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Reportable Segments
 12 Months Ended
Dec. 31, 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 area. 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, Nashville, and Fort Worth (sold in April 2021). 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. In the third quarter of 2021, with the sale of the Company's One South at the Plaza office property, the Company reassessed the segment for the College Street Garage and began to treat it as Non-Office for all periods presented. 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.
On November 27, 2023 the Financial Accounting Standards Board issued Accounting Standards Update 2023-07 "ASU 2023-07", "Segment Reporting" which amends the existing standard's disclosure requirements. Among other things, ASU 2023-07 will require companies to disclose significant segment expenses by reportable segment if they are regularly provided to the Chief Operating Decision Maker ("CODM") and disclosures of the CODM's title and position as well as details of how the CODM uses the reported measures. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The adoption of ASU 2023-07 will not have any material impact on the Company's financial statements.
Company management evaluates the performance of its reportable segments in part based 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 corporate general and administrative expenses, reimbursed expenses, interest expense, depreciation and amortization, impairments, gains/loss on sales of real estate, gain/loss 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 years ended December 31, 2023, 2022, and 2021 are as follows ($ in thousands):
Year Ended December 31, 2023OfficeNon-OfficeTotal
Revenues:
Atlanta$296,306 $1,879 $298,185 
Austin262,425 — 262,425 
Charlotte58,343 7,142 65,485 
Dallas16,948 — 16,948 
Phoenix64,073 — 64,073 
Tampa74,813 — 74,813 
Other markets26,079 — 26,079 
Total segment revenues798,987 9,021 808,008 
Less: Company's share of rental property revenues from unconsolidated joint ventures(7,082)(1,879)(8,961)
Total rental property revenues$791,905 $7,142 $799,047 

Year Ended December 31, 2022OfficeNon-OfficeTotal
Revenues:
Atlanta$278,418 $1,791 $280,209 
Austin249,776 — 249,776 
Charlotte55,312 5,034 60,346 
Dallas16,736 — 16,736 
Phoenix57,635 — 57,635 
Tampa70,984 — 70,984 
Other markets28,831 3,931 32,762 
Total segment revenues757,692 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 OfficeNon-Office Total
Revenues:
Atlanta$268,953 $1,459 $270,412 
Austin247,806 — 247,806 
Charlotte74,702 2,700 77,402 
Dallas17,670 — 17,670 
Phoenix50,292 — 50,292 
Tampa59,614 — 59,614 
Other markets39,403 5,257 44,660 
Total segment revenues758,440 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 $739,063 
NOI by reportable segment for the years ended December 31, 2023, 2022, and 2021 are as follows ($ in thousands):
Year Ended December 31, 2023OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$193,305 $982 $194,287 
Austin170,103 — 170,103 
Charlotte43,124 4,743 47,867 
Dallas13,074 — 13,074 
Phoenix44,177 — 44,177 
Tampa46,933 — 46,933 
Other markets14,653 — 14,653 
Total Net Operating Income$525,369 $5,725 $531,094 

Year Ended December 31, 2022OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$184,609 $1,040 $185,649 
Austin152,806 — 152,806 
Charlotte41,234 3,602 44,836 
Dallas12,890 — 12,890 
Phoenix41,544 — 41,544 
Tampa45,187 — 45,187 
Other markets16,879 2,409 19,288 
Total Net Operating Income$495,149 $7,051 $502,200 

Year Ended December 31, 2021OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$176,793 $622 $177,415 
Austin146,923 — 146,923 
Charlotte53,294 1,351 54,645 
Dallas14,014 — 14,014 
Phoenix36,244 — 36,244 
Tampa38,305 — 38,305 
Other markets22,791 3,383 26,174 
Total Net Operating Income$488,364 $5,356 $493,720 
The following reconciles Net Income to Net Operating Income for each of the periods presented ($ in thousands):
Year Ended December 31,
 202320222021
Net income$83,816 $167,445 $278,996 
Fee income(1,373)(6,119)(15,559)
Termination fee income(7,343)(2,464)(5,105)
Other income(2,454)(2,660)(451)
General and administrative expenses32,331 28,319 29,321 
Interest expense105,463 72,537 67,027 
Depreciation and amortization314,897 295,587 288,092 
Reimbursed expenses608 2,024 2,476 
Other expenses2,128 2,134 2,131 
Income from unconsolidated joint ventures(2,299)(7,700)(6,801)
Net operating income from unconsolidated joint ventures5,824 9,524 19,223 
Gain on sales of investments in unconsolidated joint ventures— (56,267)(13,083)
Loss (gain) on investment property transactions(504)9 (152,547)
Gain on extinguishment of debt— (169)— 
Net Operating Income$531,094 $502,200 $493,720