SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Summary of segment operating results

Segment operating results for the years ended December 31, 2018, 2017 and 2016 are as follows:

	Year Ended Year Ended December 31,
(In thousands)	2018			2017			2016
Operating Assets
Total revenues	$	379,124		$	327,555		$	295,165
Total operating expenses	200,872			170,215			151,938
Segment operating income	178,252			157,340			143,227
Depreciation and amortization	113,576			122,421			86,313
Provision for impairment	—			—			35,734
Interest expense (income), net	71,551			61,584			50,427
Other loss (income), net	7,005			315			(4,601		)
Equity in (earnings) loss from Real Estate and Other Affiliates	(1,529		)	(3,267		)	(2,802		)
Operating Assets segment EBT	(12,351		)	(23,713		)	(21,844		)
Master Planned Communities
Total revenues	309,451			299,543			253,304
Total operating expenses	169,474			159,895			138,098
Segment operating income	139,977			139,648			115,206
Depreciation and amortization	243			323			311
Interest expense (income), net	(26,919		)	(24,292		)	(21,085		)
Other loss (income), net	(18		)	(3,500		)	—
Equity in (earnings) loss from Real Estate and Other Affiliates	(36,284		)	(23,234		)	(43,501		)
MPC segment EBT	202,955			190,351			179,481
Strategic Developments
Total revenues	375,962			473,022			486,536
Total operating expenses	304,775			361,562			327,627
Segment operating income	71,187			111,460			158,909
Depreciation and amortization	3,307			1,210			2,744
Interest expense (income), net	(18,767		)	(25,467		)	(17,437		)
Other loss (income), net	(3,015		)	(108		)	(611		)
Equity in (earnings) loss from Real Estate and Other Affiliates	(2,124		)	550			(10,515		)
Gains on sales of properties	—			(51,242		)	(140,549		)
Strategic Developments EBT	91,786			186,517			325,277
Consolidated segment
Total revenues	1,064,537			1,100,120			1,035,005
Total operating expenses	675,121			691,672			617,663
Segment operating income	389,416			408,448			417,342
Depreciation and amortization	117,126			123,954			89,368
Provision for impairment	—			—			35,734
Interest expense (income), net	25,865			11,825			11,905
Other loss (income), net	3,972			(3,293		)	(5,212		)
Equity in (earnings) loss from Real Estate and Other Affiliates	(39,937		)	(25,951		)	(56,818		)
Gains on sales of properties	—			(51,242		)	(140,549		)
Consolidated segment EBT	282,390			353,155			482,914
Corporate expenses and other items	224,664			186,532			280,588
Net income	57,726			166,623			202,326
Net (income) loss attributable to noncontrolling interests	(714		)	1,781			(23		)
Net income attributable to common stockholders	$	57,012		$	168,404		$	202,303

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 Consolidated Balance Sheets are summarized as follows:

	December 31,
(In thousands)	2018		2017
Master Planned Communities	$	2,076,678	$	1,999,090
Operating Assets	3,124,287		2,489,177
Strategic Developments	1,806,206		1,511,612
Total segment assets	7,007,171		5,999,879
Corporate and other	348,628		729,185
Total assets	$	7,355,799	$	6,729,064