SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of 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, 2022		December 31, 2021
Philadelphia CBD	$	1,515,324	$	1,460,510
Pennsylvania Suburbs	852,658		866,223
Austin, Texas	843,213		778,145
Metropolitan Washington, D.C.	289,904		280,921
Other	85,984		86,803
	$	3,587,083	$	3,472,602
Assets held for sale (a)	21,050		—
Operating Properties	$	3,608,133	$	3,472,602
Corporate
Right of use asset - operating leases, net	$	19,826	$	20,313
Construction-in-progress	$	227,231	$	277,237
Land held for development	$	74,272	$	114,604
Prepaid leasehold interests in land held for development, net	$	35,576	$	27,762

Net operating income:

	Three Months Ended September 30,
	2022						2021
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	56,105	$	(20,080)	$	36,025	$	51,587	$	(18,823)	$	32,764
Pennsylvania Suburbs	32,709		(11,022)		21,687		31,327		(10,154)		21,173
Austin, Texas	22,509		(8,597)		13,912		24,813		(9,580)		15,233
Metropolitan Washington, D.C.	5,360		(3,030)		2,330		5,224		(3,806)		1,418
Other	3,514		(2,059)		1,455		3,638		(2,534)		1,104
Corporate	5,372		(2,698)		2,674		3,829		(2,155)		1,674
Operating properties	$	125,569	$	(47,486)	$	78,083	$	120,418	$	(47,052)	$	73,366

	Nine Months Ended September 30,
	2022						2021
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	165,002	$	(60,361)	$	104,641	$	154,259	$	(54,493)	99,766
Pennsylvania Suburbs	95,849		(31,438)		64,411		93,361		(30,625)		62,736
Austin, Texas	71,345		(29,328)		42,017		76,501		(29,262)		47,239
Metropolitan Washington, D.C.	16,041		(9,574)		6,467		14,711		(11,907)		2,804
Other	11,037		(6,411)		4,626		10,513		(7,344)		3,169
Corporate	17,842		(7,941)		9,901		11,944		(7,522)		4,422
Operating properties	$	377,116	$	(145,053)	$	232,063	$	361,289	$	(141,153)	$	220,136

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, 2022		December 31, 2021		2022		2021		2022		2021
Philadelphia CBD	$	397,973	$	317,959	$	(3,452)	$	(3,602)	$	(8,798)	$	(12,542)
Metropolitan Washington, D.C.	85,206		85,867		(706)		(1,173)		(1,273)		(2,368)
Mid-Atlantic Office JV	31,229		31,680		(83)		310		234		634
MAP Venture	(32,522)		(24,396)		(2,019)		(2,169)		(5,967)		(6,522)
Austin, Texas	65,049		—		—		—		—		—
Total	$	546,935	$	411,110	$	(6,260)	$	(6,634)	$	(15,804)	$	(20,798)

Schedule of Reconciliation of Consolidated Net Income to Consolidated NOI

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income	$	13,478	$	974	$	24,230	$	7,763
Plus:
Interest expense	17,061		15,190		49,144		46,973
Interest expense - amortization of deferred financing costs	745		709		2,259		2,127
Depreciation and amortization	45,134		48,175		132,875		131,303
General and administrative expenses	7,564		7,076		25,892		22,016
Equity in loss of unconsolidated real estate ventures	6,260		6,634		15,804		20,798
Less:
Interest and investment income	498		4,494		1,387		7,845
Income tax (provision) benefit	9		(12)		(66)		(46)
Net gain on disposition of real estate	8,669		—		8,813		142
Net gain on sale of undepreciated real estate	2,983		910		8,007		2,903
Consolidated net operating income	$	78,083	$	73,366	$	232,063	$	220,136