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SEGMENT REPORTING (Tables)
 9 Months Ended
Sep. 30, 2016
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,
 
2016
 
2015
 
2016
 
2015
Total Retail
 
 
 
 
 
 
 
Property revenue
$
25,064

 
$
24,970

 
$
74,316

 
$
73,384

Property expense
(7,159
)
 
(6,827
)
 
(20,203
)
 
(19,085
)
Segment profit
17,905

 
18,143

 
54,113

 
54,299

Total Office
 
 
 
 
 
 
 
Property revenue
25,818

 
25,008

 
76,416

 
72,621

Property expense
(8,146
)
 
(7,198
)
 
(23,395
)
 
(21,007
)
Segment profit
17,672

 
17,810

 
53,021

 
51,614

Total Multifamily
 
 
 
 
 
 
 
Property revenue
8,053

 
4,999

 
21,407

 
13,754

Property expense
(3,288
)
 
(2,126
)
 
(8,960
)
 
(5,252
)
Segment profit
4,765

 
2,873

 
12,447

 
8,502

Total Mixed-Use
 
 
 
 
 
 
 
Property revenue
17,041

 
16,312

 
46,387

 
44,334

Property expense
(9,394
)
 
(9,510
)
 
(26,522
)
 
(26,176
)
Segment profit
7,647

 
6,802

 
19,865

 
18,158

Total segments’ profit
$
47,989

 
$
45,628

 
$
139,446

 
$
132,573
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,
 
2016
 
2015
 
2016
 
2015
Total segments’ profit
$
47,989

 
$
45,628

 
$
139,446

 
$
132,573

General and administrative
(4,513
)
 
(6,357
)
 
(13,456
)
 
(16,161
)
Depreciation and amortization
(17,992
)
 
(15,761
)
 
(53,159
)
 
(46,154
)
Interest expense
(13,049
)
 
(11,258
)
 
(39,148
)
 
(34,250
)
Gain on sale of real estate
—

 
7,121

 
—

 
7,121

Other expense, net
(577
)
 
(347
)
 
(454
)
 
(440
)
Net income
11,858

 
19,026

 
33,229

 
42,689

Net income attributable to restricted shares
(42
)
 
(32
)
 
(128
)
 
(115
)
Net income attributable to unitholders in the Operating Partnership
(3,342
)
 
(5,432
)
 
(9,377
)
 
(12,277
)
Net income attributable to American Assets Trust, Inc. stockholders
$
8,474

 
$
13,562

 
$
23,724

 
$
30,297
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, 2016
 
December 31, 2015
Net Real Estate
 
 
 
Retail
$
632,964

 
$
638,893

Office
809,730

 
796,773

Multifamily
204,316

 
208,730

Mixed-Use
186,510

 
190,466

 
$
1,833,520

 
$
1,834,862

Secured Notes Payable (1)
 
 
 
Retail
$
59,591

 
$
60,065

Office
206,845

 
292,183

Multifamily
73,744

 
101,444

Mixed-Use
130,310

 
130,310

 
$
470,490

 
$
584,002

(1)
Excludes unamortized fair market value adjustments and debt issuance costs of $2.6 million and $5.0 million as of September 30, 2016 and December 31, 2015, respectively.
Capital expenditures for each segment
Capital expenditures for each segment for the three and nine months ended September 30, 2016 and 2015 were as follows (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
Capital Expenditures (1)
 
 
 
 
 
 
 
Retail
$
2,203

 
$
2,544

 
$
11,867

 
$
5,235

Office
11,637

 
7,616

 
33,276

 
37,202

Multifamily (2)
213

 
16,678

 
2,032

 
75,374

Mixed-Use
100

 
50

 
216

 
587

 
$
14,153

 
$
26,888

 
$
47,391

 
$
118,398

(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 Hassalo on Eighth, which consists of 657 multifamily units and approximately 47,000 square feet of retail space.