SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Schedule of segments operating activity

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

	Three Months Ended March 31,
	2020		2019
Total Office
Property revenue	$	44,509	$	27,806
Property expense	(11,793)		(8,489)
Segment profit	32,716		19,317
Total Retail
Property revenue	25,826		29,437
Property expense	(7,331)		(7,154)
Segment profit	18,495		22,283
Total Multifamily
Property revenue	12,825		12,899
Property expense	(5,510)		(5,073)
Segment profit	7,315		7,826
Total Mixed-Use
Property revenue	13,583		15,177
Property expense	(8,979)		(9,126)
Segment profit	4,604		6,051
Total segments’ profit	$	63,130	$	55,477

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,
	2020		2019
Total segments’ profit	$	63,130	$	55,477
General and administrative	(6,820)		(6,073)
Depreciation and amortization	(27,462)		(20,583)
Interest expense	(13,472)		(13,349)
Other income (expense), net	108		(229)
Net income	15,484		15,243
Net income attributable to restricted shares	(104)		(93)
Net income attributable to unitholders in the Operating Partnership	(3,312)		(4,055)
Net income attributable to American Assets Trust, Inc. stockholders	$	12,068	$	11,095

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, 2020		December 31, 2019
Net Real Estate
Office	$	1,323,207	$	1,317,854
Retail	620,598		624,912
Multifamily	398,459		401,152
Mixed-Use	179,305		179,557
	$	2,521,569	$	2,523,475
Secured Notes Payable (1)
Office	$	111,000	$	127,768
Retail	—		34,235
	$	111,000	$	162,003

(1)Excludes debt issuance costs of $0.1 million and $0.1 million for each of the periods ended March 31, 2020 and December 31, 2019, respectively.

Capital expenditures for each segment

Capital expenditures for each segment for the three months ended March 31, 2020 and 2019 were as follows (in thousands):

	Three Months Ended March 31,
	2020		2019
Capital Expenditures (1)
Office	$	18,200	$	16,483
Retail	3,558		4,791
Multifamily	1,284		771
Mixed-Use	883		392
	$	23,925	$	22,437

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