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Segments
 6 Months Ended
Jun. 30, 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 and six months June 30, 2025 and 2024:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands)
REVENUES:
Rental income$285,071 $275,919 $551,315 $550,809 
Other property income4,821 4,812 9,421 8,503 
Total revenues289,892 280,731 560,736 559,312 
EXPENSES:
Property expenses 58,575 59,279 117,289 116,599 
Real estate taxes 26,765 29,009 55,130 58,248 
Ground leases3,019 2,996 6,039 5,748 
General and administrative expenses18,475 18,824 35,376 36,116 
Leasing costs 2,277 2,119 5,150 4,398 
Depreciation and amortization87,625 87,151 174,744 175,182 
Total expenses196,736 199,378 393,728 396,291 
OTHER INCOME (EXPENSES):
Interest income512 10,084 1,646 23,274 
Interest expense(30,844)(36,763)(61,992)(75,634)
Other income (expense)190 (127)33 (414)
Gain on sale of depreciable operating property16,554 — 16,554 — 
Total other expenses (13,588)(26,806)(43,759)(52,774)
NET INCOME$79,568 $54,547 $123,249 $110,247