Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31,
	2021		2020
Revenues
Rental Operations:
Industrial	$	256,670	$	216,952
Non-reportable Rental Operations	1,509		1,528
Service Operations	31,113		7,614
Total segment revenues	289,292		226,094
Other revenue	—		275
Consolidated revenue	$	289,292	$	226,369

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 March 31,
	2021		2020
PNOI
Industrial	$	176,481	$	154,646
Non-reportable Rental Operations	1,273		1,819
PNOI, excluding all sold properties	177,754		156,465
PNOI from sold properties included in continuing operations	254		2,529
PNOI, continuing operations	$	178,008	$	158,994
Earnings from Service Operations	1,650		1,046
Rental Operations revenues and expenses excluded from PNOI:
Straight-line rental income and expense, net	8,021		1,703
Revenues related to lease buyouts	310		392
Amortization of lease concessions and above and below market rents	2,832		2,557
Intercompany rents and other adjusting items	(418)		(394)
Non-Segment Items:
Equity in earnings of unconsolidated joint ventures	16,268		2,539
Interest expense	(22,507)		(23,494)
Depreciation and amortization expense	(93,573)		(85,359)
Gain on sale of properties	21,360		8,937
Impairment charges	—		(5,626)
Interest and other income, net	463		1,395
General and administrative expenses	(24,217)		(21,763)
Gain on land sales	1,238		135
Other operating expenses	(1,145)		(1,112)
Loss on extinguishment of debt	(70)		(17,806)
Non-incremental costs related to successful leases	(2,958)		(2,525)
Other non-segment revenues and expenses, net	126		(67)
Income from continuing operations before income taxes	$	85,388	$	19,552