Segments (Tables)

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Net Operating Income of Reportable Segments

Net operating income of the Company’s reportable segments for the three and six months ended June 30, 2015 and 2014 was as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(Unaudited)
Office real estate
Rental revenues	$	8,052	$	6,519	$	15,755	$	13,068
Rental expenses		1,704		1,427		3,458		3,014
Real estate taxes		803		544		1,494		1,088
Segment net operating income		5,545		4,548		10,803		8,966
Retail real estate
Rental revenues		7,567		5,703		14,192		11,473
Rental expenses		1,346		1,187		2,745		2,509
Real estate taxes		704		503		1,270		1,006
Segment net operating income		5,517		4,013		10,177		7,958
Multifamily residential real estate
Rental revenues		4,289		3,097		8,151		5,971
Rental expenses		1,581		1,226		3,188		2,293
Real estate taxes		452		361		852		657
Segment net operating income		2,256		1,510		4,111		3,021
General contracting and real estate services
Segment revenues		47,066		20,495		76,137		39,729
Segment expenses		45,283		19,354		73,425		37,339
Segment net operating income		1,783		1,141		2,712		2,390
Net operating income	$	15,101	$	11,212	$	27,803	$	22,335

Reconciliation of Net Operating Income to Net Income

The following table reconciles net operating income to net income for the three and six months ended June 30, 2015 and 2014 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(Unaudited)
Net operating income	$	15,101		$	11,212		$	27,803		$	22,335
Depreciation and amortization		(5,766	)		(4,057	)		(10,674	)		(8,026	)
General and administrative expenses		(2,096	)		(1,981	)		(4,424	)		(4,027	)
Acquisition, development and other pursuit costs		(591	)		—			(762	)		—
Impairment charges		(23	)		—			(23	)		—
Interest expense		(3,358	)		(2,678	)		(6,404	)		(5,243	)
Loss on extinguishment of debt		(180	)		—			(407	)		—
Gain on real estate dispositions		7,210			—			13,407			—
Other income (loss)		(16	)		(194	)		(148	)		(82	)
Income tax benefit (provision)		4			(29	)		35			(178	)
Net income	$	10,285		$	2,273		$	18,403		$	4,779