Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2019

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,
	2019		2018		2019		2018
Revenues
Rental Operations:
Industrial	$	213,819	$	194,922	$	633,226	$	574,866
Non-reportable Rental Operations	1,471		1,481		4,401		6,300
Service Operations	25,955		34,986		104,838		94,552
Total segment revenues	241,245		231,389		742,465		675,718
Other revenue	84		509		819		1,295
Consolidated revenue from continuing operations	241,329		231,898		743,284		677,013
Discontinued operations	—		85		—		117
Consolidated revenue	$	241,329	$	231,983	$	743,284	$	677,130

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,
	2019			2018			2019			2018
PNOI
Industrial	$	151,906		$	136,456		$	446,446		$	391,645
Non-reportable Rental Operations	883			1,312			2,623			4,029
PNOI, excluding all sold properties	152,789			137,768			449,069			395,674
PNOI from sold properties included in continuing operations	3,119			5,546			12,774			24,668
PNOI, continuing operations	$	155,908		$	143,314		$	461,843		$	420,342
Earnings from Service Operations	2,315			1,256			5,423			5,160
Rental Operations revenues and expenses excluded from PNOI:
Straight-line rental income and expense, net	5,537			5,832			16,003			16,763
Revenues related to lease buyouts	1,089			—			1,108			23
Amortization of lease concessions and above and below market rents	1,741			593			4,545			1,599
Intercompany rents and other adjusting items	77			48			180			206
Non-Segment Items:
Equity in earnings of unconsolidated joint ventures	3,736			5,552			12,594			15,521
Interest expense	(22,604		)	(21,462		)	(68,246		)	(62,137		)
Depreciation and amortization expense	(83,924		)	(78,855		)	(242,920		)	(232,216		)
Gain on sale of properties	173,646			(107		)	204,075			194,741
Interest and other income, net	2,085			4,129			7,377			13,319
General and administrative expenses	(13,720		)	(8,959		)	(49,123		)	(43,441		)
Gain on land sales	3,869			3,915			6,569			7,221
Other operating expenses	(874		)	(1,104		)	(4,515		)	(3,902		)
Loss on extinguishment of debt	—			(89		)	(13		)	(240		)
Gain on involuntary conversion	—			—			2,259			—
Non-incremental costs related to successful leases	(1,123		)	—			(6,726		)	—
Other non-segment revenues and expenses, net	125			(1,658		)	788			(3,887		)
Income from continuing operations before income taxes	$	227,883		$	52,405		$	351,221		$	329,072