SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 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:
	December 31, 2023		December 31, 2022
Philadelphia CBD	$	1,534,893	$	1,517,801
Pennsylvania Suburbs	900,230		878,546
Austin, Texas	801,973		851,835
Total Core Segments	3,237,096		3,248,182
Other	305,136		369,058
Operating Properties	$	3,542,232	$	3,617,240
Corporate
Right of use asset - operating leases, net	$	19,031	$	19,664
Construction-in-progress	$	135,529	$	218,869
Land held for development	$	82,510	$	76,499
Prepaid leasehold interests in land held for development, net	$	27,762	$	35,576

.

Net operating income:

	Year Ended December 31,
	2023						2022						2021
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	230,933	$	(79,579)	$	151,354	$	220,876	$	(79,827)	$	141,049	$	207,858	$	(73,695)	$	134,163
Pennsylvania Suburbs	129,300		(39,584)		89,716		128,940		(41,814)		87,126		124,566		(40,011)		84,555
Austin, Texas	95,505		(38,453)		57,052		96,328		(41,141)		55,187		101,680		(39,374)		62,306
Other	39,306		(21,134)		18,172		36,610		(21,165)		15,445		33,880		(25,226)		8,654
Corporate	19,607		(11,197)		8,410		23,346		(10,454)		12,892		18,835		(10,005)		8,830
Operating properties	$	514,651	$	(189,947)	$	324,704	$	506,100	$	(194,401)	$	311,699	$	486,819	$	(188,311)	$	298,508

(a)Includes property operating expense, real estate taxes and third party management expense.

Unconsolidated real estate ventures:
	Investment in real estate ventures, at equity				Equity in income (loss) of real estate venture
	As of				Year ended December 31,
	December 31, 2023		December 31, 2022		2023		2022		2021
Philadelphia CBD	$	450,136	$	387,301	$	(25,793)	$	(11,764)	$	(15,191)
Mid-Atlantic Office JV	—		31,005		(26,448)		412		932
MAP Venture	(48,733)		(35,411)		(10,581)		(8,340)		(8,683)
Austin, Texas	79,160		65,426		—		—		—
Other	$	71,931	$	83,903	$	(15,093)	$	(2,324)	$	(3,755)
Total	$	552,494	$	532,224	$	(77,915)	$	(22,016)	$	(26,697)

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):

	Year Ended December 31,
	2023		2022		2021
Net income (loss)	$	(197,403)	$	53,992	$	12,366
Plus:
Interest expense	95,456		68,764		62,617
Interest expense - amortization of deferred financing costs	4,369		3,091		2,836
Depreciation and amortization	188,797		177,984		178,105
General and administrative expenses	34,862		35,006		30,153
Equity in loss of unconsolidated real estate ventures	77,915		22,016		26,697
Provision for impairment	131,573		4,663		—
Gain (loss) on early extinguishment of debt	(138)		435		—
Less:
Interest and investment income	1,671		1,905		8,295
Income tax provision	(72)		(55)		(47)
Net gain on disposition of real estate	7,736		17,677		142
Net gain on sale of undepreciated real estate	1,211		8,007		2,903
Net gain on real estate venture transactions	181		26,718		2,973
Consolidated net operating income	$	324,704	$	311,699	$	298,508