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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION
19. SEGMENT INFORMATION
As of December 31, 2022, 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, 2022December 31, 2021
Philadelphia CBD$1,517,801 $1,460,510 
Pennsylvania Suburbs878,546 866,223 
Austin, Texas851,835 778,145 
Metropolitan Washington, D.C.282,458 280,921 
Other86,600 86,803 
Operating Properties$3,617,240 $3,472,602 
Corporate
Right of use asset - operating leases, net$19,664 $20,313 
Construction-in-progress$218,869 $277,237 
Land held for development$76,499 $114,604 
Prepaid leasehold interests in land held for development, net$35,576 $27,762 
.
Net operating income:
Year Ended December 31,
202220212020
Total revenueOperating expenses (a)Net operating incomeTotal revenueOperating expenses (a)Net operating incomeTotal revenueOperating expenses (a)Net operating income (loss)
Philadelphia CBD$220,876 $(79,827)$141,049 $207,858 $(73,695)$134,163 $232,028 $(82,505)$149,523 
Pennsylvania Suburbs128,940 (41,814)87,126 124,566 (40,011)84,555 141,613 (46,281)95,332 
Austin, Texas96,328 (41,141)55,187 101,680 (39,374)62,306 102,982 (39,759)63,223 
Metropolitan Washington, D.C.21,900 (12,539)9,361 19,865 (15,386)4,479 40,223 (20,791)19,432 
Other14,710 (8,626)6,084 14,015 (9,840)4,175 13,469 (9,815)3,654 
Corporate23,346 (10,454)12,892 18,835 (10,005)8,830 4,537 (6,305)(1,768)
Operating properties
$506,100 $(194,401)$311,699 $486,819 $(188,311)$298,508 $534,852 $(205,456)$329,396 
(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, 2022December 31, 2021202220212020
Philadelphia CBD$387,301 $317,959 $(11,764)$(15,191)$(9,090)
Metropolitan Washington, D.C.83,903 85,867 (2,324)(3,755)(3,019)
Mid-Atlantic Office JV31,005 31,680 412 932 96 
MAP Venture(35,411)(24,396)(8,340)(8,683)(6,571)
Austin, Texas65,426 — — — — 
Total$532,224 $411,110 $(22,016)$(26,697)$(18,584)

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,
202220212020
Net income$53,992 $12,366 $307,326 
Plus:
Interest expense68,764 62,617 73,911 
Interest expense - amortization of deferred financing costs3,091 2,836 2,904 
Depreciation and amortization177,984 178,105 188,283 
General and administrative expenses35,006 30,153 30,288 
Equity in loss of unconsolidated real estate ventures22,016 26,697 18,584 
Provision for impairment4,663 — — 
Loss on early extinguishment of debt435 — — 
Less:
Interest and investment income1,905 8,295 1,939 
Income tax (provision) benefit(55)(47)224 
Net gain on disposition of real estate17,677 142 289,461 
Net gain on sale of undepreciated real estate8,007 2,903 201 
Net gain on real estate venture transactions26,718 2,973 75 
Consolidated net operating income$311,699 $298,508 $329,396