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Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Rental revenues $ 27,096 $ 25,305 $ 81,083 $ 72,839
General contracting and real estate services revenues 41,201 38,552 161,391 108,555
Total revenues 68,297 63,857 242,474 181,394
Expenses        
Rental expenses 6,830 5,834 19,069 16,234
Real estate taxes 2,693 2,356 7,797 7,087
General contracting and real estate services expenses 39,377 37,274 154,588 104,336
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
Total expenses 60,317 56,999 217,761 161,827
Operating income 7,980 6,858 24,713 19,567
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 0 (82) 0 (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 before taxes 10,490 7,962 24,938 37,850
Income tax provision (29) (16) (781) (240)
Net income 10,461 7,946 24,157 37,610
Net income attributable to noncontrolling interests (2,973) (2,734) (7,262) (12,994)
Net income attributable to stockholders $ 7,488 $ 5,212 $ 16,895 $ 24,616
Net income attributable to stockholders per share (basic and diluted) (in dollars per share) $ 0.17 $ 0.15 $ 0.41 $ 0.77
Weighted-average common shares outstanding (basic and diluted) (in shares) 44,934 33,792 41,575 31,913
Dividends and distributions declared per common share and unit (in dollars per share) $ 0.19 $ 0.18 $ 0.57 $ 0.54