Segments (Tables)

3 Months Ended

Mar. 31, 2021

Segment operating results are as follows:


thousands	Operating Assets Segment (a)		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Three Months Ended March 31, 2021
Total revenues	$	96,439	$	48,287	$	7,453	$	38,300	$	190,479
Total operating expenses	(47,234)		(23,267)		(12,506)		(59,623)		(142,630)
Segment operating income (loss)	49,205		25,020		(5,053)		(21,323)		47,849
Depreciation and amortization	(39,651)		(72)		(6,835)		(1,598)		(48,156)
Interest income (expense), net	(19,000)		10,757		102		1,101		(7,040)
Other income (loss), net	(10,098)		—		(336)		—		(10,434)
Equity in earnings (losses) from real estate and other affiliates	(11,404)		27,650		(352)		(98)		15,796



Gain (loss) on extinguishment of debt	(836)		—		—		—		(836)

Segment EBT	$	(31,784)	$	63,355	$	(12,474)	$	(21,918)	$	(2,821)
Corporate income, expenses and other items									(65,338)
Net income (loss)									(68,159)
Net (income) loss attributable to noncontrolling interests									1,565
Net income (loss) attributable to common stockholders									$	(66,594)

Three Months Ended March 31, 2020
Total revenues	$	114,257	$	50,446	$	9,694	$	760	$	175,157
Total operating expenses	(52,240)		(23,722)		(14,311)		(104,299)		(194,572)
Segment operating income (loss)	62,017		26,724		(4,617)		(103,539)		(19,415)
Depreciation and amortization	(37,089)		(91)		(20,875)		(1,761)		(59,816)
Interest income (expense), net	(26,193)		8,554		(5,053)		1,931		(20,761)
Other income (loss), net	(59)		—		(3,368)		(375)		(3,802)
Equity in earnings (losses) from real estate and other affiliates	4,394		8,934		(2,043)		64		11,349
Gain (loss) on sale or disposal of real estate and other assets, net	38,124		—		—		—		38,124



Provision for impairment	(48,738)		—		—		—		(48,738)
Segment EBT	$	(7,544)	$	44,121	$	(35,956)	$	(103,680)	$	(103,059)
Corporate income, expenses and other items									(22,023)
Net income (loss)									(125,082)
Net (income) loss attributable to noncontrolling interests									(52)
Net income (loss) attributable to common stockholders									$	(125,134)

(a)Total revenues includes hospitality revenues of $7.7 million for the three months ended March 31, 2021, and $17.2 million for the three months ended March 31, 2020. Total operating expenses includes hospitality operating costs of $7.9 million for the three months ended March 31, 2021, and $12.9 million for the three months ended March 31, 2020.

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:


thousands	March 31, 2021		December 31, 2020
Operating Assets	$	3,895,742	$	3,936,119
Master Planned Communities	2,346,687		2,285,896
Seaport	946,893		924,245
Strategic Developments	1,182,983		1,132,231
Total segment assets	8,372,305		8,278,491
Corporate	781,857		861,841
Total assets	$	9,154,162	$	9,140,332