SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2022

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,
	2022		2021
Total Office
Property revenue	$	49,569	$	44,464
Property expense	(13,330)		(11,364)
Segment profit	36,239		33,100
Total Retail
Property revenue	24,841		21,774
Property expense	(7,728)		(7,442)
Segment profit	17,113		14,332
Total Multifamily
Property revenue	13,889		12,552
Property expense	(6,079)		(5,491)
Segment profit	7,810		7,061
Total Mixed-Use
Property revenue	13,171		5,196
Property expense	(8,437)		(5,303)
Segment profit	4,734		(107)
Total segments’ profit	$	65,896	$	54,386

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,
	2022		2021
Total segments’ profit	$	65,896	$	54,386
General and administrative	(7,142)		(6,823)
Depreciation and amortization	(30,412)		(27,501)
Interest expense	(14,666)		(14,005)
Loss on early extinguishment of debt	—		(4,271)
Other income (expense), net	(162)		(53)
Net income	13,514		1,733
Net income attributable to restricted shares	(155)		(137)
Net income attributable to unitholders in the Operating Partnership	(2,836)		(339)
Net income attributable to American Assets Trust, Inc. stockholders	$	10,523	$	1,257

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, 2022		December 31, 2021
Net Real Estate
Office	$	1,590,488	$	1,536,212
Retail	590,113		591,107
Multifamily	378,887		381,315
Mixed-Use	171,969		173,347
	$	2,731,457	$	2,681,981
Secured Notes Payable (1)
Office	$	111,000	$	111,000
	$	111,000	$	111,000

(1)Excludes debt issuance costs of $0.02 million and $0.04 million for each of the periods ended March 31, 2022 and December 31, 2021, respectively.

Capital expenditures for each segment

Capital expenditures for each segment for the three months ended March 31, 2022 and 2021 were as follows (in thousands):

	Three Months Ended March 31,
	2022		2021
Capital Expenditures (1)
Office	$	26,666	$	9,527
Retail	3,560		1,722
Multifamily	1,571		963
Mixed-Use	331		4
	$	32,128	$	12,216

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