SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023
Philadelphia CBD	$	1,535,852	$	1,534,893
Pennsylvania Suburbs	901,577		900,230
Austin, Texas	803,756		801,973
Total Core Segments	3,241,185		3,237,096
Other	308,489		305,136
Operating properties	$	3,549,674	$	3,542,232
Corporate
Right of use asset - operating leases, net	$	18,875	$	19,031
Construction-in-progress	$	146,194	$	135,529
Land held for development	$	81,616	$	82,510
Prepaid leasehold interests in land held for development, net	$	27,762	$	27,762

Net operating income:

	Three Months Ended March 31,
	2024						2023
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	55,988	$	(19,882)	$	36,106	$	56,227	$	(20,586)	$	35,641
Pennsylvania Suburbs	32,019		(9,359)		22,660		32,771		(9,779)		22,992
Austin, Texas	23,255		(9,013)		14,242		25,237		(11,294)		13,943
Other	10,968		(5,462)		5,506		9,389		(5,412)		3,977
Corporate	4,254		(3,698)		556		5,603		(3,764)		1,839
Operating properties	$	126,484	$	(47,414)	$	79,070	$	129,227	$	(50,835)	$	78,392

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 ventures
	As of				Three Months Ended March 31,
	March 31, 2024		December 31, 2023		2024		2023
Philadelphia CBD	$	468,642	$	450,136	$	(9,613)	$	(3,259)
Metropolitan Washington, D.C.	69,288		71,931		(752)		(1,176)
Mid-Atlantic Office JV	—		—		—		190
MAP Venture	(52,200)		(48,733)		(3,223)		(1,922)
Austin, Texas	80,112		79,160		—		—
Total	$	565,842	$	552,494	$	(13,588)	$	(6,167)

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,
	2024		2023
Net loss	$	(16,414)	$	(5,276)
Plus:
Interest expense	25,049		22,653
Interest expense - amortization of deferred financing costs	1,091		1,027
Depreciation and amortization	45,042		45,600
General and administrative expenses	11,104		9,482
Equity in loss of unconsolidated real estate ventures	13,588		6,167
Less:
Interest and investment income	421		505
Income tax provision	(2)		(25)
Net gain on sale of undepreciated real estate	—		781
Net loss on real estate venture transactions	(29)		—
Consolidated net operating income	$	79,070	$	78,392