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Segments (Tables)
 9 Months Ended
Sep. 30, 2018
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, 2018 and 2017 was as follows (in thousands): 
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(Unaudited)
Office real estate
 
 
 
 
 
 
 
 
Rental revenues
 
$
5,149

 
$
4,762

 
$
15,537

 
$
14,427

Rental expenses
 
1,551

 
1,447

 
4,435

 
4,138

Real estate taxes
 
515

 
481

 
1,519

 
1,381

Segment net operating income
 
3,083

 
2,834

 
9,583

 
8,908

Retail real estate
 
 
 
 
 
 
 
 
Rental revenues
 
16,932

 
15,880

 
50,251

 
47,089

Rental expenses
 
2,761

 
2,699

 
7,974

 
7,698

Real estate taxes
 
1,703

 
1,588

 
5,041

 
4,557

Segment net operating income
 
12,468

 
11,593

 
37,236

 
34,834

Multifamily residential real estate
 
 
 
 
 
 
 
 
Rental revenues
 
6,849

 
6,454

 
20,439

 
19,567

Rental expenses
 
2,791

 
2,684

 
7,640

 
7,233

Real estate taxes
 
622

 
624

 
1,828

 
1,859

Segment net operating income
 
3,436

 
3,146

 
10,971

 
10,475

General contracting and real estate services
 
 
 
 
 
 
 
 
Segment revenues
 
19,950

 
41,201

 
63,654

 
161,391

Segment expenses
 
18,973

 
39,377

 
61,474

 
154,588

Segment gross profit
 
977

 
1,824

 
2,180

 
6,803

Net operating income
 
$
19,964

 
$
19,397

 
$
59,970

 
$
61,020
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, 2018 and 2017 (in thousands): 
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(Unaudited)
Net operating income
 
$
19,964

 
$
19,397

 
$
59,970

 
$
61,020

Depreciation and amortization
 
(10,196
)
 
(9,239
)
 
(28,653
)
 
(28,018
)
General and administrative expenses
 
(2,367
)
 
(2,098
)
 
(8,092
)
 
(7,762
)
Acquisition, development and other pursuit costs
 
(69
)
 
(61
)
 
(162
)
 
(477
)
Impairment charges
 
(3
)
 
(19
)
 
(101
)
 
(50
)
Interest income
 
2,545

 
1,910

 
7,152

 
4,966

Interest expense
 
(4,677
)
 
(4,253
)
 
(13,547
)
 
(13,282
)
Loss on extinguishment of debt
 
(11
)
 
—

 
(11
)
 
—

Gain on real estate dispositions
 
—

 
4,692

 
—

 
8,087

Change in fair value of interest rate derivatives
 
298

 
87

 
1,256

 
300

Other income
 
65

 
74

 
233

 
154

Income tax benefit (provision)
 
120

 
(29
)
 
552

 
(781
)
Net income
 
$
5,669

 
$
10,461

 
$
18,597

 
$
24,157