Reportable Segments (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023 and 2022 are as follows ($ in thousands):


Three Months Ended June 30, 2023	Office		Non-Office		Total
Revenues:
Atlanta	$	73,160	$	469	$	73,629
Austin	68,161		—		68,161
Charlotte	14,675		1,781		16,456
Dallas	4,225		—		4,225
Phoenix	18,220		—		18,220
Tampa	18,741		—		18,741
Other markets	6,735		—		6,735
Total segment revenues	203,917		2,250		206,167
Less: Company's share of rental property revenues from unconsolidated joint ventures	(1,744)		(469)		(2,213)
Total rental property revenues	$	202,173	$	1,781	$	203,954


Three Months Ended June 30, 2022	Office		Non-Office		Total
Revenues:
Atlanta	$	68,860	$	439	$	69,299
Austin	59,054		—		59,054
Charlotte	13,929		1,301		15,230
Dallas	4,132		—		4,132
Phoenix	13,533		—		13,533
Tampa	17,216		—		17,216
Other markets	7,622		1,180		8,802
Total segment revenues	184,346		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


Six Months Ended June 30, 2023	Office		Non-Office		Total
Revenues:
Atlanta	$	145,292	$	926	$	146,218
Austin	136,044		—		136,044
Charlotte	29,493		3,542		33,035
Dallas	8,412		—		8,412
Phoenix	33,803		—		33,803
Tampa	37,489		—		37,489
Other markets	13,358		—		13,358
Total segment revenues	403,891		4,468		408,359
Less: Company's share of rental property revenues from unconsolidated joint ventures	(3,403)		(926)		(4,329)
Total rental property revenues	$	400,488	$	3,542	$	404,030


Six Months Ended June 30, 2022	Office		Non-Office		Total
Revenues:
Atlanta	$	136,875	$	861	$	137,736
Austin	120,278		—		120,278
Charlotte	27,433		2,286		29,719
Dallas	8,328		—		8,328
Phoenix	26,963		—		26,963
Tampa	34,140		—		34,140
Other markets	14,949		2,539		17,488
Total segment revenues	368,966		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

Reconciliation of NOI to Net Income Available to Common Stockholders

NOI by reportable segment for the three and six months ended June 30, 2023 and 2022 are as follows ($ in thousands):


Three Months Ended June 30, 2023	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	48,368	$	284	$	48,652
Austin	42,530		—		42,530
Charlotte	10,764		1,163		11,927
Dallas	3,218		—		3,218
Phoenix	10,250		—		10,250
Tampa	11,661		—		11,661
Other markets	3,606		—		3,606
Total Net Operating Income	$	130,397	$	1,447	$	131,844


Three Months Ended June 30, 2022	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	46,506	$	250	$	46,756
Austin	36,565		—		36,565
Charlotte	10,246		972		11,218
Dallas	3,191		—		3,191
Phoenix	9,868		—		9,868
Tampa	10,643		—		10,643
Other markets	4,145		665		4,810
Total Net Operating Income	$	121,164	$	1,887	$	123,051


Six Months Ended June 30, 2023	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	95,758	$	554	$	96,312
Austin	82,803		—		82,803
Charlotte	21,526		2,325		23,851
Dallas	6,443		—		6,443
Phoenix	22,023		—		22,023
Tampa	23,372		—		23,372
Other markets	7,176		—		7,176
Total Net Operating Income	$	259,101	$	2,879	$	261,980


Six Months Ended June 30, 2022	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	90,679	$	485	$	91,164
Austin	72,932		—		72,932
Charlotte	20,258		1,615		21,873
Dallas	6,498		—		6,498
Phoenix	18,843		—		18,843
Tampa	21,334		—		21,334
Other markets	8,440		1,574		10,014
Total Net Operating Income	$	238,984	$	3,674	$	242,658

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net Income	$	23,077	$	34,164	$	45,433	$	62,327
Fee income	(352)		(2,305)		(726)		(3,693)
Termination fee income	(6,570)		(449)		(6,706)		(1,911)
Other income	(14)		(201)		(2,292)		(2,484)
General and administrative expenses	8,021		6,996		16,459		15,059
Interest expense	25,972		16,549		51,002		32,074
Depreciation and amortization	80,269		69,861		156,039		140,605
Reimbursed expenses	159		677		366		1,037

Other expenses	476		425		861		646
Income from unconsolidated joint ventures	(753)		(5,280)		(1,426)		(6,404)
Net operating income from unconsolidated joint ventures	1,559		2,542		2,968		5,261
Loss (gain) on investment property transactions	—		(28)		2		41
Loss on extinguishment of debt	—		100		—		100
Net Operating Income	$	131,844	$	123,051	$	261,980	$	242,658