SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2015

SEGMENTS

Schedule of segment operating results

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(In thousands)				(In thousands)
Master Planned Communities
Land sales	$	45,433	$	153,164	$	93,514	$	200,835
Builder price participation		7,907		3,843		13,605		7,940
Minimum rents		215		207		430		404
Other land revenues		3,140		2,689		6,426		5,193
Other rental and property revenues		9		108		7		175
Total revenues		56,704		160,011		113,982		214,547
Cost of sales – land		24,236		42,719		48,132		65,797
Land sales operations		9,721		9,275		17,300		16,579
Land sales real estate and business taxes		2,242		2,135		4,646		4,089
Depreciation and amortization		95		103		190		203
Interest income		(15)		(22)		(31)		(79)
Interest expense (*)		(4,684)		(4,813)		(9,446)		(9,879)
Total expenses		31,595		49,397		60,791		76,710
MPC EBT		25,109		110,614		53,191		137,837
Operating Assets
Minimum rents		36,697		21,918		71,009		41,818
Tenant recoveries		10,693		6,941		20,266		12,825
Resort and conference center revenues		11,481		9,622		23,484		19,048
Other rental and property revenues		6,971		6,570		13,245		11,680
Total revenues		65,842		45,051		128,004		85,371
Other property operating costs		18,350		15,485		35,836		28,666
Rental property real estate taxes		5,990		3,762		11,510		6,869
Rental property maintenance costs		2,785		2,008		5,412		3,808
Resort and conference center operations		8,893		6,412		17,971		13,923
Provision for doubtful accounts		1,266		31		2,075		174
Demolition costs		1,496		3,434		1,613		5,928
Development-related marketing costs		2,748		2,711		5,014		4,790
Depreciation and amortization		22,887		9,531		41,649		18,541
Interest income		(9)		(11)		(19)		(130)
Interest expense		7,629		3,928		14,123		5,972
Equity in Earnings from Real Estate and Other Affiliates		(160)		(767)		(1,044)		(2,572)
Total expenses		71,875		46,524		134,140		85,969
Operating Assets EBT		(6,033)		(1,473)		(6,136)		(598)
Strategic Developments
Minimum rents		77		73		744		336
Tenant recoveries		8		(57)		102		74
Condominium rights and unit sales		86,513		4,358		121,370		7,484
Other land revenues		5		9		12		17
Other rental and property revenues		14		186		39		455
Total revenues		86,617		4,569		122,267		8,366
Condominium rights and unit cost of sales		56,765		2,191		79,174		3,762
Other property operating costs		1,284		1,094		1,943		1,721
Real estate taxes		578		479		1,258		1,112
Rental property maintenance costs		115		166		232		281
Demolition costs		—		1		—		23
Development-related marketing costs		2,846		2,588		6,823		4,732
Depreciation and amortization		601		614		1,617		1,038
Other income		—		—		(334)		(2,373)
Interest income		(166)		—		(166)		—
Interest expense (*)		(1,580)		(3,981)		(3,385)		(6,630)
Equity in Earnings from Real Estate and Other Affiliates		(921)		(5,820)		(1,825)		(10,083)
Total expenses		59,522		(2,668)		85,337		(6,417)
Strategic Developments EBT		27,095		7,237		36,930		14,783
REP EBT	$	46,171	$	116,378	$	83,985	$	152,022

(*)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 June 30,				Six Months Ended June 30,
income (loss) before taxes	2015		2014		2015		2014
	(In thousands)				(In thousands)
REP EBT	$	46,171	$	116,378	$	83,985	$	152,022
General and administrative		(19,606)		(17,497)		(38,569)		(34,379)
Corporate interest income/(expense), net		(13,235)		4,829		(26,447)		(6,151)
Warrant liability gain (loss)		42,620		(67,370)		(66,190)		(163,810)
Reduction in tax indemnity receivable		—		(10,927)		—		(10,927)
Corporate other income, net		396		5,611		1,529		13,686
Corporate depreciation and amortization		(1,487)		(1,225)		(3,124)		(2,200)
Income (loss) before taxes	$	54,859	$	29,799	$	(48,816)	$	(51,759)

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

Reconciliation of Segment Basis Revenues to	Three Months Ended June 30,				Six Months Ended June 30,
GAAP Revenues	2015		2014		2015		2014
	(In thousands)				(In thousands)
Master Planned Communities	$	56,704	$	160,011	$	113,982	$	214,547
Operating Assets		65,842		45,051		128,004		85,371
Strategic Developments		86,617		4,569		122,267		8,366
Total revenues	$	209,163	$	209,631	$	364,253	$	308,284

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

	June 30,		December 31,
	2015		2014
	(In thousands)
Master Planned Communities	$	1,919,445	$	1,877,043
Operating Assets		2,132,283		1,934,350
Strategic Developments		1,031,491		879,896
Total segment assets		5,083,219		4,691,289
Corporate and other		322,610		428,642
Total assets	$	5,405,829	$	5,119,931