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Segments (Tables)
 6 Months Ended
Jun. 30, 2020
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, 2020 and 2019 was as follows (in thousands): 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Office real estate
 
 
 
 
 
 
 
 
Rental revenues
 
$
10,494

 
$
7,382

 
$
20,686

 
$
12,938

Rental expenses
 
2,291

 
1,853

 
4,837

 
3,339

Real estate taxes
 
1,228

 
653

 
2,374

 
1,179

Segment net operating income
 
6,975

 
4,876

 
13,475

 
8,420

Retail real estate
 
 
 
 
 
 
 
 
Rental revenues
 
18,714

 
19,235

 
39,125

 
36,492

Rental expenses
 
2,458

 
2,860

 
5,478

 
5,460

Real estate taxes
 
2,007

 
1,893

 
4,173

 
3,704

Segment net operating income
 
14,249

 
14,482

 
29,474

 
27,328

Multifamily residential real estate
 
 
 
 
 
 
 
 
Rental revenues
 
10,707

 
9,761

 
22,393

 
17,857

Rental expenses
 
3,560

 
3,202

 
7,369

 
5,841

Real estate taxes
 
998

 
905

 
2,019

 
1,696

Segment net operating income
 
6,149

 
5,654

 
13,005

 
10,320

General contracting and real estate services
 
 
 
 
 
 
 
 
Segment revenues
 
57,398

 
21,444

 
104,666

 
38,480

Segment expenses
 
55,342

 
20,123

 
100,892

 
36,409

Segment gross profit
 
2,056

 
1,321

 
3,774

 
2,071

Net operating income
 
$
29,429

 
$
26,333

 
$
59,728

 
$
48,139
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, 2020 and 2019 (in thousands): 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Net operating income
 
$
29,429

 
$
26,333

 
$
59,728

 
$
48,139

Depreciation and amortization
 
(13,777
)
 
(13,505
)
 
(28,056
)
 
(23,409
)
Amortization of right-of-use assets - finance leases
 
(146
)
 
(85
)
 
(293
)
 
(85
)
General and administrative expenses
 
(2,988
)
 
(2,951
)
 
(6,781
)
 
(6,352
)
Acquisition, development and other pursuit costs
 
(502
)
 
(57
)
 
(529
)
 
(457
)
Impairment charges
 
—

 
—

 
(158
)
 
—

Gain on real estate dispositions
 
2,776

 
—

 
2,776

 
—

Interest income
 
4,412

 
5,593

 
11,638

 
10,912

Interest expense on indebtedness
 
(6,999
)
 
(7,491
)
 
(14,958
)
 
(13,377
)
Interest expense on finance leases
 
(228
)
 
(112
)
 
(457
)
 
(112
)
Equity in income of unconsolidated real estate entities
 
—

 
—

 
—

 
273

Change in fair value of interest rate derivatives
 
(6
)
 
(1,933
)
 
(1,742
)
 
(3,396
)
Unrealized credit loss release (provision)
 
117

 
—

 
(260
)
 
—

Other income (expense), net
 
286

 
4

 
344

 
64

Income tax benefit (provision)
 
(65
)
 
30

 
192

 
140

Net income
 
$
12,309

 
$
5,826

 
$
21,444

 
$
12,340