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Reportable Segments
 3 Months Ended
Mar. 31, 2022
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, and Fort Worth (sold in April 2021). Included in Non-Office are retail and apartments in Chapel Hill and Atlanta, as well as the College Street Garage in Charlotte. In the third quarter of 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 based in part 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 months ended March 31, 2022 and 2021 are as follows (in thousands):
Three Months Ended March 31, 2022OfficeNon-OfficeTotal
Revenues:
Atlanta$68,014 $423 $68,437 
Austin61,224 — 61,224 
Charlotte13,503 985 14,488 
Dallas4,196 — 4,196 
Phoenix13,430 — 13,430 
Tampa16,924 — 16,924 
Other markets7,328 1,358 8,686 
Total segment revenues184,619 2,766 187,385 
Less: Company's share of rental property revenues from unconsolidated joint ventures(2,377)(1,781)(4,158)
Total rental property revenues$182,242 $985 $183,227 

Three Months Ended March 31, 2021OfficeNon-OfficeTotal
Revenues:
Atlanta$64,792 $359 $65,151 
Austin58,033 — 58,033 
Charlotte21,168 559 21,727 
Dallas4,484 — 4,484 
Phoenix12,738 — 12,738 
Tampa14,571 — 14,571 
Other markets14,095 1,245 15,340 
Total segment revenues189,881 2,163 192,044 
Less: Company's share of rental property revenues from unconsolidated joint ventures(5,633)(1,604)(7,237)
Total rental property revenues$184,248 $559 $184,807 

NOI by reportable segment for the three months ended March 31, 2022 and 2021 are as follows (in thousands):
Three Months Ended March 31, 2022OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$44,173 $235 $44,408 
Austin36,367 — 36,367 
Charlotte10,011 643 10,654 
Dallas3,308 — 3,308 
Phoenix8,975 — 8,975 
Tampa10,691 — 10,691 
Other markets4,295 909 5,204 
Total Net Operating Income$117,820 $1,787 $119,607 
Three Months Ended March 31, 2021OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$43,045 $151 $43,196 
Austin34,278 — 34,278 
Charlotte14,997 260 15,257 
Dallas3,551 — 3,551 
Phoenix9,025 — 9,025 
Tampa9,402 — 9,402 
Other markets7,541 874 8,415 
Total Net Operating Income$121,839 $1,285 $123,124 

The following reconciles Net Operating Income to net income for each of the periods presented (in thousands):
Three Months Ended March 31,
 20222021
Net Operating Income$119,607 $123,124 
Net operating income from unconsolidated joint ventures(2,719)(4,754)
Fee income1,388 4,529 
Termination fee income1,462 42 
Other income2,283 214 
Reimbursed expenses(360)(368)
General and administrative expenses(8,063)(6,733)
Interest expense(15,525)(17,208)
Depreciation and amortization(70,744)(70,870)
Other expenses(221)(590)
Income from unconsolidated joint ventures1,124 1,903 
Gain on sales of investments in unconsolidated joint ventures— 39 
Loss on investment property transactions(69)(17)
Net income$28,163 $29,311