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Segments (Tables)
 9 Months Ended
Sep. 30, 2016
Segment Reporting [Abstract]  
Net Operating Income of Reportable Segments
Net operating income of the Company’s reportable segments for the three and nine months ended September 30, 2016 and 2015 was as follows (in thousands): 
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
(Unaudited)
Office real estate
 
 
 
 
 
 
 
 
Rental revenues
 
$
5,277

 
$
8,092

 
$
16,097

 
$
23,847

Rental expenses
 
1,553

 
1,758

 
4,307

 
5,216

Real estate taxes
 
485

 
734

 
1,550

 
2,228

Segment net operating income
 
3,239

 
5,600

 
10,240

 
16,403

Retail real estate
 
 
 
 
 
 
 
 
Rental revenues
 
14,340

 
8,523

 
41,485

 
22,715

Rental expenses
 
2,264

 
1,478

 
6,820

 
4,223

Real estate taxes
 
1,339

 
810

 
3,953

 
2,080

Segment net operating income
 
10,737

 
6,235

 
30,712

 
16,412

Multifamily residential real estate
 
 
 
 
 
 
 
 
Rental revenues
 
5,688

 
4,688

 
15,257

 
12,839

Rental expenses
 
2,017

 
1,629

 
5,107

 
4,817

Real estate taxes
 
532

 
512

 
1,584

 
1,364

Segment net operating income
 
3,139

 
2,547

 
8,566

 
6,658

General contracting and real estate services
 
 
 
 
 
 
 
 
Segment revenues
 
38,552

 
53,822

 
108,555

 
129,959

Segment expenses
 
37,274

 
51,716

 
104,336

 
125,141

Segment gross profit
 
1,278

 
2,106

 
4,219

 
4,818

Net operating income
 
$
18,393

 
$
16,488

 
$
53,737

 
$
44,291
Reconciliation of Net Operating Income to Net Income
The following table reconciles net operating income to net income for the three and nine months ended September 30, 2016 and 2015 (in thousands): 
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
(Unaudited)
Net operating income
 
$
18,393

 
$
16,488

 
$
53,737

 
$
44,291

Depreciation and amortization
 
(8,885
)
 
(6,317
)
 
(25,636
)
 
(16,991
)
General and administrative expenses
 
(2,156
)
 
(1,873
)
 
(6,864
)
 
(6,297
)
Acquisition, development and other pursuit costs
 
(345
)
 
(288
)
 
(1,486
)
 
(1,050
)
Impairment charges
 
(149
)
 
—

 
(184
)
 
(23
)
Interest income
 
1,024

 
—

 
1,928

 
—

Interest expense
 
(4,124
)
 
(3,518
)
 
(11,893
)
 
(9,922
)
Loss on extinguishment of debt
 
(82
)
 
(3
)
 
(82
)
 
(410
)
Gain on real estate dispositions
 
3,753

 
—

 
30,440

 
13,407

Change in fair value of interest rate derivatives
 
498

 
(51
)
 
(2,264
)
 
(238
)
Other income
 
35

 
17

 
154

 
56

Income tax provision
 
(16
)
 
(118
)
 
(240
)
 
(83
)
Net income
 
$
7,946

 
$
4,337

 
$
37,610

 
$
22,740