Segments (Tables)

3 Months Ended

Mar. 31, 2022

Segment operating results are as follows:


thousands	Operating Assets Segment (a)		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Three Months Ended March 31, 2022
Total revenues	$	99,687	$	80,692	$	9,376	$	20,456	$	210,211
Total operating expenses	(46,615)		(36,896)		(18,859)		(18,077)		(120,447)
Segment operating income (loss)	53,072		43,796		(9,483)		2,379		89,764

Depreciation and amortization	(38,430)		(90)		(7,823)		(1,332)		(47,675)
Interest income (expense), net	(20,118)		10,422		(47)		3,989		(5,754)
Other income (loss), net	(169)		—		350		(485)		(304)
Equity in earnings (losses) from real estate and other affiliates	15,175		5,550		(3,711)		898		17,912
Gain (loss) on sale or disposal of real estate and other assets, net	—		—		—		(9)		(9)


Gain (loss) on extinguishment of debt	(282)		—		—		—		(282)

Segment EBT	$	9,248	$	59,678	$	(20,714)	$	5,440	$	53,652
Corporate income, expenses and other items									(51,481)
Net income (loss)									2,171
Net (income) loss attributable to noncontrolling interests									(49)
Net income (loss) attributable to common stockholders									$	2,122

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)

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


thousands	March 31, 2022		December 31, 2021
Operating Assets	$	3,543,302	$	3,607,718
Master Planned Communities	3,066,995		3,056,240
Seaport	1,121,784		1,046,992
Strategic Developments	1,350,270		1,193,549
Total segment assets	9,082,351		8,904,499
Corporate	385,336		677,195
Total assets	$	9,467,687	$	9,581,694