SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2020

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,
	2020		2019		2020		2019
Total Office
Property revenue	43,880		30,200		$	88,389	$	58,006
Property expense	(11,601)		(9,269)		(23,394)		(17,758)
Segment profit	32,279		20,931		64,995		40,248
Total Retail
Property revenue	$	21,492	$	25,871	47,318		55,308
Property expense	(4,907)		(7,731)		(12,238)		(14,885)
Segment profit	16,585		18,140		35,080		40,423
Total Multifamily
Property revenue	12,463		12,897		25,288		25,796
Property expense	(5,313)		(4,883)		(10,823)		(9,956)
Segment profit	7,150		8,014		14,465		15,840
Total Mixed-Use
Property revenue	4,274		15,145		17,857		30,322
Property expense	(4,121)		(9,218)		(13,100)		(18,344)
Segment profit	153		5,927		4,757		11,978
Total segments’ profit	$	56,167	$	53,012	$	119,297	$	108,489

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,
	2020		2019		2020		2019
Total segments’ profit	$	56,167	$	53,012	$	119,297	$	108,489
General and administrative	(6,679)		(5,943)		(13,499)		(12,016)
Depreciation and amortization	(26,493)		(22,582)		(53,955)		(43,165)
Interest expense	(13,331)		(13,129)		(26,803)		(26,478)
Gain on sale of real estate	—		633		—		633
Other income (expense), net	162		(50)		270		(279)
Net income	9,826		11,941		25,310		27,184
Net income attributable to restricted shares	(69)		(92)		(173)		(185)
Net income attributable to unitholders in the Operating Partnership	(2,101)		(2,933)		(5,413)		(6,988)
Net income attributable to American Assets Trust, Inc. stockholders	$	7,656	$	8,916	$	19,724	$	20,011

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, 2020		December 31, 2019
Net Real Estate
Office	$	1,319,025	$	1,317,854
Retail	617,530		624,912
Multifamily	395,254		401,152
Mixed-Use	180,264		179,557
	$	2,512,073	$	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 June 30, 2020 and December 31, 2019, respectively.

Capital expenditures for each segment

Capital expenditures for each segment for the three and six months ended June 30, 2020 and 2019 were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Capital Expenditures (1)
Office	$	9,281	$	17,418	$	27,481	$	33,901
Retail	2,805		6,650		6,363		11,441
Multifamily	860		685		2,144		1,456
Mixed-Use	2,262		3,271		3,145		3,663
	$	15,208	$	28,024	$	39,133	$	50,461

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