XML 28 R37.htm IDEA: XBRL DOCUMENT v3.2.0.727
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
Schedule of segments operating activity
The following table represents operating activity within our reportable segments (in thousands): 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Total Retail
 
 
 
 
 
 
 
Property revenue
$
24,376

 
$
23,570

 
$
48,414

 
$
46,569

Property expense
(6,258
)
 
(6,448
)
 
(12,258
)
 
(12,506
)
Segment profit
18,118

 
17,122

 
36,156

 
34,063

Total Office
 
 
 
 
 
 
 
Property revenue
24,036

 
22,447

 
47,613

 
45,305

Property expense
(6,988
)
 
(6,085
)
 
(13,809
)
 
(12,978
)
Segment profit
17,048

 
16,362

 
33,804

 
32,327

Total Multifamily
 
 
 
 
 
 
 
Property revenue
4,445

 
4,210

 
8,755

 
8,340

Property expense
(1,642
)
 
(1,554
)
 
(3,126
)
 
(2,981
)
Segment profit
2,803

 
2,656

 
5,629

 
5,359

Total Mixed-Use
 
 
 
 
 
 
 
Property revenue
13,912

 
11,972

 
28,022

 
25,965

Property expense
(8,303
)
 
(7,542
)
 
(16,666
)
 
(15,810
)
Segment profit
5,609

 
4,430

 
11,356

 
10,155

Total segments’ profit
$
43,578

 
$
40,570

 
$
86,945

 
$
81,904
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 June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Total segments’ profit
$
43,578

 
$
40,570

 
$
86,945

 
$
81,904

General and administrative
(4,788
)
 
(4,635
)
 
(9,804
)
 
(9,247
)
Depreciation and amortization
(15,286
)
 
(18,209
)
 
(30,393
)
 
(34,550
)
Interest expense
(11,197
)
 
(13,439
)
 
(22,992
)
 
(27,071
)
Other income (expense), net
(23
)
 
1,064

 
(93
)
 
973

Net income
12,284

 
5,351

 
23,663

 
12,009

Net income attributable to restricted shares
(40
)
 
(94
)
 
(83
)
 
(164
)
Net income attributable to unitholders in the Operating Partnership
(3,536
)
 
(1,544
)
 
(6,845
)
 
(3,530
)
Net income attributable to American Assets Trust, Inc. stockholders
$
8,708

 
$
3,713

 
$
16,735

 
$
8,315
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):
 
June 30, 2015
 
December 31, 2014
Net Real Estate
 
 
 
Retail
$
631,593

 
$
639,456

Office
771,055

 
757,854

Multifamily
237,969

 
182,468

Mixed-Use
193,097

 
195,622

 
$
1,833,714

 
$
1,775,400

Secured Notes Payable (1)
 
 
 
Retail
$
60,371

 
$
161,975

Office
292,724

 
426,254

Multifamily
101,444

 
101,444

Mixed-Use
130,310

 
130,310

 
$
584,849

 
$
819,983

(1)
Excludes unamortized fair market value adjustments of $5.7 million and $7.2 million as of June 30, 2015 and December 31, 2014, respectively.
Capital expenditures for each segment
Capital expenditures for each segment for the three and six months ended June 30, 2015 and 2014 were as follows (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Capital Expenditures (1)
 
 
 
 
 
 
 
Retail
$
1,756

 
$
1,125

 
$
2,691

 
$
2,631

Office
14,872

 
8,590

 
29,586

 
15,681

Multifamily (2)
29,748

 
19,763

 
58,696

 
41,640

Mixed-Use
166

 
2,115

 
537

 
2,937

 
$
46,542

 
$
31,593

 
$
91,510

 
$
62,889

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