Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2020

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, for the years ended December 31, 2020, 2019 and 2018 (in thousands):

	2020		2019		2018
Revenues
Rental Operations:
Industrial	$	921,612	$	848,806	$	775,713
Non-reportable Rental Operations	5,995		5,794		7,862
Service Operations	64,004		117,926		162,551
Total segment revenues	991,611		972,526		946,126
Other revenue	1,587		1,233		1,744
Consolidated revenue from continuing operations	993,198		973,759		947,870
Discontinued operations	—		—		117
Consolidated revenue	$	993,198	$	973,759	$	947,987

Schedule of Revenue by Major Customers by Reporting Segments

The table below shows the revenues from a major customer from each of our reportable segments (in thousands):

	Twelve Months Ended December 31,
	2020		2019		2018
Revenues
Rental Operations - Industrial	$	92,986	$	63,805	$	56,649
Service Operations	32,771		45,177		44,532

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following table shows a reconciliation of our segment-level measures of profitability to consolidated income from continuing operations before income taxes, for the years ended December 31, 2020, 2019 and 2018 (in thousands and excluding discontinued operations):

	2020		2019		2018
PNOI
Industrial	$	653,028	$	588,386	$	515,483
Non-reportable Rental Operations	5,020		3,811		5,264
PNOI, excluding all sold properties	658,048		592,197		520,747
PNOI from sold properties included in continuing operations	7,763		25,924		43,609
PNOI, continuing operations	665,811		618,121		564,356
Earnings from Service Operations	6,028		6,360		8,642
Rental Operations revenues and expenses excluded from PNOI:
Straight-line rental income and expense, net	25,865		21,197		24,604
Revenues related to lease buyouts	2,863		1,611		23
Amortization of lease concessions and above and below market rents	8,984		7,802		2,332
Intercompany rents and other adjusting items	(1,473)		1,012		1,271
Non-Segment Items:
Equity in earnings of unconsolidated joint ventures	11,944		31,406		21,444
Interest expense	(93,442)		(89,756)		(85,006)
Depreciation and amortization expense	(353,013)		(327,223)		(312,217)
Gain on sale of properties	127,700		234,653		204,988
Impairment charges	(5,626)		—		—
Interest and other income, net	1,721		9,941		17,234
General and administrative expenses	(62,404)		(60,889)		(56,218)
Gain on land sales	10,458		7,445		10,334
Other operating expenses	(8,209)		(5,318)		(5,231)
Loss on extinguishment of debt	(32,900)		(6,320)		(388)
Gain on involuntary conversion	4,312		2,259		—
Non-incremental costs related to successful leases	(12,292)		(12,402)		—
Other non-segment revenues and expenses, net	1,210		986		(3,972)
Income from continuing operations before income taxes	$	297,537	$	440,885	$	392,196

Reportable Segments Consolidated Assets

The assets for each of the reportable segments at December 31, 2020 and 2019 were as follows (in thousands):

	December 31, 2020		December 31, 2019
Assets
Rental Operations:
Industrial	$	8,709,960	$	7,843,302
Non-reportable Rental Operations	35,292		39,700
Service Operations	160,194		150,882
Total segment assets	8,905,446		8,033,884
Non-segment assets	205,948		386,678
Consolidated assets	$	9,111,394	$	8,420,562