XML 42 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2016
Segment Reporting [Abstract]  
Reconciliation of Revenue from Segments to Consolidated
The following table shows the revenues for each of the reportable segments, as well as a reconciliation to consolidated revenues (in thousands): 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2016
 
2015
 
2016
 
2015
Revenues
 
 
 
 
 
 
 
 
Rental Operations:
 
 
 
 
 
 
 
 
Industrial
 
$
149,746

 
$
136,276

 
$
432,945

 
$
419,391

Medical Office
 
45,353

 
39,911

 
130,713

 
120,213

Non-reportable Rental Operations
 
10,065

 
23,277

 
38,490

 
72,103

Service Operations
 
19,351

 
33,599

 
68,546

 
110,320

Total segment revenues
 
224,515

 
233,063

 
670,694

 
722,027

Other revenue
 
1,684

 
1,474

 
7,023

 
5,842

Consolidated revenue from continuing operations
 
226,199

 
234,537

 
677,717

 
727,869

Discontinued operations
 
380

 
7

 
735

 
32,171

Consolidated revenue
 
$
226,579

 
$
234,544

 
$
678,452

 
$
760,040
Summary of Net Operation Income
The following table shows a reconciliation of our segment-level measures of profitability to consolidated income from continuing operations before income taxes (in thousands and excluding discontinued operations): 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2016
 
2015
 
2016
 
2015
PNOI
 
 
 
 
 
 
 
 
Industrial
 
$
109,350

 
$
96,966

 
$
314,349

 
$
285,087

Medical Office
 
29,401

 
25,827

 
84,822

 
76,878

Non-reportable Rental Operations
 
4,083

 
4,636

 
12,273

 
14,100

PNOI, excluding all sold/held-for-sale properties

 
142,834

 
127,429

 
411,444

 
376,065

PNOI from sold/held-for-sale properties included in continuing operations
 
1,840

 
12,136

 
16,512

 
46,635

PNOI, continuing operations

 
$
144,674

 
$
139,565

 
$
427,956

 
$
422,700

 
 
 
 
 
 
 
 
 
Earnings from Service Operations
 
2,169

 
3,905

 
8,216

 
11,865

 
 

 

 

 

Rental Operations revenues and expenses excluded from PNOI:
Straight-line rental income and expense, net
 
5,008

 
5,723

 
10,832

 
16,830

Revenues related to lease buyouts
 
1,491

 
408

 
1,725

 
1,366

Amortization of lease concessions and above and below market rents
 
(303
)
 
(357
)
 
(1,361
)
 
(2,559
)
Intercompany rents and other adjusting items
 
(27
)
 
(434
)
 
(246
)
 
(1,306
)
Non-Segment Items:
 
 
 
 
 
 
 
 
Equity in earnings (loss) of unconsolidated companies
 
12,010

 
(5,088
)
 
37,404

 
16,281

Gain on dissolution of unconsolidated company

 
—

 
—

 
30,697

 
—

Promote income
 
2,212

 
—

 
26,299

 
—

Interest expense
 
(34,606
)
 
(41,615
)
 
(109,520
)
 
(134,576
)
Depreciation and amortization expense
 
(80,688
)
 
(79,898
)
 
(238,647
)
 
(240,135
)
Gain on sale of properties
 
82,698

 
71,259

 
137,589

 
202,153

Impairment charges on non-depreciable properties
 
(3,042
)
 
(2,426
)
 
(15,098
)
 
(7,896
)
Interest and other income, net
 
507

 
1,343

 
3,597

 
3,056

General and administrative expenses
 
(12,534
)
 
(11,340
)
 
(42,216
)
 
(47,582
)
Gain on land sales
 
1,601

 
1,659

 
2,438

 
24,096

Other operating expenses
 
(1,424
)
 
(1,467
)
 
(3,496
)
 
(4,579
)
(Loss) gain on extinguishment of debt
 
(6,243
)
 
64

 
(8,673
)
 
(82,589
)
Acquisition-related activity
 
(7
)
 
(5,660
)
 
(82
)
 
(6,993
)
Other non-segment revenues and expenses, net
 
(1,392
)
 
(1,806
)
 
(1,715
)
 
(2,065
)
Income from continuing operations before income taxes
 
$
112,104

 
$
73,835

 
$
265,699

 
$
168,067
Reportable Segments Consolidated Assets
The assets for each of the reportable segments were as follows (in thousands):
 
September 30,
2016
 
December 31,
2015
Assets
 
 
 
Rental Operations:
 
 
 
Industrial
$
4,712,532

 
$
4,552,107

Medical Office
1,319,955

 
1,269,546

Non-reportable Rental Operations
214,130

 
367,469

Service Operations
129,775

 
137,257

Total segment assets
6,376,392

 
6,326,379

Non-segment assets
485,689

 
569,136

Consolidated assets
$
6,862,081

 
$
6,895,515