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SEGMENT REPORTING (Tables)
 9 Months Ended
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,
 2025202420252024
Total Office
Property revenue$52,293 $61,058 $153,992 $164,050 
Rental expenses11,813 11,014 33,091 31,273 
Real estate taxes5,380 4,500 15,415 14,178 
Property expense17,193 15,514 48,506 45,451 
Segment profit35,100 45,544 105,486 118,599 
Total Retail
Property revenue23,131 27,695 70,787 80,196 
Rental expenses3,422 4,275 10,964 13,470 
Real estate taxes3,102 3,613 8,899 10,539 
Property expense6,524 7,888 19,863 24,009 
Segment profit16,607 19,807 50,924 56,187 
Total Multifamily
Property revenue17,404 16,330 51,663 49,020 
Rental expenses6,490 5,634 17,741 15,925 
Real estate taxes1,981 1,889 5,714 5,404 
Property expense8,471 7,523 23,455 21,329 
Segment profit8,933 8,807 28,208 27,691 
Total Mixed-Use
Property revenue16,750 17,727 49,676 51,129 
Rental expenses10,043 10,438 29,950 30,039 
Real estate taxes1,066 1,042 3,151 3,012 
Property expense11,109 11,480 33,101 33,051 
Segment profit5,641 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,
 2025202420252024
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, net927 1,739 2,769 12,857 
Net income5,921 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, 2025December 31, 2024
Net Real Estate
Office$1,588,085 $1,597,458 
Retail472,969 478,037 
Multifamily408,395 351,016 
Mixed-Use157,481 160,975 
$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,
2025202420252024
Capital Expenditures (1)
Office$13,185 $20,261 $47,354 $41,930 
Retail4,500 4,267 7,146 9,651 
Multifamily 1,110 1,582 3,072 4,260 
Mixed-Use438 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.