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SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2023
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,
 2023202220232022
Total Office
Property revenue$52,219 $50,593 $103,189 $100,162 
Property expense(14,894)(14,063)(29,714)(27,393)
Segment profit37,325 36,530 73,475 72,769 
Total Retail
Property revenue25,901 24,338 51,528 49,179 
Property expense(7,555)(7,430)(15,259)(15,158)
Segment profit18,346 16,908 36,269 34,021 
Total Multifamily
Property revenue15,193 14,214 30,756 28,103 
Property expense(6,786)(6,221)(13,317)(12,300)
Segment profit8,407 7,993 17,439 15,803 
Total Mixed-Use
Property revenue16,408 15,010 32,002 28,181 
Property expense(10,562)(9,426)(20,644)(17,863)
Segment profit5,846 5,584 11,358 10,318 
Total segments’ profit$69,924 $67,015 $138,541 $132,911 
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,
 2023202220232022
Total segments’ profit$69,924 $67,015 $138,541 $132,911 
General and administrative(8,609)(7,612)(17,608)(14,754)
Depreciation and amortization(29,823)(31,087)(59,724)(61,499)
Interest expense, net(16,368)(14,547)(32,097)(29,213)
Other income (expense), net273 (181)6,951 (343)
Net income15,397 13,588 36,063 27,102 
Net income attributable to restricted shares(190)(154)(379)(309)
Net income attributable to unitholders in the Operating Partnership(3,224)(2,852)(7,565)(5,688)
Net income attributable to American Assets Trust, Inc. stockholders$11,983 $10,582 $28,119 $21,105 
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, 2023December 31, 2022
Net Real Estate
Office$1,617,689 $1,615,479 
Retail570,556 579,219 
Multifamily366,231 370,993 
Mixed-Use167,731 168,865 
$2,722,207 $2,734,556 
Secured Notes Payable (1)
Office$75,000 $75,000 
$75,000 $75,000 
(1)Excludes debt issuance costs of $0.4 million and $0.4 million for each of the periods ended June 30, 2023 and December 31, 2022, respectively.
Capital Expenditures for Each Segment
Capital expenditures for each segment for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Capital Expenditures (1)
Office$19,812 $30,051 $40,537 $56,717 
Retail1,645 3,697 4,170 7,257 
Multifamily 1,216 1,315 2,529 2,886 
Mixed-Use718 121 1,850 452 
$23,391 $35,184 $49,086 $67,312 
(1)Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.