Segments (Tables)

12 Months Ended

Dec. 31, 2021

Segment operating results are as follows:


thousands	Operating Assets Segment (a)		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Year ended December 31, 2021
Total revenues	$	442,698	$	409,746	$	55,008	$	520,109	$	1,427,561
Total operating expenses	(209,020)		(193,851)		(77,198)		(436,698)		(916,767)
Segment operating income (loss)	233,678		215,895		(22,190)		83,411		510,794
Depreciation and amortization	(163,031)		(366)		(30,867)		(6,512)		(200,776)
Interest income (expense), net	(75,391)		42,683		357		3,701		(28,650)
Other income (loss), net	(10,746)		—		(3,730)		2,536		(11,940)
Equity in earnings (losses) from real estate and other affiliates	(67,042)		59,399		(1,988)		(221)		(9,852)
Gain (loss) on sale or disposal of real estate and other assets, net	39,168		—		—		13,911		53,079


Gain (loss) on extinguishment of debt	(1,926)		(1,004)		—		—		(2,930)
Provision for impairment	—		—		—		(13,068)		(13,068)
Segment EBT	$	(45,290)	$	316,607	$	(58,418)	$	83,758	$	296,657
Corporate income, expenses and other items									(247,733)
Net income (loss)									48,924
Net (income) loss attributable to noncontrolling interests									7,176
Net income (loss) attributable to common stockholders									$	56,100


thousands	Operating Assets Segment (a)		MPC Segment		Seaport 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


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)

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

(a)Total revenues includes hospitality revenues of $35.6 million for the year ended December 31, 2021, $35.2 million for the year ended December 31, 2020, and $87.9 million for the year ended December 31, 2019. Total operating expenses includes hospitality operating costs of $30.5 million for the year ended December 31, 2021, $32.3 million for the year ended December 31, 2020, and $60.2 million for the year ended December 31, 2019. 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 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	2021		2020
Operating Assets	$	3,607,718	$	3,936,119
Master Planned Communities	3,056,240		2,285,896
Seaport	1,046,992		924,245
Strategic Developments	1,193,549		1,132,231
Total segment assets	8,904,499		8,278,491
Corporate	677,195		861,841
Total assets	$	9,581,694	$	9,140,332