SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2021

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,
	2021		2020		2021		2020
Total Office
Property revenue	44,570		43,880		$	89,034	$	88,389
Property expense	(11,648)		(11,601)		(23,012)		(23,394)
Segment profit	32,922		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 profit	16,246		16,585		30,578		35,080
Total Multifamily
Property revenue	12,739		12,463		25,291		25,288
Property expense	(5,493)		(5,313)		(10,984)		(10,823)
Segment profit	7,246		7,150		14,307		14,465
Total Mixed-Use
Property revenue	11,519		4,274		16,715		17,857
Property expense	(6,940)		(4,121)		(12,243)		(13,100)
Segment profit	4,579		153		4,472		4,757
Total segments’ profit	$	60,993	$	56,167	$	115,379	$	119,297

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,
	2021		2020		2021		2020
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 income	11,487		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

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, 2021		December 31, 2020
Net Real Estate
Office	$	1,326,624	$	1,317,107
Retail	599,244		607,918
Multifamily	384,733		389,804
Mixed-Use	175,459		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

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,
	2021		2020		2021		2020
Capital Expenditures (1)
Office	$	21,343	$	9,281	$	30,870	$	27,481
Retail	1,778		2,805		3,500		6,363
Multifamily	1,033		860		1,996		2,144
Mixed-Use	684		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