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Reportable Segments
 12 Months Ended
Dec. 31, 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 Non-Office. The segments by geographical region are: Atlanta, Austin, Charlotte, Dallas, Phoenix, Tampa, and other markets. Included in other markets are properties located in Chapel Hill, Houston, Nashville, Fort Worth (sold April 2021), and a property in Cherry Hill, New Jersey (sold February 2020). Included in Non-Office are retail and apartments in Chapel Hill and Atlanta as well as the College Street Garage in Charlotte. In 2021, with the sale of the Company's One South at the Plaza office property, the Company reassessed the segment for the College Street Garage and began to treat it as Non-Office for all periods presented. 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. 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 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 years ended December 31, 2021, 2020, and 2019 are as follows (in thousands):
Year Ended December 31, 2021OfficeNon-OfficeTotal
Revenues:
Atlanta$268,953 $1,459 $270,412 
Austin247,806 — 247,806 
Charlotte74,702 2,700 77,402 
Dallas17,670 — 17,670 
Phoenix50,292 — 50,292 
Tampa59,614 — 59,614 
Other markets39,403 5,257 44,660 
Total segment revenues758,440 9,416 767,856 
Less: Company's share of rental property revenues from unconsolidated joint ventures(22,075)(6,718)(28,793)
Total rental property revenues$736,365 $2,698 $739,063 

Year Ended December 31, 2020OfficeNon-OfficeTotal
Revenues:
Atlanta$255,594 $602 $256,196 
Austin210,229 — 210,229 
Charlotte94,520 2,017 96,537 
Dallas18,143 — 18,143 
Phoenix50,671 — 50,671 
Tampa54,261 — 54,261 
Other markets59,285 4,895 64,180 
Total segment revenues742,703 7,514 750,217 
Less: Company's share of rental property revenues from unconsolidated joint ventures(22,837)(5,497)(28,334)
Total rental property revenues$719,866 $2,017 $721,883 

Year Ended December 31, 2019 OfficeNon-Office Total
Revenues:
Atlanta$242,209 $8 $242,217 
Austin160,196 — 160,196 
Charlotte120,214 — 120,214 
Dallas9,421 — 9,421 
Phoenix51,586 — 51,586 
Tampa54,216 — 54,216 
Other markets38,732 4,630 43,362 
Total segment revenues676,574 4,638 681,212 
Less: Company's share of rental property revenues from unconsolidated joint ventures(47,823)(4,638)(52,461)
Total rental property revenues$628,751 $— $628,751 
NOI by reportable segment for the years ended December 31, 2021, 2020, and 2019 are as follows (in thousands):
Year Ended December 31, 2021OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$176,793 $622 $177,415 
Austin146,923 — 146,923 
Charlotte53,294 1,351 54,645 
Dallas14,014 — 14,014 
Phoenix36,244 — 36,244 
Tampa38,305 — 38,305 
Other markets22,791 3,383 26,174 
Total Net Operating Income$488,364 $5,356 $493,720 

Year Ended December 31, 2020OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$172,588 $(49)$172,539 
Austin125,215 — 125,215 
Charlotte63,876 1,327 65,203 
Dallas14,586 — 14,586 
Phoenix37,358 — 37,358 
Tampa33,440 — 33,440 
Other markets34,346 3,347 37,693 
Total Net Operating Income$481,409 $4,625 $486,034 

Year Ended December 31, 2019OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$158,093 $(48)$158,045 
Austin93,311 — 93,311 
Charlotte77,082 — 77,082 
Dallas7,473 — 7,473 
Phoenix37,247 — 37,247 
Tampa33,586 — 33,586 
Other markets21,939 3,107 25,046 
Total Net Operating Income$428,731 $3,059 $431,790 
The following reconciles Net Income to Net Operating Income for each of the periods presented (in thousands):
Year Ended December 31,
 202120202019
Net income$278,996 $238,114 $152,683 
Net operating income from unconsolidated joint ventures19,223 18,836 32,413 
Fee income(15,559)(18,226)(28,518)
Termination fee income(5,105)(3,835)(7,228)
Other income(451)(231)(246)
Reimbursed expenses2,476 1,580 4,004 
General and administrative expenses29,321 27,034 37,007 
Interest expense67,027 60,605 53,963 
Impairment— 14,829 — 
Depreciation and amortization288,092 288,648 257,149 
Transaction costs— 428 52,881 
Other expenses2,131 2,091 1,109 
Income from unconsolidated joint ventures(6,801)(7,947)(12,666)
Gain on sale of investment in unconsolidated joint ventures(13,083)(45,767)— 
Gain on sale of investment properties(152,547)(90,125)(110,761)
Net Operating Income$493,720 $486,034 $431,790