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Reportable Segments
 6 Months Ended
Jun. 30, 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 region. 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 and six months ended June 30, 2022 and 2021 are as follows (in thousands):
Three Months Ended June 30, 2022OfficeNon-OfficeTotal
Revenues:
Atlanta$68,860 $439 $69,299 
Austin59,054 — 59,054 
Charlotte13,929 1,301 15,230 
Dallas4,132 — 4,132 
Phoenix13,533 — 13,533 
Tampa17,216 — 17,216 
Other markets7,622 1,180 8,802 
Total segment revenues184,346 2,920 187,266 
Less: Company's share of rental property revenues from unconsolidated joint ventures(2,473)(1,619)(4,092)
Total rental property revenues$181,873 $1,301 $183,174 

Three Months Ended June 30, 2021OfficeNon-OfficeTotal
Revenues:
Atlanta$65,626 $396 $66,022 
Austin59,677 — 59,677 
Charlotte21,884 591 22,475 
Dallas4,531 — 4,531 
Phoenix12,482 — 12,482 
Tampa14,165 — 14,165 
Other markets9,026 1,530 10,556 
Total segment revenues187,391 2,517 189,908 
Less: Company's share of rental property revenues from unconsolidated joint ventures(6,216)(1,926)(8,142)
Total rental property revenues$181,175 $591 $181,766 
Six Months Ended June 30, 2022OfficeNon-OfficeTotal
Revenues:
Atlanta$136,875 $861 $137,736 
Austin120,278 — 120,278 
Charlotte27,433 2,286 29,719 
Dallas8,328 — 8,328 
Phoenix26,963 — 26,963 
Tampa34,140 — 34,140 
Other markets14,949 2,539 17,488 
Total segment revenues368,966 5,686 374,652 
Less: Company's share of rental property revenues from unconsolidated joint ventures(4,851)(3,400)(8,251)
Total rental property revenues$364,115 $2,286 $366,401 

Six Months Ended June 30, 2021OfficeNon-OfficeTotal
Revenues:
Atlanta$130,502 $670 $131,172 
Austin117,710 — 117,710 
Charlotte43,051 1,152 44,203 
Dallas9,014 — 9,014 
Phoenix25,220 — 25,220 
Tampa28,736 — 28,736 
Other markets23,123 2,775 25,898 
Total segment revenues377,356 4,597 381,953 
Less: Company's share of rental property revenues from unconsolidated joint ventures(11,935)(3,445)(15,380)
Total rental property revenues$365,421 $1,152 $366,573 

NOI by reportable segment for the three and six months ended June 30, 2022 and 2021 are as follows (in thousands):
Three Months Ended June 30, 2022OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$46,506 $250 $46,756 
Austin36,565 — 36,565 
Charlotte10,246 972 11,218 
Dallas3,191 — 3,191 
Phoenix9,868 — 9,868 
Tampa10,643 — 10,643 
Other markets4,145 665 4,810 
Total Net Operating Income$121,164 $1,887 $123,051 
Three Months Ended June 30, 2021OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$43,115 $159 $43,274 
Austin35,955 — 35,955 
Charlotte15,688 175 15,863 
Dallas3,571 — 3,571 
Phoenix8,928 — 8,928 
Tampa8,919 — 8,919 
Other markets5,254 941 6,195 
Total Net Operating Income$121,430 $1,275 $122,705 

Six Months Ended June 30, 2022OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$90,679 $485 $91,164 
Austin72,932 — 72,932 
Charlotte20,258 1,615 21,873 
Dallas6,498 — 6,498 
Phoenix18,843 — 18,843 
Tampa21,334 — 21,334 
Other markets8,440 1,574 10,014 
Total Net Operating Income$238,984 $3,674 $242,658 

Six Months Ended June 30, 2021OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$86,218 $253 $86,471 
Austin70,232 — 70,232 
Charlotte30,685 435 31,120 
Dallas7,122 — 7,122 
Phoenix17,953 — 17,953 
Tampa18,321 — 18,321 
Other markets12,795 1,815 14,610 
Total Net Operating Income$243,326 $2,503 $245,829 
The following reconciles Net Operating Income to net income for each of the periods presented (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Net Operating Income$123,051 $122,705 $242,658 $245,829 
Net operating income from unconsolidated joint ventures(2,542)(5,437)(5,261)(10,191)
Fee income2,305 4,803 3,693 9,332 
Termination fee income449 782 1,911 824 
Other income201 68 2,484 282 
Reimbursed expenses(677)(398)(1,037)(766)
General and administrative expenses(6,996)(7,313)(15,059)(14,046)
Interest expense(16,549)(16,656)(32,074)(33,864)
Depreciation and amortization(69,861)(71,456)(140,605)(142,326)
Other expenses(425)(824)(646)(1,414)
Income from unconsolidated joint ventures5,280 1,795 6,404 3,698 
Gain on sales of investments in unconsolidated joint ventures— — — 39 
Gain (loss) on investment property transactions28 (9)(41)(26)
Loss on extinguishment of debt(100)$— (100)— 
Net income$34,164 $28,060 $62,327 $57,371