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SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Real Estate Investments, Net Operating Income and Unconsolidated Real Estate Ventures of Reportable Segments
The following tables provide selected asset information and results of operations of the Company’s reportable segments as of and for the three years ended December 31, 2019, 2018 and 2017 (in thousands):
Real estate investments, at cost:
 
 
 
 
 
 
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
Philadelphia CBD
 
$
1,726,299

 
$
1,670,388

 
$
1,643,296

Pennsylvania Suburbs
 
1,003,890

 
1,002,937

 
957,272

Austin, Texas (a)
 
721,255

 
667,698

 
163,653

Metropolitan Washington, D.C. (b)
 
468,035

 
524,190

 
978,257

Other
 
86,980

 
86,506

 
88,346

Operating Properties
 
$
4,006,459

 
$
3,951,719

 
$
3,830,824

 
 
 
 
 
 
 
Corporate
 
 
 
 
 
 
Right of use asset - operating leases, net (c)
 
$
21,656

 
$
—

 
$
—

Construction-in-progress
 
$
180,718

 
$
150,263

 
$
121,188

Land held for development (d)
 
$
96,124

 
$
86,401

 
$
98,242

Prepaid leasehold interests in land held for development, net (e)
 
$
39,592

 
$
39,999

 
$
—

(a)
Refer to Note 3, ''Real Estate Investments,” for details related to the Company's acquisition of DRA Advisors' ownership interest in the Austin Venture in December 2018.
(b)
Refer to Note 4, ''Investment in Unconsolidated Real Estate Ventures.” for details of the Company's transaction with the Herndon Innovation Center Metro Portfolio Venture, LLC in December 2018.
(c)
Refer to Note 2, ''Summary of Significant Accounting Policies,” for further information on the impact of adoption of Topic 842.
(d)
Does not include 35.2 acres, 37.9 acres, and 13.1 acres of land classified as held for sale as of December 31, 2019, 2018, and 2017, respectively. Refer to Note 3, ''Real Estate Investments,” for further information.
(e)
Includes leasehold interests in prepaid 99-year ground leases at 3025 and 3001-3003 JFK Boulevard, in Philadelphia, Pennsylvania as of December 31, 2019 and December 31, 2018. Refer to Note 3, ''Real Estate Investments,” for further information.
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
 
 
Total revenue
 
Operating expenses (a)
 
Net operating income (loss)
 
Total revenue
 
Operating expenses (a)
 
Net operating income (loss)
 
Total revenue
 
Operating expenses (a)
 
Net operating income
Philadelphia CBD
 
$
263,769

 
$
(100,219
)
 
$
163,550

 
$
256,717

 
$
(99,449
)
 
$
157,268

 
$
226,673

 
$
(88,818
)
 
$
137,855

Pennsylvania Suburbs
 
141,084

 
(47,418
)
 
93,666

 
138,279

 
(49,433
)
 
88,846

 
139,785

 
(47,845
)
 
91,940

Austin, Texas
 
104,157

 
(38,285
)
 
65,872

 
38,665

 
(16,739
)
 
21,926

 
34,301

 
(15,456
)
 
18,845

Metropolitan Washington, D.C.
 
51,498

 
(23,455
)
 
28,043

 
90,308

 
(34,072
)
 
56,236

 
92,024

 
(35,014
)
 
57,010

Other
 
14,558

 
(9,328
)
 
5,230

 
16,757

 
(11,888
)
 
4,869

 
18,347

 
(11,749
)
 
6,598

Corporate
 
5,351

 
(7,141
)
 
(1,790
)
 
3,619

 
(6,518
)
 
(2,899
)
 
9,363

 
(7,193
)
 
2,170

Operating properties
 
$
580,417

 
$
(225,846
)
 
$
354,571

 
$
544,345

 
$
(218,099
)
 
$
326,246

 
$
520,493

 
$
(206,075
)
 
$
314,418

(a)
Includes property operating expense, real estate taxes and third party management expense.
Unconsolidated real estate ventures:
 
 
 
 
 
 
 
 
 
 
 
 
Investment in real estate ventures, at equity
 
Equity in income (loss) of real estate venture
 
 
As of
 
Years ended December 31,
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
 
2019
 
2018
 
2017
Philadelphia CBD
 
$
17,524

 
$
19,897

 
$
39,939

 
$
328

 
$
(105
)
 
$
255

Pennsylvania Suburbs
 
—

 
—

 
3,503

 
—

 
—

 
631

Metropolitan Washington, D.C. (a)
 
102,840

 
136,142

 
119,817

 
(4,234
)
 
(15,065
)
 
(5,044
)
MAP Venture
 
(70
)
 
11,173

 
15,450

 
(6,102
)
 
(2,155
)
 
(3,443
)
Other
 
—

 
1,888

 
1,939

 
86

 
407

 
285

Austin, Texas (b)
 
—

 
—

 
13,973

 
—

 
1,687

 
(990
)
Total
 
$
120,294

 
$
169,100

 
$
194,621

 
$
(9,922
)
 
$
(15,231
)
 
$
(8,306
)
(a)
Refer to Note 4, ''Investment in Unconsolidated Real Estate Ventures," for details of the Company's transaction with the Herndon Innovation Center Metro Portfolio Venture, LLC in December 2018.
(b)
Refer to Note 3, ''Real Estate Investments," for details related to the Company's acquisition of DRA Advisors' ownership interest in the Austin Venture in December 2018. 
Reconciliation of Consolidated Net Income (Loss) to Consolidated NOI The following is a reconciliation of consolidated net income (loss), as defined by GAAP, to consolidated NOI, (in thousands):
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Net income
 
$
34,529

 
$
135,472

 
$
121,177

Plus:
 
 
 
 
 
 
Interest expense
 
81,512

 
78,199

 
81,886

Interest expense - amortization of deferred financing costs
 
2,768

 
2,498

 
2,435

Depreciation and amortization
 
210,005

 
176,000

 
180,323

General and administrative expenses
 
32,156

 
27,802

 
28,538

Equity in loss of Real Estate Ventures
 
9,922

 
15,231

 
8,306

Provision for impairment
 
—

 
71,707

 
3,057

Loss on early extinguishment of debt
 
—

 
105

 
3,933

Less:
 
 
 
 
 
 
Interest income
 
2,318

 
4,703

 
1,113

Income tax (provision) benefit
 
(12
)
 
(423
)
 
628

Net gain on disposition of real estate
 
356

 
2,932

 
32,017

Net gain on sale of undepreciated real estate
 
2,020

 
3,040

 
953

Net gain on real estate venture transactions
 
11,639

 
142,233

 
80,526

Gain on promoted interest in unconsolidated real estate venture
 
—

 
28,283

 
—

Consolidated net operating income
 
$
354,571

 
$
326,246

 
$
314,418