SEGMENTS (Tables)-K

12 Months Ended

Dec. 31, 2014

SEGMENTS

Schedule of segment operating results

	Year Ended December 31,
	2014		2013		2012
	(In thousands)
Master Planned Communities
Land sales	$	325,099	$	251,217	$	182,643
Builder price participation		20,908		9,356		5,747
Minimum rents		818		781		576
Other land revenues		16,470		13,416		18,073
Total revenues		363,295		274,770		207,039
Cost of sales - land		119,672		124,040		89,298
Land sales operations		31,932		30,826		32,817
Land sales real estate and business taxes		9,862		7,588		7,558
Provision for (recovery of) doubtful accounts		(11)		-		-
Depreciation and amortization		397		32		72
Interest income		(118)		(16)		(45)
Interest expense (*)		(19,620)		(18,678)		(14,598)
Total expenses		142,114		143,792		115,102
MPC EBT		221,181		130,978		91,937
Operating Assets
Minimum rents		95,807		80,124		81,140
Tenant recoveries		28,133		20,901		23,210
Resort and conference center revenues		37,921		39,201		39,782
Other rental and property revenues		24,429		20,360		20,959
Total revenues		186,290		160,586		165,091
Other property operating costs		62,752		61,146		60,072
Rental property real estate taxes		14,860		12,065		11,292
Rental property maintenance costs		8,592		7,552		8,073
Resort and conference center operations		31,829		29,454		29,112
Provision for doubtful accounts		1,399		835		1,335
Demolition costs		6,712		2,078		-
Development-related marketing costs		9,770		3,462		-
Depreciation and amortization		49,272		31,427		23,318
Interest income		(151)		(135)		(185)
Interest expense		17,081		19,146		16,289
Equity in Earnings from Real Estate and Other Affiliates		(2,025)		(3,893)		(3,683)
Total expenses		200,091		163,137		145,623
Operating Assets EBT		(13,801)		(2,551)		19,468
Strategic Developments
Minimum rents		609		763		905
Tenant recoveries		220		167		141
Condominium rights and unit sales		83,565		32,969		267
Other land revenues		33		-		-
Other rental and property revenues		553		163		3,443
Total revenues		84,980		34,062		4,756
Condominium rights and unit cost of sales		49,995		16,572		96
Other property operating costs		4,282		5,547		3,094
Real estate taxes		2,547		2,226		2,351
Rental property maintenance costs		543		531		582
Provision for (recovery of) doubtful accounts		16		-		(111)
Demolition costs		22		-		-
Development-related marketing costs		13,013		1,449		-
Other income, net		(2,373)		(3,609)		-
Depreciation and amortization		1,706		189		225
Interest expense (*)		(11,918)		(4,318)		219
Equity in Earnings from Real Estate and Other Affiliates		(21,311)		(10,535)		-
Total expenses		36,522		8,052		6,456
Strategic Developments EBT		48,458		26,010		(1,700)
REP EBT	$	255,838	$	154,437	$	109,705

(*)Negative interest expense amounts are due to interest capitalized in our Master Planned Communities and Strategic Developments segments related to Operating Assets segment debt and the Senior Notes.

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

	Year Ended December 31,
Reconciliation of  REP EBT to GAAP-net income (loss) before taxes	2014		2013		2012
	(In thousands)
REP EBT	$	255,838	$	154,437	$	109,705
General and administrative		(73,569)		(48,466)		(36,548)
Corporate interest income/(expense), net		(30,819)		(10,575)		10,153
Warrant liability loss		(60,520)		(181,987)		(185,017)
Increase (reduction) in tax indemnity receivable		90		(1,206)		(20,260)
Loss on settlement of tax indemnity receivable		(74,095)		-		-
Corporate other income, net		27,098		25,869		2,125
Corporate depreciation and amortization		(4,583)		(2,197)		(814)
Income (loss) before taxes	$	39,440	$	(64,125)	$	(120,656)

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

	Year Ended December 31,
Reconciliation of Segment Basis Revenues to GAAP Revenues	2014		2013		2012
	(In thousands)
Master Planned Communities	$	363,295	$	274,770	$	207,039
Operating Assets		186,290		160,586		165,091
Strategic Developments		84,980		34,062		4,756
Total revenues	$	634,565	$	469,418	$	376,886

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

	Year Ended December 31,
	2014		2013
	(In thousands)
Master Planned Communities	$	1,877,043	$	1,760,639
Operating Assets		1,934,350		1,158,337
Strategic Developments		879,896		462,525
Total segment assets		4,691,289		3,381,501
Corporate and other		428,642		1,186,367
Total assets	$	5,119,931	$	4,567,868