SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2021

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,
	2021		2020
Total Office
Property revenue	$	44,464	$	44,509
Property expense	(11,364)		(11,793)
Segment profit	33,100		32,716
Total Retail
Property revenue	21,774		25,826
Property expense	(7,442)		(7,331)
Segment profit	14,332		18,495
Total Multifamily
Property revenue	12,552		12,825
Property expense	(5,491)		(5,510)
Segment profit	7,061		7,315
Total Mixed-Use
Property revenue	5,196		13,583
Property expense	(5,303)		(8,979)
Segment profit	(107)		4,604
Total segments’ profit	$	54,386	$	63,130

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,
	2021		2020
Total segments’ profit	$	54,386	$	63,130
General and administrative	(6,823)		(6,820)
Depreciation and amortization	(27,501)		(27,462)
Interest expense	(14,005)		(13,472)
Early extinguishment of debt	(4,271)		—
Other income (expense), net	(53)		108
Net income	1,733		15,484
Net income attributable to restricted shares	(137)		(104)
Net income attributable to unitholders in the Operating Partnership	(339)		(3,312)
Net income attributable to American Assets Trust, Inc. stockholders	$	1,257	$	12,068

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, 2021		December 31, 2020
Net Real Estate
Office	$	1,314,179	$	1,317,107
Retail	603,522		607,918
Multifamily	387,106		389,804
Mixed-Use	176,510		177,905
	$	2,481,317	$	2,492,734
Secured Notes Payable (1)
Office	$	111,000	$	111,000
	$	111,000	$	111,000

(1)Excludes debt issuance costs of $0.1 million and $0.1 million for each of the periods ended March 31, 2021 and December 31, 2020, respectively.

Capital expenditures for each segment

Capital expenditures for each segment for the three months ended March 31, 2021 and 2020 were as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Capital Expenditures (1)
Office	$	9,527	$	18,200
Retail	1,722		3,558
Multifamily	963		1,284
Mixed-Use	4		883
	$	12,216	$	23,925

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