Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2020

Reconciliation of Revenue from Segments to Consolidated

Information on the Company's segments along with a reconciliation of NOI to net income for the three and nine months ended September 30, 2020 and 2019 are as follows (in thousands):


Three Months Ended September 30, 2020	Office		Mixed-Use		Total
Revenues:
Atlanta	$	64,677	$	175	$	64,852
Austin	52,008		—		52,008

Charlotte	20,370		—		20,370
Dallas	4,601		—		4,601
Phoenix	12,689		—		12,689
Tampa	13,179		—		13,179
Other	16,354		1,193		17,547
Total segment revenues	183,878		1,368		185,246
Less: Company's share of rental property revenues from unconsolidated joint ventures	(4,854)		(1,368)		(6,222)
Total rental property revenues	$	179,024	$	—	$	179,024


Three Months Ended September 30, 2019	Office		Mixed-Use		Total
Revenues:
Atlanta	$	60,486	$	—	$	60,486
Austin	50,614		—		50,614
Charlotte	34,762		—		34,762
Dallas	4,274		—		4,274
Phoenix	12,754		—		12,754
Tampa	14,335		—		14,335
Other	17,290		1,101		18,391
Total segment revenues	194,515		1,101		195,616
Less: Company's share of rental property revenues from unconsolidated joint ventures	(13,689)		(1,101)		(14,790)
Total rental property revenues	$	180,826	$	—	$	180,826


Nine Months Ended September 30, 2020	Office		Mixed-Use		Total
Revenues
Atlanta	$	193,012	$	339	$	193,351
Austin	155,009		—		155,009

Charlotte	75,411		—		75,411
Dallas	13,559		—		13,559
Phoenix	37,932		—		37,932
Tampa	40,203		—		40,203
Other	46,092		3,631		49,723
Total segment revenues	561,218		3,970		565,188
Less: Company's share of rental property revenues from unconsolidated joint ventures	(17,966)		(3,970)		(21,936)
Total rental property revenues	$	543,252	$	—	$	543,252


Nine Months Ended September 30, 2019	Office		Mixed-Use		Total
Revenues:
Atlanta	$	177,455	$	—	$	177,455
Austin	110,521		—		110,521
Charlotte	85,258		—		85,258
Dallas	5,078				5,078
Phoenix	38,562		—		38,562
Tampa	40,776		—		40,776
Other	21,416		3,378		24,794
Total segment revenues	479,066		3,378		482,444
Less: Company's share of rental property revenues from unconsolidated joint ventures	(39,442)		(3,378)		(42,820)
Total rental property revenues	$	439,624	$	—	$	439,624

Reconciliation of NOI to Net Income Available to Common Stockholders

NOI by reportable segment for the three and nine months ended September 30, 2020 and 2019 are as follows (in thousands):


Three Months Ended September 30, 2020	Office		Mixed-Use		Total
Net Operating Income:
Atlanta	$	43,360	$	28	$	43,388
Austin	31,639		—		31,639

Charlotte	14,621		—		14,621
Dallas	3,688		—		3,688
Phoenix	9,205		—		9,205
Tampa	8,230		—		8,230
Other	8,483		762		9,245
Total Net Operating Income	$	119,226	$	790	$	120,016


Three Months Ended September 30, 2019	Office		Mixed-Use		Total
Net Operating Income:
Atlanta	$	38,926	$	—	$	38,926
Austin	29,452		—		29,452
Charlotte	21,692		—		21,692
Dallas	3,416		—		3,416
Phoenix	8,913		—		8,913
Tampa	8,309		—		8,309
Other	9,266		668		9,934
Total Net Operating Income	$	119,974	$	668	$	120,642


Nine Months Ended September 30, 2020	Office		Mixed-Use		Total
Net Operating Income:
Atlanta	$	129,924	$	(45)	$	129,879
Austin	92,161		—		92,161

Charlotte	51,214		—		51,214
Dallas	10,907		—		10,907
Phoenix	27,920		—		27,920
Tampa	24,372		—		24,372
Other	26,008		2,469		28,477
Total Net Operating Income	$	362,506	$	2,424	$	364,930


Nine Months Ended September 30, 2019	Office		Mixed-Use		Total
Net Operating Income:
Atlanta	$	115,692	$	—	$	115,692
Austin	63,977		—		63,977

Charlotte	55,550		—		55,550
Dallas	4,086		—		4,086
Phoenix	27,694		—		27,694
Tampa	24,869		—		24,869
Other	11,678		2,244		13,922
Total Net Operating Income	$	303,546	$	2,244	$	305,790

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net Operating Income	$	120,016	$	120,642	$	364,930	$	305,790
Net operating income from unconsolidated joint ventures	(4,208)		(9,037)		(14,436)		(26,289)
Fee income	4,350		7,494		13,772		23,298
Termination fee income	372		3,575		3,755		4,285
Other income	6		3		169		154
Reimbursed expenses	(373)		(1,290)		(1,216)		(3,269)
General and administrative expenses	(5,658)		(5,852)		(19,853)		(25,686)
Interest expense	(15,058)		(14,700)		(44,955)		(37,579)
Depreciation and amortization	(71,498)		(82,012)		(215,980)		(178,777)
Acquisition and transaction costs	—		(1,048)		(428)		(50,878)
Other expenses	(723)		(297)		(1,841)		(1,101)
Income from unconsolidated joint ventures	1,611		3,241		6,751		9,779
Gain (loss) on sales of investments in unconsolidated joint ventures	(59)		—		45,940		—
Gain (loss) on investment property transactions	(523)		(27)		90,192		14,388

Net income	$	28,255	$	20,692	$	226,800	$	34,115