Segments (Tables)

6 Months Ended

Jun. 30, 2021

Segment operating results are as follows:


thousands	Operating Assets Segment (a)		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Three Months Ended June 30, 2021
Total revenues	$	113,422	$	74,578	$	10,898	$	13,466	$	212,364
Total operating expenses	(53,191)		(33,905)		(15,996)		(18,640)		(121,732)
Segment operating income (loss)	60,231		40,673		(5,098)		(5,174)		90,632
Depreciation and amortization	(39,975)		(98)		(7,004)		(1,597)		(48,674)
Interest income (expense), net	(18,152)		10,615		187		659		(6,691)
Other income (loss), net	(156)		—		(618)		14		(760)
Equity in earnings (losses) from real estate and other affiliates	(10,419)		18,641		(336)		(19)		7,867
Gain (loss) on sale or disposal of real estate and other assets, net	—		—		—		21,333		21,333

Gain (loss) on extinguishment of debt	(46)		—		—		—		(46)
Provision for impairment	—		—		—		(13,068)		(13,068)
Segment EBT	$	(8,517)	$	69,831	$	(12,869)	$	2,148	$	50,593
Corporate income, expenses and other items									(46,976)
Net income (loss)									3,617
Net (income) loss attributable to noncontrolling interests									1,224
Net income (loss) attributable to common stockholders									$	4,841

Three Months Ended June 30, 2020
Total revenues	$	84,277	$	68,913	$	2,272	$	624	$	156,086
Total operating expenses	(42,222)		(31,970)		(8,464)		(12,517)		(95,173)
Segment operating income (loss)	42,055		36,943		(6,192)		(11,893)		60,913
Depreciation and amortization	(36,995)		(91)		(6,776)		(1,650)		(45,512)
Interest income (expense), net	(23,103)		8,303		(4,626)		1,057		(18,369)
Other income (loss), net	226		—		(409)		1,668		1,485
Equity in earnings (losses) from real estate and other affiliates	475		(2,968)		(6,633)		574		(8,552)
Gain (loss) on sale or disposal of real estate and other assets, net	—		—		—		8,000		8,000



Segment EBT	$	(17,342)	$	42,187	$	(24,636)	$	(2,244)	$	(2,035)
Corporate income, expenses and other items									(32,068)
Net income (loss)									(34,103)
Net (income) loss attributable to noncontrolling interests									19
Net income (loss) attributable to common stockholders									$	(34,084)

(a)Total revenues includes hospitality revenues of $13.9 million for the three months ended June 30, 2021, and $2.5 million for the three months ended June 30, 2020. Total operating expenses includes hospitality operating costs of $11.0 million for the three months ended June 30, 2021, and $4.4 million for the three months ended June 30, 2020.


thousands	Operating Assets Segment (a)		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Six Months Ended June 30, 2021
Total revenues	$	209,861	$	122,865	$	18,351	$	51,766	$	402,843
Total operating expenses	(100,425)		(57,172)		(28,502)		(78,263)		(264,362)
Segment operating income (loss)	109,436		65,693		(10,151)		(26,497)		138,481
Depreciation and amortization	(79,626)		(170)		(13,839)		(3,195)		(96,830)
Interest income (expense), net	(37,152)		21,372		289		1,760		(13,731)
Other income (loss), net	(10,254)		—		(954)		14		(11,194)
Equity in earnings (losses) from real estate and other affiliates	(21,823)		46,291		(688)		(117)		23,663
Gain (loss) on sale or disposal of real estate and other assets, net	—		—		—		21,333		21,333


Gain (loss) on extinguishment of debt	(882)		—		—		—		(882)
Provision for impairment	—		—		—		(13,068)		(13,068)
Segment EBT	$	(40,301)	$	133,186	$	(25,343)	$	(19,770)	$	47,772
Corporate income, expenses and other items									(112,314)
Net income (loss)									(64,542)
Net (income) loss attributable to noncontrolling interests									2,789
Net income (loss) attributable to common stockholders									$	(61,753)

Six Months Ended June 30, 2020
Total revenues	$	198,534	$	119,359	$	11,966	$	1,384	$	331,243
Total operating expenses	(94,462)		(55,692)		(22,775)		(116,816)		(289,745)
Segment operating income (loss)	104,072		63,667		(10,809)		(115,432)		41,498
Depreciation and amortization	(74,084)		(182)		(27,651)		(3,411)		(105,328)
Interest income (expense), net	(49,296)		16,857		(9,679)		2,988		(39,130)
Other income (loss), net	167		—		(3,777)		1,293		(2,317)
Equity in earnings (losses) from real estate and other affiliates	4,869		5,966		(8,676)		638		2,797
Gain (loss) on sale or disposal of real estate and other assets, net	38,124		—		—		8,000		46,124



Provision for impairment	(48,738)		—		—		—		(48,738)
Segment EBT	$	(24,886)	$	86,308	$	(60,592)	$	(105,924)	$	(105,094)
Corporate income, expenses and other items									(54,091)
Net income (loss)									(159,185)
Net (income) loss attributable to noncontrolling interests									(33)
Net income (loss) attributable to common stockholders									$	(159,218)

(a)Total revenues includes hospitality revenues of $21.6 million for the six months ended June 30, 2021, and $19.8 million for the six months ended June 30, 2020. Total operating expenses includes hospitality operating costs of $18.9 million for the six months ended June 30, 2021, and $17.2 million for the six months ended June 30, 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	June 30, 2021		December 31, 2020
Operating Assets	$	3,949,294	$	3,936,119
Master Planned Communities	2,327,151		2,285,896
Seaport	972,512		924,245
Strategic Developments	1,212,919		1,132,231
Total segment assets	8,461,876		8,278,491
Corporate	847,193		861,841
Total assets	$	9,309,069	$	9,140,332