Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment operating results are as follows:


thousands	Operating Assets Segment		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Three Months Ended June 30, 2023
Total revenues	$	121,427	$	63,311	$	22,804	$	15,758	$	223,300
Total operating expenses	(54,452)		(28,078)		(26,665)		(35,341)		(144,536)
Segment operating income (loss)	66,975		35,233		(3,861)		(19,583)		78,764
Depreciation and amortization	(40,878)		(106)		(10,469)		(943)		(52,396)
Interest income (expense), net	(30,285)		17,161		1,311		5,442		(6,371)
Other income (loss), net	(40)		—		(1,601)		(17)		(1,658)
Equity in earnings (losses) from unconsolidated ventures	2,042		2,638		(10,896)		30		(6,186)
Gain (loss) on sale or disposal of real estate and other assets, net	(16)		—		—		—		(16)



Segment EBT	$	(2,202)	$	54,926	$	(25,516)	$	(15,071)	$	12,137
Corporate income, expenses, and other items									(31,278)
Net income (loss)									(19,141)
Net (income) loss attributable to noncontrolling interests									(2)
Net income (loss) attributable to common stockholders									$	(19,143)

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 unconsolidated ventures	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

Six Months Ended June 30, 2023
Total revenues	$	222,352	$	140,324	$	34,701	$	22,198	$	419,575
Total operating expenses	(102,051)		(62,429)		(45,581)		(46,400)		(256,461)
Segment operating income (loss)	120,301		77,895		(10,880)		(24,202)		163,114

Depreciation and amortization	(80,510)		(213)		(20,996)		(1,886)		(103,605)
Interest income (expense), net	(59,196)		32,973		2,497		7,505		(16,221)
Other income (loss), net	2,242		(103)		(1,600)		77		616
Equity in earnings (losses) from unconsolidated ventures	3,947		6,746		(21,716)		35		(10,988)
Gain (loss) on sale or disposal of real estate and other assets, net	4,714		—		—		—		4,714




Segment EBT	$	(8,502)	$	117,298	$	(52,695)	$	(18,471)	$	37,630
Corporate income, expenses, and other items									(79,398)
Net income (loss)									(41,768)
Net (income) loss attributable to noncontrolling interests									(120)
Net income (loss) attributable to common stockholders									$	(41,888)


thousands	Operating Assets Segment		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 unconsolidated ventures	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

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 Total assets in the Condensed Consolidated Balance Sheets are summarized as follows:


thousands	June 30, 2023		December 31, 2022
Operating Assets	$	3,424,379	$	3,448,823
Master Planned Communities	3,330,842		3,272,655
Seaport	1,163,585		1,166,950
Strategic Developments	1,550,975		1,359,180
Total segment assets	9,469,781		9,247,608
Corporate	299,634		355,855
Total assets	$	9,769,415	$	9,603,463