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Segments
 3 Months Ended
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,
20252024
(in thousands)
REVENUES:
Rental income$266,244 $274,890 
Other property income4,600 3,691 
Total revenues270,844 278,581 
EXPENSES:
Property expenses 58,714 57,320 
Real estate taxes 28,365 29,239 
Ground leases3,020 2,752 
General and administrative expenses16,901 17,292 
Leasing costs 2,873 2,279 
Depreciation and amortization87,119 88,031 
Total expenses196,992 196,913 
OTHER INCOME (EXPENSES):
Interest income1,134 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