SEGMENTS The Company has four business segments which offer different products and services. HHCs four segments are managed separately because each requires different operating strategies or management expertise and are reflective of managements operating philosophies and methods. As further discussed in Item 2. - Managements Discussion and Analysis of Financial Condition and Results of Operations , one common operating measure used to assess operating results for the Companys business segments is earnings before taxes (EBT). The Companys 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 Companys reportable segments are as follows:  Operating Assets  consists of retail, office, hospitality and multi-family properties along with other real estate investments. These assets are currently generating revenues and are comprised of commercial real estate properties recently developed or acquired, and properties with an opportunity to redevelop, reposition or sell 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 Columbia, Maryland.  Seaport District  consists of approximately 453,000 square feet of restaurant, retail and entertainment properties situated in three primary locations in New York, New York: Pier 17, Seaport District Historic Area/Uplands and Tin Building. While the latter is still under development and will comprise about 53,000 square feet when completed, the two operating locations consist of third-party tenants, tenants either directly or jointly owned and operated by the Company, and businesses owned and operated by the Company under licensing agreements.  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: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Operating Assets Segment EBT Total revenues (a) $ 84,277 $ 109,219 $ 198,534 $ 201,172 Total operating expenses (b) (42,222 ) (48,727 ) (94,462 ) (91,639 ) Segment operating income 42,055 60,492 104,072 109,533 Depreciation and amortization (36,995 ) (28,938 ) (74,084 ) (56,046 ) Interest expense, net (23,103 ) (20,059 ) (49,296 ) (39,050 ) Other income, net 226 1,088 167 1,123 Equity in earnings from real estate and other affiliates 475 45 4,869 2,754 Gain on sale or disposal of real estate   38,124  Provision for impairment   (48,738 )  Segment EBT (17,342 ) 12,628 (24,886 ) 18,314 MPC Segment EBT Total revenues 68,913 72,859 119,359 123,755 Total operating expenses (31,970 ) (38,913 ) (55,692 ) (65,979 ) Segment operating income 36,943 33,946 63,667 57,776 Depreciation and amortization (91 ) (86 ) (182 ) (246 ) Interest income, net 8,303 8,283 16,857 15,826 Other income, net  72  67 Equity in (losses) earnings from real estate and other affiliates (2,968 ) 6,499 5,966 14,336 Segment EBT 42,187 48,714 86,308 87,759 Seaport District Segment EBT Total revenues 2,272 12,891 11,966 19,921 Total operating expenses (8,464 ) (17,972 ) (22,775 ) (32,405 ) Segment operating loss (6,192 ) (5,081 ) (10,809 ) (12,484 ) Depreciation and amortization (6,776 ) (6,753 ) (27,651 ) (12,946 ) Interest expense, net (4,626 ) (1,924 ) (9,679 ) (3,456 ) Other loss, net (409 ) (61 ) (3,777 ) (147 ) Equity in losses from real estate and other affiliates (6,633 ) (451 ) (8,676 ) (1,083 ) Loss on sale or disposal of real estate    (6 ) Segment EBT (24,636 ) (14,270 ) (60,592 ) (30,122 ) Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Strategic Developments Segment EBT Total revenues 624 236,347 1,384 440,358 Total operating expenses (12,517 ) (224,711 ) (116,816 ) (371,014 ) Segment operating (loss) income (11,893 ) 11,636 (115,432 ) 69,344 Depreciation and amortization (1,650 ) (1,260 ) (3,411 ) (2,316 ) Interest income, net 1,057 3,235 2,988 6,497 Other income (loss), net 1,668 (383 ) 1,293 310 Equity in earnings from real estate and other affiliates 574 261 638 298 Gain (loss) on sale or disposal of real estate, net 8,000 (144 ) 8,000 (144 ) Segment EBT (2,244 ) 13,345 (105,924 ) 73,989 Consolidated Segment EBT Total revenues 156,086 431,316 331,243 785,206 Total operating expenses (95,173 ) (330,323 ) (289,745 ) (561,037 ) Segment operating income 60,913 100,993 41,498 224,169 Depreciation and amortization (45,512 ) (37,037 ) (105,328 ) (71,554 ) Interest expense, net (18,369 ) (10,465 ) (39,130 ) (20,183 ) Other income (loss), net 1,485 716 (2,317 ) 1,353 Equity in (losses) earnings from real estate and other affiliates (8,552 ) 6,354 2,797 16,305 Gain (loss) on sale or disposal of real estate, net 8,000 (144 ) 46,124 (150 ) Provision for impairment   (48,738 )  Consolidated segment EBT (2,035 ) 60,417 (105,094 ) 149,940 Corporate income, expenses and other items (32,068 ) (47,089 ) (54,091 ) (104,687 ) Net (loss) income (34,103 ) 13,328 (159,185 ) 45,253 Net income (loss) attributable to noncontrolling interests 19 149 (33 ) 45 Net (loss) income attributable to common stockholders $ (34,084 ) $ 13,477 $ (159,218 ) $ 45,298 (a) Includes hospitality revenues for the three and six months ended June 30, 2020 , of $2.5 million and $19.8 million , respectively, and $25.6 million and $48.5 million for the three and six months ended June 30, 2019 , respectively. (b) Includes hospitality operating costs for the three and six months ended June 30, 2020 , of $4.4 million and $17.2 million , respectively, and $16.6 million and $32.2 million for the three and six months ended June 30, 2019 , respectively. 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: June 30, December 31, (In thousands) 2020 2019 Operating Assets $ 3,607,546 $ 3,476,718 Master Planned Communities 2,262,400 2,166,472 Seaport District 913,321 930,067 Strategic Developments 1,638,426 1,540,161 Total segment assets 8,421,693 8,113,418 Corporate 822,865 300,348 Total assets $ 9,244,558 $ 8,413,766