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v3.23.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Reconciliation of Revenue from Segments to Consolidated | The following tables summarize rental and other revenues and net operating income for our office properties. Net operating income is the primary industry property-level performance metric used by our chief operating decision maker and is defined as rental and other revenues less rental property and other expenses.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Rental and Other Revenues: |  |  |  |  |  |  |
Atlanta | $ | 35,666 |  |  | $ | 35,804 |  |  | $ | 107,991 |  |  | $ | 106,805 |
Charlotte | 21,079 |  |  | 18,825 |  |  | 63,452 |  |  | 52,643 |
Nashville | 42,884 |  |  | 44,587 |  |  | 130,084 |  |  | 130,640 |
Orlando | 14,356 |  |  | 13,634 |  |  | 43,300 |  |  | 40,298 |
Raleigh | 45,354 |  |  | 45,220 |  |  | 136,933 |  |  | 137,051 |
Richmond | 8,746 |  |  | 10,872 |  |  | 27,103 |  |  | 31,837 |
Tampa | 25,000 |  |  | 23,590 |  |  | 75,344 |  |  | 71,169 |
Total Office Segment | 193,085 |  |  | 192,532 |  |  | 584,207 |  |  | 570,443 |
Other | 14,010 |  |  | 14,465 |  |  | 42,931 |  |  | 46,773 |
Total Rental and Other Revenues | $ | 207,095 |  |  | $ | 206,997 |  |  | $ | 627,138 |  |  | $ | 617,216 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
Net Operating Income: |  |  |  |  |  |  |
Atlanta | $ | 21,796 |  |  | $ | 22,524 |  |  | $ | 68,289 |  |  | $ | 69,472 |
Charlotte | 16,388 |  |  | 14,275 |  |  | 47,719 |  |  | 40,132 |
Nashville | 31,389 |  |  | 33,154 |  |  | 95,530 |  |  | 97,093 |
Orlando | 8,734 |  |  | 7,865 |  |  | 26,358 |  |  | 24,264 |
Raleigh | 32,523 |  |  | 32,822 |  |  | 99,799 |  |  | 101,557 |
Richmond | 5,733 |  |  | 7,112 |  |  | 18,656 |  |  | 21,700 |
Tampa | 15,574 |  |  | 14,351 |  |  | 47,614 |  |  | 44,912 |
Total Office Segment | 132,137 |  |  | 132,103 |  |  | 403,965 |  |  | 399,130 |
Other | 7,765 |  |  | 8,560 |  |  | 23,942 |  |  | 27,961 |
Total Net Operating Income | 139,902 |  |  | 140,663 |  |  | 427,907 |  |  | 427,091 |
Reconciliation to net income: |  |  |  |  |  |  |
Depreciation and amortization | (74,765) |  |  | (73,057) |  |  | (220,416) |  |  | (212,466) |
Impairments of real estate assets | — |  |  | (1,515) |  |  | — |  |  | (36,515) |
General and administrative expenses | (8,873) |  |  | (9,586) |  |  | (30,668) |  |  | (32,733) |
Interest expense | (34,247) |  |  | (26,392) |  |  | (101,408) |  |  | (75,812) |
Other income | 754 |  |  | 138 |  |  | 3,082 |  |  | 621 |
Gains on disposition of property | — |  |  | 9,402 |  |  | 19,818 |  |  | 63,546 |
Gain on deconsolidation of affiliate | — |  |  | — |  |  | 11,778 |  |  | — |
Equity in earnings of unconsolidated affiliates | 400 |  |  | 457 |  |  | 1,902 |  |  | 1,083 |
Net income | $ | 23,171 |  |  | $ | 40,110 |  |  | $ | 111,995 |  |  | $ | 134,815 |

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