SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2022

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


	Year Ended December 31,
	2022		2021		2020
Total Office
Property revenue	$	203,391	$	186,366	$	177,554
Property expense	(57,478)		(50,233)		(47,424)
Segment profit	145,913		136,133		130,130
Total Retail
Property revenue	100,912		94,662		88,280
Property expense	(30,306)		(27,983)		(27,374)
Segment profit	70,606		66,679		60,906
Total Multifamily
Property revenue	58,139		52,315		50,327
Property expense	(26,256)		(23,211)		(22,074)
Segment profit	31,883		29,104		28,253
Total Mixed-Use
Property revenue	60,206		42,485		28,412
Property expense	(38,393)		(28,347)		(24,247)
Segment profit	21,813		14,138		4,165
Total segments’ profit	$	270,215	$	246,054	$	223,454

Schedule of 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,
	2022		2021		2020
Total segments' profit	$	270,215	$	246,054	$	223,454
General and administrative	(32,143)		(29,879)		(26,581)
Depreciation and amortization	(123,338)		(116,306)		(108,292)
Interest expense	(58,232)		(58,587)		(53,440)
Loss on early extinguishment of debt	—		(4,271)		—

Other (expense) income, net	(625)		(418)		447





Net income	55,877		36,593		35,588
Net income attributable to restricted shares	(648)		(564)		(383)
Net income attributable to unitholders in the Operating Partnership	(11,723)		(7,653)		(7,545)
Net income attributable to American Assets Trust, Inc. stockholders	$	43,506	$	28,376	$	27,660

Schedule of 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, 2022		December 31, 2021
Net real estate
Office	$	1,615,479	$	1,536,212
Retail	579,219		591,107
Multifamily	370,993		381,315
Mixed-Use	168,865		173,347
	$	2,734,556	$	2,681,981
Secured Notes Payable (1)
Office	$	75,000	$	111,000
Retail	—		—


	$	75,000	$	111,000
Capital Expenditures (2)
Office	$	102,443	$	93,116
Retail	12,177		7,232
Multifamily	4,889		5,841
Mixed-Use	1,646		1,541
	$	121,155	$	107,730

(1)Excludes unamortized debt issuance costs of $0.4 million and $0.0 million as of December 31, 2022 and 2021, respectively.

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