v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Our principal business is the operation, acquisition and development of rental office properties. We evaluate our business by geographic location, which is why our primary geographic locations are included as reportable segments below. The operating results by geographic grouping are regularly reviewed by our chief operating decision maker for assessing performance and other purposes. Our chief executive officer is our chief operating decision maker. There are no material inter-segment transactions.
Our accounting policies of the segments are the same as those used in our Consolidated Financial Statements. All operations are within the United States.
The following tables summarize rental and other revenues, rental property and other expenses and net operating income for each of our reportable segments. Net operating income is the primary industry property-level performance metric used by our chief operating decision maker and is defined as rental and other revenues less rental property and other expenses. Our chief operating decision maker uses net operating income to help assess segment performance and decide how to allocate resources accordingly.

Three Months Ended
March 31,
20262025
Rental and other revenues:
Atlanta$36,514 $35,594 
Charlotte27,648 22,056 
Dallas2,657 — 
Nashville38,199 39,544 
Orlando14,541 14,296 
Raleigh51,604 44,494 
Richmond7,752 9,178 
Tampa22,376 22,712 
Rental and other revenues for reportable segments201,291 187,874 
Other12,743 12,509 
Total rental and other revenues214,034 200,383 
Rental property and other expenses:
Atlanta14,773 14,368 
Charlotte8,147 5,841 
Dallas833 — 
Nashville10,393 11,357 
Orlando5,107 5,542 
Raleigh14,197 11,733 
Richmond3,223 3,003 
Tampa8,199 8,609 
Rental property and other expenses for reportable segments64,872 60,453 
Other6,246 4,581 
Total rental property and other expenses71,118 65,034 
Net operating income:
Atlanta21,741 21,226 
Charlotte19,501 16,215 
Dallas1,824 — 
Nashville27,806 28,187 
Orlando9,434 8,754 
Raleigh37,407 32,761 
Richmond4,529 6,175 
Tampa14,177 14,103 
Net operating income for reportable segments136,419 127,421 
Other6,497 7,928 
Total net operating income$142,916 $135,349 
Three Months Ended
March 31,
20262025
Reconciliation to net income:
Depreciation and amortization$(77,537)$(71,405)
General and administrative expenses(13,434)(12,457)
Interest expense(41,696)(36,642)
Other income3,168 1,625 
Gains on disposition of property16,963 82,215 
Equity in earnings of unconsolidated affiliates2,985 1,315 
Net income$33,365 $100,000