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Segment Reporting
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Reportable Segments
As of June 30, 2021, we had two reportable operating segments, the first consisting of the ownership and rental of industrial real estate investments. We continue to increase our investments in quality industrial properties largely based on anticipated geographic trends in supply and demand for industrial buildings, as well as the real estate needs of our major tenants that operate on a national level. We treat our industrial properties as a single operating and reportable segment based on our method of internal reporting. Properties not included in our reportable segments, because they are not industrial properties and do not by themselves meet the quantitative thresholds for separate presentation as a reportable segment, are generally referred to as non-reportable Rental Operations. Our non-reportable Rental Operations primarily include our remaining office properties and medical office property at June 30, 2021. The operations of our industrial properties, as well as our non-reportable Rental Operations, are collectively referred to as "Rental Operations."

Our second reportable segment consists of various real estate services such as development, general contracting, construction management, property management, asset management, maintenance and leasing to third-party property owners, customers and joint ventures, and is collectively referred to as "Service Operations." The Service Operations segment is identified as one single operating segment because the lowest level of financial results reviewed by our chief operating decision maker are the results for the Service Operations segment in total. Further, our reportable segments are managed separately because each segment requires different operating strategies and management expertise.

Revenues by Reportable Segment

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 June 30,Six Months Ended June 30,
 2021202020212020
Revenues
Rental Operations:
Industrial$252,511 $224,472 $509,181 $441,424 
Non-reportable Rental Operations1,279 1,383 2,788 2,911 
Service Operations17,721 12,137 48,834 19,751 
Total segment revenues271,511 237,992 560,803 464,086 
Other revenue181 519 181 794 
Consolidated revenue $271,692 $238,511 $560,984 $464,880 

Supplemental Performance Measure

Property-level net operating income on a cash basis ("PNOI") is the non-GAAP supplemental performance measure that we use to evaluate the performance of, and to allocate resources among, the real estate investments in the reportable and operating segments that comprise our Rental Operations. PNOI for our Rental Operations segments is comprised of rental revenues from continuing operations less rental expenses and real estate taxes from continuing operations, along with certain other adjusting items (collectively referred to as "Rental Operations revenues and expenses excluded from PNOI," as shown in the following table). Additionally, we do not allocate interest expense, depreciation expense and certain other non-property specific revenues and expenses (collectively referred to as "Non-Segment Items," as shown in the following table) to our individual operating segments.

We evaluate the performance of our Service Operations reportable segment using net income or loss, as allocated to that segment ("Earnings from Service Operations").
The most comparable GAAP measure to PNOI is income from continuing operations before income taxes. PNOI excludes expenses that materially impact our overall results of operations and, therefore, should not be considered as a substitute for income from continuing operations before income taxes or any other measures derived in accordance with GAAP. Furthermore, PNOI may not be comparable to other similarly titled measures of other companies.
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 June 30,Six Months Ended June 30,
 2021202020212020
PNOI
Industrial$183,296 $157,246 $358,044 $309,524 
Non-reportable Rental Operations1,230 1,053 2,503 2,872 
PNOI, excluding all sold properties 184,526 158,299 360,547 312,396 
PNOI from sold properties included in continuing operations1,054 3,717 3,041 7,892 
PNOI, continuing operations$185,580 $162,016 $363,588 $320,288 
Earnings from Service Operations3,655 1,731 5,305 2,777 
Rental Operations revenues and expenses excluded from PNOI:
Straight-line rental income and expense, net6,476 6,774 14,497 8,476 
Revenues related to lease buyouts— 2,033 310 2,426 
Amortization of lease concessions and above and below market rents2,609 1,540 5,441 4,097 
Intercompany rents and other adjusting items(698)(703)(1,116)(375)
Non-Segment Items:
Equity in earnings of unconsolidated joint ventures10,590 2,396 26,858 4,935 
Interest expense(21,072)(22,841)(43,579)(46,335)
Depreciation and amortization expense(91,729)(86,704)(185,302)(172,063)
Gain on sale of properties95,183 — 116,543 8,937 
Impairment charges— — — (5,626)
Interest and other income, net1,673 216 2,136 1,611 
General and administrative expenses(15,879)(13,606)(40,096)(35,369)
Gain on land sales9,900 6,070 11,138 6,205 
Other operating expenses(338)(1,546)(1,483)(2,658)
Loss on extinguishment of debt(3,938)(14,972)(4,008)(32,778)
Gain on involuntary conversion3,222 1,283 3,222 1,283 
Non-incremental costs related to successful leases(4,027)(4,034)(6,985)(6,559)
Other non-segment revenues and expenses, net121 394 247 327 
Income from continuing operations before income taxes$181,328 $40,047 $266,716 $59,599