v3.26.1
Reportable Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS REPORTABLE SEGMENTS
The Company's segments are based on the method of internal reporting with operating segments being each of the operating office properties. These operating segments are aggregated for reporting by geographical area, with these geographical regions being: Austin, Atlanta, Charlotte, Dallas, Houston, Nashville, Phoenix, and Tampa.
Company management evaluates the performance of its operating segments in part based on Net Operating Income ("NOI"). Office Property NOI is regularly reported to the Chief Operating Decision Maker ("CODM") by operating segment. The CODM is the Company's President and Chief Executive Officer. Each segment includes both consolidated operations and the Company's share of unconsolidated joint venture operations.
Segment net income, individually significant components of rental property operating expenses, amount of capital expenditures, and total assets are not presented in this note because the CODM does not utilize these measures when analyzing segments or when making resource allocation decisions. Information on the Company's segments along with a reconciliation of NOI to net income for the three months ended March 31, 2026, and 2025 are as follows ($ in thousands):
Three Months Ended March 31, 2026Rental Property RevenuesRental Property Operating ExpensesNOI
Austin$89,869 $27,646 $62,223 
Atlanta84,347 29,493 54,854 
Charlotte26,134 7,112 19,022 
Tampa20,427 7,269 13,158 
Phoenix17,931 4,190 13,741 
Dallas12,453 4,035 8,418 
Houston8,772 3,214 5,558 
Nashville1,680 905 775 
Segment Totals$261,613 $83,864 $177,749 
Other Non - Office Properties4,013 1,699 2,314 
Portfolio Totals$265,626 $85,563 $180,063 
Less: Company's share from unconsolidated joint ventures$(6,349)$(2,978)
Termination Fees1,831 — 
Consolidated Totals$261,108 $82,585 
Three Months Ended March 31, 2025Rental Property RevenuesRental Property Operating ExpensesNOI
Austin$87,137 $27,299 $59,838 
Atlanta81,610 29,539 52,071 
Tampa20,559 7,383 13,176 
Phoenix16,025 3,933 12,092 
Charlotte22,419 5,586 16,833 
Dallas4,556 940 3,616 
Houston8,537 2,851 5,686 
Nashville831 343 488 
Segment Totals$241,674 $77,874 $163,800 
Other Non - Office Properties$3,021 $1,593 $1,428 
Portfolio Totals$244,695 $79,467 $165,228 
Less: Company's share from unconsolidated joint ventures$(4,534)$(2,311)
Termination Fees2,866 — 
Consolidated Totals$243,027 $77,156 


The following reconciles Net Operating Income from net income for each of the periods presented ($ in thousands):
Three Months Ended March 31,
 20262025
Net Income (Loss)$(24,670)$21,093 
Fee income(1,245)(496)
Termination fee income(1,831)(2,866)
Other income(756)(6,805)
General and administrative expenses11,840 10,709 
Interest expense45,101 36,774 
Depreciation and amortization108,406 102,114 
Operating Property Impairment36,600 — 
Reimbursed expenses120 177 
Other expenses438 422 
Loss from unconsolidated joint ventures2,642 1,883 
Net operating income from unconsolidated joint ventures3,371 2,223 
Loss on investment property transaction47 — 
Net Operating Income$180,063 $165,228