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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Real Estate Investments, Net Operating Income and Unconsolidated Real Estate Ventures of Reportable Segments | The following tables provide selected asset information as of December 31, 2020 and 2019 and results of operations of the Company’s reportable segments for the years ended December 31, 2020, 2019 and 2018 (in thousands):
Real estate investments, at cost: |  |  |  |  |  |
|  | December 31, 2020 |  | December 31, 2019 |  |
Philadelphia CBD |  | $ | 1,433,927 |  |  | $ | 1,726,299 |  |  |
Pennsylvania Suburbs |  | 871,530 |  |  | 1,003,890 |  |  |
Austin, Texas |  | 728,741 |  |  | 721,255 |  |  |
Metropolitan Washington, D.C. |  | 352,794 |  |  | 468,035 |  |  |
Other |  | 87,117 |  |  | 86,980 |  |  |
Operating Properties |  | $ | 3,474,109 |  |  | $ | 4,006,459 |  |  |
Corporate |  |  |  |  |  |
Right of use asset - operating leases, net |  | $ | 20,977 |  |  | $ | 21,656 |  |  |
Construction-in-progress |  | $ | 210,311 |  |  | $ | 180,718 |  |  |
Land held for development |  | $ | 117,984 |  |  | $ | 96,124 |  |  |
Prepaid leasehold interests in land held for development, net |  | $ | 39,185 |  |  | $ | 39,592 |  |  |
. Net operating income:
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | 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 (loss)
Philadelphia CBD |  | $ | 232,028 |  |  | $ | (82,505) |  |  | $ | 149,523 |  |  | $ | 263,769 |  |  | $ | (100,219) |  |  | $ | 163,550 |  |  | $ | 256,717 |  |  | $ | (99,449) |  |  | $ | 157,268 |
Pennsylvania Suburbs |  | 141,613 |  |  | (46,281) |  |  | 95,332 |  |  | 141,084 |  |  | (47,418) |  |  | 93,666 |  |  | 138,279 |  |  | (49,433) |  |  | 88,846 |
Austin, Texas |  | 102,982 |  |  | (39,759) |  |  | 63,223 |  |  | 104,157 |  |  | (38,285) |  |  | 65,872 |  |  | 38,665 |  |  | (16,739) |  |  | 21,926 |
Metropolitan Washington, D.C. |  | 40,223 |  |  | (20,791) |  |  | 19,432 |  |  | 51,498 |  |  | (23,455) |  |  | 28,043 |  |  | 90,308 |  |  | (34,072) |  |  | 56,236 |
Other |  | 13,469 |  |  | (9,815) |  |  | 3,654 |  |  | 14,558 |  |  | (9,328) |  |  | 5,230 |  |  | 16,757 |  |  | (11,888) |  |  | 4,869 |
Corporate |  | 4,537 |  |  | (6,305) |  |  | (1,768) |  |  | 5,351 |  |  | (7,141) |  |  | (1,790) |  |  | 3,619 |  |  | (6,518) |  |  | (2,899) |
Operating properties |  | $ | 534,852 |  |  | $ | (205,456) |  |  | $ | 329,396 |  |  | $ | 580,417 |  |  | $ | (225,846) |  |  | $ | 354,571 |  |  | $ | 544,345 |  |  | $ | (218,099) |  |  | $ | 326,246 |
(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, 2020 |  | December 31, 2019 |  |  |  | 2020 |  | 2019 |  | 2018
Philadelphia CBD |  | $ | 268,562 |  |  | $ | 17,524 |  |  |  |  | $ | (9,090) |  |  | $ | 328 |  |  | $ | (105) |
Metropolitan Washington, D.C. |  | 99,769 |  |  | 102,840 |  |  |  |  | (3,019) |  |  | (4,234) |  |  | (15,065) |
Mid-Atlantic Office JV |  | 32,996 |  |  | — |  |  |  |  | 96 |  |  | — |  |  | — |
MAP Venture |  | (11,516) |  |  | (70) |  |  |  |  | (6,571) |  |  | (6,102) |  |  | (2,155) |
Other |  | — |  |  | — |  |  |  |  | — |  |  | 86 |  |  | 407 |
Austin, Texas |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 1,687 |
Total |  | $ | 389,811 |  |  | $ | 120,294 |  |  |  |  | $ | (18,584) |  |  | $ | (9,922) |  |  | $ | (15,231) |
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,
|  | 2020 |  | 2019 |  | 2018
Net income |  | $ | 307,326 |  |  | $ | 34,529 |  |  | $ | 135,472 |
Plus: |  |  |  |  |  |
Interest expense |  | 73,911 |  |  | 81,512 |  |  | 78,199 |
Interest expense - amortization of deferred financing costs |  | 2,904 |  |  | 2,768 |  |  | 2,498 |
Depreciation and amortization |  | 188,283 |  |  | 210,005 |  |  | 176,000 |
General and administrative expenses |  | 30,288 |  |  | 32,156 |  |  | 27,802 |
Equity in loss of Real Estate Ventures |  | 18,584 |  |  | 9,922 |  |  | 15,231 |
Provision for impairment |  | — |  |  | — |  |  | 71,707 |
Loss on early extinguishment of debt |  | — |  |  | — |  |  | 105 |
Less: |  |  |  |  |  |
Interest income |  | 1,939 |  |  | 2,318 |  |  | 4,703 |
Income tax (provision) benefit |  | 224 |  |  | (12) |  |  | (423) |
Net gain on disposition of real estate |  | 289,461 |  |  | 356 |  |  | 2,932 |
Net gain on sale of undepreciated real estate |  | 201 |  |  | 2,020 |  |  | 3,040 |
Net gain on real estate venture transactions |  | 75 |  |  | 11,639 |  |  | 142,233 |
Gain on promoted interest in unconsolidated real estate venture |  | — |  |  | — |  |  | 28,283 |
Consolidated net operating income |  | $ | 329,396 |  |  | $ | 354,571 |  |  | $ | 326,246 |

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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=120311839&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=120311839&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=120311839&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=120311839&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=121556970&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 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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