Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2022

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,
	2022		2021		2022		2021
Revenues
Rental Operations:
Industrial	$	278,628	$	252,511	$	552,298	$	509,181
Non-reportable Rental Operations	1,360		1,279		2,733		2,788
Service Operations	5,143		17,721		8,092		48,834
Total segment revenues	285,131		271,511		563,123		560,803
Other revenue	157		181		328		181
Consolidated revenue	$	285,288	$	271,692	$	563,451	$	560,984

Summary of Net Operation Income

The following table shows a reconciliation of our segment-level measures of profitability to consolidated income before income taxes (in thousands): 

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
PNOI
Industrial	$	196,611	$	171,376	$	385,760	$	334,009
Non-reportable Rental Operations	3,585		1,230		6,738		2,503
PNOI, excluding all sold properties	200,196		172,606		392,498		336,512
PNOI from sold properties	228		12,974		1,367		27,076
PNOI	$	200,424	$	185,580	$	393,865	$	363,588
Earnings from Service Operations	1,413		3,655		2,893		5,305
Rental Operations revenues and expenses excluded from PNOI:
Straight-line rental income and expense, net	11,553		6,476		21,808		14,497
Revenues related to lease buyouts	377		—		547		310
Amortization of lease concessions and above and below market rents	3,195		2,609		5,783		5,441
Intercompany rents and other adjusting items	(290)		(698)		(952)		(1,116)
Non-Segment Items:
Equity in earnings of unconsolidated joint ventures	5,565		10,590		9,380		26,858
Interest expense	(18,734)		(21,072)		(38,733)		(43,579)
Depreciation and amortization expense	(93,944)		(91,729)		(187,945)		(185,302)
Gain on sale of properties	24,832		95,183		235,579		116,543
Impairment charges	(1,563)		—		(1,563)		—
Interest and other income, net	939		1,673		1,764		2,136
General and administrative expenses	(27,496)		(15,879)		(51,409)		(40,096)
Gain on land sales	2,025		9,900		3,117		11,138
Other operating expenses	(531)		(338)		(1,310)		(1,483)
Loss on extinguishment of debt	—		(3,938)		(21,948)		(4,008)
Gain on involuntary conversion	—		3,222		—		3,222
Non-incremental costs related to successful leases	(3,502)		(4,027)		(9,014)		(6,985)
Other non-segment revenues and expenses, net	(82)		121		126		247
Income before income taxes	$	104,181	$	181,328	$	361,988	$	266,716