SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 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:
	December 31, 2021		December 31, 2020
Philadelphia CBD	$	1,460,510	$	1,433,927
Pennsylvania Suburbs	866,223		871,530
Austin, Texas	778,145		728,741
Metropolitan Washington, D.C.	280,921		352,794
Other	86,803		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,
	2021						2020						2019
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income (loss)		Total revenue		Operating 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 Suburbs	124,566		(40,011)		84,555		141,613		(46,281)		95,332		141,084		(47,418)		93,666
Austin, Texas	101,680		(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
Other	14,015		(9,840)		4,175		13,469		(9,815)		3,654		14,558		(9,328)		5,230
Corporate	18,835		(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 equity				Equity in income (loss) of real estate venture
	As of				Year ended December 31,
	December 31, 2021		December 31, 2020		2021		2020		2019
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 JV	31,680		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)

Reconciliation of Consolidated Net Income (Loss) to Consolidated NOI

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

	Year Ended December 31,
	2021		2020		2019
Net income	$	12,366	$	307,326	$	34,529
Plus:
Interest expense	62,617		73,911		81,512
Interest expense - amortization of deferred financing costs	2,836		2,904		2,768
Depreciation and amortization	178,105		188,283		210,005
General and administrative expenses	30,153		30,288		32,156
Equity in loss of unconsolidated real estate ventures	26,697		18,584		9,922
Less:
Interest and investment income	8,295		1,939		2,318
Income tax (provision) benefit	(47)		224		(12)
Net gain on disposition of real estate	142		289,461		356
Net gain on sale of undepreciated real estate	2,903		201		2,020
Net gain on real estate venture transactions	2,973		75		11,639
Consolidated net operating income	$	298,508	$	329,396	$	354,571