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Segments (Tables)
 9 Months Ended
Sep. 30, 2017
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, 2017 and 2016 was as follows (in thousands): 
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
 
2017
 
2016
 
2017
 
2016
 
 
(Unaudited)
Office real estate
 
 
 
 
 
 
 
 
Rental revenues
 
$
4,762

 
$
5,277

 
$
14,427

 
$
16,097

Rental expenses
 
1,447

 
1,553

 
4,138

 
4,307

Real estate taxes
 
481

 
485

 
1,381

 
1,550

Segment net operating income
 
2,834

 
3,239

 
8,908

 
10,240

Retail real estate
 
 
 
 
 
 
 
 
Rental revenues
 
15,880

 
14,340

 
47,089

 
41,485

Rental expenses
 
2,699

 
2,264

 
7,698

 
6,820

Real estate taxes
 
1,588

 
1,339

 
4,557

 
3,953

Segment net operating income
 
11,593

 
10,737

 
34,834

 
30,712

Multifamily residential real estate
 
 
 
 
 
 
 
 
Rental revenues
 
6,454

 
5,688

 
19,567

 
15,257

Rental expenses
 
2,684

 
2,017

 
7,233

 
5,107

Real estate taxes
 
624

 
532

 
1,859

 
1,584

Segment net operating income
 
3,146

 
3,139

 
10,475

 
8,566

General contracting and real estate services
 
 
 
 
 
 
 
 
Segment revenues
 
41,201

 
38,552

 
161,391

 
108,555

Segment expenses
 
39,377

 
37,274

 
154,588

 
104,336

Segment gross profit
 
1,824

 
1,278

 
6,803

 
4,219

Net operating income
 
$
19,397

 
$
18,393

 
$
61,020

 
$
53,737
Reconciliation of net operating income to net income
The following table reconciles net operating income to net income, the most directly comparable GAAP measure, for the three and nine months ended September 30, 2017 and 2016 (in thousands): 
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
 
2017
 
2016
 
2017
 
2016
 
 
(Unaudited)
Net operating income
 
$
19,397

 
$
18,393

 
$
61,020

 
$
53,737

Depreciation and amortization
 
(9,239
)
 
(8,885
)
 
(28,018
)
 
(25,636
)
General and administrative expenses
 
(2,098
)
 
(2,156
)
 
(7,762
)
 
(6,864
)
Acquisition, development and other pursuit costs
 
(61
)
 
(345
)
 
(477
)
 
(1,486
)
Impairment charges
 
(19
)
 
(149
)
 
(50
)
 
(184
)
Interest income
 
1,910

 
1,024

 
4,966

 
1,928

Interest expense
 
(4,253
)
 
(4,124
)
 
(13,282
)
 
(11,893
)
Loss on extinguishment of debt
 
—

 
(82
)
 
—

 
(82
)
Gain on real estate dispositions
 
4,692

 
3,753

 
8,087

 
30,440

Change in fair value of interest rate derivatives
 
87

 
498

 
300

 
(2,264
)
Other income
 
74

 
35

 
154

 
154

Income tax provision
 
(29
)
 
(16
)
 
(781
)
 
(240
)
Net income
 
$
10,461

 
$
7,946

 
$
24,157

 
$
37,610