Segments (Tables)

12 Months Ended

Dec. 31, 2022

Net operating income of the Company’s reportable segments for the years ended December 31, 2022, 2021, and 2020 was as follows (in thousands):


	Years Ended December 31,
	2022		2021		2020
Office real estate
Rental revenues	$	74,036	$	47,363	$	43,494
Rental expenses	18,710		12,412		10,799
Real estate taxes	7,625		6,112		5,111
Segment net operating income	47,701		28,839		27,584
Retail real estate
Rental revenues	86,344		78,572		73,032
Rental expenses	13,769		12,512		11,029
Real estate taxes	8,873		8,416		7,784
Segment net operating income	63,702		57,644		54,219
Multifamily residential real estate
Rental revenues	58,914		66,205		49,962
Rental expenses	18,263		21,570		17,132
Real estate taxes	5,559		7,324		5,241
Segment net operating income	35,092		37,311		27,589
General contracting and real estate services
Segment revenues	234,859		91,936		217,146
Segment expenses	227,158		88,100		209,472
Segment gross profit	7,701		3,836		7,674
Net operating income	$	154,196	$	127,630	$	117,066

The following table reconciles net operating income to net income for the years ended December 31, 2022, 2021, and 2020 (in thousands):


	Years Ended December 31,
	2022		2021		2020
Net operating income	$	154,196	$	127,630	$	117,066
Depreciation and amortization	(72,974)		(68,853)		(59,972)
Amortization of right-of-use assets - finance leases	(1,110)		(1,022)		(586)
General and administrative expenses	(15,691)		(14,610)		(12,905)
Acquisition, development and other pursuit costs	(37)		(112)		(584)
Impairment charges	(416)		(21,378)		(666)
Gain on real estate dispositions	53,466		19,040		6,388
Interest income	16,978		18,457		19,841
Interest expense	(39,680)		(33,905)		(31,035)
Loss on extinguishment of debt	(3,374)		(3,810)		—

Change in fair value of derivatives and other	8,698		2,182		(1,130)
Unrealized credit loss release (provision)	(626)		792		(256)
Other income (expense), net	378		302		515
Income tax benefit	145		742		283
Net income	$	99,953	$	25,455	$	36,959