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v3.25.1

Segments | 3 Months Ended
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Mar. 31, 2025
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 three months ended March 31, 2025 and 2024:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (in thousands) |  |  |  |
REVENUES: |  |  |  |  |  |  |
Rental income | $ | 266,244 |  |  | $ | 274,890 |  |  |  |  |
Other property income | 4,600 |  |  | 3,691 |  |  |  |  |
Total revenues | 270,844 |  |  | 278,581 |  |  |  |  |
EXPENSES: |  |  |  |  |  |  |
Property expenses | 58,714 |  |  | 57,320 |  |  |  |  |
Real estate taxes | 28,365 |  |  | 29,239 |  |  |  |  |
Ground leases | 3,020 |  |  | 2,752 |  |  |  |  |
General and administrative expenses | 16,901 |  |  | 17,292 |  |  |  |  |
Leasing costs | 2,873 |  |  | 2,279 |  |  |  |  |
Depreciation and amortization | 87,119 |  |  | 88,031 |  |  |  |  |
Total expenses | 196,992 |  |  | 196,913 |  |  |  |  |
OTHER INCOME (EXPENSES): |  |  |  |  |  |  |
Interest income | 1,134 |  |  | 13,190 |  |  |  |  |
Interest expense | (31,148) |  |  | (38,871) |  |  |  |  |
Other income (expenses) | (157) |  |  | (287) |  |  |  |  |
Total other (expenses) income | (30,171) |  |  | (25,968) |  |  |  |  |
NET INCOME | $ | 43,681 |  |  | $ | 55,700 |  |  |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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