Reportable Segments (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2023 and 2022 are as follows ($ in thousands):


Three Months Ended September 30, 2023	Office		Non-Office		Total
Revenues:
Atlanta	$	75,857	$	479	$	76,336
Austin	62,250		—		62,250
Charlotte	14,338		1,711		16,049
Dallas	4,280		—		4,280
Phoenix	16,339		—		16,339
Tampa	18,797		—		18,797
Other markets	6,669		—		6,669
Total segment revenues	198,530		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, 2022	Office		Non-Office		Total
Revenues:
Atlanta	$	70,708	$	461	$	71,169
Austin	64,522		—		64,522
Charlotte	14,343		1,316		15,659
Dallas	4,240		—		4,240
Phoenix	15,135		—		15,135
Tampa	18,229		—		18,229
Other markets	7,476		1,419		8,895
Total segment revenues	194,653		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, 2023	Office		Non-Office		Total
Revenues:
Atlanta	$	221,149	$	1,405	$	222,554
Austin	198,294		—		198,294
Charlotte	43,831		5,253		49,084
Dallas	12,692		—		12,692
Phoenix	50,142		—		50,142
Tampa	56,286		—		56,286
Other markets	20,027		—		20,027
Total segment revenues	602,421		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, 2022	Office		Non-Office		Total
Revenues:
Atlanta	$	207,582	$	1,323	$	208,905
Austin	184,800		—		184,800
Charlotte	41,776		3,604		45,380
Dallas	12,568		—		12,568
Phoenix	42,098		—		42,098
Tampa	52,369		—		52,369
Other markets	22,423		3,957		26,380
Total segment revenues	563,616		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

Reconciliation of NOI to Net Income Available to Common Stockholders

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, 2023	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	48,806	$	316	$	49,122
Austin	43,376		—		43,376
Charlotte	10,947		1,150		12,097
Dallas	3,235		—		3,235
Phoenix	11,950		—		11,950
Tampa	11,444		—		11,444
Other markets	3,660		—		3,660
Total Net Operating Income	$	133,418	$	1,466	$	134,884


Three Months Ended September 30, 2022	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	46,678	$	280	$	46,958
Austin	39,564		—		39,564
Charlotte	10,587		935		11,522
Dallas	3,197		—		3,197
Phoenix	11,145		—		11,145
Tampa	11,254		—		11,254
Other markets	4,879		881		5,760
Total Net Operating Income	$	127,304	$	2,096	$	129,400


Nine Months Ended September 30, 2023	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	144,564	$	870	$	145,434
Austin	126,179		—		126,179
Charlotte	32,473		3,475		35,948
Dallas	9,678		—		9,678
Phoenix	33,973		—		33,973
Tampa	34,816		—		34,816
Other markets	10,836		—		10,836
Total Net Operating Income	$	392,519	$	4,345	$	396,864


Nine Months Ended September 30, 2022	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	137,357	$	765	$	138,122
Austin	112,496		—		112,496
Charlotte	30,845		2,549		33,394
Dallas	9,696		—		9,696
Phoenix	29,988		—		29,988
Tampa	32,588		—		32,588
Other markets	13,319		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,
	2023		2022		2023		2022
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 expenses	8,336		6,498		24,795		21,557
Interest expense	27,008		18,380		78,010		50,454
Depreciation and amortization	79,492		79,116		235,531		219,721
Reimbursed expenses	149		418		515		1,455

Other expenses	623		231		1,484		877
Income from unconsolidated joint ventures	(582)		(634)		(2,008)		(7,038)
Net operating income from unconsolidated joint ventures	1,564		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