v3.26.1
Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segments
14. Segments

The Company has three business segments, Operating Assets, MPC, and Strategic Developments, which are organized based on the different products and services that each segment offers, and are separately managed as each requires different operating strategies or management expertise reflective of management’s operating philosophies and methods. 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.

Activity within each of the Company’s reportable segments is as follows:

–Operating Assets – consists of developed or acquired retail, office, and multifamily properties along with other real estate investments. These properties are currently generating rental 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. Revenues are primarily generated through the sale of residential and commercial land to homebuilders and developers.

–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. Revenues are primarily generated from the sale of condominium units.
The Chief Operating Decision Maker (CODM), which is the Company’s Chief Executive Officer, may use different operating measures to assess operating results and allocate resources among the three segments, however the measure that is most consistent with the amounts included in the Condensed Consolidated Financial Statements is earnings before taxes (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 CODM utilizes EBT to evaluate the current financial performance and project the future financial performance of each segment to determine the allocation of capital resources. This measure is also used to evaluate the need for operational adjustments, such as adjustments to prices, cost structures, and product mix necessary to achieve profitability targets.

Segment operating results are as follows:
thousandsOperating Assets SegmentMPC SegmentStrategic Developments Segment
Three Months Ended March 31, 2026
Total revenues$119,202 $112,281 $4,407 
Condominium rights and unit cost of sales— — (3,134)
Master Planned Communities cost of sales— (34,742)— 
Operating costs(35,277)(13,135)(4,434)
Rental property real estate taxes(15,707)— (521)
(Provision for) recovery of doubtful accounts59 — — 
Segment operating income (loss)68,277 64,404 (3,682)
Depreciation and amortization(45,578)(65)(2,057)
Interest income (expense), net(33,507)21,712 4,974 
Other income (loss), net19 1,860 (889)
Equity in earnings (losses) from unconsolidated ventures5,877 (3,535)(4,982)
Segment EBT $(4,912)$84,376 $(6,636)
Three Months Ended March 31, 2025
Total revenues$114,002 $84,454 $854 
Condominium rights and unit cost of sales— — (242)
Master Planned Communities cost of sales— (25,214)— 
Operating costs(34,222)(12,991)(3,576)
Rental property real estate taxes(14,751)— (548)
(Provision for) recovery of doubtful accounts156 — — 
Segment operating income (loss)65,185 46,249 (3,512)
Depreciation and amortization(43,123)(111)(1,158)
Interest income (expense), net(34,218)16,786 4,646 
Other income (loss), net(196)— (1,262)
Equity in earnings (losses) from unconsolidated ventures4,643 (3,410)87 
Gain (loss) on sale or disposal of real estate and other assets, net9,979 3,750 — 
Segment EBT $2,270 $63,264 $(1,199)
The following represents the reconciliation of segment EBT to Net income (loss) attributable to common stockholders in the Condensed Consolidated Statements of Operations:
Three Months Ended March 31,
thousands20262025
Operating Assets EBT$(4,912)$2,270 
MPC EBT84,376 63,264 
Strategic Developments EBT(6,636)(1,199)
General and administrative expense(17,197)(21,214)
Corporate interest expense, net(28,258)(22,190)
Corporate income, expenses, and other items(16,081)(5,435)
Net income (loss) before income tax$11,292 $15,496 

The following represents the reconciliation of segment revenue to Total revenue in the Condensed Consolidated Statements of Operations:
Three Months Ended March 31,
thousands20262025
Operating Assets revenue$119,202 $114,002 
MPC revenue112,281 84,454 
Strategic Developments revenue4,407 854 
Corporate income27 18 
Total revenues$235,917 $199,328 

The assets by segment and the reconciliation of total segment assets to Total assets on the Condensed Consolidated Balance Sheets are summarized as follows:
thousandsMarch 31, 2026December 31, 2025
Operating Assets$3,632,788 $3,606,214 
Master Planned Communities3,570,478 3,487,301 
Strategic Developments2,509,505 2,378,762 
Corporate619,873 261,367 
Total assets$10,332,644 $9,733,644 

The following represents capital expenditures by segment:
Three Months Ended March 31,
thousands20262025
Operating Assets$9,911 $8,976 
Master Planned Communities74 75 
Strategic Developments23,296 53,834