Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2022

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