v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 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
June 30,		Six Months Ended
June 30,
2026202520262025
Rental and other revenues:
Atlanta$36,403 $36,299 $72,917 $71,893 
Charlotte29,244 21,910 56,892 43,966 
Dallas3,367 — 6,024 — 
Nashville36,998 39,653 75,197 79,197 
Orlando14,660 14,544 29,201 28,840 
Raleigh52,529 44,815 104,133 89,309 
Richmond6,887 9,318 14,639 18,496 
Tampa23,747 21,174 46,123 43,886 
Rental and other revenues for reportable segments203,835 187,713 405,126 375,587 
Other12,544 12,887 25,287 25,396 
Total rental and other revenues216,379 200,600 430,413 400,983 
Rental property and other expenses:
Atlanta14,247 13,467 29,020 27,835 
Charlotte7,890 6,003 16,037 11,844 
Dallas1,163 — 1,996 — 
Nashville10,992 11,017 21,385 22,374 
Orlando5,669 5,495 10,776 11,037 
Raleigh13,724 11,628 27,921 23,361 
Richmond1,958 2,605 5,181 5,608 
Tampa8,616 7,846 16,815 16,455 
Rental property and other expenses for reportable segments64,259 58,061 129,131 118,514 
Other5,896 5,594 12,142 10,175 
Total rental property and other expenses70,155 63,655 141,273 128,689 
Net operating income:
Atlanta22,156 22,832 43,897 44,058 
Charlotte21,354 15,907 40,855 32,122 
Dallas2,204 — 4,028 — 
Nashville26,006 28,636 53,812 56,823 
Orlando8,991 9,049 18,425 17,803 
Raleigh38,805 33,187 76,212 65,948 
Richmond4,929 6,713 9,458 12,888 
Tampa15,131 13,328 29,308 27,431 
Net operating income for reportable segments139,576 129,652 275,995 257,073 
Other6,648 7,293 13,145 15,221 
Total net operating income$146,224 $136,945 $289,140 $272,294 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Reconciliation to net income:
Depreciation and amortization$(79,054)$(74,679)$(156,591)$(146,084)
General and administrative expenses(9,897)(10,319)(23,331)(22,776)
Interest expense(41,694)(37,665)(83,390)(74,307)
Other income2,568 4,629 5,736 6,254 
Gains on disposition of property79,024 — 95,987 82,215 
Equity in earnings/(losses) of unconsolidated affiliates(414)310 2,571 1,625 
Net income$96,757 $19,221 $130,122 $119,221