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Segments (Tables)
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Net operating income of reportable segments
Net operating income of the Company’s reportable segments for the years ended December 31, 2019, 2018, and 2017 was as follows (in thousands):
 
 
Years Ended December 31, 
 
2019
 
2018
 
2017
Office real estate
    
 
    
 
    
Rental revenues
$
33,269

 
$
20,701

 
$
19,207

Rental expenses
8,722

 
5,858

 
5,483

Real estate taxes
3,471

 
2,034

 
1,859

Segment net operating income
21,076

 
12,809

 
11,865

Retail real estate
 
 
 
 
 
Rental revenues
77,593

 
67,959

 
63,109

Rental expenses
11,656

 
10,903

 
10,234

Real estate taxes
7,916

 
6,801

 
6,175

Segment net operating income
58,021

 
50,255

 
46,700

Multifamily residential real estate
 
 
 
 
 
Rental revenues
40,477

 
28,298

 
26,421

Rental expenses
13,954

 
10,461

 
9,705

Real estate taxes
3,574

 
2,548

 
2,494

Segment net operating income
22,949

 
15,289

 
14,222

General contracting and real estate services
 
 
 
 
 
Segment revenues
105,859

 
76,359

 
194,034

Segment expenses
101,538

 
73,628

 
186,590

Segment gross profit
4,321

 
2,731

 
7,444

Net operating income
$
106,367

 
$
81,084

 
$
80,231
Reconciliation of net operating income to net income
The following table reconciles net operating income to net income for the years ended December 31, 2019, 2018, and 2017 (in thousands):
 
 
Years Ended December 31, 
 
2019
 
2018
 
2017
Net operating income
$
106,367

 
$
81,084

 
$
80,231

Depreciation and amortization
(54,564
)
 
(39,913
)
 
(37,321
)
Amortization of right-of-use assets - finance leases
(377
)
 
—

 
—

General and administrative expenses
(12,392
)
 
(11,431
)
 
(10,435
)
Acquisition, development and other pursuit costs
(844
)
 
(352
)
 
(648
)
Impairment charges
(252
)
 
(1,619
)
 
(110
)
Gain on real estate dispositions
4,699

 
4,254

 
8,087

Interest income
23,215

 
10,729

 
7,077

Interest expense on indebtedness
(30,776
)
 
(19,087
)
 
(17,439
)
Interest expense on finance leases
(568
)
 
—

 
—

Equity in income of unconsolidated real estate entities
273

 
372

 
—

Loss on extinguishment of debt
—

 
(11
)
 
(50
)
Change in fair value of interest rate derivatives
(3,599
)
 
(951
)
 
1,127

Other income (expense), net
585

 
388

 
131

Income tax benefit (provision)
491

 
29

 
(725
)
Net income
$
32,258

 
$
23,492

 
$
29,925