v3.26.1
SEGMENT INFORMATION (Tables)
 6 Months Ended
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, 2026December 31, 2025
Philadelphia CBD$2,115,745 $2,080,220 
Pennsylvania Suburbs880,047 883,218 
Austin, Texas391,404 510,030 
Total Core Segments3,387,196 3,473,468 
Other139,933 280,312 
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,
20262025
Total revenueOperating expenses (a)Net operating incomeTotal revenueOperating expenses (a)Net operating income
Philadelphia CBD$68,060 $(26,853)$41,207 $56,683 $(20,372)$36,311 
Pennsylvania Suburbs33,148 (12,268)20,880 31,310 (9,963)21,347 
Austin, Texas14,150 (6,262)7,888 18,499 (7,785)10,714 
Other10,259 (4,521)5,738 9,995 (4,380)5,615 
Corporate3,303 (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,
20262025
Total revenueOperating expenses (a)Net operating incomeTotal revenueOperating expenses (a)Net operating income
Philadelphia CBD$133,687 $(53,550)$80,137 $112,071 $(41,003)$71,068 
Pennsylvania Suburbs66,710 (23,288)43,422 63,241 (20,018)43,223 
Austin, Texas28,098 (12,051)16,047 36,650 (15,552)21,098 
Other20,232 (9,341)10,891 20,518 (9,604)10,914 
Corporate7,197 (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 ofThree Months Ended June 30,Six Months Ended June 30,
June 30, 2026December 31, 20252026202520262025
Philadelphia CBD$215,205 $215,078 $(1,991)$(7,651)$(4,299)$(11,859)
Mid-Atlantic Office JV10,359 10,877 (345)436 (442)275 
Austin, Texas94,519 71,611 (6,198)(7,510)(12,328)(13,398)
Other16,768 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,
2026202520262025
Net loss$(31,535)$(88,936)$(80,339)$(115,992)
Plus:
Interest expense41,931 32,345 82,820 64,190 
Interest expense - amortization of deferred financing costs1,345 1,197 2,732 2,427 
Depreciation and amortization47,749 43,762 96,980 88,115 
General and administrative expenses9,263 9,325 21,598 26,795 
Equity in loss of unconsolidated real estate ventures8,738 14,832 17,440 25,343 
Provision for impairment— 63,369 11,909 63,369 
Loss on early extinguishment of debt24 — 24 — 
Less:
Interest and investment income1,068 850 1,734 2,036 
Income tax provision(22)(85)(24)(85)
Net gain (loss) on disposition of real estate63 (86)63 2,973 
Net gain on real estate venture transactions— — — 183 
Consolidated net operating income$76,406 $75,215 $151,391 $149,140