Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2019

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 June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Revenues
Rental Operations:
Industrial	$	211,004	$	190,629	$	419,407	$	379,944
Non-reportable Rental Operations	1,478		1,366		2,930		4,819
Service Operations	23,919		18,465		78,883		59,566
Total segment revenues	236,401		210,460		501,220		444,329
Other revenue	625		98		735		786
Consolidated revenue from continuing operations	237,026		210,558		501,955		445,115
Discontinued operations	—		27		—		32
Consolidated revenue	$	237,026	$	210,585	$	501,955	$	445,147

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,
	2019			2018			2019			2018
PNOI
Industrial	$	154,934		$	136,316		$	303,840		$	264,463
Non-reportable Rental Operations	862			1,361			1,740			2,881
PNOI, excluding all sold properties	155,796			137,677			305,580			267,344
PNOI from sold properties included in continuing operations	387			3,117			355			9,848
PNOI, continuing operations	$	156,183		$	140,794		$	305,935		$	277,192
Earnings from Service Operations	730			3,212			3,108			3,904
Rental Operations revenues and expenses excluded from PNOI:
Straight-line rental income and expense, net	4,762			4,642			10,466			10,931
Revenues related to lease buyouts	—			—			19			23
Amortization of lease concessions and above and below market rents	1,542			461			2,804			1,006
Intercompany rents and other adjusting items	60			(20		)	103			(6		)
Non-Segment Items:
Equity in earnings of unconsolidated joint ventures	4,143			1,682			8,858			9,969
Interest expense	(23,510		)	(20,675		)	(45,642		)	(40,675		)
Depreciation and amortization expense	(83,004		)	(75,832		)	(158,996		)	(153,361		)
Gain on sale of properties	30,592			149,962			30,429			194,848
Interest and other income, net	2,534			4,727			5,292			9,190
General and administrative expenses	(13,420		)	(13,459		)	(35,403		)	(34,482		)
Gain on land sales	1,950			357			2,700			3,306
Other operating expenses	(1,518		)	(1,529		)	(3,641		)	(2,798		)
Loss on extinguishment of debt	—			(151		)	(13		)	(151		)
Gain on involuntary conversion	—			—			2,259			—
Non-incremental costs related to successful leases	(3,447		)	—			(5,603		)	—
Other non-segment revenues and expenses, net	588			(1,357		)	663			(2,229		)
Income from continuing operations before income taxes	$	78,185		$	192,814		$	123,338		$	276,667