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Reportable Segments
12 Months Ended
Dec. 31, 2017
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, Charlotte, Austin, Phoenix, Tampa, Orlando, Houston, 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 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):
Year ended December 31, 2017
 
Office
 
Mixed-Use
 
Other
 
Total
Net Operating Income:
 
 
 
 
 
 
 
 
Atlanta
 
$
109,706

 
$
3,278

 
$

 
$
112,984

Charlotte
 
62,708

 

 

 
62,708

Austin
 
58,648

 

 

 
58,648

Phoenix
 
34,074

 

 

 
34,074

Tampa
 
29,426

 

 

 
29,426

Orlando
 
13,029

 

 

 
13,029

Other
 
1,632

 
705

 

 
2,337

Total Net Operating Income
 
$
309,223

 
$
3,983

 
$

 
$
313,206


Year ended December 31, 2016
 
Office
 
Mixed-Use
 
Other
 
Total
Net Operating Income:
 
 
 
 
 
 
 
 
Atlanta
 
$
98,032

 
$
7,411

 
$

 
$
105,443

Houston
 
78,590

 

 

 
78,590

Austin
 
29,865

 

 

 
29,865

Charlotte
 
28,418

 

 

 
28,418

Tampa
 
7,130

 

 

 
7,130

Phoenix
 
6,067

 

 

 
6,067

Orlando
 
3,265

 

 

 
3,265

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

Charlotte
 
16,164

 

 

 
16,164

Austin
 
15,294

 

 

 
15,294

Other
 
7,104

 

 
168

 
7,272

Total Net Operating Income
 
$
235,210

 
$
5,854

 
$
168

 
$
241,232










The following reconciles Net Income to Net Operating Income for each of the periods presented (in thousands):
 
Year Ended December 31,
 
2017
 
2016
 
2015
Net income
$
219,959

 
$
80,104

 
$
125,629

Net operating income from unconsolidated joint ventures
31,053

 
28,785

 
24,335

Net operating income from discontinued operations

 
78,591

 
103,198

Fee income
(8,632
)
 
(8,347
)
 
(7,297
)
Other income
(11,518
)
 
(1,050
)
 
(828
)
Reimbursed expenses
3,527

 
3,259

 
3,430

General and administrative expenses
27,523

 
25,592

 
16,918

Interest expense
33,524

 
26,650

 
22,735

Depreciation and amortization
196,745

 
97,948

 
71,625

Acquisition and transaction costs
1,661

 
24,521

 
299

Other expenses
1,796

 
5,888

 
1,181

(Gain) loss on extinguishment of debt
(2,258
)
 
5,180

 

Income from unconsolidated joint ventures
(47,115
)
 
(10,562
)
 
(8,302
)
Gain on sale of investment properties
(133,059
)
 
(77,114
)
 
(80,394
)
Income from discontinued operations

 
(19,163
)
 
(31,297
)
Net Operating Income
$
313,206

 
$
260,282

 
$
241,232


Revenues by reportable segment, including a reconciliation to total revenues on the consolidated statements of operations for years ended December 31, 2017, 2016, and 2015 are as follows (in thousands):
Year ended December 31, 2017
 
Office
 
Mixed-Use
 
Other
 
Total
Revenues:
 

 

 

 

Atlanta
 
$
176,190

 
$
5,237

 
$

 
$
181,427

Austin
 
100,939

 

 

 
100,939

Charlotte
 
91,434

 

 

 
91,434

Orlando
 
24,862

 

 

 
24,862

Tampa
 
47,402

 

 

 
47,402

Phoenix
 
46,186

 

 

 
46,186

Other
 
3,021

 
999

 

 
4,020

Total segment revenues
 
490,034

 
6,236

 

 
496,270

Company's share of rental property revenues from unconsolidated joint ventures
 
43,999

 
6,236

 

 
50,235

Total rental property revenues
 
$
446,035

 
$

 
$

 
$
446,035

Year ended December 31, 2016
 
Office
 
Mixed-Use
 
Other
 
Total
Revenues:
 
 
 
 
 
 
 
 
Atlanta
 
$
160,540

 
$
13,043

 
$

 
$
173,583

Houston
 
136,926

 

 

 
136,926

Austin
 
52,769

 

 

 
52,769

Charlotte
 
39,448

 

 

 
39,448

Tampa
 
10,994

 

 

 
10,994

Phoenix
 
8,902

 

 

 
8,902

Orlando
 
5,896

 

 

 
5,896

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