Segment Reporting (Tables)

3 Months Ended

Mar. 31, 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 March 31,
	2022		2021
Revenues
Rental Operations:
Industrial	$	273,670	$	256,670
Non-reportable Rental Operations	1,373		1,509
Service Operations	2,949		31,113
Total segment revenues	277,992		289,292
Other revenue	171		—
Consolidated revenue	$	278,163	$	289,292

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 March 31,
	2022		2021
PNOI
Industrial	$	189,528	$	163,006
Non-reportable Rental Operations	3,153		1,273
PNOI, excluding all sold properties	192,681		164,279
PNOI from sold properties	760		13,729
PNOI	$	193,441	$	178,008
Earnings from Service Operations	1,480		1,650
Rental Operations revenues and expenses excluded from PNOI:
Straight-line rental income and expense, net	10,255		8,021
Revenues related to lease buyouts	170		310
Amortization of lease concessions and above and below market rents	2,588		2,832
Intercompany rents and other adjusting items	(662)		(418)
Non-Segment Items:
Equity in earnings of unconsolidated joint ventures	3,815		16,268
Interest expense	(19,999)		(22,507)
Depreciation and amortization expense	(94,001)		(93,573)
Gain on sale of properties	210,747		21,360
Interest and other income, net	825		463
General and administrative expenses	(23,913)		(24,217)
Gain on land sales	1,092		1,238
Other operating expenses	(779)		(1,145)
Loss on extinguishment of debt	(21,948)		(70)
Non-incremental costs related to successful leases	(5,512)		(2,958)
Other non-segment revenues and expenses, net	208		126
Income before income taxes	$	257,807	$	85,388