Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2023

Reconciliation of Revenue from Segments to Consolidated

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, 2023 and 2022 are as follows ($ in thousands):


Three Months Ended March 31, 2023	Office		Non-Office		Total
Revenues:
Atlanta	$	72,132	$	457	$	72,589
Austin	67,883		—		67,883
Charlotte	14,818		1,761		16,579
Dallas	4,187		—		4,187
Phoenix	15,583		—		15,583
Tampa	18,748		—		18,748
Other markets	6,623		—		6,623
Total segment revenues	199,974		2,218		202,192
Less: Company's share of rental property revenues from unconsolidated joint ventures	(1,659)		(457)		(2,116)
Total rental property revenues	$	198,315	$	1,761	$	200,076


Three Months Ended March 31, 2022	Office		Non-Office		Total
Revenues:
Atlanta	$	68,014	$	423	$	68,437
Austin	61,224		—		61,224
Charlotte	13,503		985		14,488
Dallas	4,196		—		4,196
Phoenix	13,430		—		13,430
Tampa	16,924		—		16,924
Other markets	7,328		1,358		8,686
Total segment revenues	184,619		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

Reconciliation of NOI to Net Income Available to Common Stockholders

NOI by reportable segment for the three months ended March 31, 2023 and 2022 are as follows ($ in thousands):


Three Months Ended March 31, 2023	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	47,389	$	270	$	47,659
Austin	40,273		—		40,273
Charlotte	10,762		1,162		11,924
Dallas	3,225		—		3,225
Phoenix	11,773		—		11,773
Tampa	11,711		—		11,711
Other markets	3,571		—		3,571
Total Net Operating Income	$	128,704	$	1,432	$	130,136


Three Months Ended March 31, 2022	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	44,173	$	235	$	44,408
Austin	36,367		—		36,367
Charlotte	10,011		643		10,654
Dallas	3,308		—		3,308
Phoenix	8,975		—		8,975
Tampa	10,691		—		10,691
Other markets	4,295		909		5,204
Total Net Operating Income	$	117,820	$	1,787	$	119,607

The following reconciles Net Operating Income from net income for each of the periods presented ($ in thousands):


	Three Months Ended March 31,
	2023		2022
Net Income	$	22,356	$	28,163
Net operating income from unconsolidated joint ventures	1,409		2,719
Fee income	(374)		(1,388)
Termination fee income	(136)		(1,462)
Other income	(2,278)		(2,283)
Reimbursed expenses	207		360
General and administrative expenses	8,438		8,063
Interest expense	25,030		15,525
Depreciation and amortization	75,770		70,744

Other expenses	385		221
Income from unconsolidated joint ventures	(673)		(1,124)

Loss on investment property transactions	2		69

Net Operating Income	$	130,136	$	119,607