Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2020

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,
	2020		2019		2020		2019
Revenues
Rental Operations:
Industrial	$	224,472	$	211,004	$	441,424	$	419,407
Non-reportable Rental Operations	1,383		1,478		2,911		2,930
Service Operations	12,137		23,919		19,751		78,883
Total segment revenues	237,992		236,401		464,086		501,220
Other revenue	519		625		794		735
Consolidated revenue	$	238,511	$	237,026	$	464,880	$	501,955

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,
	2020		2019		2020		2019
PNOI
Industrial	$	160,966	$	149,369	$	317,305	$	292,251
Non-reportable Rental Operations	1,053		862		2,872		1,740
PNOI, excluding all sold properties	162,019		150,231		320,177		293,991
PNOI from sold properties included in continuing operations	(3)		5,952		111		11,944
PNOI, continuing operations	$	162,016	$	156,183	$	320,288	$	305,935
Earnings from Service Operations	1,731		730		2,777		3,108
Rental Operations revenues and expenses excluded from PNOI:
Straight-line rental income and expense, net	6,774		4,762		8,476		10,466
Revenues related to lease buyouts	2,033		—		2,426		19
Amortization of lease concessions and above and below market rents	1,540		1,542		4,097		2,804
Intercompany rents and other adjusting items	(703)		60		(375)		103
Non-Segment Items:
Equity in earnings of unconsolidated joint ventures	2,396		4,143		4,935		8,858
Interest expense	(22,841)		(23,510)		(46,335)		(45,642)
Depreciation and amortization expense	(86,704)		(83,004)		(172,063)		(158,996)
Gain on sale of properties	—		30,592		8,937		30,429
Impairment charges	—		—		(5,626)		—
Interest and other income, net	216		2,534		1,611		5,292
General and administrative expenses	(13,606)		(13,420)		(35,369)		(35,403)
Gain on land sales	6,070		1,950		6,205		2,700
Other operating expenses	(1,546)		(1,518)		(2,658)		(3,641)
Loss on extinguishment of debt	(14,972)		—		(32,778)		(13)
Gain on involuntary conversion	1,283		—		1,283		2,259
Non-incremental costs related to successful leases	(4,034)		(3,447)		(6,559)		(5,603)
Other non-segment revenues and expenses, net	394		588		327		663
Income from continuing operations before income taxes	$	40,047	$	78,185	$	59,599	$	123,338