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v3.25.1

Segment Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information Our principal business is the operation, acquisition and development of rental office properties. We evaluate our business by geographic location, which is why our primary geographic locations are included as reportable segments below. The operating results by geographic grouping are regularly reviewed by our chief operating decision maker for assessing performance and other purposes. Our chief executive officer is our chief operating decision maker. There are no material inter-segment transactions. Our accounting policies of the segments are the same as those used in our Consolidated Financial Statements. All operations are within the United States. The following tables summarize rental and other revenues, rental property and other expenses and net operating income for each of our reportable segments. 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. Our chief operating decision maker uses net operating income to help assess segment performance and decide how to allocate resources accordingly.
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Rental and other revenues: |  |  |  |  |  |  |
Atlanta |  |  |  |  | $ | 35,594 |  |  | $ | 36,443 |
Charlotte |  |  |  |  | 22,056 |  |  | 21,717 |
Nashville |  |  |  |  | 39,544 |  |  | 45,038 |
Orlando |  |  |  |  | 14,296 |  |  | 14,776 |
Raleigh |  |  |  |  | 44,494 |  |  | 45,178 |
Richmond |  |  |  |  | 9,178 |  |  | 9,001 |
Tampa |  |  |  |  | 22,712 |  |  | 24,579 |
Rental and other revenues for reportable segments |  |  |  |  | 187,874 |  |  | 196,732 |
Other |  |  |  |  | 12,509 |  |  | 14,543 |
Total rental and other revenues |  |  |  |  | 200,383 |  |  | 211,275 |
Rental property and other expenses: |  |  |  |  |  |  |
Atlanta |  |  |  |  | 14,368 |  |  | 13,823 |
Charlotte |  |  |  |  | 5,841 |  |  | 5,789 |
Nashville |  |  |  |  | 11,357 |  |  | 13,732 |
Orlando |  |  |  |  | 5,542 |  |  | 5,608 |
Raleigh |  |  |  |  | 11,733 |  |  | 13,092 |
Richmond |  |  |  |  | 3,003 |  |  | 2,684 |
Tampa |  |  |  |  | 8,609 |  |  | 9,091 |
Rental property and other expenses for reportable segments |  |  |  |  | 60,453 |  |  | 63,819 |
Other |  |  |  |  | 4,581 |  |  | 6,616 |
Total rental property and other expenses |  |  |  |  | 65,034 |  |  | 70,435 |
Net operating income: |  |  |  |  |  |  |
Atlanta |  |  |  |  | 21,226 |  |  | 22,620 |
Charlotte |  |  |  |  | 16,215 |  |  | 15,928 |
Nashville |  |  |  |  | 28,187 |  |  | 31,306 |
Orlando |  |  |  |  | 8,754 |  |  | 9,168 |
Raleigh |  |  |  |  | 32,761 |  |  | 32,086 |
Richmond |  |  |  |  | 6,175 |  |  | 6,317 |
Tampa |  |  |  |  | 14,103 |  |  | 15,488 |
Net operating income for reportable segments |  |  |  |  | 127,421 |  |  | 132,913 |
Other |  |  |  |  | 7,928 |  |  | 7,927 |
Total net operating income |  |  |  |  | $ | 135,349 |  |  | $ | 140,840 |
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Reconciliation to net income: |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  | $ | (71,405) |  |  | $ | (73,671) |
General and administrative expenses |  |  |  |  | (12,457) |  |  | (12,499) |
Interest expense |  |  |  |  | (36,642) |  |  | (36,552) |
Other income |  |  |  |  | 1,625 |  |  | 1,232 |
Gains on disposition of property |  |  |  |  | 82,215 |  |  | 7,209 |
Equity in earnings of unconsolidated affiliates |  |  |  |  | 1,315 |  |  | 654 |
Net income |  |  |  |  | $ | 100,000 |  |  | $ | 27,213 |

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- Definition The entire disclosure for reporting segments including data and tables. 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