Segment Information

3 Months Ended

Mar. 31, 2025

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, which is why our primary geographic locations are included as reportable segments below. The operating results by geographic grouping are regularly reviewed by our chief operating decision maker for assessing performance and other purposes. Our chief executive officer is our chief operating decision maker. 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, rental property and other expenses and net operating income for each of our reportable segments. 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 chief operating decision maker uses net operating income to help assess segment performance and decide how to allocate resources accordingly.

	Three Months Ended March 31,
	2025		2024
Rental and other revenues:
Atlanta	$	35,594	$	36,443
Charlotte	22,056		21,717
Nashville	39,544		45,038
Orlando	14,296		14,776
Raleigh	44,494		45,178
Richmond	9,178		9,001
Tampa	22,712		24,579
Rental and other revenues for reportable segments	187,874		196,732
Other	12,509		14,543
Total rental and other revenues	200,383		211,275

Rental property and other expenses:
Atlanta	14,368	13,823
Charlotte	5,841	5,789
Nashville	11,357	13,732
Orlando	5,542	5,608
Raleigh	11,733	13,092
Richmond	3,003	2,684
Tampa	8,609	9,091
Rental property and other expenses for reportable segments	60,453	63,819
Other	4,581	6,616
Total rental property and other expenses	65,034	70,435

Net operating income:
Atlanta	21,226		22,620
Charlotte	16,215		15,928
Nashville	28,187		31,306
Orlando	8,754		9,168
Raleigh	32,761		32,086
Richmond	6,175		6,317
Tampa	14,103		15,488
Net operating income for reportable segments	127,421		132,913
Other	7,928		7,927
Total net operating income	$	135,349	$	140,840

	Three Months Ended March 31,
	2025		2024
Reconciliation to net income:
Depreciation and amortization	$	(71,405)	$	(73,671)
General and administrative expenses	(12,457)		(12,499)
Interest expense	(36,642)		(36,552)
Other income	1,625		1,232
Gains on disposition of property	82,215		7,209
Equity in earnings of unconsolidated affiliates	1,315		654
Net income	$	100,000	$	27,213