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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of Disaggregation of Revenue | The following is a summary of revenue earned by the Company’s reportable segments (see Note 18 “Segment Information,” for further information) during the year ended December 31, 2024 (in thousands):
| Philadelphia CBD |  | Pennsylvania Suburbs |  | Austin, Texas |  | Other |  | Corporate (a) |  | Total
Fixed rent | $ | 158,382 |  |  | $ | 114,056 |  |  | $ | 56,620 |  |  | $ | 36,412 |  |  | $ | (1,631) |  |  | $ | 363,839 |
Variable rent | 54,264 |  |  | 10,460 |  |  | 28,424 |  |  | 1,442 |  |  | (142) |  |  | 94,448 |
Total lease revenue | 212,646 |  |  | 124,516 |  |  | 85,044 |  |  | 37,854 |  |  | (1,773) |  |  | 458,287 |
Amortization of deferred market rents | 647 |  |  | — |  |  | 272 |  |  | — |  |  | — |  |  | 919 |
Daily parking & hotel flexible stay | 8,727 |  |  | — |  |  | 956 |  |  | 352 |  |  | 1 |  |  | 10,036 |
Total rents | 222,020 |  |  | 124,516 |  |  | 86,272 |  |  | 38,206 |  |  | (1,772) |  |  | 469,242 |
Third party management fees, labor reimbursement and leasing | 158 |  |  | 21 |  |  | 603 |  |  | 3,769 |  |  | 19,191 |  |  | 23,742 |
Other income | 3,808 |  |  | 474 |  |  | 333 |  |  | 163 |  |  | 7,755 |  |  | 12,533 |
Total revenue | $ | 225,986 |  |  | $ | 125,011 |  |  | $ | 87,208 |  |  | $ | 42,138 |  |  | $ | 25,174 |  |  | $ | 505,517 |
(a)Corporate includes intercompany eliminations necessary to reconcile to consolidated Company totals. The following is a summary of revenue earned by the Company’s reportable segments (see Note 18 “Segment Information,” for further information) during the year ended December 31, 2023 (in thousands):
| Philadelphia CBD |  | Pennsylvania Suburbs |  | Austin, Texas |  | Other |  | Corporate (a) |  | Total
Fixed rent | $ | 159,732 |  |  | $ | 118,856 |  |  | $ | 63,209 |  |  | $ | 32,167 |  |  | $ | (1,895) |  |  | $ | 372,069 |
Variable rent | 54,678 |  |  | 10,067 |  |  | 30,098 |  |  | 1,681 |  |  | 454 |  |  | 96,978 |
Total lease revenue | 214,410 |  |  | 128,923 |  |  | 93,307 |  |  | 33,848 |  |  | (1,441) |  |  | 469,047 |
Amortization of deferred market rents | 649 |  |  | — |  |  | 642 |  |  | — |  |  | — |  |  | 1,291 |
Daily parking & hotel flexible stay | 8,478 |  |  | — |  |  | 708 |  |  | 325 |  |  | — |  |  | 9,511 |
Total rents | 223,537 |  |  | 128,923 |  |  | 94,657 |  |  | 34,173 |  |  | (1,441) |  |  | 479,849 |
Third party management fees, labor reimbursement and leasing | 405 |  |  | 38 |  |  | 516 |  |  | 4,972 |  |  | 18,486 |  |  | 24,417 |
Other income | 6,991 |  |  | 339 |  |  | 332 |  |  | 161 |  |  | 2,562 |  |  | 10,385 |
Total revenue | $ | 230,933 |  |  | $ | 129,300 |  |  | $ | 95,505 |  |  | $ | 39,306 |  |  | $ | 19,607 |  |  | $ | 514,651 |
(a)Corporate includes intercompany eliminations necessary to reconcile to consolidated Company totals. The following is a summary of revenue earned by the Company’s reportable segments (see Note 18 “Segment Information,” for further information) during the year ended December 31, 2022 (in thousands):
| Philadelphia CBD |  | Pennsylvania Suburbs |  | Austin, Texas |  | Other |  | Corporate (a) |  | Total
Fixed rent | $ | 151,034 |  |  | $ | 116,926 |  |  | $ | 60,831 |  |  | $ | 26,491 |  |  | $ | (1,895) |  |  | $ | 353,387 |
Variable rent | 51,346 |  |  | 11,615 |  |  | 32,958 |  |  | 3,927 |  |  | (35) |  |  | 99,811 |
Total lease revenue | 202,380 |  |  | 128,541 |  |  | 93,789 |  |  | 30,418 |  |  | (1,930) |  |  | 453,198 |
Amortization of deferred market rents | 1,308 |  |  | 10 |  |  | 1,264 |  |  | — |  |  | — |  |  | 2,582 |
Daily parking & hotel flexible stay | 14,390 |  |  | — |  |  | 361 |  |  | 320 |  |  | — |  |  | 15,071 |
Total rents | 218,078 |  |  | 128,551 |  |  | 95,414 |  |  | 30,738 |  |  | (1,930) |  |  | 470,851 |
Third party management fees, labor reimbursement and leasing | 287 |  |  | 35 |  |  | 486 |  |  | 5,711 |  |  | 17,613 |  |  | 24,132 |
Other income | 2,510 |  |  | 354 |  |  | 429 |  |  | 161 |  |  | 7,663 |  |  | 11,117 |
Total revenue | $ | 220,875 |  |  | $ | 128,940 |  |  | $ | 96,329 |  |  | $ | 36,610 |  |  | $ | 23,346 |  |  | $ | 506,100 |
(a)Corporate includes intercompany eliminations necessary to reconcile to consolidated Company totals.

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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