SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

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, 2022		December 31, 2021
Philadelphia CBD	$	1,517,801	$	1,460,510
Pennsylvania Suburbs	878,546		866,223
Austin, Texas	851,835		778,145
Metropolitan Washington, D.C.	282,458		280,921
Other	86,600		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,
	2022						2021						2020
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating 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 Suburbs	128,940		(41,814)		87,126		124,566		(40,011)		84,555		141,613		(46,281)		95,332
Austin, Texas	96,328		(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
Other	14,710		(8,626)		6,084		14,015		(9,840)		4,175		13,469		(9,815)		3,654
Corporate	23,346		(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 equity				Equity in income (loss) of real estate venture
	As of				Year ended December 31,
	December 31, 2022		December 31, 2021		2022		2021		2020
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 JV	31,005		31,680		412		932		96
MAP Venture	(35,411)		(24,396)		(8,340)		(8,683)		(6,571)
Austin, Texas	65,426		—		—		—		—
Total	$	532,224	$	411,110	$	(22,016)	$	(26,697)	$	(18,584)

Schedule of Reconciliation of Consolidated Net Income (Loss)

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

	Year Ended December 31,
	2022		2021		2020
Net income	$	53,992	$	12,366	$	307,326
Plus:
Interest expense	68,764		62,617		73,911
Interest expense - amortization of deferred financing costs	3,091		2,836		2,904
Depreciation and amortization	177,984		178,105		188,283
General and administrative expenses	35,006		30,153		30,288
Equity in loss of unconsolidated real estate ventures	22,016		26,697		18,584
Provision for impairment	4,663		—		—
Loss on early extinguishment of debt	435		—		—
Less:
Interest and investment income	1,905		8,295		1,939
Income tax (provision) benefit	(55)		(47)		224
Net gain on disposition of real estate	17,677		142		289,461
Net gain on sale of undepreciated real estate	8,007		2,903		201
Net gain on real estate venture transactions	26,718		2,973		75
Consolidated net operating income	$	311,699	$	298,508	$	329,396