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Condensed Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenues        
Rental revenues $ 25,305 $ 21,303 $ 72,839 $ 59,401
General contracting and real estate services revenues 38,552 53,822 108,555 129,959
Total revenues 63,857 75,125 181,394 189,360
Expenses        
Rental expenses 5,834 4,865 16,234 14,256
Real estate taxes 2,356 2,056 7,087 5,672
General contracting and real estate services expenses 37,274 51,716 104,336 125,141
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 0 184 23
Total expenses 56,999 67,115 161,827 169,430
Operating income 6,858 8,010 19,567 19,930
Interest income 1,024 0 1,928 0
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 0 30,440 13,407
Change in fair value of interest rate derivatives 498 (51) (2,264) (238)
Other income 35 17 154 56
Income before taxes 7,962 4,455 37,850 22,823
Income tax provision (16) (118) (240) (83)
Net income 7,946 4,337 37,610 22,740
Net income attributable to noncontrolling interests (2,734) (1,649) (12,994) (8,426)
Net income attributable to stockholders $ 5,212 $ 2,688 $ 24,616 $ 14,314
Net income per share and unit:        
Basic and diluted (in dollars per share) $ 0.15 $ 0.10 $ 0.77 $ 0.56
Weighted-average outstanding:        
Common shares (in shares) 33,792 25,958 31,913 25,532
Common units (in shares) 17,720 15,919 16,956 15,159
Basic and diluted (in shares) 51,512 41,877 48,869 40,691
Dividends and distributions declared per common share and unit (in dollars per share) $ 0.18 $ 0.17 $ 0.54 $ 0.51
Comprehensive income:        
Net income $ 7,946 $ 4,337 $ 37,610 $ 22,740
Unrealized cash flow hedge losses 0 (1,026) 0 (1,574)
Realized cash flow hedge losses reclassified to net income 0 13 0 13
Comprehensive income 7,946 3,324 37,610 21,179
Comprehensive income attributable to noncontrolling interests (2,734) (1,264) (12,994) (7,837)
Comprehensive income attributable to stockholders $ 5,212 $ 2,060 $ 24,616 $ 13,342