SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 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:
	June 30, 2025		December 31, 2024
Philadelphia CBD	$	1,580,520	$	1,556,696
Pennsylvania Suburbs	882,593		869,179
Austin, Texas	515,024		671,150
Total Core Segments	2,978,137		3,097,025
Other	282,360		277,755
Operating properties	$	3,260,497	$	3,374,780
Assets held for sale	58,801		—
Total	$	3,319,298	$	3,374,780
Corporate
Right of use asset - operating leases, net	$	18,108	$	18,412
Construction-in-progress	$	90,950	$	94,628
Land held for development	$	74,541	$	81,318
Prepaid leasehold interests in land held for development, net	$	27,762	$	27,762

Net operating income:

	Three Months Ended June 30,
	2025						2024
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	56,683	$	(20,372)	$	36,311	$	56,723	$	(19,071)	$	37,652
Pennsylvania Suburbs	31,310		(9,963)		21,347		31,666		(9,897)		21,769
Austin, Texas	18,499		(7,785)		10,714		22,154		(8,834)		13,320
Other	9,995		(4,380)		5,615		10,308		(5,132)		5,176
Corporate	4,084		(2,856)		1,228		4,495		(3,380)		1,115
Operating properties	$	120,571	$	(45,356)	$	75,215	$	125,346	$	(46,314)	$	79,032

	Six Months Ended June 30,
	2025						2024
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	112,071	$	(41,003)	$	71,068	$	112,711	$	(38,953)	$	73,758
Pennsylvania Suburbs	63,241		(20,018)		43,223		63,685		(19,256)		44,429
Austin, Texas	36,650		(15,552)		21,098		45,409		(17,847)		27,562
Other	20,518		(9,604)		10,914		21,276		(10,594)		10,682
Corporate	9,607		(6,770)		2,837		8,749		(7,078)		1,671
Operating properties	$	242,087	$	(92,947)	$	149,140	$	251,830	$	(93,728)	$	158,102

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,				Six Months Ended June 30,
	June 30, 2025		December 31, 2024		2025		2024		2025		2024
Philadelphia CBD	$	453,070	$	452,334	$	(7,651)	$	(10,223)	$	(11,859)	$	(19,836)
Mid-Atlantic Office JV	11,119		10,844		436		—		275		(1,693)
MAP Venture	—		—		—		(3,339)		—		(6,562)
Austin, Texas	74,605		90,495		(7,510)		(4)		(13,398)		(4)
Other	16,747		16,782		(107)		(941)		(361)		—
Total	$	555,541	$	570,455	$	(14,832)	$	(14,507)	$	(25,343)	$	(28,095)

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,
	2025		2024		2025		2024
Net income (loss)	$	(88,936)	$	30,267	$	(115,992)	$	13,853
Plus:
Interest expense	32,345		29,494		64,190		54,543
Interest expense - amortization of deferred financing costs	1,197		1,415		2,427		2,506
Depreciation and amortization	43,762		44,187		88,115		89,229
General and administrative expenses	9,325		8,941		26,795		20,045
Equity in loss of unconsolidated real estate ventures	14,832		14,507		25,343		28,095
Provision for impairment	63,369		6,427		63,369		6,427
Gain on early extinguishment of debt	—		(941)		—		(941)
Less:
Interest and investment income	850		1,512		2,036		1,933
Income tax provision	(85)		(9)		(85)		(11)
Net gain (loss) on disposition of real estate	(86)		—		2,973		—
Net gain on real estate venture transactions	—		53,762		183		53,733
Consolidated net operating income	$	75,215	$	79,032	$	149,140	$	158,102