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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2022
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,
 2022202120222021
Total Office
Property revenue$50,593 $44,570 $100,162 $89,034 
Property expense(14,063)(11,648)(27,393)(23,012)
Segment profit36,530 32,922 72,769 66,022 
Total Retail
Property revenue24,338 22,981 49,179 44,755 
Property expense(7,430)(6,735)(15,158)(14,177)
Segment profit16,908 16,246 34,021 30,578 
Total Multifamily
Property revenue14,214 12,739 28,103 25,291 
Property expense(6,221)(5,493)(12,300)(10,984)
Segment profit7,993 7,246 15,803 14,307 
Total Mixed-Use
Property revenue15,010 11,519 28,181 16,715 
Property expense(9,426)(6,940)(17,863)(12,243)
Segment profit5,584 4,579 10,318 4,472 
Total segments’ profit$67,015 $60,993 $132,911 $115,379 
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,
 2022202120222021
Total segments’ profit$67,015 $60,993 $132,911 $115,379 
General and administrative(7,612)(6,924)(14,754)(13,747)
Depreciation and amortization(31,087)(27,646)(61,499)(55,147)
Interest expense(14,547)(14,862)(29,213)(28,867)
Loss on early extinguishment of debt— — — (4,271)
Other income (expense), net(181)(74)(343)(127)
Net income13,588 11,487 27,102 13,220 
Net income attributable to restricted shares(154)(135)(309)(272)
Net income attributable to unitholders in the Operating Partnership(2,852)(2,411)(5,688)(2,750)
Net income attributable to American Assets Trust, Inc. stockholders$10,582 $8,941 $21,105 $10,198 
The following table shows net real estate and secured note payable balances for each of the segments (in thousands):
June 30, 2022December 31, 2021
Net Real Estate
Office$1,603,702 $1,536,212 
Retail587,082 591,107 
Multifamily376,012 381,315 
Mixed-Use170,630 173,347 
$2,737,426 $2,681,981 
Secured Notes Payable (1)
Office$111,000 $111,000 
$111,000 $111,000 
(1)Excludes debt issuance costs of $0.01 million and $0.04 million for each of the periods ended June 30, 2022 and December 31, 2021, respectively.
Capital expenditures for each segment for the three and six months ended June 30, 2022 and 2021 were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Capital Expenditures (1)
Office$30,051 $21,343 $56,717 $30,870 
Retail3,697 1,778 7,257 3,500 
Multifamily 1,315 1,033 2,886 1,996 
Mixed-Use121 684 452 688 
$35,184 $24,838 $67,312 $37,054 
(1)Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.