Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2021

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


	Year Ended December 31,
	2021		2020		2019
Total Office
Property revenue	$	186,366	$	177,554	$	144,683
Property expense	(50,233)		(47,424)		(42,234)
Segment profit	136,133		130,130		102,449
Total Retail
Property revenue	94,662		88,280		107,604
Property expense	(27,983)		(27,374)		(30,633)
Segment profit	66,679		60,906		76,971
Total Multifamily
Property revenue	52,315		50,327		51,066
Property expense	(23,211)		(22,074)		(20,863)
Segment profit	29,104		28,253		30,203
Total Mixed-Use
Property revenue	42,485		28,412		63,388
Property expense	(28,347)		(24,247)		(38,250)
Segment profit	14,138		4,165		25,138
Total segments’ profit	$	246,054	$	223,454	$	234,761

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):


	Year Ended December 31,
	2021		2020		2019
Total segments' profit	$	246,054	$	223,454	$	234,761
General and administrative	(29,879)		(26,581)		(24,871)
Depreciation and amortization	(116,306)		(108,292)		(96,205)
Interest expense	(58,587)		(53,440)		(54,008)
Loss on early extinguishment of debt	(4,271)		—		—
Gain on sale of real estate	—		—		633
Other (expense) income, net	(418)		447		(122)





Net income	36,593		35,588		60,188
Net income attributable to restricted shares	(564)		(383)		(381)
Net income attributable to unitholders in the Operating Partnership	(7,653)		(7,545)		(14,089)
Net income attributable to American Assets Trust, Inc. stockholders	$	28,376	$	27,660	$	45,718

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, along with their capital expenditures for each year (in thousands):


	December 31, 2021		December 31, 2020
Net real estate
Office	$	1,536,212	$	1,317,107
Retail	591,107		607,918
Multifamily	381,315		389,804
Mixed-Use	173,347		177,905
	$	2,681,981	$	2,492,734
Secured Notes Payable (1)
Office	$	111,000	$	111,000
Retail	—		—


	$	111,000	$	111,000
Capital Expenditures (2)
Office	$	93,116	$	52,882
Retail	7,232		8,596
Multifamily	5,841		3,897
Mixed-Use	1,541		3,702
	$	107,730	$	69,077

(1)Excludes unamortized debt issuance costs of $0.0 million and $0.1 million as of December 31, 2021 and 2020, respectively.

(2)Capital expenditures represent cash paid for capital expenditures during the year and includes leasing commissions paid.