SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

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:
	March 31, 2025		December 31, 2024
Philadelphia CBD	$	1,578,547	$	1,556,696
Pennsylvania Suburbs	875,479		869,179
Austin, Texas	668,562		671,150
Total Core Segments	3,122,588		3,097,025
Other	282,460		277,755
Operating properties	$	3,405,048	$	3,374,780
Corporate
Right of use asset - operating leases, net	$	18,259	$	18,412
Construction-in-progress	$	78,021	$	94,628
Land held for development	$	82,536	$	81,318
Prepaid leasehold interests in land held for development, net	$	27,762	$	27,762

Net operating income:

	Three Months Ended March 31,
	2025						2024
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	55,388	$	(20,631)	$	34,757	$	55,988	$	(19,882)	$	36,106
Pennsylvania Suburbs	31,931		(10,055)		21,876		32,019		(9,359)		22,660
Austin, Texas	18,151		(7,767)		10,384		23,255		(9,013)		14,242
Other	10,523		(5,224)		5,299		10,968		(5,462)		5,506
Corporate	5,523		(3,914)		1,609		4,254		(3,698)		556
Operating properties	$	121,516	$	(47,591)	$	73,925	$	126,484	$	(47,414)	$	79,070

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 March 31,
	March 31, 2025		December 31, 2024		2025		2024
Philadelphia CBD	$	458,335	$	452,334	$	(4,208)	$	(9,613)
Mid-Atlantic Office JV	10,684		10,844		(161)		—
MAP Venture	—		—		—		(3,223)
Austin, Texas	84,500		90,495		(5,888)		—
Other	16,851		16,782		(254)		(752)
Total	$	570,370	$	570,455	$	(10,511)	$	(13,588)

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 March 31,
	2025		2024
Net loss	$	(27,056)	$	(16,414)
Plus:
Interest expense	31,845		25,049
Interest expense - amortization of deferred financing costs	1,230		1,091
Depreciation and amortization	44,353		45,042
General and administrative expenses	17,470		11,104
Equity in loss of unconsolidated real estate ventures	10,511		13,588
Less:
Interest and investment income	1,186		421
Income tax provision	—		(2)
Net gain on disposition of real estate	3,059		—
Net gain (loss) on real estate venture transactions	183		(29)
Consolidated net operating income	$	73,925	$	79,070