XML 43 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2018
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 (in thousands): 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Revenues
 
 
 
 
 
 
 
 
Rental Operations:
 
 
 
 
 
 
 
 
Industrial
 
$
194,922

 
$
166,344

 
$
574,866

 
$
485,785

Non-reportable Rental Operations
 
1,481

 
2,979

 
6,300

 
20,577

Service Operations
 
34,986

 
25,217

 
94,552

 
58,192

Total segment revenues
 
231,389

 
194,540

 
675,718

 
564,554

Other revenue
 
509

 
288

 
1,295

 
761

Consolidated revenue from continuing operations
 
231,898

 
194,828

 
677,013

 
565,315

Discontinued operations
 
85

 
4,622

 
117

 
86,026

Consolidated revenue
 
$
231,983

 
$
199,450

 
$
677,130

 
$
651,341
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,
 
 
2018
 
2017
 
2018
 
2017
PNOI
 
 
 
 
 
 
 
 
Industrial
 
$
142,247

 
$
117,307

 
$
408,843

 
$
344,080

Non-reportable Rental Operations
 
762

 
592

 
2,363

 
2,835

PNOI, excluding all sold properties
 
143,009

 
117,899

 
411,206

 
346,915

PNOI from sold properties included in continuing operations
 
(131
)
 
5,486

 
7,825

 
18,147

PNOI, continuing operations
 
$
142,878

 
$
123,385

 
$
419,031

 
$
365,062

 
 
 
 
 
 
 
 
 
Earnings from Service Operations
 
1,256

 
1,138

 
5,160

 
4,115

 
 

 

 

 

Rental Operations revenues and expenses excluded from PNOI:
 
 
 
 
 
 
 
 
Straight-line rental income and expense, net
 
5,832

 
4,341

 
16,763

 
9,547

Revenues related to lease buyouts
 
—

 
491

 
23

 
10,348

Amortization of lease concessions and above and below market rents
 
593

 
(1,274
)
 
1,599

 
(2,718
)
Intercompany rents and other adjusting items
 
48

 
(108
)
 
206

 
(478
)
Non-Segment Items:
 
 
 
 
 
 
 
 
Equity in earnings of unconsolidated joint ventures
 
5,552

 
1,841

 
15,521

 
58,523

Promote income
 
—

 
—

 
—

 
20,007

Interest expense
 
(21,462
)
 
(20,835
)
 
(62,137
)
 
(65,401
)
Depreciation and amortization expense
 
(78,855
)
 
(67,992
)
 
(232,216
)
 
(197,028
)
Gain on sale of properties
 
(107
)
 
21,952

 
194,741

 
93,339

Impairment charges
 
—

 
(3,622
)
 
—

 
(4,481
)
Interest and other income, net
 
4,129

 
6,404

 
13,319

 
9,197

General and administrative expenses
 
(8,959
)
 
(10,075
)
 
(43,441
)
 
(41,165
)
Gain on land sales
 
3,915

 
5,665

 
7,221

 
8,449

Other operating expenses
 
(668
)
 
(770
)
 
(2,591
)
 
(2,226
)
Loss on extinguishment of debt
 
(89
)
 
(16,568
)
 
(240
)
 
(26,104
)
Other non-segment revenues and expenses, net
 
(1,658
)
 
(1,605
)
 
(3,887
)
 
(3,174
)
Income from continuing operations before income taxes
 
$
52,405

 
$
42,368

 
$
329,072

 
$
235,812