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Segments (Tables)
 6 Months Ended
Jun. 30, 2016
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, 2016 and 2015 was as follows (in thousands): 
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
(Unaudited)
Office real estate
 
 
 
 
 
 
 
 
Rental revenues
 
$
5,299

 
$
8,052

 
$
10,820

 
$
15,755

Rental expenses
 
1,298

 
1,704

 
2,754

 
3,458

Real estate taxes
 
526

 
803

 
1,065

 
1,494

Segment net operating income
 
3,475

 
5,545

 
7,001

 
10,803

Retail real estate
 
 
 
 
 
 
 
 
Rental revenues
 
14,113

 
7,567

 
27,145

 
14,192

Rental expenses
 
2,220

 
1,346

 
4,556

 
2,745

Real estate taxes
 
1,330

 
704

 
2,614

 
1,270

Segment net operating income
 
10,563

 
5,517

 
19,975

 
10,177

Multifamily residential real estate
 
 
 
 
 
 
 
 
Rental revenues
 
4,839

 
4,289

 
9,569

 
8,151

Rental expenses
 
1,553

 
1,581

 
3,090

 
3,188

Real estate taxes
 
526

 
452

 
1,052

 
852

Segment net operating income
 
2,760

 
2,256

 
5,427

 
4,111

General contracting and real estate services
 
 
 
 
 
 
 
 
Segment revenues
 
33,200

 
47,066

 
70,003

 
76,137

Segment expenses
 
32,025

 
45,283

 
67,062

 
73,425

Segment gross profit
 
1,175

 
1,783

 
2,941

 
2,712

Net operating income
 
$
17,973

 
$
15,101

 
$
35,344

 
$
27,803
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, 2016 and 2015 (in thousands): 
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
(Unaudited)
Net operating income
 
$
17,973

 
$
15,101

 
$
35,344

 
$
27,803

Depreciation and amortization
 
(8,602
)
 
(5,766
)
 
(16,751
)
 
(10,674
)
General and administrative expenses
 
(2,224
)
 
(2,096
)
 
(4,708
)
 
(4,424
)
Acquisition, development and other pursuit costs
 
(437
)
 
(591
)
 
(1,141
)
 
(762
)
Impairment charges
 
—

 
(23
)
 
(35
)
 
(23
)
Interest income
 
722

 
—

 
904

 
—

Interest expense
 
(3,978
)
 
(3,358
)
 
(7,769
)
 
(6,404
)
Loss on extinguishment of debt
 
—

 
(180
)
 
—

 
(407
)
Gain on real estate dispositions and acquisitions
 
13

 
7,210

 
26,687

 
13,407

Change in fair value of interest rate derivatives
 
(373
)
 
—

 
(2,762
)
 
—

Other (expense) income
 
43

 
(16
)
 
119

 
(148
)
Income tax benefit (provision)
 
(6
)
 
4

 
(224
)
 
35

Net income
 
$
3,131

 
$
10,285

 
$
29,664

 
$
18,403