SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2014

SEGMENTS

Schedule of segment operating results

	Three Months Ended March 31,
	2014			2013
	(In thousands)
Master Planned Communities
Land sales	$	47,671		$	47,226
Builder price participation	4,097			1,275
Minimum rents	197			195
Other land revenues	2,504			2,802
Other rental and property revenues	67			—
Total revenues	54,536			51,498
Cost of sales - land	23,078			25,699
Land sales operations	7,304			6,953
Land sales real estate and business taxes	1,954			1,543
Depreciation and amortization	100			7
Interest income	(57		)	(15		)
Interest expense (*)	(5,066		)	(5,960		)
Total expenses	27,313			28,227
MPC EBT	27,223			23,271
Operating Assets
Minimum rents	19,900			18,511
Tenant recoveries	5,884			5,252
Resort and conference center revenues	9,426			11,104
Other rental and property revenues	5,110			3,433
Total revenues	40,320			38,300
Other property operating costs	15,260			14,965
Rental property real estate taxes	3,107			2,983
Rental property maintenance costs	1,800			1,656
Resort and conference center operations	7,511			7,476
Provision for doubtful accounts	143			429
Demolition costs	2,494			—
Depreciation and amortization	9,010			6,118
Interest income	(119		)	(46		)
Interest expense	2,044			6,805
Equity in Earnings from Real Estate and Other Affiliates	(1,805		)	(2,733		)
Total expenses	39,445			37,653
Operating Assets EBT	875			647
Strategic Developments
Minimum rents	263			220
Tenant recoveries	131			73
Condominium rights and unit sales	3,126			—
Other land revenues	8			—
Other rental and property revenues	269			—
Total revenues	3,797			293
Condominium rights and unit cost of sales	1,571			—
Other property operating costs	2,771			555
Real estate taxes	633			774
Rental property maintenance costs	115			149
Provision for doubtful accounts	—			—
Demolition costs	22			—
Depreciation and amortization	424			43
Other income	(2,373		)	—
Interest expense (*)	(2,649		)	(287		)
Equity in Earnings from Real Estate and Other Affiliates	(4,263		)	—
Total expenses	(3,749		)	1,234
Strategic Developments EBT	7,546			(941		)
REP EBT	$	35,644		$	22,977

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

Reconciliation of REP EBT to GAAP-net	Three Months Ended March 31,
income (loss)	2014			2013
	(In thousands)
REP EBT	$	35,644		$	22,977
General and administrative	(16,882		)	(11,171		)
Corporate interest (expense)/income, net	(10,980		)	2,710
Warrant liability loss	(96,440		)	(33,027		)
Provision for income taxes	(4,773		)	(2,479		)
Reduction in tax indemnity receivable	—			(1,904		)
Other income	8,075			—
Corporate depreciation	(975		)	(276		)
Net loss	$	(86,331	)	$	(23,170	)

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

Reconciliation of Segment Basis Revenues to	Three Months Ended March 31,
GAAP Revenues	2014		2013
	(In thousands)
Master Planned Communities	$	54,536	$	51,498
Operating Assets	40,320		38,300
Strategic Developments	3,797		293
Total revenues	$	98,653	$	90,091

Summary of assets by segment and the reconciliation of total segment assets to the total assets in the Condensed Consolidated Balance Sheets

	March 31,		December 31,
	2014		2013
	(In thousands)
Master Planned Communities	$	1,749,030	$	1,760,639
Operating Assets (a)	1,170,079		1,158,337
Strategic Developments	658,317		462,525
Total segment assets	3,577,426		3,381,501
Corporate and other (b)	1,122,315		1,186,367
Total assets	$	4,699,741	$	4,567,868

(a) Certain assets included in our Operating Assets segment are in various stages of redevelopment and are included in Developments on our Condensed Consolidated Balance Sheets.

(b) Assets included in Corporate and other consist primarily of Cash and cash equivalents and the Tax Indemnity receivable, including accrued interest.