SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Summary of segment operating results

Segment operating results are as follows:

	Three Months Ended September 30,
	2018			2017			2018			2017			2018			2017			2018			2017
(In thousands)	Operating						MPC						Strategic						Consolidated
Total revenues	$	101,000		$	79,533		$	143,135		$	64,929		$	13,025		$	114,274		$	257,160		$	258,736
Total operating expenses	59,779			41,837			70,237			37,223			19,302			91,080			149,318			170,140
Segment operating income (loss)	41,221			37,696			72,898			27,706			(6,277		)	23,194			107,842			88,596
Depreciation and amortization	(28,329		)	(33,885		)	(79		)	(76		)	(472		)	(18		)	(28,880		)	(33,979		)
Interest (expense) income, net	(18,891		)	(15,940		)	6,626			6,355			4,319			6,983			(7,946		)	(2,602		)
Other (loss) income, net	(2,887		)	(249		)	18			—			(450		)	122			(3,319		)	(127		)
Equity in earnings (loss) from real estate and other affiliates	(529		)	317			9,454			6,480			(316		)	670			8,609			7,467
Gains on sales of properties	—			—			—			—			—			237			—			237
Segment EBT	$	(9,415	)	$	(12,061	)	$	88,917		$	40,465		$	(3,196	)	$	31,188		$	76,306		$	59,592
							Corporate expenses and other items												52,459			49,076
							Net income												$	23,847		$	10,516
							Net income attributable to noncontrolling interests												(482		)	(12		)
							Net income attributable to common stockholders												$	23,365		$	10,504

	Nine Months Ended September 30,
	2018			2017			2018			2017			2018			2017			2018			2017
(In thousands)	Operating						MPC						Strategic						Consolidated
Total revenues	$	285,481		$	243,498		$	261,665		$	211,711		$	52,698		$	343,928		$	599,844		$	799,137
Total operating expenses	149,169			123,879			143,608			113,171			70,225			264,524			363,002			501,574
Segment operating income (loss)	136,312			119,619			118,057			98,540			(17,527		)	79,404			236,842			297,563
Depreciation and amortization	(79,190		)	(88,918		)	(245		)	(247		)	(2,650		)	(1,177		)	(82,085		)	(90,342		)
Interest (expense) income, net	(52,886		)	(46,004		)	19,826			17,902			18,260			18,321			(14,800		)	(9,781		)
Other (loss) income, net	(2,723		)	(265		)	18			—			(77		)	137			(2,782		)	(128		)
Equity in earnings from real estate and other affiliates	1,056			3,739			34,682			21,552			3,556			530			39,294			25,821
Gains on sales of properties	—			—			—			—			—			32,452			—			32,452
Segment EBT	$	2,569		$	(11,829	)	$	172,338		$	137,747		$	1,562		$	129,667		$	176,469		$	255,585
							Corporate expenses and other items												156,667			236,290
							Net income												$	19,802		$	19,295
							Net income attributable to noncontrolling interests												(51		)	(12		)
							Net income attributable to common stockholders												$	19,751		$	19,283

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:

	September 30,		December 31,
(In thousands)	2018		2017
Master Planned Communities	$	2,067,403	$	1,999,090
Operating Assets	2,750,923		2,489,177
Strategic Developments	2,188,293		1,511,612
Total segment assets	7,006,619		5,999,879
Corporate and other	290,251		729,185
Total assets	$	7,296,870	$	6,729,064