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Segments
9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segments
16. Segments
 
In 2024, the Company completed the spinoff of Seaport Entertainment Group Inc. which included all assets in the previously reported Seaport segment and the Las Vegas Aviators and Las Vegas Ballpark previously included in the Operating Assets segment. These assets are now disclosed as discontinued operations in the current and prior periods. See Note 2 - Discontinued Operations for additional information on the spinoff transaction.

The Company has three business segments that offer different products and services. HHH’s three segments are managed separately because each requires different operating strategies or management expertise that are reflective of management’s operating philosophies and methods. Because the Company’s three segments, Operating Assets, MPC, and Strategic Developments, are managed separately, the Company uses different operating measures to assess operating results and allocate resources among them. The one common operating measure used to assess operating results for the Company’s business segments is earnings before tax (EBT). EBT, as it relates to each business segment, includes the revenues and expenses of each segment, as shown below. EBT excludes corporate expenses and other items that are not allocable to the segments. The Company presents EBT for each segment because the Company uses this measure, among others, internally to assess the core operating performance of the Company’s assets. The Company’s segments or assets within such segments could change in the future as development of certain properties commences or other operational or management changes occur. All operations are within the United States. The Company’s reportable segments are as follows:

Operating Assets – consists of developed or acquired retail, office, and multi-family properties along with other real estate investments. These properties are currently generating revenues and may be redeveloped, repositioned, or sold to improve segment performance or to recycle capital.
MPC – consists of the development and sale of land in large‑scale, long‑term community development projects in and around Las Vegas, Nevada; Houston, Texas; and Phoenix, Arizona.
Strategic Developments – consists of residential condominium and commercial property projects currently under development and all other properties held for development which have no substantial operations.
Segment operating results are as follows:
thousandsOperating Assets SegmentMPC SegmentStrategic Developments SegmentTotal
Three Months Ended September 30, 2024
Total revenues$114,019 $212,607 $505 $327,131 
Total operating expenses(48,987)(84,532)(16,411)(149,930)
Segment operating income (loss)65,032 128,075 (15,906)177,201 
Depreciation and amortization(42,252)(109)(960)(43,321)
Interest income (expense), net(36,661)16,425 4,353 (15,883)
Other income (loss), net(54)— 90,089 90,035 
Equity in earnings (losses) from unconsolidated ventures(2,109)361 118 (1,630)
Gain (loss) on sale or disposal of real estate and other assets, net3,165 — — 3,165 
Segment EBT $(12,879)$144,752 $77,694 $209,567 
Corporate income, expenses, and other items(113,039)
Net income (loss) from continuing operations96,528 
Net income (loss) from discontinued operations, net of taxes(24,031)
Net (income) loss attributable to noncontrolling interests273 
Net income (loss) attributable to common stockholders$72,770 
Three Months Ended September 30, 2023
Total revenues$106,178 $95,799 $26,481 $228,458 
Total operating expenses(47,960)(41,239)(29,620)(118,819)
Segment operating income (loss)58,218 54,560 (3,139)109,639 
Depreciation and amortization(40,647)(103)(962)(41,712)
Interest income (expense), net(31,337)16,031 4,412 (10,894)
Other income (loss), net(186)— 81 (105)
Equity in earnings (losses) from unconsolidated ventures1,363 14,310 59 15,732 
Gain (loss) on sale or disposal of real estate and other assets, net16,050 — 236 16,286 
Segment EBT $3,461 $84,798 $687 $88,946 
Corporate income, expenses, and other items(56,882)
Net income (loss) from continuing operations32,064 
Net income (loss) from discontinued operations, net of taxes(576,199)
Net (income) loss attributable to noncontrolling interests(46)
Net income (loss) attributable to common stockholders$(544,181)
thousandsOperating Assets SegmentMPC SegmentStrategic Developments SegmentTotal
Nine Months Ended September 30, 2024
Total revenues$331,779 $433,663 $1,607 $767,049 
Total operating expenses(142,751)(180,464)(29,271)(352,486)
Segment operating income (loss)189,028 253,199 (27,664)414,563 
Depreciation and amortization(125,903)(327)(6,257)(132,487)
Interest income (expense), net(103,768)47,839 12,971 (42,958)
Other income (loss), net896 — 90,075 90,971 
Equity in earnings (losses) from unconsolidated ventures4,044 (8,467)193 (4,230)
Gain (loss) on sale or disposal of real estate and other assets, net7,959 — — 7,959 
Gain (loss) on extinguishment of debt(198)— — (198)
Segment EBT $(27,942)$292,244 $69,318 $333,620 
Corporate income, expenses, and other items(210,725)
Net income (loss) from continuing operations122,895 
Net income (loss) from discontinued operations, net of taxes(81,807)
Net (income) loss attributable to noncontrolling interests297 
Net income (loss) attributable to common stockholders$41,385 
Nine Months Ended September 30, 2023
Total revenues$310,942 $236,123 $48,679 $595,744 
Total operating expenses(134,486)(103,668)(76,020)(314,174)
Segment operating income (loss)176,456 132,455 (27,341)281,570 
Depreciation and amortization(116,454)(316)(2,848)(119,618)
Interest income (expense), net(89,419)49,004 11,917 (28,498)
Other income (loss), net2,078 (103)158 2,133 
Equity in earnings (losses) from unconsolidated ventures5,311 21,056 94 26,461 
Gain (loss) on sale or disposal of real estate and other assets, net20,764 — 236 21,000 
Segment EBT $(1,264)$202,096 $(17,784)$183,048 
Corporate income, expenses, and other items(152,472)
Net income (loss) from continuing operations30,576 
Net income (loss) from discontinued operations, net of taxes(616,479)
Net (income) loss attributable to noncontrolling interests(166)
Net income (loss) attributable to common stockholders$(586,069)

The assets by segment and the reconciliation of total segment assets to Total assets in the Condensed Consolidated Balance Sheets are summarized as follows:
thousandsSeptember 30, 2024December 31, 2023
Operating Assets$3,535,145 $3,448,319 
Master Planned Communities3,286,291 3,358,821 
Strategic Developments2,324,310 1,638,955 
Total segment assets9,145,746 8,446,095 
Corporate292,842 515,636 
Discontinued operations 615,272 
Total assets$9,438,588 $9,577,003