XML 55 R40.htm IDEA: XBRL DOCUMENT
v3.21.1

Segment Information (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
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 (in thousands):
Real estate investments, at cost: |  |  |
| March 31, 2021 |  | December 31, 2020
Philadelphia CBD | $ | 1,429,695 |  |  | $ | 1,433,927 |
Pennsylvania Suburbs | 870,403 |  |  | 871,530 |
Austin, Texas | 728,702 |  |  | 728,741 |
Metropolitan Washington, D.C. | 270,582 |  |  | 352,794 |
Other | 87,177 |  |  | 87,117 |
Operating Properties | $ | 3,386,559 |  |  | $ | 3,474,109 |
Corporate |  |  |
Right of use asset - operating leases, net | $ | 20,810 |  |  | $ | 20,977 |
Construction-in-progress | $ | 264,529 |  |  | $ | 210,311 |
Land held for development | $ | 116,902 |  |  | $ | 117,984 |
Prepaid leasehold interests in land held for development, net | $ | 27,762 |  |  | $ | 39,185 |
Net operating income:
| Three Months Ended March 31,
| 2021 |  | 2020
| Total revenue |  | Operating expenses (a) |  | Net operating income |  | Total revenue |  | Operating expenses (a) |  | Net operating income (loss)
Philadelphia CBD | $ | 51,227 |  |  | $ | (17,411) |  |  | $ | 33,816 |  |  | $ | 65,915 |  |  | $ | (24,198) |  |  | $ | 41,717 |
Pennsylvania Suburbs | 31,740 |  |  | (10,694) |  |  | 21,046 |  |  | 37,237 |  |  | (12,678) |  |  | 24,559 |
Austin, Texas | 26,175 |  |  | (9,720) |  |  | 16,455 |  |  | 26,581 |  |  | (10,145) |  |  | 16,436 |
Metropolitan Washington, D.C. | 4,675 |  |  | (4,199) |  |  | 476 |  |  | 10,754 |  |  | (5,512) |  |  | 5,242 |
Other | 3,213 |  |  | (2,282) |  |  | 931 |  |  | 3,652 |  |  | (2,693) |  |  | 959 |
Corporate | 3,739 |  |  | (2,368) |  |  | 1,371 |  |  | 949 |  |  | (1,684) |  |  | (735) |
Operating properties | $ | 120,769 |  |  | $ | (46,674) |  |  | $ | 74,095 |  |  | $ | 145,088 |  |  | $ | (56,910) |  |  | $ | 88,178 |
(a)Includes property operating expenses, real estate taxes and third party management expense.
Unconsolidated real estate ventures: |  |  |  |  |  |  |  |
| Investment in real estate ventures |  | Equity in income (loss) of real estate venture
| As of |  | Three Months Ended March 31, |  |
| March 31, 2021 |  | December 31, 2020 |  | 2021 |  | 2020 |  |  |  |
Philadelphia CBD | $ | 300,694 |  |  | $ | 268,562 |  |  | $ | (4,279) |  |  | $ | 78 |  |  |  |  |
Metropolitan Washington, D.C. | 99,617 |  |  | 99,769 |  |  | (417) |  |  | (449) |  |  |  |  |
Mid-Atlantic Office JV | 32,735 |  |  | 32,996 |  |  | 207 |  |  | — |  |  |  |  |
MAP Venture | (17,223) |  |  | (11,516) |  |  | (2,435) |  |  | (1,520) |  |  |  |  |
Total | $ | 415,823 |  |  | $ | 389,811 |  |  | $ | (6,924) |  |  | $ | (1,891) |  |  |  |  |
Reconciliation of Consolidated Net Income to Consolidated NOI | The following is a reconciliation of consolidated net income, as defined by GAAP, to consolidated NOI, (in thousands):
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Net income | $ | 6,964 |  |  | $ | 8,087 |  |  |  |  |
Plus: |  |  |  |  |  |  |
Interest expense | 16,293 |  |  | 20,009 |  |  |  |  |
Interest expense - amortization of deferred financing costs | 709 |  |  | 749 |  |  |  |  |
Depreciation and amortization | 40,343 |  |  | 52,038 |  |  |  |  |
General and administrative expenses | 6,584 |  |  | 8,561 |  |  |  |  |
Equity in loss of Real Estate Ventures | 6,924 |  |  | 1,891 |  |  |  |  |
Less: |  |  |  |  |  |  |
Interest and investment income | 1,674 |  |  | 575 |  |  |  |  |
Income tax provision | (19) |  |  | (4) |  |  |  |  |
Net gain on disposition of real estate | 74 |  |  | 2,586 |  |  |  |  |
Net gain on sale of undepreciated real estate | 1,993 |  |  | — |  |  |  |  |
Consolidated net operating income | $ | 74,095 |  |  | $ | 88,178 |  |  |  |  |

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. + 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
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration