Segment Information

12 Months Ended

Dec. 31, 2023

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 rental and other revenues, net operating income and total assets 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.

	Year Ended December 31,
	2023		2022		2021
Rental and Other Revenues:
Atlanta	$	143,741	$	143,904	$	143,612
Charlotte	85,984		73,721		49,347
Nashville	171,797		174,341		149,674
Orlando	58,002		54,802		51,281
Raleigh	181,964		182,990		162,115
Richmond	35,918		43,084		45,941
Tampa	99,421		94,726		97,954
Total Office Segment	776,827		767,568		699,924
Other	57,170		61,361		68,083
Total Rental and Other Revenues	$	833,997	$	828,929	$	768,007

Net Operating Income:
Atlanta	$	89,700	$	92,297	$	94,122
Charlotte	63,921		55,689		38,464
Nashville	125,417		129,217		110,039
Orlando	35,162		32,331		31,301
Raleigh	132,262		134,904		121,005
Richmond	24,756		28,879		31,726
Tampa	62,382		59,691		64,396
Total Office Segment	533,600		533,008		491,053
Other	31,615		36,115		40,518
Total Net Operating Income	565,215		569,123		531,571
Reconciliation to net income:
Depreciation and amortization	(299,411)		(287,610)		(259,255)
Impairments of real estate assets	—		(36,515)		—
General and administrative expenses	(42,857)		(42,266)		(40,553)
Interest expense	(136,710)		(105,385)		(85,853)
Other income	4,435		1,530		1,394
Gains on disposition of property	47,773		63,546		174,059
Gain on deconsolidation of affiliate	11,778		—		—
Equity in earnings of unconsolidated affiliates	1,107		1,535		1,947
Net income	$	151,330	$	163,958	$	323,310

	December 31,
	2023		2022
Total Assets:
Atlanta	$	907,421	$	928,406
Charlotte	974,846		984,075
Nashville	1,259,272		1,290,819
Orlando	286,781		287,950
Raleigh	1,255,978		1,288,878
Richmond	157,299		196,435
Tampa	473,800		493,966
Total Office Segment	5,315,397		5,470,529
Other	687,531		592,847
Total Assets	$	6,002,928	$	6,063,376