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SEGMENT REPORTING (Tables)
 9 Months Ended
Sep. 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 September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Total Retail
 
 
 
 
 
 
 
Property revenue
$
24,970

 
$
24,177

 
$
73,384

 
$
70,746

Property expense
(6,827
)
 
(6,197
)
 
(19,085
)
 
(18,703
)
Segment profit
18,143

 
17,980

 
54,299

 
52,043

Total Office
 
 
 
 
 
 
 
Property revenue
25,008

 
23,416

 
72,621

 
68,721

Property expense
(7,198
)
 
(6,813
)
 
(21,007
)
 
(19,791
)
Segment profit
17,810

 
16,603

 
51,614

 
48,930

Total Multifamily
 
 
 
 
 
 
 
Property revenue
4,999

 
4,320

 
13,754

 
12,660

Property expense
(2,126
)
 
(1,532
)
 
(5,252
)
 
(4,513
)
Segment profit
2,873

 
2,788

 
8,502

 
8,147

Total Mixed-Use
 
 
 
 
 
 
 
Property revenue
16,312

 
15,430

 
44,334

 
41,395

Property expense
(9,510
)
 
(8,731
)
 
(26,176
)
 
(24,541
)
Segment profit
6,802

 
6,699

 
18,158

 
16,854

Total segments’ profit
$
45,628

 
$
44,070

 
$
132,573

 
$
125,974
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 September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Total segments’ profit
$
45,628

 
$
44,070

 
$
132,573

 
$
125,974

General and administrative
(6,357
)
 
(4,682
)
 
(16,161
)
 
(13,929
)
Depreciation and amortization
(15,761
)
 
(16,352
)
 
(46,154
)
 
(50,902
)
Interest expense
(11,258
)
 
(13,325
)
 
(34,250
)
 
(40,396
)
Gain on sale of real estate
7,121

 
—

 
7,121

 
—

Other income (expense), net
(347
)
 
(621
)
 
(440
)
 
352

Net income
19,026

 
9,090

 
42,689

 
21,099

Net income attributable to restricted shares
(32
)
 
(95
)
 
(115
)
 
(259
)
Net income attributable to unitholders in the Operating Partnership
(5,432
)
 
(2,578
)
 
(12,277
)
 
(6,108
)
Net income attributable to American Assets Trust, Inc. stockholders
$
13,562

 
$
6,417

 
$
30,297

 
$
14,732
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):
 
September 30, 2015
 
December 31, 2014
Net Real Estate
 
 
 
Retail
$
625,138

 
$
639,456

Office
771,370

 
757,854

Multifamily
248,804

 
182,468

Mixed-Use
191,784

 
195,622

 
$
1,837,096

 
$
1,775,400

Secured Notes Payable (1)
 
 
 
Retail
$
60,222

 
$
161,975

Office
292,461

 
426,254

Multifamily
101,444

 
101,444

Mixed-Use
130,310

 
130,310

 
$
584,437

 
$
819,983

(1)
Excludes unamortized fair market value adjustments of $5.0 million and $7.2 million as of September 30, 2015 and December 31, 2014, respectively.
Capital expenditures for each segment
Capital expenditures for each segment for the three and nine months ended September 30, 2015 and 2014 were as follows (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Capital Expenditures (1)
 
 
 
 
 
 
 
Retail
$
2,544

 
$
2,094

 
$
5,235

 
$
4,725

Office
7,616

 
7,247

 
37,202

 
22,928

Multifamily (2)
16,678

 
25,007

 
75,374

 
66,647

Mixed-Use
50

 
445

 
587

 
3,382

 
$
26,888

 
$
34,793

 
$
118,398

 
$
97,682

(1)
Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.
(2)
Multifamily capital expenditures include all capital expenditures incurred for the new development project Lloyd District Portfolio - Phase I, which consists of 657 multifamily units and approximately 47,000 square feet of retail space.