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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
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:
 
 
 
 
June 30, 2020
 
December 31, 2019
Philadelphia CBD (a)
$
1,384,550

 
$
1,726,299

Pennsylvania Suburbs
987,069

 
1,003,890

Austin, Texas
722,710

 
721,255

Metropolitan Washington, D.C.
469,091

 
468,035

Other
87,101

 
86,980

 
$
3,650,521

 
$
4,006,459

Assets held for sale (a)
327,286

 
—

Operating Properties
$
3,977,807

 
$
4,006,459

 
 
 
 
Right of use asset - operating leases, net
$
21,315

 
$
21,656

 
 
 
 
Corporate
 
 
 
Construction-in-progress
$
235,475

 
$
180,718

Land held for development (b)
$
112,420

 
$
96,124

Prepaid leasehold interests in land held for development, net (c)
$
39,389

 
$
39,592


(a)
As of June 30, 2020, two properties in the Philadelphia CBD segment were classified as held for sale. See Note 3, “Real Estate Investments,” for further information.
(b)
Does not include 35.2 acres of land classified as held for sale as of June 30, 2020 and December 31, 2019.
(c)
Includes leasehold interests in prepaid 99-year ground leases at 3025 and 3001-3003 JFK Boulevard, in Philadelphia, Pennsylvania as of June 30, 2020 and December 31, 2019.
Net operating income:
 
Three Months Ended June 30,
 
2020
 
2019
 
Total revenue
 
Operating expenses (a)
 
Net operating income (loss)
 
Total revenue
 
Operating expenses (a)
 
Net operating income
Philadelphia CBD
$
62,648

 
$
(22,895
)
 
$
39,753

 
$
64,956

 
$
(25,353
)
 
$
39,603

Pennsylvania Suburbs
34,683

 
(11,161
)
 
23,522

 
34,299

 
(11,808
)
 
22,491

Austin, Texas
25,012

 
(9,943
)
 
15,069

 
26,188

 
(9,804
)
 
16,384

Metropolitan Washington, D.C.
10,091

 
(4,930
)
 
5,161

 
13,673

 
(6,339
)
 
7,334

Other
3,381

 
(2,367
)
 
1,014

 
3,464

 
(2,390
)
 
1,074

Corporate
1,022

 
(1,186
)
 
(164
)
 
1,571

 
(1,528
)
 
43

Operating properties
$
136,837

 
$
(52,482
)
 
$
84,355

 
$
144,151

 
$
(57,222
)
 
$
86,929

 
Six Months Ended June 30,
 
2020
 
2019
 
Total revenue
 
Operating expenses (a)
 
Net operating income (loss)
 
Total revenue
 
Operating expenses (a)
 
Net operating income (loss)
Philadelphia CBD
$
128,563

 
$
(47,093
)
 
$
81,470

 
$
130,754

 
$
(50,538
)
 
80,216

Pennsylvania Suburbs
71,920

 
(23,839
)
 
48,081

 
69,926

 
(24,799
)
 
45,127

Austin, Texas
51,593

 
(20,088
)
 
31,505

 
50,954

 
(18,880
)
 
32,074

Metropolitan Washington, D.C.
20,845

 
(10,442
)
 
10,403

 
27,193

 
(12,543
)
 
14,650

Other
7,033

 
(5,060
)
 
1,973

 
6,646

 
(4,535
)
 
2,111

Corporate
1,971

 
(2,870
)
 
(899
)
 
2,574

 
(3,327
)
 
(753
)
Operating properties
$
281,925

 
$
(109,392
)
 
$
172,533

 
$
288,047

 
$
(114,622
)
 
$
173,425

(a)
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 June 30,
 
Six Months Ended June 30,
 
June 30, 2020
 
December 31, 2019
 
2020
 
2019
 
2020
 
2019
Philadelphia CBD
$
16,611

 
$
17,524

 
$
83

 
$
84

 
$
161

 
$
162

Metropolitan Washington, D.C.
101,947

 
102,840

 
(647
)
 
(260
)
 
(1,096
)
 
(435
)
MAP Venture (a)
(5,503
)
 
(70
)
 
(1,639
)
 
(1,445
)
 
(3,159
)
 
(2,812
)
Other
—

 
—

 
—

 
130

 
—

 
236

Total
$
113,055

 
$
120,294

 
$
(2,203
)
 
$
(1,491
)
 
$
(4,094
)
 
$
(2,849
)

(a)
Included in Other liabilities on the consolidated balance sheets.
Reconciliation of Consolidated Net Income to Consolidated NOI The following is a reconciliation of consolidated net income, as defined by GAAP, to consolidated NOI, (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net income
$
4,020

 
$
6,252

 
$
12,107

 
$
10,835

Plus:
 
 
 
 
 
 
 
Interest expense
20,191

 
20,516

 
40,200

 
40,873

Interest expense - amortization of deferred financing costs
731

 
666

 
1,480

 
1,332

Depreciation and amortization
49,743

 
51,667

 
101,781

 
103,111

General and administrative expenses
8,343

 
8,399

 
16,904

 
18,243

Equity in loss of Real Estate Ventures
2,203

 
1,491

 
4,094

 
2,849

Less:
 
 
 
 
 
 
 
Interest income
445

 
553

 
1,020

 
1,078

Income tax (provision) benefit
230

 
(17
)
 
226

 
(46
)
Net gain on disposition of real estate
—

 
—

 
2,586

 
—

Net gain on sale of undepreciated real estate
201

 
250

 
201

 
1,251

Net gain on real estate venture transactions
—

 
1,276

 
—

 
1,535

Consolidated net operating income
$
84,355

 
$
86,929

 
$
172,533

 
$
173,425