| Segment Reporting, Reconciliation of Revenue by Segment to Consolidated |
Information on the Company's segments along with a reconciliation of NOI to net income for the three and nine months ended September 30, 2026, and 2025 are as follows ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2026 |
|
Rental Property Revenues |
|
|
Rental Property Operating Expenses |
|
|
NOI |
|
|
|
|
|
|
|
|
|
|
|
Austin |
|
$ |
82,303 |
|
|
$ |
24,103 |
|
|
$ |
58,200 |
|
Atlanta |
|
|
85,626 |
|
|
|
29,612 |
|
|
|
56,014 |
|
Charlotte |
|
|
29,498 |
|
|
|
8,148 |
|
|
|
21,350 |
|
Phoenix |
|
|
18,509 |
|
|
|
5,020 |
|
|
|
13,489 |
|
Tampa |
|
|
19,902 |
|
|
|
6,548 |
|
|
|
13,354 |
|
Dallas |
|
|
12,259 |
|
|
|
4,105 |
|
|
|
8,154 |
|
Houston |
|
|
8,777 |
|
|
|
2,960 |
|
|
|
5,817 |
|
Nashville |
|
|
2,634 |
|
|
|
1,397 |
|
|
|
1,237 |
|
|
|
$ |
259,508 |
|
|
$ |
81,893 |
|
|
|
177,615 |
|
|
|
|
|
|
|
|
|
|
|
Non - Office Properties |
|
|
3,950 |
|
|
|
1,393 |
|
|
|
2,557 |
|
|
|
$ |
263,458 |
|
|
$ |
83,286 |
|
|
$ |
180,172 |
|
|
|
|
|
|
|
|
|
|
|
Less: Company's share from unconsolidated joint ventures |
|
$ |
(7,193 |
) |
|
$ |
(3,193 |
) |
|
|
|
Termination Fees |
|
|
1,045 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
257,310 |
|
|
$ |
80,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2025 |
|
Rental Property Revenues |
|
|
Rental Property Operating Expenses |
|
|
NOI |
|
|
|
|
|
|
|
|
|
|
|
Austin |
|
$ |
88,296 |
|
|
$ |
28,053 |
|
|
$ |
60,243 |
|
Atlanta |
|
|
82,570 |
|
|
|
30,043 |
|
|
|
52,527 |
|
Charlotte |
|
|
21,480 |
|
|
|
5,890 |
|
|
|
15,590 |
|
Phoenix |
|
|
16,521 |
|
|
|
4,355 |
|
|
|
12,166 |
|
Tampa |
|
|
20,272 |
|
|
|
7,266 |
|
|
|
13,006 |
|
Dallas |
|
|
9,278 |
|
|
|
2,196 |
|
|
|
7,082 |
|
Houston |
|
|
8,292 |
|
|
|
2,631 |
|
|
|
5,661 |
|
Nashville |
|
|
1,519 |
|
|
|
862 |
|
|
|
657 |
|
|
|
$ |
248,228 |
|
|
$ |
81,296 |
|
|
$ |
166,932 |
|
|
|
|
|
|
|
|
|
|
|
Non - Office Properties |
|
|
3,827 |
|
|
|
1,577 |
|
|
|
2,250 |
|
|
|
$ |
252,055 |
|
|
$ |
82,873 |
|
|
$ |
169,182 |
|
|
|
|
|
|
|
|
|
|
|
Less: Company's share from unconsolidated joint ventures |
|
$ |
(6,106 |
) |
|
$ |
(2,850 |
) |
|
|
|
Termination Fees |
|
|
512 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
246,461 |
|
|
$ |
80,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2026 |
|
Rental Property Revenues |
|
|
Rental Property Operating Expenses |
|
|
NOI |
|
|
|
|
|
|
|
|
|
|
|
Austin |
|
$ |
262,660 |
|
|
$ |
80,589 |
|
|
$ |
182,071 |
|
Atlanta |
|
|
255,697 |
|
|
|
89,192 |
|
|
|
166,505 |
|
Charlotte |
|
|
85,361 |
|
|
|
23,107 |
|
|
|
62,254 |
|
Phoenix |
|
|
54,488 |
|
|
|
14,042 |
|
|
|
40,446 |
|
Tampa |
|
|
59,605 |
|
|
|
20,339 |
|
|
|
39,266 |
|
Dallas |
|
|
37,181 |
|
|
|
12,032 |
|
|
|
25,149 |
|
Houston |
|
|
25,817 |
|
|
|
9,232 |
|
|
|
16,585 |
|
Nashville |
|
|
6,214 |
|
|
|
3,230 |
|
|
|
2,984 |
|
|
|
$ |
787,023 |
|
|
$ |
251,763 |
|
|
$ |
535,260 |
|
|
|
|
|
|
|
|
|
|
|
Non - Office Properties |
|
|
12,175 |
|
|
|
4,856 |
|
|
|
7,319 |
|
|
|
$ |
799,198 |
|
|
$ |
256,619 |
|
|
$ |
542,579 |
|
|
|
|
|
|
|
|
|
|
|
Less: Company's share from unconsolidated joint ventures |
|
$ |
(20,181 |
) |
|
$ |
(9,275 |
) |
|
|
|
Termination Fees |
|
|
5,115 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
784,132 |
|
|
$ |
247,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2025 |
|
Rental Property Revenues |
|
|
Rental Property Operating Expenses |
|
|
NOI |
|
|
|
|
|
|
|
|
|
|
|
Austin |
|
$ |
262,262 |
|
|
$ |
81,469 |
|
|
$ |
180,793 |
|
Atlanta |
|
|
243,308 |
|
|
|
86,660 |
|
|
|
156,648 |
|
Charlotte |
|
|
66,589 |
|
|
|
17,235 |
|
|
|
49,354 |
|
Phoenix |
|
|
48,758 |
|
|
|
12,590 |
|
|
|
36,168 |
|
Tampa |
|
|
60,868 |
|
|
|
21,477 |
|
|
|
39,391 |
|
Dallas |
|
|
18,443 |
|
|
|
4,102 |
|
|
|
14,341 |
|
Houston |
|
|
25,856 |
|
|
|
8,977 |
|
|
|
16,879 |
|
Nashville |
|
|
3,724 |
|
|
|
1,625 |
|
|
|
2,099 |
|
|
|
$ |
729,808 |
|
|
$ |
234,135 |
|
|
$ |
495,673 |
|
|
|
|
|
|
|
|
|
|
|
Non - Office Properties |
|
|
10,322 |
|
|
|
4,884 |
|
|
|
5,438 |
|
|
|
$ |
740,130 |
|
|
$ |
239,019 |
|
|
$ |
501,111 |
|
|
|
|
|
|
|
|
|
|
|
Less: Company's share from unconsolidated joint ventures |
|
$ |
(16,305 |
) |
|
$ |
(7,661 |
) |
|
|
|
Termination Fees |
|
|
3,378 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
727,203 |
|
|
$ |
231,358 |
|
|
|
|
|
| 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 September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Net Income |
|
$ |
17,009 |
|
|
$ |
8,778 |
|
|
$ |
18,573 |
|
|
$ |
44,529 |
|
Fee income |
|
|
(1,439 |
) |
|
|
(526 |
) |
|
|
(4,951 |
) |
|
|
(1,516 |
) |
Termination fee income |
|
|
(1,045 |
) |
|
|
(512 |
) |
|
|
(5,115 |
) |
|
|
(3,378 |
) |
Other income |
|
|
(666 |
) |
|
|
(1,339 |
) |
|
|
(1,969 |
) |
|
|
(10,063 |
) |
General and administrative expenses |
|
|
9,854 |
|
|
|
9,510 |
|
|
|
33,809 |
|
|
|
29,957 |
|
Interest expense |
|
|
45,577 |
|
|
|
41,497 |
|
|
|
137,742 |
|
|
|
116,785 |
|
Depreciation and amortization |
|
|
103,258 |
|
|
|
105,272 |
|
|
|
316,509 |
|
|
|
308,276 |
|
Operating property impairment |
|
|
— |
|
|
|
— |
|
|
|
36,600 |
|
|
|
— |
|
Reimbursed expenses |
|
|
139 |
|
|
|
124 |
|
|
|
431 |
|
|
|
420 |
|
Other expenses |
|
|
875 |
|
|
|
440 |
|
|
|
1,702 |
|
|
|
1,305 |
|
Loss from unconsolidated joint ventures |
|
|
2,101 |
|
|
|
2,682 |
|
|
|
6,958 |
|
|
|
6,152 |
|
Net operating income from unconsolidated joint ventures |
|
|
4,000 |
|
|
|
3,256 |
|
|
|
10,906 |
|
|
|
8,644 |
|
Loss (gain) on investment property transaction |
|
|
509 |
|
|
|
— |
|
|
|
(8,616 |
) |
|
|
— |
|
Net Operating Income |
|
$ |
180,172 |
|
|
$ |
169,182 |
|
|
$ |
542,579 |
|
|
$ |
501,111 |
|
|