SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2023

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:
	March 31, 2023		December 31, 2022
Philadelphia CBD	$	1,519,693	$	1,517,801
Pennsylvania Suburbs	886,165		878,546
Austin, Texas	853,677		851,835
Total Core Segments	3,259,535		3,248,182
Other	372,960		369,058
Operating Properties	$	3,632,495	$	3,617,240
Corporate
Right of use asset - operating leases, net	$	19,505	$	19,664
Construction-in-progress	$	236,040	$	218,869
Land held for development	$	67,923	$	76,499
Prepaid leasehold interests in land held for development, net	$	27,762	$	35,576

Net operating income:

	Three Months Ended March 31,
	2023						2022
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	56,227	$	(20,586)	$	35,641	$	53,471	$	(19,743)	$	33,728
Pennsylvania Suburbs	32,771		(9,779)		22,992		31,807		(10,158)		21,649
Austin, Texas	25,237		(11,294)		13,943		24,915		(10,293)		14,622
Other	9,389		(5,412)		3,977		8,799		(5,438)		3,361
Corporate	5,603		(3,764)		1,839		8,513		(2,286)		6,227
Operating properties	$	129,227	$	(50,835)	$	78,392	$	127,505	$	(47,918)	$	79,587

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 March 31,
	March 31, 2023		December 31, 2022		2023		2022
Philadelphia CBD	$	404,838	$	387,301	$	(3,259)	$	(2,772)
Metropolitan Washington, D.C.	82,281		83,903		(1,176)		(186)
Mid-Atlantic Office JV	30,591		31,005		190		418
MAP Venture	(38,284)		(35,411)		(1,922)		(2,023)
Austin, Texas	66,065		65,426		—		—
Total	$	545,491	$	532,224	$	(6,167)	$	(4,563)

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 March 31,
	2023		2022
Net income (loss)	$	(5,276)	$	6,101
Plus:
Interest expense	22,653		15,742
Interest expense - amortization of deferred financing costs	1,027		709
Depreciation and amortization	45,600		43,782
General and administrative expenses	9,482		10,000
Equity in loss of unconsolidated real estate ventures	6,167		4,563
Less:
Interest and investment income	505		440
Income tax provision	(25)		(27)
Net gain on sale of undepreciated real estate	781		897
Consolidated net operating income	$	78,392	$	79,587