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SEGMENT REPORTING (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Summary of Segments Operating Activity | The following table represents the significant segment expenses and operating activity within our reportable segments (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total Office |  |  |  |  |  |  |
Property revenue | $ | 52,293 |  |  | $ | 61,058 |  |  | $ | 153,992 |  |  | $ | 164,050 |
Rental expenses | 11,813 |  |  | 11,014 |  |  | 33,091 |  |  | 31,273 |
Real estate taxes | 5,380 |  |  | 4,500 |  |  | 15,415 |  |  | 14,178 |
Property expense | 17,193 |  |  | 15,514 |  |  | 48,506 |  |  | 45,451 |
Segment profit | 35,100 |  |  | 45,544 |  |  | 105,486 |  |  | 118,599 |
Total Retail |  |  |  |  |  |  |
Property revenue | 23,131 |  |  | 27,695 |  |  | 70,787 |  |  | 80,196 |
Rental expenses | 3,422 |  |  | 4,275 |  |  | 10,964 |  |  | 13,470 |
Real estate taxes | 3,102 |  |  | 3,613 |  |  | 8,899 |  |  | 10,539 |
Property expense | 6,524 |  |  | 7,888 |  |  | 19,863 |  |  | 24,009 |
Segment profit | 16,607 |  |  | 19,807 |  |  | 50,924 |  |  | 56,187 |
Total Multifamily |  |  |  |  |  |  |
Property revenue | 17,404 |  |  | 16,330 |  |  | 51,663 |  |  | 49,020 |
Rental expenses | 6,490 |  |  | 5,634 |  |  | 17,741 |  |  | 15,925 |
Real estate taxes | 1,981 |  |  | 1,889 |  |  | 5,714 |  |  | 5,404 |
Property expense | 8,471 |  |  | 7,523 |  |  | 23,455 |  |  | 21,329 |
Segment profit | 8,933 |  |  | 8,807 |  |  | 28,208 |  |  | 27,691 |
Total Mixed-Use |  |  |  |  |  |  |
Property revenue | 16,750 |  |  | 17,727 |  |  | 49,676 |  |  | 51,129 |
Rental expenses | 10,043 |  |  | 10,438 |  |  | 29,950 |  |  | 30,039 |
Real estate taxes | 1,066 |  |  | 1,042 |  |  | 3,151 |  |  | 3,012 |
Property expense | 11,109 |  |  | 11,480 |  |  | 33,101 |  |  | 33,051 |
Segment profit | 5,641 |  |  | 6,247 |  |  | 16,575 |  |  | 18,078 |
Total segments’ profit | $ | 66,281 |  |  | $ | 80,405 |  |  | $ | 201,193 |  |  | $ | 220,555 |
Summary 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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total segments’ profit | $ | 66,281 |  |  | $ | 80,405 |  |  | $ | 201,193 |  |  | $ | 220,555 |
General and administrative | (9,500) |  |  | (9,068) |  |  | (27,662) |  |  | (26,647) |
Depreciation and amortization | (32,014) |  |  | (33,529) |  |  | (95,290) |  |  | (94,757) |
Interest expense, net | (19,773) |  |  | (18,229) |  |  | (58,337) |  |  | (50,773) |
Gain on sale of real estate | — |  |  | — |  |  | 44,476 |  |  | — |
Other income, net | 927 |  |  | 1,739 |  |  | 2,769 |  |  | 12,857 |
Net income | 5,921 |  |  | 21,318 |  |  | 67,149 |  |  | 61,235 |
Net income attributable to restricted shares | (207) |  |  | (194) |  |  | (616) |  |  | (585) |
Net income attributable to unitholders in the Operating Partnership | (1,205) |  |  | (4,467) |  |  | (14,033) |  |  | (12,829) |
Net income attributable to American Assets Trust, Inc. stockholders | $ | 4,509 |  |  | $ | 16,657 |  |  | $ | 52,500 |  |  | $ | 47,821 |
Summary 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 reportable segments (in thousands):
| September 30, 2025 |  | December 31, 2024
Net Real Estate |  |  |
Office | $ | 1,588,085 |  |  | $ | 1,597,458 |
Retail | 472,969 |  |  | 478,037 |
Multifamily | 408,395 |  |  | 351,016 |
Mixed-Use | 157,481 |  |  | 160,975 |
| $ | 2,626,930 |  |  | $ | 2,587,486 |
Secured Notes Payable (1) |  |  |
Office | $ | 75,000 |  |  | $ | 75,000 |
| $ | 75,000 |  |  | $ | 75,000 |
(1)Excludes unamortized debt issuance costs of $0.2 million and $0.2 million for each of the periods ended September 30, 2025 and December 31, 2024, respectively. Capital expenditures for each segment for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Capital Expenditures (1) |  |  |  |  |  |  |
Office | $ | 13,185 |  |  | $ | 20,261 |  |  | $ | 47,354 |  |  | $ | 41,930 |
Retail | 4,500 |  |  | 4,267 |  |  | 7,146 |  |  | 9,651 |
Multifamily | 1,110 |  |  | 1,582 |  |  | 3,072 |  |  | 4,260 |
Mixed-Use | 438 |  |  | 229 |  |  | 1,947 |  |  | 922 |
| $ | 19,233 |  |  | $ | 26,339 |  |  | $ | 59,519 |  |  | $ | 56,763 |
(1)Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.

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