v3.26.1
Reportable Segments (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Reconciliation of Revenue from Segments to Consolidated 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 $77,156 
Reconciliation of NOI to Net Income Available to Common Stockholders
The following reconciles Net Operating Income from net income for each of the periods presented ($ 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