XML 36 R25.htm IDEA: XBRL DOCUMENT
v3.21.1

Segments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
Segment Reporting [Abstract] |
Net operating income of reportable segments | Net operating income of the Company’s reportable segments for the three months ended March 31, 2021 and 2020 was as follows (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2021 |  | 2020 |  |  |  |
Office real estate |  |  |  |  |  |  |  |
Rental revenues |  | $ | 11,635 |  |  | $ | 10,192 |  |  |  |  |
Rental expenses |  | 2,875 |  |  | 2,546 |  |  |  |  |
Real estate taxes |  | 1,358 |  |  | 1,146 |  |  |  |  |
Segment net operating income |  | 7,402 |  |  | 6,500 |  |  |  |  |
Retail real estate |  |  |  |  |  |  |  |
Rental revenues |  | 18,255 |  |  | 20,411 |  |  |  |  |
Rental expenses |  | 2,836 |  |  | 3,020 |  |  |  |  |
Real estate taxes |  | 2,027 |  |  | 2,166 |  |  |  |  |
Segment net operating income |  | 13,392 |  |  | 15,225 |  |  |  |  |
Multifamily residential real estate |  |  |  |  |  |  |  |
Rental revenues |  | 15,851 |  |  | 11,686 |  |  |  |  |
Rental expenses |  | 5,121 |  |  | 3,809 |  |  |  |  |
Real estate taxes |  | 1,921 |  |  | 1,021 |  |  |  |  |
Segment net operating income |  | 8,809 |  |  | 6,856 |  |  |  |  |
General contracting and real estate services |  |  |  |  |  |  |  |
Segment revenues |  | 35,563 |  |  | 47,268 |  |  |  |  |
Segment expenses |  | 34,275 |  |  | 45,550 |  |  |  |  |
Segment gross profit |  | 1,288 |  |  | 1,718 |  |  |  |  |
Net operating income |  | $ | 30,891 |  |  | $ | 30,299 |  |  |  |  |
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 months ended March 31, 2021 and 2020 (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2021 |  | 2020 |  |  |  |
Net operating income |  | $ | 30,891 |  |  | $ | 30,299 |  |  |  |  |
Depreciation and amortization |  | (18,066) |  |  | (14,279) |  |  |  |  |
Amortization of right-of-use assets - finance leases |  | (189) |  |  | (147) |  |  |  |  |
General and administrative expenses |  | (4,021) |  |  | (3,793) |  |  |  |  |
Acquisition, development and other pursuit costs |  | (71) |  |  | (27) |  |  |  |  |
Impairment charges |  | (3,039) |  |  | (158) |  |  |  |  |
Gain on real estate dispositions |  | 3,717 |  |  | — |  |  |  |  |
Interest income |  | 4,116 |  |  | 7,226 |  |  |  |  |
Interest expense on indebtedness |  | (7,613) |  |  | (7,959) |  |  |  |  |
Interest expense on finance leases |  | (362) |  |  | (229) |  |  |  |  |
Change in fair value of derivatives and other |  | 393 |  |  | (1,736) |  |  |  |  |
Unrealized credit loss release (provision) |  | 55 |  |  | (377) |  |  |  |  |
Other income (expense), net |  | 179 |  |  | 58 |  |  |  |  |
Income tax benefit |  | 19 |  |  | 257 |  |  |  |  |
Net income |  | $ | 6,009 |  |  | $ | 9,135 |  |  |  |  |

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration