Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

The following tables summarize rental and other revenues and net operating income for our office properties. Net operating income is the primary industry property-level performance metric used by our chief operating decision maker and is defined as rental and other revenues less rental property and other expenses.

	Three Months Ended March 31,
	2024		2023
Rental and Other Revenues:
Atlanta	$	36,443	$	36,870
Charlotte	21,717		21,580
Nashville	45,038		44,564
Orlando	14,776		14,394
Raleigh	45,178		45,878
Richmond	9,001		9,309
Tampa	24,579		25,391
Total Office Segment	196,732		197,986
Other	14,543		14,766
Total Rental and Other Revenues	$	211,275	$	212,752

Net Operating Income:
Atlanta	$	22,620	$	24,225
Charlotte	15,928		16,110
Nashville	31,306		33,025
Orlando	9,168		8,772
Raleigh	32,086		33,606
Richmond	6,317		6,570
Tampa	15,488		16,404
Total Office Segment	132,913		138,712
Other	7,927		8,309
Total Net Operating Income	140,840		147,021
Reconciliation to net income:
Depreciation and amortization	(73,671)		(70,633)
General and administrative expenses	(12,499)		(12,415)
Interest expense	(36,552)		(33,098)
Other income	1,232		1,147
Gains on disposition of property	7,209		450
Gain on deconsolidation of affiliate	—		11,778
Equity in earnings of unconsolidated affiliates	654		704
Net income	$	27,213	$	44,954