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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION
19. SEGMENT INFORMATION
As of December 31, 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:
December 31, 2021December 31, 2020
Philadelphia CBD$1,460,510 $1,433,927 
Pennsylvania Suburbs866,223 871,530 
Austin, Texas778,145 728,741 
Metropolitan Washington, D.C.280,921 352,794 
Other86,803 87,117 
Operating Properties$3,472,602 $3,474,109 
Corporate
Right of use asset - operating leases, net$20,313 $20,977 
Construction-in-progress$277,237 $210,311 
Land held for development$114,604 $117,984 
Prepaid leasehold interests in land held for development, net$27,762 $39,185 
.
Net operating income:
Year Ended December 31,
202120202019
Total revenueOperating expenses (a)Net operating incomeTotal revenueOperating expenses (a)Net operating income (loss)Total revenueOperating expenses (a)Net operating income (loss)
Philadelphia CBD$207,858 $(73,695)$134,163 $232,028 $(82,505)$149,523 $263,769 $(100,219)$163,550 
Pennsylvania Suburbs124,566 (40,011)84,555 141,613 (46,281)95,332 141,084 (47,418)93,666 
Austin, Texas101,680 (39,374)62,306 102,982 (39,759)63,223 104,157 (38,285)65,872 
Metropolitan Washington, D.C.19,865 (15,386)4,479 40,223 (20,791)19,432 51,498 (23,455)28,043 
Other14,015 (9,840)4,175 13,469 (9,815)3,654 14,558 (9,328)5,230 
Corporate18,835 (10,005)8,830 4,537 (6,305)(1,768)5,351 (7,141)(1,790)
Operating properties
$486,819 $(188,311)$298,508 $534,852 $(205,456)$329,396 $580,417 $(225,846)$354,571 
(a)Includes property operating expense, real estate taxes and third party management expense.
Unconsolidated real estate ventures:
Investment in real estate ventures, at equityEquity in income (loss) of real estate venture
As ofYear ended December 31,
December 31, 2021December 31, 2020202120202019
Philadelphia CBD$317,959 $268,562 $(15,191)$(9,090)$328 
Metropolitan Washington, D.C.85,867 99,769 (3,755)(3,019)(4,234)
Mid-Atlantic Office JV31,680 32,996 932 96 — 
MAP Venture(24,396)(11,516)(8,683)(6,571)(6,102)
Other— — — — 86 
Total$411,110 $389,811 $(26,697)$(18,584)$(9,922)

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 (loss), as defined by GAAP, to consolidated NOI, (in thousands):
Year Ended December 31,
202120202019
Net income$12,366 $307,326 $34,529 
Plus:
Interest expense62,617 73,911 81,512 
Interest expense - amortization of deferred financing costs2,836 2,904 2,768 
Depreciation and amortization178,105 188,283 210,005 
General and administrative expenses30,153 30,288 32,156 
Equity in loss of unconsolidated real estate ventures26,697 18,584 9,922 
Less:
Interest and investment income8,295 1,939 2,318 
Income tax (provision) benefit(47)224 (12)
Net gain on disposition of real estate142 289,461 356 
Net gain on sale of undepreciated real estate2,903 201 2,020 
Net gain on real estate venture transactions2,973 75 11,639 
Consolidated net operating income$298,508 $329,396 $354,571