SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 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:
	September 30, 2025		December 31, 2024
Philadelphia CBD	$	1,585,703	$	1,556,696
Pennsylvania Suburbs	885,079		869,179
Austin, Texas	513,661		671,150
Total Core Segments	2,984,443		3,097,025
Other	280,967		277,755
Operating properties	$	3,265,410	$	3,374,780
Total	$	3,265,410	$	3,374,780
Corporate
Right of use asset - operating leases, net	$	17,957	$	18,412
Construction-in-progress	$	94,635	$	94,628
Land held for development	$	73,395	$	81,318
Prepaid leasehold interests in land held for development, net	$	27,762	$	27,762

Net operating income:

	Three Months Ended September 30,
	2025						2024
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	58,250	$	(21,975)	$	36,275	$	56,448	$	(19,959)	$	36,489
Pennsylvania Suburbs	31,563		(9,518)		22,045		31,681		(10,081)		21,600
Austin, Texas	16,837		(6,542)		10,295		21,951		(8,429)		13,522
Other	10,091		(4,257)		5,834		10,430		(5,076)		5,354
Corporate	4,676		(3,117)		1,559		11,272		(2,734)		8,538
Operating properties	$	121,417	$	(45,409)	$	76,008	$	131,782	$	(46,279)	$	85,503

	Nine Months Ended September 30,
	2025						2024
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	170,321	$	(62,978)	$	107,343	$	169,159	$	(58,912)	$	110,247
Pennsylvania Suburbs	94,804		(29,536)		65,268		95,366		(29,337)		66,029
Austin, Texas	53,487		(22,094)		31,393		67,360		(26,276)		41,084
Other	30,609		(13,861)		16,748		31,706		(15,670)		16,036
Corporate	14,283		(9,887)		4,396		20,021		(9,812)		10,209
Operating properties	$	363,504	$	(138,356)	$	225,148	$	383,612	$	(140,007)	$	243,605

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 September 30,				Nine Months Ended September 30,
	September 30, 2025		December 31, 2024		2025		2024		2025		2024
Philadelphia CBD	$	492,224	$	452,334	$	(10,325)	$	(125,593)	$	(22,184)	$	(145,429)
Mid-Atlantic Office JV	10,951		10,844		(168)		7,222		107		7,222
MAP Venture	—		—		—		10		—		(6,552)
Austin, Texas	74,101		90,495		(7,510)		(586)		(20,908)		(590)
Other	16,927		16,782		(180)		(6,915)		(541)		(8,608)
Total	$	594,203	$	570,455	$	(18,183)	$	(125,862)	$	(43,526)	$	(153,957)

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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net loss	$	(25,998)	$	(165,720)	$	(141,990)	$	(151,867)
Plus:
Interest expense	32,914		30,561		97,104		85,104
Interest expense - amortization of deferred financing costs	1,336		1,247		3,763		3,753
Depreciation and amortization	43,005		44,301		131,120		133,530
General and administrative expenses	7,841		12,681		34,636		32,726
Equity in loss of unconsolidated real estate ventures	18,183		125,862		43,526		153,957
Provision for impairment	—		37,980		63,369		44,407
Gain on early extinguishment of debt	—		—		—		(941)
Less:
Interest and investment income	1,238		639		3,274		2,572
Income tax provision	—		—		(85)		(11)
Net gain on disposition of real estate	35		—		3,008		—
Net gain on real estate venture transactions	—		770		183		54,503
Consolidated net operating income	$	76,008	$	85,503	$	225,148	$	243,605