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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION
18. SEGMENT INFORMATION
As of December 31, 2024, the Company owns and manages properties within four segments: (1) Philadelphia Central Business District (“Philadelphia CBD”), (2) Pennsylvania Suburbs, (3) Austin, Texas and (4) Other. The Philadelphia CBD segment includes properties located in the City of Philadelphia, Pennsylvania. The Pennsylvania Suburbs segment includes properties in Chester, Delaware, and Montgomery counties in the Philadelphia suburbs. The Austin, Texas segment includes properties in the City of Austin, Texas. The Other segment includes properties located in Washington, D.C., Northern Virginia, Southern Maryland, Camden County, New Jersey and New Castle County, Delaware. In addition to the four segments, the corporate group is responsible for cash and investment management, development of certain real estate properties during the construction period, and certain other general support functions. Land held for development and construction in progress is transferred to operating properties by region upon completion of the associated construction or project.
Brandywine’s President and Chief Executive Officer has been identified as Brandywine’s Chief Operating Decision Maker (“CODM”), as defined in ASC 280. The CODM evaluates Brandywine's portfolio and assesses the ongoing operations and performance of its projects utilizing the geographic segments listed above. 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, 2024December 31, 2023
Philadelphia CBD$1,556,696 $1,534,893 
Pennsylvania Suburbs869,179 900,230 
Austin, Texas671,150 801,973 
Total Core Segments3,097,025 3,237,096 
Other277,755 305,136 
Operating Properties$3,374,780 $3,542,232 
Corporate
Right of use asset - operating leases, net$18,412 $19,031 
Construction-in-progress$94,628 $135,529 
Land held for development$81,318 $82,510 
Prepaid leasehold interests in land held for development, net$27,762 $27,762 
.
Net operating income:
Year Ended December 31,
202420232022
Total revenueOperating expenses (a)Net operating incomeTotal revenueOperating expenses (a)Net operating incomeTotal revenueOperating expenses (a)Net operating income
Philadelphia CBD$225,986 $(81,061)$144,925 $230,933 $(79,579)$151,354 $220,875 $(79,827)$141,048 
Pennsylvania Suburbs125,011 (38,822)86,189 129,300 (39,584)89,716 128,940 (41,814)87,126 
Austin, Texas87,208 (34,033)53,175 95,505 (38,453)57,052 96,329 (41,141)55,188 
Other42,139 (20,698)21,441 39,306 (21,134)18,172 36,610 (21,165)15,445 
Corporate25,173 (12,716)12,457 19,607 (11,197)8,410 23,346 (10,454)12,892 
Operating properties
$505,517 $(187,330)$318,187 $514,651 $(189,947)$324,704 $506,100 $(194,401)$311,699 
(a)Includes property operating expense, real estate taxes and third party management expense.
Unconsolidated real estate ventures:
Investment in real estate ventures, at equityEquity in income (loss) of real estate venture
As ofYear ended December 31,
December 31, 2024December 31, 2023202420232022
Philadelphia CBD$452,334 $450,136 $(155,567)$(25,793)$(11,764)
Mid-Atlantic Office JV10,844 — 7,141 (26,448)412 
MAP Venture— (48,733)(6,542)(10,581)(8,340)
Austin, Texas90,495 79,160 (4,001)— — 
Other
$16,782 $71,931 $(32,616)$(15,093)$(2,324)
Total$570,455 $552,494 $(191,585)$(77,915)$(22,016)

Net operating income (“NOI”) is a non-GAAP financial measure, which we define as total property revenue less property operating expenses, real estate taxes, and third party management expenses. Property operating expenses that are included in determining NOI consist of costs that are necessary and allocable to our operating properties such as utilities, property-level salaries, repairs and maintenance, property insurance and management fees. General and administrative expenses that are not reflected in NOI primarily consist of corporate-level salaries, amortization of share awards and professional fees that are incurred as part of corporate office management. NOI presented by the Company may not be comparable to NOI reported by other companies that define NOI differently. NOI by geographic segment is the primary measure that is used by the Company's CODM to evaluate the operating performance of the Company's real estate assets by segment. The CODM utilizes NOI as it provides useful information regarding the financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. While NOI is a relevant and widely used measure of operating performance of real estate investment trusts, it does not represent cash flow from operations or net income as defined by GAAP and should not be considered as an alternative to those measures in evaluating our liquidity or operating performance. NOI does not reflect interest expenses, real estate impairment losses, depreciation and amortization costs, capital expenditures and leasing costs. The Company believes that net income (loss), as defined by GAAP, is the most
appropriate earnings measure. The following is a reconciliation of consolidated net income (loss), as defined by GAAP, to consolidated NOI, (in thousands):
Year Ended December 31,
202420232022
Net income (loss)$(196,487)$(197,403)$53,992 
Plus:
Interest expense116,306 95,456 68,764 
Interest expense - amortization of deferred financing costs5,000 4,369 3,091 
Depreciation and amortization178,168 188,797 177,984 
General and administrative expenses42,781 34,862 35,006 
Equity in loss of unconsolidated real estate ventures191,585 77,915 22,016 
Provision for impairment44,655 131,573 4,663 
Gain (loss) on early extinguishment of debt(941)(138)435 
Less:
Interest and investment income3,847 1,671 1,905 
Income tax provision(14)(72)(55)
Net gain on disposition of real estate2,297 7,736 17,677 
Net gain on sale of undepreciated real estate— 1,211 8,007 
Net gain on real estate venture transactions56,750 181 26,718 
Consolidated net operating income$318,187 $324,704 $311,699