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Segments
 9 Months Ended
Sep. 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 Chief Executive Officer (“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 nine months ended September 30, 2025 and 2024:

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)
REVENUES:
Rental income$274,909 $285,951 $826,224 $836,760 
Other property income4,835 3,987 14,256 12,490 
Total revenues279,744 289,938 840,480 849,250 
EXPENSES:
Property expenses 61,764 63,593 179,053 180,192 
Real estate taxes 25,878 26,677 81,008 84,925 
Ground leases3,018 2,977 9,057 8,725 
General and administrative expenses18,247 17,981 53,623 54,097 
Leasing costs 2,610 2,353 7,760 6,751 
Depreciation and amortization87,487 91,879 262,231 267,061 
Total expenses199,004 205,460 592,732 601,751 
OTHER INCOME (EXPENSES):
Interest income3,119 9,688 4,765 32,962 
Interest expense(32,152)(36,408)(94,144)(112,042)
Other income (expense)91 (85)124 (499)
Gains on sales of depreciable operating properties110,484 — 127,038 — 
Total other expenses 81,542 (26,805)37,783 (79,579)
NET INCOME$162,282 $57,673 $285,531 $167,920