SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2022

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,
	2022		2021		2022		2021
Total Office
Property revenue	$	50,593	$	44,570	$	100,162	$	89,034
Property expense	(14,063)		(11,648)		(27,393)		(23,012)
Segment profit	36,530		32,922		72,769		66,022
Total Retail
Property revenue	24,338		22,981		49,179		44,755
Property expense	(7,430)		(6,735)		(15,158)		(14,177)
Segment profit	16,908		16,246		34,021		30,578
Total Multifamily
Property revenue	14,214		12,739		28,103		25,291
Property expense	(6,221)		(5,493)		(12,300)		(10,984)
Segment profit	7,993		7,246		15,803		14,307
Total Mixed-Use
Property revenue	15,010		11,519		28,181		16,715
Property expense	(9,426)		(6,940)		(17,863)		(12,243)
Segment profit	5,584		4,579		10,318		4,472
Total segments’ profit	$	67,015	$	60,993	$	132,911	$	115,379

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,
	2022		2021		2022		2021
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 income	13,588		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

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, 2022		December 31, 2021
Net Real Estate
Office	$	1,603,702	$	1,536,212
Retail	587,082		591,107
Multifamily	376,012		381,315
Mixed-Use	170,630		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

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,
	2022		2021		2022		2021
Capital Expenditures (1)
Office	$	30,051	$	21,343	$	56,717	$	30,870
Retail	3,697		1,778		7,257		3,500
Multifamily	1,315		1,033		2,886		1,996
Mixed-Use	121		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