SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Segment operating results are as follows:


thousands	Operating Assets Segment (a)		MPC Segment		Seaport District Segment		Strategic Developments Segment		Total
Year ended December 31, 2020
Total revenues	$	372,057	$	283,953	$	23,814	$	19,407	$	699,231
Total operating expenses	(185,480)		(128,597)		(46,112)		(135,160)		(495,349)
Segment operating income (loss)	186,577		155,356		(22,298)		(115,753)		203,882
Depreciation and amortization	(162,324)		(365)		(41,602)		(6,545)		(210,836)
Interest income (expense), net	(91,411)		36,587		(12,512)		6,312		(61,024)
Other income (loss), net	540		—		(2,616)		2,165		89
Equity in earnings (losses) from real estate and other affiliates	(7,366)		17,845		(9,292)		269,912		271,099
Gain (loss) on sale or disposal of real estate and other assets, net	38,232		—		—		21,710		59,942

Selling profit from sales-type leases	—		—		—		—		—
Gain (loss) on extinguishment of debt	(1,521)		—		(11,648)		—		(13,169)
Provision for impairment	(48,738)		—		—		—		(48,738)
Segment EBT	$	(86,011)	$	209,423	$	(99,968)	$	177,801	$	201,245
Corporate income, expenses and other items									(204,418)
Net income (loss)									(3,173)
Net (income) loss attributable to noncontrolling interests									(22,981)
Net income (loss) attributable to common stockholders									$	(26,154)


thousands	Operating Assets Segment (a)		MPC Segment		Seaport District Segment		Strategic Developments Segment		Total
Year Ended December 31, 2019
Total revenues	$	400,131	$	386,781	$	55,645	$	457,948	$	1,300,505
Total operating expenses	(187,322)		(183,472)		(77,872)		(391,848)		(840,514)
Segment operating income (loss)	212,809		203,309		(22,227)		66,100		459,991
Depreciation and amortization	(115,499)		(424)		(26,381)		(5,473)		(147,777)
Interest income (expense), net	(81,029)		32,019		(12,865)		11,321		(50,554)
Other income (loss), net	1,142		601		(22)		831		2,552
Equity in earnings (losses) from real estate and other affiliates	3,672		28,336		(2,592)		1,213		30,629
Gain (loss) on sale or disposal of real estate and other assets, net	—		—		(6)		27,119		27,113

Selling profit from sales-type leases	13,537		—		—		—		13,537
Gain (loss) on extinguishment of debt	—		—		4,851		—		4,851

Segment EBT	$	34,632	$	263,841	$	(59,242)	$	101,111	$	340,342
Corporate income, expenses and other items									(266,047)
Net income (loss)									74,295
Net (income) loss attributable to noncontrolling interests									(339)
Net income (loss) attributable to common stockholders									$	73,956

Year Ended December 31, 2018
Total revenues	$	348,242	$	309,451	$	32,632	$	374,212	$	1,064,537
Total operating expenses	(164,445)		(163,517)		(49,716)		(290,806)		(668,484)
Segment operating income (loss)	183,797		145,934		(17,084)		83,406		396,053
Depreciation and amortization	(103,293)		(243)		(12,466)		(3,307)		(119,309)
Interest income (expense), net	(71,551)		26,919		6,291		12,476		(25,865)
Other income (loss), net	(7,107)		18		102		3,015		(3,972)
Equity in earnings (losses) from real estate and other affiliates	1,994		36,284		(705)		2,364		39,937
Gain (loss) on sale or disposal of real estate and other assets, net	(4)		—		—		—		(4)




Segment EBT	$	3,836	$	208,912	$	(23,862)	$	97,954	$	286,840
Corporate income, expenses and other items									(229,114)
Net income (loss)									57,726
Net (income) loss attributable to noncontrolling interests									(714)
Net income (loss) attributable to common stockholders									$	57,012

(a)Total revenues includes hospitality revenues of $35.2 million for the year ended December 31, 2020, $87.9 million for the year ended December 31, 2019, and $82.0 million for the year ended December 31, 2018. Total operating expenses includes hospitality operating costs of $32.3 million for the year ended December 31, 2020, $60.2 million for the year ended December 31, 2019, and $59.2 million for the year ended December 31, 2018.

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

The following represents assets by segment and the reconciliation of total segment assets to the total assets in the Consolidated Balance Sheets as of December 31:


thousands	2020		2019
Operating Assets	$	3,936,119	$	3,476,718
Master Planned Communities	2,285,896		2,166,472
Seaport District	924,245		930,067
Strategic Developments	1,132,231		1,540,161
Total segment assets	8,278,491		8,113,418
Corporate	861,841		300,348
Total assets	$	9,140,332	$	8,413,766