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Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Rental revenues $ 26,755 $ 24,251 $ 53,987 $ 47,534
General contracting and real estate services revenues 56,671 33,200 120,190 70,003
Total revenues 83,426 57,451 174,177 117,537
Expenses        
Rental expenses 6,171 5,071 12,239 10,400
Real estate taxes 2,595 2,382 5,104 4,731
General contracting and real estate services expenses 54,015 32,025 115,211 67,062
Depreciation and amortization 9,304 8,602 18,779 16,751
General and administrative expenses 2,678 2,224 5,664 4,708
Acquisition, development and other pursuit costs 369 437 416 1,141
Impairment charges 27 0 31 35
Total expenses 75,159 50,741 157,444 104,828
Operating income 8,267 6,710 16,733 12,709
Interest income 1,658 722 3,056 904
Interest expense (4,494) (3,978) (9,029) (7,769)
Gain on real estate dispositions 0 13 3,395 26,687
Change in fair value of interest rate derivatives (81) (373) 213 (2,762)
Other income 43 43 80 119
Income before taxes 5,393 3,137 14,448 29,888
Income tax provision (450) (6) (752) (224)
Net income 4,943 3,131 13,696 29,664
Net income attributable to noncontrolling interests (1,472) (1,097) (4,289) (10,260)
Net income attributable to stockholders $ 3,471 $ 2,034 $ 9,407 $ 19,404
Net income attributable to stockholders per share (basic and diluted) (in dollars per share) $ 0.08 $ 0.06 $ 0.24 $ 0.62
Weighted-average common shares outstanding (basic and diluted) (in shares) 42,091 31,736 39,869 30,964
Dividends and distributions declared per common share and unit (in dollars per share) $ 0.19 $ 0.18 $ 0.38 $ 0.36