Segment Reporting (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenues
Rental Operations:
Industrial	$	255,315	$	233,572	$	764,496	$	674,996
Non-reportable Rental Operations	1,386		1,499		4,174		4,410
Service Operations	23,550		26,637		72,384		46,388
Total segment revenues	280,251		261,708		841,054		725,794
Other revenue	114		320		295		1,114
Consolidated revenue	$	280,365	$	262,028	$	841,349	$	726,908

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,
	2021		2020		2021		2020
PNOI
Industrial	$	179,969	$	156,059	$	520,639	$	449,418
Non-reportable Rental Operations	1,118		1,092		3,621		3,964
PNOI, excluding all sold properties	181,087		157,151		524,260		453,382
PNOI from sold properties included in continuing operations	4,014		12,169		24,429		36,226
PNOI, continuing operations	$	185,101	$	169,320	$	548,689	$	489,608

Earnings from Service Operations	4,510		2,033		9,815		4,810

Rental Operations revenues and expenses excluded from PNOI:
Straight-line rental income and expense, net	8,488		7,184		22,985		15,660
Revenues related to lease buyouts	—		179		310		2,605
Amortization of lease concessions and above and below market rents	4,081		1,746		9,522		5,843
Intercompany rents and other adjusting items	(765)		(624)		(1,881)		(999)
Non-Segment Items:
Equity in earnings of unconsolidated joint ventures	2,966		4,023		29,824		8,958
Interest expense	(20,003)		(23,059)		(63,582)		(69,394)
Depreciation and amortization expense	(88,033)		(88,596)		(273,335)		(260,659)
Gain on sale of properties	439,212		10,968		555,755		19,905
Impairment charges	—		—		—		(5,626)
Interest and other income, net	1,433		32		3,569		1,643
General and administrative expenses	(14,152)		(11,439)		(54,248)		(46,808)
Gain on land sales	1,653		2,346		12,791		8,551
Other operating expenses	(1,290)		(1,772)		(2,773)		(4,430)
Loss on extinguishment of debt	(13,893)		(120)		(17,901)		(32,898)
Gain on involuntary conversion	—		3,029		3,222		4,312
Non-incremental costs related to successful leases	(3,334)		(4,058)		(10,319)		(10,617)
Other non-segment revenues and expenses, net	172		328		419		655
Income from continuing operations before income taxes	$	506,146	$	71,520	$	772,862	$	131,119