XML 52 R42.htm IDEA: XBRL DOCUMENT v3.20.2
SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Summary of segment operating results
Segment operating results are as follows:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
 
2020
 
2019
 
2020
 
2019
Operating Assets Segment EBT
 
 
 
 
 
 
 
 
Total revenues (a)
 
$
84,277

 
$
109,219

 
$
198,534

 
$
201,172

Total operating expenses (b)
 
(42,222
)
 
(48,727
)
 
(94,462
)
 
(91,639
)
Segment operating income
 
42,055

 
60,492

 
104,072

 
109,533

Depreciation and amortization
 
(36,995
)
 
(28,938
)
 
(74,084
)
 
(56,046
)
Interest expense, net
 
(23,103
)
 
(20,059
)
 
(49,296
)
 
(39,050
)
Other income, net
 
226

 
1,088

 
167

 
1,123

Equity in earnings from real estate and other affiliates
 
475

 
45

 
4,869

 
2,754

Gain on sale or disposal of real estate
 
—

 
—

 
38,124

 
—

Provision for impairment
 
—

 
—

 
(48,738
)
 
—

Segment EBT
 
(17,342
)
 
12,628

 
(24,886
)
 
18,314

 
 
 
 
 
 
 
 
 
MPC Segment EBT
 
 
 
 
 
 
 
 
Total revenues
 
68,913

 
72,859

 
119,359

 
123,755

Total operating expenses
 
(31,970
)
 
(38,913
)
 
(55,692
)
 
(65,979
)
Segment operating income
 
36,943

 
33,946

 
63,667

 
57,776

Depreciation and amortization
 
(91
)
 
(86
)
 
(182
)
 
(246
)
Interest income, net
 
8,303

 
8,283

 
16,857

 
15,826

Other income, net
 
—

 
72

 
—

 
67

Equity in (losses) earnings from real estate and other affiliates
 
(2,968
)
 
6,499

 
5,966

 
14,336

Segment EBT
 
42,187

 
48,714

 
86,308

 
87,759

 
 
 
 
 
 
 
 
 
Seaport District Segment EBT
 
 
 
 
 
 
 
 
Total revenues
 
2,272

 
12,891

 
11,966

 
19,921

Total operating expenses
 
(8,464
)
 
(17,972
)
 
(22,775
)
 
(32,405
)
Segment operating loss
 
(6,192
)
 
(5,081
)
 
(10,809
)
 
(12,484
)
Depreciation and amortization
 
(6,776
)
 
(6,753
)
 
(27,651
)
 
(12,946
)
Interest expense, net
 
(4,626
)
 
(1,924
)
 
(9,679
)
 
(3,456
)
Other loss, net
 
(409
)
 
(61
)
 
(3,777
)
 
(147
)
Equity in losses from real estate and other affiliates
 
(6,633
)
 
(451
)
 
(8,676
)
 
(1,083
)
Loss on sale or disposal of real estate
 
—

 
—

 
—

 
(6
)
Segment EBT
 
(24,636
)
 
(14,270
)
 
(60,592
)
 
(30,122
)
 
 
 
 
 
 
 
 
 

 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
 
2020
 
2019
 
2020
 
2019
Strategic Developments Segment EBT
 
 
 
 
 
 
 
 
Total revenues
 
624

 
236,347

 
1,384

 
440,358

Total operating expenses
 
(12,517
)
 
(224,711
)
 
(116,816
)
 
(371,014
)
Segment operating (loss) income
 
(11,893
)
 
11,636

 
(115,432
)
 
69,344

Depreciation and amortization
 
(1,650
)
 
(1,260
)
 
(3,411
)
 
(2,316
)
Interest income, net
 
1,057

 
3,235

 
2,988

 
6,497

Other income (loss), net
 
1,668

 
(383
)
 
1,293

 
310

Equity in earnings from real estate and other affiliates
 
574

 
261

 
638

 
298

Gain (loss) on sale or disposal of real estate, net
 
8,000

 
(144
)
 
8,000

 
(144
)
Segment EBT
 
(2,244
)
 
13,345

 
(105,924
)
 
73,989

 
 
 
 
 
 
 
 
 
Consolidated Segment EBT
 
 
 
 
 
 
 
 
Total revenues
 
156,086

 
431,316

 
331,243

 
785,206

Total operating expenses
 
(95,173
)
 
(330,323
)
 
(289,745
)
 
(561,037
)
Segment operating income
 
60,913

 
100,993

 
41,498

 
224,169

Depreciation and amortization
 
(45,512
)
 
(37,037
)
 
(105,328
)
 
(71,554
)
Interest expense, net
 
(18,369
)
 
(10,465
)
 
(39,130
)
 
(20,183
)
Other income (loss), net
 
1,485

 
716

 
(2,317
)
 
1,353

Equity in (losses) earnings from real estate and other affiliates
 
(8,552
)
 
6,354

 
2,797

 
16,305

Gain (loss) on sale or disposal of real estate, net
 
8,000

 
(144
)
 
46,124

 
(150
)
Provision for impairment
 
—

 
—

 
(48,738
)
 
—

Consolidated segment EBT
 
(2,035
)
 
60,417

 
(105,094
)
 
149,940

 
 
 
 
 
 
 
 

Corporate income, expenses and other items
 
(32,068
)
 
(47,089
)
 
(54,091
)
 
(104,687
)
Net (loss) income
 
(34,103
)
 
13,328

 
(159,185
)
 
45,253

Net income (loss) attributable to noncontrolling interests
 
19

 
149

 
(33
)
 
45

Net (loss) income attributable to common stockholders
 
$
(34,084
)
 
$
13,477

 
$
(159,218
)
 
$
45,298


 
(a)
Includes hospitality revenues for the three and six months ended June 30, 2020, of $2.5 million and $19.8 million, respectively, and $25.6 million and $48.5 million for the three and six months ended June 30, 2019, respectively.
(b)
Includes hospitality operating costs for the three and six months ended June 30, 2020, of $4.4 million and $17.2 million, respectively, and $16.6 million and $32.2 million for the three and six months ended June 30, 2019, respectively.
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)
 
2020
 
2019
Operating Assets
 
$
3,607,546

 
$
3,476,718

Master Planned Communities
 
2,262,400

 
2,166,472

Seaport District
 
913,321

 
930,067

Strategic Developments
 
1,638,426

 
1,540,161

Total segment assets
 
8,421,693

 
8,113,418

Corporate
 
822,865

 
300,348

Total assets
 
$
9,244,558

 
$
8,413,766