Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

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:
	March 31, 2021		December 31, 2020
Philadelphia CBD	$	1,429,695	$	1,433,927
Pennsylvania Suburbs	870,403		871,530
Austin, Texas	728,702		728,741
Metropolitan Washington, D.C.	270,582		352,794
Other	87,177		87,117
Operating Properties	$	3,386,559	$	3,474,109
Corporate
Right of use asset - operating leases, net	$	20,810	$	20,977
Construction-in-progress	$	264,529	$	210,311
Land held for development	$	116,902	$	117,984
Prepaid leasehold interests in land held for development, net	$	27,762	$	39,185

Net operating income:

	Three Months Ended March 31,
	2021						2020
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income (loss)
Philadelphia CBD	$	51,227	$	(17,411)	$	33,816	$	65,915	$	(24,198)	$	41,717
Pennsylvania Suburbs	31,740		(10,694)		21,046		37,237		(12,678)		24,559
Austin, Texas	26,175		(9,720)		16,455		26,581		(10,145)		16,436
Metropolitan Washington, D.C.	4,675		(4,199)		476		10,754		(5,512)		5,242
Other	3,213		(2,282)		931		3,652		(2,693)		959
Corporate	3,739		(2,368)		1,371		949		(1,684)		(735)
Operating properties	$	120,769	$	(46,674)	$	74,095	$	145,088	$	(56,910)	$	88,178

(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 March 31,
	March 31, 2021		December 31, 2020		2021		2020
Philadelphia CBD	$	300,694	$	268,562	$	(4,279)	$	78
Metropolitan Washington, D.C.	99,617		99,769		(417)		(449)
Mid-Atlantic Office JV	32,735		32,996		207		—
MAP Venture	(17,223)		(11,516)		(2,435)		(1,520)
Total	$	415,823	$	389,811	$	(6,924)	$	(1,891)

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 March 31,
	2021		2020
Net income	$	6,964	$	8,087
Plus:
Interest expense	16,293		20,009
Interest expense - amortization of deferred financing costs	709		749
Depreciation and amortization	40,343		52,038
General and administrative expenses	6,584		8,561
Equity in loss of Real Estate Ventures	6,924		1,891
Less:
Interest and investment income	1,674		575
Income tax provision	(19)		(4)
Net gain on disposition of real estate	74		2,586
Net gain on sale of undepreciated real estate	1,993		—
Consolidated net operating income	$	74,095	$	88,178