SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2015

SEGMENTS

Schedule of segment operating results

	Three Months Ended March 31,
	2015		2014
	(In thousands)
Master Planned Communities
Land sales	$	48,081	$	47,671
Builder price participation		5,698		4,097
Minimum rents		215		197
Other land revenues		3,286		2,504
Other rental and property revenues		(2)		67
Total revenues		57,278		54,536
Cost of sales - land		23,896		23,078
Land sales operations		7,579		7,304
Land sales real estate and business taxes		2,404		1,954
Depreciation and amortization		95		100
Interest income		(16)		(57)
Interest expense (*)		(4,762)		(5,066)
Total expenses		29,196		27,313
MPC EBT		28,082		27,223
Operating Assets
Minimum rents		34,312		19,900
Tenant recoveries		9,573		5,884
Resort and conference center revenues		12,003		9,426
Other rental and property revenues		6,274		5,110
Total revenues		62,162		40,320
Other property operating costs		17,486		13,181
Rental property real estate taxes		5,520		3,107
Rental property maintenance costs		2,627		1,800
Resort and conference center operations		9,078		7,511
Provision for doubtful accounts		809		143
Demolition costs		117		2,494
Development-related marketing costs		2,266		2,079
Depreciation and amortization		18,762		9,010
Other income		—		—
Interest income		(10)		(119)
Interest expense		6,495		2,044
Equity in Earnings from Real Estate and Other Affiliates		(885)		(1,805)
Total expenses		62,265		39,445
Operating Assets EBT		(103)		875
Strategic Developments
Minimum rents		667		263
Tenant recoveries		94		131
Condominium rights and unit sales		34,857		3,126
Other land revenues		6		8
Other rental and property revenues		26		269
Total revenues		35,650		3,797
Condominium rights and unit cost of sales		22,409		1,571
Other property operating costs		659		626
Real estate taxes		680		633
Rental property maintenance costs		117		115
Provision for doubtful accounts		—		—
Demolition costs		—		22
Development-related marketing costs		3,977		2,145
Depreciation and amortization		1,016		424
Other income		(333)		(2,373)
Interest expense (*)		(1,807)		(2,649)
Equity in Earnings from Real Estate and Other Affiliates		(904)		(4,263)
Total expenses		25,814		(3,749)
Strategic Developments EBT		9,836		7,546
REP EBT	$	37,815	$	35,644

(*)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)

Reconciliation of  REP EBT to GAAP	Three Months Ended March 31,
loss before taxes	2015		2014
	(In thousands)
REP EBT	$	37,815	$	35,644
General and administrative		(18,963)		(16,882)
Corporate interest income/(expense), net		(13,212)		(10,980)
Warrant liability loss		(108,810)		(96,440)
Corporate other income, net		1,132		8,075
Corporate depreciation and amortization		(1,637)		(975)
Loss before taxes	$	(103,675)	$	(81,558)

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

Reconciliation of Segment Basis Revenues to	Three Months Ended March 31,
GAAP Revenues	2015		2014
	(In thousands)
Master Planned Communities	$	57,278	$	54,536
Operating Assets		62,162		40,320
Strategic Developments		35,650		3,797
Total revenues	$	155,090	$	98,653

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,
	2015		2014
	(In thousands)
Master Planned Communities	$	1,920,953	$	1,877,043
Operating Assets		2,027,494		1,934,350
Strategic Developments		1,000,014		879,896
Total segment assets		4,948,461		4,691,289
Corporate and other		300,315		428,642
Total assets	$	5,248,776	$	5,119,931