v3.26.3
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 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:
September 30, 2026December 31, 2025
Philadelphia CBD$1,879,959 $2,080,220 
Pennsylvania Suburbs885,553 883,218 
Austin, Texas391,374 510,030 
Total Core Segments3,156,886 3,473,468 
Other143,965 280,312 
Operating properties
$3,300,851 $3,753,780 
Corporate
Prepaid ground leases, net
$6,944 $51,399 
Right of use asset - operating leases, net$12,145 $17,806 
Construction-in-progress$82,518 $118,543 
Land held for development$80,403 $70,405 
Prepaid leasehold interests in land held for development, net$27,762 $27,762 
Net operating income:
Three Months Ended September 30,
20262025
Total revenueOperating expenses (a)Net operating incomeTotal revenueOperating expenses (a)Net operating income
Philadelphia CBD$67,321 $(27,104)$40,217 $58,250 $(21,975)$36,275 
Pennsylvania Suburbs35,017 (13,793)21,224 31,563 (9,518)22,045 
Austin, Texas9,733 (4,609)5,124 16,837 (6,542)10,295 
Other9,152 (4,279)4,873 10,091 (4,257)5,834 
Corporate4,415 (2,313)2,102 4,676 (3,117)1,559 
Operating properties$125,638 $(52,098)$73,540 $121,417 $(45,409)$76,008 
Nine Months Ended September 30,
20262025
Total revenueOperating expenses (a)Net operating incomeTotal revenueOperating expenses (a)Net operating income
Philadelphia CBD$201,008 $(80,654)$120,354 $170,321 $(62,978)$107,343 
Pennsylvania Suburbs101,727 (37,081)64,646 94,804 (29,536)65,268 
Austin, Texas37,831 (16,660)21,171 53,487 (22,094)31,393 
Other29,384 (13,620)15,764 30,609 (13,861)16,748 
Corporate11,612 (8,616)2,996 14,283 (9,887)4,396 
Operating properties$381,562 $(156,631)$224,931 $363,504 $(138,356)$225,148 
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 September 30,Nine Months Ended September 30,
September 30, 2026December 31, 20252026202520262025
Philadelphia CBD$211,624 $215,078 $(3,249)$(10,325)$(7,548)$(22,184)
Mid-Atlantic Office JV10,189 10,877 (139)(168)(581)107 
Austin, Texas67,813 71,611 (10,644)(7,510)(22,972)(20,908)
Other17,037 16,760 (125)(180)(496)(541)
Total$306,663 $314,326 $(14,157)$(18,183)$(31,597)$(43,526)
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 September 30,Nine Months Ended September 30,
2026202520262025
Net loss$(22,142)$(25,998)$(102,481)$(141,990)
Plus:
Interest expense39,035 32,914 121,855 97,104 
Interest expense - amortization of deferred financing costs1,322 1,336 4,054 3,763 
Depreciation and amortization45,088 43,005 142,068 131,120 
General and administrative expenses7,954 7,841 29,552 34,636 
Equity in loss of unconsolidated real estate ventures14,157 18,183 31,597 43,526 
Provision for impairment29,057 — 40,966 63,369 
Loss on early extinguishment of debt15,417 — 15,441 — 
Less:
Interest and investment income702 1,238 2,436 3,274 
Income tax provision(43)— (67)(85)
Net gain on disposition of real estate55,689 35 55,752 3,008 
Net gain on real estate venture transactions— — — 183 
Consolidated net operating income$73,540 $76,008 $224,931 $225,148