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SEGMENT INFORMATION (Tables)

12 Months Ended

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

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.

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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.

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