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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             

 
AMERICAN ASSETS TRUST, INC.
(Exact Name of Registrant as Specified in its Charter)
Commission file number: 001-35030

AMERICAN ASSETS TRUST, L.P.
(Exact Name of Registrant as Specified in its Charter)
Commission file number: 333-202342-01
 
 
 
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.)
 
 
 
 
 
 
 
 
 
1455 El Camino Real, Suite 200
 
92130
 
 
San Diego
California
 
 
(Address of Principal Executive Offices)
 
(Zip Code)
 
(858) 350-2600
(Registrant’s Telephone Number, Including Area Code)
 
 
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
(American Assets Trust, L.P. became subject to filing requirements under Section 13 of the Securities Exchange Act of 1934, as amended, upon effectiveness of its Registration Statement on Form S-3 on February 6, 2015 and has filed all required reports subsequent to that date.)
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).    
    
American Assets Trust, Inc.               Yes      No
American Assets Trust, L.P.              Yes      No
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
American Assets Trust, Inc.
Large Accelerated Filer
 
Accelerated Filer
Non-Accelerated Filer
(Do not check if a smaller reporting company)
Smaller reporting company
Emerging growth company
 
 
 

American Assets Trust, L.P.
Large Accelerated Filer
 
Accelerated Filer
Non-Accelerated Filer
(Do not check if a smaller reporting company)
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 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

Securities registered pursuant to Section 12(b) of the Act:
Name of Registrant
Title of each class
Trading Symbol
Name of each exchange on which registered
American Assets Trust, Inc.
Common Stock, par value $0.01 per share
AAT
New York Stock Exchange
American Assets Trust, L.P.
None
None
None

American Assets Trust, Inc. had 59,956,972 shares of common stock, par value $0.01 per share, outstanding as of November 1, 2019.




EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended September 30, 2019 of American Assets Trust, Inc., a Maryland corporation, and American Assets Trust, L.P., a Maryland limited partnership, of which American Assets Trust, Inc. is the parent company and sole general partner. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our” or “the company” refer to American Assets Trust, Inc. together with its consolidated subsidiaries, including American Assets Trust, L.P. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “our Operating Partnership” or “the Operating Partnership” refer to American Assets Trust, L.P. together with its consolidated subsidiaries.

American Assets Trust, Inc. operates as a real estate investment trust, or REIT, and is the sole general partner of the Operating Partnership. As of September 30, 2019, American Assets Trust, Inc. owned an approximate 78.4% partnership interest in the Operating Partnership. The remaining 21.6% partnership interests are owned by non-affiliated investors and certain of our directors and executive officers. As the sole general partner of the Operating Partnership, American Assets Trust, Inc. has full, exclusive and complete authority and control over the Operating Partnership’s day-to-day management and business, can cause it to enter into certain major transactions, including acquisitions, dispositions and refinancings, and can cause changes in its line of business, capital structure and distribution policies.

The company believes that combining the quarterly reports on Form 10-Q of American Assets Trust, Inc. and the Operating Partnership into a single report will result in the following benefits:

better reflects how management and the analyst community view the business as a single operating unit;
enhance investors' understanding of American Assets Trust, Inc. and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management;
greater efficiency for American Assets Trust, Inc. and the Operating Partnership and resulting savings in time, effort and expense; and
greater efficiency for investors by reducing duplicative disclosure by providing a single document for their review.

Management operates American Assets Trust, Inc. and the Operating Partnership as one enterprise. The management of American Assets Trust, Inc. and the Operating Partnership are the same.

There are a few differences between American Assets Trust, Inc. and the Operating Partnership, which are reflected in the disclosures in this report. We believe it is important to understand the differences between American Assets Trust, Inc. and the Operating Partnership in the context of how American Assets Trust, Inc. and the Operating Partnership operate as an interrelated consolidated company. American Assets Trust, Inc. is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership. As a result, American Assets Trust, Inc. does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership. American Assets Trust, Inc. itself does not hold any indebtedness. The Operating Partnership holds substantially all the assets of the company, directly or indirectly holds the ownership interests in the company’s real estate ventures, conducts the operations of the business and is structured as a partnership with no publicly-traded equity. Except for net proceeds from public equity issuances by American Assets Trust, Inc., which are generally contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the company’s business through the Operating Partnership’s operations, by the Operating Partnership’s direct or indirect incurrence of indebtedness or through the issuance of operating partnership units.

Noncontrolling interests and stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of American Assets Trust, Inc. and those of American Assets Trust, L.P. The partnership interests in the Operating Partnership that are not owned by American Assets Trust, Inc. are accounted for as partners’ capital in the Operating Partnership’s financial statements and as noncontrolling interests in American Assets Trust, Inc.’s financial statements. To help investors understand the significant differences between the company and the Operating Partnership, this report presents the following separate sections for each of American Assets Trust, Inc. and the Operating Partnership:

consolidated financial statements;
the following notes to the consolidated financial statements:
Debt;
Equity/Partners' Capital; and
Earnings Per Share/Unit; and
Liquidity and Capital Resources in Management's Discussion and Analysis of Financial Condition and Results of Operations.




This report also includes separate Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of American Assets Trust, Inc. and the Operating Partnership in order to establish that the Chief Executive Officer and the Chief Financial Officer of American Assets Trust, Inc. have made the requisite certifications and American Assets Trust, Inc. and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.





AMERICAN ASSETS TRUST, INC. AND AMERICAN ASSETS TRUST, L.P.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2019
 
PART 1. FINANCIAL INFORMATION
 
Item 1.
Financial Statements
 
 
Consolidated Financial Statements of American Assets Trust, Inc.:
 
 
 
 
 
 
 
 
 
 
Consolidated Financial Statements of American Assets Trust, L.P.:
 
 
 
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.




PART 1 - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS



American Assets Trust, Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Data)
 
 
September 30,
 
December 31,
 
2019
 
2018
 
(unaudited)
 
 
ASSETS
 
 
 
Real estate, at cost
 
 
 
Operating real estate
$
3,082,598

 
$
2,549,571

Construction in progress
73,340

 
71,228

Held for development
547

 
9,392

 
3,156,485

 
2,630,191

Accumulated depreciation
(642,188
)
 
(590,338
)
Net real estate
2,514,297

 
2,039,853

Cash and cash equivalents
115,568

 
47,956

Restricted cash
10,494

 
9,316

Accounts receivable, net
9,561

 
9,289

Deferred rent receivables, net
47,361

 
39,815

Other assets, net
91,677

 
52,021

TOTAL ASSETS
$
2,788,958

 
$
2,198,250

LIABILITIES AND EQUITY
 
 
 
LIABILITIES:
 
 
 
Secured notes payable, net
$
162,159

 
$
182,572

Unsecured notes payable, net
1,195,525

 
1,045,863

Unsecured line of credit, net

 
62,337

Accounts payable and accrued expenses
63,205

 
46,616

Security deposits payable
7,855

 
8,844

Other liabilities and deferred credits, net
61,990

 
49,547

Total liabilities
1,490,734

 
1,395,779

Commitments and contingencies (Note 12)

 


EQUITY:
 
 
 
American Assets Trust, Inc. stockholders’ equity
 
 
 
Common stock, $0.01 par value, 490,000,000 shares authorized, 59,956,972 and 47,335,409 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
599

 
474

Additional paid-in capital
1,450,816

 
920,661

Accumulated dividends in excess of net income
(139,307
)
 
(128,778
)
Accumulated other comprehensive income
5,162

 
10,620

Total American Assets Trust, Inc. stockholders’ equity
1,317,270

 
802,977

Noncontrolling interests
(19,046
)
 
(506
)
Total equity
1,298,224

 
802,471

TOTAL LIABILITIES AND EQUITY
$
2,788,958

 
$
2,198,250

The accompanying notes are an integral part of these consolidated financial statements.

1


American Assets Trust, Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)
(In Thousands, Except Shares and Per Share Data)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
REVENUE:
 
 
 
 
 
 
 
Rental income
$
93,147

 
$
78,079

 
$
249,634

 
$
231,172

Other property income
5,215

 
4,428

 
18,160

 
17,090

Total revenue
98,362

 
82,507

 
267,794

 
248,262

EXPENSES:
 
 
 
 
 
 
 
Rental expenses
23,989

 
21,383

 
66,611

 
62,685

Real estate taxes
10,942

 
8,787

 
29,263

 
25,961

General and administrative
6,479

 
5,176

 
18,495

 
16,139

Depreciation and amortization
26,568

 
19,886

 
69,733

 
86,033

Total operating expenses
67,978

 
55,232

 
184,102

 
190,818

OPERATING INCOME
30,384

 
27,275

 
83,692

 
57,444

Interest expense
(13,734
)
 
(12,879
)
 
(40,212
)
 
(39,387
)
Gain on sale of real estate

 

 
633

 

Other (expense) income, net
(131
)
 
(125
)
 
(410
)
 
(64
)
NET INCOME
16,519

 
14,271

 
43,703

 
17,993

Net income attributable to restricted shares
(92
)
 
(71
)
 
(277
)
 
(215
)
Net income attributable to unitholders in the Operating Partnership
(3,565
)
 
(3,806
)
 
(10,553
)
 
(4,765
)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS
$
12,862

 
$
10,394

 
$
32,873

 
$
13,013

 
 
 
 
 
 
 
 
EARNINGS PER COMMON SHARE
 
 
 
 
 
 
 
Earnings per common share, basic
$
0.22

 
$
0.22

 
$
0.63

 
$
0.28

Weighted average shares of common stock outstanding - basic
59,441,887

 
46,959,752

 
52,239,668

 
46,945,095

 
 
 
 
 
 
 
 
Earnings per common share, diluted
$
0.22

 
$
0.22

 
$
0.63

 
$
0.28

Weighted average shares of common stock outstanding - diluted
75,832,435

 
64,137,360

 
69,010,772

 
64,133,584

 
 
 
 
 
 
 
 
DIVIDENDS DECLARED PER COMMON SHARE
$
0.28

 
$
0.27

 
$
0.84

 
$
0.81

 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
 
 
 
 
 
 
 
Net income
$
16,519

 
$
14,271

 
$
43,703

 
$
17,993

Other comprehensive (loss) income - unrealized (loss) income on swap derivative during the period
(1,094
)
 
567

 
(7,117
)
 
4,303

Other comprehensive income - unrealized gain on forward-starting interest rate swaps
513

 

 
513

 

Reclassification of amortization of forward-starting swap included in interest expense
(333
)
 
(320
)
 
(972
)
 
(959
)
Comprehensive income
15,605

 
14,518

 
36,127

 
21,337

Comprehensive income attributable to non-controlling interest
(3,364
)
 
(3,872
)
 
(8,582
)
 
(5,645
)
Comprehensive income attributable to American Assets Trust, Inc.
$
12,241

 
$
10,646

 
$
27,545

 
$
15,692


The accompanying notes are an integral part of these consolidated financial statements.

2


American Assets Trust, Inc.
Consolidated Statement of Equity
(Unaudited)
(In Thousands, Except Share Data)
 
American Assets Trust, Inc. Stockholders’ Equity
 
Noncontrolling Interests - Unitholders in the Operating Partnership
 
Total
 
Common Shares
 
Additional
Paid-in
Capital
 
Accumulated
Dividends in
Excess of Net
Income
 
Accumulated Other Comprehensive Income (Loss)
 
 
Shares
 
Amount
 
 
Balance at December 31, 2018
47,335,409

 
$
474

 
$
920,661

 
$
(128,778
)
 
$
10,620

 
$
(506
)
 
$
802,471

Net income

 

 

 
11,188

 

 
4,055

 
15,243

Common shares issued
162,531

 
1

 
7,033

 

 

 

 
7,034

Forfeiture of restricted stock
(11,046
)
 

 

 

 

 

 

Dividends declared and paid

 

 

 
(13,251
)
 

 
(4,810
)
 
(18,061
)
Stock-based compensation

 

 
1,098

 

 

 

 
1,098

Other comprehensive income - change in value of interest rate swaps

 

 

 

 
(1,561
)
 
(571
)
 
(2,132
)
Reclassification of amortization of forward-starting swap included in interest expense

 

 

 

 
(234
)
 
(86
)
 
(320
)
Balance at March 31, 2019
47,486,894

 
$
475

 
$
928,792

 
$
(130,841
)
 
$
8,825

 
$
(1,918
)
 
$
805,333

Net income

 

 

 
9,008

 

 
2,933

 
11,941

Common shares issued
11,444,382

 
114

 
495,866

 

 

 

 
495,980

Issuance of restricted stock
4,412

 

 

 

 

 

 

Conversion of operating partnership units
787,060

 
8

 
12,979

 

 
148

 
(13,135
)
 

Dividends declared and paid

 

 

 
(13,664
)
 

 
(4,589
)
 
(18,253
)
Stock-based compensation

 

 
1,131

 

 

 

 
1,131

Other comprehensive income - change in value of interest rate swaps

 

 

 

 
(2,857
)
 
(1,034
)
 
(3,891
)
Reclassification of amortization of forward-starting swap included in interest expense

 

 

 

 
(240
)
 
(79
)
 
(319
)
Balance at June 30, 2019
59,722,748

 
$
597

 
$
1,438,768

 
$
(135,497
)
 
$
5,876

 
$
(17,822
)
 
$
1,291,922

Net income

 

 

 
12,954

 

 
3,565

 
16,519

Common shares issued
234,814

 
2

 
10,918

 

 

 

 
10,920

Forfeiture of restricted stock
(590
)
 

 

 

 

 

 

Dividends declared and paid

 

 

 
(16,764
)
 

 
(4,589
)
 
(21,353
)
Stock-based compensation

 

 
1,130

 

 

 

 
1,130

Other comprehensive income - change in value of interest rate swaps

 

 

 

 
(841
)
 
(253
)
 
(1,094
)
Other comprehensive income - unrealized gain on forward-starting interest rate swaps

 

 

 

 
388

 
125

 
513

Reclassification of amortization of forward-starting swap included in interest expense

 

 

 

 
(261
)
 
(72
)
 
(333
)
Balance at September 30, 2019
59,956,972

 
$
599

 
$
1,450,816

 
$
(139,307
)
 
$
5,162

 
$
(19,046
)
 
$
1,298,224


3


 
American Assets Trust, Inc. Stockholders’ Equity
 
Noncontrolling Interests - Unitholders in the Operating Partnership
 
Total
 
Common Shares
 
Additional
Paid-in
Capital
 
Accumulated
Dividends in
Excess of Net
Income
 
Accumulated Other Comprehensive Income (Loss)
 
 
Shares
 
Amount
 
 
Balance at December 31, 2017
47,204,588

 
$
473

 
$
919,066

 
$
(97,280
)
 
$
11,451

 
$
10,434

 
$
844,144

Net loss

 

 

 
(525
)
 

 
(166
)
 
(691
)
Forfeiture of restricted stock
(1,104
)
 

 

 

 

 

 

Dividends declared and paid

 

 

 
(12,745
)
 

 
(4,643
)
 
(17,388
)
Stock-based compensation

 

 
727

 

 

 

 
727

Other comprehensive income - change in value of interest rate swaps

 

 

 

 
2,107

 
754

 
2,861

Reclassification of amortization of forward-starting swap included in interest expense

 

 

 

 
(234
)
 
(86
)
 
(320
)
Balance at March 31, 2018
47,203,484

 
$
473

 
$
919,793

 
$
(110,550
)
 
$
13,324

 
$
6,293

 
$
829,333

Net income

 

 

 
3,288

 
$

 
1,125

 
4,413

Issuance of restricted stock
5,320

 

 

 

 

 

 

Forfeiture of restricted stock
(2,208
)
 

 

 

 

 

 

Conversion of operating partnership units
17,372

 

 
(916
)
 

 

 
916

 

Dividends declared and paid

 

 

 
(12,746
)
 

 
(4,642
)
 
(17,388
)
Stock-based compensation

 

 
727

 

 

 

 
727

Shares withheld for employee taxes
(159
)
 

 
(6
)
 

 

 

 
(6
)
Other comprehensive income - change in value of interest rate swaps

 

 

 

 
643

 
232

 
875

Reclassification of amortization of forward-starting swap included in interest expense

 

 

 

 
(233
)
 
(86
)
 
(319
)
Balance at June 30, 2018
47,223,809

 
$
473

 
$
919,598

 
$
(120,008
)
 
$
13,734

 
$
3,838

 
$
817,635

Net income

 

 

 
10,465

 

 
3,806

 
14,271

Forfeiture of restricted stock
(1,688
)
 

 

 

 

 

 

Dividends declared and paid

 

 

 
(12,750
)
 

 
(4,638
)
 
(17,388
)
Stock-based compensation

 

 
726

 

 

 

 
726

Other comprehensive income - change in value of interest rate swaps

 

 

 

 
416

 
151

 
567

Reclassification of amortization of forward-starting swap included in interest expense

 

 

 

 
(235
)
 
(85
)
 
(320
)
Balance at September 30, 2018
47,222,121

 
$
473

 
$
920,324

 
$
(122,293
)
 
$
13,915

 
$
3,072

 
$
815,491



The accompanying notes are an integral part of these consolidated financial statements.

4


American Assets Trust, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
 
Nine Months Ended September 30,
 
2019
 
2018
OPERATING ACTIVITIES
 
 
 
Net income
$
43,703

 
$
17,993

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Deferred rent revenue and amortization of lease intangibles
(3,652
)
 
153

Depreciation and amortization
69,733

 
86,033

Amortization of debt issuance costs and debt fair value adjustments
1,096

 
1,165

Gain on sale of real estate
(633
)
 

Stock-based compensation expense
3,359

 
2,180

Settlement of derivative instruments
513

 

Lease termination income
(4,518
)
 

Other noncash interest expense
(972
)
 
(959
)
Other, net
1,728

 
4

Changes in operating assets and liabilities
 
 
 
Change in accounts receivable
732

 
1,001

Change in other assets
(22
)
 
(12
)
Change in accounts payable and accrued expenses
16,461

 
8,292

Change in security deposits payable
(1,433
)
 
2,178

Change in other liabilities and deferred credits
(3,983
)
 
885

Net cash provided by operating activities
122,112

 
118,913

INVESTING ACTIVITIES
 
 
 
Acquisition of real estate
(507,780
)
 

Capital expenditures
(65,549
)
 
(31,666
)
Proceeds from sale of real estate, net of selling costs
8,191

 

Leasing commissions
(8,892
)
 
(5,127
)
Net cash used in investing activities
(574,030
)
 
(36,793
)
FINANCING ACTIVITIES
 
 
 
Repayment of secured notes payable
(20,468
)
 
(74,843
)
Proceeds from unsecured line of credit
59,000


35,000

Repayment of unsecured line of credit
(123,000
)
 
(13,000
)
Proceeds from unsecured notes payable
150,000

 

Debt issuance costs
(1,091
)
 
(2,687
)
Proceeds from issuance of common stock, net
513,934

 
(236
)
Dividends paid to common stock and unitholders
(57,667
)
 
(52,164
)
Shares withheld for employee taxes

 
(6
)
Net cash provided by (used in) financing activities
520,708

 
(107,936
)
Net increase (decrease) in cash and cash equivalents
68,790

 
(25,816
)
Cash, cash equivalents and restricted cash, beginning of period
57,272

 
91,954

Cash, cash equivalents and restricted cash, end of period
$
126,062

 
$
66,138


The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows:
 
Nine Months Ended September 30,
 
2019
 
2018
Cash and cash equivalents
$
115,568

 
$
56,220

Restricted cash
10,494

 
9,918

Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows
$
126,062

 
$
66,138

The accompanying notes are an integral part of these consolidated financial statements.

5


American Assets Trust, L.P.
Consolidated Balance Sheets
(In Thousands, Except Unit Data)
 
 
September 30,
 
December 31,
 
2019
 
2018
 
(unaudited)
 
 
ASSETS
 
 
 
Real estate, at cost
 
 
 
Operating real estate
$
3,082,598

 
$
2,549,571

Construction in progress
73,340

 
71,228

Held for development
547

 
9,392

 
3,156,485

 
2,630,191

Accumulated depreciation
(642,188
)
 
(590,338
)
Net real estate
2,514,297

 
2,039,853

Cash and cash equivalents
115,568

 
47,956

Restricted cash
10,494

 
9,316

Accounts receivable, net
9,561

 
9,289

Deferred rent receivables, net
47,361

 
39,815

Other assets, net
91,677

 
52,021

TOTAL ASSETS
$
2,788,958

 
$
2,198,250

LIABILITIES AND CAPITAL
 
 
 
LIABILITIES:
 
 
 
Secured notes payable, net
$
162,159

 
$
182,572

Unsecured notes payable, net
1,195,525

 
1,045,863

Unsecured line of credit, net

 
62,337

Accounts payable and accrued expenses
63,205

 
46,616

Security deposits payable
7,855

 
8,844

Other liabilities and deferred credits
61,990

 
49,547

Total liabilities
1,490,734

 
1,395,779

Commitments and contingencies (Note 12)

 


CAPITAL:
 
 
 
Limited partners' capital, 16,390,548 and 17,177,608 units issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
(20,899
)
 
(4,477
)
General partner's capital, 59,956,972 and 47,335,409 units issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
1,312,108

 
792,357

Accumulated other comprehensive income
7,015

 
14,591

Total capital
1,298,224

 
802,471

TOTAL LIABILITIES AND CAPITAL
$
2,788,958

 
$
2,198,250


The accompanying notes are an integral part of these consolidated financial statements.


6


American Assets Trust, L.P.
Consolidated Statements of Comprehensive Income
(Unaudited)
(In Thousands, Except Shares and Per Unit Data)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
REVENUE:
 
 
 
 
 
 
 
Rental income
$
93,147

 
$
78,079

 
$
249,634

 
$
231,172

Other property income
5,215

 
4,428

 
18,160

 
17,090

Total revenue
98,362

 
82,507

 
267,794

 
248,262

EXPENSES:
 
 
 
 
 
 
 
Rental expenses
23,989

 
21,383

 
66,611

 
62,685

Real estate taxes
10,942

 
8,787

 
29,263

 
25,961

General and administrative
6,479

 
5,176

 
18,495

 
16,139

Depreciation and amortization
26,568

 
19,886

 
69,733

 
86,033

Total operating expenses
67,978

 
55,232

 
184,102

 
190,818

OPERATING INCOME
30,384

 
27,275

 
83,692

 
57,444

Interest expense
(13,734
)
 
(12,879
)
 
(40,212
)
 
(39,387
)
Gain on sale of real estate

 

 
633

 

Other (expense) income, net
(131
)
 
(125
)
 
(410
)
 
(64
)
NET INCOME
16,519

 
14,271

 
43,703

 
17,993

Net income attributable to restricted shares
(92
)
 
(71
)
 
(277
)
 
(215
)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, L.P.
$
16,427

 
$
14,200

 
$
43,426

 
$
17,778

 
 
 
 
 
 
 
 
EARNINGS PER UNIT - BASIC
 
 
 
 
 
 
 
Earnings per unit, basic
$
0.22

 
$
0.22

 
$
0.63

 
$
0.28

Weighted average units outstanding - basic
75,832,435

 
64,137,360

 
69,010,772

 
64,133,584

 
 
 
 
 
 
 
 
EARNINGS PER UNIT - DILUTED
 
 
 
 
 
 
 
Earnings per unit, diluted
$
0.22

 
$
0.22

 
$
0.63

 
$
0.28

Weighted average units outstanding - diluted
75,832,435

 
64,137,360

 
69,010,772

 
64,133,584

 
 
 
 
 
 
 
 
DISTRIBUTIONS PER UNIT
$
0.28

 
$
0.27

 
$
0.84

 
$
0.81

 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
 
 
 
 
 
 
 
Net income
$
16,519

 
$
14,271

 
$
43,703

 
$
17,993

Other comprehensive income (loss) - unrealized income (loss) on swap derivative during the period
(1,094
)
 
567

 
(7,117
)
 
4,303

Other comprehensive income - unrealized gain on forward-starting interest rate swaps
513

 

 
513

 

Reclassification of amortization of forward-starting swap included in interest expense
(333
)
 
(320
)
 
(972
)
 
(959
)
Comprehensive income
15,605

 
14,518

 
36,127

 
21,337

Comprehensive income attributable to Limited Partners
(3,364
)
 
(3,872
)
 
(8,582
)
 
(5,645
)
Comprehensive income attributable to General Partner
$
12,241

 
$
10,646

 
$
27,545

 
$
15,692


The accompanying notes are an integral part of these consolidated financial statements.

7


American Assets Trust, L.P.
Consolidated Statement of Partners' Capital
(Unaudited)
(In Thousands, Except Unit Data)
 
Limited Partners' Capital (1)
 
General Partner's Capital (2)
 
Accumulated Other Comprehensive Income (Loss)
 
Total Capital
 
Units
 
Amount
 
Units
 
Amount
 
Balance at December 31, 2018
17,177,608

 
$
(4,477
)
 
47,335,409

 
$
792,357

 
$
14,591

 
$
802,471

Net income

 
4,055

 

 
11,188

 

 
15,243

Contributions from American Assets Trust, Inc.

 

 
162,531

 
7,034

 

 
7,034

Forfeiture of restricted units

 

 
(11,046
)
 

 

 

Distributions

 
(4,810
)
 

 
(13,251
)
 

 
(18,061
)
Stock-based compensation

 

 

 
1,098

 

 
1,098

Other comprehensive income - change in value of interest rate swap

 

 

 

 
(2,132
)
 
(2,132
)
Reclassification of amortization of forward-starting swap included in interest expense

 

 

 

 
(320
)
 
(320
)
Balance at March 31, 2019
17,177,608

 
$
(5,232
)
 
47,486,894

 
$
798,426

 
$
12,139

 
$
805,333

Net income

 
2,933

 

 
9,008

 

 
11,941

Contributions from American Assets Trust, Inc.

 

 
11,444,382

 
495,980

 

 
495,980

Issuance of restricted units

 

 
4,412

 

 

 

Conversion of operating partnership units
(787,060
)
 
(12,987
)
 
787,060

 
12,987

 

 

Distributions

 
(4,589
)
 

 
(13,664
)
 

 
(18,253
)
Stock-based compensation

 

 

 
1,131

 

 
1,131

Other comprehensive income - change in value of interest rate swap

 

 

 

 
(3,891
)
 
(3,891
)
Reclassification of amortization of forward-starting swap included in interest expense

 

 

 

 
(319
)
 
(319
)
Balance at June 30, 2019
16,390,548

 
$
(19,875
)
 
59,722,748

 
$
1,303,868

 
7,929

 
$
1,291,922

Net income

 
3,565

 

 
12,954

 

 
16,519

Contributions from American Assets Trust, Inc.

 

 
234,814

 
10,920

 

 
10,920

Issuance of restricted units

 

 

 

 

 

Forfeiture of restricted units

 

 
(590
)
 

 

 

Distributions

 
(4,589
)
 

 
(16,764
)
 

 
(21,353
)
Stock-based compensation

 

 

 
1,130

 

 
1,130

Other comprehensive income - change in value of interest rate swap

 

 

 

 
(1,094
)
 
(1,094
)
Other comprehensive income - unrealized gain on forward-starting interest rate swaps

 

 

 

 
513

 
513

Reclassification of amortization of forward-starting swap included in interest expense

 

 

 

 
(333
)
 
(333
)
Balance at September 30, 2019
16,390,548

 
$
(20,899
)
 
59,956,972

 
$
1,312,108

 
$
7,015

 
$
1,298,224



8


 
Limited Partners' Capital (1)
 
General Partner's Capital (2)
 
Accumulated Other Comprehensive Income (Loss)
 
Total Capital
 
Units
 
Amount
 
Units
 
Amount
 
Balance at December 31, 2017
17,194,980

 
$
6,135

 
47,204,588

 
$
822,259

 
$
15,750

 
$
844,144

Net loss

 
(166
)
 

 
(525
)
 

 
(691
)
Forfeiture of restricted units

 

 
(1,104
)
 

 

 

Distributions

 
(4,643
)
 

 
(12,745
)
 

 
(17,388
)
Stock-based compensation

 

 

 
727

 

 
727

Other comprehensive income - change in value of interest rate swap

 

 

 

 
2,861

 
2,861

Reclassification of amortization of forward-starting swap included in interest expense

 

 

 

 
(320
)
 
(320
)
Balance at March 31, 2018
17,194,980

 
$
1,326

 
47,203,484

 
$
809,716

 
$
18,291

 
$
829,333

Net income

 
1,125

 

 
3,288

 

 
4,413

Issuance of restricted units

 

 
5,320

 

 

 

Forfeiture of restricted units

 

 
(2,208
)
 

 

 

Conversion of operating partnership units
(17,372
)
 
916

 
17,372

 
(916
)
 

 

Distributions

 
(4,642
)
 

 
(12,746
)
 

 
(17,388
)
Stock-based compensation

 

 

 
727

 

 
727

Units withheld for employee taxes

 

 
(159
)
 
(6
)
 

 
(6
)
Other comprehensive income - change in value of interest rate swap

 

 

 

 
875

 
875

Reclassification of amortization of forward-starting swap included in interest expense

 

 

 

 
(319
)
 
(319
)
Balance at June 30, 2018
17,177,608

 
$
(1,275
)
 
47,223,809

 
$
800,063

 
$
18,847

 
$
817,635

Net income

 
3,806

 

 
10,465

 

 
14,271

Forfeiture of restricted units

 

 
(1,688
)
 

 

 

Distributions

 
(4,638
)
 

 
(12,750
)
 

 
(17,388
)
Stock-based compensation

 

 

 
726

 

 
726

Other comprehensive income - change in value of interest rate swap

 

 

 

 
567

 
567

Reclassification of amortization of forward-starting swap included in interest expense

 

 

 

 
(320
)
 
(320
)
Balance at September 30, 2018
17,177,608

 
$
(2,107
)
 
47,222,121

 
$
798,504

 
$
19,094

 
$
815,491



(1) Consists of limited partnership interests held by third parties.
(2) Consists of general partnership interests held by American Assets Trust, Inc.
The accompanying notes are an integral part of these consolidated financial statements.

9


American Assets Trust, L.P.
Consolidated Statements of Cash Flows
(Unaudited, In Thousands)
 
Nine Months Ended September 30,
 
2019
 
2018
OPERATING ACTIVITIES
 
 
 
Net income
$
43,703

 
$
17,993

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Deferred rent revenue and amortization of lease intangibles
(3,652
)
 
153

Depreciation and amortization
69,733

 
86,033