SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2013

SEGMENTS

Schedule of segment operating results

	Three Months Ended March 31,
	2013			2012
	(In thousands)
Master Planned Communities
Land sales	$	47,226		$	36,089
Builder price participation	1,275			813
Minimum rents	195			132
Other land revenues	2,802			3,485
Other rental and property revenues	—			16
Total revenues	51,498			40,535
Cost of sales - land	25,699			18,679
Land sales operations	6,953			8,903
Land sales real estate and business taxes	1,543			2,085
Depreciation and amortization	7			2
Interest income	(15		)	(70		)
Interest expense (*)	(5,960		)	(3,414		)
Total expenses	28,227			26,185
MPC EBT	23,271			14,350
Operating Assets
Minimum rents	18,511			18,522
Tenant recoveries	5,252			5,830
Resort and conference center revenues	11,104			9,657
Other rental and property revenues	3,433			4,726
Total revenues	38,300			38,735
Other property operating costs	14,965			13,804
Rental property real estate taxes	2,983			2,620
Rental property maintenance costs	1,656			1,840
Resort and conference center operations	7,476			7,414
Provision for doubtful accounts	429			—
Depreciation and amortization	6,118			4,857
Interest income	(46		)	(45		)
Interest expense	6,805			3,346
Equity in Earnings from Real Estate Affiliates	(2,733		)	(2,677		)
Total expenses	37,653			31,159
Operating Assets EBT	647			7,576
Strategic Developments
Minimum rents	220			243
Tenant recoveries	73			34
Overage rent revenue	—			52
Condominium unit sales	—			134
Other land revenues	—			32
Total revenues	293			495
Condominium unit cost of sales	—			59
Condominium sales operations	—			58
Other property operating costs	555			408
Real estate taxes	774			1,219
Rental property maintenance costs	149			115
Depreciation and amortization	43			59
Interest expense *	(287		)	74
Total expenses	1,234			1,992
Strategic Developments EBT	(941		)	(1,497		)
REP EBT	$	22,977		$	20,429

(*) Negative interest expense amounts relate to interest capitalized on debt assigned to our Operating Assets Segments.

Schedule of reconciliation of REP EBT to GAAP-basis income (loss)

Reconciliation of REP EBT to GAAP-net	Three Months Ended March 31,
income (loss)	2013			2012
	(In thousands)
REP EBT	$	22,977		$	20,429
General and administrative	(11,171		)	(8,399		)
Corporate interest income, net	2,710			2,223
Warrant liability loss	(33,027		)	(121,851		)
Provision for income taxes	(2,479		)	(3,784		)
Reduction in tax indemnity receivable	(1,904		)	—
Corporate depreciation	(276		)	(140		)
Net loss	$	(23,170	)	$	(111,522	)

Schedule of reconciliation of segment revenue to GAAP-basis consolidated revenues

Reconciliation of Segment Basis Revenues to	Three Months Ended March 31,
GAAP Revenues	2013		2012
	(In thousands)
Master Planned Communities	$	51,498	$	40,535
Operating Assets	38,300		38,735
Strategic Developments	293		495
Total revenues - GAAP basis	$	90,091	$	79,765

Summary of assets by segment and the reconciliation of total segment assets to the total assets in the condensed consolidated balance sheet

	March 31,		December 31,
	2013		2012
	(In thousands)
Master Planned Communities	$	1,781,811	$	1,756,625
Operating Assets	967,088		944,562
Strategic Developments	321,012		288,287
Total segment assets	3,069,911		2,989,474
Corporate and other *	476,501		513,568
Total assets	$	3,546,412	$	3,503,042

* Assets included in Corporate and other consist primarily of the Tax indemnity receivable, including interest, and Cash and cash equivalents.