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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of 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: |  |  |
| September 30, 2025 |  | December 31, 2024
Philadelphia CBD | $ | 1,585,703 |  |  | $ | 1,556,696 |
Pennsylvania Suburbs | 885,079 |  |  | 869,179 |
Austin, Texas | 513,661 |  |  | 671,150 |
Total Core Segments | 2,984,443 |  |  | 3,097,025 |
Other | 280,967 |  |  | 277,755 |
Operating properties | $ | 3,265,410 |  |  | $ | 3,374,780 |
Total | $ | 3,265,410 |  |  | $ | 3,374,780 |
Corporate |  |  |
Right of use asset - operating leases, net | $ | 17,957 |  |  | $ | 18,412 |
Construction-in-progress | $ | 94,635 |  |  | $ | 94,628 |
Land held for development | $ | 73,395 |  |  | $ | 81,318 |
Prepaid leasehold interests in land held for development, net | $ | 27,762 |  |  | $ | 27,762 |
Net operating income:
| Three Months Ended September 30,
| 2025 |  | 2024
| Total revenue |  | Operating expenses (a) |  | Net operating income |  | Total revenue |  | Operating expenses (a) |  | Net operating income
Philadelphia CBD | $ | 58,250 |  |  | $ | (21,975) |  |  | $ | 36,275 |  |  | $ | 56,448 |  |  | $ | (19,959) |  |  | $ | 36,489 |
Pennsylvania Suburbs | 31,563 |  |  | (9,518) |  |  | 22,045 |  |  | 31,681 |  |  | (10,081) |  |  | 21,600 |
Austin, Texas | 16,837 |  |  | (6,542) |  |  | 10,295 |  |  | 21,951 |  |  | (8,429) |  |  | 13,522 |
Other | 10,091 |  |  | (4,257) |  |  | 5,834 |  |  | 10,430 |  |  | (5,076) |  |  | 5,354 |
Corporate | 4,676 |  |  | (3,117) |  |  | 1,559 |  |  | 11,272 |  |  | (2,734) |  |  | 8,538 |
Operating properties | $ | 121,417 |  |  | $ | (45,409) |  |  | $ | 76,008 |  |  | $ | 131,782 |  |  | $ | (46,279) |  |  | $ | 85,503 |
| Nine Months Ended September 30,
| 2025 |  | 2024
| Total revenue |  | Operating expenses (a) |  | Net operating income |  | Total revenue |  | Operating expenses (a) |  | Net operating income
Philadelphia CBD | $ | 170,321 |  |  | $ | (62,978) |  |  | $ | 107,343 |  |  | $ | 169,159 |  |  | $ | (58,912) |  |  | $ | 110,247 |
Pennsylvania Suburbs | 94,804 |  |  | (29,536) |  |  | 65,268 |  |  | 95,366 |  |  | (29,337) |  |  | 66,029 |
Austin, Texas | 53,487 |  |  | (22,094) |  |  | 31,393 |  |  | 67,360 |  |  | (26,276) |  |  | 41,084 |
Other | 30,609 |  |  | (13,861) |  |  | 16,748 |  |  | 31,706 |  |  | (15,670) |  |  | 16,036 |
Corporate | 14,283 |  |  | (9,887) |  |  | 4,396 |  |  | 20,021 |  |  | (9,812) |  |  | 10,209 |
Operating properties | $ | 363,504 |  |  | $ | (138,356) |  |  | $ | 225,148 |  |  | $ | 383,612 |  |  | $ | (140,007) |  |  | $ | 243,605 |
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 ventures
| As of |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
| September 30, 2025 |  | December 31, 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Philadelphia CBD | $ | 492,224 |  |  | $ | 452,334 |  |  | $ | (10,325) |  |  | $ | (125,593) |  |  | $ | (22,184) |  |  | $ | (145,429) |
Mid-Atlantic Office JV | 10,951 |  |  | 10,844 |  |  | (168) |  |  | 7,222 |  |  | 107 |  |  | 7,222 |
MAP Venture | — |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | (6,552) |
Austin, Texas | 74,101 |  |  | 90,495 |  |  | (7,510) |  |  | (586) |  |  | (20,908) |  |  | (590) |
Other | 16,927 |  |  | 16,782 |  |  | (180) |  |  | (6,915) |  |  | (541) |  |  | (8,608) |
Total | $ | 594,203 |  |  | $ | 570,455 |  |  | $ | (18,183) |  |  | $ | (125,862) |  |  | $ | (43,526) |  |  | $ | (153,957) |
Schedule of Reconciliation of Consolidated Net Income to Consolidated NOI | The following is a reconciliation of consolidated net income (loss), as defined by GAAP, to consolidated NOI, (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net loss | $ | (25,998) |  |  | $ | (165,720) |  |  | $ | (141,990) |  |  | $ | (151,867) |
Plus: |  |  |  |  |  |  |
Interest expense | 32,914 |  |  | 30,561 |  |  | 97,104 |  |  | 85,104 |
Interest expense - amortization of deferred financing costs | 1,336 |  |  | 1,247 |  |  | 3,763 |  |  | 3,753 |
Depreciation and amortization | 43,005 |  |  | 44,301 |  |  | 131,120 |  |  | 133,530 |
General and administrative expenses | 7,841 |  |  | 12,681 |  |  | 34,636 |  |  | 32,726 |
Equity in loss of unconsolidated real estate ventures | 18,183 |  |  | 125,862 |  |  | 43,526 |  |  | 153,957 |
Provision for impairment | — |  |  | 37,980 |  |  | 63,369 |  |  | 44,407 |
Gain on early extinguishment of debt | — |  |  | — |  |  | — |  |  | (941) |
Less: |  |  |  |  |  |  |
Interest and investment income | 1,238 |  |  | 639 |  |  | 3,274 |  |  | 2,572 |
Income tax provision | — |  |  | — |  |  | (85) |  |  | (11) |
Net gain on disposition of real estate | 35 |  |  | — |  |  | 3,008 |  |  | — |
Net gain on real estate venture transactions | — |  |  | 770 |  |  | 183 |  |  | 54,503 |
Consolidated net operating income | $ | 76,008 |  |  | $ | 85,503 |  |  | $ | 225,148 |  |  | $ | 243,605 |

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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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + 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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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