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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. However, we have aggregated our properties into reportable segments as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies.
We operate in four business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel.
We evaluate the performance of our segments based on segment profit which is defined as property revenue less property expenses. We do not use asset information as a measure to assess performance and make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, interest expense, depreciation and amortization expense and other income and expense are not included in segment profit as our internal reporting addresses these items on a corporate level.
Segment profit is not a measure of operating income or cash flows from operating activities as measured by GAAP, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit in the same manner. We consider segment profit to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our properties.
 
The following table represents operating activity within our reportable segments (in thousands):
 Year Ended December 31,
 202320222021
Total Office
Property revenue$207,856 $203,391 $186,366 
Property expense(61,339)(57,478)(50,233)
Segment profit146,517 145,913 136,133 
Total Retail
Property revenue104,767 100,912 94,662 
Property expense(31,440)(30,306)(27,983)
Segment profit73,327 70,606 66,679 
Total Multifamily
Property revenue61,830 58,139 52,315 
Property expense(28,025)(26,256)(23,211)
Segment profit33,805 31,883 29,104 
Total Mixed-Use
Property revenue66,711 60,206 42,485 
Property expense(43,153)(38,393)(28,347)
Segment profit23,558 21,813 14,138 
Total segments’ profit$277,207 $270,215 $246,054 
 The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands):
 Year Ended December 31,
 202320222021
Total segments' profit$277,207 $270,215 $246,054 
General and administrative(35,960)(32,143)(29,879)
Depreciation and amortization(119,500)(123,338)(116,306)
Interest expense, net(64,706)(58,232)(58,587)
Loss on early extinguishment of debt— — (4,271)
Other income (expense), net7,649 (625)(418)
Net income64,690 55,877 36,593 
Net income attributable to restricted shares(761)(648)(564)
Net income attributable to unitholders in the Operating Partnership
(13,551)(11,723)(7,653)
Net income attributable to American Assets Trust, Inc. stockholders
$50,378 $43,506 $28,376 
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, 2023December 31, 2022
Net real estate
Office$1,614,323 $1,615,479 
Retail563,532 579,219 
Multifamily361,233 370,993 
Mixed-Use166,227 168,865 
$2,705,315 $2,734,556 
Secured Notes Payable (1)
Office$75,000 $75,000 
Retail— — 
$75,000 $75,000 
Capital Expenditures (2)
Office$71,336 $102,443 
Retail8,856 12,177 
Multifamily5,902 4,889 
Mixed-Use3,793 1,646 
$89,887 $121,155 

(1)Excludes unamortized debt issuance costs of $0.3 million and $0.4 million as of December 31, 2023 and 2022, respectively.
(2)Capital expenditures represent cash paid for capital expenditures during the year and includes leasing commissions paid.