Reportable Segments

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS

The Company's segments are based on the 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, Austin, Charlotte, Orlando, Tampa, Phoenix, 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 product and the geographical location. 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 expenses 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):

Year ended December 31, 2016	Office		Mixed-Use		Other		Total
Net Operating Income:
Houston	$	78,590	$	—	$	—	$	78,590
Atlanta	98,032		7,411		—		105,443
Austin	29,865		—		—		29,865
Charlotte	28,418		—		—		28,418
Orlando	3,265		—		—		3,265
Tampa	7,130		—		—		7,130
Tempe	6,067		—		—		6,067
Other	1,504		—		—		1,504
Total Net Operating Income	$	252,871	$	7,411	$	—	$	260,282

Year ended December 31, 2015	Office		Mixed-Use		Other		Total
Net Operating Income:
Houston	$	103,210	$	—	$	—	$	103,210
Atlanta	93,438		5,854		—		99,292
Austin	15,294		—		—		15,294
Charlotte	16,164		—		—		16,164
Other	7,104		—		168		7,272
Total Net Operating Income	$	235,210	$	5,854	$	168	$	241,232

Year ended December 31, 2014	Office		Mixed-Use		Other		Total
Net Operating Income:
Houston	$	100,816	$	—	$	—	$	100,816
Atlanta	73,434		5,727		—		79,161
Austin	6,992		—		—		6,992
Charlotte	6,839		—		—		6,839
Other	18,470		—		3,395		21,865
Total Net Operating Income	$	206,551	$	5,727	$	3,395	$	215,673

The following reconciles Net Income to Net Operating Income for each of the periods presented (in thousands):

	Year Ended December 31,
	2016			2015			2014
Net Income	$	80,104		$	125,629		$	53,008
Net operating income from unconsolidated joint ventures	28,785			24,335			25,897
Net operating income from discontinued operations	78,591			103,198			102,616
Fee income	(8,347		)	(7,297		)	(12,519		)
Other income	(1,050		)	(828		)	(919		)
Reimbursed expenses	3,259			3,430			3,652
General and administrative expenses	25,592			16,918			19,784
Interest expense	26,650			22,735			20,983
Depreciation and amortization	97,948			71,625			62,258
Acquisition and merger costs	24,521			299			1,130
Other expenses	5,888			1,181			3,729
Loss on extinguishment of debt	5,180			—			—
Benefit for income taxes from operations	—			—			(20		)
Income from unconsolidated joint ventures	(10,562		)	(8,302		)	(11,268		)
Gain on sale of investment properties	(77,114		)	(80,394		)	(12,536		)
Income (loss) from discontinued operations	(19,163		)	(31,297		)	(40,122		)
Net Operating Income	$	260,282		$	241,232		$	215,673

Revenues by reportable segment, including a reconciliation to total revenues on the consolidated statements of operations for years ended December 31, 2016, 2015 and 2014 are as follows (in thousands):

Year ended December 31, 2016	Office		Mixed-Use		Other		Total
Revenues:
Atlanta	$	160,540	$	13,043	$	—	$	173,583
Austin	52,769		—		—		52,769
Charlotte	39,448		—		—		39,448
Houston	136,926		—		—		136,926
Orlando	5,896		—		—		5,896
Tampa	10,994		—		—		10,994
Tempe	8,902		—		—		8,902
Other	2,443		—		—		2,443
Total segment revenues	417,918		13,043		—		430,961
Company's share of rental property revenues from unconsolidated joint ventures	31,177		13,043		—		44,220
Revenues included in discontinued operations	136,927		—		—		136,927
Total rental property revenues	$	249,814	$	—	$	—	$	249,814

Year ended December 31, 2015	Office		Mixed-Use		Other		Total
Revenues:
Houston	$	176,823	$	—	$	—	$	176,823
Atlanta	164,712		9,975		—		174,687
Austin	26,581		—		—		26,581
Charlotte	22,964		—		—		22,964
Other	9,216		—		192		9,408
Total segment revenues	400,296		9,975		192		410,463
Company's share of rental property revenues from unconsolidated joint ventures	27,416		9,975		—		37,391
Revenues included in discontinued operations	176,828		—		—		176,828
Total rental property revenues	$	196,052	$	—	$	192	$	196,244

Year ended December 31, 2014	Office		Mixed-Use		Other		Total
Revenues:
Houston	$	179,788	$	—	$	—	$	179,788
Atlanta	125,884		9,037		—		134,921
Austin	14,062		—		—		14,062
Charlotte	9,404		—		—		9,404
Other	42,576		—		3,886		46,462
Total segment revenues	371,714		9,037		3,886		384,637
Company's share of rental property revenues from unconsolidated joint ventures	26,766		9,037		1,997		37,800
Revenues included in discontinued operations	182,714		—		—		182,714
Total rental property revenues	$	162,234	$	—	$	1,889	$	164,123