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Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segments Segments
Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”). The CODM decides how resources are allocated and assesses performance on a recurring basis, at least quarterly. Our CODM is our CEO, who evaluates the operating performance and financial results of our consolidated portfolio based on net income through the monthly operations meetings.

We conduct our business in one operating segment, and therefore have one reportable segment. Asset information by segment is not reported because the Company does not use this measure to assess performance.

Our reportable segment derives its revenues primarily from rental revenue and other related income through the leasing of office space to tenants. We recognize revenue from base rent (fixed lease payments), additional rent (variable lease payments, which consist of amounts due from tenants for common area maintenance, real estate taxes, and other recoverable costs), parking, and other lease-related revenue.

The following table presents Net Income for the years ended December 31, 2024, 2023, and 2022:

Year Ended December 31,
202420232022
REVENUES:
Rental income$1,118,115 $1,117,737 $1,086,018 
Other property income17,514 11,957 10,969 
Total revenues1,135,629 1,129,694 1,096,987 
EXPENSES:
Property expenses 243,441 228,964 202,744 
Real estate taxes 108,951 105,868 105,869 
Ground leases11,715 9,732 7,565 
General and administrative expenses72,066 93,434 93,642 
Leasing costs 8,764 6,506 4,879 
Depreciation and amortization356,182 355,278 357,611 
Total expenses801,119 799,782 772,310 
OTHER INCOME (EXPENSES) :
Interest and other income, net37,752 22,592 1,765 
Interest expense(145,287)(114,216)(84,278)
Gains on sales of depreciable operating properties— — 17,329 
Gain on sales of long-lived assets5,979 — — 
Total other (expenses) income (101,556)(91,624)(65,184)
NET INCOME$232,954 $238,288 $259,493