Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of 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 months ended March 31, 2024 and 2023 are as follows ($ in thousands):


Three Months Ended March 31, 2024	Office		Non-Office		Total
Revenues:
Atlanta	$	76,856	$	477	$	77,333
Austin	71,005		—		71,005
Charlotte	14,383		1,645		16,028
Dallas	4,440		—		4,440
Phoenix	14,602		—		14,602
Tampa	19,385		—		19,385
Other markets	8,292		—		8,292
Total segment revenues	208,963		2,122		211,085
Less: Company's share of rental property revenues from unconsolidated joint ventures	(1,790)		(477)		(2,267)
Total rental property revenues	$	207,173	$	1,645	$	208,818


Three Months Ended March 31, 2023	Office		Non-Office		Total
Revenues:
Atlanta	$	72,132	$	457	$	72,589
Austin	67,883		—		67,883
Charlotte	14,818		1,761		16,579
Dallas	4,187		—		4,187
Phoenix	15,583		—		15,583
Tampa	18,748		—		18,748
Other markets	6,623		—		6,623
Total segment revenues	199,974		2,218		202,192
Less: Company's share of rental property revenues from unconsolidated joint ventures	(1,659)		(457)		(2,116)
Total rental property revenues	$	198,315	$	1,761	$	200,076

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

NOI by reportable segment for the three months ended March 31, 2024 and 2023 are as follows ($ in thousands):


Three Months Ended March 31, 2024	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	49,158	$	253	$	49,411
Austin	45,770		—		45,770
Charlotte	10,366		1,068		11,434
Dallas	3,459		—		3,459
Phoenix	11,111		—		11,111
Tampa	11,945		—		11,945
Other markets	5,495		—		5,495
Total Net Operating Income	$	137,304	$	1,321	$	138,625


Three Months Ended March 31, 2023	Office		Non-Office		Total
Net Operating Income:
Atlanta	$	47,389	$	270	$	47,659
Austin	40,273		—		40,273
Charlotte	10,762		1,162		11,924
Dallas	3,225		—		3,225
Phoenix	11,773		—		11,773
Tampa	11,711		—		11,711
Other markets	3,571		—		3,571
Total Net Operating Income	$	128,704	$	1,432	$	130,136

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


	Three Months Ended March 31,
	2024		2023
Net Income	$	13,451	$	22,356
Fee income	(379)		(374)
Termination fee income	(470)		(136)
Other income	(44)		(2,278)
General and administrative expenses	9,214		8,438
Interest expense	28,908		25,030
Depreciation and amortization	86,230		75,770
Reimbursed expenses	140		207

Other expenses	672		385
Income from unconsolidated joint ventures	(348)		(673)
Net operating income from unconsolidated joint ventures	1,352		1,409

Loss on investment property transactions	(101)		2

Net Operating Income	$	138,625	$	130,136