SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

The following is a summary of revenue earned by the Company’s reportable segments (see Note 18 “Segment Information,” for further information) during the year ended December 31, 2024 (in thousands):

	Philadelphia CBD		Pennsylvania Suburbs		Austin, Texas		Other		Corporate (a)		Total
Fixed rent	$	158,382	$	114,056	$	56,620	$	36,412	$	(1,631)	$	363,839
Variable rent	54,264		10,460		28,424		1,442		(142)		94,448
Total lease revenue	212,646		124,516		85,044		37,854		(1,773)		458,287
Amortization of deferred market rents	647		—		272		—		—		919
Daily parking & hotel flexible stay	8,727		—		956		352		1		10,036
Total rents	222,020		124,516		86,272		38,206		(1,772)		469,242
Third party management fees, labor reimbursement and leasing	158		21		603		3,769		19,191		23,742
Other income	3,808		474		333		163		7,755		12,533
Total revenue	$	225,986	$	125,011	$	87,208	$	42,138	$	25,174	$	505,517

(a)Corporate includes intercompany eliminations necessary to reconcile to consolidated Company totals.

The following is a summary of revenue earned by the Company’s reportable segments (see Note 18 “Segment Information,” for further information) during the year ended December 31, 2023 (in thousands):

	Philadelphia CBD		Pennsylvania Suburbs		Austin, Texas		Other		Corporate (a)		Total
Fixed rent	$	159,732	$	118,856	$	63,209	$	32,167	$	(1,895)	$	372,069
Variable rent	54,678		10,067		30,098		1,681		454		96,978
Total lease revenue	214,410		128,923		93,307		33,848		(1,441)		469,047
Amortization of deferred market rents	649		—		642		—		—		1,291
Daily parking & hotel flexible stay	8,478		—		708		325		—		9,511
Total rents	223,537		128,923		94,657		34,173		(1,441)		479,849
Third party management fees, labor reimbursement and leasing	405		38		516		4,972		18,486		24,417
Other income	6,991		339		332		161		2,562		10,385
Total revenue	$	230,933	$	129,300	$	95,505	$	39,306	$	19,607	$	514,651

(a)Corporate includes intercompany eliminations necessary to reconcile to consolidated Company totals.

The following is a summary of revenue earned by the Company’s reportable segments (see Note 18 “Segment Information,” for further information) during the year ended December 31, 2022 (in thousands):

	Philadelphia CBD		Pennsylvania Suburbs		Austin, Texas		Other		Corporate (a)		Total
Fixed rent	$	151,034	$	116,926	$	60,831	$	26,491	$	(1,895)	$	353,387
Variable rent	51,346		11,615		32,958		3,927		(35)		99,811
Total lease revenue	202,380		128,541		93,789		30,418		(1,930)		453,198
Amortization of deferred market rents	1,308		10		1,264		—		—		2,582
Daily parking & hotel flexible stay	14,390		—		361		320		—		15,071
Total rents	218,078		128,551		95,414		30,738		(1,930)		470,851
Third party management fees, labor reimbursement and leasing	287		35		486		5,711		17,613		24,132
Other income	2,510		354		429		161		7,663		11,117
Total revenue	$	220,875	$	128,940	$	96,329	$	36,610	$	23,346	$	506,100

(a)Corporate includes intercompany eliminations necessary to reconcile to consolidated Company totals.