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SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2026
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: |  |  |
| June 30, 2026 |  | December 31, 2025
Philadelphia CBD | $ | 2,115,745 |  |  | $ | 2,080,220 |
Pennsylvania Suburbs | 880,047 |  |  | 883,218 |
Austin, Texas | 391,404 |  |  | 510,030 |
Total Core Segments | 3,387,196 |  |  | 3,473,468 |
Other | 139,933 |  |  | 280,312 |
Operating properties | $ | 3,527,129 |  |  | $ | 3,753,780 |
Assets held for sale | 232,921 |  |  | — |
Total | $ | 3,760,050 |  |  | $ | 3,753,780 |
Corporate |  |  |
Prepaid ground leases, net | $ | 34,156 |  |  | $ | 51,399 |
Right of use asset - operating leases, net | $ | 12,266 |  |  | $ | 17,806 |
Construction-in-progress | $ | 85,569 |  |  | $ | 118,543 |
Land held for development | $ | 75,134 |  |  | $ | 70,405 |
Prepaid leasehold interests in land held for development, net | $ | 27,762 |  |  | $ | 27,762 |
Net operating income:
| Three Months Ended June 30,
| 2026 |  | 2025
| Total revenue |  | Operating expenses (a) |  | Net operating income |  | Total revenue |  | Operating expenses (a) |  | Net operating income
Philadelphia CBD | $ | 68,060 |  |  | $ | (26,853) |  |  | $ | 41,207 |  |  | $ | 56,683 |  |  | $ | (20,372) |  |  | $ | 36,311 |
Pennsylvania Suburbs | 33,148 |  |  | (12,268) |  |  | 20,880 |  |  | 31,310 |  |  | (9,963) |  |  | 21,347 |
Austin, Texas | 14,150 |  |  | (6,262) |  |  | 7,888 |  |  | 18,499 |  |  | (7,785) |  |  | 10,714 |
Other | 10,259 |  |  | (4,521) |  |  | 5,738 |  |  | 9,995 |  |  | (4,380) |  |  | 5,615 |
Corporate | 3,303 |  |  | (2,610) |  |  | 693 |  |  | 4,084 |  |  | (2,856) |  |  | 1,228 |
Operating properties | $ | 128,920 |  |  | $ | (52,514) |  |  | $ | 76,406 |  |  | $ | 120,571 |  |  | $ | (45,356) |  |  | $ | 75,215 |
| Six Months Ended June 30,
| 2026 |  | 2025
| Total revenue |  | Operating expenses (a) |  | Net operating income |  | Total revenue |  | Operating expenses (a) |  | Net operating income
Philadelphia CBD | $ | 133,687 |  |  | $ | (53,550) |  |  | $ | 80,137 |  |  | $ | 112,071 |  |  | $ | (41,003) |  |  | $ | 71,068 |
Pennsylvania Suburbs | 66,710 |  |  | (23,288) |  |  | 43,422 |  |  | 63,241 |  |  | (20,018) |  |  | 43,223 |
Austin, Texas | 28,098 |  |  | (12,051) |  |  | 16,047 |  |  | 36,650 |  |  | (15,552) |  |  | 21,098 |
Other | 20,232 |  |  | (9,341) |  |  | 10,891 |  |  | 20,518 |  |  | (9,604) |  |  | 10,914 |
Corporate | 7,197 |  |  | (6,303) |  |  | 894 |  |  | 9,607 |  |  | (6,770) |  |  | 2,837 |
Operating properties | $ | 255,924 |  |  | $ | (104,533) |  |  | $ | 151,391 |  |  | $ | 242,087 |  |  | $ | (92,947) |  |  | $ | 149,140 |
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 June 30, |  | Six Months Ended June 30,
| June 30, 2026 |  | December 31, 2025 |  | 2026 |  | 2025 |  | 2026 |  | 2025
Philadelphia CBD | $ | 215,205 |  |  | $ | 215,078 |  |  | $ | (1,991) |  |  | $ | (7,651) |  |  | $ | (4,299) |  |  | $ | (11,859) |
Mid-Atlantic Office JV | 10,359 |  |  | 10,877 |  |  | (345) |  |  | 436 |  |  | (442) |  |  | 275 |
Austin, Texas | 94,519 |  |  | 71,611 |  |  | (6,198) |  |  | (7,510) |  |  | (12,328) |  |  | (13,398) |
Other | 16,768 |  |  | 16,760 |  |  | (204) |  |  | (107) |  |  | (371) |  |  | (361) |
Total | $ | 336,851 |  |  | $ | 314,326 |  |  | $ | (8,738) |  |  | $ | (14,832) |  |  | $ | (17,440) |  |  | $ | (25,343) |
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 June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Net loss | $ | (31,535) |  |  | $ | (88,936) |  |  | $ | (80,339) |  |  | $ | (115,992) |
Plus: |  |  |  |  |  |  |
Interest expense | 41,931 |  |  | 32,345 |  |  | 82,820 |  |  | 64,190 |
Interest expense - amortization of deferred financing costs | 1,345 |  |  | 1,197 |  |  | 2,732 |  |  | 2,427 |
Depreciation and amortization | 47,749 |  |  | 43,762 |  |  | 96,980 |  |  | 88,115 |
General and administrative expenses | 9,263 |  |  | 9,325 |  |  | 21,598 |  |  | 26,795 |
Equity in loss of unconsolidated real estate ventures | 8,738 |  |  | 14,832 |  |  | 17,440 |  |  | 25,343 |
Provision for impairment | — |  |  | 63,369 |  |  | 11,909 |  |  | 63,369 |
Loss on early extinguishment of debt | 24 |  |  | — |  |  | 24 |  |  | — |
Less: |  |  |  |  |  |  |
Interest and investment income | 1,068 |  |  | 850 |  |  | 1,734 |  |  | 2,036 |
Income tax provision | (22) |  |  | (85) |  |  | (24) |  |  | (85) |
Net gain (loss) on disposition of real estate | 63 |  |  | (86) |  |  | 63 |  |  | 2,973 |
Net gain on real estate venture transactions | — |  |  | — |  |  | — |  |  | 183 |
Consolidated net operating income | $ | 76,406 |  |  | $ | 75,215 |  |  | $ | 151,391 |  |  | $ | 149,140 |

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