Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

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.

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Rental and Other Revenues:
Atlanta	$	36,614	$	35,455	$	73,057	$	72,325
Charlotte	22,264		20,793		43,981		42,373
Nashville	40,517		42,636		85,555		87,200
Orlando	14,804		14,550		29,580		28,944
Raleigh	42,628		45,701		87,806		91,579
Richmond	9,061		9,048		18,062		18,357
Tampa	24,436		24,953		49,015		50,344
Total Office Segment	190,324		193,136		387,056		391,122
Other	14,414		14,155		28,957		28,921
Total Rental and Other Revenues	$	204,738	$	207,291	$	416,013	$	420,043

Net Operating Income:
Atlanta	$	23,062	$	22,268	$	45,682	$	46,493
Charlotte	16,110		15,221		32,038		31,331
Nashville	30,485		31,116		61,791		64,141
Orlando	8,822		8,852		17,990		17,624
Raleigh	31,759		33,670		63,845		67,276
Richmond	6,342		6,353		12,659		12,923
Tampa	15,334		15,636		30,822		32,040
Total Office Segment	131,914		133,116		264,827		271,828
Other	8,265		7,868		16,192		16,177
Total Net Operating Income	140,179		140,984		281,019		288,005
Reconciliation to net income:
Depreciation and amortization	(73,745)		(75,018)		(147,416)		(145,651)
General and administrative expenses	(9,357)		(9,380)		(21,856)		(21,795)
Interest expense	(35,904)		(34,063)		(72,456)		(67,161)
Other income	7,455		1,181		8,687		2,328
Gains on disposition of property	35,022		19,368		42,231		19,818
Gain on deconsolidation of affiliate	—		—		—		11,778
Equity in earnings of unconsolidated affiliates	1,120		798		1,774		1,502
Net income	$	64,770	$	43,870	$	91,983	$	88,824