SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of 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, 2023		December 31, 2022
Philadelphia CBD	$	1,519,616	$	1,517,801
Pennsylvania Suburbs	906,584		878,546
Austin, Texas	798,229		851,835
Total Core Segments	3,224,429		3,248,182
Other	372,782		369,058
	$	3,597,211	$	3,617,240
Assets held for sale (a)	52,664		—
Operating Properties	$	3,649,875	$	3,617,240
Corporate
Right of use asset - operating leases, net	$	19,346	$	19,664
Construction-in-progress	$	245,677	$	218,869
Land held for development	$	71,493	$	76,499
Prepaid leasehold interests in land held for development, net	$	27,762	$	35,576

Net operating income:

	Three Months Ended June 30,
	2023						2022
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	56,671	$	(20,257)	$	36,414	$	55,426	$	(20,538)	$	34,888
Pennsylvania Suburbs	32,102		(10,084)		22,018		31,333		(10,258)		21,075
Austin, Texas	23,781		(8,683)		15,098		23,921		(10,438)		13,483
Other	8,888		(4,850)		4,038		9,405		(5,458)		3,947
Corporate	4,440		(2,145)		2,295		3,957		(2,957)		1,000
Operating properties	$	125,882	$	(46,019)	$	79,863	$	124,042	$	(49,649)	$	74,393

	Six Months Ended June 30,
	2023						2022
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	112,898	$	(40,843)	$	72,055	$	108,897	$	(40,281)	$	68,616
Pennsylvania Suburbs	64,873		(19,863)		45,010		63,140		(20,416)		42,724
Austin, Texas	49,018		(19,977)		29,041		48,836		(20,731)		28,105
Other	18,277		(10,262)		8,015		18,204		(10,896)		7,308
Corporate	10,043		(5,909)		4,134		12,470		(5,243)		7,227
Operating properties	$	255,109	$	(96,854)	$	158,255	$	251,547	$	(97,567)	$	153,980

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,
	June 30, 2023		December 31, 2022		2023		2022
Philadelphia CBD	$	452,365	$	387,301	$	(4,412)	$	(2,574)
Metropolitan Washington, D.C.	82,603		83,903		(1,414)		(381)
Mid-Atlantic Office JV	28,791		31,005		223		(101)
MAP Venture	(41,310)		(35,411)		(1,995)		(1,925)
Austin, Texas	66,746		65,426		—		—
Total	$	589,195	$	532,224	$	(7,598)	$	(4,981)

Schedule of 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income (loss)	$	(12,737)	$	4,651	$	(18,013)	$	10,752
Plus:
Interest expense	23,669		16,341		46,322		32,083
Interest expense - amortization of deferred financing costs	1,114		805		2,141		1,514
Depreciation and amortization	47,079		43,959		92,679		87,741
General and administrative expenses	9,360		8,328		18,842		18,328
Equity in loss of unconsolidated real estate ventures	7,598		4,981		13,765		9,544
Provision for impairment	4,468		—		4,468		—
Less:
Interest income	520		449		1,025		889
Income tax provision	(13)		(48)		(38)		(75)
Net gain on disposition of real estate	—		144		—		144
Net gain on sale of undepreciated real estate	—		4,127		781		5,024
Net gain on real estate venture transactions	181		—		181		—
Consolidated net operating income	$	79,863	$	74,393	$	158,255	$	153,980