Segment Information (Tables)

3 Months Ended

Mar. 31, 2020

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 (in thousands):

Real estate investments, at cost:
	March 31, 2020		December 31, 2019
Philadelphia CBD	$	1,733,987	$	1,726,299
Pennsylvania Suburbs	991,788		1,003,890
Austin, Texas	722,873		721,255
Metropolitan Washington, D.C.	468,416		468,035
Other	87,054		86,980
Operating Properties	$	4,004,118	$	4,006,459
Right of use asset - operating leases, net	$	21,485	$	21,656
Corporate
Construction-in-progress	$	193,160	$	180,718
Land held for development (a)	$	108,213	$	96,124
Prepaid leasehold interests in land held for development, net (b)	$	39,490	$	39,592

(a) Does not include 49.2 acres and 35.2 acres of land classified as held for sale as of March 31, 2020 and December 31, 2019, respectively.

(b) Includes leasehold interests in prepaid 99-year ground leases at 3025 and 3001-3003 JFK Boulevard, in Philadelphia, Pennsylvania as of March 31, 2020 and December 31, 2019.

Net operating income:

	Three Months Ended March 31,
	2020								2019
	Total revenue		Operating expenses (a)			Net operating income (loss)			Total revenue		Operating expenses (a)			Net operating income (loss)
Philadelphia CBD	$	65,915	$	(24,198	)	$	41,717		$	65,798	$	(25,185	)	$	40,613
Pennsylvania Suburbs	37,237		(12,678		)	24,559			35,627		(12,991		)	22,636
Austin, Texas	26,581		(10,145		)	16,436			24,766		(9,076		)	15,690
Metropolitan Washington, D.C.	10,754		(5,512		)	5,242			13,520		(6,204		)	7,316
Other	3,652		(2,693		)	959			3,182		(2,145		)	1,037
Corporate	949		(1,684		)	(735		)	1,003		(1,799		)	(796		)
Operating properties	$	145,088	$	(56,910	)	$	88,178		$	143,896	$	(57,400	)	$	86,496

(a) Includes property operating expenses, real estate taxes and third party management expense.

Unconsolidated real estate ventures:
	Investment in real estate ventures						Equity in income (loss) of real estate venture
	As of						Three Months Ended March 31,
	March 31, 2020			December 31, 2019			2020			2019
Philadelphia CBD	$	17,602		$	17,524		$	78		$	78
Metropolitan Washington, D.C.	102,396			102,840			(449		)	(175		)
MAP Venture (a)	(1,590		)	(70		)	(1,520		)	(1,367		)
Other	—			—			—			106
Total	$	118,408		$	120,294		$	(1,891	)	$	(1,358	)

Reconciliation of Consolidated Net Income to Consolidated NOI

The following is a reconciliation of consolidated net income, as defined by GAAP, to consolidated NOI, (in thousands):

	Three Months Ended March 31,
	2020			2019
Net income	$	8,087		$	4,583
Plus:
Interest expense	20,009			20,357
Interest expense - amortization of deferred financing costs	749			666
Depreciation and amortization	52,038			51,444
General and administrative expenses	8,561			9,844
Equity in loss of Real Estate Ventures	1,891			1,358
Less:
Interest income	575			525
Income tax provision	(4		)	(29		)
Net gain on disposition of real estate	2,586			—
Net gain on sale of undepreciated real estate	—			1,001
Net gain on real estate venture transactions	—			259
Consolidated net operating income	$	88,178		$	86,496