SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2016

SEGMENTS

Schedule of segment operating results

	Three Months Ended March 31,
(In thousands)	2016		2015
Master Planned Communities
Land sales	$	41,942	$	48,081
Builder price participation		4,647		5,698
Minimum rents		143		215
Other land revenues		3,023		3,284
Total revenues		49,755		57,278
Cost of sales – land		15,688		23,896
Land sales operations		7,300		7,579
Land sales real estate and business taxes		2,294		2,404
Depreciation and amortization		83		95
Interest income		(16)		(16)
Interest expense (*)		(5,339)		(4,762)
Total expenses, net of other income		20,010		29,196
MPC EBT		29,745		28,082
Operating Assets
Minimum rents		41,118		34,312
Tenant recoveries		10,523		9,573
Hospitality revenues		12,909		12,003
Other rental and property revenues		3,083		6,274
Total revenues		67,633		62,162
Other property operating costs		14,118		17,486
Real estate taxes		6,142		5,520
Rental property maintenance costs		3,001		2,627
Hospitality expenses		10,475		9,078
Provision for doubtful accounts		2,979		809
Demolition costs		472		117
Development-related marketing costs		1,100		2,266
Depreciation and amortization		21,201		18,762
Other income		(363)		—
Interest income		(8)		(10)
Interest expense		9,153		6,495
Equity in Earnings from Real Estate and Other Affiliates		(1,927)		(885)
Total expenses, net of other income		66,343		62,265
Operating Assets EBT		1,290		(103)
Strategic Developments
Minimum rents		48		667
Tenant recoveries		5		94
Condominium rights and unit sales		122,094		34,857
Other land revenues		10		6
Other rental and property revenues		121		26
Total revenues		122,278		35,650
Condominium rights and unit cost of sales		74,815		22,409
Other property operating costs		1,624		659
Real estate taxes		606		680
Rental property maintenance costs		131		117
Provision for doubtful accounts		62		—
Demolition costs		—		—
Development-related marketing costs		3,431		3,977
Depreciation and amortization		659		1,016
Other expense/(income)		(244)		(333)
Interest income		(6)		—
Interest expense (*)		(1,134)		(1,807)
Equity in Earnings from Real Estate and Other Affiliates		(5)		(904)
Gain on sale of 80 South Street Assemblage		(140,479)		—
Total expenses, net of other income		(60,540)		25,814
Strategic Developments EBT		182,818		9,836
REP EBT	$	213,853	$	37,815

(*) 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 income (loss) before taxes	Three Months Ended March 31,
(In thousands)	2016		2015
REP EBT	$	213,853	$	37,815
General and administrative		(20,324)		(18,963)
Corporate interest income/(expense), net		(13,076)		(13,212)
Warrant liability gain (loss)		29,820		(108,810)
Corporate other (expense) income, net		(246)		1,132
Corporate depreciation and amortization		(1,029)		(1,637)
Income (loss) before taxes	$	208,998	$	(103,675)

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

Reconciliation of Segment Basis Revenues to  GAAP Revenues	Three Months Ended March 31,
(In thousands)	2016		2015
Master Planned Communities	$	49,755	$	57,278
Operating Assets		67,633		62,162
Strategic Developments		122,278		35,650
Total revenues	$	239,666	$	155,090

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,
(In thousands)	2016		2015
Master Planned Communities	$	2,005,373	$	2,022,524
Operating Assets		2,439,617		2,365,724
Strategic Developments		1,330,823		1,138,695
Total segment assets		5,775,813		5,526,943
Corporate and other		256,161		194,639
Total assets	$	6,031,974	$	5,721,582