SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024		December 31, 2023
Philadelphia CBD	$	1,537,436	$	1,534,893
Pennsylvania Suburbs	899,767		900,230
Austin, Texas	798,195		801,973
Total Core Segments	3,235,398		3,237,096
Other	311,204		305,136
Operating properties	$	3,546,602	$	3,542,232
Corporate
Right of use asset - operating leases, net	$	18,720	$	19,031
Construction-in-progress	$	152,888	$	135,529
Land held for development	$	83,051	$	82,510
Prepaid leasehold interests in land held for development, net	$	27,762	$	27,762

Net operating income:

	Three Months Ended June 30,
	2024						2023
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	56,723	$	(19,071)	$	37,652	$	56,671	$	(20,257)	$	36,414
Pennsylvania Suburbs	31,666		(9,897)		21,769		32,102		(10,084)		22,018
Austin, Texas	22,154		(8,834)		13,320		23,781		(8,683)		15,098
Other	10,308		(5,132)		5,176		8,888		(4,850)		4,038
Corporate	4,495		(3,380)		1,115		4,440		(2,145)		2,295
Operating properties	$	125,346	$	(46,314)	$	79,032	$	125,882	$	(46,019)	$	79,863

	Six Months Ended June 30,
	2024						2023
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	112,711	$	(38,953)	$	73,758	$	112,898	$	(40,843)	$	72,055
Pennsylvania Suburbs	63,685		(19,256)		44,429		64,873		(19,863)		45,010
Austin, Texas	45,409		(17,847)		27,562		49,018		(19,977)		29,041
Other	21,276		(10,594)		10,682		18,277		(10,262)		8,015
Corporate	8,749		(7,078)		1,671		10,043		(5,909)		4,134
Operating properties	$	251,830	$	(93,728)	$	158,102	$	255,109	$	(96,854)	$	158,255

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 ventures
	As of				Three Months Ended June 30,
	June 30, 2024		December 31, 2023		2024		2023
Philadelphia CBD	$	501,579	$	450,136	$	(10,223)	$	(4,412)
Metropolitan Washington, D.C.	94,834		71,931		(941)		(1,414)
Mid-Atlantic Office JV	—		—		—		223
MAP Venture	—		(48,733)		(3,339)		(1,995)
Austin, Texas	83,723		79,160		(4)		—
Total	$	680,136	$	552,494	$	(14,507)	$	(7,598)

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,
	2024		2023		2024		2023
Net income (loss)	$	30,267	$	(12,737)	$	13,853	$	(18,013)
Plus:
Interest expense	29,494		23,669		54,543		46,322
Interest expense - amortization of deferred financing costs	1,415		1,114		2,506		2,141
Depreciation and amortization	44,187		47,079		89,229		92,679
General and administrative expenses	8,941		9,360		20,045		18,842
Equity in loss of unconsolidated real estate ventures	14,507		7,598		28,095		13,765
Provision for impairment	6,427		4,468		6,427		4,468
Gain on early extinguishment of debt	(941)		—		(941)		—
Less:
Interest and investment income	1,512		520		1,933		1,025
Income tax provision	(9)		(13)		(11)		(38)
Net gain on sale of undepreciated real estate	—		—		—		781
Net gain on real estate venture transactions	53,762		181		53,733		181
Consolidated net operating income	$	79,032	$	79,863	$	158,102	$	158,255