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Reportable Segments
 9 Months Ended
Sep. 30, 2021
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 and Other. Included in the Other property type are apartments, apartment retail, and the College Street Garage. The segments by geographical region are Atlanta, Austin, Charlotte, Dallas, Phoenix, Tampa, and Other. Included in the Other geographical region are properties located in Chapel Hill, Houston, Fort Worth (sold in April 2021), and Cherry Hill, New Jersey (sold in February 2020). These reportable segments represent an aggregation of operating segments reported to the Chief Operating Decision Maker (our Chief Executive Officer) based on similar economic characteristics that include the type of property 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 termination fees, 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 fee income, other revenue, corporate general and administrative expenses, reimbursed expenses, interest expense, depreciation and amortization, impairments, gains/loss on sales of real estate, gain/loss on extinguishment of debt, transaction costs, 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 for the three and nine months ended September 30, 2021 and 2020 are as follows (in thousands):
Three Months Ended September 30, 2021OfficeOtherTotal
Revenues:
Atlanta$67,959 $369 $68,328 
Austin65,448 — 65,448 
Charlotte17,527 721 18,248 
Dallas4,337 — 4,337 
Phoenix12,847 — 12,847 
Tampa14,444 — 14,444 
Other8,702 1,155 9,857 
Total segment revenues191,264 2,245 193,509 
Less: Company's share of rental property revenues from unconsolidated joint ventures(6,470)(1,524)(7,994)
Total rental property revenues$184,794 $721 $185,515 

Three Months Ended September 30, 2020OfficeOtherTotal
Revenues:
Atlanta$64,742 $110 $64,852 
Austin52,008 — 52,008 
Charlotte19,567 803 20,370 
Dallas4,601 — 4,601 
Phoenix12,689 — 12,689 
Tampa13,179 — 13,179 
Other16,354 1,193 17,547 
Total segment revenues183,140 2,106 185,246 
Less: Company's share of rental property revenues from unconsolidated joint ventures(4,920)(1,302)(6,222)
Total rental property revenues$178,220 $804 $179,024 
Nine Months Ended September 30, 2021OfficeOtherTotal
Revenues:
Atlanta$198,461 $1,039 $199,500 
Austin183,158 — 183,158 
Charlotte60,578 1,873 62,451 
Dallas13,351 — 13,351 
Phoenix38,067 — 38,067 
Tampa43,180 — 43,180 
Other31,825 3,930 35,755 
Total segment revenues568,620 6,842 575,462 
Less: Company's share of rental property revenues from unconsolidated joint ventures(18,405)(4,969)(23,374)
Total rental property revenues$550,215 $1,873 $552,088 

Nine Months Ended September 30, 2020OfficeOtherTotal
Revenues:
Atlanta$193,117 $234 $193,351 
Austin155,009 — 155,009 
Charlotte74,057 1,354 75,411 
Dallas13,559 — 13,559 
Phoenix37,932 — 37,932 
Tampa40,203 — 40,203 
Other46,092 3,631 49,723 
Total segment revenues559,969 5,219 565,188 
Less: Company's share of rental property revenues from unconsolidated joint ventures(18,072)(3,864)(21,936)
Total rental property revenues$541,897 $1,355 $543,252 

NOI by reportable segment for the three and nine months ended September 30, 2021 and 2020 are as follows (in thousands):
Three Months Ended September 30, 2021OfficeOtherTotal
Net Operating Income:
Atlanta$44,333 $180 $44,513 
Austin38,532 — 38,532 
Charlotte12,491 361 12,852 
Dallas3,424 — 3,424 
Phoenix9,299 — 9,299 
Tampa9,434 — 9,434 
Other5,347 747 6,094 
Total Net Operating Income$122,860 $1,288 $124,148 
Three Months Ended September 30, 2020OfficeOtherTotal
Net Operating Income:
Atlanta$43,399 $(11)$43,388 
Austin31,639 — 31,639 
Charlotte14,086 535 14,621 
Dallas3,688 — 3,688 
Phoenix9,205 — 9,205 
Tampa8,230 — 8,230 
Other8,483 762 9,245 
Total Net Operating Income$118,730 $1,286 $120,016 

Nine Months Ended September 30, 2021OfficeOtherTotal
Net Operating Income:
Atlanta$130,551 $433 $130,984 
Austin108,764 — 108,764 
Charlotte43,176 796 43,972 
Dallas10,546 — 10,546 
Phoenix27,252 — 27,252 
Tampa27,755 — 27,755 
Other18,142 2,562 20,704 
Total Net Operating Income$366,186 $3,791 $369,977 

Nine Months Ended September 30, 2020OfficeOtherTotal
Net Operating Income:
Atlanta$129,992 $(113)$129,879 
Austin92,161 — 92,161 
Charlotte50,302 912 51,214 
Dallas10,907 — 10,907 
Phoenix27,920 — 27,920 
Tampa24,372 — 24,372 
Other26,008 2,469 28,477 
Total Net Operating Income$361,662 $3,268 $364,930 
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,
 2021202020212020
Net Operating Income$124,148 $120,016 $369,977 $364,930 
Net operating income from unconsolidated joint ventures(5,762)(4,208)(15,953)(14,436)
Fee income3,094 4,350 12,426 13,772 
Termination fee income1,775 372 2,599 3,755 
Other income123 6 405 169 
Reimbursed expenses(383)(373)(1,149)(1,216)
General and administrative expenses(7,968)(5,658)(22,014)(19,853)
Interest expense(16,709)(15,058)(50,573)(44,955)
Depreciation and amortization(72,073)(71,498)(214,399)(215,980)
Transaction costs— — — (428)
Other expenses(421)(723)(1,835)(1,841)
Income from unconsolidated joint ventures2,128 1,611 5,826 6,751 
Gain (loss) on sales of investments in unconsolidated joint ventures13,121 (59)13,160 45,940 
Gain (loss) on investment property transactions13,063 (523)13,037 90,192 
Net income$54,136 $28,255 $111,507 $226,800