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Segment Information (Tables)
 9 Months Ended
Sep. 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:
 
 
 
 
September 30, 2020
 
December 31, 2019
Philadelphia CBD (a)
$
1,414,041

 
$
1,726,299

Pennsylvania Suburbs
1,000,214

 
1,003,890

Austin, Texas
726,295

 
721,255

Metropolitan Washington, D.C.
488,139

 
468,035

Other
87,076

 
86,980

Operating Properties
$
3,715,765

 
$
4,006,459

 
 
 
 
Right of use asset - operating leases, net
$
21,145

 
$
21,656

 
 
 
 
Corporate
 
 
 
Construction-in-progress
$
186,853

 
$
180,718

Land held for development (b)
$
115,474

 
$
96,124

Prepaid leasehold interests in land held for development, net (c)
$
39,287

 
$
39,592


(a)
Decrease primarily due to the Commerce Square Venture Transaction. 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 September 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 September 30, 2020 and December 31, 2019.
Net operating income:
 
Three Months Ended September 30,
 
2020
 
2019
 
Total revenue
 
Operating expenses (a)
 
Net operating income (loss)
 
Total revenue
 
Operating expenses (a)
 
Net operating income (loss)
Philadelphia CBD
$
52,640

 
$
(18,522
)
 
$
34,118

 
$
66,105

 
$
(24,773
)
 
$
41,332

Pennsylvania Suburbs
34,649

 
(11,141
)
 
23,508

 
34,818

 
(11,667
)
 
23,151

Austin, Texas
25,328

 
(9,944
)
 
15,384

 
26,280

 
(9,302
)
 
16,978

Metropolitan Washington, D.C.
9,675

 
(5,236
)
 
4,439

 
13,179

 
(5,999
)
 
7,180

Other
3,188

 
(2,374
)
 
814

 
3,706

 
(2,691
)
 
1,015

Corporate
626

 
(1,782
)
 
(1,156
)
 
1,243

 
(1,642
)
 
(399
)
Operating properties
$
126,106

 
$
(48,999
)
 
$
77,107

 
$
145,331

 
$
(56,074
)
 
$
89,257

 
Nine Months Ended September 30,
 
2020
 
2019
 
Total revenue
 
Operating expenses (a)
 
Net operating income (loss)
 
Total revenue
 
Operating expenses (a)
 
Net operating income (loss)
Philadelphia CBD
$
181,203

 
$
(65,615
)
 
$
115,588

 
$
196,859

 
$
(75,311
)
 
121,548

Pennsylvania Suburbs
106,569

 
(34,980
)
 
71,589

 
104,744

 
(36,466
)
 
68,278

Austin, Texas
76,921

 
(30,032
)
 
46,889

 
77,234

 
(28,182
)
 
49,052

Metropolitan Washington, D.C.
30,520

 
(15,678
)
 
14,842

 
40,372

 
(18,542
)
 
21,830

Other
10,221

 
(7,434
)
 
2,787

 
10,352

 
(7,226
)
 
3,126

Corporate
2,597

 
(4,652
)
 
(2,055
)
 
3,817

 
(4,969
)
 
(1,152
)
Operating properties
$
408,031

 
$
(158,391
)
 
$
249,640

 
$
433,378

 
$
(170,696
)
 
$
262,682

(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 September 30,
 
Nine Months Ended September 30,
 
September 30, 2020
 
December 31, 2019
 
2020
 
2019
 
2020
 
2019
Philadelphia CBD (a)
$
277,161

 
$
17,524

 
$
(2,737
)
 
$
55

 
$
(2,575
)
 
$
217

Metropolitan Washington, D.C.
100,325

 
102,840

 
(1,367
)
 
(528
)
 
(2,463
)
 
(963
)
MAP Venture (b)
(9,715
)
 
(70
)
 
(1,684
)
 
(1,602
)
 
(4,844
)
 
(4,414
)
Other
—

 
—

 
—

 
110

 
—

 
346

Total
$
367,771

 
$
120,294

 
$
(5,788
)
 
$
(1,965
)
 
$
(9,882
)
 
$
(4,814
)

(a)
Increase primarily due to the Commerce Square Venture Transaction. See Note 3, ''Real Estate Investments," for further information.
(b)
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 September 30,
 
Nine Months Ended September 30,
 
2020
 
2019
 
2020
 
2019
Net income
$
276,133

 
$
6,820

 
$
288,240

 
$
17,655

Plus:
 
 
 
 
 
 
 
Interest expense
16,310

 
20,400

 
56,510

 
61,273

Interest expense - amortization of deferred financing costs
715

 
694

 
2,195

 
2,026

Depreciation and amortization
43,533

 
55,627

 
145,314

 
158,738

General and administrative expenses
7,069

 
6,974

 
23,973

 
25,217

Equity in loss of Real Estate Ventures
5,788

 
1,965

 
9,882

 
4,814

Less:
 
 
 
 
 
 
 
Interest income
467

 
558

 
1,487

 
1,636

Income tax (provision) benefit
(2
)
 
—

 
224

 
(46
)
Net gain on disposition of real estate
271,901

 
356

 
274,487

 
356

Net gain on sale of undepreciated real estate
—

 
250

 
201

 
1,501

Net gain on real estate venture transactions
75

 
2,059

 
75

 
3,594

Consolidated net operating income
$
77,107

 
$
89,257

 
$
249,640

 
$
262,682