XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segments (Tables)
 6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Net operating income of reportable segments
Net operating income of the Company’s reportable segments for the three and six months ended June 30, 2018 and 2017 was as follows (in thousands): 
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(Unaudited)
Office real estate
 
 
 
 
 
 
 
 
Rental revenues
 
$
5,288

 
$
4,759

 
$
10,388

 
$
9,665

Rental expenses
 
1,430

 
1,366

 
2,876

 
2,692

Real estate taxes
 
502

 
450

 
1,004

 
900

Segment net operating income
 
3,356

 
2,943

 
6,508

 
6,073

Retail real estate
 
 
 
 
 
 
 
 
Rental revenues
 
16,608

 
15,578

 
33,319

 
31,209

Rental expenses
 
2,563

 
2,479

 
5,220

 
4,999

Real estate taxes
 
1,656

 
1,520

 
3,339

 
2,969

Segment net operating income
 
12,389

 
11,579

 
24,760

 
23,241

Multifamily residential real estate
 
 
 
 
 
 
 
 
Rental revenues
 
6,702

 
6,418

 
13,590

 
13,113

Rental expenses
 
2,529

 
2,326

 
4,850

 
4,548

Real estate taxes
 
577

 
625

 
1,205

 
1,235

Segment net operating income
 
3,596

 
3,467

 
7,535

 
7,330

General contracting and real estate services
 
 
 
 
 
 
 
 
Segment revenues
 
20,654

 
56,671

 
43,704

 
120,190

Segment expenses
 
20,087

 
54,015

 
42,501

 
115,211

Segment gross profit
 
567

 
2,656

 
1,203

 
4,979

Net operating income
 
$
19,908

 
$
20,645

 
$
40,006

 
$
41,623
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 six months ended June 30, 2018 and 2017 (in thousands): 
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(Unaudited)
Net operating income
 
$
19,908

 
$
20,645

 
$
40,006

 
$
41,623

Depreciation and amortization
 
(9,179
)
 
(9,304
)
 
(18,457
)
 
(18,779
)
General and administrative expenses
 
(2,764
)
 
(2,678
)
 
(5,725
)
 
(5,664
)
Acquisition, development and other pursuit costs
 
(9
)
 
(369
)
 
(93
)
 
(416
)
Impairment charges
 
(98
)
 
(27
)
 
(98
)
 
(31
)
Interest income
 
2,375

 
1,658

 
4,607

 
3,056

Interest expense
 
(4,497
)
 
(4,494
)
 
(8,870
)
 
(9,029
)
Gain on real estate dispositions
 
—

 
—

 
—

 
3,395

Change in fair value of interest rate derivatives
 
(11
)
 
(81
)
 
958

 
213

Other income
 
54

 
43

 
168

 
80

Income tax (provision) benefit
 
166

 
(450
)
 
432

 
(752
)
Net income
 
$
5,945

 
$
4,943

 
$
12,928

 
$
13,696