SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2021

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total Office
Property revenue	$	47,433	$	44,821	$	136,467	$	133,210
Property expense	(13,016)		(11,595)		(36,029)		(34,989)
Segment profit	34,417		33,226		100,438		98,221
Total Retail
Property revenue	24,541		20,621		69,296		67,939
Property expense	(5,745)		(7,795)		(19,922)		(20,033)
Segment profit	18,796		12,826		49,374		47,906
Total Multifamily
Property revenue	13,085		12,564		38,376		37,852
Property expense	(6,213)		(5,603)		(17,197)		(16,426)
Segment profit	6,872		6,961		21,179		21,426
Total Mixed-Use
Property revenue	13,227		6,368		29,942		24,225
Property expense	(8,136)		(5,706)		(20,378)		(18,806)
Segment profit	5,091		662		9,564		5,419
Total segments’ profit	$	65,176	$	53,675	$	180,555	$	172,972

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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total segments’ profit	$	65,176	$	53,675	$	180,555	$	172,972
General and administrative	(6,827)		(6,438)		(20,574)		(19,937)
Depreciation and amortization	(30,680)		(26,914)		(85,827)		(80,869)
Interest expense	(14,722)		(13,302)		(43,589)		(40,105)

Early extinguishment of debt	—		—		(4,271)		—
Other income (expense), net	(52)		(531)		(179)		(261)





Net income	12,895		6,490		26,115		31,800
Net income attributable to restricted shares	(145)		(87)		(417)		(260)
Net income attributable to unitholders in the Operating Partnership	(2,709)		(1,365)		(5,459)		(6,778)
Net income attributable to American Assets Trust, Inc. stockholders	$	10,041	$	5,038	$	20,239	$	24,762

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):


	September 30, 2021		December 31, 2020
Net Real Estate
Office	$	1,528,715	$	1,317,107
Retail	594,491		607,918
Multifamily	383,095		389,804
Mixed-Use	174,656		177,905
	$	2,680,957	$	2,492,734
Secured Notes Payable (1)
Office	$	111,000	$	111,000



	$	111,000	$	111,000

(1)Excludes debt issuance costs of $0.0 million and $0.1 million for each of the periods ended September 30, 2021 and December 31, 2020, respectively.

Capital expenditures for each segment

Capital expenditures for each segment for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Capital Expenditures (1)
Office	$	17,601	$	12,572	$	48,471	$	40,053
Retail	1,317		747		4,817		7,110
Multifamily	2,121		800		4,117		2,944
Mixed-Use	704		322		1,392		3,467
	$	21,743	$	14,441	$	58,797	$	53,574

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