SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2015

SEGMENTS

Schedule of segment operating results

	Year Ended December 31,
(In thousands)	2015		2014		2013
Master Planned Communities
Land sales	$	187,399	$	325,099	$	251,217
Builder price participation		26,846		20,908		9,356
Minimum rents		842		818		781
Other land revenues		14,778		16,470		13,416
Total revenues		229,865		363,295		274,770
Cost of sales – land		88,065		119,672		124,040
Land sales operations		34,443		31,932		30,826
Land sales real estate and business taxes		10,464		9,862		7,588
Provision for (recovery of) doubtful accounts		—		(11)		—
Depreciation and amortization		640		397		32
Interest income		(60)		(118)		(16)
Interest expense (*)		(18,053)		(19,620)		(18,678)
Total expenses		115,499		142,114		143,792
MPC EBT		114,366		221,181		130,978
Operating Assets
Minimum rents		149,064		95,807		80,124
Tenant recoveries		39,415		28,133		20,901
Hospitality revenues		45,374		37,921		39,201
Other rental and property revenues		25,453		24,429		20,360
Total revenues		259,306		186,290		160,586
Other property operating costs		68,078		62,752		61,146
Rental property real estate taxes		21,856		14,860		12,065
Rental property maintenance costs		10,236		8,592		7,552
Hospitality expenses		34,839		31,829		29,454
Provision for doubtful accounts		3,998		1,399		835
Demolition costs		2,675		6,712		2,078
Development-related marketing costs		9,747		9,770		3,462
Depreciation and amortization		89,075		49,272		31,427
Other income		(524)		—		—
Interest income		(37)		(151)		(135)
Interest expense		31,148		17,081		19,146
Equity in Earnings from Real Estate and Other Affiliates		(1,883)		(2,025)		(3,893)
Total expenses		269,208		200,091		163,137
Operating Assets EBT		(9,902)		(13,801)		(2,551)
Strategic Developments
Minimum rents		899		609		763
Tenant recoveries		127		220		167
Condominium rights and unit sales		305,284		83,565		32,969
Other land revenues		25		33		—
Other rental and property revenues		1,582		553		163
Total revenues		307,917		84,980		34,062
Condominium rights and unit cost of sales		191,606		49,995		16,572
Other property operating costs		4,673		4,282		5,547
Real estate taxes		2,282		2,547		2,226
Rental property maintenance costs		476		543		531
Provision for doubtful accounts		32		16		—
Demolition costs		622		22		—
Development-related marketing costs		15,719		13,013		1,449
Depreciation and amortization		3,240		1,706		189
Other expense/(income)		104		(2,373)		(3,609)
Interest income		(202)		—		—
Interest expense (*)		(6,633)		(11,918)		(4,318)
Equity in Earnings from Real Estate and Other Affiliates		(1,838)		(21,311)		(10,535)
Total expenses		210,081		36,522		8,052
Strategic Developments EBT		97,836		48,458		26,010
REP EBT	$	202,300	$	255,838	$	154,437

(*)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	Year Ended December 31,
income (loss) before taxes	2015		2014		2013
(In thousands)
REP EBT	$	202,300	$	255,838	$	154,437
General and administrative		(81,345)		(73,569)		(48,466)
Corporate interest income/(expense), net		(52,995)		(30,819)		(10,575)
Warrant liability gain (loss)		58,320		(60,520)		(181,987)
Gain on sale of The Club at Carlton Woods		29,073		-		-
Increase (reduction) in tax indemnity receivable		-		90		(1,206)
Loss on settlement of tax indemnity receivable		-		(74,095)		-
Corporate other income, net		1,409		27,098		25,869
Corporate depreciation and amortization		(6,042)		(4,583)		(2,197)
Income (loss) before taxes	$	150,720	$	39,440	$	(64,125)

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

Reconciliation of Segment Basis Revenues to	Year Ended December 31,
GAAP Revenues (In thousands)	2015		2014		2013
Master Planned Communities	$	229,865	$	363,295	$	274,770
Operating Assets		259,306		186,290		160,586
Strategic Developments		307,917		84,980		34,062
Total revenues	$	797,088	$	634,565	$	469,418

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

	December 31,
(In thousands)	2015		2014
Master Planned Communities	$	2,022,524	$	1,875,550
Operating Assets		2,365,724		1,926,192
Strategic Developments		1,138,695		876,246
Total segment assets		5,526,943		4,677,988
Corporate and other		194,639		427,280
Total assets	$	5,721,582	$	5,105,268