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Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

Information on the Company's segments along with a reconciliation of NOI to net income for the three and nine months ended September 30, 2025 and 2024 are as follows ($ in thousands):

Three Months Ended September 30, 2025						Rental Property Revenues						Rental Property Operating Expenses						NOI
Austin						$	88,296					$	28,053					$	60,243
Atlanta						82,570						30,043						52,527
Charlotte						21,480						5,890						15,590
Tampa						20,272						7,266						13,006
Phoenix						16,521						4,355						12,166
Dallas						9,278						2,195						7,083
Other						9,890						3,539						6,351
Segment Totals						$	248,307					$	81,341					$	166,966
Other Non - Office Properties						3,748						1,532						2,216
Portfolio Totals						$	252,055					$	82,873					$	169,182
Less: Company's share from unconsolidated joint ventures						$	(6,106)					$	(2,850)
Termination Fees						512						—
Consolidated Totals						$	246,461					$	80,023

Three Months Ended September 30, 2024						Rental Property Revenues						Rental Property Operating Expenses						NOI
Atlanta						$	77,480					$	27,612					$	49,868
Austin						69,064						20,803						48,261
Tampa						18,553						5,896						12,657
Phoenix						15,151						4,284						10,867
Charlotte						13,853						4,169						9,684
Dallas						4,422						859						3,563
Other						8,763						2,767						5,996
Segment Totals						$	207,286					$	66,390					$	140,896
Other Non - Office Properties						$	2,493					$	1,313					$	1,180
Portfolio Totals						$	209,779					$	67,703					$	142,076
Less: Company's share from unconsolidated joint ventures						$	(3,414)					$	(1,698)
Termination Fees						895						—
Consolidated Totals						$	207,260					$	66,005

Nine Months Ended September 30, 2025						Rental Property Revenues						Rental Property Operating Expenses						NOI
Austin						$	262,262					$	81,469					$	180,793
Atlanta						243,308						86,660						156,648
Charlotte						66,589						17,235						49,354
Tampa						60,868						21,477						39,391
Phoenix						48,758						12,590						36,168
Dallas						18,443						4,102						14,341
Other						29,756						10,717						19,039
Segment Totals						$	729,984					$	234,250					$	495,734
Other Non - Office Properties						10,146						4,769						5,377
Portfolio Totals						$	740,130					$	239,019					$	501,111
Less: Company's share from unconsolidated joint ventures						$	(16,305)					$	(7,661)
Termination Fees						3,378						—
Consolidated Totals						$	727,203					$	231,358

Nine Months Ended September 30, 2024						Rental Property Revenues						Rental Property Operating Expenses						NOI
Atlanta						$	229,822					$	81,081					$	148,741
Austin						213,671						71,606						142,065
Tampa						57,444						20,505						36,939
Phoenix						44,584						11,731						32,853
Charlotte						42,055						12,222						29,833
Dallas						13,192						2,760						10,432
Other						25,457						8,281						17,176
Segment Totals						$	626,225					$	208,186					$	418,039
Other Non - Office Properties						$	6,885					$	2,908					$	3,977
Portfolio Totals						$	633,110					$	211,094					$	422,016
Less: Company's share from unconsolidated joint ventures						$	(8,009)					$	(3,380)
Termination Fees						2,451						—
Consolidated Totals						$	627,552					$	207,714

Reconciliation of NOI to Net Income Available to Common Stockholders

The following reconciles Net Operating Income from net income for each of the periods presented ($ in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Net Income			$	8,778					$	11,356					$	44,529					$	32,768
Fee income			(526)						(495)						(1,516)						(1,280)
Termination fee income			(512)						(895)						(3,378)						(2,451)
Other income			(1,339)						(1,457)						(10,063)						(2,599)
General and administrative expenses			9,510						9,204						29,957						27,325
Interest expense			41,497						30,773						116,785						89,424
Depreciation and amortization			105,272						89,784						308,276						271,429
Reimbursed expenses			124						188						420						479
Other expenses			440						327						1,305						1,602
Loss from unconsolidated joint ventures			2,682						1,575						6,152						788
Net operating income from unconsolidated joint ventures			3,256						1,716						8,644						4,629
Gain on investment property transactions			—						—						—						(98)
Net Operating Income			$	169,182					$	142,076					$	501,111					$	422,016

X

- 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
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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No definition available.

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