Segments (Tables)

9 Months Ended

Sep. 30, 2022

Segment operating results are as follows:


thousands	Operating Assets Segment (a)		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Three Months Ended September 30, 2022
Total revenues	$	109,493	$	78,188	$	32,501	$	419,353	$	639,535
Total operating expenses	(48,994)		(31,055)		(31,404)		(300,515)		(411,968)
Segment operating income (loss)	60,499		47,133		1,097		118,838		227,567
Depreciation and amortization	(37,714)		(104)		(9,651)		(1,406)		(48,875)
Interest income (expense), net	(23,340)		13,492		1,731		5,817		(2,300)
Other income (loss), net	421		—		(18)		900		1,303
Equity in earnings (losses) from real estate and other affiliates	4,132		14,862		(11,273)		(13)		7,708




Segment EBT	$	3,998	$	75,383	$	(18,114)	$	124,136	$	185,403
Corporate income, expenses and other items									(77,734)
Net income (loss)									107,669
Net (income) loss attributable to noncontrolling interests									427
Net income (loss) attributable to common stockholders									$	108,096

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, net	39,141		—		—		—		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 interests									1,936
Net income (loss) attributable to common stockholders									$	4,053

(a)Total revenues includes hospitality revenues of $14.0 million for the three months ended September 30, 2021. Total operating expenses includes hospitality operating costs of $11.7 million for the three months ended September 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
Nine Months Ended September 30, 2022
Total revenues	$	327,742	$	266,990	$	70,053	$	461,655	$	1,126,440
Total operating expenses	(146,958)		(113,087)		(79,329)		(344,271)		(683,645)
Segment operating income (loss)	180,784		153,903		(9,276)		117,384		442,795

Depreciation and amortization	(115,143)		(286)		(25,194)		(4,083)		(144,706)
Interest income (expense), net	(64,776)		35,697		3,003		12,334		(13,742)
Other income (loss), net	(57)		23		289		1,361		1,616
Equity in earnings (losses) from real estate and other affiliates	21,898		16,990		(20,223)		863		19,528
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	$	26,079	$	206,327	$	(51,401)	$	127,850	$	308,855
Corporate income, expenses and other items									(177,583)
Net income (loss)									131,272
Net (income) loss attributable to noncontrolling interests									510
Net income (loss) attributable to common stockholders									$	131,782

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, net	39,141		—		—		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 interests									4,725
Net income (loss) attributable to common stockholders									$	(57,700)

(a)Total revenues includes hospitality revenues of $35.6 million for the nine months ended September 30, 2021. Total operating expenses includes hospitality operating costs of $30.5 million for the nine months ended September 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	September 30, 2022		December 31, 2021
Operating Assets	$	3,320,476	$	3,607,718
Master Planned Communities	3,141,488		3,056,240
Seaport	1,166,083		1,046,992
Strategic Developments	1,586,119		1,193,549
Total segment assets	9,214,166		8,904,499
Corporate	294,515		677,195
Total assets	$	9,508,681	$	9,581,694