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Segments (Tables)
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Summary of segment operating results
Segment operating results are as follows:
thousandsOperating Assets Segment (a)MPC SegmentSeaport SegmentStrategic Developments SegmentTotal
Three Months Ended September 30, 2021
Total revenues$125,072 $72,061 $21,143 $809 $219,085 
Total operating expenses(61,091)(35,474)(25,219)(6,708)(128,492)
Segment operating income (loss)63,981 36,587 (4,076)(5,899)90,593 
Depreciation and amortization(44,224)(102)(9,087)(1,741)(55,154)
Interest income (expense), net(18,027)10,362 377 850 (6,438)
Other income (loss), net(285)— (1,134)5 (1,414)
Equity in earnings (losses) from real estate and other affiliates(15,108)8,277 (1,009)(8)(7,848)
Gain (loss) on sale or disposal of real estate and other assets, net39,141 — — — 39,141 
Gain (loss) on extinguishment of debt(573)(1,004)— — (1,577)
Segment EBT $24,905 $54,120 $(14,929)$(6,793)$57,303 
Corporate income, expenses and other items(55,186)
Net income (loss)2,117 
Net (income) loss attributable to noncontrolling interests1,936 
Net income (loss) attributable to common stockholders$4,053 
Three Months Ended September 30, 2020
Total revenues$81,667 $52,158 $4,204 $16,365 $154,394 
Total operating expenses(47,590)(23,059)(11,522)(9,922)(92,093)
Segment operating income (loss)34,077 29,099 (7,318)6,443 62,301 
Depreciation and amortization(41,395)(91)(7,174)(1,643)(50,303)
Interest income (expense), net(21,045)9,176 (2,811)1,921 (12,759)
Other income (loss), net(17)— 1,590 134 1,707 
Equity in earnings (losses) from real estate and other affiliates962 (1,563)(288)267,727 266,838 
Gain (loss) on sale or disposal of real estate and other assets, net108 — — — 108 
Selling profit from sales-type leases— — — — — 
Gain (loss) on extinguishment of debt(1,521)— (11,645)— (13,166)
Provision for impairment— — — — — 
Segment EBT $(28,831)$36,621 $(27,646)$274,582 $254,726 
Corporate income, expenses and other items(90,724)
Net income (loss)164,002 
Net (income) loss attributable to noncontrolling interests(24,292)
Net income (loss) attributable to common stockholders$139,710 
(a)Total revenues includes hospitality revenues of $14.0 million for the three months ended September 30, 2021, and $8.1 million for the three months ended September 30, 2020. Total operating expenses includes hospitality operating costs of $11.7 million for the three months ended September 30, 2021, and $7.6 million for the three months ended September 30, 2020. In September 2021, the Company completed the sale of its three hospitality properties.
thousandsOperating Assets Segment (a)MPC SegmentSeaport SegmentStrategic Developments SegmentTotal
Nine Months Ended September 30, 2021
Total revenues$334,933 $194,926 $39,494 $52,575 $621,928 
Total operating expenses(161,516)(92,646)(53,721)(84,971)(392,854)
Segment operating income (loss)173,417 102,280 (14,227)(32,396)229,074 
Depreciation and amortization(123,850)(272)(22,926)(4,936)(151,984)
Interest income (expense), net(55,179)31,734 666 2,610 (20,169)
Other income (loss), net(10,539)— (2,088)19 (12,608)
Equity in earnings (losses) from real estate and other affiliates(36,931)54,568 (1,697)(125)15,815 
Gain (loss) on sale or disposal of real estate and other assets, net39,141 — — 21,333 60,474 
Gain (loss) on extinguishment of debt(1,455)(1,004)— — (2,459)
Provision for impairment— — — (13,068)(13,068)
Segment EBT $(15,396)$187,306 $(40,272)$(26,563)$105,075 
Corporate income, expenses and other items(167,500)
Net income (loss)(62,425)
Net (income) loss attributable to noncontrolling interests4,725 
Net income (loss) attributable to common stockholders$(57,700)
Nine Months Ended September 30, 2020
Total revenues$280,201 $171,517 $16,170 $17,749 $485,637 
Total operating expenses(142,052)(78,751)(34,297)(126,738)(381,838)
Segment operating income (loss)138,149 92,766 (18,127)(108,989)103,799 
Depreciation and amortization(115,479)(273)(34,825)(5,054)(155,631)
Interest income (expense), net(70,341)26,033 (12,490)4,909 (51,889)
Other income (loss), net150 — (2,187)1,427 (610)
Equity in earnings (losses) from real estate and other affiliates5,831 4,403 (8,964)268,365 269,635 
Gain (loss) on sale or disposal of real estate and other assets, net38,232 — — 8,000 46,232 
Gain (loss) on extinguishment of debt(1,521)— (11,645)— (13,166)
Provision for impairment(48,738)— — — (48,738)
Segment EBT $(53,717)$122,929 $(88,238)$168,658 $149,632 
Corporate income, expenses and other items(144,815)
Net income (loss)4,817 
Net (income) loss attributable to noncontrolling interests(24,325)
Net income (loss) attributable to common stockholders$(19,508)
(a)Total revenues includes hospitality revenues of $35.6 million for the nine months ended September 30, 2021, and $27.9 million for the nine months ended September 30, 2020. Total operating expenses includes hospitality operating costs of $30.5 million for the nine months ended September 30, 2021, and $24.8 million for the nine months ended September 30, 2020. In September 2021, the Company completed the sale of its three hospitality properties.
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:
thousandsSeptember 30, 2021December 31, 2020
Operating Assets$3,758,022 $3,936,119 
Master Planned Communities2,487,183 2,285,896 
Seaport985,069 924,245 
Strategic Developments1,526,824 1,132,231 
Total segment assets8,757,098 8,278,491 
Corporate757,815 861,841 
Total assets$9,514,913 $9,140,332