Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

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:
	June 30, 2021		December 31, 2020
Philadelphia CBD	$	1,428,769	$	1,433,927
Pennsylvania Suburbs	875,475		871,530
Austin, Texas	729,829		728,741
Metropolitan Washington, D.C.	271,661		352,794
Other	87,000		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,
	2021						2020
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income (loss)
Philadelphia CBD	$	51,445	$	(18,259)	$	33,186	$	62,648	$	(22,895)	$	39,753
Pennsylvania Suburbs	30,294		(9,777)		20,517		34,683		(11,161)		23,522
Austin, Texas	25,513		(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
Other	3,662		(2,528)		1,134		3,381		(2,367)		1,014
Corporate	4,376		(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,
	2021						2020
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income (loss)
Philadelphia CBD	$	102,672	$	(35,670)	$	67,002	$	128,563	$	(47,093)	81,470
Pennsylvania Suburbs	62,034		(20,471)		41,563		71,920		(23,839)		48,081
Austin, Texas	51,688		(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
Other	6,875		(4,810)		2,065		7,033		(5,060)		1,973
Corporate	8,115		(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 ventures				Equity in income (loss) of real estate venture
	As of				Three Months Ended June 30,				Six Months Ended June 30,
	June 30, 2021		December 31, 2020		2021		2020		2021		2020
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 JV	32,388		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)

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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income (loss)	$	(175)	$	4,020	$	6,789	$	12,107
Plus:
Interest expense	15,490		20,191		31,783		40,200
Interest expense - amortization of deferred financing costs	709		731		1,418		1,480
Depreciation and amortization	42,785		49,743		83,128		101,781
General and administrative expenses	8,356		8,343		14,940		16,904
Equity in loss of unconsolidated real estate ventures	7,240		2,203		14,164		4,094
Less:
Interest and investment income	1,677		445		3,351		1,020
Income tax (provision) benefit	(15)		230		(34)		226
Net gain on disposition of real estate	68		—		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