Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Reconciliation of Revenue from Segments to Consolidated

The following tables summarize rental and other revenues and net operating income for our office properties. Net operating income is the primary industry property-level performance metric used by our chief operating decision maker and is defined as rental and other revenues less rental property and other expenses. Our segment information for the three and six months ended June 30, 2022 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.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Rental and Other Revenues:

Atlanta	$	35,455	$	35,447	$	72,325	$	71,001
Charlotte	20,793		16,874		42,373		33,818
Nashville	42,636		42,606		87,200		86,053
Orlando	14,550		13,352		28,944		26,664

Raleigh	45,701		45,535		91,579		91,831
Richmond	9,048		10,432		18,357		20,965
Tampa	24,953		23,556		50,344		47,579
Total Office Segment	193,136		187,802		391,122		377,911
Other	14,155		16,039		28,921		32,308
Total Rental and Other Revenues	$	207,291	$	203,841	$	420,043	$	410,219

Reconciliation of Operating Profit (Loss) from Segments to Consolidated


Net Operating Income:

Atlanta	$	22,268	$	23,267	$	46,493	$	46,948
Charlotte	15,221		12,807		31,331		25,857
Nashville	31,116		31,417		64,141		63,939
Orlando	8,852		8,262		17,624		16,399

Raleigh	33,670		34,020		67,276		68,735
Richmond	6,353		7,363		12,923		14,588
Tampa	15,636		14,615		32,040		30,561
Total Office Segment	133,116		131,751		271,828		267,027
Other	7,868		9,721		16,177		19,401
Total Net Operating Income	140,984		141,472		288,005		286,428
Reconciliation to net income:
Depreciation and amortization	(75,018)		(69,742)		(145,651)		(139,409)
Impairments of real estate assets	—		(35,000)		—		(35,000)
General and administrative expenses	(9,380)		(9,591)		(21,795)		(23,147)
Interest expense	(34,063)		(25,027)		(67,161)		(49,420)
Other income	1,181		120		2,328		483
Gains on disposition of property	19,368		50,044		19,818		54,144
Gain on deconsolidation of affiliate	—		—		11,778		—
Equity in earnings of unconsolidated affiliates	798		326		1,502		626
Net income	$	43,870	$	52,602	$	88,824	$	94,705