Segment Information (Tables)

9 Months Ended

Sep. 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:
	September 30, 2021		December 31, 2020
Philadelphia CBD	$	1,430,724	$	1,433,927
Pennsylvania Suburbs	875,586		871,530
Austin, Texas	771,977		728,741
Metropolitan Washington, D.C.	271,929		352,794
Other	86,858		87,117
Operating Properties	$	3,437,074	$	3,474,109
Corporate
Right of use asset - operating leases, net	$	20,478	$	20,977
Construction-in-progress	$	266,263	$	210,311
Land held for development	$	118,684	$	117,984
Prepaid leasehold interests in land held for development, net	$	27,762	$	39,185

Net operating income:

	Three Months Ended September 30,
	2021						2020
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income (loss)
Philadelphia CBD	$	51,587	$	(18,823)	$	32,764	$	52,640	$	(18,522)	$	34,118
Pennsylvania Suburbs	31,327		(10,154)		21,173		34,649		(11,141)		23,508
Austin, Texas	24,813		(9,580)		15,233		25,328		(9,944)		15,384
Metropolitan Washington, D.C.	5,224		(3,806)		1,418		9,675		(5,236)		4,439
Other	3,638		(2,534)		1,104		3,188		(2,374)		814
Corporate	3,829		(2,155)		1,674		626		(1,782)		(1,156)
Operating properties	$	120,418	$	(47,052)	$	73,366	$	126,106	$	(48,999)	$	77,107

	Nine Months Ended September 30,
	2021						2020
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income (loss)
Philadelphia CBD	$	154,259	$	(54,493)	$	99,766	$	181,203	$	(65,615)	115,588
Pennsylvania Suburbs	93,361		(30,625)		62,736		106,569		(34,980)		71,589
Austin, Texas	76,501		(29,262)		47,239		76,921		(30,032)		46,889
Metropolitan Washington, D.C.	14,711		(11,907)		2,804		30,520		(15,678)		14,842
Other	10,513		(7,344)		3,169		10,221		(7,434)		2,787
Corporate	11,944		(7,522)		4,422		2,597		(4,652)		(2,055)
Operating properties	$	361,289	$	(141,153)	$	220,136	$	408,031	$	(158,391)	$	249,640

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 September 30,				Nine Months Ended September 30,
	September 30, 2021		December 31, 2020		2021		2020		2021		2020
Philadelphia CBD	$	319,645	$	268,562	$	(3,602)	$	(2,737)	$	(12,542)	$	(2,576)
Metropolitan Washington, D.C.	97,972		99,769		(1,173)		(1,367)		(2,368)		(2,463)
Mid-Atlantic Office JV	32,041		32,996		310		—		634		—
MAP Venture	(22,247)		(11,516)		(2,169)		(1,684)		(6,522)		(4,843)
Total	$	427,411	$	389,811	$	(6,634)	$	(5,788)	$	(20,798)	$	(9,882)

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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income	$	974	$	276,133	$	7,763	$	288,240
Plus:
Interest expense	15,190		16,310		46,973		56,510
Interest expense - amortization of deferred financing costs	709		715		2,127		2,195
Depreciation and amortization	48,175		43,533		131,303		145,314
General and administrative expenses	7,076		7,069		22,016		23,973
Equity in loss of unconsolidated real estate ventures	6,634		5,788		20,798		9,882
Less:
Interest and investment income	4,494		467		7,845		1,487
Income tax (provision) benefit	(12)		(2)		(46)		224
Net gain on disposition of real estate	—		271,901		142		274,487
Net gain on sale of undepreciated real estate	910		—		2,903		201
Net gain on real estate venture transactions	—		75		—		75
Consolidated net operating income	$	73,366	$	77,107	$	220,136	$	249,640