Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Reconciliation of NOI To Net Income Available to Common Stockholders

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, 2023	Office		Non-Office		Total
Revenues:
Atlanta	$	296,306	$	1,879	$	298,185
Austin	262,425		—		262,425
Charlotte	58,343		7,142		65,485
Dallas	16,948		—		16,948
Phoenix	64,073		—		64,073
Tampa	74,813		—		74,813
Other markets	26,079		—		26,079
Total segment revenues	798,987		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, 2022	Office		Non-Office		Total
Revenues:
Atlanta	$	278,418	$	1,791	$	280,209
Austin	249,776		—		249,776
Charlotte	55,312		5,034		60,346
Dallas	16,736		—		16,736
Phoenix	57,635		—		57,635
Tampa	70,984		—		70,984
Other markets	28,831		3,931		32,762
Total segment revenues	757,692		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	Office		Non-Office		Total
Revenues:
Atlanta	$	268,953	$	1,459	$	270,412
Austin	247,806		—		247,806
Charlotte	74,702		2,700		77,402
Dallas	17,670		—		17,670
Phoenix	50,292		—		50,292
Tampa	59,614		—		59,614
Other markets	39,403		5,257		44,660
Total segment revenues	758,440		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, 2023	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	193,305	$	982	$	194,287
Austin	170,103		—		170,103
Charlotte	43,124		4,743		47,867
Dallas	13,074		—		13,074
Phoenix	44,177		—		44,177
Tampa	46,933		—		46,933
Other markets	14,653		—		14,653
Total Net Operating Income	$	525,369	$	5,725	$	531,094


Year Ended December 31, 2022	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	184,609	$	1,040	$	185,649
Austin	152,806		—		152,806
Charlotte	41,234		3,602		44,836
Dallas	12,890		—		12,890
Phoenix	41,544		—		41,544
Tampa	45,187		—		45,187
Other markets	16,879		2,409		19,288
Total Net Operating Income	$	495,149	$	7,051	$	502,200


Year Ended December 31, 2021	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	176,793	$	622	$	177,415
Austin	146,923		—		146,923
Charlotte	53,294		1,351		54,645
Dallas	14,014		—		14,014
Phoenix	36,244		—		36,244
Tampa	38,305		—		38,305
Other markets	22,791		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,
	2023		2022		2021
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 expenses	32,331		28,319		29,321
Interest expense	105,463		72,537		67,027
Depreciation and amortization	314,897		295,587		288,092
Reimbursed expenses	608		2,024		2,476


Other expenses	2,128		2,134		2,131

Income from unconsolidated joint ventures	(2,299)		(7,700)		(6,801)
Net operating income from unconsolidated joint ventures	5,824		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