SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022		December 31, 2021
Philadelphia CBD	$	1,494,819	$	1,460,510
Pennsylvania Suburbs	859,470		866,223
Austin, Texas	791,600		778,145
Metropolitan Washington, D.C.	285,386		280,921
Other	86,720		86,803
Operating Properties	$	3,517,995	$	3,472,602
Corporate
Right of use asset - operating leases, net	$	20,150	$	20,313
Construction-in-progress	$	283,323	$	277,237
Land held for development	$	94,411	$	114,604
Prepaid leasehold interests in land held for development, net	$	27,762	$	27,762

Net operating income:

	Three Months Ended March 31,
	2022						2021
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	53,471	$	(19,743)	$	33,728	$	51,227	$	(17,411)	$	33,816
Pennsylvania Suburbs	31,807		(10,158)		21,649		31,740		(10,694)		21,046
Austin, Texas	24,915		(10,293)		14,622		26,175		(9,720)		16,455
Metropolitan Washington, D.C.	5,195		(3,428)		1,767		4,675		(4,199)		476
Other	3,604		(2,010)		1,594		3,213		(2,282)		931
Corporate	8,513		(2,286)		6,227		3,739		(2,368)		1,371
Operating properties	$	127,505	$	(47,918)	$	79,587	$	120,769	$	(46,674)	$	74,095

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, 2022		December 31, 2021		2022		2021
Philadelphia CBD	$	343,502	$	317,959	$	(2,772)	$	(4,279)
Metropolitan Washington, D.C.	85,976		85,867		(186)		(417)
Mid-Atlantic Office JV	31,911		31,680		418		207
MAP Venture	(26,834)		(24,396)		(2,023)		(2,435)
Total	$	434,555	$	411,110	$	(4,563)	$	(6,924)

Reconciliation of Consolidated Net Income to Consolidated NOI

The following is a reconciliation of consolidated net income (loss), as defined by GAAP, to consolidated NOI, (in thousands):

	Three Months Ended March 31,
	2022		2021
Net income	$	6,101	$	6,964
Plus:
Interest expense	15,742		16,293
Interest expense - amortization of deferred financing costs	709		709
Depreciation and amortization	43,782		40,343
General and administrative expenses	10,000		6,584
Equity in loss of unconsolidated real estate ventures	4,563		6,924
Less:
Interest and investment income	440		1,674
Income tax provision	(27)		(19)
Net gain on disposition of real estate	—		74
Net gain on sale of undepreciated real estate	897		1,993
Consolidated net operating income	$	79,587	$	74,095