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Segments (Tables)
 12 Months Ended
Dec. 31, 2018
Segment Reporting [Abstract]  
Net operating income of reportable segments
Net operating income of the Company’s reportable segments for the years ended December 31, 2018, 2017, and 2016 was as follows (in thousands):
 
 
Years Ended December 31, 
 
2018
 
2017
 
2016
Office real estate
    
 
    
 
    
Rental revenues
$
20,701

 
$
19,207

 
$
20,929

Rental expenses
5,858

 
5,483

 
5,560

Real estate taxes
2,034

 
1,859

 
2,000

Segment net operating income
12,809

 
11,865

 
13,369

Retail real estate
 
 
 
 
 
Rental revenues
67,959

 
63,109

 
56,511

Rental expenses
10,903

 
10,234

 
9,116

Real estate taxes
6,801

 
6,175

 
5,395

Segment net operating income
50,255

 
46,700

 
42,000

Multifamily residential real estate
 
 
 
 
 
Rental revenues
28,298

 
26,421

 
21,915

Rental expenses
10,461

 
9,705

 
7,228

Real estate taxes
2,548

 
2,494

 
2,234

Segment net operating income
15,289

 
14,222

 
12,453

General contracting and real estate services
 
 
 
 
 
Segment revenues
76,359

 
194,034

 
159,030

Segment expenses
73,628

 
186,590

 
153,375

Segment gross profit
2,731

 
7,444

 
5,655

Net operating income
$
81,084

 
$
80,231

 
$
73,477
Reconciliation of net operating income to net income
The following table reconciles net operating income to net income for the years ended December 31, 2018, 2017, and 2016 (in thousands):
 
 
Years Ended December 31, 
 
2018
 
2017
 
2016
Net operating income
$
81,084

 
$
80,231

 
$
73,477

Depreciation and amortization
(39,913
)
 
(37,321
)
 
(35,328
)
General and administrative expenses
(11,431
)
 
(10,435
)
 
(9,552
)
Acquisition, development and other pursuit costs
(352
)
 
(648
)
 
(1,563
)
Impairment charges
(1,619
)
 
(110
)
 
(355
)
Interest income
10,729

 
7,077

 
3,228

Interest expense
(19,087
)
 
(17,439
)
 
(16,466
)
Equity in income of unconsolidated real estate entities
372

 
—

 
—

Loss on extinguishment of debt
(11
)
 
(50
)
 
(82
)
Gain on real estate dispositions
4,254

 
8,087

 
30,533

Change in fair value of interest rate derivatives
(951
)
 
1,127

 
(941
)
Other income
388

 
131

 
147

Income tax benefit (provision)
29

 
(725
)
 
(343
)
Net income
$
23,492

 
$
29,925

 
$
42,755