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Segments (Tables)
 12 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Net operating income of reportable segments
Net operating income of the Company’s reportable segments for each of the three years ended December 31, 2016 was as follows (in thousands):
 
 
Years Ended December 31, 
 
2016
 
2015
 
2014
Office real estate
    
 
    
 
    
Rental revenues
$
20,929

 
$
31,534

 
$
27,827

Rental expenses
5,560

 
6,938

 
6,395

Real estate taxes
2,000

 
2,950

 
2,315

Segment net operating income
13,369

 
21,646

 
19,117

Retail real estate
 
 
 
 
 
Rental revenues
56,511

 
32,064

 
23,956

Rental expenses
9,116

 
5,915

 
5,011

Real estate taxes
5,395

 
2,928

 
2,097

Segment net operating income
42,000

 
23,221

 
16,848

Multifamily residential real estate
 
 
 
 
 
Rental revenues
21,915

 
17,574

 
12,963

Rental expenses
7,228

 
6,351

 
5,261

Real estate taxes
2,234

 
1,904

 
1,331

Segment net operating income
12,453

 
9,319

 
6,371

General contracting and real estate services
 
 
 
 
 
Segment revenues
159,030

 
171,268

 
103,321

Segment expenses
153,375

 
165,344

 
98,754

Segment gross profit
5,655

 
5,924

 
4,567

Net operating income
$
73,477

 
$
60,110

 
$
46,903
Reconciliation of net operating income to net income
The following table reconciles net operating income to net income for each of the three years ended December 31, 2016 (in thousands):
 
 
Years Ended December 31, 
 
2016
 
2015
 
2014
Net operating income
$
73,477

 
$
60,110

 
$
46,903

Depreciation and amortization
(35,328
)
 
(23,153
)
 
(17,569
)
General and administrative expenses
(9,552
)
 
(8,397
)
 
(7,711
)
Acquisition, development and other pursuit costs
(1,563
)
 
(1,935
)
 
(229
)
Impairment charges
(355
)
 
(41
)
 
(15
)
Interest income
3,228

 
126

 
—

Interest expense
(16,466
)
 
(13,333
)
 
(10,648
)
Loss on extinguishment of debt
(82
)
 
(512
)
 
—

Gain on real estate dispositions
30,533

 
18,394

 
2,211

Change in fair value of interest rate derivatives
(941
)
 
(229
)
 
(233
)
Other income
147

 
119

 
120

Income tax benefit (provision)
(343
)
 
34

 
(70
)
Net income
$
42,755

 
$
31,183

 
$
12,759