SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2017

SEGMENTS

Summary of segment operating results

	Three Months Ended March 31,
(In thousands)	2017		2016
Master Planned Communities
Land sales	$	53,481	$	41,942
Builder price participation		4,661		4,647
Minimum rents		(8)		143
Other land revenues		10,572		3,023
Total revenues		68,706		49,755
Cost of sales – land		25,869		15,688
Land sales operations		9,394		9,594
Provision for doubtful accounts		2		—
Depreciation and amortization		92		83
Interest income		(8)		(16)
Interest expense (*)		(5,549)		(5,339)
Equity in earnings in Real Estate and Other Affiliates		(5,280)		—
Total expenses		24,520		20,010
MPC segment EBT		44,186		29,745
Operating Assets
Minimum rents		45,962		41,118
Tenant recoveries		11,230		10,523
Hospitality revenues		19,711		12,909
Other rental and property revenues		5,184		3,083
Total revenues		82,087		67,633
Other property operating costs		15,523		14,118
Real estate taxes		6,845		6,142
Rental property maintenance costs		2,833		3,001
Hospitality operating costs		13,845		10,475
Provision for doubtful accounts		530		2,979
Demolition costs		65		—
Development-related marketing costs		418		256
Depreciation and amortization		22,789		21,201
Other income, net		178		(363)
Interest income		—		(8)
Interest expense (*)		14,524		11,337
Equity in earnings from Real Estate and Other Affiliates		(3,385)		(1,908)
Total expenses		74,165		67,230
Operating Assets segment EBT		7,922		403
Strategic Developments
Minimum rents		372		48
Tenant recoveries		169		5
Condominium rights and unit sales		80,145		122,094
Other land revenues		10		10
Other rental and property revenues		273		121
Total revenues		80,969		122,278
Condominium rights and unit cost of sales		60,483		74,815
Other property operating costs		2,985		1,624
Real estate taxes		692		606
Rental property maintenance costs		195		131
Provision for doubtful accounts		3		62
Demolition costs		—		472
Development-related marketing costs		3,787		4,275
Depreciation and amortization		668		659
Other income, net		(15)		(244)
Interest income		(65)		(6)
Interest expense (*)		(4,539)		(3,318)
Equity in earnings from Real Estate and Other Affiliates		145		(24)
Gains on sales of properties		(32,215)		(140,479)
Total expenses		32,124		(61,427)
Strategic Developments segment EBT		48,845		183,705
Total consolidated segment EBT	$	100,953	$	213,853

(*) 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.

Reconciliation of EBT to GAAP income (loss) before taxes

Reconciliation of  EBT to GAAP income before taxes	Three Months Ended March 31,
(In thousands)	2017		2016
MPC segment EBT	$	44,186	$	29,745
Operating Assets segment EBT		7,922		403
Strategic Developments segment EBT		48,845		183,705
Total consolidated segment EBT		100,953		213,853
Corporate and other items:
General and administrative		(18,117)		(20,324)
Corporate interest expense, net		(12,873)		(13,076)
Warrant liability (loss) gain		(12,562)		29,820
Gain on acquisition of joint venture partner's interest		5,490		—
Loss on redemption of senior notes due 2021		(46,410)		—
Corporate other income, net		850		(246)
Corporate depreciation and amortization		(1,975)		(1,029)
Total Corporate and other items		(85,597)		(4,855)
Income before taxes	$	15,356	$	208,998

Schedule of reconciliation of segment revenue to GAAP consolidated revenues

Reconciliation of Segment Basis Revenues to GAAP Revenues	Three Months Ended March 31,
(In thousands)	2017		2016
Master Planned Communities	$	68,706	$	49,755
Operating Assets		82,087		67,633
Strategic Developments		80,969		122,278
Total revenues	$	231,762	$	239,666

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)	2017		2016
Master Planned Communities	$	1,996,294	$	1,982,639
Operating Assets		2,437,638		2,344,949
Strategic Developments		1,518,283		1,451,460
Total segment assets		5,952,215		5,779,048
Corporate and other		455,927		588,334
Total assets	$	6,408,142	$	6,367,382