Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment operating results are as follows:


thousands	Operating Assets Segment		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Three Months Ended September 30, 2023
Total revenues	$	116,874	$	95,799	$	29,490	$	26,481	$	268,644
Total operating expenses	(55,786)		(41,239)		(33,303)		(29,620)		(159,948)
Segment operating income (loss)	61,088		54,560		(3,813)		(3,139)		108,696
Depreciation and amortization	(43,127)		(103)		(10,808)		(962)		(55,000)
Interest income (expense), net	(31,884)		16,031		1,358		4,412		(10,083)
Other income (loss), net	(244)		—		313		81		150
Equity in earnings (losses) from unconsolidated ventures	1,364		14,310		(46,619)		59		(30,886)
Gain (loss) on sale or disposal of real estate and other assets, net	16,050		—		—		236		16,286

Gain (loss) on extinguishment of debt	—		—		(48)		—		(48)
Provision for impairment	—		—		(672,492)		—		(672,492)
Segment EBT	$	3,247	$	84,798	$	(732,109)	$	687	$	(643,377)
Corporate income, expenses, and other items									99,390
Net income (loss)									(543,987)
Net (income) loss attributable to noncontrolling interests									(46)
Net income (loss) attributable to HHH									$	(544,033)

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 unconsolidated ventures	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 HHH									$	108,096

Nine Months Ended September 30, 2023
Total revenues	$	339,226	$	236,123	$	64,191	$	48,679	$	688,219
Total operating expenses	(157,837)		(103,668)		(78,884)		(76,020)		(416,409)
Segment operating income (loss)	181,389		132,455		(14,693)		(27,341)		271,810
Depreciation and amortization	(123,637)		(316)		(31,804)		(2,848)		(158,605)
Interest income (expense), net	(91,080)		49,004		3,855		11,917		(26,304)
Other income (loss), net	1,998		(103)		(1,287)		158		766
Equity in earnings (losses) from unconsolidated ventures	5,311		21,056		(68,335)		94		(41,874)
Gain (loss) on sale or disposal of real estate and other assets, net	20,764		—		—		236		21,000


Gain (loss) on extinguishment of debt	—		—		(48)		—		(48)
Provision for impairment	—		—		(672,492)		—		(672,492)
Segment EBT	$	(5,255)	$	202,096	$	(784,804)	$	(17,784)	$	(605,747)
Corporate income, expenses, and other items									19,992
Net income (loss)									(585,755)
Net (income) loss attributable to noncontrolling interests									(166)
Net income (loss) attributable to HHH									$	(585,921)


thousands	Operating Assets Segment		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 unconsolidated ventures	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 HHH									$	131,782

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	September 30, 2023		December 31, 2022
Operating Assets	$	3,532,554	$	3,448,823
Master Planned Communities	3,438,699		3,272,655
Seaport (a)	471,977		1,166,950
Strategic Developments	1,537,429		1,359,180
Total segment assets	8,980,659		9,247,608
Corporate	387,909		355,855
Total assets	$	9,368,568	$	9,603,463

(a)During the third quarter of 2023, the Company recorded a $709.5 million impairment charge related to the Seaport segment. Refer to Note 4 - Impairment for additional information.