Segments (Tables)

6 Months Ended

Jun. 30, 2022

Segment operating results are as follows:


thousands	Operating Assets Segment (a)		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Three Months Ended June 30, 2022
Total revenues	$	118,562	$	108,110	$	28,176	$	21,846	$	276,694
Total operating expenses	(51,349)		(45,136)		(29,066)		(25,679)		(151,230)
Segment operating income (loss)	67,213		62,974		(890)		(3,833)		125,464
Depreciation and amortization	(38,999)		(92)		(7,720)		(1,345)		(48,156)
Interest income (expense), net	(21,318)		11,783		1,319		2,528		(5,688)
Other income (loss), net	(309)		23		(43)		946		617
Equity in earnings (losses) from real estate and other affiliates	2,591		(3,422)		(5,239)		(22)		(6,092)
Gain (loss) on sale or disposal of real estate and other assets, net	4,018		—		—		—		4,018

Gain (loss) on extinguishment of debt	(363)		—		—		—		(363)

Segment EBT	$	12,833	$	71,266	$	(12,573)	$	(1,726)	$	69,800
Corporate income, expenses and other items									(48,368)
Net income (loss)									21,432
Net (income) loss attributable to noncontrolling interests									132
Net income (loss) attributable to common stockholders									$	21,564

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

(a)Total revenues includes hospitality revenues of $13.9 million for the three months ended June 30, 2021. Total operating expenses includes hospitality operating costs of $11.0 million for the three months ended June 30, 2021. In September 2021, the Company completed the sale of its three hospitality properties.


thousands	Operating Assets Segment (a)		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Six Months Ended June 30, 2022
Total revenues	$	218,249	$	188,802	$	37,552	$	42,302	$	486,905
Total operating expenses	(97,964)		(82,032)		(47,925)		(43,756)		(271,677)
Segment operating income (loss)	120,285		106,770		(10,373)		(1,454)		215,228

Depreciation and amortization	(77,429)		(182)		(15,543)		(2,677)		(95,831)
Interest income (expense), net	(41,436)		22,205		1,272		6,517		(11,442)
Other income (loss), net	(478)		23		307		461		313
Equity in earnings (losses) from real estate and other affiliates	17,766		2,128		(8,950)		876		11,820
Gain (loss) on sale or disposal of real estate and other assets, net	4,018		—		—		(9)		4,009


Gain (loss) on extinguishment of debt	(645)		—		—		—		(645)

Segment EBT	$	22,081	$	130,944	$	(33,287)	$	3,714	$	123,452
Corporate income, expenses and other items									(99,849)
Net income (loss)									23,603
Net (income) loss attributable to noncontrolling interests									83
Net income (loss) attributable to common stockholders									$	23,686

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)

(a)Total revenues includes hospitality revenues of $21.6 million for the six months ended June 30, 2021. Total operating expenses includes hospitality operating costs of $18.9 million for the six months ended June 30, 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	June 30, 2022		December 31, 2021
Operating Assets	$	3,278,586	$	3,607,718
Master Planned Communities	3,190,230		3,056,240
Seaport	1,140,462		1,046,992
Strategic Developments	1,517,252		1,193,549
Total segment assets	9,126,530		8,904,499
Corporate	381,550		677,195
Total assets	$	9,508,080	$	9,581,694