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Reportable Segments (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Schedule of reconciliation of NOI to net income available to common stockholders | Information on the Company's segments along with a reconciliation of NOI to net income for years ended December 31, 2022, 2021, and 2020 are as follows ($ in thousands):
Year Ended December 31, 2022 |  | Office |  | Non-Office |  |  |  | Total
Revenues: |  |  |  |  |  |  |  |
Atlanta |  | $ | 278,418 |  |  | $ | 1,791 |  |  |  |  | $ | 280,209 |
Austin |  | 249,776 |  |  | — |  |  |  |  | 249,776 |
Charlotte |  | 55,312 |  |  | 5,034 |  |  |  |  | 60,346 |
Dallas |  | 16,736 |  |  | — |  |  |  |  | 16,736 |
Phoenix |  | 57,635 |  |  | — |  |  |  |  | 57,635 |
Tampa |  | 70,984 |  |  | — |  |  |  |  | 70,984 |
Other markets |  | 28,831 |  |  | 3,931 |  |  |  |  | 32,762 |
Total segment revenues |  | 757,692 |  |  | 10,756 |  |  |  |  | 768,448 |
Less: Company's share of rental property revenues from unconsolidated joint ventures |  | (9,215) |  |  | (5,722) |  |  |  |  | (14,937) |
Total rental property revenues |  | $ | 748,477 |  |  | $ | 5,034 |  |  |  |  | $ | 753,511 |
Year Ended December 31, 2021 |  | Office |  | Non-Office |  | Total
Revenues: |  |  |  |  |  |
Atlanta |  | $ | 268,953 |  |  | $ | 1,459 |  |  | $ | 270,412 |
Austin |  | 247,806 |  |  | — |  |  | 247,806 |
Charlotte |  | 74,702 |  |  | 2,700 |  |  | 77,402 |
Dallas |  | 17,670 |  |  | — |  |  | 17,670 |
Phoenix |  | 50,292 |  |  | — |  |  | 50,292 |
Tampa |  | 59,614 |  |  | — |  |  | 59,614 |
Other markets |  | 39,403 |  |  | 5,257 |  |  | 44,660 |
Total segment revenues |  | 758,440 |  |  | 9,416 |  |  | 767,856 |
Less: Company's share of rental property revenues from unconsolidated joint ventures |  | (22,075) |  |  | (6,718) |  |  | (28,793) |
Total rental property revenues |  | $ | 736,365 |  |  | $ | 2,698 |  |  | $ | 739,063 |
Year Ended December 31, 2020 |  | Office |  | Non-Office |  |  |  | Total
Revenues: |  |  |  |  |  |  |  |
Atlanta |  | $ | 255,594 |  |  | $ | 602 |  |  |  |  | $ | 256,196 |
Austin |  | 210,229 |  |  | — |  |  |  |  | 210,229 |
Charlotte |  | 94,520 |  |  | 2,017 |  |  |  |  | 96,537 |
Dallas |  | 18,143 |  |  | — |  |  |  |  | 18,143 |
Phoenix |  | 50,671 |  |  | — |  |  |  |  | 50,671 |
Tampa |  | 54,261 |  |  | — |  |  |  |  | 54,261 |
Other markets |  | 59,285 |  |  | 4,895 |  |  |  |  | 64,180 |
Total segment revenues |  | 742,703 |  |  | 7,514 |  |  |  |  | 750,217 |
Less: Company's share of rental property revenues from unconsolidated joint ventures |  | (22,837) |  |  | (5,497) |  |  |  |  | (28,334) |
Total rental property revenues |  | $ | 719,866 |  |  | $ | 2,017 |  |  |  |  | $ | 721,883 |
NOI by reportable segment for the years ended December 31, 2022, 2021, and 2020 are as follows ($ in thousands):
Year Ended December 31, 2022 |  | Office |  | Non-Office |  |  |  | Total
Net Operating Income: |  |  |  |  |  |  |  |
Atlanta |  | $ | 184,609 |  |  | $ | 1,040 |  |  |  |  | $ | 185,649 |
Austin |  | 152,806 |  |  | — |  |  |  |  | 152,806 |
Charlotte |  | 41,234 |  |  | 3,602 |  |  |  |  | 44,836 |
Dallas |  | 12,890 |  |  | — |  |  |  |  | 12,890 |
Phoenix |  | 41,544 |  |  | — |  |  |  |  | 41,544 |
Tampa |  | 45,187 |  |  | — |  |  |  |  | 45,187 |
Other markets |  | 16,879 |  |  | 2,409 |  |  |  |  | 19,288 |
Total Net Operating Income |  | $ | 495,149 |  |  | $ | 7,051 |  |  |  |  | $ | 502,200 |
Year Ended December 31, 2021 |  | Office |  | Non-Office |  |  |  | Total
Net Operating Income: |  |  |  |  |  |  |  |
Atlanta |  | $ | 176,793 |  |  | $ | 622 |  |  |  |  | $ | 177,415 |
Austin |  | 146,923 |  |  | — |  |  |  |  | 146,923 |
Charlotte |  | 53,294 |  |  | 1,351 |  |  |  |  | 54,645 |
Dallas |  | 14,014 |  |  | — |  |  |  |  | 14,014 |
Phoenix |  | 36,244 |  |  | — |  |  |  |  | 36,244 |
Tampa |  | 38,305 |  |  | — |  |  |  |  | 38,305 |
Other markets |  | 22,791 |  |  | 3,383 |  |  |  |  | 26,174 |
Total Net Operating Income |  | $ | 488,364 |  |  | $ | 5,356 |  |  |  |  | $ | 493,720 |
Year Ended December 31, 2020 |  | Office |  | Non-Office |  |  |  | Total
Net Operating Income: |  |  |  |  |  |  |  |
Atlanta |  | $ | 172,588 |  |  | $ | (49) |  |  |  |  | $ | 172,539 |
Austin |  | 125,215 |  |  | 1,327 |  |  |  |  | 125,215 |
Charlotte |  | 63,876 |  |  | — |  |  |  |  | 65,203 |
Dallas |  | 14,586 |  |  | — |  |  |  |  | 14,586 |
Phoenix |  | 37,358 |  |  | — |  |  |  |  | 37,358 |
Tampa |  | 33,440 |  |  | — |  |  |  |  | 33,440 |
Other markets |  | 34,346 |  |  | 3,347 |  |  |  |  | 37,693 |
Total Net Operating Income |  | $ | 481,409 |  |  | $ | 4,625 |  |  |  |  | $ | 486,034 |
The following reconciles Net Income to Net Operating Income for each of the periods presented ($ in thousands):
| Year Ended December 31, |  |
| 2022 |  | 2021 |  | 2020 |  |  |  |
Net income | $ | 167,445 |  |  | $ | 278,996 |  |  | $ | 238,114 |  |  |  |  |
Net operating income from unconsolidated joint ventures | 9,524 |  |  | 19,223 |  |  | 18,836 |  |  |  |  |
Fee income | (6,119) |  |  | (15,559) |  |  | (18,226) |  |  |  |  |
Termination fee income | (2,464) |  |  | (5,105) |  |  | (3,835) |  |  |  |  |
Other income | (2,660) |  |  | (451) |  |  | (231) |  |  |  |  |
Reimbursed expenses | 2,024 |  |  | 2,476 |  |  | 1,580 |  |  |  |  |
General and administrative expenses | 28,319 |  |  | 29,321 |  |  | 27,034 |  |  |  |  |
Interest expense | 72,537 |  |  | 67,027 |  |  | 60,605 |  |  |  |  |
Impairment | — |  |  | — |  |  | 14,829 |  |  |  |  |
Depreciation and amortization | 295,587 |  |  | 288,092 |  |  | 288,648 |  |  |  |  |
Transaction costs | — |  |  | — |  |  | 428 |  |  |  |  |
Other expenses | 2,134 |  |  | 2,131 |  |  | 2,091 |  |  |  |  |
Income from unconsolidated joint ventures | (7,700) |  |  | (6,801) |  |  | (7,947) |  |  |  |  |
Gain on sale of investment in unconsolidated joint ventures | (56,267) |  |  | (13,083) |  |  | (45,767) |  |  |  |  |
Gain on sale of investment properties | 9 |  |  | (152,547) |  |  | (90,125) |  |  |  |  |
Gain on extinguishment of debt | (169) |  |  | — |  |  | — |  |  |  |  |
Net Operating Income | $ | 502,200 |  |  | $ | 493,720 |  |  | $ | 486,034 |  |  |  |  |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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