SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2023

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Total Office
Property revenue	$	51,948	$	53,250	$	155,137	$	153,412
Property expense	(15,361)		(14,551)		(45,075)		(41,944)
Segment profit	36,587		38,699		110,062		111,468
Total Retail
Property revenue	26,143		25,694		77,671		74,873
Property expense	(7,504)		(7,807)		(22,763)		(22,965)
Segment profit	18,639		17,887		54,908		51,908
Total Multifamily
Property revenue	15,152		14,748		45,908		42,851
Property expense	(7,262)		(6,871)		(20,579)		(19,171)
Segment profit	7,890		7,877		25,329		23,680
Total Mixed-Use
Property revenue	17,955		17,331		49,957		45,512
Property expense	(11,184)		(10,686)		(31,828)		(28,549)
Segment profit	6,771		6,645		18,129		16,963
Total segments’ profit	$	69,887	$	71,108	$	208,428	$	204,019

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):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Total segments’ profit	$	69,887	$	71,108	$	208,428	$	204,019
General and administrative	(8,880)		(8,376)		(26,488)		(23,130)
Depreciation and amortization	(29,868)		(31,729)		(89,592)		(93,228)
Interest expense, net	(16,325)		(14,454)		(48,422)		(43,667)


Other income (expense), net	321		(180)		7,272		(523)





Net income	15,135		16,369		51,198		43,471
Net income attributable to restricted shares	(189)		(155)		(568)		(464)
Net income attributable to unitholders in the Operating Partnership	(3,168)		(3,442)		(10,733)		(9,130)
Net income attributable to American Assets Trust, Inc. stockholders	$	11,778	$	12,772	$	39,897	$	33,877

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 (in thousands):


	September 30, 2023		December 31, 2022
Net Real Estate
Office	$	1,616,638	$	1,615,479
Retail	567,354		579,219
Multifamily	363,750		370,993
Mixed-Use	167,527		168,865
	$	2,715,269	$	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 September 30, 2023 and December 31, 2022, respectively.

Schedule of Capital Expenditures for Each Segment

Capital expenditures for each segment for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Capital Expenditures (1)
Office	$	16,105	$	24,107	$	56,642	$	80,824
Retail	1,628		2,165		5,798		9,422
Multifamily	1,977		686		4,506		3,572
Mixed-Use	1,432		197		3,282		649
	$	21,142	$	27,155	$	70,228	$	94,467

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