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Condensed Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues        
Rental revenues $ 24,251 $ 19,908 $ 47,534 $ 38,098
General contracting and real estate services revenues 33,200 47,066 70,003 76,137
Total revenues 57,451 66,974 117,537 114,235
Expenses        
Rental expenses 5,071 4,631 10,400 9,391
Real estate taxes 2,382 1,959 4,731 3,616
General contracting and real estate services expenses 32,025 45,283 67,062 73,425
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 0 23 35 23
Total expenses 50,741 60,349 104,828 102,315
Operating income 6,710 6,625 12,709 11,920
Interest income 722 0 904 0
Interest expense (3,978) (3,358) (7,769) (6,404)
Loss on extinguishment of debt 0 (180) 0 (407)
Gain on real estate dispositions 13 7,210 26,687 13,407
Change in fair value of interest rate derivatives (373) (40) (2,762) (187)
Other income 43 24 119 39
Income before taxes 3,137 10,281 29,888 18,368
Income tax (provision) benefit (6) 4 (224) 35
Net income 3,131 10,285 29,664 18,403
Net income attributable to noncontrolling interests (1,097) (3,764) (10,260) (6,777)
Net income attributable to stockholders $ 2,034 $ 6,521 $ 19,404 $ 11,626
Net income per share and unit:        
Basic and diluted (in dollars per share) $ 0.06 $ 0.25 $ 0.62 $ 0.46
Weighted-average outstanding:        
Common shares (in shares) 31,736 25,587 30,964 25,316
Common units (in shares) 17,113 14,769 16,570 14,772
Basic and diluted (in shares) 48,849 40,356 47,534 40,088
Dividends and distributions declared per common share and unit (in dollars per share) $ 0.18 $ 0.17 $ 0.18 $ 0.17
Comprehensive income:        
Net income $ 3,131 $ 10,285 $ 29,664 $ 18,403
Unrealized cash flow hedge losses 0 238 0 (548)
Comprehensive income 3,131 10,523 29,664 17,855
Comprehensive income attributable to noncontrolling interests (1,097) (3,851) (10,260) (6,573)
Comprehensive income attributable to stockholders $ 2,034 $ 6,672 $ 19,404 $ 11,282