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Segment Information
6 Months Ended
Jun. 30, 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
June 30,
Six Months Ended
June 30,
2025202420252024
Rental and other revenues:
Atlanta$36,299 $36,614 $71,893 $73,057 
Charlotte21,910 22,264 43,966 43,981 
Nashville39,653 40,517 79,197 85,555 
Orlando14,544 14,804 28,840 29,580 
Raleigh44,815 42,628 89,309 87,806 
Richmond9,318 9,061 18,496 18,062 
Tampa21,174 24,436 43,886 49,015 
Rental and other revenues for reportable segments187,713 190,324 375,587 387,056 
Other12,887 14,414 25,396 28,957 
Total rental and other revenues200,600 204,738 400,983 416,013 
Rental property and other expenses:
Atlanta13,467 13,552 27,835 27,375 
Charlotte6,003 6,154 11,844 11,943 
Nashville11,017 10,032 22,374 23,764 
Orlando5,495 5,982 11,037 11,590 
Raleigh11,628 10,869 23,361 23,961 
Richmond2,605 2,719 5,608 5,403 
Tampa7,846 9,102 16,455 18,193 
Rental property and other expenses for reportable segments58,061 58,410 118,514 122,229 
Other5,594 6,149 10,175 12,765 
Total rental property and other expenses63,655 64,559 128,689 134,994 
Net operating income:
Atlanta22,832 23,062 44,058 45,682 
Charlotte15,907 16,110 32,122 32,038 
Nashville28,636 30,485 56,823 61,791 
Orlando9,049 8,822 17,803 17,990 
Raleigh33,187 31,759 65,948 63,845 
Richmond6,713 6,342 12,888 12,659 
Tampa13,328 15,334 27,431 30,822 
Net operating income for reportable segments129,652 131,914 257,073 264,827 
Other7,293 8,265 15,221 16,192 
Total net operating income$136,945 $140,179 $272,294 $281,019 
Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
Reconciliation to net income:
Depreciation and amortization$(74,679)$(73,745)$(146,084)$(147,416)
General and administrative expenses(10,319)(9,357)(22,776)(21,856)
Interest expense(37,665)(35,904)(74,307)(72,456)
Other income4,629 7,455 6,254 8,687 
Gains on disposition of property— 35,022 82,215 42,231 
Equity in earnings of unconsolidated affiliates310 1,120 1,625 1,774 
Net income$19,221 $64,770 $119,221 $91,983