Howard Hughes (HHH) 10-Q 7 Aug 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Fiscal Period Focus	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-34856
Entity Registrant Name	THE HOWARD HUGHES CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4673192
Entity Address, Address Line One	13355 Noel Road, 22nd Floor
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	(214)
Local Phone Number	741-7744
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	HHC
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding (in shares)		43,145,329
Entity Central Index Key	0001498828
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investment in real estate:
Master Planned Communities assets	$ 1,675,536	$ 1,642,660
Buildings and equipment	3,136,130	2,932,963
Less: accumulated depreciation	(444,461)	(380,892)
Land	303,384	297,596
Developments	1,349,855	1,290,068
Net property and equipment	6,020,444	5,782,395
Investment in real estate and other affiliates	117,821	102,287
Net investment in real estate	6,138,265	5,884,682
Cash and cash equivalents	650,702	499,676
Restricted cash	197,898	224,539
Accounts receivable, net	19,980	12,589
Municipal Utility District receivables, net	273,169	222,269
Notes receivable, net	300	4,694
Deferred expenses, net	108,198	95,714
Operating lease right-of-use assets, net	71,176	0
Prepaid expenses and other assets, net	249,490	411,636
Total assets	7,709,178	7,355,799
Liabilities:
Mortgages, notes and loans payable, net	3,422,490	3,181,213
Operating lease obligations	71,125	0
Deferred tax liabilities	166,033	157,188
Accounts payable and accrued expenses	697,763	779,272
Total liabilities	4,357,411	4,117,673
Commitments and contingencies (see Note 9)
Equity:
Preferred stock: $.01 par value; 50,000,000 shares authorized, none issued	0	0
Common stock: $.01 par value; 150,000,000 shares authorized, 43,661,694 shares issued and 43,141,845 outstanding as of June 30, 2019 and 43,511,473 shares issued and 42,991,624 outstanding as of December 31, 2018	437	436
Additional paid-in capital	3,329,062	3,322,433
Accumulated deficit	(75,043)	(120,341)
Accumulated other comprehensive loss	(28,542)	(8,126)
Treasury stock, at cost, 519,849 shares as of June 30, 2019 and December 31, 2018	(62,190)	(62,190)
Total stockholders' equity	3,163,724	3,132,212
Noncontrolling interests	188,043	105,914
Total equity	3,351,767	3,238,126
Total liabilities and equity	$ 7,709,178	$ 7,355,799

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	43,661,694	43,511,473
Common stock, shares outstanding (in shares)	43,141,845	42,991,624
Treasury stock, shares held (in shares)	519,849	519,849

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Minimum rents	$ 54,718		$ 108,804
Minimum rents		$ 50,509		$ 99,912
Tenant recoveries	13,512		27,020
Tenant recoveries		12,250		25,002
Total revenues	431,316	181,005	785,206	342,684
Expenses:
Other property operating costs	41,322	25,730	78,586	48,905
Rental property real estate taxes	9,674	7,502	19,505	15,629
Rental property maintenance costs	4,152	3,951	8,329	7,148
Hospitality operating costs	16,607	15,417	32,230	30,984
(Recovery) provision for doubtful accounts	(86)	1,359	(88)	2,135
Demolition costs	550	6,660	599	13,331
Development-related marketing costs	5,839	7,188	11,541	13,266
General and administrative	30,072	26,886	55,404	51,150
Depreciation and amortization	38,918	29,087	75,049	57,275
Total expenses	408,061	189,566	708,375	348,706
Other:
Loss on sale or disposal of real estate	(144)	0	(150)	0
Other income, net	10,288	266	10,461	266
Total other	10,144	266	10,311	266
Operating income (loss)	33,399	(8,295)	87,142	(5,756)
Interest income	2,251	2,603	4,824	4,679
Interest expense	(24,203)	(18,903)	(47,529)	(35,512)
Equity in earnings from real estate and other affiliates	6,354	16,299	16,305	30,685
Income (loss) before taxes	17,801	(8,296)	60,742	(5,904)
Provision for (benefit from) income taxes	4,473	(2,417)	15,489	(1,859)
Net income (loss)	13,328	(5,879)	45,253	(4,045)
Net loss attributable to noncontrolling interests	149	791	45	431
Net income (loss) attributable to common stockholders	$ 13,477	$ (5,088)	$ 45,298	$ (3,614)
Basic income (loss) per share: (in dollars per share)	$ 0.31	$ (0.12)	$ 1.05	$ (0.08)
Diluted income (loss) per share: (in dollars per share)	$ 0.31	$ (0.12)	$ 1.05	$ (0.08)
Condominium rights and unit sales
Revenues:
Revenue	$ 235,622	$ 20,885	$ 433,932	$ 31,722
Expenses:
Cost of goods and services	220,620	28,816	358,314	35,545
Master Planned Communities land sales
Revenues:
Revenue	58,321	52,432	99,633	98,997
Hospitality revenues
Revenues:
Revenue	25,576	22,569	48,505	45,630
Builder price participation
Revenues:
Revenue	9,369	5,628	14,564	10,709
Other land revenues
Revenues:
Revenue	5,569	4,712	10,298	8,843
Other rental and property revenues
Revenues:
Revenue	28,629	12,020	42,450	21,869
Master Planned Communities cost of sales
Expenses:
Cost of goods and services	28,006	26,383	44,824	52,426
Master Planned Communities operations
Expenses:
Cost of goods and services	$ 12,387	$ 10,587	$ 24,082	$ 20,912

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 13,328	$ (5,879)	$ 45,253	$ (4,045)
Other comprehensive (loss) income:
Interest rate swaps	[1]	(13,108)	5,353	(19,052)	13,398
Capitalized swap interest (expense) income	[2]	(22)	49	(73)	59
Pension adjustment	[3]	0	(2,010)	0	(2,010)
Adoption of ASU 2018-02	[4]	0	0	0	(1,148)
Adoption of ASU 2017-12	[5]	0	0	0	(739)
Terminated swap amortization		(653)	(80)	(1,291)	(80)
Other comprehensive (loss) income		(13,783)	3,312	(20,416)	9,480
Comprehensive income		(455)	(2,567)	24,837	5,435
Comprehensive income attributable to noncontrolling interests		149	791	45	431
Comprehensive income attributable to common stockholders		$ (306)	$ (1,776)	$ 24,882	$ 5,866
[1]	Amounts are shown net of deferred tax benefit of $3.8 million and deferred tax expense of $1.8 million for the three months ended June 30, 2019 and 2018 , respectively, and $6.0 million and $3.9 million for the six months ended June 30, 2019 and 2018 , respectively.
[2]	The deferred tax impact was not meaningful for the three and six months ended June 30, 2019 and 2018 , respectively.
[3]	Net of deferred tax benefit of $0.6 million for the three and six months ended June 30, 2018 , respectively.
[4]	The Company adopted Accounting Standards Update ("ASU") 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , as of January 1, 2018.
[5]	The Company adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , as of January 1, 2018.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Interest rate swaps, tax (benefit) expense	$ (3,770)	$ (1,807)	$ (2,187)	$ (3,933)
Pension deferred tax benefit		$ 641		$ 620

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands		Total		Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Total Stockholders' Equity	Noncontrolling Interest
Balance at the beginning of the period (in shares) at Dec. 31, 2017				43,300,253
Balance at the beginning of the period at Dec. 31, 2017		$ 3,188,551		$ 433	$ 3,302,502	$ (109,508)	$ (6,965)	$ (3,476)	$ 3,182,986	$ 5,565
Balance at the beginning of the period (in shares) at Dec. 31, 2017								(29,373)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(4,045)				(3,614)			(3,614)	(431)
Interest rate swaps, net of tax		13,398	[1]				13,398		13,398
Terminated swap amortization		(80)
Terminated swap amortization		(80)					(80)		(80)	0
Pension adjustment		(2,010)	[2]				(2,010)		(2,010)
Capitalized swap interest, net of tax		59	[3]				59		59
Adoption of ASU 2018-02		(1,148)	[4]			1,148	(1,148)
Repurchase of common shares (in shares)								(475,920)
Repurchase of common shares		(57,267)						$ (57,267)	(57,267)
Contributions to joint ventures		70,039								70,039
Stock plan activity (in shares)				245,525
Stock plan activity		11,698		$ 3	11,695				11,698
Balance at the end of the period (in shares) at Jun. 30, 2018				43,545,778
Balance at the end of the period at Jun. 30, 2018		3,150,611		$ 436	3,314,197	(180,967)	2,515	$ (60,743)	3,075,438	75,173
Balance at the end of the period (in shares) at Jun. 30, 2018								(505,293)
Balance at the beginning of the period (in shares) at Mar. 31, 2018				43,491,595
Balance at the beginning of the period at Mar. 31, 2018		3,079,363		$ 436	3,310,421	(175,879)	(797)	$ (60,743)	3,073,438	5,925
Balance at the beginning of the period (in shares) at Mar. 31, 2018								(505,293)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(5,879)				(5,088)			(5,088)	(791)
Interest rate swaps, net of tax		5,353	[1]				5,353		5,353
Terminated swap amortization		(80)
Terminated swap amortization		(80)					(80)		(80)	0
Pension adjustment		(2,010)	[2]				(2,010)		(2,010)
Capitalized swap interest, net of tax		49	[3]				49		49
Adoption of ASU 2018-02	[4]	0
Repurchase of common shares (in shares)								0
Repurchase of common shares		0						$ 0	0
Contributions to joint ventures		70,039								70,039
Stock plan activity (in shares)				54,183
Stock plan activity		3,776		$ 0	3,776				3,776
Balance at the end of the period (in shares) at Jun. 30, 2018				43,545,778
Balance at the end of the period at Jun. 30, 2018		3,150,611		$ 436	3,314,197	(180,967)	2,515	$ (60,743)	3,075,438	75,173
Balance at the end of the period (in shares) at Jun. 30, 2018								(505,293)
Balance at the beginning of the period (in shares) at Dec. 31, 2018				43,511,473
Balance at the beginning of the period at Dec. 31, 2018		3,238,126		$ 436	3,322,433	(120,341)	(8,126)	$ (62,190)	3,132,212	105,914
Balance at the beginning of the period (in shares) at Dec. 31, 2018								(519,849)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		45,253				45,298			45,298	(45)
Interest rate swaps, net of tax		(19,052)	[1]				(19,052)		(19,052)
Terminated swap amortization		(1,291)					(1,291)		(1,291)
Pension adjustment	[2]	0
Capitalized swap interest, net of tax		(73)	[3]				(73)		(73)
Adoption of ASU 2018-02	[4]	0
Repurchase of common shares (in shares)								0
Repurchase of common shares		0						$ 0	0
Deconsolidation of Associations of Unit Owners		(2,715)								(2,715)
Contributions to joint ventures		84,889								84,889
Stock plan activity (in shares)				150,221
Stock plan activity		6,630		$ 1	6,629				6,630
Balance at the end of the period (in shares) at Jun. 30, 2019				43,661,694
Balance at the end of the period at Jun. 30, 2019		3,351,767		$ 437	3,329,062	(75,043)	(28,542)	$ (62,190)	3,163,724	188,043
Balance at the end of the period (in shares) at Jun. 30, 2019								(519,849)
Balance at the beginning of the period (in shares) at Mar. 31, 2019				43,659,708
Balance at the beginning of the period at Mar. 31, 2019		3,307,473		$ 437	3,325,499	(88,520)	(14,759)	$ (62,190)	3,160,467	147,006
Balance at the beginning of the period (in shares) at Mar. 31, 2019								(519,849)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		13,328				13,477			13,477	(149)
Interest rate swaps, net of tax		(13,108)	[1]				(13,108)		(13,108)
Terminated swap amortization		(653)					(653)		(653)
Pension adjustment	[2]	0
Capitalized swap interest, net of tax		(22)	[3]				(22)		(22)
Adoption of ASU 2018-02	[4]	0
Repurchase of common shares (in shares)								0
Repurchase of common shares		0						$ 0	0
Deconsolidation of Associations of Unit Owners		(2,715)								(2,715)
Contributions to joint ventures		43,901								43,901
Stock plan activity (in shares)				1,986
Stock plan activity		3,563		$ 0	3,563				3,563
Balance at the end of the period (in shares) at Jun. 30, 2019				43,661,694
Balance at the end of the period at Jun. 30, 2019		$ 3,351,767		$ 437	$ 3,329,062	$ (75,043)	$ (28,542)	$ (62,190)	$ 3,163,724	$ 188,043
Balance at the end of the period (in shares) at Jun. 30, 2019								(519,849)
[1]	Amounts are shown net of deferred tax benefit of $3.8 million and deferred tax expense of $1.8 million for the three months ended June 30, 2019 and 2018 , respectively, and $6.0 million and $3.9 million for the six months ended June 30, 2019 and 2018 , respectively.
[2]	Net of deferred tax benefit of $0.6 million for the three and six months ended June 30, 2018 , respectively.
[3]	The deferred tax impact was not meaningful for the three and six months ended June 30, 2019 and 2018 , respectively.
[4]	The Company adopted Accounting Standards Update ("ASU") 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , as of January 1, 2018.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Interest rate swaps, tax (benefit) expense	$ 3,770	$ 1,807	$ 2,187	$ 3,933
Pension deferred tax benefit		641		620
Capitalized swap interest, tax (benefit)	$ 6	$ 13	$ 14	$ 16

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Flows from Operating Activities:
Net income (loss)	$ 45,253	$ (4,045)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation	68,916	50,810
Amortization	4,872	5,959
Amortization of deferred financing costs	4,669	3,427
Amortization of intangibles other than in-place leases	448	506
Straight-line rent amortization	(3,188)	(5,914)
Deferred income taxes	14,823	(2,558)
Restricted stock and stock option amortization	6,230	5,705
Net decrease (increase) in minimum pension liability	0	(2,652)
Equity in earnings from real estate and other affiliates, net of distributions	(9,429)	(23,531)
Provision for doubtful accounts	1,518	2,135
Master Planned Communities land acquisitions	(752)	(2,554)
Master Planned Communities development expenditures	(119,843)	(90,403)
Master Planned Communities cost of sales	44,740	46,937
Condominium development expenditures	(97,125)	(142,673)
Condominium rights and unit cost of sales	358,315	35,545
Net changes:
Accounts and notes receivable	(10,269)	(5,475)
Prepaid expenses and other assets	1,103	(3,302)
Condominium deposits received	(105,472)	47,906
Deferred expenses	(27,961)	(6,825)
Accounts payable and accrued expenses	(16,591)	(20,823)
Cash provided by (used in) operating activities	160,257	(111,825)
Cash Flows from Investing Activities:
Property and equipment expenditures	(2,612)	(2,965)
Operating property improvements	(36,765)	(29,774)
Property development and redevelopment	(311,455)	(198,684)
Acquisition of assets	0	(179,471)
Reimbursements under Tax Increment Financings	1,880	12,319
Distributions from real estate and other affiliates	315	1,503
Notes issued to real estate and other affiliates	0	(3,795)
Investments in real estate and other affiliates, net	(5,509)	(244)
Cash used in investing activities	(354,146)	(401,111)
Cash Flows from Financing Activities:
Proceeds from mortgages, notes and loans payable	409,263	299,974
Principal payments on mortgages, notes and loans payable	(163,555)	(41,573)
Purchase of treasury stock	0	(57,267)
Special Improvement District bond funds released from (held in) escrow	936	1,468
Deferred financing costs and bond issuance costs, net	(13,661)	(1,980)
Taxes paid on stock options exercised and restricted stock vested	(88)	(3,234)
Gain on unwinding of swaps	0	9,390
Stock options exercised	490	9,227
Contributions from noncontrolling interest	84,889	69,000
Cash provided by financing activities	318,274	285,005
Net change in cash, cash equivalents and restricted cash	124,385	(227,931)
Cash, cash equivalents and restricted cash at beginning of period	724,215	964,300
Cash, cash equivalents and restricted cash at end of period	848,600	736,369
Supplemental Disclosure of Cash Flow Information:
Interest paid	81,697	67,969
Interest capitalized	36,981	37,122
Income taxes (refunded) paid, net	(409)	70
Non-Cash Transactions:
Accrued property improvements, developments and redevelopments	37,461	62,873
Special Improvement District bond transfers associated with land sales	84	5,489
Accrued interest on construction loan borrowing	1,973	1,794
Capitalized stock compensation	$ 966	$ 921

BASIS OF PRESENTATION AND ORGAN

BASIS OF PRESENTATION AND ORGANIZATION	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND ORGANIZATION	BASIS OF PRESENTATION AND ORGANIZATION The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), with intercompany transactions between consolidated subsidiaries eliminated. In accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as issued by the Securities and Exchange Commission (the “SEC”), these Condensed Consolidated Financial Statements do not include all of the information and disclosures required by GAAP for complete financial statements. Readers of this quarterly report on Form 10-Q (“Quarterly Report”) should refer to The Howard Hughes Corporation’s (“HHC” or the “Company”) audited Consolidated Financial Statements, which are included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2018, filed with the SEC on February 27, 2019 (the "Annual Report"). In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows and equity for the interim periods have been included. The results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 and future fiscal years. Management has evaluated for disclosure or recognition all material events occurring subsequent to the date of the Condensed Consolidated Financial Statements up to the date and time this Quarterly Report was filed. Impact of new accounting standard related to Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet. The Company adopted Topic 842 (the "New Leases Standard") as of January 1, 2019 (the "Adoption Date") using the modified retrospective approach that provides a method for applying the guidance to leases that had commenced as of the beginning of the reporting period in which the standard is first applied with a cumulative-effect adjustment as of that date. The Company elected the package of practical expedients permitted under the transition guidance within the New Leases Standard, which allowed the Company to carry forward the historical lease classification for leases that existed at the beginning of the reporting period. The Company elected the practical expedient to not separate lease components from non-lease components of its lease agreements for all classes of underlying assets including ground leases, office leases and other leases. Certain of the Company’s lease agreements include non-lease components such as fixed common area maintenance charges. The Company elected the hindsight practical expedient to determine the lease term for existing leases where it is the lessee. The Company’s election of the hindsight practical expedient resulted in the extension of lease terms for certain existing leases. In the application of hindsight, the Company evaluated the performance of the property and associated markets in relation to its overall strategies, which resulted in the determination that most renewal options would not be reasonably certain in determining the expected lease term. Adoption of the New Leases Standard resulted in the recording of right-of-use assets and lease liabilities of $73.1 million and $72.0 million , respectively, as of the Adoption Date. The standard did not materially impact the Company’s consolidated net income and had no impact on cash flows. See Note 2 - Accounting Policies and Pronouncements for further discussion of accounting policies impacted by the Company's adoption of the New Leases Standard and disclosures required by the New Leases Standard. Segment Presentation Starting in the first quarter of 2019, the Seaport District has been moved out of the Company's existing segments and into a stand-alone segment for disclosure purposes. The Company believes that by providing this additional detail, investors and analysts will be able to better track the Company's progress towards stabilization. See Note 16 - Segments for results of the new segment. The respective segment earnings and total segment assets presented in these Condensed Consolidated Financial Statements and elsewhere in this Quarterly Report have been adjusted in all periods reported to reflect this change.

ACCOUNTING POLICIES AND PRONOUN

ACCOUNTING POLICIES AND PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
ACCOUNTING POLICIES AND PRONOUNCEMENTS	ACCOUNTING POLICIES AND PRONOUNCEMENTS The following is a summary of recently issued and other notable accounting pronouncements which relate to the Company's business. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments . The amendments in this update provide clarification on certain aspects of the amendments in ASU 2016-13, Financial Instruments—Credit Losses, ASU 2017-12, Derivatives and Hedging, and ASU 2016-01, Financial Instruments—Overall. The effective date of the standard is for fiscal years, and interim periods within those year, beginning after December 15, 2019. The Company is currently evaluating the impact that the adoption of ASU 2016-13 may have on its consolidated financial statements. The Company does not expect the amendments in this ASU to ASU 2017-12 and ASU 2016-01 to have a material impact on its consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities . This standard is intended to improve the accounting when considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The effective date of the standard is for fiscal years, and interim periods within those years, beginning after December 15, 2019. The new standard must be adopted retrospectively with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2018-17 may have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This standard is intended to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software (and hosting arrangements that include an internal use software license). The standard requires an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. This standard also requires the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The new standard may be adopted prospectively or retrospectively with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement that eliminates, adds and modifies certain disclosure requirements for fair value measurements. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted-average of significant unobservable inputs used to develop Level-3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively. All other amendments should be applied retrospectively. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of ASU 2018-13 may have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) . This standard is intended to simplify the subsequent measurement of goodwill by eliminating step two from the goodwill impairment test. In computing the implied fair value of goodwill under step two, an entity determined the fair value at the impairment testing date of its assets and liabilities, including unrecognized assets and liabilities, following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, an entity will perform only step one of its quantitative goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and then recognizing the impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. An entity will still have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative step one impairment test is necessary. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The new standard must be adopted prospectively with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses . The standard modifies the impairment model for most financial assets, including trade accounts receivables and loans, and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. The effective date of the standard is for fiscal years, and for interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2016-13 may have on its consolidated financial statements. The New Leases Standard and related policy updates As discussed in Note 1 - Basis of Presentation and Organization , as of the Adoption Date of the New Leases Standard, the recognition of right-of-use assets and lease liabilities is required on the balance sheet. The Company determines whether an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets and operating lease liabilities on the condensed consolidated balance sheet. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses an estimate of the incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The operating lease right-of-use asset also includes any lease payments made, less any lease incentives and initial direct costs incurred. The Company does not have any finance leases as of June 30, 2019 . The Company’s lessee agreements consist of operating leases primarily for ground leases and other real estate. The Company’s leases have remaining lease terms of less than one year to 54 years . Most leases include one or more options to renew, with renewal terms that can extend the lease term from two to 40 years , and some of which may include options to terminate the leases within one year . The Company considers its strategic plan and the life of associated agreements in determining when options to extend or terminate lease terms are reasonably certain of being exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain of the Company’s lease agreements include variable lease payments based on a percentage of income generated through subleases, changes in price indices and market rates, and other costs arising from operating, maintenance, and taxes. The Company’s lease agreements do not contain residual value guarantees or restrictive covenants. The Company leases certain buildings and office space constructed on its ground leases to third parties. The Company’s leased assets and liabilities are as follows: (In thousands) June 30, 2019 Assets Operating lease right-of-use assets $ 71,176 Total leased assets $ 71,176 Liabilities Operating lease liabilities $ 71,125 Total leased liabilities $ 71,125 The components of lease expense are as follows: (In thousands) Three Months Ended Six Months Ended Lease Cost June 30, 2019 June 30, 2019 Operating lease cost $ 2,312 $ 4,677 Variable lease costs 331 508 Sublease income — — Net lease cost $ 2,643 $ 5,185 Future minimum lease payments as of June 30, 2019 are as follows: (In thousands) Operating Year Ended December 31, Leases 2019 (excluding the six months ended June 30, 2019) $ 3,028 2020 7,272 2021 7,111 2022 6,373 2023 6,389 Thereafter 273,287 Total lease payments 303,460 Less: imputed interest (232,335 ) Present value of lease liabilities $ 71,125 Other information related to the Company’s lessee agreements is as follows: (In thousands) Six Months Ended Supplemental Condensed Consolidated Statements of Cash Flows Information June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,641 Other Information June 30, 2019 Weighted-average remaining lease term (years) Operating leases 36.9 Weighted-average discount rate Operating leases 7.7 % The Company receives rental income from the leasing of retail, office, multi-family and other space under operating leases, as well as certain variable tenant recoveries. Such operating leases are with a variety of tenants and have a remaining average term of approximately four years . Lease terms generally vary among tenants and may include early termination options, extension options and fixed rental rate increases or rental rate increases based on an index. The minimum rentals based on operating leases of the consolidated properties held as of June 30, 2019 are as follows: Three Months Ended Six Months Ended (In thousands) June 30, 2019 June 30, 2019 Total Minimum Rent Payments $ 53,736 $ 106,590 Total future minimum rents associated with operating leases are as follows: Total Minimum Year Ending December 31, Rent (In thousands) 2019 (excluding the six months ended June 30, 2019) $ 94,483 2020 191,409 2021 203,964 2022 211,000 2023 198,087 Thereafter 1,351,947 Total $ 2,250,890 Minimum rent revenues are recognized on a straight‑line basis over the terms of the related leases when collectability is reasonably assured and the tenant has taken possession of, or controls, the physical use of the leased asset. Percentage rent in lieu of fixed minimum rent is recognized as sales are reported from tenants. Minimum rent revenues reported on the Condensed Consolidated Statements of Operations also include amortization related to above and below‑market tenant leases on acquired properties.

REAL ESTATE AND OTHER AFFILIATE

REAL ESTATE AND OTHER AFFILIATES	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
REAL ESTATE AND OTHER AFFILIATES	REAL ESTATE AND OTHER AFFILIATES Investments in real estate and other affiliates that are reported in accordance with the equity and cost methods are as follows: Economic/Legal Ownership Carrying Value Share of Earnings/Dividends Share of Earnings/Dividends June 30, December 31, June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2019 2018 2019 2018 2019 2018 2019 2018 Equity Method Investments Operating Assets: The Metropolitan Downtown Columbia (a) 50 % 50 % $ — $ — $ 123 $ 204 $ 306 $ 284 Stewart Title of Montgomery County, TX 50 % 50 % 3,842 3,920 170 145 272 227 Woodlands Sarofim #1 20 % 20 % 2,811 2,760 31 16 51 36 m.flats/TEN.M 50 % 50 % 3,236 4,701 (279 ) (1,367 ) (1,500 ) (2,304 ) Master Planned Communities: The Summit (b) — % — % 83,767 72,171 6,499 14,100 14,336 25,228 Seaport District: Mr. C Seaport 35 % 35 % 8,547 8,721 (451 ) (240 ) (1,083 ) (240 ) Bar Wayō (Momofuku) (b) — % — % 5,306 — — — — — Strategic Developments: Circle T Ranch and Power Center 50 % 50 % 6,281 5,989 256 3,436 291 3,436 HHMK Development 50 % 50 % 10 10 — — — — KR Holdings 50 % 50 % 165 159 5 4 7 676 113,965 98,431 6,354 16,298 12,680 27,343 Cost method investments 3,856 3,856 — 1 3,625 3,342 Investment in real estate and other affiliates $ 117,821 $ 102,287 $ 6,354 $ 16,299 $ 16,305 $ 30,685 (a) The Metropolitan Downtown Columbia was in a deficit position of $4.0 million and $3.8 million at June 30, 2019 and December 31, 2018 , respectively, due to distributions from operating cash flows in excess of basis. These deficit balances are presented in Accounts payable and accrued expenses at June 30, 2019 and December 31, 2018 . (b) Please refer to the discussion below for a description of the joint venture ownership structure. As of June 30, 2019 , the Company is not the primary beneficiary of any of the joint ventures listed above because it does not have the power to direct activities that most significantly impact the economic performance of the joint ventures; therefore, the Company reports its interests in accordance with the equity method. As of June 30, 2019 and at December 31, 2018 , the Mr. C Seaport variable interest entity ("VIE") does not have sufficient equity at risk to finance its operations without additional financial support. As of June 30, 2019 and at December 31, 2018 , Bar Wayō is also classified as a VIE because the equity holders, as a group, lack the characteristics of a controlling financial interest. The aggregate carrying values of Mr. C Seaport and Bar Wayō as of June 30, 2019 are $8.5 million and $5.3 million , respectively, and are classified as Investment in real estate and other affiliates in the Condensed Consolidated Balance Sheets. The Company's maximum exposure to loss as a result of these investments is limited to the aggregate carrying value of the investments as the Company has not provided any guarantees or otherwise made firm commitments to fund amounts on behalf of these VIEs. As of June 30, 2019 , approximately $209.2 million of indebtedness was secured by the properties owned by the Company's real estate and other affiliates of which the Company's share was approximately $100.2 million based upon economic ownership. All of this indebtedness is without recourse to the Company. As of June 30, 2019 , the Company is the primary beneficiary of three VIEs, Bridges at Mint Hill, 110 North Wacker and Ke Kilohana's Association of Unit Owners ("AOUO"), which are consolidated in its financial statements. In addition to these three entities, as of December 31, 2018 , the Company was also the primary beneficiary of the Anaha, Waiea and Ae'o AOUOs, none of which were related parties, and consolidated these entities in its financial statements. The Company deconsolidated these entities during the three months ended June 30, 2019 as the Company no longer controls these AOUOs. The creditors of the consolidated VIEs do not have recourse to the Company, except for 18% , or $9.9 million , of the 110 North Wacker outstanding loan balance. As of June 30, 2019 , the carrying values of the assets and liabilities associated with the operations of the consolidated VIEs were $296.0 million and $65.9 million , respectively. As of December 31, 2018 , the carrying values of the assets and liabilities associated with the operations of the consolidated VIEs were $190.6 million and $99.8 million , respectively. The assets of the VIEs are restricted for use only by the particular VIEs and are not available for the Company's general operations. Significant activity for real estate and other affiliates and the related accounting considerations are described below. 110 North Wacker During the second quarter of 2018, the Company's partnership with the local developer (the "Partnership") executed a joint venture agreement with USAA related to 110 North Wacker. At execution, the Company contributed land with a carrying value of $33.6 million and an agreed upon fair value of $85.0 million , and USAA contributed $64.0 million in cash. The Company had subsequent capital obligations of $42.7 million , and USAA was required to fund up to $105.6 million in addition to its initial contribution. The Company and its joint venture partners have also entered into a construction loan agreement further described in Note 6 - Mortgages, Notes and Loans Payable, Net . On May 23, 2019, the Company and its joint venture partners increased the construction loan. Concurrently with the increase in the construction loan, the Company and its joint venture partners agreed to eliminate the Company's subsequent capital obligations. USAA agreed to fund an additional $8.8 million , for a total commitment of $178.4 million . No changes were made to the rights of either the Company or the joint venture partners under the joint venture agreement. The Company has concluded that it is the primary beneficiary of the VIE because it has the power to direct activities that most significantly impact the joint venture’s economic performance during the development phase of the project. Given the nature of the venture’s capital structure and the provisions for the liquidation of assets, the Company's share of the venture’s income-producing activities is recognized based on the Hypothetical Liquidation Book Value ("HLBV") method, which represents an economic interest of approximately 23% for the Company. Under this method, the Company recognizes income or loss in Equity in earnings from real estate and other affiliates based on the change in its underlying share of the venture's net assets on a hypothetical liquidation basis as of the reporting date. After USAA receives a 9.0% preferred return on its capital contribution, the Partnership is entitled to cash distributions from the venture until it receives a 9.0% return. Subsequently, USAA is entitled to cash distributions equal to 11.11% of the amount distributed to the Partnership that resulted in a 9.0% return. Thereafter, the Partnership and USAA are entitled to distributions pari passu to their profit ownership interests of 90% and 10% , respectively. The Summit During the first quarter of 2015, the Company formed DLV/HHPI Summerlin, LLC (“The Summit”), a joint venture with Discovery Land Company (“Discovery”). The Company contributed land with a carrying value of $13.4 million and transferred Special Improvement District ("SID") bonds related to such land with a carrying value of $1.3 million to the joint venture at the agreed upon capital contribution value of $125.4 million , or $226,000 per acre. Discovery is required to fund up to a maximum of $30.0 million of cash as its capital contribution, and the Company has no further capital obligations. The gains on the contributed land are recognized in Equity in earnings from real estate and other affiliates as the joint venture sells lots. After the Company receives its capital contribution of $125.4 million and a 5.0% preferred return on such capital contribution, Discovery is entitled to cash distributions by the joint venture until it has received two times its equity contribution. Any further cash distributions are shared equally. Given the nature of the venture’s capital structure and the provisions for the liquidation of assets, the Company's share of the venture’s income-producing activities is recognized based on the HLBV method. Relevant financial statement information for The Summit is summarized as follows: June 30, December 31, (In millions) 2019 2018 Total Assets $ 222.5 $ 218.9 Total Liabilities 136.6 144.6 Total Equity 85.9 74.3 Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Revenues (a) $ 27.7 $ 37.5 $ 58.2 $ 60.9 Net income 6.5 14.1 14.3 25.2 Gross Margin 8.4 14.2 16.7 27.5 (a) Revenues related to land sales at the joint venture are recognized on a percentage of completion basis as The Summit follows the private company timeline for implementation of ASU 2014-09, Revenues from Contracts with Customers (Topic 606) and will adopt by the end of 2019. Bar Wayō During the first quarter of 2016, the Company formed Pier 17 Restaurant C101, LLC (“Bar Wayō”), a joint venture with MomoPier, LLC (“Momofuku”), an affiliate of the Momofuku restaurant group, to construct and operate a restaurant and bar at Pier 17 in the Seaport District. Under the terms of the joint venture agreement, the Company will fund 89.75% of the costs to construct the restaurant, and Momofuku will contribute the remaining 10.25% . After each member receives a 10.0% preferred return on its capital contributions, available cash will be allocated 75.0% to the Company and 25.0% to Momofuku, until each member’s unreturned capital account has been reduced to zero. Any remaining cash will be distributed to the members in proportion to their respective percentage interests, or 50%

IMPAIRMENT

IMPAIRMENT	6 Months Ended
	Jun. 30, 2019
Asset Impairment Charges [Abstract]
IMPAIRMENT	IMPAIRMENT The Company reviews its long-lived assets for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. With respect to the Investment in real estate and other affiliates, a series of operating losses of an underlying asset or other factors may indicate that a decrease in value has occurred which is other‑than‑temporary. The investment in each real estate and other affiliate is evaluated periodically and as deemed necessary for recoverability and valuation declines that are other‑than‑temporary. No impairment charges were recorded during the three and six months ended June 30, 2019 or during the year ended December 31, 2018

OTHER ASSETS AND LIABILITIES

OTHER ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2019
OTHER ASSETS AND LIABILITIES
OTHER ASSETS AND LIABILITIES	OTHER ASSETS AND LIABILITIES Prepaid Expenses and Other Assets The following table summarizes the significant components of Prepaid expenses and other assets: June 30, December 31, (In thousands) 2019 2018 Condominium inventory $ 62,039 $ 198,352 Straight-line rent 53,692 50,493 Intangibles 33,615 33,955 Special Improvement District receivables 18,091 18,838 Security and escrow deposits 17,960 17,670 Prepaid expenses 15,669 16,981 Equipment, net of accumulated depreciation of $9.2 million and $8.3 million, respectively 14,707 15,543 Other 10,233 18,429 Tenant incentives and other receivables 8,398 8,745 TIF receivable 5,820 2,470 In-place leases 4,923 6,539 Food and beverage and lifestyle inventory 3,353 1,935 Above-market tenant leases 790 1,044 Federal income tax receivable 200 2,000 Interest rate swap derivative assets — 346 Below-market ground leases — 18,296 Prepaid expenses and other assets, net $ 249,490 $ 411,636 The $162.1 million net decrease primarily relates to $136.3 million and $18.3 million decreases in Condominium inventory and Below-market ground leases , respectively. Condominium inventory represents completed units for which sales have not yet closed. The decrease in Condominium inventory from December 31, 2018 is primarily attributable to the contracted units at Ae‘o and Ke Kilohana, which have closed in the first and second quarters of 2019, respectively. The decrease in Below-market ground leases is attributable to the adoption of the New Leases Standard as of the Adoption Date. The balance of unamortized below-market ground leases was reclassified to Operating lease right-of-use assets upon adoption. Accounts Payable and Accrued Expenses The following table summarizes the significant components of Accounts payable and accrued expenses: June 30, December 31, (In thousands) 2019 2018 Construction payables $ 300,014 $ 258,749 Condominium deposit liabilities 158,164 263,636 Deferred income 54,102 42,734 Interest rate swap derivative liabilities 40,848 16,517 Tenant and other deposits 33,032 20,893 Accounts payable and accrued expenses 26,928 38,748 Accrued payroll and other employee liabilities 26,281 42,591 Accrued interest 22,933 23,080 Accrued real estate taxes 20,541 26,171 Other 14,920 29,283 Straight-line ground rent liability — 16,870 Accounts payable and accrued expenses $ 697,763 $ 779,272 The $81.5 million net decrease in total Accounts payable and accrued expenses primarily relates to a $105.5 million decrease in Condominium deposit liabilities primarily attributable to the contracted units at Ae‘o and Ke Kilohana, which have closed in the first and second quarters of 2019, respectively; a $41.3 million increase in Construction payables predominately related to the Two Lakes Edge, 110 North Wacker and Juniper Apartments projects under construction as the developments move toward completion; a $24.3 million increase in Interest rate swap derivative liabilities due to a decrease in the one-month London Interbank Offered Rate ("LIBOR") forward curve for the periods presented; a $16.3 million decrease in Accrued payroll and other employee liabilities due to payment in the first quarter of 2019 of annual incentive bonus for 2018; and a $16.9 million decrease in Straight-line ground rent liability

MORTGAGES, NOTES AND LOANS PAYA

MORTGAGES, NOTES AND LOANS PAYABLE, NET	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
MORTGAGES, NOTES AND LOANS PAYABLE, NET	MORTGAGES, NOTES AND LOANS PAYABLE, NET Mortgages, notes and loans payable, net are summarized as follows: June 30, December 31, (In thousands) 2019 2018 Fixed-rate debt: Unsecured 5.375% Senior Notes $ 1,000,000 $ 1,000,000 Secured mortgages, notes and loans payable 889,654 648,707 Special Improvement District bonds 14,511 15,168 Variable-rate debt: Mortgages, notes and loans payable (a) 1,561,549 1,551,336 Unamortized bond issuance costs (5,678 ) (6,096 ) Unamortized deferred financing costs (37,546 ) (27,902 ) Total mortgages, notes and loans payable, net $ 3,422,490 $ 3,181,213 (a) As more fully described in Note 8 - Derivative Instruments and Hedging Activities , as of June 30, 2019 and December 31, 2018 , $615.0 million of variable‑rate debt has been swapped to a fixed rate for the term of the related debt. An additional $55.0 million and $50.0 million of variable-rate debt was subject to interest rate collars as of June 30, 2019 and December 31, 2018 , respectively, and $75.0 million of variable-rate debt was capped at a maximum interest rate as of June 30, 2019 and December 31, 2018 . Certain of the Company's loans contain provisions which grant the lender a security interest in the operating cash flow of the property that represents the collateral for the loan. Certain mortgage notes may be prepaid subject to a prepayment penalty equal to a yield maintenance premium, defeasance or percentage of the loan balance. As of June 30, 2019 , land, buildings and equipment and developments with a net book value of $4.9 billion have been pledged as collateral for HHC's Mortgages, notes and loans payable, net . As of June 30, 2019 , the Company was in compliance with all of its financial covenants included in the agreements governing its indebtedness. The Summerlin master planned community ("MPC") uses Special Improvement District (“SID”) bonds to finance certain common infrastructure improvements. These bonds are issued by the municipalities and are secured by the assessments on the land. The majority of proceeds from each bond issued is held in a construction escrow and disbursed to the Company as infrastructure projects are completed, inspected by the municipalities and approved for reimbursement. Accordingly, the SID bonds have been classified as debt, and the Summerlin MPC pays the debt service on the bonds semi‑annually. As Summerlin sells land, the buyers assume a proportionate share of the bond obligation at closing, and the residential sales contracts provide for the reimbursement of the principal amounts that the Company previously paid with respect to such proportionate share of the bond. In the six months ended June 30, 2019 , no new SID bonds were issued and $0.1 million in obligations were assumed by buyers. Recent Financing Activity On August 6, 2019, the Company closed on a $30.7 million construction loan for Millennium Phase III Apartments. The loan bears interest at one-month LIBOR plus 1.75% with an initial maturity date of August 6, 2023 and a one-year extension option. Financing Activity During the Six Months Ended June 30, 2019 On June 27, 2019 , the Company closed on a $35.5 million construction loan for 8770 New Trails. The loan bears interest at one-month LIBOR plus 2.45% with an initial maturity date of June 27, 2021 and a 127-month extension option. The Company entered into a swap agreement to fix the interest rate to 4.89% . On June 20, 2019 , the Company closed on a $250.0 million term loan for the redevelopment of the Seaport District. The loan initially bears interest at 6.10% and matures on June 1, 2024 . The loan will begin bearing interest at one-month LIBOR plus 4.10% , subject to a LIBOR cap of 2.30% and LIBOR floor of 0.00% , at the earlier of June 20, 2021 or the date certain debt coverage ratios are met. On June 6, 2019 , the Company closed on a $293.7 million construction loan for ‘A‘ali‘i, bearing interest at one-month LIBOR plus 3.10% with an initial maturity date of June 6, 2022 and a one-year extension option. On June 5, 2019 , the Company paid off the construction loan for Ke Kilohana with a commitment amount of $142.7 million . Total draws were approximately $121.7 million and were paid off from the proceeds of condominium sales. On June 3, 2019 , the Company exercised the second extension option for its 250 Water Street note payable. The extension required a $30.0 million pay down, reducing the outstanding note payable balance to $99.7 million . On May 23, 2019 , the Company and its joint venture partners closed on an amendment to increase the $512.6 million construction loan for 110 North Wacker to $558.9 million , and modify the commitments included in the loan syndication. The amendment also increased the Company's guarantee from approximately $92.3 million to approximately $100.6 million . In addition, the Company also guaranteed an additional $46.3 million , the increase in principal of the construction loan, which will become payable in fiscal year 2020 if a certain leasing threshold is not achieved. The guarantee of the $46.3 million will immediately expire on the date the leasing threshold is first achieved. On May 17, 2019 , the Company modified the facility for its Mr. C Seaport joint venture to increase the total commitment to $41.0 million . The loan bears interest at one-month LIBOR plus 4.50% , has an initial maturity of May 16, 2022 , and has one, six-month extension option. On April 9, 2019 , the Company modified the HHC 242 Self-Storage and HHC 2978 Self-Storage facilities to reduce the total commitments to $5.5 million and $5.4 million , respectively. The loans have an initial maturity date of December 31, 2021 and a one -year extension option. On March 12, 2019 , the Company closed on an $18.0 million construction loan for Creekside Park West, bearing interest at one-month LIBOR plus 2.25% with an initial maturity date of March 12, 2023 and a one -year extension option. On February 28, 2019 , the Company amended the $62.5 million Woodlands Resort & Conference Center financing to extend the initial maturity date to December 30, 2021 . The financing bears interest at one-month LIBOR plus 2.50% and has two , one -year extension options.

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE ASC 820, Fair Value Measurement , emphasizes that fair value is a market-based measurement that should be determined using assumptions market participants would use in pricing an asset or liability. The standard establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability used in measuring assets or liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the asset or liability. Assets or liabilities with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The following table presents the fair value measurement hierarchy levels required under ASC 820 for each of the Company's assets and liabilities that are measured at fair value on a recurring basis: June 30, 2019 December 31, 2018 Fair Value Measurements Using Fair Value Measurements Using (In thousands) Total Quoted Prices Significant Significant Total Quoted Prices Significant Significant Assets: Interest rate derivative assets $ — $ — $ — $ — $ 346 $ — $ 346 $ — Liabilities: Interest rate derivative liabilities 40,848 — 40,848 — 16,517 — 16,517 — The fair values of interest rate derivatives are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates derived from observable market interest rate curves. The estimated fair values of the Company's financial instruments that are not measured at fair value on a recurring basis are as follows: June 30, 2019 December 31, 2018 (In thousands) Fair Value Carrying Estimated Carrying Estimated Assets: Cash and restricted cash Level 1 $ 848,600 $ 848,600 $ 724,215 $ 724,215 Accounts receivable, net (a) Level 3 19,980 19,980 12,589 12,589 Notes receivable, net (b) Level 3 300 300 4,694 4,694 Liabilities: Fixed-rate debt (c) Level 2 1,904,165 1,933,715 1,663,875 1,608,635 Variable-rate debt (c) Level 2 1,561,549 1,561,549 1,551,336 1,551,336 (a) Accounts receivable, net is shown net of an allowance of $10.0 million and $10.7 million at June 30, 2019 and December 31, 2018 , respectively. (b) Notes receivable, net is shown net of an allowance of $0.1 million at June 30, 2019 and December 31, 2018 . (c) Excludes related unamortized financing costs. The carrying amounts of Cash and restricted cash, Accounts receivable, net and Notes receivable, net approximate fair value because of the short‑term maturity of these instruments. The fair value of the Company's $1.0 billion , 5.375% senior notes due 2025 , included in fixed-rate debt in the table above, is based upon the trade price closest to the end of the period presented. The fair value of other fixed-rate debt in the table above (please refer to Note 6 - Mortgages, Notes and Loans Payable, Net in the Company's Condensed Consolidated Financial Statements), was estimated based on a discounted future cash payment model, which includes risk premiums and risk-free rates derived from the current LIBOR or U.S. Treasury obligation interest rates. The discount rates reflect the Company's judgment as to what the approximate current lending rates for loans or groups of loans with similar maturities and credit quality would be if credit markets were operating efficiently and assuming that the debt is outstanding through maturity. The carrying amounts for the Company's variable-rate debt approximate fair value given that the interest rates are variable and adjust with current market rates for instruments with similar risks and maturities.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to interest-rate-risk related to its variable interest rate debt, and it manages this risk by utilizing interest rate derivatives. To add stability to interest costs by reducing the Company's exposure to interest rate movements, the Company uses interest rate swaps, collars and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company's fixed‑rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above an established ceiling rate and payment of variable amounts to a counterparty if interest rates fall below an established floor rate, in exchange for an up-front premium. No payments or receipts are exchanged on interest rate collar contracts unless interest rates rise above or fall below the established ceiling and floor rates. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up‑front premium. The Company's interest rate caps are not currently designated as hedges, and therefore, any gain or loss is recognized in current-period earnings. These derivatives are recorded on a gross basis at fair value on the balance sheet. Assessments of hedge effectiveness are performed quarterly using regression analysis. The change in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Accumulated Other Comprehensive Income (“AOCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item being hedged. The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company evaluates counterparty credit risk through monitoring the creditworthiness of counterparties, which includes review of debt ratings and financial performance. To mitigate its credit risk, the Company enters into agreements with counterparties that are considered credit-worthy, such as large financial institutions with favorable credit ratings. As of June 30, 2019 and December 31, 2018 , there was one termination event and four termination events, respectively, as discussed below. There were no events of default as of June 30, 2019 and December 31, 2018 . If the derivative contracts are terminated prior to their maturity, the amounts previously recorded in AOCI are recognized into earnings over the period that the hedged transaction impacts earnings. If the hedging relationship is discontinued because it is probable that the forecasted transaction will not occur in accordance with the original strategy, any related amounts previously recorded in AOCI are recognized in earnings immediately. During the three and six months ended June 30, 2019 , the Company recorded a $0.9 million and $2.0 million reduction in Interest expense, respectively, related to the amortization of terminated swaps. During the six months ended June 30, 2019 , the Company settled one interest rate cap agreement with a notional amount of $230.0 million and received payment of $0.2 million . During the year ended December 31, 2018 , the Company settled four interest rate swap agreements with notional amounts of $18.9 million , $250.0 million , $40.0 million and $119.4 million , all designated as cash flow hedges of interest rate variability, and received total payments of $15.8 million , net of a termination fee of $0.3 million . The Company has deferred the effective portion of the fair value changes of three interest rate swap agreements in Accumulated other comprehensive loss on the accompanying Condensed Consolidated Balance Sheets and will recognize the impact as a component of Interest expense, net, over the next 8.5 , 2.2 and 0.8 years, which are what remain of the original forecasted periods. Amounts reported in AOCI related to derivatives will be reclassified to Interest expense as interest payments are made on the Company's variable‑rate debt. Over the next 12 months, HHC estimates that an additional $3.6 million of net loss will be reclassified to Interest expense. The following table summarizes certain terms of the Company's derivative contracts: Fixed Fair Value Asset (Liability) Notional Interest Effective Maturity June 30, December 31, (In thousands) Balance Sheet Location Amount Rate (a) Date Date 2019 2018 Derivative instruments not designated as hedging instruments: Interest rate cap (b) Prepaid expenses and other assets, net $ 75,000 5.00 % 9/1/2017 8/31/2019 $ — $ — Interest rate cap (b) (c) Prepaid expenses and other assets, net 230,000 2.50 % 12/22/2016 12/23/2019 — 333 Derivative instruments designated as hedging instruments: Interest rate collar (d) (e) Prepaid expenses and other assets, net 51,592 1.50% - 2.50% 7/1/2018 5/1/2019 — 13 Interest rate collar (d) Accounts payable and accrued expenses 193,967 2.00% - 3.00% 5/1/2019 5/1/2020 (276 ) (37 ) Interest rate collar (d) Accounts payable and accrued expenses 354,217 2.25% - 3.25% 5/1/2020 5/1/2021 (2,275 ) (730 ) Interest rate collar (d) Accounts payable and accrued expenses 381,404 2.75% - 3.50% 5/1/2021 4/30/2022 (4,415 ) (1,969 ) Interest rate swap (f) Accounts payable and accrued expenses 615,000 2.96 % 9/21/2018 9/18/2023 (32,206 ) (13,781 ) Interest rate swap (g) Accounts payable and accrued expenses 1,810 4.89 % 11/1/2019 1/1/2032 (1,676 ) — Total fair value derivative assets $ — $ 346 Total fair value derivative liabilities $ (40,848 ) $ (16,517 ) (a) These rates represent the strike rate on HHC's interest swaps, caps and collars. (b) There was no interest income included in the Condensed Consolidated Statements of Operations for the three months ended June 30, 2019 related to these contracts. Interest income of $0.2 million is included in the Condensed Consolidated Statements of Operations for the six months ended June 30, 2019 and the year ended December 31, 2018 related to these contracts. (c) The Company settled this Interest rate cap on February 1, 2019 . (d) On May 17, 2018 and May 18, 2018 , the Company entered into these interest rate collars which are designated as cash flow hedges. (e) On May 1, 2019 , the $51.6 million interest rate collar matured as scheduled. (f) Concurrent with the funding of the $615.0 million term loan on September 21, 2018 , the Company entered into this interest rate swap which is designated as a cash flow hedge. (g) Concurrent with the closing of the $35.5 million construction loan for 8770 New Trails on June 27, 2019 , the Company entered into this interest rate swap which is designated as a cash flow hedge. The tables below present the effect of the Company's derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018 (in thousands): Amount of (Loss) Gain Recognized Amount of (Loss) Gain Recognized in AOCI on Derivative in AOCI on Derivative Three Months Ended June 30, Six Months Ended June 30, Derivatives in Cash Flow Hedging Relationships 2019 2018 2019 2018 Interest rate derivatives $ (13,016 ) $ 6,005 $ (18,832 ) $ 14,266 Amount of Gain Reclassified Amount of Gain Reclassified from AOCI into Operations from AOCI into Operations Three Months Ended June 30, Six Months Ended June 30, Location of Gain Reclassified from AOCI into Operations 2019 2018 2019 2018 Interest expense $ 92 $ 652 $ 220 $ 868 Total Interest Expense Presented Total Interest Expense Presented in the Results of Operations in which the in the Results of Operations in which the Effects of Cash Flow Hedges are Recorded Effects of Cash Flow Hedges are Recorded Three Months Ended June 30, Six Months Ended June 30, Interest Expense Presented in Results of Operations 2019 2018 2019 2018 Interest expense $ 24,203 $ 18,903 $ 47,529 $ 35,512 Credit-risk-related Contingent Features The Company has agreements with certain derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of June 30, 2019 and December 31, 2018 , the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, was $43.8 million and $18.2 million , respectively. As of June 30, 2019 , the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at June 30, 2019 , it could have been required to settle its obligations under the agreements at their termination value of $43.8 million .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the normal course of business, from time to time, the Company is involved in legal proceedings relating to the ownership and operations of its properties. In addition, on June 14, 2018 , the Company was served with a petition involving approximately 500 individuals or entities who claim that their properties, located in the Timarron Park neighborhood of The Woodlands, were damaged by flood waters that resulted from the unprecedented rainfall that occurred throughout Harris County and surrounding areas during Hurricane Harvey in August 2017 . The complaint was filed in State Court in Harris County of the State of Texas. In general, the plaintiffs allege negligence in the development of Timarron Park and violations of Texas’ Deceptive Trade Practices Act and name as defendants The Howard Hughes Corporation, The Woodlands Land Development Company and two unaffiliated parties involved in the planning and engineering of Timarron Park. The plaintiffs are seeking restitution for damages to their property and diminution of their property values. The Company intends to vigorously defend the matter as it believes that these claims are without merit and that it has substantial legal and factual defenses to the claims and allegations contained in the complaint. Based upon the present status of this matter, the Company does not believe it is probable that a loss will be incurred. Accordingly, the Company has not recorded a charge as a result of this action. In management’s opinion, the liabilities, if any, that may ultimately result from normal course of business legal actions, and The Woodlands legal proceeding discussed above, are not expected to have a material effect on the Company's consolidated financial position, results of operations or liquidity. The Company purchased its 250 Water Street property in the Seaport District in June 2018. The site is currently used as a parking lot while the Company evaluates redevelopment plans. The Company engaged a third party specialist to perform a Phase I Environmental Site Assessment (“ESA”) of the property, and the ESA identified, among other findings, the existence of mercury levels above regulatory criteria. The site does not require remediation until the Company begins redevelopment activities. The normal operations of the parking lot do not require the property to be remediated, and the Company has not started any redevelopment activities as of June 30, 2019. As a result, the potential remediation has no financial impact as of June 30, 2019, and for the three and six months then ended. As of June 30, 2019 and December 31, 2018 , the Company had outstanding letters of credit totaling $15.4 million and $15.3 million , respectively, and surety bonds totaling $211.3 million and $101.2 million , respectively. These letters of credit and bonds were issued primarily in connection with insurance requirements, special real estate assessments and construction obligations. The Company leases land or buildings at certain properties from third parties. As discussed in Note 2 - Accounting Policies and Pronouncements , the Company adopted the New Leases Standard on the Adoption Date and recorded right-of-use assets and lease liabilities on the balance sheet. See Note 2 - Accounting Policies and Pronouncements for further discussion. Prior to the adoption of the New Leases Standard, rental payments were expensed as incurred and, to the extent applicable, straight-lined over the term of the lease. Contractual rental expense, including participation rent, was $2.0 million and $2.3 million for the three months ended June 30, 2019 and 2018, respectively, and $4.1 million and $5.0 million for the six months ended June 30, 2019 and 2018, respectively. The amortization of above and below‑market ground leases and straight‑line rents included in the contractual rent amount was not significant. The Company entered into guarantee agreements as part of certain development projects. In conjunction with the execution of the ground lease for the Seaport District NYC, the Company executed a completion guarantee for the redevelopment of Seaport District NYC - Pier 17 and Seaport District NYC - Tin Building. The Company satisfied its completion guarantee for Pier 17 in the second quarter of 2019. As part of the funding agreement for the Downtown Columbia Redevelopment District TIF bonds, one of the Company's wholly-owned subsidiaries has agreed to complete certain defined public improvements and to indemnify Howard County, Maryland for certain matters. The Company has guaranteed these obligations, with a limit of $1.0 million , expiring on October 31, 2020 . To the extent that increases in taxes do not cover debt service payments on the TIF bonds, the Company’s wholly-owned subsidiary is obligated to pay special taxes. The Company evaluates the likelihood of future performance under these guarantees and did not record an obligation as of June 30, 2019 and December 31, 2018 .

STOCK BASED PLANS

STOCK BASED PLANS	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK BASED PLANS	STOCK BASED PLANS The Company's stock based plans are described and informational disclosures are provided in the Notes to the Financial Statements included in the Annual Report. Stock Options The following table summarizes the Company's stock option plan activity for the six months ended June 30, 2019 : Stock Options Weighted Average Exercise Price Stock Options outstanding at December 31, 2018 817,998 $ 105.06 Granted 21,500 105.37 Exercised (6,189 ) 64.93 Forfeited (10,600 ) 123.17 Expired (400 ) 116.56 Stock Options outstanding at June 30, 2019 822,309 $ 105.13 Compensation costs related to stock options were $0.8 million and $1.5 million for the three and six months ended June 30, 2019 , respectively, of which $0.2 million and $0.4 million were capitalized to development projects, respectively. Compensation costs related to stock options were $1.0 million and $1.6 million for the three and six months ended June 30, 2018 , respectively, of which $0.6 million and $0.9 million were capitalized to development projects, respectively. Restricted Stock The following table summarizes restricted stock activity for the six months ended June 30, 2019 : Restricted Stock Weighted Average Grant Date Fair Value Restricted stock outstanding at December 31, 2018 406,544 $ 82.10 Granted 163,945 85.88 Vested (11,217 ) 133.43 Forfeited (19,913 ) 74.88 Restricted stock outstanding at June 30, 2019 539,359 $ 82.45 Compensation costs related to restricted stock awards were $2.4 million and $4.7 million for the three and six months ended June 30, 2019 , respectively, of which $0.3 million and $0.6 million were capitalized to development projects, respectively. Compensation costs related to restricted stock awards were $2.1 million and $ 4.1 million for the three and six months ended June 30, 2018 , respectively, of which $0.3 million and $0.6 million were capitalized to development projects, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company has significant permanent differences, primarily from stock compensation deductions and non-deductible executive compensation, which cause the effective tax rate to deviate from statutory rates. The effective tax rate, based upon actual 2019 operating results, was 24.9% and 25.5% for the three and six months ended June 30, 2019 , respectively, compared to 32.2% and 34.0% for the three and six months ended June 30, 2018

WARRANTS

WARRANTS	6 Months Ended
	Jun. 30, 2019
Other Liabilities [Abstract]
WARRANTS	WARRANTS On October 7, 2016 , the Company entered into a warrant agreement with its Chief Financial Officer, David R. O’Reilly, (the "O'Reilly Warrant") prior to his appointment to the position. Upon exercise of his warrant, Mr. O’Reilly may acquire 50,125 shares of common stock at an exercise price of $112.08 per share. The O'Reilly Warrant was issued at fair value in exchange for a $1.0 million payment in cash from Mr. O'Reilly. The O'Reilly Warrant becomes exercisable on April 6, 2022, subject to earlier exercise upon certain change in control, separation and termination provisions. On June 16, 2017 and October 4, 2017 , the Company entered into warrant agreements with its Chief Executive Officer, David R. Weinreb, (the "Weinreb Warrant") and President, Grant Herlitz, (the "Herlitz Warrant") to acquire 1,965,409 shares and 87,951 shares of common stock for the purchase prices of $50.0 million and $2.0 million , respectively. The Weinreb Warrant becomes exercisable on June 15, 2022, at an exercise price of $124.64 per share, and the Herlitz Warrant becomes exercisable on October 3, 2022 , at an exercise price of $117.01 per share, subject to earlier exercise upon certain change in control, separation and termination provisions. The purchase prices paid by the respective executives for the O’Reilly Warrant, the Weinreb Warrant and the Herlitz Warrant, which qualify as equity instruments, are included within Additional paid-in capital in the Condensed Consolidated Balance Sheets at June 30, 2019 and December 31, 2018 .

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity Note [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables summarize changes in AOCI by component, all of which are presented net of tax: (In thousands) Balance as of March 31, 2018 $ (797 ) Other comprehensive income before reclassifications 6,054 Gain reclassified from accumulated other comprehensive loss to net income (652 ) Pension adjustment (2,010 ) Terminated swap amortization (80 ) Net current-period other comprehensive income 3,312 Balance as of June 30, 2018 $ 2,515 Balance as of March 31, 2019 $ (14,759 ) Other comprehensive loss before reclassifications (13,038 ) Gain reclassified from accumulated other comprehensive loss to net income (92 ) Terminated swap amortization (653 ) Net current-period other comprehensive loss (13,783 ) Balance as of June 30, 2019 $ (28,542 ) (In thousands) Balance as of December 31, 2017 $ (6,965 ) Other comprehensive income before reclassifications 14,325 Gain reclassified from accumulated other comprehensive loss to net income (868 ) Adjustment related to adoption of ASU 2018-02 (1,148 ) Adjustment related to adoption of ASU 2017-12 (739 ) Pension adjustment (2,010 ) Terminated swap amortization (80 ) Net current-period other comprehensive income 9,480 Balance as of June 30, 2018 $ 2,515 Balance as of December 31, 2018 $ (8,126 ) Other comprehensive loss before reclassifications (18,905 ) Gain reclassified from accumulated other comprehensive loss to net income (220 ) Terminated swap amortization (1,291 ) Net current-period other comprehensive loss (20,416 ) Balance as of June 30, 2019 $ (28,542 ) The following table summarizes the amounts reclassified out of AOCI: Amounts reclassified from Accumulated Other Comprehensive Income (Loss) Amounts reclassified from (In thousands) Three Months Ended June 30, Six Months Ended June 30, Affected line items in the Accumulated Other Comprehensive Income (Loss) Components 2019 2018 2019 2018 Statements of Operations (Gains) losses on cash flow hedges $ (116 ) $ (825 ) $ (278 ) $ (1,099 ) Interest expense Interest rate swap contracts 24 173 58 231 Provision for income taxes Total reclassifications of (income) loss for the period $ (92 ) $ (652 ) $ (220 ) $ (868 ) Net of tax

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted‑average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive common shares. The dilutive effect of options and non-vested stock issued under stock‑based compensation plans is computed using the treasury stock method. The dilutive effect of the warrants is computed using the if‑converted method. Information related to the Company's EPS calculations is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share amounts) 2019 2018 2019 2018 Basic EPS: Numerator: Net income (loss) $ 13,328 $ (5,879 ) $ 45,253 $ (4,045 ) Net loss attributable to noncontrolling interests 149 791 45 431 Net income (loss) attributable to common stockholders $ 13,477 $ (5,088 ) $ 45,298 $ (3,614 ) Denominator: Weighted-average basic common shares outstanding 43,113 42,573 43,109 43,014 Diluted EPS: Numerator: Net income attributable to common stockholders $ 13,477 $ (5,088 ) $ 45,298 $ (3,614 ) Denominator: Weighted-average basic common shares outstanding 43,113 42,573 43,109 43,014 Restricted stock and stock options 158 212 154 215 Warrants — 157 — 157 Weighted-average diluted common shares outstanding 43,271 42,942 43,263 43,386 Basic income per share: $ 0.31 $ (0.12 ) $ 1.05 $ (0.08 ) Diluted income per share: $ 0.31 $ (0.12 ) $ 1.05 $ (0.08 ) The diluted EPS computation for the three and six months ended June 30, 2019 excludes 569,408 stock options because their inclusion would have been anti-dilutive. The diluted EPS computation for the three and six months ended June 30, 2019 excludes 278,379 shares of restricted stock because performance conditions provided for in the restricted stock awards have not been satisfied. The diluted EPS computation for the three and six months ended June 30, 2018 excludes 374,500 and 413,000 stock options, respectively, because their inclusion would have been anti-dilutive. The diluted EPS computation for the three and six months ended June 30, 2018 excludes 233,721

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE The core principle of ASC 606, Revenues from Contracts with Customers, is that revenues from contracts with customers (excluding lease-related revenues) are recognized when control of the promised goods or services is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Condominium rights and unit sales revenues were previously required to be recognized under the percentage of completion method. Under ASC 606, revenue and cost of sales for condominium units sold are not recognized until the construction is complete, the sale closes and the title to the property has transferred to the buyer (point in time). Additionally, certain real estate selling costs, such as the costs related to the Company's condominium model units, are either expensed immediately or capitalized as property and equipment and depreciated over their estimated useful life. The following table presents the Company's revenues disaggregated by revenue source: Three Months Ended Six Months Ended (In thousands) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Revenues From contracts with customers Recognized at a point in time: Condominium rights and unit sales $ 235,622 $ 20,885 $ 433,932 $ 31,722 Master Planned Communities land sales 58,321 52,432 99,633 98,997 Hospitality revenues 25,576 22,569 48,505 45,630 Builder price participation 9,369 5,628 14,564 10,709 Total revenue from contracts with customers 328,888 101,514 596,634 187,058 Recognized at a point in time and/or over time: Other land revenues 5,569 4,712 10,298 8,843 Other rental and property revenues 28,629 12,020 42,450 21,869 Total other income 34,198 16,732 52,748 30,712 Rental and other income (lease-related revenues) Minimum rents 54,718 50,509 108,804 99,912 Tenant recoveries 13,512 12,250 27,020 25,002 Total rental income 68,230 62,759 135,824 124,914 Total revenues $ 431,316 $ 181,005 $ 785,206 $ 342,684 Revenues by segment Operating Assets revenues $ 109,219 $ 88,808 $ 201,172 $ 176,555 Seaport District revenues 12,891 4,500 19,921 8,011 Master Planned Communities revenues 72,859 62,765 123,755 118,530 Strategic Developments revenues 236,347 24,932 440,358 39,588 Total revenues $ 431,316 $ 181,005 $ 785,206 $ 342,684 Contract Assets and Liabilities Contract assets are the Company's right to consideration in exchange for goods or services that have been transferred to a customer, excluding any amounts presented as a receivable. Contract liabilities are the Company's obligation to transfer goods or services to a customer for which the Company has received consideration. The beginning and ending balances of contract assets and liabilities and significant activity during the period is as follows: Contract Contract (In thousands) Assets Liabilities Balance as of January 1, 2018 $ — $ 179,179 Consideration earned during the period (35,834 ) (308,898 ) Consideration received during the period 35,834 426,215 Balance as of December 31, 2018 — 296,496 Consideration earned during the period — (410,322 ) Consideration received during the period — 322,771 Balance as of June 30, 2019 $ — $ 208,945 Remaining Unsatisfied Performance Obligations The Company’s remaining unsatisfied performance obligations as of June 30, 2019 represent a measure of the total dollar value of work to be performed on contracts executed and in progress. These performance obligations are associated with contracts that generally are noncancellable by the customer after 30 days; however, purchasers of condominium units have the right to cancel the contract should the Company elect not to construct the condominium unit within a certain period of time or materially change the design of the condominium unit. The aggregate amount of the transaction price allocated to the Company's remaining unsatisfied performance obligations as of June 30, 2019 is $1.1 billion . The Company expects to recognize this amount as revenue over the following periods: (In thousands) Less than 1 year 1-2 years 3 years and thereafter Total remaining unsatisfied performance obligations $ 296,426 $ 17,290 $ 814,334

SEGMENTS

SEGMENTS	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS The Company has four business segments which offer different products and services. HHC's four segments are managed separately because each requires different operating strategies or management expertise and are reflective of management’s operating philosophies and methods. As further discussed in Item 2. - Management’s Discussion and Analysis of Financial Condition and Results of Operations , one common operating measure used to assess operating results for the Company's business segments is earnings before taxes ("EBT"). 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. The Company's 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 450,000 square feet of restaurant, retail and entertainment properties situated in three primary locations in New York, New York: Pier 17, 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. Effective January 1, 2019, the Company moved the Seaport District out of its existing segments and into a stand-alone segment for disclosure purposes. The respective segment earnings and total segment assets presented in the Condensed Consolidated Financial Statements and elsewhere in this Quarterly Report have been adjusted in all periods reported to reflect this change. See the Seaport District section of Item 2. - Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Segment operating results are as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Operating Assets Segment EBT Total revenues $ 109,219 $ 88,808 $ 201,172 $ 176,555 Total operating expenses (48,727 ) (40,988 ) (91,639 ) (82,999 ) Segment operating income 60,492 47,820 109,533 93,556 Depreciation and amortization (28,938 ) (24,198 ) (56,046 ) (47,558 ) Interest expense, net (20,059 ) (17,308 ) (39,050 ) (33,995 ) Other income, net 1,088 71 1,123 164 Equity in earnings from real estate and other affiliates 45 (1,000 ) 2,754 1,583 Segment EBT 12,628 5,385 18,314 13,750 MPC Segment EBT Total revenues 72,859 62,765 123,755 118,530 Total operating expenses (40,392 ) (37,003 ) (68,906 ) (73,371 ) Segment operating income 32,467 25,762 54,849 45,159 Depreciation and amortization (86 ) (86 ) (246 ) (167 ) Interest income, net 8,283 6,808 15,826 13,200 Other income, net 72 — 67 — Equity in earnings from real estate and other affiliates 6,499 14,100 14,336 25,228 Segment EBT 47,235 46,584 84,832 83,420 Seaport District Segment EBT Total revenues 12,891 4,500 19,921 8,011 Total operating expenses (17,972 ) (6,441 ) (32,405 ) (9,976 ) Segment operating loss (5,081 ) (1,941 ) (12,484 ) (1,965 ) Depreciation and amortization (6,753 ) (1,953 ) (12,946 ) (4,197 ) Interest (expense) income, net (1,924 ) 3,278 (3,456 ) 6,995 Other loss, net (61 ) — (147 ) — Equity in losses from real estate and other affiliates (451 ) (240 ) (1,083 ) (240 ) Loss on sale or disposal of real estate — — (6 ) — Segment EBT (14,270 ) (856 ) (30,122 ) 593 Strategic Developments Segment EBT Total revenues 236,347 24,932 440,358 39,588 Total operating expenses (224,711 ) (35,312 ) (371,014 ) (47,339 ) Segment operating income 11,636 (10,380 ) 69,344 (7,751 ) Depreciation and amortization (1,260 ) (1,113 ) (2,316 ) (2,178 ) Interest income, net 3,235 3,139 6,497 6,946 Other (loss) income, net (385 ) 164 310 373 Equity in earnings from real estate and other affiliates 261 3,440 298 4,112 Loss on sale or disposal of real estate (144 ) — (144 ) — Segment EBT 13,343 (4,750 ) 73,989 1,502 Consolidated Segment EBT Total revenues 431,316 181,005 785,206 342,684 Total operating expenses (331,802 ) (119,744 ) (563,964 ) (213,685 ) Segment operating income 99,514 61,261 221,242 128,999 Depreciation and amortization (37,037 ) (27,350 ) (71,554 ) (54,100 ) Interest expense, net (10,465 ) (4,083 ) (20,183 ) (6,854 ) Other income, net 714 235 1,353 537 Equity in earnings from real estate and other affiliates 6,354 16,300 16,305 30,683 Loss on sale or disposal of real estate (144 ) — (150 ) — Consolidated segment EBT 58,936 46,363 147,013 99,265 Corporate expenses and other items 45,608 52,242 101,760 103,310 Net income (loss) 13,328 (5,879 ) 45,253 (4,045 ) Net loss attributable to noncontrolling interests 149 791 45 431 Net income (loss) attributable to common stockholders $ 13,477 $ (5,088 ) $ 45,298 $ (3,614 ) 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) 2019 2018 Operating Assets $ 2,713,098 $ 2,562,257 Master Planned Communities 2,192,267 2,076,678 Seaport District 919,329 839,522 Strategic Developments 1,416,669 1,538,917 Total segment assets 7,241,363 7,017,374 Corporate and other 467,815 338,425 Total assets $ 7,709,178 $ 7,355,799

ACCOUNTING POLICIES AND PRONO_2

ACCOUNTING POLICIES AND PRONOUNCEMENTS (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Accounting Policies and Pronouncements	The following is a summary of recently issued and other notable accounting pronouncements which relate to the Company's business. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments . The amendments in this update provide clarification on certain aspects of the amendments in ASU 2016-13, Financial Instruments—Credit Losses, ASU 2017-12, Derivatives and Hedging, and ASU 2016-01, Financial Instruments—Overall. The effective date of the standard is for fiscal years, and interim periods within those year, beginning after December 15, 2019. The Company is currently evaluating the impact that the adoption of ASU 2016-13 may have on its consolidated financial statements. The Company does not expect the amendments in this ASU to ASU 2017-12 and ASU 2016-01 to have a material impact on its consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities . This standard is intended to improve the accounting when considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The effective date of the standard is for fiscal years, and interim periods within those years, beginning after December 15, 2019. The new standard must be adopted retrospectively with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2018-17 may have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This standard is intended to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software (and hosting arrangements that include an internal use software license). The standard requires an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. This standard also requires the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The new standard may be adopted prospectively or retrospectively with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement that eliminates, adds and modifies certain disclosure requirements for fair value measurements. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted-average of significant unobservable inputs used to develop Level-3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively. All other amendments should be applied retrospectively. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of ASU 2018-13 may have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) . This standard is intended to simplify the subsequent measurement of goodwill by eliminating step two from the goodwill impairment test. In computing the implied fair value of goodwill under step two, an entity determined the fair value at the impairment testing date of its assets and liabilities, including unrecognized assets and liabilities, following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, an entity will perform only step one of its quantitative goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and then recognizing the impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. An entity will still have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative step one impairment test is necessary. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The new standard must be adopted prospectively with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses . The standard modifies the impairment model for most financial assets, including trade accounts receivables and loans, and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. The effective date of the standard is for fiscal years, and for interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2016-13 may have on its consolidated financial statements. The New Leases Standard and related policy updates As discussed in Note 1 - Basis of Presentation and Organization , as of the Adoption Date of the New Leases Standard, the recognition of right-of-use assets and lease liabilities is required on the balance sheet. The Company determines whether an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets and operating lease liabilities on the condensed consolidated balance sheet. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses an estimate of the incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The operating lease right-of-use asset also includes any lease payments made, less any lease incentives and initial direct costs incurred. The Company does not have any finance leases as of June 30, 2019 . The Company’s lessee agreements consist of operating leases primarily for ground leases and other real estate. The Company’s leases have remaining lease terms of less than one year to 54 years . Most leases include one or more options to renew, with renewal terms that can extend the lease term from two to 40 years , and some of which may include options to terminate the leases within one year

ACCOUNTING POLICIES AND PRONO_3

ACCOUNTING POLICIES AND PRONOUNCEMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Lease Assets and Liabilities	The Company’s leased assets and liabilities are as follows: (In thousands) June 30, 2019 Assets Operating lease right-of-use assets $ 71,176 Total leased assets $ 71,176 Liabilities Operating lease liabilities $ 71,125 Total leased liabilities $ 71,125
Lease Cost	Other information related to the Company’s lessee agreements is as follows: (In thousands) Six Months Ended Supplemental Condensed Consolidated Statements of Cash Flows Information June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,641 Other Information June 30, 2019 Weighted-average remaining lease term (years) Operating leases 36.9 Weighted-average discount rate Operating leases 7.7 % The Company receives rental income from the leasing of retail, office, multi-family and other space under operating leases, as well as certain variable tenant recoveries. Such operating leases are with a variety of tenants and have a remaining average term of approximately four years . Lease terms generally vary among tenants and may include early termination options, extension options and fixed rental rate increases or rental rate increases based on an index. The minimum rentals based on operating leases of the consolidated properties held as of June 30, 2019 are as follows: Three Months Ended Six Months Ended (In thousands) June 30, 2019 June 30, 2019 Total Minimum Rent Payments $ 53,736 $ 106,590 The components of lease expense are as follows: (In thousands) Three Months Ended Six Months Ended Lease Cost June 30, 2019 June 30, 2019 Operating lease cost $ 2,312 $ 4,677 Variable lease costs 331 508 Sublease income — — Net lease cost $ 2,643 $ 5,185
Operating Lease Liability Maturity	Future minimum lease payments as of June 30, 2019 are as follows: (In thousands) Operating Year Ended December 31, Leases 2019 (excluding the six months ended June 30, 2019) $ 3,028 2020 7,272 2021 7,111 2022 6,373 2023 6,389 Thereafter 273,287 Total lease payments 303,460 Less: imputed interest (232,335 ) Present value of lease liabilities $ 71,125
Schedule of Minimum Rent Payments	The minimum rentals based on operating leases of the consolidated properties held as of June 30, 2019 are as follows: Three Months Ended Six Months Ended (In thousands) June 30, 2019 June 30, 2019 Total Minimum Rent Payments $ 53,736 $ 106,590 Total future minimum rents associated with operating leases are as follows: Total Minimum Year Ending December 31, Rent (In thousands) 2019 (excluding the six months ended June 30, 2019) $ 94,483 2020 191,409 2021 203,964 2022 211,000 2023 198,087 Thereafter 1,351,947 Total $ 2,250,890

REAL ESTATE AND OTHER AFFILIA_2

REAL ESTATE AND OTHER AFFILIATES (Tables)	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Summary of Investments in Real Estate and Other Affiliates	Relevant financial statement information for The Summit is summarized as follows: June 30, December 31, (In millions) 2019 2018 Total Assets $ 222.5 $ 218.9 Total Liabilities 136.6 144.6 Total Equity 85.9 74.3 Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Revenues (a) $ 27.7 $ 37.5 $ 58.2 $ 60.9 Net income 6.5 14.1 14.3 25.2 Gross Margin 8.4 14.2 16.7 27.5 (a) Revenues related to land sales at the joint venture are recognized on a percentage of completion basis as The Summit follows the private company timeline for implementation of ASU 2014-09, Revenues from Contracts with Customers (Topic 606) and will adopt by the end of 2019. Investments in real estate and other affiliates that are reported in accordance with the equity and cost methods are as follows: Economic/Legal Ownership Carrying Value Share of Earnings/Dividends Share of Earnings/Dividends June 30, December 31, June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2019 2018 2019 2018 2019 2018 2019 2018 Equity Method Investments Operating Assets: The Metropolitan Downtown Columbia (a) 50 % 50 % $ — $ — $ 123 $ 204 $ 306 $ 284 Stewart Title of Montgomery County, TX 50 % 50 % 3,842 3,920 170 145 272 227 Woodlands Sarofim #1 20 % 20 % 2,811 2,760 31 16 51 36 m.flats/TEN.M 50 % 50 % 3,236 4,701 (279 ) (1,367 ) (1,500 ) (2,304 ) Master Planned Communities: The Summit (b) — % — % 83,767 72,171 6,499 14,100 14,336 25,228 Seaport District: Mr. C Seaport 35 % 35 % 8,547 8,721 (451 ) (240 ) (1,083 ) (240 ) Bar Wayō (Momofuku) (b) — % — % 5,306 — — — — — Strategic Developments: Circle T Ranch and Power Center 50 % 50 % 6,281 5,989 256 3,436 291 3,436 HHMK Development 50 % 50 % 10 10 — — — — KR Holdings 50 % 50 % 165 159 5 4 7 676 113,965 98,431 6,354 16,298 12,680 27,343 Cost method investments 3,856 3,856 — 1 3,625 3,342 Investment in real estate and other affiliates $ 117,821 $ 102,287 $ 6,354 $ 16,299 $ 16,305 $ 30,685 (a) The Metropolitan Downtown Columbia was in a deficit position of $4.0 million and $3.8 million at June 30, 2019 and December 31, 2018 , respectively, due to distributions from operating cash flows in excess of basis. These deficit balances are presented in Accounts payable and accrued expenses at June 30, 2019 and December 31, 2018 . (b) Please refer to the discussion below for a description of the joint venture ownership structure.

OTHER ASSETS AND LIABILITIES (T

OTHER ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2019
OTHER ASSETS AND LIABILITIES
Summary of the significant components of prepaid expenses and other assets	The following table summarizes the significant components of Prepaid expenses and other assets: June 30, December 31, (In thousands) 2019 2018 Condominium inventory $ 62,039 $ 198,352 Straight-line rent 53,692 50,493 Intangibles 33,615 33,955 Special Improvement District receivables 18,091 18,838 Security and escrow deposits 17,960 17,670 Prepaid expenses 15,669 16,981 Equipment, net of accumulated depreciation of $9.2 million and $8.3 million, respectively 14,707 15,543 Other 10,233 18,429 Tenant incentives and other receivables 8,398 8,745 TIF receivable 5,820 2,470 In-place leases 4,923 6,539 Food and beverage and lifestyle inventory 3,353 1,935 Above-market tenant leases 790 1,044 Federal income tax receivable 200 2,000 Interest rate swap derivative assets — 346 Below-market ground leases — 18,296 Prepaid expenses and other assets, net $ 249,490 $ 411,636
Summary of the significant components of accounts payable and accrued expenses	The following table summarizes the significant components of Accounts payable and accrued expenses: June 30, December 31, (In thousands) 2019 2018 Construction payables $ 300,014 $ 258,749 Condominium deposit liabilities 158,164 263,636 Deferred income 54,102 42,734 Interest rate swap derivative liabilities 40,848 16,517 Tenant and other deposits 33,032 20,893 Accounts payable and accrued expenses 26,928 38,748 Accrued payroll and other employee liabilities 26,281 42,591 Accrued interest 22,933 23,080 Accrued real estate taxes 20,541 26,171 Other 14,920 29,283 Straight-line ground rent liability — 16,870 Accounts payable and accrued expenses $ 697,763 $ 779,272

MORTGAGES, NOTES AND LOANS PA_2

MORTGAGES, NOTES AND LOANS PAYABLE, NET (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Summary of mortgages, notes and loans payable	Mortgages, notes and loans payable, net are summarized as follows: June 30, December 31, (In thousands) 2019 2018 Fixed-rate debt: Unsecured 5.375% Senior Notes $ 1,000,000 $ 1,000,000 Secured mortgages, notes and loans payable 889,654 648,707 Special Improvement District bonds 14,511 15,168 Variable-rate debt: Mortgages, notes and loans payable (a) 1,561,549 1,551,336 Unamortized bond issuance costs (5,678 ) (6,096 ) Unamortized deferred financing costs (37,546 ) (27,902 ) Total mortgages, notes and loans payable, net $ 3,422,490 $ 3,181,213 (a) As more fully described in Note 8 - Derivative Instruments and Hedging Activities , as of June 30, 2019 and December 31, 2018 , $615.0 million of variable‑rate debt has been swapped to a fixed rate for the term of the related debt. An additional $55.0 million and $50.0 million of variable-rate debt was subject to interest rate collars as of June 30, 2019 and December 31, 2018 , respectively, and $75.0 million of variable-rate debt was capped at a maximum interest rate as of June 30, 2019 and December 31, 2018 .

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Summary of assets and liabilities measured on a recurring basis	The following table presents the fair value measurement hierarchy levels required under ASC 820 for each of the Company's assets and liabilities that are measured at fair value on a recurring basis: June 30, 2019 December 31, 2018 Fair Value Measurements Using Fair Value Measurements Using (In thousands) Total Quoted Prices Significant Significant Total Quoted Prices Significant Significant Assets: Interest rate derivative assets $ — $ — $ — $ — $ 346 $ — $ 346 $ — Liabilities: Interest rate derivative liabilities 40,848 — 40,848 — 16,517 — 16,517 —
Summary of assets and liabilities that were measured at fair value on a non-recurring basis	The estimated fair values of the Company's financial instruments that are not measured at fair value on a recurring basis are as follows: June 30, 2019 December 31, 2018 (In thousands) Fair Value Carrying Estimated Carrying Estimated Assets: Cash and restricted cash Level 1 $ 848,600 $ 848,600 $ 724,215 $ 724,215 Accounts receivable, net (a) Level 3 19,980 19,980 12,589 12,589 Notes receivable, net (b) Level 3 300 300 4,694 4,694 Liabilities: Fixed-rate debt (c) Level 2 1,904,165 1,933,715 1,663,875 1,608,635 Variable-rate debt (c) Level 2 1,561,549 1,561,549 1,551,336 1,551,336 (a) Accounts receivable, net is shown net of an allowance of $10.0 million and $10.7 million at June 30, 2019 and December 31, 2018 , respectively. (b) Notes receivable, net is shown net of an allowance of $0.1 million at June 30, 2019 and December 31, 2018 . (c) Excludes related unamortized financing costs.

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of fair value of the Company's derivative financial instruments	The following table summarizes certain terms of the Company's derivative contracts: Fixed Fair Value Asset (Liability) Notional Interest Effective Maturity June 30, December 31, (In thousands) Balance Sheet Location Amount Rate (a) Date Date 2019 2018 Derivative instruments not designated as hedging instruments: Interest rate cap (b) Prepaid expenses and other assets, net $ 75,000 5.00 % 9/1/2017 8/31/2019 $ — $ — Interest rate cap (b) (c) Prepaid expenses and other assets, net 230,000 2.50 % 12/22/2016 12/23/2019 — 333 Derivative instruments designated as hedging instruments: Interest rate collar (d) (e) Prepaid expenses and other assets, net 51,592 1.50% - 2.50% 7/1/2018 5/1/2019 — 13 Interest rate collar (d) Accounts payable and accrued expenses 193,967 2.00% - 3.00% 5/1/2019 5/1/2020 (276 ) (37 ) Interest rate collar (d) Accounts payable and accrued expenses 354,217 2.25% - 3.25% 5/1/2020 5/1/2021 (2,275 ) (730 ) Interest rate collar (d) Accounts payable and accrued expenses 381,404 2.75% - 3.50% 5/1/2021 4/30/2022 (4,415 ) (1,969 ) Interest rate swap (f) Accounts payable and accrued expenses 615,000 2.96 % 9/21/2018 9/18/2023 (32,206 ) (13,781 ) Interest rate swap (g) Accounts payable and accrued expenses 1,810 4.89 % 11/1/2019 1/1/2032 (1,676 ) — Total fair value derivative assets $ — $ 346 Total fair value derivative liabilities $ (40,848 ) $ (16,517 ) (a) These rates represent the strike rate on HHC's interest swaps, caps and collars. (b) There was no interest income included in the Condensed Consolidated Statements of Operations for the three months ended June 30, 2019 related to these contracts. Interest income of $0.2 million is included in the Condensed Consolidated Statements of Operations for the six months ended June 30, 2019 and the year ended December 31, 2018 related to these contracts. (c) The Company settled this Interest rate cap on February 1, 2019 . (d) On May 17, 2018 and May 18, 2018 , the Company entered into these interest rate collars which are designated as cash flow hedges. (e) On May 1, 2019 , the $51.6 million interest rate collar matured as scheduled. (f) Concurrent with the funding of the $615.0 million term loan on September 21, 2018 , the Company entered into this interest rate swap which is designated as a cash flow hedge. (g) Concurrent with the closing of the $35.5 million construction loan for 8770 New Trails on June 27, 2019 , the Company entered into this interest rate swap which is designated as a cash flow hedge.
Summary of effect of the Company's derivative financial instruments on the Condensed Consolidated Statements of Operations	The tables below present the effect of the Company's derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018 (in thousands): Amount of (Loss) Gain Recognized Amount of (Loss) Gain Recognized in AOCI on Derivative in AOCI on Derivative Three Months Ended June 30, Six Months Ended June 30, Derivatives in Cash Flow Hedging Relationships 2019 2018 2019 2018 Interest rate derivatives $ (13,016 ) $ 6,005 $ (18,832 ) $ 14,266 Amount of Gain Reclassified Amount of Gain Reclassified from AOCI into Operations from AOCI into Operations Three Months Ended June 30, Six Months Ended June 30, Location of Gain Reclassified from AOCI into Operations 2019 2018 2019 2018 Interest expense $ 92 $ 652 $ 220 $ 868 Total Interest Expense Presented Total Interest Expense Presented in the Results of Operations in which the in the Results of Operations in which the Effects of Cash Flow Hedges are Recorded Effects of Cash Flow Hedges are Recorded Three Months Ended June 30, Six Months Ended June 30, Interest Expense Presented in Results of Operations 2019 2018 2019 2018 Interest expense $ 24,203 $ 18,903 $ 47,529 $ 35,512

STOCK BASED PLANS (Tables)

STOCK BASED PLANS (Tables)	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of stock option plan activity	The following table summarizes the Company's stock option plan activity for the six months ended June 30, 2019 : Stock Options Weighted Average Exercise Price Stock Options outstanding at December 31, 2018 817,998 $ 105.06 Granted 21,500 105.37 Exercised (6,189 ) 64.93 Forfeited (10,600 ) 123.17 Expired (400 ) 116.56 Stock Options outstanding at June 30, 2019 822,309 $ 105.13
Summary of restricted stock activity	The following table summarizes restricted stock activity for the six months ended June 30, 2019 : Restricted Stock Weighted Average Grant Date Fair Value Restricted stock outstanding at December 31, 2018 406,544 $ 82.10 Granted 163,945 85.88 Vested (11,217 ) 133.43 Forfeited (19,913 ) 74.88 Restricted stock outstanding at June 30, 2019 539,359 $ 82.45

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity Note [Abstract]
Summary of AOCI	The following tables summarize changes in AOCI by component, all of which are presented net of tax: (In thousands) Balance as of March 31, 2018 $ (797 ) Other comprehensive income before reclassifications 6,054 Gain reclassified from accumulated other comprehensive loss to net income (652 ) Pension adjustment (2,010 ) Terminated swap amortization (80 ) Net current-period other comprehensive income 3,312 Balance as of June 30, 2018 $ 2,515 Balance as of March 31, 2019 $ (14,759 ) Other comprehensive loss before reclassifications (13,038 ) Gain reclassified from accumulated other comprehensive loss to net income (92 ) Terminated swap amortization (653 ) Net current-period other comprehensive loss (13,783 ) Balance as of June 30, 2019 $ (28,542 )
Summary of the amounts reclassified out of AOCI	The following table summarizes the amounts reclassified out of AOCI: Amounts reclassified from Accumulated Other Comprehensive Income (Loss) Amounts reclassified from (In thousands) Three Months Ended June 30, Six Months Ended June 30, Affected line items in the Accumulated Other Comprehensive Income (Loss) Components 2019 2018 2019 2018 Statements of Operations (Gains) losses on cash flow hedges $ (116 ) $ (825 ) $ (278 ) $ (1,099 ) Interest expense Interest rate swap contracts 24 173 58 231 Provision for income taxes Total reclassifications of (income) loss for the period $ (92 ) $ (652 ) $ (220 ) $ (868 ) Net of tax

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Summary of EPS calculations	Information related to the Company's EPS calculations is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share amounts) 2019 2018 2019 2018 Basic EPS: Numerator: Net income (loss) $ 13,328 $ (5,879 ) $ 45,253 $ (4,045 ) Net loss attributable to noncontrolling interests 149 791 45 431 Net income (loss) attributable to common stockholders $ 13,477 $ (5,088 ) $ 45,298 $ (3,614 ) Denominator: Weighted-average basic common shares outstanding 43,113 42,573 43,109 43,014 Diluted EPS: Numerator: Net income attributable to common stockholders $ 13,477 $ (5,088 ) $ 45,298 $ (3,614 ) Denominator: Weighted-average basic common shares outstanding 43,113 42,573 43,109 43,014 Restricted stock and stock options 158 212 154 215 Warrants — 157 — 157 Weighted-average diluted common shares outstanding 43,271 42,942 43,263 43,386 Basic income per share: $ 0.31 $ (0.12 ) $ 1.05 $ (0.08 ) Diluted income per share: $ 0.31 $ (0.12 ) $ 1.05 $ (0.08 )

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue disaggregated by revenue source	The following table presents the Company's revenues disaggregated by revenue source: Three Months Ended Six Months Ended (In thousands) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Revenues From contracts with customers Recognized at a point in time: Condominium rights and unit sales $ 235,622 $ 20,885 $ 433,932 $ 31,722 Master Planned Communities land sales 58,321 52,432 99,633 98,997 Hospitality revenues 25,576 22,569 48,505 45,630 Builder price participation 9,369 5,628 14,564 10,709 Total revenue from contracts with customers 328,888 101,514 596,634 187,058 Recognized at a point in time and/or over time: Other land revenues 5,569 4,712 10,298 8,843 Other rental and property revenues 28,629 12,020 42,450 21,869 Total other income 34,198 16,732 52,748 30,712 Rental and other income (lease-related revenues) Minimum rents 54,718 50,509 108,804 99,912 Tenant recoveries 13,512 12,250 27,020 25,002 Total rental income 68,230 62,759 135,824 124,914 Total revenues $ 431,316 $ 181,005 $ 785,206 $ 342,684 Revenues by segment Operating Assets revenues $ 109,219 $ 88,808 $ 201,172 $ 176,555 Seaport District revenues 12,891 4,500 19,921 8,011 Master Planned Communities revenues 72,859 62,765 123,755 118,530 Strategic Developments revenues 236,347 24,932 440,358 39,588 Total revenues $ 431,316 $ 181,005 $ 785,206 $ 342,684
Contract with customer, asset and liability	The beginning and ending balances of contract assets and liabilities and significant activity during the period is as follows: Contract Contract (In thousands) Assets Liabilities Balance as of January 1, 2018 $ — $ 179,179 Consideration earned during the period (35,834 ) (308,898 ) Consideration received during the period 35,834 426,215 Balance as of December 31, 2018 — 296,496 Consideration earned during the period — (410,322 ) Consideration received during the period — 322,771 Balance as of June 30, 2019 $ — $ 208,945
Remaining performance obligation, expected timing of satisfaction	The Company expects to recognize this amount as revenue over the following periods: (In thousands) Less than 1 year 1-2 years 3 years and thereafter Total remaining unsatisfied performance obligations $ 296,426 $ 17,290 $ 814,334

SEGMENTS (Tables)

SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Summary of segment operating results	Segment operating results are as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Operating Assets Segment EBT Total revenues $ 109,219 $ 88,808 $ 201,172 $ 176,555 Total operating expenses (48,727 ) (40,988 ) (91,639 ) (82,999 ) Segment operating income 60,492 47,820 109,533 93,556 Depreciation and amortization (28,938 ) (24,198 ) (56,046 ) (47,558 ) Interest expense, net (20,059 ) (17,308 ) (39,050 ) (33,995 ) Other income, net 1,088 71 1,123 164 Equity in earnings from real estate and other affiliates 45 (1,000 ) 2,754 1,583 Segment EBT 12,628 5,385 18,314 13,750 MPC Segment EBT Total revenues 72,859 62,765 123,755 118,530 Total operating expenses (40,392 ) (37,003 ) (68,906 ) (73,371 ) Segment operating income 32,467 25,762 54,849 45,159 Depreciation and amortization (86 ) (86 ) (246 ) (167 ) Interest income, net 8,283 6,808 15,826 13,200 Other income, net 72 — 67 — Equity in earnings from real estate and other affiliates 6,499 14,100 14,336 25,228 Segment EBT 47,235 46,584 84,832 83,420 Seaport District Segment EBT Total revenues 12,891 4,500 19,921 8,011 Total operating expenses (17,972 ) (6,441 ) (32,405 ) (9,976 ) Segment operating loss (5,081 ) (1,941 ) (12,484 ) (1,965 ) Depreciation and amortization (6,753 ) (1,953 ) (12,946 ) (4,197 ) Interest (expense) income, net (1,924 ) 3,278 (3,456 ) 6,995 Other loss, net (61 ) — (147 ) — Equity in losses from real estate and other affiliates (451 ) (240 ) (1,083 ) (240 ) Loss on sale or disposal of real estate — — (6 ) — Segment EBT (14,270 ) (856 ) (30,122 ) 593 Strategic Developments Segment EBT Total revenues 236,347 24,932 440,358 39,588 Total operating expenses (224,711 ) (35,312 ) (371,014 ) (47,339 ) Segment operating income 11,636 (10,380 ) 69,344 (7,751 ) Depreciation and amortization (1,260 ) (1,113 ) (2,316 ) (2,178 ) Interest income, net 3,235 3,139 6,497 6,946 Other (loss) income, net (385 ) 164 310 373 Equity in earnings from real estate and other affiliates 261 3,440 298 4,112 Loss on sale or disposal of real estate (144 ) — (144 ) — Segment EBT 13,343 (4,750 ) 73,989 1,502 Consolidated Segment EBT Total revenues 431,316 181,005 785,206 342,684 Total operating expenses (331,802 ) (119,744 ) (563,964 ) (213,685 ) Segment operating income 99,514 61,261 221,242 128,999 Depreciation and amortization (37,037 ) (27,350 ) (71,554 ) (54,100 ) Interest expense, net (10,465 ) (4,083 ) (20,183 ) (6,854 ) Other income, net 714 235 1,353 537 Equity in earnings from real estate and other affiliates 6,354 16,300 16,305 30,683 Loss on sale or disposal of real estate (144 ) — (150 ) — Consolidated segment EBT 58,936 46,363 147,013 99,265 Corporate expenses and other items 45,608 52,242 101,760 103,310 Net income (loss) 13,328 (5,879 ) 45,253 (4,045 ) Net loss attributable to noncontrolling interests 149 791 45 431 Net income (loss) attributable to common stockholders $ 13,477 $ (5,088 ) $ 45,298 $ (3,614 )
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: June 30, December 31, (In thousands) 2019 2018 Operating Assets $ 2,713,098 $ 2,562,257 Master Planned Communities 2,192,267 2,076,678 Seaport District 919,329 839,522 Strategic Developments 1,416,669 1,538,917 Total segment assets 7,241,363 7,017,374 Corporate and other 467,815 338,425 Total assets $ 7,709,178 $ 7,355,799

BASIS OF PERSENTATION AND ORGAN

BASIS OF PERSENTATION AND ORGANIZATION (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets, net	$ 71,176		$ 0
Operating lease obligations	$ 71,125		$ 0
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets, net		$ 73,100
Operating lease obligations		$ 72,000

ACCOUNTING POLICIES AND PRONO_4

ACCOUNTING POLICIES AND PRONOUNCEMENTS (Narrative) (Details)	6 Months Ended
	Jun. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease termination period	1 year
Average remaining term of lease	4 years
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating leases remaining lease term	1 year
Lease renewal term	2 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating leases remaining lease term	54 years
Lease renewal term	40 years

ACCOUNTING POLICIES AND PRONO_5

ACCOUNTING POLICIES AND PRONOUNCEMENTS (Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets:
Operating lease right-of-use assets, net	$ 71,176	$ 0
Liabilities:
Operating lease obligations	$ 71,125	$ 0

ACCOUNTING POLICIES AND PRONO_6

ACCOUNTING POLICIES AND PRONOUNCEMENTS (Lease Costs) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Accounting Policies [Abstract]
Operating lease cost	$ 2,312	$ 4,677
Variable lease costs	331	508
Sublease income	0	0
Net lease cost	$ 2,643	$ 5,185

ACCOUNTING POLICIES AND PRONO_7

ACCOUNTING POLICIES AND PRONOUNCEMENTS (Lease Liability Maturity) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Operating Lease
2019 (excluding the six months ended June 30, 2019)	$ 3,028
2020	7,272
2021	7,111
2022	6,373
2023	6,389
Thereafter	273,287
Total lease payments	303,460
Less: imputed interest	(232,335)
Present value of lease liabilities	$ 71,125	$ 0

ACCOUNTING POLICITES AND PRONOU

ACCOUNTING POLICITES AND PRONOUNCEMENTS (Cash Flows) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Accounting Policies [Abstract]
Operating cash flows from operating leases	$ 3,641

ACCOUNTING POLICIES AND PRONO_8

ACCOUNTING POLICIES AND PRONOUNCEMENTS (Other Information) (Details)	Jun. 30, 2019
Weighted-average remaining lease term (years)
Operating leases	36 years 10 months 24 days
Weighted-average discount rate
Operating leases	7.70%

ACCOUNTING POLICIES AND PRONO_9

ACCOUNTING POLICIES AND PRONOUNCEMENTS ACCOUNTING POLICIES AND PRONOUNCEMENTS (Minimum Rent Payments Received) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Accounting Policies [Abstract]
Total Minimum Rent Payments	$ 53,736	$ 106,590
2019 (excluding the six months ended June 30, 2019)	94,483	94,483
2020	191,409	191,409
2021	203,964	203,964
2022	211,000	211,000
2023	198,087	198,087
Thereafter	1,351,947	1,351,947
Total	$ 2,250,890	$ 2,250,890

REAL ESTATE AND OTHER AFFILIA_3

REAL ESTATE AND OTHER AFFILIATES (Summary of Investments in Real Estate and Other Affiliates) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Investment in Real Estate and Other Affiliates
Carrying Value	$ 117,821		$ 117,821		$ 102,287
Share of Earnings/Dividends	6,354	$ 16,299	16,305	$ 30,685
Cost method investments
Investment in Real Estate and Other Affiliates
Carrying Value	3,856		3,856		3,856
Share of Earnings/Dividends	0	1	3,625	3,342
Accounts payable and accrued expenses | The Metropolitan Downtown Columbia
Investment in Real Estate and Other Affiliates
Investment deficit position	$ 4,000		$ 4,000		$ 3,800
Operating Assets | The Metropolitan Downtown Columbia | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%		50.00%		50.00%
Carrying Value	$ 0		$ 0		$ 0
Share of Earnings/Dividends	$ 123	204	$ 306	284
Operating Assets | Stewart Title of Montgomery County, TX | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%		50.00%		50.00%
Carrying Value	$ 3,842		$ 3,842		$ 3,920
Share of Earnings/Dividends	$ 170	145	$ 272	227
Operating Assets | Woodlands Sarofim 1 | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	20.00%		20.00%		20.00%
Carrying Value	$ 2,811		$ 2,811		$ 2,760
Share of Earnings/Dividends	$ 31	16	$ 51	36
Operating Assets | m.flats/TEN.M | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%		50.00%		50.00%
Carrying Value	$ 3,236		$ 3,236		$ 4,701
Share of Earnings/Dividends	$ (279)	(1,367)	$ (1,500)	(2,304)
Master Planned Communities | The Summit | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	0.00%		0.00%		0.00%
Carrying Value	$ 83,767		$ 83,767		$ 72,171
Share of Earnings/Dividends	$ 6,499	14,100	$ 14,336	25,228
Seaport District | Mr. C Seaport | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	35.00%		35.00%		35.00%
Carrying Value	$ 8,547		$ 8,547		$ 8,721
Share of Earnings/Dividends	$ (451)	(240)	$ (1,083)	(240)
Seaport District | Bar Wayo (Momofuku) | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	0.00%		0.00%		0.00%
Carrying Value	$ 5,306		$ 5,306		$ 0
Share of Earnings/Dividends	0	0	0	0
Strategic Developments | Equity Method Investments
Investment in Real Estate and Other Affiliates
Carrying Value	113,965		113,965		$ 98,431
Share of Earnings/Dividends	$ 6,354	16,298	$ 12,680	27,343
Strategic Developments | Circle T Ranch and Power Center | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%		50.00%		50.00%
Carrying Value	$ 6,281		$ 6,281		$ 5,989
Share of Earnings/Dividends	$ 256	3,436	$ 291	3,436
Strategic Developments | HHMK Development | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%		50.00%		50.00%
Carrying Value	$ 10		$ 10		$ 10
Share of Earnings/Dividends	$ 0	0	$ 0	0
Strategic Developments | KR Holdings | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%		50.00%		50.00%
Carrying Value	$ 165		$ 165		$ 159
Share of Earnings/Dividends	$ 5	$ 4	$ 7	$ 676

REAL ESTATE AND OTHER AFFILIA_4

REAL ESTATE AND OTHER AFFILIATES (Narrative) (Details)	May 23, 2019USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2016	Mar. 31, 2015USD ($)item	Jun. 30, 2019USD ($)entity	Dec. 31, 2018USD ($)entity
Real Estate and Other Affiliates
Investment in real estate and other affiliates					$ 117,821,000	$ 102,287,000
Number of variable interest entities in which entity is primary beneficiary | entity					3	6
Carrying values of the assets associated with the operations of the consolidated VIEs					$ 296,000,000	$ 190,600,000
Carrying values of the liabilities associated with the operations of the consolidated VIEs					$ 65,900,000	99,800,000
Bar Wavo
Real Estate and Other Affiliates
Preferred return on capital of cash distribution			75.00%
Preferred return on capital			10.00%
Joint venture real estate, percentage funded			89.75%
Join venture real estate, remaining cash distribution percentage			50.00%
USAA Joint Venture
Real Estate and Other Affiliates
Contribution of property		$ 33,600,000
Fair value of property contributed		85,000,000
Joint venture capital obligations		$ 42,700,000
Equity ownership in joint venture		23.00%
Preferred return on capital		9.00%
Ownership interest					90.00%
The Summit
Real Estate and Other Affiliates
Preferred return on capital				5.00%
Cash distribution entitlement by the joint venture | item				2
Equity Method Investments | The Summit
Real Estate and Other Affiliates
Contribution of property				$ 13,400,000
SID bonds transferred to joint venture				1,300,000
Transaction value of land contributed to joint venture				125,400,000
Transactional value per acre of land contributed to joint venture				226,000
Maximum contribution required to joint venture by co-venturer				$ 30,000,000
Unconsolidated Properties
Real Estate and Other Affiliates
Secured debt real estate affiliates					$ 209,200,000
Share of entity in secured debt					$ 100,200,000
USAA | USAA Joint Venture
Real Estate and Other Affiliates
Capital contribution to joint venture	$ 178,400,000	$ 64,000,000
Joint venture capital obligations	$ 8,800,000	$ 105,600,000
Preferred return on capital		9.00%
Ownership interest					10.00%
Preferred return on capital of cash distribution		11.11%
Seaport District | Equity Method Investments | Mr. C Seaport
Real Estate and Other Affiliates
Investment in real estate and other affiliates					$ 8,547,000	8,721,000
Seaport District | Equity Method Investments | Bar Wavo
Real Estate and Other Affiliates
Investment in real estate and other affiliates					$ 5,306,000	$ 0
Wacker110 N | Operating Assets
Real Estate and Other Affiliates
Recourse percentage					18.00%
Facility amount					$ 9,900,000
Momofuku | Bar Wavo
Real Estate and Other Affiliates
Preferred return on capital of cash distribution			25.00%
Joint venture real estate, percentage funded			10.25%

REAL ESTATE AND OTHER AFFILIA_5

REAL ESTATE AND OTHER AFFILIATES (Relevant Financial Information) (Details) - The Summit - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Real Estate and Other Affiliates
Total Assets	$ 222.5		$ 222.5		$ 218.9
Total Liabilities	136.6		136.6		144.6
Total Equity	85.9		85.9		$ 74.3
Revenues	27.7	$ 37.5	58.2	$ 60.9
Net income	6.5	14.1	14.3	25.2
Gross Margin	$ 8.4	$ 14.2	$ 16.7	$ 27.5

IMPAIRMENT (Details)

IMPAIRMENT (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Asset Impairment Charges [Abstract]
Impairment on real estate	$ 0	$ 0	$ 0

OTHER ASSETS AND LIABILITIES (D

OTHER ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Prepaid Expenses and Other Assets
Condominium inventory	$ 62,039	$ 198,352
Straight-line rent	53,692	50,493
Intangibles	33,615	33,955
Security and escrow deposits	17,960	17,670
Prepaid expenses	15,669	16,981
Equipment, net of accumulated depreciation of $9.2 million and $8.3 million, respectively	14,707	15,543
Other	10,233	18,429
Tenant incentives and other receivables	8,398	8,745
TIF receivable	5,820	2,470
Food and beverage and lifestyle inventory	3,353	1,935
Federal income tax receivable	200	2,000
Interest rate swap derivative assets	0	346
Prepaid expenses and other assets, net	249,490	411,636
Accumulated depreciation on other equipment	9,200	8,300
Decrease in prepaid expenses and other assets	162,100
Decrease in condominium inventory	136,300
Accounts Payable and Accrued Liabilities [Abstract]
Construction payables	300,014	258,749
Condominium deposit liabilities	158,164	263,636
Deferred income	54,102	42,734
Interest rate swap derivative liabilities	40,848	16,517
Tenant and other deposits	33,032	20,893
Accounts payable and accrued expenses	26,928	38,748
Accrued payroll and other employee liabilities	26,281	42,591
Accrued interest	22,933	23,080
Accrued real estate taxes	20,541	26,171
Other	14,920	29,283
Straight-line ground rent liability		16,870
Accounts payable and accrued expenses	697,763	779,272
Decrease in accounts payable and accrued expenses	81,500
Decrease in condominium deposits liability	105,500
Increase in construction payables	41,300
Increase in interest rate swap derivative liabilities	24,300
Decrease in accrued payroll and other employee liabilities	16,300
Decrease in straight-line ground rent liability	16,900
In-place leases
Prepaid Expenses and Other Assets
Net carrying amount	4,923	6,539
Above-market tenant leases
Prepaid Expenses and Other Assets
Net carrying amount	790	1,044
Decrease in below-market ground leases	18,300
Below-market ground leases
Prepaid Expenses and Other Assets
Special Improvement District receivables	18,091	18,838
Net carrying amount	$ 0	$ 18,296

MORTGAGES, NOTES AND LOANS PA_3

MORTGAGES, NOTES AND LOANS PAYABLE, NET (Summary of Mortgages, Notes and Loans Payable) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Mortgages, notes and loans payable	$ 1,561,549	$ 1,551,336
Unamortized bond issuance costs	(5,678)	(6,096)
Unamortized deferred financing costs	(37,546)	(27,902)
Total mortgages, notes and loans payable	3,422,490	3,181,213
Unsecured 5.375% Senior Notes
Debt Instrument [Line Items]
Fixed-rate debt:	$ 1,000,000	1,000,000
Interest rate (as a percent)	5.375%
Secured mortgages, notes and loans payable
Debt Instrument [Line Items]
Fixed-rate debt:	$ 889,654	648,707
Amount of variable-rate debt swapped to fixed rate	615,000	615,000
Special Improvement District bonds
Debt Instrument [Line Items]
Fixed-rate debt:	14,511	15,168
Secured mortgages, notes and loans payable | Interest Rate Collar
Debt Instrument [Line Items]
Mortgages, notes and loans payable	55,000	50,000
Secured mortgages, notes and loans payable | Interest Rate Cap
Debt Instrument [Line Items]
Mortgages, notes and loans payable	$ 75,000	$ 75,000

MORTGAGES, NOTES AND LOANS PA_4

MORTGAGES, NOTES AND LOANS PAYABLE, NET (Narrative) (Details)

Aug. 06, 2019USD ($)

Jun. 27, 2019USD ($)

Jun. 20, 2019USD ($)

Jun. 06, 2019USD ($)

Jun. 05, 2019USD ($)

Jun. 03, 2019USD ($)

May 23, 2019USD ($)

May 22, 2019USD ($)

May 17, 2019USD ($)

Apr. 09, 2019USD ($)

Mar. 12, 2019USD ($)

Feb. 28, 2019USD ($)extention_option

Jun. 30, 2019USD ($)

Jun. 30, 2018USD ($)

Mortgages, notes and loans payable

Land, buildings and equipment and developments in progress pledged as collateral

$ 4,900,000,000

Repayments of long-term debt

163,555,000

$ 41,573,000

Summerlin | Special Improvement District bonds

Mortgages, notes and loans payable

New SIDs issued

0

Bond obligation

$ 100,000

8770 New Trails

Mortgages, notes and loans payable

Term of extension option

127 months

8770 New Trails | Construction Loans

Mortgages, notes and loans payable

Loan amount

$ 35,500,000

8770 New Trails | Construction Loans | London Interbank Offered Rate (LIBOR)

Mortgages, notes and loans payable

Interest rate margin (as a percent)

2.45%

Seaport District | Term Loan

Mortgages, notes and loans payable

Loan amount

$ 250,000,000

Interest rate (as a percent)

6.10%

Seaport District | Term Loan | London Interbank Offered Rate (LIBOR)

Mortgages, notes and loans payable

Interest rate margin (as a percent)

4.10%

Debt instrument, LIBOR cap

2.30%

Debt instrument, LIBOR floor

0.00%

A'ali'i

Mortgages, notes and loans payable

Term of extension option

1 year

A'ali'i | Construction Loans

Mortgages, notes and loans payable

Loan amount

$ 293,700,000

A'ali'i | Construction Loans | London Interbank Offered Rate (LIBOR)

Mortgages, notes and loans payable

Interest rate margin (as a percent)

3.10%

Ke Kilohana | Construction Loans

Mortgages, notes and loans payable

Repayments of long-term debt

$ 142,700,000

Long-term line of credit

$ 121,700,000

250 Water Street | Mortgages

Mortgages, notes and loans payable

Repayments of long-term debt

$ 30,000,000

Facility amount

$ 99,700,000

Wacker110 N

Mortgages, notes and loans payable

Joint venture debt guaranteed

$ 100,600,000

$ 92,300,000

Increase in joint venture debt guaranteed

46,300,000

Wacker110 N | Construction Loans

Mortgages, notes and loans payable

Loan amount

$ 558,900,000

$ 512,600,000

Mr. C Seaport

Mortgages, notes and loans payable

Loan amount

$ 41,000,000

Term of extension option

6 months

Mr. C Seaport | London Interbank Offered Rate (LIBOR)

Mortgages, notes and loans payable

Interest rate margin (as a percent)

4.50%

Hhc242 Self Storage Facility

Mortgages, notes and loans payable

Long-term line of credit

$ 5,500,000

Hhc242 Self Storage Facility | Construction Loans

Mortgages, notes and loans payable

Term of extension option

1 year

Hhc2978 Self Storage Facility

Mortgages, notes and loans payable

Long-term line of credit

$ 5,400,000

Hhc2978 Self Storage Facility | Construction Loans

Mortgages, notes and loans payable

Term of extension option

1 year

Creekside Park West | Construction Loans

Mortgages, notes and loans payable

Loan amount

$ 18,000,000

Term of extension option

1 year

Creekside Park West | Construction Loans | London Interbank Offered Rate (LIBOR)

Mortgages, notes and loans payable

Interest rate margin (as a percent)

2.25%

Resort And Conference Center | Mortgages

Mortgages, notes and loans payable

Loan amount

$ 62,500,000

Term of extension option

1 year

Number of extension options | extention_option

2

Resort And Conference Center | Mortgages | London Interbank Offered Rate (LIBOR)

Mortgages, notes and loans payable

Effective interest rate

2.50%

Subsequent Event | Millennium Phase III Apartments | Construction Loans

Mortgages, notes and loans payable

Loan amount

$ 30,700,000

Interest rate margin (as a percent)

1.75%

Term of extension option

1 year

FAIR VALUE (Assets and Liabilit

FAIR VALUE (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Liabilities:
Interest rate derivative liabilities	$ 40,848	$ 16,517
Interest rate derivatives
Assets:
Interest rate derivative assets	0	346
Liabilities:
Interest rate derivative liabilities	40,848	16,517
Interest rate derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Interest rate derivative assets	0	0
Liabilities:
Interest rate derivative liabilities	0	0
Interest rate derivatives | Significant Other Observable Inputs (Level 2)
Assets:
Interest rate derivative assets	0	346
Liabilities:
Interest rate derivative liabilities	40,848	16,517
Interest rate derivatives | Significant Unobservable Inputs (Level 3)
Assets:
Interest rate derivative assets	0	0
Liabilities:
Interest rate derivative liabilities	$ 0	$ 0

FAIR VALUE (Assets and Liabil_2

FAIR VALUE (Assets and Liabilities Not Measured at Fair Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Assets:
Cash and restricted cash	$ 848,600	$ 724,215	$ 736,369	$ 964,300
Liabilities:
Variable-rate debt (c)	1,561,549	1,551,336
Allowance for doubtful accounts	10,000	10,700
Allowance for notes receivable	100	100
Quoted Prices in Active Markets for Identical Assets (Level 1) | Carrying Amount
Assets:
Cash and restricted cash	848,600	724,215
Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimated Fair Value
Assets:
Cash and restricted cash	848,600	724,215
Significant Unobservable Inputs (Level 3) | Carrying Amount
Assets:
Accounts receivable, net (a)	19,980	12,589
Notes receivable, net (b)	300	4,694
Significant Unobservable Inputs (Level 3) | Estimated Fair Value
Assets:
Accounts receivable, net (a)	19,980	12,589
Notes receivable, net (b)	300	4,694
Significant Other Observable Inputs (Level 2) | Carrying Amount
Liabilities:
Fixed-rate debt (c)	1,904,165	1,663,875
Variable-rate debt (c)	1,561,549	1,551,336
Significant Other Observable Inputs (Level 2) | Estimated Fair Value
Liabilities:
Fixed-rate debt (c)	1,933,715	1,608,635
Variable-rate debt (c)	$ 1,561,549	$ 1,551,336

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details) - Unsecured 5.375% Senior Notes	Jun. 30, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loan amount	$ 1,000,000,000
Interest rate (as a percent)	5.375%

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)derivative_instrument	Jun. 30, 2019USD ($)settled_derivativederivative_instrument	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)settled_derivative
Derivative [Line Items]
Payment received from derivative settlement		$ 0	$ 9,390
Derivative liability fair value gross	$ 40,848	$ 40,848		$ 16,517
Interest Rate Cap
Derivative [Line Items]
Interest rate swap agreements settled | settled_derivative		1
Interest rate derivatives
Derivative [Line Items]
Interest rate swap agreements settled | settled_derivative				4
Reduction in interest expense	900	$ 2,000
Credit Risk Contract
Derivative [Line Items]
Derivative liability fair value gross	43,800	43,800		$ 18,200
Designated as Hedging Instrument | Interest Rate Cap
Derivative [Line Items]
Notional amount	$ 230,000	230,000
Payment received from derivative settlement		$ 200
Designated as Hedging Instrument | Interest rate derivatives
Derivative [Line Items]
Notional amount				250,000
Payment received from derivative settlement				15,800
Termination fee				300
Derivatives deferred effective portion of fair value change | derivative_instrument	3	3
Derivative change in fair value recognition period		8 years 6 months
Gain on derivative expected amount to be reclassified	$ 3,600	$ 3,600
Fixed Interest Rate 2.96%, Maturing October 2019 | Designated as Hedging Instrument | Interest rate derivatives
Derivative [Line Items]
Notional amount				18,900
Fixed Interest Rate 1.66%, Maturing May 2020 | Designated as Hedging Instrument | Interest rate derivatives
Derivative [Line Items]
Notional amount				40,000
Derivative change in fair value recognition period		2 years 2 months 12 days
Fixed Interest Rate 1.14%, Maturing September 2021 | Designated as Hedging Instrument | Interest rate derivatives
Derivative [Line Items]
Notional amount				$ 119,400
Derivative change in fair value recognition period		9 months 18 days

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Summary of the Notional Amount and Fair Value of Derivatives) (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 21, 2018
Fair value of derivative instruments
Total fair value derivative assets	$ 0	$ 0	$ 346,000
Total fair value derivative liabilities	(40,848,000)	(40,848,000)	(16,517,000)
Interest income	0	200,000	200,000
Interest Rate Cap | Derivative instruments designated as hedging instruments
Fair value of derivative instruments
Notional amount	230,000,000	230,000,000
Interest Rate Cap | Derivative instruments not designated as hedging instruments | Prepaid expenses and other assets, net | Fixed Interest Rate 5.0 Maturing August 2019
Fair value of derivative instruments
Notional amount	$ 75,000,000	$ 75,000,000
Fixed interest rate	5.00%	5.00%
Total fair value derivative assets	$ 0	$ 0	0
Interest Rate Cap | Derivative instruments not designated as hedging instruments | Prepaid expenses and other assets, net | Fixed Interest Rate 2.50%, Maturing December 2019
Fair value of derivative instruments
Notional amount	$ 230,000,000	$ 230,000,000
Fixed interest rate	2.50%	2.50%
Total fair value derivative assets	$ 0	$ 0	333,000
Interest Rate Collar | Derivative instruments designated as hedging instruments | Prepaid expenses and other assets, net | Fixed Interest Rate 1.50% To 2.50%, Maturing May 2019
Fair value of derivative instruments
Notional amount	51,592,000	51,592,000
Total fair value derivative assets	0	0	13,000
Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.00% To 3.00%, Maturing May 2020
Fair value of derivative instruments
Notional amount, liability	193,967,000	193,967,000
Total fair value derivative liabilities	(276,000)	(276,000)	(37,000)
Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.25% To 3.25%, Maturing May 2021
Fair value of derivative instruments
Notional amount, liability	354,217,000	354,217,000
Total fair value derivative liabilities	(2,275,000)	(2,275,000)	(730,000)
Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.75% To 3.50%, Maturing April 2022
Fair value of derivative instruments
Notional amount, liability	381,404,000	381,404,000
Total fair value derivative liabilities	(4,415,000)	(4,415,000)	(1,969,000)
Interest rate derivatives | Derivative instruments designated as hedging instruments
Fair value of derivative instruments
Notional amount			250,000,000
Interest rate derivatives | Derivative instruments designated as hedging instruments | Prepaid expenses and other assets, net | Fixed Interest Rate 4.89% Maturing January 2032
Fair value of derivative instruments
Notional amount	$ 1,810,000	$ 1,810,000
Fixed interest rate	4.89%	4.89%
Total fair value derivative assets	$ (1,676,000)	$ (1,676,000)	0
Interest rate derivatives | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.96%, Maturing September 2023
Fair value of derivative instruments
Notional amount, liability	$ 615,000,000	$ 615,000,000
Fixed interest rate	2.96%	2.96%
Total fair value derivative liabilities	$ (32,206,000)	$ (32,206,000)	$ (13,781,000)
Minimum | Interest Rate Collar | Derivative instruments designated as hedging instruments | Prepaid expenses and other assets, net | Fixed Interest Rate 1.50% To 2.50%, Maturing May 2019
Fair value of derivative instruments
Fixed interest rate	1.50%	1.50%
Minimum | Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.00% To 3.00%, Maturing May 2020
Fair value of derivative instruments
Fixed interest rate	2.00%	2.00%
Minimum | Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.25% To 3.25%, Maturing May 2021
Fair value of derivative instruments
Fixed interest rate	2.25%	2.25%
Minimum | Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.75% To 3.50%, Maturing April 2022
Fair value of derivative instruments
Fixed interest rate	2.75%	2.75%
Maximum | Interest Rate Collar | Derivative instruments designated as hedging instruments | Prepaid expenses and other assets, net | Fixed Interest Rate 1.50% To 2.50%, Maturing May 2019
Fair value of derivative instruments
Fixed interest rate	2.50%	2.50%
Maximum | Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.00% To 3.00%, Maturing May 2020
Fair value of derivative instruments
Fixed interest rate	3.00%	3.00%
Maximum | Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.25% To 3.25%, Maturing May 2021
Fair value of derivative instruments
Fixed interest rate	3.25%	3.25%
Maximum | Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.75% To 3.50%, Maturing April 2022
Fair value of derivative instruments
Fixed interest rate	3.50%	3.50%
Term Loan | $700 Million Loan Maturity September 2023
Fair value of derivative instruments
Loan amount				$ 615,000,000

DERIVATIVE INSTRUMENTS AND HE_5

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Impact of Financial Instruments on Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Effect of the Company's derivative financial instruments on the income statement
Total Interest Expense Presented in the Results of Operations in which the Effects of Cash Flow Hedges are Recorded	$ 24,203	$ 18,903	$ 47,529	$ 35,512
Interest expense
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Reclassified from AOCI into Operations	92	652	220	868
Interest rate derivatives
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Reclassified from AOCI into Operations	(900)		(2,000)
Cash Flow Hedging | Interest rate derivatives
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Recognized in AOCI on Derivative	$ (13,016)	$ 6,005	$ (18,832)	$ 14,266

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Lessor, Lease, Description [Line Items]
Outstanding letters of credit	$ 15.4		$ 15.4		$ 15.3
Amount of outstanding surety bonds	211.3		211.3		$ 101.2
Rent expense	2	$ 2.3	4.1	$ 5
Guarantee Obligations | Downtown Columbia
Lessor, Lease, Description [Line Items]
Loss contingency guaranteed amount limit	$ 1		$ 1

STOCK BASED PLANS (Summary of S

STOCK BASED PLANS (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stock Options
Stock options outstanding at the beginning of the period (in shares)			817,998
Granted (in shares)			21,500
Exercised (in shares)			(6,189)
Forfeited (in shares)			(10,600)
Expired (in shares)			(400)
Stock options outstanding at the end of the period (in shares)	822,309		822,309
Weighted Average Exercise Price
Stock options outstanding at the beginning of the period (in dollars per share)			$ 105.06
Granted (in dollars per share)			105.37
Exercised (in dollars per share)			64.93
Forfeited (in dollars per share)			123.17
Expired (in dollars per share)			116.56
Stock options outstanding at the end of the period (in dollars per share)	$ 105.13		$ 105.13
Stock based compensation expense			$ 6,230	$ 5,705
Stock Option
Weighted Average Exercise Price
Stock based compensation expense	$ 800	$ 1,000	1,500	1,600
Share based compensation costs capitalized	$ 200	$ 600	$ 400	$ 900

STOCK BASED PLANS (Summary of R

STOCK BASED PLANS (Summary of Restricted Stock Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Weighted Average Grant Date Fair Value
Stock based compensation expense			$ 6,230	$ 5,705
Restricted Stock
Restricted stock activity
Restricted stock outstanding at the beginning of the period (in shares)			406,544
Granted (in shares)			163,945
Vested (in shares)			(11,217)
Forfeited (in shares)			(19,913)
Restricted stock outstanding at the end of the period (in shares)	539,359		539,359
Weighted Average Grant Date Fair Value
Restricted stock outstanding at the beginning of the period (in dollars per share)			$ 82.10
Granted (in dollars per share)			85.88
Vested (in shares)			133.43
Forfeited (in dollars per share)			74.88
Restricted stock outstanding at the end of the period (in dollars per share)	$ 82.45		$ 82.45
Stock based compensation expense	$ 2,400	$ 2,100	$ 4,700	4,100
Share based compensation costs capitalized	$ 300	$ 300	$ 600	$ 600

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	24.90%	32.20%	25.50%	34.00%

WARRANTS (Details)

WARRANTS (Details) - Management Warrants - USD ($) $ / shares in Units, $ in Millions	Oct. 07, 2016	Oct. 04, 2017	Jun. 16, 2017
Chief Financial Officer
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)	50,125
Exercise price (in dollars per share)	$ 112.08
Proceeds from issuance of Management warrants	$ 1
Chief Executive Officer
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)			1,965,409
Exercise price (in dollars per share)			$ 124.64
Total warrant price			$ 50
President
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)		87,951
Exercise price (in dollars per share)		$ 117.01
Total warrant price		$ 2

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Summary of Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period		$ 3,307,473	$ 3,079,363	$ 3,238,126	$ 3,188,551
Other comprehensive income before reclassifications		(13,038)	6,054	(18,905)	14,325
Adjustment related to adoption of ASU 2018-02	[1]	0	0	0	(1,148)
Adjustment related to adoption of ASU 2017-12						$ (739)
Net current-period other comprehensive income (loss)		(13,783)	3,312	(20,416)	9,480
Balance at the end of the period		3,351,767	3,150,611	3,351,767	3,150,611
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period		(14,759)	(797)	(8,126)	(6,965)
Adjustment related to adoption of ASU 2018-02					(1,148)
Balance at the end of the period		(28,542)	2,515	(28,542)	2,515
Gain reclassified from accumulated other comprehensive loss to net income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassifications		(92)	(652)	(220)	(868)
Gain reclassified from accumulated other comprehensive loss to net income | Terminated swap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassifications		$ (653)	(80)	$ (1,291)	(80)
Pension adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassifications			$ (2,010)		$ (2,010)
[1]	The Company adopted Accounting Standards Update ("ASU") 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , as of January 1, 2018.

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS (Summary of Amounts Reclassified Out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reclassifications out of accumulated other comprehensive income (loss)
Interest expense	$ (24,203)	$ (18,903)	$ (47,529)	$ (35,512)
Provision for (benefit from) income taxes	4,473	(2,417)	15,489	(1,859)
Net income	(13,328)	5,879	(45,253)	4,045
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
Net income	(92)	(652)	(220)	(868)
(Gains) losses on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
Interest expense	(116)	(825)	(278)	(1,099)
(Gains) losses on cash flow hedges | Interest rate swap contracts | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
Provision for (benefit from) income taxes	$ 24	$ 173	$ 58	$ 231

EARNINGS PER SHARE (Information

EARNINGS PER SHARE (Information Related to EPS Calculation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income (loss)	$ 13,328	$ (5,879)	$ 45,253	$ (4,045)
Net loss attributable to noncontrolling interests	149	791	45	431
Net income (loss) attributable to common stockholders	$ 13,477	$ (5,088)	$ 45,298	$ (3,614)
Denominator:
Weighted-average basic common shares outstanding (in shares)	43,113	42,573	43,109	43,014
Numerator:
Net income attributable to common stockholders	$ 13,477	$ (5,088)	$ 45,298	$ (3,614)
Denominator:
Weighted-average basic common shares outstanding (in shares)	43,113	42,573	43,109	43,014
Restricted stock and stock options (in shares)	158	212	154	215
Warrants (in shares)	0	157	0	157
Weighted-average diluted common shares outstanding (in shares)	43,271	42,942	43,263	43,386
Basic income per share: (in dollars per share)	$ 0.31	$ (0.12)	$ 1.05	$ (0.08)
Diluted income per share: (in dollars per share)	$ 0.31	$ (0.12)	$ 1.05	$ (0.08)

EARNINGS PER SHARE (Narrative)

EARNINGS PER SHARE (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Employees Directors and Consultants Stock Options
Antidilutive securities excluded from computation of diluted earnings per share
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	569,408	374,500	569,408	413,000
Restricted Stock
Antidilutive securities excluded from computation of diluted earnings per share
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	278,379	233,721	278,379	233,721

REVENUE (Schedule of Disaggrega

REVENUE (Schedule of Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Minimum rents	$ 54,718		$ 108,804
Minimum rents		$ 50,509		$ 99,912
Tenant recoveries	13,512		27,020
Tenant recoveries		12,250		25,002
Total rental income	68,230		135,824
Total rental income		62,759		124,914
Total revenues	431,316	181,005	785,206	342,684
Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenue	328,888	101,514	596,634	187,058
Recognized at a point in time and/or over time:
Disaggregation of Revenue [Line Items]
Revenue	34,198	16,732	52,748	30,712
Operating Assets
Disaggregation of Revenue [Line Items]
Total revenues	109,219	88,808	201,172	176,555
Master Planned Communities
Disaggregation of Revenue [Line Items]
Total revenues	12,891	4,500	19,921	8,011
Seaport District
Disaggregation of Revenue [Line Items]
Total revenues	72,859	62,765	123,755	118,530
Strategic Developments
Disaggregation of Revenue [Line Items]
Total revenues	236,347	24,932	440,358	39,588
Condominium rights and unit sales
Disaggregation of Revenue [Line Items]
Revenue	235,622	20,885	433,932	31,722
Condominium rights and unit sales | Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenue	235,622	20,885	433,932	31,722
Master Planned Communities land sales
Disaggregation of Revenue [Line Items]
Revenue	58,321	52,432	99,633	98,997
Master Planned Communities land sales | Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenue	58,321	52,432	99,633	98,997
Hospitality revenues
Disaggregation of Revenue [Line Items]
Revenue	25,576	22,569	48,505	45,630
Hospitality revenues | Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenue	25,576	22,569	48,505	45,630
Builder price participation
Disaggregation of Revenue [Line Items]
Revenue	9,369	5,628	14,564	10,709
Builder price participation | Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenue	9,369	5,628	14,564	10,709
Other land revenues
Disaggregation of Revenue [Line Items]
Revenue	5,569	4,712	10,298	8,843
Other land revenues | Recognized at a point in time and/or over time:
Disaggregation of Revenue [Line Items]
Revenue	5,569	4,712	10,298	8,843
Other rental and property revenues
Disaggregation of Revenue [Line Items]
Revenue	28,629	12,020	42,450	21,869
Other rental and property revenues | Recognized at a point in time and/or over time:
Disaggregation of Revenue [Line Items]
Revenue	$ 28,629	$ 12,020	$ 42,450	$ 21,869

REVENUE (Schedule of Contract w

REVENUE (Schedule of Contract with Customer, Asset and Liability) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Change In Contract With Customer, Asset [Roll Forward]
Beginning balance	$ 0	$ 0
Consideration earned during the period	0	(35,834)
Consideration received during the period	0	35,834
Ending balance	0	0
Change In Contract With Customer, Liability [Roll Forward]
Beginning balance	296,496	179,179
Consideration earned during the period	(410,322)	(308,898)
Consideration received during the period	322,771	426,215
Ending balance	$ 208,945	$ 296,496

REVENUE (Schedule of Remaining

REVENUE (Schedule of Remaining Unsatisfied Performance Obligations) (Details) $ in Thousands	Jun. 30, 2019USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 1,100,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 296,426
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 17,290
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 814,334

SEGMENTS (Summary of Segment Op

SEGMENTS (Summary of Segment Operating Results) (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)ft²	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)ft²segmentlocation	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Segments reporting
Number of reportable segments | segment			4
Total revenues	$ 431,316	$ 181,005	$ 785,206	$ 342,684
Total operating expenses	(408,061)	(189,566)	(708,375)	(348,706)
Depreciation and amortization	(38,918)	(29,087)	(75,049)	(57,275)
Interest (expense) income, net	0		200		$ 200
Other (income) loss, net	10,288	266	10,461	266
Equity in (earnings) loss from real estate and other affiliates	6,354	16,299	16,305	30,685
Loss on sale or disposal of real estate	(144)	0	(150)	0
Segment EBT	17,801	(8,296)	60,742	(5,904)
Net income (loss)	13,328	(5,879)	45,253	(4,045)
Net loss attributable to noncontrolling interests	149	791	45	431
Net income (loss) attributable to common stockholders	13,477	(5,088)	45,298	(3,614)
Operating Assets
Segments reporting
Total revenues	109,219	88,808	201,172	176,555
Master Planned Communities
Segments reporting
Total revenues	$ 12,891	4,500	$ 19,921	8,011
Seaport District
Segments reporting
Area of real estate property (in sqft) | ft²	450,000		450,000
Operating locations | location			2
Total revenues	$ 72,859	62,765	$ 123,755	118,530
Strategic Developments
Segments reporting
Total revenues	236,347	24,932	440,358	39,588
Operating Segments
Segments reporting
Total revenues	431,316	181,005	785,206	342,684
Total operating expenses	(331,802)	(119,744)	(563,964)	(213,685)
Segment operating income	99,514	61,261	221,242	128,999
Depreciation and amortization	(37,037)	(27,350)	(71,554)	(54,100)
Interest (expense) income, net	(10,465)	(4,083)	(20,183)	(6,854)
Other (income) loss, net	714	235	1,353	537
Equity in (earnings) loss from real estate and other affiliates	6,354	16,300	16,305	30,683
Loss on sale or disposal of real estate	(144)	0	(150)	0
Segment EBT	58,936	46,363	147,013	99,265
Operating Segments | Operating Assets
Segments reporting
Total revenues	109,219	88,808	201,172	176,555
Total operating expenses	(48,727)	(40,988)	(91,639)	(82,999)
Segment operating income	60,492	47,820	109,533	93,556
Depreciation and amortization	(28,938)	(24,198)	(56,046)	(47,558)
Interest (expense) income, net	(20,059)	(17,308)	(39,050)	(33,995)
Other (income) loss, net	1,088	71	1,123	164
Equity in (earnings) loss from real estate and other affiliates	45	(1,000)	2,754	1,583
Segment EBT	12,628	5,385	18,314	13,750
Operating Segments | Master Planned Communities
Segments reporting
Total revenues	72,859	62,765	123,755	118,530
Total operating expenses	(40,392)	(37,003)	(68,906)	(73,371)
Segment operating income	32,467	25,762	54,849	45,159
Depreciation and amortization	(86)	(86)	(246)	(167)
Interest (expense) income, net	8,283	6,808	15,826	13,200
Other (income) loss, net	72	0	67	0
Equity in (earnings) loss from real estate and other affiliates	6,499	14,100	14,336	25,228
Segment EBT	47,235	46,584	84,832	83,420
Operating Segments | Seaport District
Segments reporting
Total revenues	12,891	4,500	19,921	8,011
Total operating expenses	(17,972)	(6,441)	(32,405)	(9,976)
Segment operating income	(5,081)	(1,941)	(12,484)	(1,965)
Depreciation and amortization	(6,753)	(1,953)	(12,946)	(4,197)
Interest (expense) income, net	(1,924)	3,278	(3,456)	6,995
Other (income) loss, net	(61)	0	(147)	0
Equity in (earnings) loss from real estate and other affiliates	(451)	(240)	(1,083)	(240)
Loss on sale or disposal of real estate	0	0	(6)	0
Segment EBT	(14,270)	(856)	(30,122)	593
Operating Segments | Strategic Developments
Segments reporting
Total revenues	236,347	24,932	440,358	39,588
Total operating expenses	(224,711)	(35,312)	(371,014)	(47,339)
Segment operating income	11,636	(10,380)	69,344	(7,751)
Depreciation and amortization	(1,260)	(1,113)	(2,316)	(2,178)
Interest (expense) income, net	3,235	3,139	6,497	6,946
Other (income) loss, net	(385)	164	310	373
Equity in (earnings) loss from real estate and other affiliates	261	3,440	298	4,112
Loss on sale or disposal of real estate	(144)	0	(144)	0
Segment EBT	13,343	(4,750)	73,989	1,502
Corporate expenses and other items
Segments reporting
Corporate expenses and other items	$ 45,608	$ 52,242	$ 101,760	$ 103,310
Tin Building | Seaport District
Segments reporting
Area of real estate property (in sqft) | ft²	53,000		53,000

SEGMENTS (Summary of Assets by

SEGMENTS (Summary of Assets by Segment and Reconciliation of Segment Assets to Total Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Reconciliation of total segment assets to total assets
Assets	$ 7,709,178	$ 7,355,799
Operating Segments
Reconciliation of total segment assets to total assets
Assets	7,241,363	7,017,374
Operating Segments | Operating Assets
Reconciliation of total segment assets to total assets
Assets	2,713,098	2,562,257
Operating Segments | Master Planned Communities
Reconciliation of total segment assets to total assets
Assets	2,192,267	2,076,678
Operating Segments | Seaport District
Reconciliation of total segment assets to total assets
Assets	919,329	839,522
Operating Segments | Strategic Developments
Reconciliation of total segment assets to total assets
Assets	1,416,669	1,538,917
Corporate and other
Reconciliation of total segment assets to total assets
Assets	$ 467,815	$ 338,425

Uncategorized Items - hhc10-qq2

Label	Element	Value
Accounting Standards Update 2017-12 [Member] | AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (739,000)
Accounting Standards Update 2017-12 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	739,000
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(69,732,000)
Accounting Standards Update 2014-09 [Member] | Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(69,732,000)
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (69,732,000)