Segments (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Net Operating Income of Reportable Segments

Net operating income of the Company’s reportable segments for the three months ended March 31, 2015 and 2014 was as follows (in thousands):

	Three Months Ended March 31,
	2015		2014
	(Unaudited)
Office real estate
Rental revenues	$	7,703	$	6,549
Rental expenses		1,754		1,587
Real estate taxes		691		544
Segment net operating income		5,258		4,418
Retail real estate
Rental revenues		6,625		5,770
Rental expenses		1,399		1,322
Real estate taxes		566		503
Segment net operating income		4,660		3,945
Multifamily residential real estate
Rental revenues		3,862		2,874
Rental expenses		1,607		1,067
Real estate taxes		400		296
Segment net operating income		1,855		1,511
General contracting and real estate services
Segment revenues		29,071		19,234
Segment expenses		28,142		17,985
Segment net operating income		929		1,249
Net operating income	$	12,702	$	11,123

Reconciliation of Net Operating Income to Net Income

The following table reconciles net operating income to net income for the three months ended March 31, 2015 and 2014 (in thousands):

	Three Months Ended March 31,
	2015			2014
	(Unaudited)
Net operating income	$	12,702		$	11,123
Depreciation and amortization		(4,908	)		(3,969	)
General and administrative expenses		(2,328	)		(2,046	)
Acquisition, development and other pursuit costs		(171	)		—
Interest expense		(3,046	)		(2,565	)
Loss on extinguishment of debt		(227	)		—
Gain on real estate dispositions		6,197			—
Other (loss) income		(132	)		112
Income tax benefit (provision)		31			(149	)
Net income	$	8,118		$	2,506