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Segments (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Net operating income of reportable segments
Net operating income of the Company’s reportable segments for the years ended December 31, 2021, 2020, and 2019 was as follows (in thousands):
 
 Years Ended December 31, 
 202120202019
Office real estate            
Rental revenues$47,363 $43,494 $33,269 
Rental expenses12,412 10,799 8,722 
Real estate taxes6,112 5,111 3,471 
Segment net operating income28,839 27,584 21,076 
Retail real estate   
Rental revenues78,572 73,032 77,593 
Rental expenses12,512 11,029 11,656 
Real estate taxes8,416 7,784 7,916 
Segment net operating income57,644 54,219 58,021 
Multifamily residential real estate   
Rental revenues66,205 49,962 40,477 
Rental expenses21,570 17,132 13,954 
Real estate taxes7,324 5,241 3,574 
Segment net operating income37,311 27,589 22,949 
General contracting and real estate services   
Segment revenues91,936 217,146 105,859 
Segment expenses88,100 209,472 101,538 
Segment gross profit3,836 7,674 4,321 
Net operating income$127,630 $117,066 $106,367 
Reconciliation of net operating income to net income
The following table reconciles net operating income to net income for the years ended December 31, 2021, 2020, and 2019 (in thousands):
 
 Years Ended December 31, 
 202120202019
Net operating income$127,630 $117,066 $106,367 
Depreciation and amortization(68,853)(59,972)(54,564)
Amortization of right-of-use assets - finance leases(1,022)(586)(377)
General and administrative expenses(14,610)(12,905)(12,392)
Acquisition, development and other pursuit costs(112)(584)(844)
Impairment charges(21,378)(666)(252)
Gain on real estate dispositions19,040 6,388 4,699 
Interest income18,457 19,841 23,215 
Interest expense(33,905)(31,035)(31,344)
Loss on extinguishment of debt(3,810)— (30)
Equity in income of unconsolidated real estate entities— — 273 
Change in fair value of derivatives and other2,182 (1,130)(3,599)
Unrealized credit loss release (provision)792 (256)— 
Other income (expense), net302 515 615 
Income tax benefit742 283 491 
Net income$25,455 $36,959 $32,258