Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

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,
	2020		2019		2020		2019
Revenues
Rental Operations:
Industrial	$	233,572	$	213,819	$	674,996	$	633,226
Non-reportable Rental Operations	1,499		1,471		4,410		4,401
Service Operations	26,637		25,955		46,388		104,838
Total segment revenues	261,708		241,245		725,794		742,465
Other revenue	320		84		1,114		819
Consolidated revenue	$	262,028	$	241,329	$	726,908	$	743,284

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,
	2020		2019		2020		2019
PNOI
Industrial	$	168,123	$	150,672	$	484,973	$	442,475
Non-reportable Rental Operations	1,092		883		3,964		2,623
PNOI, excluding all sold properties	169,215		151,555		488,937		445,098
PNOI from sold properties included in continuing operations	105		4,353		671		16,745
PNOI, continuing operations	$	169,320	$	155,908	$	489,608	$	461,843

Earnings from Service Operations	2,033		2,315		4,810		5,423

Rental Operations revenues and expenses excluded from PNOI:
Straight-line rental income and expense, net	7,184		5,161		15,660		15,627
Revenues related to lease buyouts	179		1,465		2,605		1,484
Amortization of lease concessions and above and below market rents	1,746		1,741		5,843		4,545
Intercompany rents and other adjusting items	(624)		77		(999)		180
Non-Segment Items:
Equity in earnings of unconsolidated joint ventures	4,023		3,736		8,958		12,594
Interest expense	(23,059)		(22,604)		(69,394)		(68,246)
Depreciation and amortization expense	(88,596)		(83,924)		(260,659)		(242,920)
Gain on sale of properties	10,968		173,646		19,905		204,075
Impairment charges	—		—		(5,626)		—
Interest and other income, net	32		2,085		1,643		7,377
General and administrative expenses	(11,439)		(13,720)		(46,808)		(49,123)
Gain on land sales	2,346		3,869		8,551		6,569
Other operating expenses	(1,772)		(874)		(4,430)		(4,515)
Loss on extinguishment of debt	(120)		—		(32,898)		(13)
Gain on involuntary conversion	3,029		—		4,312		2,259
Non-incremental costs related to successful leases	(4,058)		(1,123)		(10,617)		(6,726)
Other non-segment revenues and expenses, net	328		125		655		788
Income from continuing operations before income taxes	$	71,520	$	227,883	$	131,119	$	351,221