Reportable Segments

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS

The Company's segments are based on the Company's method of internal reporting which classifies operations by property type and geographical area. The segments by property type are: Office, Mixed Use, and Other. The segments by geographical region are: Atlanta, Houston, Austin, Charlotte, and Other. These reportable segments represent an aggregation of operating segments reported to the Chief Operating Decision Maker based on similar economic characteristics that include the type of property and the geographical location. Prior period information has been revised to reflect the change in segment reporting as described in the Annual Report on Form 10-K for the year ended December 31, 2015. Each segment includes both consolidated operations and the Company's share of joint venture operations.

Company management evaluates the performance of its reportable segments in part based on net operating income (“NOI”). NOI represents rental property revenues less rental property operating expenses. NOI is not a measure of cash flows or operating results as measured by GAAP, 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. All companies may not calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income as it helps both management and investors understand the core operations of the Company's operating assets. NOI excludes corporate general and administrative expenses, interest expense, depreciation and amortization, impairments, gains/loss on sales of real estate, and other non-operating items.

Segment net income, amount of capital expenditures, and total assets are not presented in the following tables because management does not utilize these measures when analyzing its segments or when making resource allocation decisions. Information on the Company's segments along with a reconciliation of NOI to net income available to common stockholders is as follows (in thousands):

Three Months Ended March 31, 2016	Office		Mixed-Use		Other		Total
Net Operating Income:
Houston	$	25,318	$	—	$	—	$	25,318
Atlanta	22,598		1,601		—		24,199
Austin	5,192		—		—		5,192
Charlotte	4,774		—		—		4,774
Other	12		—		18		30
Total Net Operating Income	$	57,894	$	1,601	$	18	59,513
Net operating income from unconsolidated joint ventures							(6,646		)
Fee income							2,199
Other income							576
Reimbursed expenses							(870		)
General and administrative expenses							(8,492		)
Interest expense							(7,414		)
Depreciation and amortization							(31,969		)
Other expenses							(125		)
Income from unconsolidated joint ventures							1,834
Gain on sale of investment properties							14,190
Net income							$	22,796

Three Months Ended March 31, 2015	Office		Mixed-Use		Other			Total
Net Operating Income:
Houston	$	25,078	$	—	$	—		$	25,078
Atlanta	23,363		1,352		—			24,715
Austin	2,186		—		—			2,186
Charlotte	3,943		—		—			3,943
Other	2,175		—		(44		)	2,131
Total Net Operating Income	$	56,745	$	1,352	$	(44	)	58,053
Net operating income from unconsolidated joint ventures								(5,988		)
Net operating loss from discontinued operations								14
Fee income								1,816
Other income								127
Reimbursed expenses								(1,111		)
General and administrative expenses								(3,595		)
Interest expense								(7,677		)
Depreciation and amortization								(36,147		)
Other expenses								(440		)
Income from unconsolidated joint ventures								1,611
Loss from discontinued operations								(565		)
Gain on sale of investment properties								1,105
Net income								$	7,203