Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2021

Reconciliation of NOI to net income available to common stockholders

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, 2021	Office		Non-Office		Total
Revenues:
Atlanta	$	268,953	$	1,459	$	270,412
Austin	247,806		—		247,806
Charlotte	74,702		2,700		77,402
Dallas	17,670		—		17,670
Phoenix	50,292		—		50,292
Tampa	59,614		—		59,614
Other markets	39,403		5,257		44,660
Total segment revenues	758,440		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, 2020	Office		Non-Office		Total
Revenues:
Atlanta	$	255,594	$	602	$	256,196
Austin	210,229		—		210,229
Charlotte	94,520		2,017		96,537
Dallas	18,143		—		18,143
Phoenix	50,671		—		50,671
Tampa	54,261		—		54,261
Other markets	59,285		4,895		64,180
Total segment revenues	742,703		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	Office		Non-Office		Total
Revenues:
Atlanta	$	242,209	$	8	$	242,217
Austin	160,196		—		160,196
Charlotte	120,214		—		120,214
Dallas	9,421		—		9,421
Phoenix	51,586		—		51,586
Tampa	54,216		—		54,216
Other markets	38,732		4,630		43,362
Total segment revenues	676,574		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, 2021	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	176,793	$	622	$	177,415
Austin	146,923		—		146,923
Charlotte	53,294		1,351		54,645
Dallas	14,014		—		14,014
Phoenix	36,244		—		36,244
Tampa	38,305		—		38,305
Other markets	22,791		3,383		26,174
Total Net Operating Income	$	488,364	$	5,356	$	493,720


Year Ended December 31, 2020	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	172,588	$	(49)	$	172,539
Austin	125,215		—		125,215
Charlotte	63,876		1,327		65,203
Dallas	14,586		—		14,586
Phoenix	37,358		—		37,358
Tampa	33,440		—		33,440
Other markets	34,346		3,347		37,693
Total Net Operating Income	$	481,409	$	4,625	$	486,034


Year Ended December 31, 2019	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	158,093	$	(48)	$	158,045
Austin	93,311		—		93,311
Charlotte	77,082		—		77,082
Dallas	7,473		—		7,473
Phoenix	37,247		—		37,247
Tampa	33,586		—		33,586
Other markets	21,939		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,
	2021		2020		2019
Net income	$	278,996	$	238,114	$	152,683
Net operating income from unconsolidated joint ventures	19,223		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 expenses	2,476		1,580		4,004
General and administrative expenses	29,321		27,034		37,007
Interest expense	67,027		60,605		53,963
Impairment	—		14,829		—
Depreciation and amortization	288,092		288,648		257,149
Transaction costs	—		428		52,881
Other expenses	2,131		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