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Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues      
Rental revenues $ 99,355 $ 81,172 $ 64,746
General contracting and real estate services revenues 159,030 171,268 103,321
Total revenues 258,385 252,440 168,067
Expenses      
Rental expenses 21,904 19,204 16,667
Real estate taxes 9,629 7,782 5,743
General contracting and real estate services expenses 153,375 165,344 98,754
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
Total expenses 231,706 225,856 146,688
Operating income 26,679 26,584 21,379
Interest income 3,228 126 0
Interest expense (16,466) (13,333) (10,648)
Loss on extinguishment of debt (82) (512) 0
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 before taxes 43,098 31,149 12,829
Income tax benefit (provision) (343) 34 (70)
Net income 42,755 31,183 12,759
Net income attributable to noncontrolling interests (14,681) (11,541) (5,068)
Net income attributable to stockholders $ 28,074 $ 19,642 $ 7,691
Net income per share and unit:      
Basic and diluted (in dollars per share) $ 0.85 $ 0.75 $ 0.36
Weighted-average outstanding:      
Common shares (in shares) 33,057 26,006 20,946
Common units (in shares) 17,167 15,377 14,125
Basic and diluted (in shares) 50,224 41,383 35,071
Comprehensive income:      
Net income $ 42,755 $ 31,183 $ 12,759
Unrealized cash flow hedge losses 0 (1,075) 0
Realized cash flow hedge losses reclassified to net income 0 27 0
Comprehensive income 42,755 30,135 12,759
Comprehensive income attributable to noncontrolling interests (14,681) (11,141) (5,068)
Comprehensive income attributable to stockholders $ 28,074 $ 18,994 $ 7,691