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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
Real Estate Investments, Net Operating Income and Unconsolidated Real Estate Ventures of Reportable Segments | The following tables provide selected asset information and results of operations of the Company’s reportable segments as of and for the three years ended December 31, 2019, 2018 and 2017 (in thousands):
Real estate investments, at cost: |  |  |  |  |  |
|  | December 31, 2019 |  | December 31, 2018 |  | December 31, 2017
Philadelphia CBD |  | $ | 1,726,299 |  |  | $ | 1,670,388 |  |  | $ | 1,643,296 |
Pennsylvania Suburbs |  | 1,003,890 |  |  | 1,002,937 |  |  | 957,272 |
Austin, Texas (a) |  | 721,255 |  |  | 667,698 |  |  | 163,653 |
Metropolitan Washington, D.C. (b) |  | 468,035 |  |  | 524,190 |  |  | 978,257 |
Other |  | 86,980 |  |  | 86,506 |  |  | 88,346 |
Operating Properties |  | $ | 4,006,459 |  |  | $ | 3,951,719 |  |  | $ | 3,830,824 |
Corporate |  |  |  |  |  |
Right of use asset - operating leases, net (c) |  | $ | 21,656 |  |  | $ | — |  |  | $ | — |
Construction-in-progress |  | $ | 180,718 |  |  | $ | 150,263 |  |  | $ | 121,188 |
Land held for development (d) |  | $ | 96,124 |  |  | $ | 86,401 |  |  | $ | 98,242 |
Prepaid leasehold interests in land held for development, net (e) |  | $ | 39,592 |  |  | $ | 39,999 |  |  | $ | — |
(a) | Refer to Note 3, ''Real Estate Investments,” for details related to the Company's acquisition of DRA Advisors' ownership interest in the Austin Venture in December 2018.
(b) | Refer to Note 4, ''Investment in Unconsolidated Real Estate Ventures.” for details of the Company's transaction with the Herndon Innovation Center Metro Portfolio Venture, LLC in December 2018.
(c) | Refer to Note 2, ''Summary of Significant Accounting Policies,” for further information on the impact of adoption of Topic 842.
(d) | Does not include 35.2 acres, 37.9 acres, and 13.1 acres of land classified as held for sale as of December 31, 2019, 2018, and 2017, respectively. Refer to Note 3, ''Real Estate Investments,” for further information.
(e) | Includes leasehold interests in prepaid 99-year ground leases at 3025 and 3001-3003 JFK Boulevard, in Philadelphia, Pennsylvania as of December 31, 2019 and December 31, 2018. Refer to Note 3, ''Real Estate Investments,” for further information.
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
|  | Total revenue |  | Operating expenses (a) |  | Net operating income (loss) |  | Total revenue |  | Operating expenses (a) |  | Net operating income (loss) |  | Total revenue |  | Operating expenses (a) |  | Net operating income
Philadelphia CBD |  | $ | 263,769 |  |  | $ | (100,219 | ) |  | $ | 163,550 |  |  | $ | 256,717 |  |  | $ | (99,449 | ) |  | $ | 157,268 |  |  | $ | 226,673 |  |  | $ | (88,818 | ) |  | $ | 137,855 |
Pennsylvania Suburbs |  | 141,084 |  |  | (47,418 | ) |  | 93,666 |  |  | 138,279 |  |  | (49,433 | ) |  | 88,846 |  |  | 139,785 |  |  | (47,845 | ) |  | 91,940 |
Austin, Texas |  | 104,157 |  |  | (38,285 | ) |  | 65,872 |  |  | 38,665 |  |  | (16,739 | ) |  | 21,926 |  |  | 34,301 |  |  | (15,456 | ) |  | 18,845 |
Metropolitan Washington, D.C. |  | 51,498 |  |  | (23,455 | ) |  | 28,043 |  |  | 90,308 |  |  | (34,072 | ) |  | 56,236 |  |  | 92,024 |  |  | (35,014 | ) |  | 57,010 |
Other |  | 14,558 |  |  | (9,328 | ) |  | 5,230 |  |  | 16,757 |  |  | (11,888 | ) |  | 4,869 |  |  | 18,347 |  |  | (11,749 | ) |  | 6,598 |
Corporate |  | 5,351 |  |  | (7,141 | ) |  | (1,790 | ) |  | 3,619 |  |  | (6,518 | ) |  | (2,899 | ) |  | 9,363 |  |  | (7,193 | ) |  | 2,170 |
Operating properties |  | $ | 580,417 |  |  | $ | (225,846 | ) |  | $ | 354,571 |  |  | $ | 544,345 |  |  | $ | (218,099 | ) |  | $ | 326,246 |  |  | $ | 520,493 |  |  | $ | (206,075 | ) |  | $ | 314,418 |
(a) | Includes property operating expense, real estate taxes and third party management expense.
Unconsolidated real estate ventures: |  |  |  |  |  |  |  |  |  |
|  | Investment in real estate ventures, at equity |  | Equity in income (loss) of real estate venture
|  | As of |  | Years ended December 31,
|  | December 31, 2019 |  | December 31, 2018 |  | December 31, 2017 |  | 2019 |  | 2018 |  | 2017
Philadelphia CBD |  | $ | 17,524 |  |  | $ | 19,897 |  |  | $ | 39,939 |  |  | $ | 328 |  |  | $ | (105 | ) |  | $ | 255 |
Pennsylvania Suburbs |  | — |  |  | — |  |  | 3,503 |  |  | — |  |  | — |  |  | 631 |
Metropolitan Washington, D.C. (a) |  | 102,840 |  |  | 136,142 |  |  | 119,817 |  |  | (4,234 | ) |  | (15,065 | ) |  | (5,044 | )
MAP Venture |  | (70 | ) |  | 11,173 |  |  | 15,450 |  |  | (6,102 | ) |  | (2,155 | ) |  | (3,443 | )
Other |  | — |  |  | 1,888 |  |  | 1,939 |  |  | 86 |  |  | 407 |  |  | 285 |
Austin, Texas (b) |  | — |  |  | — |  |  | 13,973 |  |  | — |  |  | 1,687 |  |  | (990 | )
Total |  | $ | 120,294 |  |  | $ | 169,100 |  |  | $ | 194,621 |  |  | $ | (9,922 | ) |  | $ | (15,231 | ) |  | $ | (8,306 | )
(a) | Refer to Note 4, ''Investment in Unconsolidated Real Estate Ventures," for details of the Company's transaction with the Herndon Innovation Center Metro Portfolio Venture, LLC in December 2018.
(b) Refer to Note 3, ''Real Estate Investments," for details related to the Company's acquisition of DRA Advisors' ownership interest in the Austin Venture in December 2018.
Reconciliation of Consolidated Net Income (Loss) to Consolidated NOI | The following is a reconciliation of consolidated net income (loss), as defined by GAAP, to consolidated NOI, (in thousands):
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Net income |  | $ | 34,529 |  |  | $ | 135,472 |  |  | $ | 121,177 |
Plus: |  |  |  |  |  |
Interest expense |  | 81,512 |  |  | 78,199 |  |  | 81,886 |
Interest expense - amortization of deferred financing costs |  | 2,768 |  |  | 2,498 |  |  | 2,435 |
Depreciation and amortization |  | 210,005 |  |  | 176,000 |  |  | 180,323 |
General and administrative expenses |  | 32,156 |  |  | 27,802 |  |  | 28,538 |
Equity in loss of Real Estate Ventures |  | 9,922 |  |  | 15,231 |  |  | 8,306 |
Provision for impairment |  | — |  |  | 71,707 |  |  | 3,057 |
Loss on early extinguishment of debt |  | — |  |  | 105 |  |  | 3,933 |
Less: |  |  |  |  |  |
Interest income |  | 2,318 |  |  | 4,703 |  |  | 1,113 |
Income tax (provision) benefit |  | (12 | ) |  | (423 | ) |  | 628 |
Net gain on disposition of real estate |  | 356 |  |  | 2,932 |  |  | 32,017 |
Net gain on sale of undepreciated real estate |  | 2,020 |  |  | 3,040 |  |  | 953 |
Net gain on real estate venture transactions |  | 11,639 |  |  | 142,233 |  |  | 80,526 |
Gain on promoted interest in unconsolidated real estate venture |  | — |  |  | 28,283 |  |  | — |
Consolidated net operating income |  | $ | 354,571 |  |  | $ | 326,246 |  |  | $ | 314,418 |

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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 http://asc.fasb.org/extlink&oid=115929826&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 http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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