliated group of tenants accounted for more than 9.6% of our annualized base rent as of December 31, 2021 for our office, retail and retail portion of our mixed-use property portfolio. The following table sets forth information regarding the 25 tenants with the greatest annualized base rent for our combined office, retail and retail portion of our mixed-use property portfolios as of December 31, 2021.

Tenant						Property(ies)						Lease Expiration						Total Leased Square Feet						Rentable Square Feet as a Percentage of Total						Annualized Base Rent (1)						Annualized Base Rent as a Percentage of Total
Google LLC						The Landmark at One Market						12/31/2029						253,198						3.6		%				$	24,904,188					9.6		%
LPL Holdings, Inc.						La Jolla Commons						4/30/2029						421,001						5.9						18,724,794						7.2
Autodesk, Inc.						The Landmark at One Market						12/31/2022 12/31/2023						138,615						2.0						12,615,795						4.9
Smartsheet, Inc.						City Center Bellevue						12/31/2026 4/30/2029						123,041						1.7						6,664,187						2.6
VMware, Inc						City Center Bellevue						11/30/2022 5/31/2025 9/30/2027						109,985						1.6						5,584,938						2.1
Illumina, Inc.						La Jolla Commons						10/31/2027						73,176						1.0						4,453,345						1.7
Lowe's						Waikele Center						5/31/2028						155,000						2.2						3,720,000						1.4
Clearesult Operating, LLC						First & Main						4/30/2025						101,848						1.4						3,283,536						1.3
State of Oregon: Department of Environmental Quality						Lloyd District Portfolio						10/31/2031						87,787						1.2						2,849,538						1.1
Genentech, Inc.						Lloyd District Portfolio						10/31/2026						66,852						0.9						2,269,545						0.9
Internal Revenue Service (2)						First & Main						8/31/2030						63,648						0.9						2,189,700						0.8
Nordstrom Rack (3)						Alamo Quarry Market, Carmel Mountain Plaza						10/31/2027 9/30/2027						69,047						1.0						2,189,648						0.8
Sprouts Farmers Market						Solana Beach Towne Centre, Carmel Mountain Plaza, Geary Marketplace						6/30/2024 3/31/2025 9/30/2032						71,431						1.0						2,121,187						0.8
Veterans Benefits Administration						First & Main						8/31/2030						74,885						1.1						1,997,006						0.8
California Bank & Trust						Torrey Reserve Campus						2/29/2024						34,731						0.5						1,975,300						0.8
WeWork						Lloyd District Portfolio						1/31/2032						55,395						0.8						1,939,933						0.7
Industrious						City Center Bellevue						3/31/2034						37,166						0.5						1,888,472						0.7
Perkins Coie, LLP						Torrey Reserve Campus						12/31/2028						36,980						0.5						1,859,601						0.7
Troutman Sanders, LLP						Torrey Reserve Campus, First & Main						3/31/2025 4/30/2025						33,812						0.5						1,746,292						0.7
Marshalls						Solana Beach Towne Centre, Carmel Mountain Plaza						1/31/2025 1/31/2029						68,055						1.0						1,728,228						0.7
MEI Pharma, Inc.						Torrey Reserve Campus						3/31/2028						32,775						0.5						1,519,121						0.6
Vons						Lomas Santa Fe Plaza						12/31/2022						25,689						0.4						1,384,693						0.5
At Home Stores						Carmel Mountain Plaza						7/31/2029						107,870						1.5						1,384,552						0.5
Cisco Systems, Inc.						City Center Bellevue						2/28/2023						29,415						0.4						1,382,130						0.5
Ruth's Chris Steak House						Waikele Beach Walk, Torrey Reserve Campus						2/29/2025 1/31/2030						14,833						0.2						1,332,035						0.5
TOTAL																		2,286,235						32.3		%				$	111,707,764					42.9		%

     

Region			Number of Properties						Net Rentable Square Feet						Percentage of Net Rentable Square Feet (1)
Southern California			10						2,885,421						40.7		%
Northern California			4						1,231,010						17.4
Oregon			3						920,478						13.0
Washington			3						933,653						13.2
Texas			1						588,148						8.3
Hawaii (2)			3						523,643						7.4
Total			24						7,082,353						100.0		%

     

Segment			Number of Properties						Property Operating Income						Percentage of Property Operating Income
Office			11						$	136,133					55.4		%
Retail			12						66,679						27.1
Mixed-Use			1						29,104						11.8
Multifamily			6						14,138						5.7
Total			30						$	246,054					100.0		%

Year of Lease Expiration						Square Footage of Expiring Leases						Percentage of Portfolio Net Rentable Square Feet						Annualized Base Rent (1)						Percentage of Portfolio Annualized Base Rent						Annualized Base Rent Per Leased Square Foot (2)
Available						613,558						8.7		%				$	—					—		%				$	—
Month to Month						66,621						0.9						1,077,249						0.4						16.17
2022						614,263						8.7						23,525,088						9.7						38.30
2023						664,843						9.4						27,878,687						11.4						41.93
2024						738,838						10.4						25,953,027						10.7						35.13
2025						578,208						8.2						21,714,290						8.9						37.55
2026						613,853						8.7						23,539,658						9.7						38.35
2027						574,651						8.1						22,420,057						9.2						39.02
2028						743,126						10.5						17,981,232						7.4						24.20
2029						996,420						14.1						53,608,330						22.0						53.80
2030						235,733						3.3						8,621,930						3.5						36.57
2031						279,759						4.0						9,173,880						3.8						32.79
Thereafter						228,757						3.2						8,072,803						3.3						35.29
Signed Leases Not Commenced						133,723						1.9						—						—						—
Total:						7,082,353						100.0		%				$	243,566,231					100.0		%				$	34.39

ITEM 4.MINE SAFETY DISCLOSURES

ITEM 5.MARKET FOR OUR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

No unregistered equity securities were sold by us during 2021.

ITEM 6.SELECTED FINANCIAL DATA

The following tables set forth, on a historical basis, selected financial and operating data. The financial information has been derived from our consolidated balance sheets and statements of operations. You should read the following summary selected financial data in conjunction with “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8. Financial Statements and Supplementary Data.” The following data is in thousands, except per share and share data.

			American Assets Trust, Inc.
			Year Ended December 31,
			2021						2020						2019						2018						2017
Statement of Operations Data:
Revenue:
Rental income			$	360,208					$	330,312					$	343,865					$	309,537					$	298,803
Other property income			15,620						14,261						22,876						21,330						16,180
Total revenues			375,828						344,573						366,741						330,867						314,983
Expenses:
Rental expenses			86,980						79,178						91,967						86,482						84,006
Real estate taxes			42,794						41,941						40,013						34,973						32,671
General and administrative			29,879						26,581						24,871						22,784						21,382
Depreciation and amortization			116,306						108,292						96,205						107,093						83,278
Total operating expenses			275,959						255,992						253,056						251,332						221,337
Operating income			99,869						88,581						113,685						79,535						93,646
Interest expense			(58,587)						(53,440)						(54,008)						(52,248)						(53,848)
Loss on early extinguishment of debt			(4,271)						—						—						—						—
Gain on sale of real estate			—						—						633						—						—
Other income (expense), net			(418)						447						(122)						(85)						334
Net income			36,593						35,588						60,188						27,202						40,132
Net income attributable to restricted shares			(564)						(383)						(381)						(311)						(241)
Net income attributable to unitholders in the Operating Partnership			(7,653)						(7,545)						(14,089)						(7,205)						(10,814)
Net income attributable to American Assets Trust, Inc. stockholders			$	28,376					$	27,660					$	45,718					$	19,686					$	29,077
Net income attributable to common stockholders per share
Basic earnings per share			$	0.47					$	0.46					$	0.84					$	0.42					$	0.62
Diluted earnings per share			$	0.47					$	0.46					$	0.84					$	0.42					$	0.62
Weighted average shares of common stock outstanding - basic			59,990,740						59,806,309						54,110,949						46,950,812						46,715,520
Weighted average shares of common stock outstanding - diluted			76,172,277						76,119,763						70,786,132						64,136,559						64,087,250
Dividends declared per share			$	1.16					$	1.00					$	1.14					$	1.09					$	1.05

			American Assets Trust, Inc.
			Year Ended December 31,
			2021						2020						2019						2018						2017
Balance Sheet Data:
Net real estate			$	2,681,981					$	2,492,734					$	2,523,475					$	2,039,853					$	2,076,707
Total assets			3,017,927						2,817,309						2,790,333						2,198,250						2,259,864
Notes payable and line of credit			1,649,203						1,406,751						1,357,659						1,290,772						1,325,020
Total liabilities			1,807,804						1,563,903						1,496,661						1,395,779						1,415,720
Stockholders' equity			1,238,964						1,271,442						1,313,917						802,977						833,710
Noncontrolling interests			(28,841)						(18,036)						(20,245)						(506)						10,434
Total equity			1,210,123						1,253,406						1,293,672						802,471						844,144
Total liabilities and equity			3,017,927						2,817,309						2,790,333						2,198,250						2,259,864
Other Data:
Funds from operations (FFO) (1)			$	152,899					$	143,880					$	155,760					$	134,295					$	123,410
FFO attributable to common stock and units			152,342						143,503						155,384						133,990						123,174

The following table sets forth a reconciliation of our FFO to net income, the nearest GAAP equivalent, for the periods presented (in thousands)

			Year Ended December 31,
			2021						2020						2019						2018						2017
Net income			$	36,593					$	35,588					$	60,188					$	27,202					$	40,132
Plus: Real estate depreciation and amortization			116,306						108,292						96,205						107,093						83,278
Less: Gain on sale of real estate			—						—						(633)						—						—
Funds from operations, as defined by NAREIT			152,899						143,880						155,760						134,295						123,410
Less: Nonforfeitable dividends on restricted stock awards			(557)						(377)						(376)						(305)						(236)
FFO attributable to common stock and units			$	152,342					$	143,503					$	155,384					$	133,990					$	123,174

We continue to closely monitor the impact of the COVID-19 pandemic on all aspects of our business and geographies, including how it has and will impact our tenants and business partners. We are unable to predict the future impact that the COVID-19 pandemic will have on our financial condition, results of operations and cash flows due to numerous uncertainties. These uncertainties include the scope, severity and duration of the pandemic (including as the pandemic evolves due to future mutations of the COVID-19 virus), the ongoing governmental, business and individual actions taken to contain the pandemic or mitigate its impact, the availability and adoption of COVID-19 vaccines and the direct and indirect economic effects of the pandemic and containment measures, among others. The outbreak of COVID-19 in many countries, including the United States, has significantly adversely impacted global economic activity and has contributed to significant volatility and negative pressure in financial markets. The global impact of the pandemic continues to rapidly evolve. Certain states and cities, including where we own properties, have development sites and where our principal place of business is located, have at various points in time, reacted by instituting quarantines, restrictions on travel, "stay-at-home" orders or “shelter in place” rules, social distancing measures, and restrictions on business operations and/or construction projects (including, required shut-downs in some instances). It is unclear how customers’ concerns about COVID-19 transmission and sensitivities to the transmission of other diseases will impact their willingness to visit certain of our tenants' businesses. As a result, the COVID-19 pandemic has negatively impacted almost every industry directly or indirectly, including industries in which the Company and our tenants operate, and may continue to do so. Further, the impacts of a potential worsening of global economic conditions and the continued disruptions to, and volatility in, the credit and financial markets, consumer spending as well as other unanticipated consequences remain unknown.

For the year ended December 31, 2020, when compared to the designations for the year ended December 31, 2019, Torrey Point was reclassified to same-store properties as the property was placed into operations and became available for occupancy in August 2018. One Beach Street was reclassified to non-same-store properties when compared to the designations for the year ended December 31, 2019 due to redevelopment activity to renovate the property. Waikiki Beach Walk Retail and Embassy Suites™ Hotel is classified as a non-same-store properties due to spalling repair activity disrupting the hotel portion of the property's operations. Waikele Center is classified as a non-same-store property due to significant redevelopment activity. La Jolla Commons is classified as a non-same-store property, as it was acquired on June 20, 2019.

			December 31,
			2021						2020						2019
Same-Store			26						24						25
Non-Same Store			4						4						3
Total Properties			30						28						28
Redevelopment Same-Store			27						26						26
Total Development Properties			3						3						3

Segment capital expenditures for the years ended December 31, 2021 and 2020 are as follows (dollars in thousands):

						Year Ended December 31, 2021
Segment						Tenant Improvements and Leasing Commissions						Maintenance Capital Expenditures						Total Tenant Improvements, Leasing Commissions and Maintenance Capital Expenditures						Redevelopment and Expansions						New Development						Total Capital Expenditures
Office Portfolio						$	38,309					$	11,334					$	49,643					$	16,486					$	26,987					$	93,116
Retail Portfolio						5,506						1,705						7,211						21						—						7,232
Multifamily Portfolio						9						5,702						5,711						130						—						5,841
Mixed-Use Portfolio						274						1,267						1,541						—						—						1,541
Total						$	44,098					$	20,008					$	64,106					$	16,637					$	26,987					$	107,730
						Year Ended December 31, 2020
Segment						Tenant Improvements and Leasing Commissions						Maintenance Capital Expenditures						Total Tenant Improvements, Leasing Commissions and Maintenance Capital Expenditures						Redevelopment and Expansions						New Development						Total Capital Expenditures
Office Portfolio						$	35,732					$	8,745					$	44,477					$	4,096					$	4,309					$	52,882
Retail Portfolio						4,504						4,089						8,593						3						—						8,596
Multifamily Portfolio						—						3,897						3,897						—						—						3,897
Mixed-Use Portfolio						36						3,666						3,702						—						—						3,702
Total						$	40,272					$	20,397					$	60,669					$	4,099					$	4,309					$	69,077