Schedule of 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, 2022, 2021, and 2020 are as follows ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2022 | | Office | | Non-Office | | | | Total | Revenues: | | | | | | | | | Atlanta | | $ | 278,418 | | | $ | 1,791 | | | | | $ | 280,209 | | Austin | | 249,776 | | | — | | | | | 249,776 | | Charlotte | | 55,312 | | | 5,034 | | | | | 60,346 | | Dallas | | 16,736 | | | — | | | | | 16,736 | | Phoenix | | 57,635 | | | — | | | | | 57,635 | | Tampa | | 70,984 | | | — | | | | | 70,984 | | Other markets | | 28,831 | | | 3,931 | | | | | 32,762 | | Total segment revenues | | 757,692 | | | 10,756 | | | | | 768,448 | | Less: Company's share of rental property revenues from unconsolidated joint ventures | | (9,215) | | | (5,722) | | | | | (14,937) | | Total rental property revenues | | $ | 748,477 | | | $ | 5,034 | | | | | $ | 753,511 | |
| | | | | | | | | | | | | | | | | | | | | 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 | |
NOI by reportable segment for the years ended December 31, 2022, 2021, and 2020 are as follows ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2022 | | Office | | Non-Office | | | | Total | Net Operating Income: | | | | | | | | | Atlanta | | $ | 184,609 | | | $ | 1,040 | | | | | $ | 185,649 | | Austin | | 152,806 | | | — | | | | | 152,806 | | Charlotte | | 41,234 | | | 3,602 | | | | | 44,836 | | Dallas | | 12,890 | | | — | | | | | 12,890 | | Phoenix | | 41,544 | | | — | | | | | 41,544 | | Tampa | | 45,187 | | | — | | | | | 45,187 | | Other markets | | 16,879 | | | 2,409 | | | | | 19,288 | | Total Net Operating Income | | $ | 495,149 | | | $ | 7,051 | | | | | $ | 502,200 | |
| | | | | | | | | | | | | | | | | | | | | | | 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 | | | 1,327 | | | | | 125,215 | | Charlotte | | 63,876 | | | — | | | | | 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 | |
The following reconciles Net Income to Net Operating Income for each of the periods presented ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | | 2022 | | 2021 | | 2020 | | | | | Net income | $ | 167,445 | | | $ | 278,996 | | | $ | 238,114 | | | | | | Net operating income from unconsolidated joint ventures | 9,524 | | | 19,223 | | | 18,836 | | | | | | | | | | | | | | | | Fee income | (6,119) | | | (15,559) | | | (18,226) | | | | | | Termination fee income | (2,464) | | | (5,105) | | | (3,835) | | | | | | Other income | (2,660) | | | (451) | | | (231) | | | | | | Reimbursed expenses | 2,024 | | | 2,476 | | | 1,580 | | | | | | General and administrative expenses | 28,319 | | | 29,321 | | | 27,034 | | | | | | Interest expense | 72,537 | | | 67,027 | | | 60,605 | | | | | | Impairment | — | | | — | | | 14,829 | | | | | | Depreciation and amortization | 295,587 | | | 288,092 | | | 288,648 | | | | | | Transaction costs | — | | | — | | | 428 | | | | | | Other expenses | 2,134 | | | 2,131 | | | 2,091 | | | | | | | | | | | | | | | | Income from unconsolidated joint ventures | (7,700) | | | (6,801) | | | (7,947) | | | | | | Gain on sale of investment in unconsolidated joint ventures | (56,267) | | | (13,083) | | | (45,767) | | | | | | Gain on sale of investment properties | 9 | | | (152,547) | | | (90,125) | | | | | | Gain on extinguishment of debt | (169) | | | — | | | — | | | | | | Net Operating Income | $ | 502,200 | | | $ | 493,720 | | | $ | 486,034 | | | | | |
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