SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2016

SEGMENTS

Summary of segment operating results

	Year Ended December 31,
(In thousands)	2016		2015		2014
Master Planned Communities
Land sales	$	215,318	$	187,399	$	325,099
Builder price participation		21,386		26,846		20,908
Minimum rents		384		842		818
Other land revenues		16,192		14,778		16,470
Other rental and property revenues		24		—		—
Total revenues		253,304		229,865		363,295
Cost of sales – land		95,727		88,065		119,672
Land sales operations		42,371		44,907		41,794
Provision for (recovery of) doubtful accounts		—		—		(11)
Depreciation and amortization		311		640		397
Interest income		(59)		(60)		(118)
Interest expense (*)		(21,026)		(18,053)		(19,620)
Equity in earnings in Real Estate and Other Affiliates		(43,501)		—		—
Total expenses		73,823		115,499		142,114
MPC segment EBT		179,481		114,366		221,181
Operating Assets
Minimum rents		172,437		149,064		95,807
Tenant recoveries		44,306		39,415		28,133
Hospitality revenues		62,252		45,374		37,921
Other rental and property revenues		16,170		25,453		24,429
Total revenues		295,165		259,306		186,290
Other property operating costs		60,541		68,078		62,752
Real estate taxes		24,439		21,856		14,860
Rental property maintenance costs		12,033		10,236		8,592
Hospitality operating costs		49,359		34,839		31,829
Provision for doubtful accounts		5,601		3,998		1,399
Demolition costs		1,123		2,675		6,712
Provision for impairment		35,734		—		—
Development-related marketing costs		7,110		9,747		9,770
Depreciation and amortization		86,313		89,075		49,272
Other income, net		(4,601)		(524)		—
Interest income		(19)		(37)		(151)
Interest expense  (*)		39,466		31,148		17,081
Equity in earnings from Real Estate and Other Affiliates		(2,802)		(1,883)		(2,025)
Total expenses		314,297		269,208		200,091
Operating Assets segment EBT		(19,132)		(9,902)		(13,801)
Strategic Developments
Minimum rents		447		899		609
Tenant recoveries		24		127		220
Condominium rights and unit sales		485,634		305,284		83,565
Other land revenues		40		25		33
Other rental and property revenues		391		1,582		553
Total revenues		486,536		307,917		84,980
Condominium rights and unit cost of sales		319,325		191,606		49,995
Other property operating costs		5,437		4,673		4,282
Real estate taxes		2,408		2,282		2,547
Rental property maintenance costs		359		476		543
Provision for doubtful accounts		63		32		16
Demolition costs		1,089		622		22
Development-related marketing costs		15,074		15,719		13,013
Depreciation and amortization		2,744		3,240		1,706
Other income, net		(611)		104		(2,373)
Interest income		(500)		(202)		—
Interest expense (*)		(5,957)		(6,633)		(11,918)
Equity in earnings from Real Estate and Other Affiliates		(10,515)		(1,838)		(21,311)
Gain on sale of 80 South Street Assemblage		(140,549)		—		—
Total expenses		188,367		210,081		36,522
Strategic Developments segment EBT		298,169		97,836		48,458
Total consolidated segment EBT	$	458,518	$	202,300	$	255,838

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

Reconciliation of EBT to GAAP income (loss) before taxes

Reconciliation of  EBT to GAAP income (loss) before taxes	Year Ended December 31,
(In thousands)	2016		2015		2014
Total consolidated segment EBT	$	458,518	$	202,300	$	255,838
Corporate and other items:
General and administrative		(86,588)		(81,345)		(73,569)
Corporate interest expense, net		(52,460)		(52,995)		(30,819)
Warrant liability (loss) gain		(24,410)		58,320		(60,520)
Gain on acquisition of joint venture partner's interest		27,088		—		—
Increase (reduction) in tax indemnity receivable		—		—		90
Loss on settlement of tax indemnity receivable		—		—		(74,095)
(Loss) gain on disposal of operating assets		(1,117)		29,073		—
Corporate other income, net		6,241		1,409		27,098
Corporate depreciation and amortization		(6,496)		(6,042)		(4,583)
Total Corporate and other items		(137,742)		(51,580)		(216,398)
Income before taxes	$	320,776	$	150,720	$	39,440

Schedule of reconciliation of segment revenue to GAAP consolidated revenues

Reconciliation of Segment Basis Revenues to  GAAP Revenues	Year Ended December 31,
(In thousands)	2016		2015		2014
Master Planned Communities	$	253,304	$	229,865	$	363,295
Operating Assets		295,165		259,306		186,290
Strategic Developments		486,536		307,917		84,980
Total revenues	$	1,035,005	$	797,088	$	634,565

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,
(In thousands)	2016		2015
Master Planned Communities	$	1,982,639	$	2,022,524
Operating Assets		2,624,505		2,365,724
Strategic Developments		1,171,904		1,138,695
Total segment assets		5,779,048		5,526,943
Corporate and other		588,334		194,639
Total assets	$	6,367,382	$	5,721,582