SEGMENT INFORMATION | 14. SEGMENT INFORMATION As of March 31, 2020 , the Company owns and manages properties within five segments: (1) Philadelphia Central Business District ("Philadelphia CBD"), (2) Pennsylvania Suburbs, (3) Austin, Texas (4) Metropolitan Washington, D.C. and (5) Other. The Philadelphia CBD segment includes properties located in the City of Philadelphia, Pennsylvania. The Pennsylvania Suburbs segment includes properties in Chester, Delaware, and Montgomery counties in the Philadelphia suburbs. The Austin, Texas segment includes properties in the City of Austin, Texas. The Metropolitan Washington, D.C. segment includes properties in the District of Columbia, Northern Virginia and Southern Maryland. The Other segment includes properties located in Camden County, New Jersey and New Castle County, Delaware. In addition to the five segments, the corporate group is responsible for cash and investment management, development of certain real estate properties during the construction period, and certain other general support functions. Land held for development and construction in progress is transferred to operating properties by region upon completion of the associated construction or project. The following tables provide selected asset information and results of operations of the Company's reportable segments (in thousands): Real estate investments, at cost: March 31, 2020 December 31, 2019 Philadelphia CBD $ 1,733,987 $ 1,726,299 Pennsylvania Suburbs 991,788 1,003,890 Austin, Texas 722,873 721,255 Metropolitan Washington, D.C. 468,416 468,035 Other 87,054 86,980 Operating Properties $ 4,004,118 $ 4,006,459 Right of use asset - operating leases, net $ 21,485 $ 21,656 Corporate Construction-in-progress $ 193,160 $ 180,718 Land held for development (a) $ 108,213 $ 96,124 Prepaid leasehold interests in land held for development, net (b) $ 39,490 $ 39,592 (a) Does not include 49.2 acres and 35.2 acres of land classified as held for sale as of March 31, 2020 and December 31, 2019 , respectively. (b) Includes leasehold interests in prepaid 99 -year ground leases at 3025 and 3001-3003 JFK Boulevard, in Philadelphia, Pennsylvania as of March 31, 2020 and December 31, 2019 . Net operating income: Three Months Ended March 31, 2020 2019 Total revenue Operating expenses (a) Net operating income (loss) Total revenue Operating expenses (a) Net operating income (loss) Philadelphia CBD $ 65,915 $ (24,198 ) $ 41,717 $ 65,798 $ (25,185 ) $ 40,613 Pennsylvania Suburbs 37,237 (12,678 ) 24,559 35,627 (12,991 ) 22,636 Austin, Texas 26,581 (10,145 ) 16,436 24,766 (9,076 ) 15,690 Metropolitan Washington, D.C. 10,754 (5,512 ) 5,242 13,520 (6,204 ) 7,316 Other 3,652 (2,693 ) 959 3,182 (2,145 ) 1,037 Corporate 949 (1,684 ) (735 ) 1,003 (1,799 ) (796 ) Operating properties $ 145,088 $ (56,910 ) $ 88,178 $ 143,896 $ (57,400 ) $ 86,496 (a) 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 venture As of Three Months Ended March 31, March 31, 2020 December 31, 2019 2020 2019 Philadelphia CBD $ 17,602 $ 17,524 $ 78 $ 78 Metropolitan Washington, D.C. 102,396 102,840 (449 ) (175 ) MAP Venture (a) (1,590 ) (70 ) (1,520 ) (1,367 ) Other — — — 106 Total $ 118,408 $ 120,294 $ (1,891 ) $ (1,358 ) (a) Included in Other liabilities on the consolidated balance sheets. Net operating income (“NOI”) is a non-GAAP financial measure, which we define as total revenue less property operating expenses, real estate taxes and third party management expenses. Property operating expenses that are included in determining NOI consist of costs that are necessary and allocable to our operating properties such as utilities, property-level salaries, repairs and maintenance, property insurance and management fees. General and administrative expenses that are not reflected in NOI primarily consist of corporate-level salaries, amortization of share awards and professional fees that are incurred as part of corporate office management. NOI presented by the Company may not be comparable to NOI reported by other companies that define NOI differently. NOI is the measure that is used by the Company’s management to evaluate the operating performance of the Company’s real estate assets by segment. The Company believes NOI provides useful information to investors regarding the financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. While NOI is a relevant and widely used measure of operating performance of real estate investment trusts, it does not represent cash flow from operations or net income as defined by GAAP and should not be considered as an alternative to those measures in evaluating our liquidity or operating performance. NOI does not reflect interest expenses, real estate impairment losses, depreciation and amortization costs, capital expenditures and leasing costs. The Company believes that net income (loss), as defined by GAAP, is the most appropriate earnings measure. The following is a reconciliation of consolidated net income, as defined by GAAP, to consolidated NOI, (in thousands): Three Months Ended March 31, 2020 2019 Net income $ 8,087 $ 4,583 Plus: Interest expense 20,009 20,357 Interest expense - amortization of deferred financing costs 749 666 Depreciation and amortization 52,038 51,444 General and administrative expenses 8,561 9,844 Equity in loss of Real Estate Ventures 1,891 1,358 Less: Interest income 575 525 Income tax provision (4 ) (29 ) Net gain on disposition of real estate 2,586 — Net gain on sale of undepreciated real estate — 1,001 Net gain on real estate venture transactions — 259 Consolidated net operating income $ 88,178 $ 86,496 |