XML 17 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues:        
Revenues $ 394,667 $ 379,451 $ 785,809 $ 752,366
Operating expenses:        
Depreciation, depletion, and amortization 29,051 28,913 58,459 58,320
Selling, general and administrative 27,482 23,546 59,431 48,303
Impairment of long-lived assets 747 8,773 747 8,773
Total operating expenses 353,747 350,743 708,958 686,856
Operating income 40,920 28,708 76,851 65,510
Other income (expense):        
Income (loss) from investments in partially owned entities 252 (1,324) 112 (1,351)
Impairment of investments in partially owned entities 0 (6,496) 0 (6,496)
Interest expense (22,929) (28,288) (47,424) (56,015)
Interest income 1,109 310 1,733 567
Loss on debt extinguishment and modification 0 (430) (21,385) (600)
Foreign currency exchange gain (loss) 1,511 (52) 2,191 (2,825)
Other income (expense), net 33 (728) 89 (1,212)
Income (loss) before income tax and gain from sale of real estate, net of tax 20,896 (8,300) 12,167 (2,422)
Income tax benefit (expense):        
Current (1,323) (3,368) (2,390) (5,610)
Deferred 1,449 3,283 2,605 4,031
Total income tax benefit (expense) 126 (85) 215 (1,579)
Gain from sale of real estate, net of tax 8,384 0 8,384 0
Net income (loss) 29,406 (8,385) 20,766 (4,001)
Less distributions on preferred shares of beneficial interest - Series A 0 (8) (1) (8)
Less distributions on preferred shares of beneficial interest - Series B 0 (7,108) (1,817) (14,218)
Less accretion on preferred shares of beneficial interest - Series B 0 (218) 0 (438)
Net income (loss) attributable to common shares of beneficial interest $ 29,406 $ (15,719) $ 18,948 $ (18,665)
Weighted average common shares outstanding – basic (in shares) 143,499 70,049 133,965 69,990
Weighted average common shares outstanding – diluted (in shares) 146,474 70,049 136,737 69,990
Net loss per common share of beneficial interest - basic (in USD per share) $ 0.20 $ (0.22) $ 0.13 $ (0.27)
Net loss per common share of beneficial interest - diluted (in USD per share) 0.20 (0.22) 0.14 (0.27)
Distributions declared per common share of beneficial interest (in USD per share) $ 0.19 $ 0.07 $ 0.36 $ 0.14
Operating Segments        
Revenues:        
Revenues $ 394,667 $ 379,451 $ 785,809 $ 752,366
Operating expenses:        
Operating income 98,200 89,940 195,488 180,906
Operating Segments | Rent, storage, and warehouse services revenues        
Revenues:        
Revenues 287,712 281,663 574,229 557,471
Operating expenses:        
Cost of operations 196,877 196,859 393,824 389,146
Operating income 90,835 84,804 180,405 168,325
Operating Segments | Third-party managed services        
Revenues:        
Revenues 65,755 59,638 129,632 118,005
Operating expenses:        
Cost of operations 61,896 56,155 121,995 111,534
Operating income 3,859 3,483 7,637 6,471
Operating Segments | Transportation services        
Revenues:        
Revenues 38,889 35,796 77,234 71,977
Operating expenses:        
Cost of operations 35,303 32,707 70,054 65,335
Operating income 3,586 3,089 7,180 6,642
Operating Segments | Other revenues        
Revenues:        
Revenues 2,311 2,354 4,714 4,913
Operating expenses:        
Cost of operations 2,391 3,790 4,448 5,445
Operating income $ (80) $ (1,436) $ 266 $ (532)