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Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues      
Rental revenues $ 108,737 $ 99,355 $ 81,172
General contracting and real estate services revenues 194,034 159,030 171,268
Total revenues 302,771 258,385 252,440
Expenses      
Rental expenses 25,422 21,904 19,204
Real estate taxes 10,528 9,629 7,782
General contracting and real estate services expenses 186,590 153,375 165,344
Depreciation and amortization 37,321 35,328 23,153
General and administrative expenses 10,435 9,552 8,397
Acquisition, development and other pursuit costs 648 1,563 1,935
Impairment charges 110 355 41
Total expenses 271,054 231,706 225,856
Operating income 31,717 26,679 26,584
Interest income 7,077 3,228 126
Interest expense (17,439) (16,466) (13,333)
Loss on extinguishment of debt (50) (82) (512)
Gain on real estate dispositions 8,087 30,533 18,394
Change in fair value of interest rate derivatives 1,127 (941) (229)
Other income 131 147 119
Income before taxes 30,650 43,098 31,149
Income tax benefit (provision) (725) (343) 34
Net income 29,925 42,755 31,183
Net income attributable to noncontrolling interests (8,878) (14,681) (11,541)
Net income attributable to stockholders $ 21,047 $ 28,074 $ 19,642
Net income per share and unit:      
Basic and diluted (in dollars per share) $ 0.50 $ 0.85 $ 0.75
Weighted-average outstanding:      
Common shares (in shares) 42,423 33,057 26,006
Common units (in shares) 17,758 17,167 15,377
Basic and diluted (in shares) 60,181 50,224 41,383
Comprehensive income:      
Net income $ 29,925 $ 42,755 $ 31,183
Unrealized cash flow hedge losses 0 0 (1,075)
Realized cash flow hedge losses reclassified to net income 0 0 27
Comprehensive income 29,925 42,755 30,135
Comprehensive income attributable to noncontrolling interests (8,878) (14,681) (11,141)
Comprehensive income attributable to stockholders $ 21,047 $ 28,074 $ 18,994