Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Reconciliation of Revenue from Segments to Consolidated

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Rental and Other Revenues:

Atlanta	$	35,666	$	35,804	$	107,991	$	106,805
Charlotte	21,079		18,825		63,452		52,643
Nashville	42,884		44,587		130,084		130,640
Orlando	14,356		13,634		43,300		40,298

Raleigh	45,354		45,220		136,933		137,051
Richmond	8,746		10,872		27,103		31,837
Tampa	25,000		23,590		75,344		71,169
Total Office Segment	193,085		192,532		584,207		570,443
Other	14,010		14,465		42,931		46,773
Total Rental and Other Revenues	$	207,095	$	206,997	$	627,138	$	617,216

Reconciliation of Operating Profit (Loss) from Segments to Consolidated


Net Operating Income:

Atlanta	$	21,796	$	22,524	$	68,289	$	69,472
Charlotte	16,388		14,275		47,719		40,132
Nashville	31,389		33,154		95,530		97,093
Orlando	8,734		7,865		26,358		24,264

Raleigh	32,523		32,822		99,799		101,557
Richmond	5,733		7,112		18,656		21,700
Tampa	15,574		14,351		47,614		44,912
Total Office Segment	132,137		132,103		403,965		399,130
Other	7,765		8,560		23,942		27,961
Total Net Operating Income	139,902		140,663		427,907		427,091
Reconciliation to net income:
Depreciation and amortization	(74,765)		(73,057)		(220,416)		(212,466)
Impairments of real estate assets	—		(1,515)		—		(36,515)
General and administrative expenses	(8,873)		(9,586)		(30,668)		(32,733)
Interest expense	(34,247)		(26,392)		(101,408)		(75,812)
Other income	754		138		3,082		621
Gains on disposition of property	—		9,402		19,818		63,546
Gain on deconsolidation of affiliate	—		—		11,778		—
Equity in earnings of unconsolidated affiliates	400		457		1,902		1,083
Net income	$	23,171	$	40,110	$	111,995	$	134,815