SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2020

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Total Office
Property revenue	44,821		42,810		$	133,210	$	100,816
Property expense	(11,595)		(11,627)		(34,989)		(29,385)
Segment profit	33,226		31,183		98,221		71,431
Total Retail
Property revenue	$	20,621	$	25,848	67,939		81,156
Property expense	(7,795)		(7,806)		(20,033)		(22,691)
Segment profit	12,826		18,042		47,906		58,465
Total Multifamily
Property revenue	12,564		12,655		37,852		38,451
Property expense	(5,603)		(5,367)		(16,426)		(15,323)
Segment profit	6,961		7,288		21,426		23,128
Total Mixed-Use
Property revenue	6,368		17,049		24,225		47,371
Property expense	(5,706)		(10,131)		(18,806)		(28,475)
Segment profit	662		6,918		5,419		18,896
Total segments’ profit	$	53,675	$	63,431	$	172,972	$	171,920

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,
	2020		2019		2020		2019
Total segments’ profit	$	53,675	$	63,431	$	172,972	$	171,920
General and administrative	(6,438)		(6,479)		(19,937)		(18,495)
Depreciation and amortization	(26,914)		(26,568)		(80,869)		(69,733)
Interest expense	(13,302)		(13,734)		(40,105)		(40,212)
Gain on sale of real estate	—		—		—		633
Other income (expense), net	(531)		(131)		(261)		(410)





Net income	6,490		16,519		31,800		43,703
Net income attributable to restricted shares	(87)		(92)		(260)		(277)
Net income attributable to unitholders in the Operating Partnership	(1,365)		(3,565)		(6,778)		(10,553)
Net income attributable to American Assets Trust, Inc. stockholders	$	5,038	$	12,862	$	24,762	$	32,873

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, 2020		December 31, 2019
Net Real Estate
Office	$	1,313,885	$	1,317,854
Retail	612,718		624,912
Multifamily	392,506		401,152
Mixed-Use	179,455		179,557
	$	2,498,564	$	2,523,475
Secured Notes Payable (1)
Office	$	111,000	$	127,768
Retail	—		34,235


	$	111,000	$	162,003

(1)Excludes debt issuance costs of $0.1 million and $0.1 million for each of the periods ended September 30, 2020 and December 31, 2019, respectively.

Capital expenditures for each segment

Capital expenditures for each segment for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Capital Expenditures (1)
Office	$	12,572	$	16,548	$	40,053	$	50,449
Retail	747		5,290		7,110		16,731
Multifamily	800		1,297		2,944		2,753
Mixed-Use	322		845		3,467		4,508
	$	14,441	$	23,980	$	53,574	$	74,441

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