Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

Our principal business is the operation, acquisition and development of rental office properties. We evaluate our business by geographic location. The operating results by geographic grouping are regularly reviewed by our chief operating decision maker for assessing performance and other purposes. There are no material inter-segment transactions.

Our accounting policies of the segments are the same as those used in our Consolidated Financial Statements. All operations are within the United States.

The following tables summarize the rental and other revenues, net operating income (the primary industry property-level performance metric used by our chief operating decision maker and which is defined as rental and other revenues less rental property and other expenses) and total assets for our office properties. Our segment information as of and for the years ended December 31, 2021 and 2020, respectively, has been retrospectively revised from previously reported amounts to reflect a change in our reportable segments as a result of our plan to exit the Pittsburgh market.

	Year Ended December 31,
	2022		2021		2020
Rental and Other Revenues:
Atlanta	$	143,904	$	143,612	$	146,704
Charlotte	73,721		49,347		35,733
Nashville	174,341		149,674		138,089
Orlando	54,802		51,281		49,459
Raleigh	182,990		162,115		128,189
Richmond	43,084		45,941		48,079
Tampa	94,726		97,954		99,520
Total Office Segment	767,568		699,924		645,773
Other	61,361		68,083		91,127
Total Rental and Other Revenues	$	828,929	$	768,007	$	736,900

Net Operating Income:
Atlanta	$	92,297	$	94,122	$	95,448
Charlotte	55,689		38,464		28,431
Nashville	129,217		110,039		99,901
Orlando	32,331		31,301		29,546
Raleigh	134,904		121,005		95,926
Richmond	28,879		31,726		33,667
Tampa	59,691		64,396		67,059
Total Office Segment	533,008		491,053		449,978
Other	36,115		40,518		55,097
Total Net Operating Income	569,123		531,571		505,075
Reconciliation to net income:
Depreciation and amortization	(287,610)		(259,255)		(241,585)
Impairments of real estate assets	(36,515)		—		(1,778)
General and administrative expenses	(42,266)		(40,553)		(41,031)
Interest expense	(105,385)		(85,853)		(80,962)
Other income/(loss)	1,530		1,394		(1,707)
Gains on disposition of property	63,546		174,059		215,897
Equity in earnings of unconsolidated affiliates	1,535		1,947		4,005
Net income	$	163,958	$	323,310	$	357,914

	December 31,
	2022		2021
Total Assets:
Atlanta	$	928,406	$	947,877
Charlotte	984,075		771,121
Nashville	1,290,819		1,294,178
Orlando	287,950		285,781
Raleigh	1,288,878		1,269,200
Richmond	196,435		202,488
Tampa	493,966		514,303
Total Office Segment	5,470,529		5,284,948
Other	592,847		410,190
Total Assets	$	6,063,376	$	5,695,138