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Segments (Tables)
 3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Net operating income of reportable segments
Net operating income of the Company’s reportable segments for the three months ended March 31, 2017 and 2016 was as follows (in thousands): 
 
 
Three Months Ended 
 March 31,
 
 
2017
 
2016
 
(Unaudited)
Office real estate
 
 
 
 
Rental revenues
 
$
4,906

 
$
5,521

Rental expenses
 
1,325

 
1,456

Real estate taxes
 
450

 
539

Segment net operating income
 
3,131

 
3,526

Retail real estate
 
 
 
 
Rental revenues
 
15,631

 
13,032

Rental expenses
 
2,520

 
2,336

Real estate taxes
 
1,450

 
1,284

Segment net operating income
 
11,661

 
9,412

Multifamily residential real estate
 
 
 
 
Rental revenues
 
6,695

 
4,730

Rental expenses
 
2,223

 
1,537

Real estate taxes
 
609

 
526

Segment net operating income
 
3,863

 
2,667

General contracting and real estate services
 
 
 
 
Segment revenues
 
63,519

 
36,803

Segment expenses
 
61,196

 
35,037

Segment gross profit
 
2,323

 
1,766

Net operating income
 
$
20,978

 
$
17,371
Reconciliation of net operating income to net income
The following table reconciles net operating income to net income for the three months ended March 31, 2017 and 2016 (in thousands): 
 
 
Three Months Ended 
 March 31,
 
 
2017
 
2016
 
(Unaudited)
Net operating income
 
$
20,978

 
$
17,371

Depreciation and amortization
 
(9,475
)
 
(8,149
)
General and administrative expenses
 
(2,986
)
 
(2,484
)
Acquisition, development and other pursuit costs
 
(47
)
 
(704
)
Impairment charges
 
(4
)
 
(35
)
Interest income
 
1,398

 
182

Interest expense
 
(4,535
)
 
(3,791
)
Gain on real estate dispositions
 
3,395

 
26,674

Change in fair value of interest rate derivatives
 
294

 
(2,389
)
Other income
 
37

 
76

Income tax provision
 
(302
)
 
(218
)
Net income
 
$
8,753

 
$
26,533