XML 39 R41.htm IDEA: XBRL DOCUMENT v3.20.1
SEGMENTS (Tables)
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Summary of segment operating results
Segment operating results are as follows:

 
 
Three Months Ended March 31,
(In thousands)
 
2020
 
2019
Operating Assets Segment EBT
 
 
 
 
Total revenues (a)
 
$
114,257

 
$
91,953

Total operating expenses (b)
 
(52,240
)
 
(42,912
)
Segment operating income
 
62,017

 
49,041

Depreciation and amortization
 
(37,089
)
 
(27,108
)
Interest expense, net
 
(26,193
)
 
(18,991
)
Other (loss) income, net
 
(59
)
 
35

Equity in earnings from real estate and other affiliates
 
4,394

 
2,709

Gain on sale or disposal of real estate
 
38,124

 
—

Provision for impairment
 
(48,738
)
 
—

Segment EBT
 
(7,544
)
 
5,686

 
 
 
 
 
MPC Segment EBT
 
 
 
 
Total revenues
 
50,446

 
50,896

Total operating expenses
 
(23,722
)
 
(28,514
)
Segment operating income
 
26,724

 
22,382

Depreciation and amortization
 
(91
)
 
(160
)
Interest income, net
 
8,554

 
7,543

Other loss, net
 
—

 
(5
)
Equity in earnings from real estate and other affiliates
 
8,934

 
7,837

Segment EBT
 
44,121

 
37,597

 
 
 
 
 
Seaport District Segment EBT
 
 
 
 
Total revenues
 
9,694

 
7,030

Total operating expenses
 
(14,311
)
 
(14,433
)
Segment operating loss
 
(4,617
)
 
(7,403
)
Depreciation and amortization
 
(20,875
)
 
(6,193
)
Interest expense, net
 
(5,053
)
 
(1,532
)
Other loss, net
 
(3,368
)
 
(86
)
Equity in losses from real estate and other affiliates
 
(2,043
)
 
(632
)
Loss on sale or disposal of real estate
 
—

 
(6
)
Segment EBT
 
(35,956
)
 
(15,852
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Three Months Ended March 31,
(In thousands)
 
2020
 
2019
Strategic Developments Segment EBT
 
 
 
 
Total revenues
 
760

 
204,011

Total operating expenses
 
(104,299
)
 
(146,303
)
Segment operating (loss) income
 
(103,539
)
 
57,708

Depreciation and amortization
 
(1,761
)
 
(1,056
)
Interest income, net
 
1,931

 
3,262

Other (loss) income, net
 
(375
)
 
693

Equity in earnings from real estate and other affiliates
 
64

 
37

Segment EBT
 
(103,680
)
 
60,644

 
 
 
 
 
Consolidated Segment EBT
 
 
 
 
Total revenues
 
175,157

 
353,890

Total operating expenses
 
(194,572
)
 
(232,162
)
Segment operating income
 
(19,415
)
 
121,728

Depreciation and amortization
 
(59,816
)
 
(34,517
)
Interest expense, net
 
(20,761
)
 
(9,718
)
Other (loss) income, net
 
(3,802
)
 
637

Equity in earnings from real estate and other affiliates
 
11,349

 
9,951

Gain (loss) on sale or disposal of real estate, net
 
38,124

 
(6
)
Provision for impairment
 
(48,738
)
 
—

Consolidated segment EBT
 
(103,059
)
 
88,075

 
 
 
 

Corporate income, expenses and other items
 
(22,023
)
 
(56,150
)
Net (loss) income
 
(125,082
)
 
31,925

Net income attributable to noncontrolling interests
 
(52
)
 
(104
)
Net (loss) income attributable to common stockholders
 
$
(125,134
)
 
$
31,821


 
(a)
Includes hospitality revenues for the three months ended March 31, 2020, and 2019, of $17.2 million and $22.9 million, respectively.
(b)
Includes hospitality operating costs for the three months ended March 31, 2020, and 2019, of $12.9 million and $15.6 million, respectively.

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:
 
 
March 31,
 
December 31,
(In thousands)
 
2020
 
2019
Operating Assets
 
$
3,527,387

 
$
3,476,718

Master Planned Communities
 
2,228,230

 
2,166,472

Seaport District
 
919,523

 
930,067

Strategic Developments
 
1,612,002

 
1,540,161

Total segment assets
 
8,287,142

 
8,113,418

Corporate
 
832,582

 
300,348

Total assets
 
$
9,119,724

 
$
8,413,766