SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 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:
	December 31, 2024		December 31, 2023
Philadelphia CBD	$	1,556,696	$	1,534,893
Pennsylvania Suburbs	869,179		900,230
Austin, Texas	671,150		801,973
Total Core Segments	3,097,025		3,237,096
Other	277,755		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,
	2024						2023						2022
	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	$	225,986	$	(81,061)	$	144,925	$	230,933	$	(79,579)	$	151,354	$	220,875	$	(79,827)	$	141,048
Pennsylvania Suburbs	125,011		(38,822)		86,189		129,300		(39,584)		89,716		128,940		(41,814)		87,126
Austin, Texas	87,208		(34,033)		53,175		95,505		(38,453)		57,052		96,329		(41,141)		55,188
Other	42,139		(20,698)		21,441		39,306		(21,134)		18,172		36,610		(21,165)		15,445
Corporate	25,173		(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 equity				Equity in income (loss) of real estate venture
	As of				Year ended December 31,
	December 31, 2024		December 31, 2023		2024		2023		2022
Philadelphia CBD	$	452,334	$	450,136	$	(155,567)	$	(25,793)	$	(11,764)
Mid-Atlantic Office JV	10,844		—		7,141		(26,448)		412
MAP Venture	—		(48,733)		(6,542)		(10,581)		(8,340)
Austin, Texas	90,495		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)

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,
	2024		2023		2022
Net income (loss)	$	(196,487)	$	(197,403)	$	53,992
Plus:
Interest expense	116,306		95,456		68,764
Interest expense - amortization of deferred financing costs	5,000		4,369		3,091
Depreciation and amortization	178,168		188,797		177,984
General and administrative expenses	42,781		34,862		35,006
Equity in loss of unconsolidated real estate ventures	191,585		77,915		22,016
Provision for impairment	44,655		131,573		4,663
Gain (loss) on early extinguishment of debt	(941)		(138)		435
Less:
Interest and investment income	3,847		1,671		1,905
Income tax provision	(14)		(72)		(55)
Net gain on disposition of real estate	2,297		7,736		17,677
Net gain on sale of undepreciated real estate	—		1,211		8,007
Net gain on real estate venture transactions	56,750		181		26,718
Consolidated net operating income	$	318,187	$	324,704	$	311,699