SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Summary of segment operating results

Segment operating results are as follows:

	Three Months Ended June 30,
	2018			2017			2018			2017			2018			2017			2018			2017
(In thousands)	Operating						MPC						Strategic						Consolidated
Total revenues	$	93,223		$	81,878		$	62,765		$	78,076		$	25,017		$	148,685		$	181,005		$	308,639
Total operating expenses	44,586			42,466			37,003			40,683			38,156			109,087			119,745			192,236
Segment operating income (loss)	48,637			39,412			25,762			37,393			(13,139		)	39,598			61,260			116,403
Depreciation and amortization	(25,688		)	(32,244		)	(85		)	(79		)	(1,113		)	(491		)	(26,886		)	(32,814		)
Interest (expense) income, net	(17,308		)	(15,540		)	6,808			5,990			6,417			6,734			(4,083		)	(2,816		)
Equity in earnings (loss) from real estate and other affiliates	(1,001		)	37			14,100			9,792			3,200			5			16,299			9,834
Gains on sales of properties	—			—			—			—			—			—			—			—
Segment EBT	$	4,640		$	(8,335	)	$	46,585		$	53,096		$	(4,635	)	$	45,846		$	46,590		$	90,607
							Corporate expenses and other items												52,469			87,487
							Net (loss) income												$	(5,879	)	$	3,120
							Net loss attributable to noncontrolling interests												791			—
							Net (loss) income attributable to common stockholders												$	(5,088	)	$	3,120

	Six Months Ended June 30,
	2018			2017			2018			2017			2018			2017			2018			2017
(In thousands)	Operating						MPC						Strategic						Consolidated
Total revenues	$	184,481		$	163,965		$	118,530		$	146,782		$	39,673		$	229,654		$	342,684		$	540,401
Total operating expenses	89,390			82,042			73,371			75,948			50,923			173,444			213,684			331,434
Segment operating income	95,091			81,923			45,159			70,834			(11,250		)	56,210			129,000			208,967
Depreciation and amortization	(50,861		)	(55,033		)	(166		)	(171		)	(2,178		)	(1,159		)	(53,205		)	(56,363		)
Interest (expense) income, net	(33,995		)	(30,064		)	13,200			11,547			13,941			11,338			(6,854		)	(7,179		)
Equity in earnings from real estate and other affiliates	1,585			3,422			25,228			15,072			3,872			(140		)	30,685			18,354
Gains on sales of properties	—			—			—			—			—			32,215			—			32,215
Segment EBT	$	11,820		$	248		$	83,421		$	97,282		$	4,385		$	98,464		$	99,626		$	195,994
							Corporate expenses and other items												103,671			187,215
							Net (loss) income												$	(4,045	)	$	8,779
							Net loss attributable to noncontrolling interests												431			—
							Net (loss) income attributable to common stockholders												$	(3,614	)	$	8,779

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

The assets by segment and the reconciliation of total segment assets to the Total assets in the Condensed Consolidated Balance Sheets are summarized as follows:

	June 30,		December 31,
(In thousands)	2018		2017
Master Planned Communities	$	2,033,835	$	1,999,090
Operating Assets	2,592,813		2,489,177
Strategic Developments	2,037,105		1,511,612
Total segment assets	6,663,753		5,999,879
Corporate and other	469,944		729,185
Total assets	$	7,133,697	$	6,729,064