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Reportable Segments
 9 Months Ended
Sep. 30, 2023
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 (sold in September 2022), Houston, and Nashville. Included in Non-Office are retail and apartments in Chapel Hill (sold in September 2022) and Atlanta, as well as the College Street Garage in Charlotte. 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, termination fee income, other income, corporate general and administrative expenses, interest expense, depreciation and amortization, reimbursed expenses, other expenses, impairments, gains/losses on sales of real estate, gains/losses 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 nine months ended September 30, 2023 and 2022 are as follows ($ in thousands):
Three Months Ended September 30, 2023OfficeNon-OfficeTotal
Revenues:
Atlanta$75,857 $479 $76,336 
Austin62,250 — 62,250 
Charlotte14,338 1,711 16,049 
Dallas4,280 — 4,280 
Phoenix16,339 — 16,339 
Tampa18,797 — 18,797 
Other markets6,669 — 6,669 
Total segment revenues198,530 2,190 200,720 
Less: Company's share of rental property revenues from unconsolidated joint ventures(1,812)(479)(2,291)
Total rental property revenues$196,718 $1,711 $198,429 
Three Months Ended September 30, 2022OfficeNon-OfficeTotal
Revenues:
Atlanta$70,708 $461 $71,169 
Austin64,522 — 64,522 
Charlotte14,343 1,316 15,659 
Dallas4,240 — 4,240 
Phoenix15,135 — 15,135 
Tampa18,229 — 18,229 
Other markets7,476 1,419 8,895 
Total segment revenues194,653 3,196 197,849 
Less: Company's share of rental property revenues from unconsolidated joint ventures(2,514)(1,880)(4,394)
Total rental property revenues$192,139 $1,316 $193,455 

Nine Months Ended September 30, 2023OfficeNon-OfficeTotal
Revenues:
Atlanta$221,149 $1,405 $222,554 
Austin198,294 — 198,294 
Charlotte43,831 5,253 49,084 
Dallas12,692 — 12,692 
Phoenix50,142 — 50,142 
Tampa56,286 — 56,286 
Other markets20,027 — 20,027 
Total segment revenues602,421 6,658 609,079 
Less: Company's share of rental property revenues from unconsolidated joint ventures(5,215)(1,405)(6,620)
Total rental property revenues$597,206 $5,253 $602,459 

Nine Months Ended September 30, 2022OfficeNon-OfficeTotal
Revenues:
Atlanta$207,582 $1,323 $208,905 
Austin184,800 — 184,800 
Charlotte41,776 3,604 45,380 
Dallas12,568 — 12,568 
Phoenix42,098 — 42,098 
Tampa52,369 — 52,369 
Other markets22,423 3,957 26,380 
Total segment revenues563,616 8,884 572,500 
Less: Company's share of rental property revenues from unconsolidated joint ventures(7,364)(5,280)(12,644)
Total rental property revenues$556,252 $3,604 $559,856 
NOI by reportable segment for the three and nine months ended September 30, 2023 and 2022 are as follows ($ in thousands):
Three Months Ended September 30, 2023OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$48,806 $316 $49,122 
Austin43,376 — 43,376 
Charlotte10,947 1,150 12,097 
Dallas3,235 — 3,235 
Phoenix11,950 — 11,950 
Tampa11,444 — 11,444 
Other markets3,660 — 3,660 
Total Net Operating Income$133,418 $1,466 $134,884 

Three Months Ended September 30, 2022OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$46,678 $280 $46,958 
Austin39,564 — 39,564 
Charlotte10,587 935 11,522 
Dallas3,197 — 3,197 
Phoenix11,145 — 11,145 
Tampa11,254 — 11,254 
Other markets4,879 881 5,760 
Total Net Operating Income$127,304 $2,096 $129,400 

Nine Months Ended September 30, 2023OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$144,564 $870 $145,434 
Austin126,179 — 126,179 
Charlotte32,473 3,475 35,948 
Dallas9,678 — 9,678 
Phoenix33,973 — 33,973 
Tampa34,816 — 34,816 
Other markets10,836 — 10,836 
Total Net Operating Income$392,519 $4,345 $396,864 

Nine Months Ended September 30, 2022OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$137,357 $765 $138,122 
Austin112,496 — 112,496 
Charlotte30,845 2,549 33,394 
Dallas9,696 — 9,696 
Phoenix29,988 — 29,988 
Tampa32,588 — 32,588 
Other markets13,319 2,455 15,774 
Total Net Operating Income$366,289 $5,769 $372,058 
The following reconciles Net Operating Income from net income for each of the periods presented ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Net Income$19,491 $80,769 $64,924 $143,096 
Fee income(318)(1,677)(1,044)(5,370)
Termination fee income(271)(242)(6,977)(2,153)
Other income(101)(38)(2,393)(2,522)
General and administrative expenses8,336 6,498 24,795 21,557 
Interest expense27,008 18,380 78,010 50,454 
Depreciation and amortization79,492 79,116 235,531 219,721 
Reimbursed expenses149 418 515 1,455 
Other expenses623 231 1,484 877 
Income from unconsolidated joint ventures(582)(634)(2,008)(7,038)
Net operating income from unconsolidated joint ventures1,564 2,819 4,532 8,080 
Gain on sales of investments in unconsolidated joint ventures— (56,260)— (56,260)
Loss (gain) on investment property transactions(507)20 (505)61 
Loss on extinguishment of debt— — — 100 
Net Operating Income$134,884 $129,400 $396,864 $372,058