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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel.
We evaluate the performance of our segments based on segment profit, which is defined as property revenue less property expenses. We do not use asset information as a measure to assess performance and make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, interest expense, depreciation and amortization expense and other income and expense are not included in segment profit as our internal reporting addresses these items on a corporate level.
Segment profit is not a measure of operating income or cash flows from operating activities as measured by GAAP, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit in the same manner. We consider segment profit to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our properties.
 

The following table represents operating activity within our reportable segments (in thousands): 
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Total Office
Property revenue44,570 43,880 $89,034 $88,389 
Property expense(11,648)(11,601)(23,012)(23,394)
Segment profit32,922 32,279 66,022 64,995 
Total Retail
Property revenue$22,981 $21,492 44,755 47,318 
Property expense(6,735)(4,907)(14,177)(12,238)
Segment profit16,246 16,585 30,578 35,080 
Total Multifamily
Property revenue12,739 12,463 25,291 25,288 
Property expense(5,493)(5,313)(10,984)(10,823)
Segment profit7,246 7,150 14,307 14,465 
Total Mixed-Use
Property revenue11,519 4,274 16,715 17,857 
Property expense(6,940)(4,121)(12,243)(13,100)
Segment profit4,579 153 4,472 4,757 
Total segments’ profit$60,993 $56,167 $115,379 $119,297 
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,
 2021202020212020
Total segments’ profit$60,993 $56,167 $115,379 $119,297 
General and administrative(6,924)(6,679)(13,747)(13,499)
Depreciation and amortization(27,646)(26,493)(55,147)(53,955)
Interest expense(14,862)(13,331)(28,867)(26,803)
Early extinguishment of debt— — (4,271)— 
Other income (expense), net(74)162 (127)270 
Net income11,487 9,826 13,220 25,310 
Net income attributable to restricted shares(135)(69)(272)(173)
Net income attributable to unitholders in the Operating Partnership(2,411)(2,101)(2,750)(5,413)
Net income attributable to American Assets Trust, Inc. stockholders$8,941 $7,656 $10,198 $19,724 
The following table shows net real estate and secured note payable balances for each of the segments (in thousands):
June 30, 2021December 31, 2020
Net Real Estate
Office$1,326,624 $1,317,107 
Retail599,244 607,918 
Multifamily384,733 389,804 
Mixed-Use175,459 177,905 
$2,486,060 $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 June 30, 2021 and December 31, 2020, respectively.
Capital expenditures for each segment for the three and six months ended June 30, 2021 and 2020 were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Capital Expenditures (1)
Office$21,343 $9,281 $30,870 $27,481 
Retail1,778 2,805 3,500 6,363 
Multifamily 1,033 860 1,996 2,144 
Mixed-Use684 2,262 688 3,145 
$24,838 $15,208 $37,054 $39,133 
(1)Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.