SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Total Office
Property revenue	$	53,250	$	47,433	$	153,412	$	136,467
Property expense	(14,551)		(13,016)		(41,944)		(36,029)
Segment profit	38,699		34,417		111,468		100,438
Total Retail
Property revenue	25,694		24,541		74,873		69,296
Property expense	(7,807)		(5,745)		(22,965)		(19,922)
Segment profit	17,887		18,796		51,908		49,374
Total Multifamily
Property revenue	14,748		13,085		42,851		38,376
Property expense	(6,871)		(6,213)		(19,171)		(17,197)
Segment profit	7,877		6,872		23,680		21,179
Total Mixed-Use
Property revenue	17,331		13,227		45,512		29,942
Property expense	(10,686)		(8,136)		(28,549)		(20,378)
Segment profit	6,645		5,091		16,963		9,564
Total segments’ profit	$	71,108	$	65,176	$	204,019	$	180,555

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,
	2022		2021		2022		2021
Total segments’ profit	$	71,108	$	65,176	$	204,019	$	180,555
General and administrative	(8,376)		(6,827)		(23,130)		(20,574)
Depreciation and amortization	(31,729)		(30,680)		(93,228)		(85,827)
Interest expense	(14,454)		(14,722)		(43,667)		(43,589)
Loss on early extinguishment of debt	—		—		—		(4,271)
Other income (expense), net	(180)		(52)		(523)		(179)
Net income	16,369		12,895		43,471		26,115
Net income attributable to restricted shares	(155)		(145)		(464)		(417)
Net income attributable to unitholders in the Operating Partnership	(3,442)		(2,709)		(9,130)		(5,459)
Net income attributable to American Assets Trust, Inc. stockholders	$	12,772	$	10,041	$	33,877	$	20,239

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, 2022		December 31, 2021
Net Real Estate
Office	$	1,610,640	$	1,536,212
Retail	582,727		591,107
Multifamily	373,037		381,315
Mixed-Use	169,380		173,347
	$	2,735,784	$	2,681,981
Secured Notes Payable (1)
Office	$	75,000	$	111,000
	$	75,000	$	111,000

(1)Excludes debt issuance costs of $0.45 million and $0.04 million for each of the periods ended September 30, 2022 and December 31, 2021, respectively.

Capital Expenditures for Each Segment

Capital expenditures for each segment for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Capital Expenditures (1)
Office	$	24,107	$	17,601	$	80,824	$	48,471
Retail	2,165		1,317		9,422		4,817
Multifamily	686		2,121		3,572		4,117
Mixed-Use	197		704		649		1,392
	$	27,155	$	21,743	$	94,467	$	58,797

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