Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Revenues
Rental Operations:
Industrial	$	252,511	$	224,472	$	509,181	$	441,424
Non-reportable Rental Operations	1,279		1,383		2,788		2,911
Service Operations	17,721		12,137		48,834		19,751
Total segment revenues	271,511		237,992		560,803		464,086
Other revenue	181		519		181		794
Consolidated revenue	$	271,692	$	238,511	$	560,984	$	464,880

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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
PNOI
Industrial	$	183,296	$	157,246	$	358,044	$	309,524
Non-reportable Rental Operations	1,230		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 operations	1,054		3,717		3,041		7,892
PNOI, continuing operations	$	185,580	$	162,016	$	363,588	$	320,288

Earnings from Service Operations	3,655		1,731		5,305		2,777

Rental Operations revenues and expenses excluded from PNOI:
Straight-line rental income and expense, net	6,476		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 rents	2,609		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 ventures	10,590		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 properties	95,183		—		116,543		8,937
Impairment charges	—		—		—		(5,626)
Interest and other income, net	1,673		216		2,136		1,611
General and administrative expenses	(15,879)		(13,606)		(40,096)		(35,369)
Gain on land sales	9,900		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 conversion	3,222		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, net	121		394		247		327
Income from continuing operations before income taxes	$	181,328	$	40,047	$	266,716	$	59,599