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Reportable Segments | 3 Months Ended
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Mar. 31, 2021
Segment Reporting [Abstract] |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS The Company's segments are based on the method of internal reporting, which classifies operations by property type and geographical area. The segments by property type are Office and Mixed-Use. The segments by geographical region are Atlanta, Austin, Charlotte, Dallas, Phoenix, Tampa, and Other. Included in Other are properties located in Chapel Hill, Fort Worth, Houston, and a property in Cherry Hill, New Jersey, which was sold in February 2020. These reportable segments represent an aggregation of operating segments reported to the Chief Operating Decision Maker (our Chief Executive Officer) based on similar economic characteristics that include the type of property and the geographical location. Each segment includes both consolidated operations and the Company's share of joint venture operations. Company management evaluates the performance of its reportable segments in part based on net operating income (“NOI”). NOI represents rental property revenues, less termination fees, less rental property operating expenses. NOI is not a measure of cash flows or operating results as measured by GAAP, is not indicative of cash available to fund cash needs, and should not be considered an alternative to cash flows as a measure of liquidity. All companies may not calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income as it helps both management and investors understand the core operations of the Company's operating assets. NOI excludes fee income, other revenue, corporate general and administrative expenses, reimbursed expenses, interest expense, depreciation and amortization, impairments, gains/loss on sales of real estate, gain/loss on extinguishment of debt, transaction costs and other non-operating items. Segment net income, amount of capital expenditures, and total assets are not presented in the following tables because management does not utilize these measures when analyzing its segments or when making resource allocation decisions. Information on the Company's segments along with a reconciliation of NOI to net income for years ended three months ended March 31, 2021 and 2020 are as follows (in thousands):
Three Months Ended March 31, 2021 |  | Office |  | Mixed-Use |  |  |  | Total
Revenues: |  |  |  |  |  |  |  |
Atlanta |  | $ | 64,792 |  |  | $ | 359 |  |  |  |  | $ | 65,151 |
Austin |  | 58,033 |  |  | — |  |  |  |  | 58,033 |
Charlotte |  | 21,727 |  |  | — |  |  |  |  | 21,727 |
Dallas |  | 4,484 |  |  | — |  |  |  |  | 4,484 |
Phoenix |  | 12,738 |  |  | — |  |  |  |  | 12,738 |
Tampa |  | 14,571 |  |  | — |  |  |  |  | 14,571 |
Other |  | 14,095 |  |  | 1,245 |  |  |  |  | 15,340 |
Total segment revenues |  | 190,440 |  |  | 1,604 |  |  |  |  | 192,044 |
Less: Company's share of rental property revenues from unconsolidated joint ventures |  | (5,633) |  |  | (1,604) |  |  |  |  | (7,237) |
Total rental property revenues |  | $ | 184,807 |  |  | $ | — |  |  |  |  | $ | 184,807 |
Three Months Ended March 31, 2020 |  | Office |  | Mixed-Use |  |  |  | Total
Revenues: |  |  |  |  |  |  |  |
Atlanta |  | $ | 65,877 |  |  | $ | 35 |  |  |  |  | $ | 65,912 |
Austin |  | 48,747 |  |  | — |  |  |  |  | 48,747 |
Charlotte |  | 34,537 |  |  | — |  |  |  |  | 34,537 |
Dallas |  | 4,471 |  |  | — |  |  |  |  | 4,471 |
Phoenix |  | 13,159 |  |  | — |  |  |  |  | 13,159 |
Tampa |  | 14,112 |  |  | — |  |  |  |  | 14,112 |
Other |  | 16,494 |  |  | 1,262 |  |  |  |  | 17,756 |
Total segment revenues |  | 197,397 |  |  | 1,297 |  |  |  |  | 198,694 |
Less: Company's share of rental property revenues from unconsolidated joint ventures |  | (8,268) |  |  | (1,297) |  |  |  |  | (9,565) |
Total rental property revenues |  | $ | 189,129 |  |  | $ | — |  |  |  |  | $ | 189,129 |
NOI by reportable segment for the three months ended March 31, 2021 and 2020 are as follows (in thousands):
Three Months Ended March 31, 2021 |  | Office |  | Mixed-Use |  |  |  | Total
Net Operating Income: |  |  |  |  |  |  |  |
Atlanta |  | $ | 43,045 |  |  | $ | 151 |  |  |  |  | $ | 43,196 |
Austin |  | 34,278 |  |  | — |  |  |  |  | 34,278 |
Charlotte |  | 15,257 |  |  | — |  |  |  |  | 15,257 |
Dallas |  | 3,551 |  |  | — |  |  |  |  | 3,551 |
Phoenix |  | 9,025 |  |  | — |  |  |  |  | 9,025 |
Tampa |  | 9,402 |  |  | — |  |  |  |  | 9,402 |
Other |  | 7,541 |  |  | 874 |  |  |  |  | 8,415 |
Total Net Operating Income |  | $ | 122,099 |  |  | $ | 1,025 |  |  |  |  | $ | 123,124 |
Three Months Ended March 31, 2020 |  | Office |  | Mixed-Use |  |  |  | Total
Net Operating Income: |  |  |  |  |  |  |  |
Atlanta |  | $ | 44,855 |  |  | $ | (60) |  |  |  |  | $ | 44,795 |
Austin |  | 29,294 |  |  | — |  |  |  |  | 29,294 |
Charlotte |  | 22,113 |  |  | — |  |  |  |  | 22,113 |
Dallas |  | 3,639 |  |  | — |  |  |  |  | 3,639 |
Phoenix |  | 9,793 |  |  | — |  |  |  |  | 9,793 |
Tampa |  | 8,144 |  |  | — |  |  |  |  | 8,144 |
Other |  | 9,128 |  |  | 876 |  |  |  |  | 10,004 |
Total Net Operating Income |  | $ | 126,966 |  |  | $ | 816 |  |  |  |  | $ | 127,782 |
The following reconciles Net Operating Income to net income for each of the periods presented (in thousands):
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Net Operating Income | $ | 123,124 |  |  | $ | 127,782 |  |  |  |  |
Net operating income from unconsolidated joint ventures | (4,754) |  |  | (6,035) |  |  |  |  |
Fee income | 4,529 |  |  | 4,732 |  |  |  |  |
Termination fee income | 42 |  |  | 2,844 |  |  |  |  |
Other income | 214 |  |  | 37 |  |  |  |  |
Reimbursed expenses | (368) |  |  | (521) |  |  |  |  |
General and administrative expenses | (6,733) |  |  | (5,652) |  |  |  |  |
Interest expense | (17,208) |  |  | (15,904) |  |  |  |  |
Depreciation and amortization | (70,870) |  |  | (71,614) |  |  |  |  |
Transaction costs | — |  |  | (365) |  |  |  |  |
Other expenses | (590) |  |  | (566) |  |  |  |  |
Income from unconsolidated joint ventures | 1,903 |  |  | 3,425 |  |  |  |  |
Gain on sales of investments in unconsolidated joint ventures | 39 |  |  | 46,230 |  |  |  |  |
Gain (loss) on investment property transactions | (17) |  |  | 90,916 |  |  |  |  |
Net income | $ | 29,311 |  |  | $ | 175,309 |  |  |  |  |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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