Segments (Tables)

3 Months Ended

Mar. 31, 2025

Segment operating results are as follows:


thousands	Operating Assets Segment		MPC Segment		Strategic Developments Segment





































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)

Three Months Ended March 31, 2024
Total revenues	$	107,000	$	48,875	$	593
Condominium rights and unit cost of sales	—		—		(3,861)
Master Planned Communities cost of sales	—		(12,904)		—
Operating costs	(32,712)		(12,145)		(4,149)
Rental property real estate taxes	(13,561)		—		(644)
(Provision for) recovery of doubtful accounts	119		—		—
Segment operating income (loss)	60,846		23,826		(8,061)
Depreciation and amortization	(41,840)		(110)		(1,419)
Interest income (expense), net	(32,942)		15,246		4,024
Other income (loss), net	408		—		3
Equity in earnings (losses) from unconsolidated ventures	5,817		(14,711)		39
Gain (loss) on sale or disposal of real estate and other assets, net	4,794		—		—




Segment EBT	$	(2,917)	$	24,251	$	(5,414)

The following represents capital expenditures by segment:


	Three Months Ended March 31,
thousands		2025		2024
Operating Assets		$	8,976	$	3,951
Master Planned Communities		75		141
Strategic Developments		53,834		58,406

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		2025		2024
Operating Assets EBT		$	2,270	$	(2,917)
MPC EBT		63,264		24,251
Strategic Developments EBT		(1,199)		(5,414)
General and administrative		(21,214)		(20,984)

Corporate interest expense, net		(22,190)		(17,582)
Corporate income, expenses, and other items		(5,435)		(4,127)
Net income (loss) from continuing operations before income tax		$	15,496	$	(26,773)

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		2025		2024
Operating Assets revenue		$	114,002	$	107,000
MPC revenue		84,454		48,875
Strategic Developments revenue		854		593
Corporate income		18		16
Total revenues		$	199,328	$	156,484

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 in the Condensed Consolidated Balance Sheets are summarized as follows:


thousands	March 31, 2025		December 31, 2024
Operating Assets	$	3,530,284	$	3,548,162
Master Planned Communities	3,436,541		3,373,827
Strategic Developments	1,975,782		1,836,791
Corporate	344,748		450,013

Total assets	$	9,287,355	$	9,208,793

Howard Hughes Corp 10-Q