Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segment operating results are as follows:


thousands	Operating Assets Segment (a)		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Year Ended December 31, 2023
Total revenues	$	443,632	$	448,452	$	81,971	$	49,987	$	1,024,042
Total operating expenses	(210,166)		(193,470)		(103,466)		(80,472)		(587,574)
Segment operating income (loss)	233,466		254,982		(21,495)		(30,485)		436,468
Depreciation and amortization	(170,731)		(418)		(37,791)		(3,963)		(212,903)
Interest income (expense), net	(127,388)		64,291		3,065		16,074		(43,958)
Other income (loss), net	1,843		(102)		(1,290)		690		1,141
Equity in earnings (losses) from unconsolidated ventures	2,969		22,666		(81,485)		142		(55,708)
Gain (loss) on sale or disposal of real estate and other assets, net	23,926		—		—		236		24,162


Gain (loss) on extinguishment of debt	(96)		—		(48)		—		(144)
Provision for impairment	—		—		(672,492)		—		(672,492)
Segment EBT	$	(36,011)	$	341,419	$	(811,536)	$	(17,306)	$	(523,434)
Corporate income, expenses, and other items									(28,096)
Net income (loss)									(551,530)
Net (income) loss attributable to noncontrolling interests									(243)
Net income (loss) attributable to common stockholders									$	(551,773)

Year Ended December 31, 2022
Total revenues	$	431,834	$	408,365	$	88,468	$	679,763	$	1,608,430
Total operating expenses	(194,496)		(173,905)		(104,393)		(504,036)		(976,830)
Segment operating income (loss)	237,338		234,460		(15,925)		175,727		631,600
Depreciation and amortization	(154,626)		(394)		(36,338)		(5,319)		(196,677)
Interest income (expense), net	(89,959)		50,305		3,902		17,073		(18,679)
Other income (loss), net	(1,140)		23		245		1,799		927
Equity in earnings (losses) from unconsolidated ventures	22,263		(1,407)		(36,273)		868		(14,549)
Gain (loss) on sale or disposal of real estate and other assets, net	29,588		—		—		90		29,678


Gain (loss) on extinguishment of debt	(2,230)		—		—		—		(2,230)

Segment EBT	$	41,234	$	282,987	$	(84,389)	$	190,238	$	430,070
Corporate income, expenses, and other items									(245,434)
Net income (loss)									184,636
Net (income) loss attributable to noncontrolling interests									(103)
Net income (loss) attributable to common stockholders									$	184,533

Year Ended December 31, 2021
Total revenues	$	442,698	$	409,746	$	55,008	$	520,109	$	1,427,561
Total operating expenses	(209,020)		(193,851)		(77,198)		(436,698)		(916,767)
Segment operating income (loss)	233,678		215,895		(22,190)		83,411		510,794
Depreciation and amortization	(163,031)		(366)		(30,867)		(6,512)		(200,776)
Interest income (expense), net	(75,391)		42,683		357		3,701		(28,650)
Other income (loss), net	(10,746)		—		(3,730)		2,536		(11,940)
Equity in earnings (losses) from unconsolidated ventures	(67,042)		59,399		(1,988)		(221)		(9,852)
Gain (loss) on sale or disposal of real estate and other assets, net	39,168		—		—		13,911		53,079


Gain (loss) on extinguishment of debt	(1,926)		(1,004)		—		—		(2,930)
Provision for impairment	—		—		—		(13,068)		(13,068)
Segment EBT	$	(45,290)	$	316,607	$	(58,418)	$	83,758	$	296,657
Corporate income, expenses, and other items									(247,733)
Net income (loss)									48,924
Net (income) loss attributable to noncontrolling interests									7,176
Net income (loss) attributable to common stockholders									$	56,100

(a)Total revenues includes hospitality revenues of $35.6 million for the year ended December 31, 2021. Total operating expenses includes hospitality operating costs of $30.5 million for the year ended December 31, 2021. In September 2021, the Company completed the sale of its three hospitality properties. Refer to Note 3 - Acquisitions and Dispositions for additional information.

Summary of assets by segment and the reconciliation of total segment assets to the total assets in the Condensed Consolidated Balance Sheets

The following represents assets by segment and the reconciliation of total segment assets to Total assets in the Consolidated Balance Sheets as of December 31:


thousands	2023		2022
Operating Assets	$	3,577,694	$	3,448,823
Master Planned Communities	3,358,821		3,272,655
Seaport (a)	485,898		1,166,950
Strategic Developments	1,638,955		1,359,180
Total segment assets	9,061,368		9,247,608
Corporate	515,635		355,855
Total assets	$	9,577,003	$	9,603,463

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