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Segment Information
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION
14. SEGMENT INFORMATION
As of June 30, 2021, the Company owns and manages properties within five segments: (1) Philadelphia Central Business District ("Philadelphia CBD"), (2) Pennsylvania Suburbs, (3) Austin, Texas (4) Metropolitan Washington, D.C. and (5) Other. The Philadelphia CBD segment includes properties located in the City of Philadelphia, Pennsylvania. The Pennsylvania Suburbs segment includes properties in Chester, Delaware, and Montgomery counties in the Philadelphia suburbs. The Austin, Texas segment includes properties in the City of Austin, Texas. The Metropolitan Washington, D.C. segment includes properties in the District of Columbia, Northern Virginia and Southern Maryland. The Other segment includes properties located in Camden County, New Jersey and New Castle County, Delaware. In addition to the five segments, the corporate group is responsible for cash and investment management, development of certain real estate properties during the construction period, and certain other general support functions. Land held for development and construction in progress is transferred to operating properties by region upon completion of the associated construction or project.
The following tables provide selected asset information and results of operations of the Company's reportable segments (in thousands):
Real estate investments, at cost:
June 30, 2021December 31, 2020
Philadelphia CBD$1,428,769 $1,433,927 
Pennsylvania Suburbs875,475 871,530 
Austin, Texas729,829 728,741 
Metropolitan Washington, D.C.271,661 352,794 
Other87,000 87,117 
Operating Properties$3,392,734 $3,474,109 
Corporate
Right of use asset - operating leases, net$20,643 $20,977 
Construction-in-progress$286,208 $210,311 
Land held for development$118,181 $117,984 
Prepaid leasehold interests in land held for development, net$27,762 $39,185 
Net operating income:
Three Months Ended June 30,
20212020
Total revenueOperating expenses (a)Net operating incomeTotal revenueOperating expenses (a)Net operating income (loss)
Philadelphia CBD$51,445 $(18,259)$33,186 $62,648 $(22,895)$39,753 
Pennsylvania Suburbs30,294 (9,777)20,517 34,683 (11,161)23,522 
Austin, Texas25,513 (9,962)15,551 25,012 (9,943)15,069 
Metropolitan Washington, D.C.4,812 (3,902)910 10,091 (4,930)5,161 
Other3,662 (2,528)1,134 3,381 (2,367)1,014 
Corporate4,376 (2,999)1,377 1,022 (1,186)(164)
Operating properties$120,102 $(47,427)$72,675 $136,837 $(52,482)$84,355 
Six Months Ended June 30,
20212020
Total revenueOperating expenses (a)Net operating incomeTotal revenueOperating expenses (a)Net operating income (loss)
Philadelphia CBD$102,672 $(35,670)$67,002 $128,563 $(47,093)81,470 
Pennsylvania Suburbs62,034 (20,471)41,563 71,920 (23,839)48,081 
Austin, Texas51,688 (19,682)32,006 51,593 (20,088)31,505 
Metropolitan Washington, D.C.9,487 (8,101)1,386 20,845 (10,442)10,403 
Other6,875 (4,810)2,065 7,033 (5,060)1,973 
Corporate8,115 (5,367)2,748 1,971 (2,870)(899)
Operating properties$240,871 $(94,101)$146,770 $281,925 $(109,392)$172,533 

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

Unconsolidated real estate ventures:
Investment in real estate venturesEquity in income (loss) of real estate venture
As ofThree Months Ended June 30,Six Months Ended June 30,
June 30, 2021December 31, 20202021202020212020
Philadelphia CBD$310,237 $268,562 $(4,661)$83 $(8,940)$161 
Metropolitan Washington, D.C.98,839 99,769 (778)(647)(1,195)(1,096)
Mid-Atlantic Office JV32,388 32,996 117 — 324 — 
MAP Venture(19,131)(11,516)(1,918)(1,639)(4,353)(3,159)
Total$422,333 $389,811 $(7,240)$(2,203)$(14,164)$(4,094)
Net operating income (“NOI”) is a non-GAAP financial measure, which we define as total revenue less property operating expenses, real estate taxes and third party management expenses. Property operating expenses that are included in determining NOI consist of costs that are necessary and allocable to our operating properties such as utilities, property-level salaries, repairs and maintenance, property insurance and management fees. General and administrative expenses that are not reflected in NOI primarily consist of corporate-level salaries, amortization of share awards and professional fees that are incurred as part of corporate office management. NOI presented by the Company may not be comparable to NOI reported by other companies that define NOI differently. NOI is the primary measure that is used by the Company’s management to evaluate the operating performance of the Company’s real estate assets by segment. The Company believes NOI provides useful information to investors regarding the financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. While NOI is a relevant and widely used measure of operating performance of real estate investment trusts, it does not represent cash flow from operations or net income as defined by GAAP and should not be considered as an alternative to those measures in evaluating our liquidity or operating performance. NOI does not reflect interest expenses, real estate impairment losses, depreciation and amortization costs, capital expenditures and leasing costs. The Company believes that net income (loss), as defined by GAAP, is the most appropriate earnings measure. The following is a reconciliation of consolidated net income, as defined by GAAP, to consolidated NOI, (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Net income (loss)$(175)$4,020 $6,789 $12,107 
Plus:
Interest expense15,490 20,191 31,783 40,200 
Interest expense - amortization of deferred financing costs709 731 1,418 1,480 
Depreciation and amortization42,785 49,743 83,128 101,781 
General and administrative expenses8,356 8,343 14,940 16,904 
Equity in loss of unconsolidated real estate ventures7,240 2,203 14,164 4,094 
Less:
Interest and investment income1,677 445 3,351 1,020 
Income tax (provision) benefit(15)230 (34)226 
Net gain on disposition of real estate68 — 142 2,586 
Net gain on sale of undepreciated real estate— 201 1,993 201 
Consolidated net operating income$72,675 $84,355 $146,770 $172,533