SEGMENT REPORTING (Tables)

12 Months Ended

Mar. 31, 2013

Schedule of segments operating activity

The following table represents operating activity within our reportable segments (in thousands):

	Three Months Ended March 31,
	2013			2012
Total Retail
Property revenue	$	22,154		$	21,691
Property expense		(4,971	)		(5,726	)
Segment profit		17,183			15,965
Total Office
Property revenue		22,422			17,887
Property expense		(6,436	)		(5,518	)
Segment profit		15,986			12,369
Total Multifamily
Property revenue		3,875			3,542
Property expense		(1,442	)		(1,314	)
Segment profit		2,433			2,228
Total Mixed-Use
Property revenue		13,729			12,329
Property expense		(8,237	)		(7,501	)
Segment profit		5,492			4,828
Total segments’ profit	$	41,094		$	35,390

Reconciliation of segment profit to net income attributable to stockholders

The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands):

	Three Months Ended March 31,
	2013			2012
Total segments’ profit	$	41,094		$	35,390
General and administrative		(4,201	)		(3,725	)
Depreciation and amortization		(17,013	)		(14,854	)
Interest expense		(14,736	)		(13,901	)
Other income (expense), net		(279	)		(146	)
Income from continuing operations		4,865			2,764
Discontinued operations
Results from discontinued operations		—			107
Net income		4,865			2,871
Net income attributable to restricted shares		(132	)		(132	)
Net income attributable to unitholders in the Operating Partnership		(1,495	)		(883	)
Net income attributable to American Assets Trust, Inc. stockholders	$	3,238		$	1,856

Net Real Estate and Secured note payable balances by Segments

The following table shows net real estate and secured note payable balances for each of the segments (in thousands):

	March 31, 2013		December 31, 2012
Net Real Estate
Retail	$	664,151	$	669,177
Office		762,210		759,203
Multifamily		36,020		36,391
Mixed-Use		202,174		203,411
	$	1,664,555	$	1,668,182
Secured Notes Payable (1)
Retail	$	397,029	$	397,732
Office		427,953		428,194
Multifamily		101,444		101,444
Mixed-Use		130,310		130,310
	$	1,056,736	$	1,057,680

(1) Excludes unamortized fair market value adjustments of $12.3 million and $13.0 million as of March 31, 2013 and December 31, 2012, respectively.

Capital expenditures for each segment

Capital expenditures for each segment for the three months ended March 31, 2013 and 2012 were as follows (in thousands):

	Three Months Ended March 31,
	2013		2012
Capital Expenditures (1)
Retail	$	1,947	$	3,430
Office		7,862		2,712
Multifamily		143		238
Mixed-Use		288		77
	$	10,240	$	6,457

(1) Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.