| Summary of segment operating results |
Segment operating results are as follows: | | | | | | | | | | | | | thousands | Operating Assets Segment | MPC Segment | Strategic 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 accounts | 59 | | — | | — | | | 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), net | 19 | | 1,860 | | (889) | | | Equity in earnings (losses) from unconsolidated ventures | 5,877 | | (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 accounts | 156 | | — | | — | | | 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 ventures | 4,643 | | (3,410) | | 87 | | | Gain (loss) on sale or disposal of real estate and other assets, net | 9,979 | | 3,750 | | — | | | | | | | | | | | | | | | | | | | Segment EBT | $ | 2,270 | | $ | 63,264 | | $ | (1,199) | |
The following represents capital expenditures by segment: | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | thousands | | | | | 2026 | | 2025 | | Operating Assets | | | | | $ | 9,911 | | | $ | 8,976 | | | Master Planned Communities | | | | | 74 | | | 75 | | | Strategic Developments | | | | | 23,296 | | | 53,834 | |
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| Summary of reconciliation of operating income (loss) from segments to consolidated statements of operations |
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, | | thousands | | | | | 2026 | | 2025 | | Operating Assets EBT | | | | | $ | (4,912) | | | $ | 2,270 | | | MPC EBT | | | | | 84,376 | | | 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 | |
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| Summary of reconciliation of revenue from segments to consolidated statements of operations |
The following represents the reconciliation of segment revenue to Total revenue in the Condensed Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | thousands | | | | | 2026 | | 2025 | | Operating Assets revenue | | | | | $ | 119,202 | | | $ | 114,002 | | | MPC revenue | | | | | 112,281 | | | 84,454 | | | Strategic Developments revenue | | | | | 4,407 | | | 854 | | | Corporate income | | | | | 27 | | | 18 | | | Total revenues | | | | | $ | 235,917 | | | $ | 199,328 | |
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| 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 on the Condensed Consolidated Balance Sheets are summarized as follows: | | | | | | | | | | | | | thousands | March 31, 2026 | | December 31, 2025 | | Operating Assets | $ | 3,632,788 | | | $ | 3,606,214 | | | Master Planned Communities | 3,570,478 | | | 3,487,301 | | | Strategic Developments | 2,509,505 | | | 2,378,762 | | | Corporate | 619,873 | | | 261,367 | | | Total assets | $ | 10,332,644 | | | $ | 9,733,644 | |
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