Howard Hughes (HHH) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 07, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Fiscal Period Focus	Mar. 31, 2020
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)		54,929,674
Entity Central Index Key	0001498828
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investment in real estate:
Master Planned Communities assets	$ 1,672,534	$ 1,655,674
Buildings and equipment	3,901,549	3,813,595
Less: accumulated depreciation	(549,452)	(507,933)
Land	359,211	353,022
Developments	1,488,869	1,445,997
Net property and equipment	6,872,711	6,760,355
Investment in real estate and other affiliates	127,293	121,757
Net investment in real estate	7,000,004	6,882,112
Net investment in lease receivable	2,933	79,166
Cash and cash equivalents	971,695	422,857
Restricted cash	267,018	197,278
Accounts receivable, net	9,944	12,279
Municipal Utility District receivables, net	301,897	280,742
Notes receivable, net	36,000	36,379
Deferred expenses, net	139,329	133,182
Operating lease right-of-use assets, net	58,347	69,398
Prepaid expenses and other assets, net	332,557	300,373
Total assets	9,119,724	8,413,766
Liabilities:
Mortgages, notes and loans payable, net	4,304,590	4,096,470
Operating lease obligations	69,980	70,413
Deferred tax liabilities	140,763	180,748
Accounts payable and accrued expenses	831,793	733,147
Total liabilities	5,347,126	5,080,778
Commitments and Contingencies (see Note 10)
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, 55,989,263 issued and 54,939,003 outstanding as of March 31, 2020, and 150,000,000 shares authorized, 43,635,893 shares issued and 42,585,633 outstanding as of December 31, 2019	561	437
Additional paid-in capital	3,939,470	3,343,983
Accumulated deficit	(171,537)	(46,385)
Accumulated other comprehensive loss	(60,273)	(29,372)
Treasury stock, at cost, 1,050,260 shares as of March 31, 2020 and December 31, 2019	(120,530)	(120,530)
Total stockholders' equity	3,587,691	3,148,133
Noncontrolling interests	184,907	184,855
Total equity	3,772,598	3,332,988
Total liabilities and equity	$ 9,119,724	$ 8,413,766

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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)	55,989,263	43,635,893
Common stock, shares outstanding (in shares)	54,939,003	42,585,633
Treasury stock, shares held (in shares)	1,050,260	1,050,260

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Minimum rents	$ 70,987	$ 54,086
Tenant recoveries	20,875	13,508
Interest income from sales-type leases	882	0
Total revenues	175,175	353,890
Expenses:
Operating costs	64,606	68,759
Rental property real estate taxes	13,578	9,831
Provision for (recovery of) doubtful accounts	1,701	(2)
Demolition costs	0	49
Development-related marketing costs	2,816	5,702
General and administrative	39,081	25,332
Depreciation and amortization	61,637	36,131
Total expenses	298,106	300,314
Other:
Provision for impairment	(48,738)	0
Gain (loss) on sale or disposal of real estate and other assets, net	38,124	(6)
Other (loss) income, net	(3,684)	173
Total other	(14,298)	167
Operating (loss) income	(137,229)	53,743
Interest income	1,146	2,573
Interest expense	(34,448)	(23,326)
Equity in earnings from real estate and other affiliates	11,349	9,951
(Loss) income before taxes	(159,182)	42,941
Provision for income taxes	(34,100)	11,016
Net (loss) income	(125,082)	31,925
Net income attributable to noncontrolling interests	(52)	(104)
Net (loss) income attributable to common stockholders	$ (125,134)	$ 31,821
Basic (loss) income per share (in dollars per share)	$ (2.88)	$ 0.74
Diluted (loss) income per share (in dollars per share)	$ (2.88)	$ 0.74
Condominium rights and unit sales
Revenues:
Revenues	$ 43	$ 198,310
Expenses:
Cost of sales	97,901	137,694
Master Planned Communities land sales
Revenues:
Revenues	39,732	41,312
Expenses:
Cost of sales	16,786	16,818
Other land, rental and property revenues
Revenues:
Revenues	34,897	41,479
Builder price participation
Revenues:
Revenues	$ 7,759	$ 5,195

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income		$ (125,082)	$ 31,925
Other comprehensive loss:
Interest rate swaps	[1]	(30,247)	(5,944)
Capitalized swap interest expense	[2]	0	(51)
Terminated swap amortization		(654)	(638)
Other comprehensive loss:		(30,901)	(6,633)
Comprehensive (loss) income		(155,983)	25,292
Comprehensive income attributable to noncontrolling interests		(52)	(104)
Comprehensive (loss) income attributable to common stockholders		$ (156,035)	$ 25,188
[1]	Amounts are shown net of deferred tax benefit of $6.9 million and $2.2 million for the three months ended March 31, 2020 and 2019 , respectively.
[2]	The deferred tax impact was zero for the three months ended March 31, 2020 and no t meaningful for the three months ended March 31, 2019 .

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Interest rate swaps, tax (benefit) expense	$ (6,888,000)	$ (2,187,000)
Pension deferred tax benefit		(620,000)
Other Comprehensive Income Loss Capitalized Swap Interest Tax	$ 0	$ 0

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, 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 (loss) income		31,925				31,821			31,821	104
Interest rate swaps		(5,944)	[1]				(5,944)		(5,944)
Terminated swap amortization		(638)					(638)		(638)
Capitalized swap interest, net of tax		(51)	[2]				(51)		(51)
Contributions to joint ventures		40,988								40,988
Stock plan activity (in shares)				148,235
Stock plan activity		3,067		$ 1	3,066				3,067
Balance at the end of the period (in shares) at Mar. 31, 2019				43,659,708
Balance at the end 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 end of the period (in shares) at Mar. 31, 2019								(519,849)
Balance at the beginning of the period (in shares) at Dec. 31, 2019				43,635,893
Balance at the beginning of the period at Dec. 31, 2019		3,332,988		$ 437	3,343,983	(46,385)	(29,372)	$ (120,530)	3,148,133	184,855
Balance at the beginning of the period (in shares) at Dec. 31, 2019								(1,050,260)
Increase (Decrease) in Stockholders' Equity
Net (loss) income		(125,082)				(125,134)			(125,134)	52
Interest rate swaps		(30,247)	[1]				(30,247)		(30,247)
Terminated swap amortization		(654)					(654)		(654)
Capitalized swap interest, net of tax	[2]	0
Common stock issued (in shares)				12,270,900
Common stock issued		593,698		$ 123	593,575				593,698
Stock plan activity (in shares)				82,470
Stock plan activity		1,913		$ 1	1,912				1,913
Balance at the end of the period (in shares) at Mar. 31, 2020				55,989,263
Balance at the end of the period at Mar. 31, 2020		$ 3,772,598		$ 561	$ 3,939,470	$ (171,537)	$ (60,273)	$ (120,530)	$ 3,587,691	$ 184,907
Balance at the end of the period (in shares) at Mar. 31, 2020								(1,050,260)
[1]	Amounts are shown net of deferred tax benefit of $6.9 million and $2.2 million for the three months ended March 31, 2020 and 2019 , respectively.
[2]	The deferred tax impact was zero for the three months ended March 31, 2020 and no t meaningful for the three months ended March 31, 2019 .

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Interest rate swap, tax	$ 6,888	$ 2,187
Pension deferred tax benefit		620
Capitalized swap interest, tax (benefit)	$ 20	$ 14

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities:
Net (loss) income	$ (125,082)	$ 31,925
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities:
Depreciation	57,349	32,905
Amortization	4,075	3,086
Amortization of deferred financing costs	4,114	2,201
Amortization of intangibles other than in-place leases	170	278
Straight-line rent amortization	(2,870)	(1,548)
Deferred income taxes	(34,625)	10,703
Restricted stock and stock option amortization	1,152	3,069
Net gain on sale of lease receivable	(38,124)	0
Selling profit from sales-type leases	64,155	0
Impairment charges	48,738	0
Equity in earnings from real estate and other affiliates, net of distributions	(5,817)	(4,606)
Provision for doubtful accounts	(3,115)	(2)
Master Planned Communities land acquisitions	0	(752)
Master Planned Communities development expenditures	(64,895)	(56,772)
Master Planned Communities cost of sales	16,783	16,744
Condominium development expenditures	(60,688)	(40,559)
Condominium rights and unit cost of sales	97,901	137,694
Net changes:
Accounts and notes receivable	9,596	(5,679)
Prepaid expenses and other assets	(31,565)	1,881
Condominium deposits received	46,186	(115,774)
Deferred expenses	(9,176)	(17,191)
Accounts payable and accrued expenses	(47,443)	(57,286)
Cash used in operating activities	(73,181)	(59,683)
Cash Flows from Investing Activities:
Property and equipment expenditures	(270)	(1,178)
Operating property improvements	(10,419)	(25,854)
Property development and redevelopment	(144,422)	(148,894)
Reimbursements under Tax Increment Financings	1,625	0
Distributions from real estate and other affiliates	1,232	315
Investments in real estate and other affiliates, net	(952)	(222)
Cash used in investing activities	(153,206)	(175,833)
Cash Flows from Financing Activities:
Proceeds from mortgages, notes and loans payable	256,770	61,614
Proceeds from issuance of common stock	593,698	0
Principal payments on mortgages, notes and loans payable	(5,115)	(4,587)
Special Improvement District bond funds released from (held in) escrow	1,126	936
Deferred financing costs and bond issuance costs, net	(2,276)	(343)
Taxes paid on stock options exercised and restricted stock vested	(662)	0
Stock options exercised	1,424	0
Contributions from noncontrolling interest	0	40,987
Cash provided by financing activities	844,965	98,607
Net change in cash, cash equivalents and restricted cash	618,578	(136,909)
Cash, cash equivalents and restricted cash at beginning of period	620,135	724,215
Cash, cash equivalents and restricted cash at end of period	1,238,713	587,306
Supplemental Disclosure of Cash Flow Information:
Interest paid	62,679	52,905
Interest capitalized	19,041	18,370
Income taxes (refunded) paid, net	0	(1,839)
Non-Cash Transactions:
Accrued property improvements, developments, and redevelopments	(28,221)	24,774
Special Improvement District bond transfers associated with land sales	3	74
Accrued interest on construction loan borrowing	4,773	860
Capitalized stock compensation	$ 0	441
Initial recognition of ASC 842 Operating lease ROU asset		72,106
Initial recognition of ASC 842 Operating lease obligation		$ 71,888

BASIS OF PRESENTATION AND ORGAN

BASIS OF PRESENTATION AND ORGANIZATION	3 Months Ended
	Mar. 31, 2020
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, 2019, filed with the SEC on February 27, 2020 (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 months ended March 31, 2020 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 , and future fiscal years. Certain amounts in the 2019 results of operations have been reclassified to conform to the 2020 presentation. Specifically, the Company reclassified hospitality revenues, other land revenues, and other rental and property revenues to Other land, rental and property revenues ; and master planned communities operations, other property operating costs, rental property maintenance costs, and hospitality operating costs to Operating costs for the three months ended March 31, 2019. 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. COVID-19 Pandemic In December 2019, a novel strain of coronavirus (“COVID-19”) was reported to have surfaced in Wuhan, China. COVID-19 has since spread globally, including to every state in the United States. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. The outbreak of COVID-19 has severely impacted global economic activity and caused significant volatility and negative pressure in financial markets. The global impact of the outbreak has been rapidly evolving and many countries, including the United States, have reacted by instituting a wide variety of control measures including states of emergency, mandatory quarantines, required business and school closures, implementing “shelter in place” orders and restricting travel. Many experts predict that the outbreak will trigger a period of material global economic slowdown or a global recession. The outbreak of COVID-19 has materially negatively impacted, and is expected to continue to materially negatively impact, the Company’s business, financial performance and condition, operating results and cash flows. The significance, extent and duration of such impact remains largely uncertain and dependent on future developments that cannot be accurately predicted. The future developments include, but are not limited to: (1) the continued severity, duration, transmission rate and geographic spread of COVID-19 in the United States and other regions in which the Company operates; (2) the extent and effectiveness of the containment measures taken; and (3) the response of the overall economy, the financial markets and the population, particularly in areas in which the Company operates, once the current containment measures are lifted. Material impacts to the Company are noted below. Accounts Receivable, net Due to the impacts of COVID-19 on the collectability of the Company’s accounts receivable, the Company completed an analysis of its collections and determined an additional reserve was required related to its Retail accounts receivable. Upon assessment of its uncollectible Accounts receivable, net balances, the Company determined that a reserve for estimated losses under ASC 450 - Contingencies is required, in addition to the specific reserve required under ASC 842, as the amount is probable and can be reasonably estimated. As a result, during the three months ended March 31, 2020, the Company recorded an additional $1.6 million reserve in the Provision for (recovery of) doubtful accounts on the Condensed Consolidated Statements of Operations. The reserve was estimated based on recent collection experience of retail receivables. Impairment of long-lived assets In conjunction with the Company’s quarterly impairment assessment, the Company recorded a $48.7 million impairment charge for Outlet Collection at Riverwalk, due to decreases in estimated future cash flows resulting from the impact of a shorter than anticipated holding term due to management’s plans to divest the non-core operating asset and decreased demand and reduced interest in brick and mortar retail due to the impact of COVID-19, as well as an increase in the capitalization rate used to evaluate future cash flows due to the impact of COVID-19 . See Note 5 - Impairment for additional information. Business closures With the indefinite closures of the Company’s Seaport District retail and food and beverage assets as well as the three hotels in The Woodlands, we have temporarily laid off the majority of the Company’s staff there. The Company has retained key personnel at these locations to facilitate the efficient start-up of operations once restrictions are lifted. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, capitalization of development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, debt and options granted. In particular, Master Planned Communities (“MPC”) cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates. It is reasonably possible these estimates will change in the near term due to the rapid development and fluidity of the events and circumstances resulting from the COVID-19 pandemic. Impact of New Accounting Standard Related to Financial Instruments - Credit Losses In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) . The standard modifies the impairment model for most financial assets, including trade accounts receivables and loans, and requires the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities are 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. Subsequently, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which amended the scope of ASU 2016-13 and clarified that receivables arising from operating leases are not within the scope of the standard and should continue to be accounted for in accordance with the leases standard (Topic 842). The Company adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized costs. Results for reporting periods beginning after January 1, 2020, are presented under ASU 2016-13 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net decrease to retained earnings of $ 18 thousand as of January 1, 2020, for the cumulative effect of adopting ASU 2016-13. See Note 2 - Accounting Policies and Pronouncements for further discussion of accounting policies impacted by the Company’s adoption of ASU 2016-13 and disclosures required by ASU 2016-13. Corporate Restructuring During the fourth quarter ended December 31, 2019, the Company initiated a plan to strategically realign and streamline certain aspects of its business, including selling approximately $2.0 billion of non-core assets, reducing overhead and relocating its corporate headquarters. The Company will consolidate its Dallas corporate headquarters with its largest regional office in The Woodlands. Charges of $2.5 million and $34.3 million associated with retention and severance expenses were recorded in the first quarter of 2020 and fourth quarter of 2019, respectively, and the Company expects to incur an additional $2.3 million to $4.3 million related to relocation, retention and severance expenses in the remainder of 2020. The restructuring costs are included in Corporate income, expenses and other items in Note 18 - Segments . The Company expects to conclude its restructuring activity, excluding the disposition of non-core assets, in 2020. The following table summarizes the changes to the restructuring liability included in Accounts payable and accrued expenses on the Condensed Consolidated Balance Sheets: (In thousands) Restructuring costs Balance at December 31, 2019 $ 9,685 Charges (a) 2,478 Charges paid/settled (4,293 ) Balance at March 31, 2020 $ 7,870 (a) Charges relate to relocation, retention and severance expenses and are included in General and administrative

ACCOUNTING POLICIES AND PRONOUN

ACCOUNTING POLICIES AND PRONOUNCEMENTS ACCOUNTING POLICIES AND PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2020
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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform . The amendments in this Update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform when certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transaction that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has applied certain optional expedients, that are retained through the end of the hedging relationship. The amendments in this Update are effective as of March 12, 2020, through December 31, 2022. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During Q1 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedge transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this Update simplify the accounting for income taxes by removing certain exceptions from ASC 740. Additionally, the amendments in this Update also simplify the accounting for income taxes by requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax, requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination, and other targeted changes. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2020. The Company is currently evaluating the impact that the adoption of ASU 2019-12 may have on its consolidated financial statements. In November 2019, the FASB issued ASU 2019-08, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606 ). The amendments in this Update require that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. The amount recorded as a reduction of the transaction price is required to be measured on the basis of the grant-date fair value of the share-based payment award in accordance with Topic 718. The grant date is the date at which a grantor (supplier) and a grantee (customer) reach a mutual understanding of the key terms and conditions of the share-based payment award. The classification and subsequent measurement of the award are subject to the guidance in Topic 718 unless the share-based payment award is subsequently modified, and the grantee is no longer a customer. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted ASU 2019-08 as of January 1, 2020, and it did not have a material effect on its consolidated financial statements. 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 years, beginning after December 15, 2019. The Company adopted ASU 2019-04 as of January 1, 2020. See further discussion regarding adoption of ASU 2016-13 for the impact of amendments to Financial Instruments-Credit Losses. The amendments to Derivatives and Hedging, and Financial Instruments-Overall did not have a material effect on the Company’s 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 adopted ASU 2018-17 as of January 1, 2020, and it did not have a material effect 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 adopted ASU 2018-15 prospectively as of January 1, 2020. There was no material impact to the Company’s consolidated financial statements upon adoption. 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 adopted ASU 2018-13 as of January 1, 2020. The amended disclosure requirements did not have a material impact to the Company’s consolidated financial statements upon adoption. 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 adopted ASU 2017-04 as of January 1, 2020, and will eliminate step two from its goodwill impairment tests. There was no material impact to the consolidated financial statements upon adoption. Financial Instruments - Credit losses and related policy updates The Company is exposed to credit losses through the sale of goods and services to the Company’s customers. Receivables held by the Company primarily relate to short-term trade receivables and financing receivables, which include Municipal Utility District (“MUD”) receivables, Special Improvement District (“SID”) bonds, tax increment financing (“TIF”) receivables, net investments in lease receivables, and notes receivable. The Company assesses its exposure to credit loss based on historical collection experience and future expectations by portfolio segment. Historical collection experience is evaluated on a quarterly basis by the Company. The following table summarizes the amortized cost basis of financing receivables by portfolio segment as of March 31, 2020 : ($ in thousands) MUD receivables SID receivables TIF receivables Net investments in lease receivable Notes receivable Total Collection experience $ 286,157 $ 42,103 $ 3,853 $ 2,950 $ 36,247 $ 371,310 Accrued interest of $15.7 million and $17.3 million are included within municipal utility district receivables on the Company’s consolidated balance sheet as of March 31, 2020 and 2019 , respectively. The following table presents the activity in the allowance for credit losses for financing receivables by portfolio segment for the three months ended March 31, 2020 : ($ in thousands) MUD receivables SID receivables TIF receivables Net investments in lease receivable Notes receivable Trade accounts receivable (a) Beginning balance as of January 1, 2020 $ — $ — $ — $ 17 $ 209 $ — Current-period provision for expected credit losses — — — — 39 60 Write-offs — — — — (1 ) — Recoveries — — — — — — Ending balance as of March 31, 2020 $ — $ — $ — $ 17 $ 247 $ 60 (a) Trade accounts receivable are presented within accounts receivable, net on the consolidated balance sheet. Accounts receivable, net also includes receivables related to operating leases. Collectability and related allowance for amounts due under operating leases is assessed under the guidance of ASC 842. Reserves related to operating lease receivables are not included in the above table. Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company currently does not have significant financing receivables that are past due or on nonaccrual status. There have been no significant write-offs or recoveries of amounts previously written-off during the current period for financing receivables.

REAL ESTATE AND OTHER AFFILIATE

REAL ESTATE AND OTHER AFFILIATES	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
REAL ESTATE AND OTHER AFFILIATES	REAL ESTATE AND OTHER AFFILIATES Equity investments in real estate and other affiliates are reported as follows: Economic/Legal Ownership Carrying Value Share of Earnings/Dividends March 31, December 31, March 31, December 31, Three Months Ended March 31, ($ in thousands) 2020 2019 2020 2019 2020 2019 Equity Method Investments Operating Assets: The Metropolitan Downtown Columbia (a) 50 % 50 % $ — $ — $ 227 $ 183 Stewart Title of Montgomery County, TX 50 % 50 % 3,767 4,175 343 102 Woodlands Sarofim #1 20 % 20 % 3,019 2,985 35 20 m.flats/TEN.M 50 % 50 % 1,784 2,431 65 (1,221 ) Master Planned Communities: The Summit (b) — % — % 92,216 84,455 8,934 7,837 Seaport District: Mr. C Seaport 35 % 35 % 7,000 7,650 (651 ) (632 ) Bar Wayō (Momofuku) (b) — % — % 6,745 7,469 (1,392 ) — Strategic Developments: Circle T Ranch and Power Center 50 % 50 % 8,405 8,207 86 35 HHMK Development 50 % 50 % 10 10 — — KR Holdings 50 % 50 % 394 422 (22 ) 2 123,340 117,804 7,625 6,326 Other equity investments (c) 3,953 3,953 3,724 3,625 Investments in real estate and other affiliates $ 127,293 $ 121,757 $ 11,349 $ 9,951 (a) The Metropolitan Downtown Columbia was in a deficit position of $4.9 million and $4.7 million at March 31, 2020 , and December 31, 2019 , respectively, due to distributions from operating cash flows in excess of basis. These deficit balances are presented in Accounts payable and accrued expenses at March 31, 2020 , and December 31, 2019 . (b) Please refer to the discussion below for a description of the joint venture ownership structure. (c) Other equity investments represent equity investments not accounted for under the equity method. The Company elected the measurement alternative as these investments do not have readily determinable fair values. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year 2020 or cumulatively. As of March 31, 2020 , the Company is not the primary beneficiary of any of the joint ventures listed above because it does not have the power to direct the 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 March 31, 2020 , and December 31, 2019 , 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 March 31, 2020 , and December 31, 2019 , Bar Wayō is also classified as a VIE because the equity holders, as a group, lack the characteristics of a controlling financial interest. The carrying values of Mr. C Seaport and Bar Wayō as of March 31, 2020 , are $7.0 million and $6.7 million , respectively, and are classified as Investments 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 March 31, 2020 , approximately $209.1 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 $100.2 million based upon economic ownership. All of this indebtedness is without recourse to the Company. As of March 31, 2020 , the Company is the primary beneficiary of one VIE, 110 North Wacker, which is consolidated in its financial statements. The Company began consolidating 110 North Wacker and its underlying entities in the second quarter of 2018 as further discussed below. 110 North Wacker’s creditors do not have recourse to the Company, except for 18% , or $41.4 million , of its outstanding loan balance. As of March 31, 2020 , the carrying values of the assets and liabilities associated with the operations of the consolidated VIE were $433.9 million and $235.7 million , respectively. As of December 31, 2019 , the carrying values of the assets and liabilities associated with the operations of the consolidated VIE was $393.3 million and $186.5 million , respectively. The assets of the VIE are restricted for use only by the particular VIE 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 7 - 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. Upon the building’s completion, the Company expects to recognize the joint venture under the equity method. 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 at 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 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 their 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: March 31, December 31, (In thousands) 2020 2019 Total Assets $ 222,447 $ 221,277 Total Liabilities 128,098 136,314 Total Equity 94,349 84,963 Three Months Ended March 31, (In thousands) 2020 2019 Revenues (a) $ 39,836 $ 30,483 Net income 10,559 7,423 Gross Margin 11,704 8,332 (a) The Summit adopted ASU 2014-09, Revenues from Contracts with Customers (Topic 606) effective in the fourth quarter of 2019 using the modified retrospective transition method. Therefore, for 2020, revenues allocated to each of The Summit’s performance obligations is recognized over time based on an input measure of progress. The first quarter of 2019 amounts have not been adjusted and are recognized on a percentage of completion basis. The Summit’s adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial statements. 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%

RECENT TRANSACTIONS

RECENT TRANSACTIONS	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
RECENT TRANSACTIONS	RECENT TRANSACTIONS In November of 2019, the Company entered into a lease agreement related to its property at 100 Fellowship Drive , a 13.5 -acre land parcel and 203,257 -square-foot build-to-suit medical building with approximately 550 surface parking spaces in The Woodlands, Texas . At lease commencement, the Company derecognized $63.7 million from Developments and recorded a net investment in lease receivable of $75.9 million on the Condensed Consolidated Balance Sheets, recognizing $13.5 million of Selling profit from the sales-type lease on the Condensed Consolidated Statements of Operations. On March 13, 2020 , the Company closed on the sale of this asset for a total sales price of $115.0 million , resulting in a gain of $38.3 million , which is included in Gain (loss) on sale or disposal of real estate and other assets, net on the Condensed Consolidated Statements of Operations. The carrying value of the net investment in lease receivable was approximately $76.1 million at the time of sale. Gain on sale is calculated as the difference between the purchase price of $115.0 million , and the asset’s carrying value, less related transaction costs of approximately $0.2 million . Contemporaneous with the sale, the Company credited to the buyer approximately $0.6 million for operating account funds and the buyer’s assumption of the related liabilities. After the sale, the Company had no continuing involvement in this lease. After repayment of debt associated with the property, the sale generated approximately $64.2 million

IMPAIRMENT

IMPAIRMENT	3 Months Ended
	Mar. 31, 2020
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. During the first quarter of 2020, the Company recorded a $48.7 million impairment charge for Outlet Collection at Riverwalk , a 268,556 -square-foot urban upscale outlet center located along the Mississippi River in downtown New Orleans, LA . As of March 31, 2020 , the Company recognized the impairment due to decreases in estimated future cash flows as a result of the impact of a shorter than anticipated holding term due to management’s plans to divest the non-core operating asset, decreased demand and reduced interest in brick and mortar retail due to the impact of COVID-19, as well as an increase in the capitalization rate used to evaluate future cash flows due to the impact of COVID-19 . The $46.8 million net carrying value of Outlet Collection at Riverwalk , after the impairment, represents the estimated current fair market value at March 31, 2020. There can be no assurance that the Company will ultimately recover this amount through a sale. The following table summarizes the provision for impairment: Provision for Impairment as of March 31, Impaired Asset Location Method of Determining Fair Value 2020 2019 (In thousands) Operating Assets: Outlet Collection at Riverwalk New Orleans, LA Discounted cash flow analysis using capitalization rate of 10.0% $ 48,738 $ — 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 for the Investment in real estate and other affiliates during the three months ended March 31, 2020 , or during the year ended December 31, 2019 .

OTHER ASSETS AND LIABILITIES

OTHER ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2020
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: March 31, December 31, (In thousands) 2020 2019 Straight-line rent $ 59,082 $ 56,223 Condominium inventory 55,577 56,421 In-place leases 53,059 54,471 Security, escrow, and other deposits 51,197 17,464 Special Improvement District receivable 42,103 42,996 Intangibles 33,105 33,275 Prepaid expenses 14,132 13,263 Other 8,127 9,252 Tenant incentives and other receivables 7,527 7,556 TIF receivable 3,854 3,931 Federal income tax receivable 2,389 655 Food and beverage and lifestyle inventory 1,914 4,310 Above-market tenant leases 491 556 Prepaid expenses and other assets, net $ 332,557 $ 300,373 The $32.2 million net increase primarily relates to a $33.7 million increase in Security, escrow, and other deposits from December 31, 2019, primarily attributable to rate-lock and security deposits for The Woodlands Towers at the Waterway; a $2.9 million increase in Straight-line rent mainly due to the acquisition of The Woodlands Towers at the Waterway and Operating Assets placed in service during the year; and a $1.7 million increase in Federal income tax receivable due to a decrease in income before taxes. These increases are partially offset by a $2.4 million decrease in Food and beverage and lifestyle inventory predominantly due to the write-off of inventory at 10 Corso Como Retail and Café; a $1.4 million decrease in In-place leases partially as a result of amortization of the leases at The Woodlands Towers at the Waterway; and a $1.1 million decrease in Other attributable to tenant improvement write-offs related to the sale of 100 Fellowship Drive in the first quarter of 2020. Accounts Payable and Accrued Expenses The following table summarizes the significant components of Accounts payable and accrued expenses: March 31, December 31, (In thousands) 2020 2019 Construction payables $ 327,557 $ 261,523 Condominium deposit liabilities 240,980 194,794 Interest rate swap liabilities 77,363 40,135 Deferred income 63,817 63,483 Accounts payable and accrued expenses 31,651 37,480 Tenant and other deposits 27,632 24,080 Accrued payroll and other employee liabilities 21,697 44,082 Accrued real estate taxes 15,577 27,559 Other 14,101 16,173 Accrued interest 11,418 23,838 Accounts payable and accrued expenses $ 831,793 $ 733,147 The $98.6 million net increase primarily relates to a $66.0 million increase in Construction payables primarily attributable to a $97.9 million charge for repairs and remediation on certain alleged construction defects at the Waiea condominium tower (see Note 10 - Commitments and Contingencies for details), partially offset by reduced construction spend at several projects approaching completion including Juniper Apartments, Bridgeland, 8770 New Trails, 110 North Wacker, Lakefront North and 6100 Merriweather; a $46.2 million increase in Condominium deposit liabilities primarily attributable to sales at Victoria Place, Kō'ula, and ‘A‘ali‘i and a $37.2 million increase in Interest rate swap liabilities due to a decrease of the one-month London Interbank Offered Rate (“LIBOR”) forward curve for the periods presented. These increases are offset by a $22.4 million decrease in Accrued payroll and other employee liabilities primarily due to the 2019 annual incentive bonus payment in the first quarter of 2020; a $12.4 million decrease in Accrued interest attributable to the semi-annual payment of interest on the $1.0 billion Unsecured 5.375% Senior Notes; a $12.0 million decrease in Accrued real estate taxes primarily related to tax payments in the first quarter of 2020 for 2019; and a $5.8 million decrease in Accounts payable and accrued expenses

MORTGAGES, NOTES AND LOANS PAYA

MORTGAGES, NOTES AND LOANS PAYABLE, NET	3 Months Ended
	Mar. 31, 2020
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: March 31, December 31, (In thousands) 2020 2019 Fixed-rate debt: Unsecured 5.375% Senior Notes $ 1,000,000 $ 1,000,000 Secured mortgages, notes and loans payable 882,727 884,935 Special Improvement District bonds 23,460 23,725 Variable-rate debt: Mortgages, notes and loans payable (a) 2,438,879 2,229,958 Unamortized bond issuance costs (5,030 ) (5,249 ) Unamortized deferred financing costs (b) (35,446 ) (36,899 ) Total mortgages, notes and loans payable, net $ 4,304,590 $ 4,096,470 (a) As more fully described in Note 9 - Derivative Instruments and Hedging Activities , $706.2 million and $630.1 million of variable‑rate debt has been swapped to a fixed rate for the term of the related debt, $229.9 million and $184.3 million of variable-rate debt was subject to interest rate collars and $75.0 million of variable-rate debt was capped at a maximum interest rate as of March 31, 2020 , and December 31, 2019 . (b) Deferred financing costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method). 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 March 31, 2020 , land, buildings and equipment and developments with a net book value of $6.6 billion have been pledged as collateral for HHC’s Mortgages, notes and loans payable, net . As of March 31, 2020 , the Company was in compliance with all of its financial covenants included in the agreements governing its indebtedness. The Summerlin MPC uses 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 three months ended March 31, 2020 , no new SID bonds were issued and an insignificant amount of obligations were assumed by buyers. Recent Financing Activity The Company is currently documenting the terms of an extension for the remaining $280.3 million of the bridge loan for The Woodlands Towers at the Waterway and The Woodlands Warehouse, pursuant to which the Company would receive a six-month extension at LIBOR plus 2.35% and have the option for an additional six-month extension at LIBOR plus 2.90% , extending the final maturity to June 2021 . The Company received a term sheet from the existing Downtown Summerlin lender that contemplates extending the financing by three years at a rate of LIBOR plus 2.50% in exchange for a pay-down of approximately $35.7 million to a total commitment of $221.5 million . The Company is still in the process of documenting and/or negotiating the foregoing, and there can be no assurances that the Company will enter into such arrangements on the proposed terms or at all. Financing Activity During the Three Months Ended March 31, 2020 On March 27, 2020 , the Company closed on a $356.8 million construction loan for the development of Kō'ula. The loan bears interest at LIBOR plus 3.00% with an initial maturity date of March 27, 2023 , and a one-year extension option. On March 26, 2020 , the Company closed on a partial refinance of the bridge loan for The Woodlands Towers at the Waterway and The Woodlands Warehouse for $137.0 million . In conjunction with the partial refinance, the original loan was paid down by $63.5 million and 9950 Woodloch Forest Drive tower was split into a new loan. The new loan bears interest at LIBOR plus 1.95% with a maturity date of March 26, 2025 . On March 13, 2020 , the Company paid off the $50.0 million outstanding loan balance relating to 100 Fellowship Drive in conjunction with the sale of the property. The payment was made using the proceeds from the sale of the property. On March 5, 2020 , the Company modified and extended the $61.2 million loan for Three Hughes Landing. The new $61.0 million loan bears interest at one-month LIBOR plus 2.60% , with a maturity of September 5, 2020 , at which point the Company anticipates the Three Hughes Landing loan will be extended for an additional 12 months. On January 7, 2020 , the Company closed on a $43.4 million construction loan for the development of Creekside Park Apartments Phase II. The loan bears interest at LIBOR plus 1.75% with an initial maturity date of January 7, 2024 , and a one-year extension option.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2020
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 the Company’s liabilities that are measured at fair value on a recurring basis: March 31, 2020 December 31, 2019 Fair Value Measurements Using Fair Value Measurements Using (In thousands) Total Quoted Prices Significant Significant Total Quoted Prices Significant Significant Interest rate derivative liabilities $ 77,363 $ — $ 77,363 $ — $ 40,135 $ — $ 40,135 $ — 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: March 31, 2020 December 31, 2019 (In thousands) Fair Value Carrying Estimated Carrying Estimated Assets: Cash and Restricted cash Level 1 $ 1,238,713 $ 1,238,713 $ 620,135 $ 620,135 Accounts receivable, net (a) Level 3 9,944 9,944 12,279 12,279 Notes receivable, net (b) Level 3 36,000 36,000 36,379 36,379 Liabilities: Fixed-rate debt (c) Level 2 1,906,187 1,864,876 1,908,660 1,949,773 Variable-rate debt (c) Level 2 2,438,879 2,438,879 2,229,958 2,229,958 (a) Accounts receivable, net is shown net of an allowance of $9.8 million and $15.6 million at March 31, 2020 , and December 31, 2019 , respectively. (b) Notes receivable, net is shown net of an allowance of $0.2 million at March 31, 2020 , and December 31, 2019 .. (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 Senior Notes, 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 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. Please refer to Note 7 - Mortgages, Notes and Loans Payable, Net in the Company’s Condensed Consolidated Financial Statements. The discount rates reflect the Company’s judgment with respect to 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. The following table includes a non-financial asset that was measured at fair value on a non-recurring basis as a result of the property being impaired: March 31, 2020 Fair Value Measurements Using (In thousands) Total Fair Value Measurement Quoted Prices in Significant Significant Total (Loss) Operating Assets: Outlet Collection at Riverwalk (a) $ 46,794 $ — $ — $ 46,794 $ (48,738 ) (a) The fair value was determined based on a discounted cash flow analysis using a capitalization rate of 10.0% and is shown net of transaction costs.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2020
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. The Company uses interest rate swaps, collars and caps to add stability to interest costs by reducing the Company’s exposure to interest rate movements. 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 cap is not currently designated as a hedge, and therefore, any gain or loss is recognized in current-period earnings. This derivative is 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. Derivatives accounted for as cash flow hedges are classified in the same category in the Condensed Consolidated Statements of Cash Flows as the items being hedged. Gains and losses from derivative financial instruments are reported in Cash used in operating activities within the Condensed Consolidated Statements of Cash Flows. 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 March 31, 2020 , and December 31, 2019 , there were no events of default. 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. As of March 31, 2020 , there were no termination events, and as of December 31, 2019 , there was one termination event, as discussed below. During the three months ended March 31, 2020 , the Company recorded a $0.9 million reduction in Interest expense, related to the amortization of terminated swaps. During the three months ended March 31, 2020 , the Company did no t settle any derivatives. During the year ended December 31, 2019 , the Company settled one interest rate cap agreement with a notional amount of $230.0 million and received payment of $0.2 million. The Company has deferred the effective portion of the fair value changes of three previously settled 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 over the next 7.8 , 1.5 and 0.1 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 $19.6 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 March 31, December 31, (In thousands) Balance Sheet Location Amount Rate (a) Date Date 2020 2019 Derivative instruments not designated as hedging instruments: Interest rate cap (b) Prepaid expenses and other assets, net $ 230,000 2.50 % 12/22/2016 12/23/2019 $ — $ — Interest rate cap (c) Prepaid expenses and other assets, net 75,000 5.00 % 8/31/2019 8/31/2020 — — Derivative instruments designated as hedging instruments: Interest rate collar (d) Accounts payable and accrued expenses 193,967 2.00% - 3.00% 5/1/2019 5/1/2020 (164 ) (182 ) Interest rate collar (d) Accounts payable and accrued expenses 354,217 2.25% - 3.25% 5/1/2020 5/1/2021 (5,791 ) (2,074 ) Interest rate collar (d) Accounts payable and accrued expenses 381,404 2.75% - 3.50% 5/1/2021 4/30/2022 (9,182 ) (4,578 ) Interest rate swap (e) Accounts payable and accrued expenses 615,000 2.96 % 9/21/2018 9/18/2023 (55,955 ) (31,187 ) Interest rate swap (f) Accounts payable and accrued expenses 1,810 4.89 % 11/1/2019 1/1/2032 (6,271 ) (2,114 ) Total fair value derivative liabilities $ (77,363 ) $ (40,135 ) (a) These rates represent the strike rate on HHC’s interest swaps, caps and collars. (b) The Company settled this Interest rate cap on February 1, 2019 . Interest income of $0.2 million is included in the Condensed Consolidated Statements of Operations for the year ended December 31, 2019 , related to this contract. (c) On August 30, 2019 , the Company executed an agreement to extend the maturing position of this cap. Interest income included in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2020 , and the year ended December 31, 2019 , related to this contract was not meaningful. (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) 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. (f) 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 months ended March 31, 2020 , and 2019 (in thousands): Amount of Loss Recognized in AOCI on Derivative Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2020 2019 Interest rate derivatives $ (31,340 ) $ (5,816 ) Amount of (Loss) Gain Reclassified from AOCI into Operations Three Months Ended March 31, Location of (Loss) Gain Reclassified from AOCI into Operations 2020 2019 Interest expense $ (1,093 ) $ 128 Total Interest Expense Presented in the Results of Operations in which the Effects of Cash Flow Hedges are Recorded Three Months Ended March 31, Interest Expense Presented in Results of Operations 2020 2019 Interest expense $ 34,448 $ 23,326 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 March 31, 2020 , and December 31, 2019 , the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for non-performance risk, related to these agreements was $79.9 million and $41.6 million , respectively. As of March 31, 2020 , the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at March 31, 2020 , it could have been required to settle its obligations under the agreements at their termination value of $79.9 million .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
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. 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, including 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. In 2018 , the Company recognized a $13.4 million charge for certain window repairs at Waiea. The Company is engaged in ongoing discussions with the Waiea homeowners association and expects to reach a settlement with the homeowners association to fund repairs and remediation of certain alleged construction defects at the tower that the Company believes are obligations of the general contractor. During the three months ended March 31, 2020, the Company recorded an additional $97.9 million charge for estimated costs related to this matter, which is included in Condominium rights and unit cost of sales in the accompanying Condensed Consolidated Statements of Operations. The Company intends to vigorously pursue recovery of these costs from the general contractor or other responsible parties. 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 March 31, 2020 . As a result, the potential remediation has no financial impact as of March 31, 2020 , and for the three months ended March 31, 2020 . As of March 31, 2020 , and December 31, 2019 , the Company had outstanding letters of credit totaling $15.4 million , and surety bonds totaling $227.4 million and $200.1 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, the leases for which are recorded in Operating lease right-of-use assets, net and Operating lease obligations on the Condensed Consolidated Balance Sheets. See Note 17 - Leases for further discussion. Contractual rental expense, including participation rent, was $1.8 million and $2.1 million for the three months ended March 31, 2020 , and 2019, respectively. The amortization of above and below‑market ground leases and straight‑line rents included in the contractual rent amount was not significant. Guarantee Agreements The Company has entered into guarantee agreements as part of certain development projects. In conjunction with the execution of the ground lease for the Seaport District, the Company executed a completion guarantee for the redevelopment of Pier 17 and the Tin Building. The Company satisfied its completion guarantee for Pier 17 in the second quarter of 2019. The Company’s wholly owned subsidiaries have agreed to complete defined public improvements and to indemnify Howard County, Maryland for certain matters as part of the Downtown Columbia Redevelopment District TIF bonds. The Company has guaranteed the performance of its subsidiaries under the funding agreement for up to a maximum of $1.0 million until October 31, 2020 . Furthermore, 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. Management has concluded that any obligations under these guarantees are not probable. As part of the Company’s development permits with the Hawai’i Community Development Authority for the condominium towers at Ward Village, the Company entered into a guarantee whereby it is required to reserve 20% of the residential units for local residents who meet certain maximum income and net worth requirements. This guarantee, which is triggered once the necessary permits are granted and construction commences, was satisfied for the Company’s four open condominium towers, Waiea, Anaha, Ae‘o and Ke Kilohana, with the opening of Ke Kilohana, which provided 375 reserved housing units. The reserved units for the Company’s ‘A‘ali‘i tower are included in the tower, and the units for Kō'ula will either be built off site or fulfilled by paying a cash-in-lieu fee. The Company evaluates the likelihood of future performance under these guarantees and did not record an obligation as of March 31, 2020 , and December 31, 2019 .

STOCK-BASED PLANS

STOCK-BASED PLANS	3 Months Ended
	Mar. 31, 2020
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 Consolidated Financial Statements included in the Annual Report. Stock Options The following table summarizes the Company’s stock option activity for the three months ended March 31, 2020 : Stock Weighted-average Stock Options outstanding at December 31, 2019 721,496 $ 104.55 Granted 2,000 83.11 Exercised (54,558 ) 67.88 Forfeited (107,000 ) 126.24 Expired (1,000 ) 125.09 Stock Options outstanding at March 31, 2020 560,938 $ 103.87 Compensation costs related to stock options were in a credit position of $0.7 million for the three months ended March 31, 2020 due to significant forfeitures which outweighed the expense. Compensation costs related to stock options were $0.7 million for the three months ended March 31, 2019 , of which $0.2 million were capitalized to development projects. Restricted Stock The following table summarizes restricted stock activity for the three months ended March 31, 2020 : Restricted Weighted-average Grant Restricted stock outstanding at December 31, 2019 406,802 $ 76.27 Granted 70,210 84.55 Forfeited (12,796 ) 90.94 Restricted stock outstanding at March 31, 2020 464,216 $ 77.01 Compensation costs related to restricted stock awards for the three months ended March 31, 2020 and 2019 were $1.9 million and $2.3 million , of which zero and $0.3 million were capitalized to development projects, respectively.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2020
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 operating results, was 21.4% for the three months ended March 31, 2020 , compared to 25.7% for the three months ended March 31, 2019 .

WARRANTS

WARRANTS	3 Months Ended
	Mar. 31, 2020
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 price of $50.0 million and $2.0 million , respectively. The Weinreb Warrant would have become exercisable on June 15, 2022, at an exercise price of $124.64 per share, and the Herlitz Warrant would have become exercisable on October 3, 2022 , at an exercise price of $117.01 per share, subject in each case to earlier exercise upon certain change in control, separation and termination provisions (but such warrants became exercisable in connection with Mr. Weinreb’s and Mr. Herlitz’s terminations of employment, as described below). 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 March 31, 2020 , and December 31, 2019 . On October 21, 2019 , Mr. Weinreb and Mr. Herlitz stepped down from their roles as Chief Executive Officer and President of the Company, respectively. The Company and each of Mr. Weinreb and Mr. Herlitz have agreed to treat their terminations of employment as terminations without “cause” under their respective employment and warrant agreements with the Company. Thus, effective October 21, 2019 , the Weinreb Warrant and Herlitz Warrant became exercisable by the terms of their respective warrant agreements in connection with their respective terminations of employment.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2020
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 December 31, 2018 $ (8,126 ) Other comprehensive loss before reclassifications (5,867 ) Gain reclassified from accumulated other comprehensive loss to net income (128 ) Terminated swap amortization (638 ) Net current-period other comprehensive loss (6,633 ) Balance as of March 31, 2019 $ (14,759 ) Balance as of December 31, 2019 $ (29,372 ) Other comprehensive loss before reclassifications (31,340 ) Loss reclassified from accumulated other comprehensive loss to net income 1,093 Terminated swap amortization (654 ) Net current-period other comprehensive loss (30,901 ) Balance as of March 31, 2020 $ (60,273 ) The following table summarizes the amounts reclassified out of AOCI: Amounts reclassified from (In thousands) Three Months Ended March 31, Affected line items in the Accumulated Other Comprehensive Income (Loss) Components 2020 2019 Statements of Operations Losses (gains) on cash flow hedges $ 1,383 $ (162 ) Interest expense Interest rate swap contracts (290 ) 34 Provision for income taxes Total reclassifications of loss (income) for the period $ 1,093 $ (128 ) Net of tax

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2020
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 March 31, (In thousands, except per share amounts) 2020 2019 Basic EPS: Numerator: Net (loss) income $ (125,082 ) $ 31,925 Net income attributable to noncontrolling interests (52 ) (104 ) Net (loss) income attributable to common stockholders $ (125,134 ) $ 31,821 Denominator: Weighted-average basic common shares outstanding 43,380 43,106 Diluted EPS: Numerator: Net (loss) income attributable to common stockholders $ (125,134 ) $ 31,821 Denominator: Weighted-average basic common shares outstanding 43,380 43,106 Restricted stock and stock options — 151 Weighted-average diluted common shares outstanding (a) 43,380 43,257 Basic (loss) income per share: $ (2.88 ) $ 0.74 Diluted (loss) income per share: $ (2.88 ) $ 0.74 (a) The diluted EPS computation for the three months ended March 31, 2020 , excludes outstanding stock awards because their effect is anti-dilutive. The diluted EPS computation for the three months ended March 31, 2019 , excludes 563,808 shares of stock options because their inclusion would have been anti-dilutive. The diluted EPS computation for the three months ended March 31, 2020 , and 2019 excludes 265,699 and 288,010 shares of restricted stock, respectively, because performance conditions provided for in the restricted stock awards have not been satisfied. On March 27, 2020, the Company offered 2,000,000 shares of common stock to the public at $50.00 per share and granted the underwriters an option to purchase up to an additional 300,000 shares of common stock at the same price. The underwriters partially exercised their option and purchased an additional 270,900 shares. Concurrently, the Company entered into a share purchase agreement with Pershing Square Capital Management, L.P., acting as investment advisor to funds that it manages, to issue and sell 10,000,000 shares of common stock in a private placement at $50.00 per share. The total issuance of 12,270,900 shares closed on March 31, 2020 , and the Company received $593.7 million in net proceeds. The Company intends to use the net proceeds for general corporate purposes including strengthening the Company’s balance sheet and enhancing liquidity.

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES 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 March 31, (In thousands) 2020 2019 Revenues From contracts with customers Recognized at a point in time: Condominium rights and unit sales $ 43 $ 198,310 Master Planned Communities land sales 39,732 41,312 Builder price participation 7,759 5,195 Total revenue from contracts with customers 47,534 244,817 Recognized at a point in time and/or over time: Other land, rental and property revenues 34,897 41,479 Total other income 34,897 41,479 Rental and other income (lease-related revenues) Minimum rents 70,987 54,086 Tenant recoveries 20,875 13,508 Interest income from sales-type leases 882 — Total rental income 92,744 67,594 Total revenues $ 175,175 $ 353,890 Revenues by segment Operating Assets revenues $ 114,257 $ 91,953 Master Planned Communities revenues 50,446 50,896 Seaport District revenues 9,694 7,030 Strategic Developments revenues 760 204,011 Corporate revenues 18 — Total revenues $ 175,175 $ 353,890 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 (In thousands) Liabilities Balance as of December 31, 2019 $ 246,010 Consideration earned during the period (17,885 ) Consideration received during the period 64,432 Balance as of March 31, 2020 $ 292,557 Remaining Unsatisfied Performance Obligations The Company’s remaining unsatisfied performance obligations as of March 31, 2020 , 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 noncancelable 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 March 31, 2020 , is $1.7 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 $ 224,740 $ 432,467 $ 1,026,141

LEASES

LEASES	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
LEASES	LEASES Leases (Topic 842) increases transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities 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, net and Operating lease obligations on the Condensed Consolidated Balance Sheets. 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 March 31, 2020 . 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 53 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) March 31, 2020 Assets Operating lease right-of-use assets $ 68,582 Riverwalk impairment (10,235 ) Total leased assets $ 58,347 Liabilities Operating lease liabilities $ 69,980 Total leased liabilities $ 69,980 The components of lease expense are as follows: (In thousands) Three Months Ended Lease cost March 31, 2020 Operating lease cost $ 2,179 Variable lease costs 158 Sublease income — Net lease cost $ 2,337 Future minimum lease payments as of March 31, 2020 , are as follows: (In thousands) Operating Year Ended December 31, Leases 2020 (excluding the three months ended March 31, 2020) $ 5,131 2021 7,066 2022 6,328 2023 6,374 2024 6,432 Thereafter 266,852 Total lease payments 298,183 Less: imputed interest (228,203 ) Present value of lease liabilities $ 69,980 Other information related to the Company’s lessee agreements is as follows: (In thousands) Three Months Ended Supplemental Condensed Consolidated Statements of Cash Flows Information March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows on operating leases $ 1,796 Other Information March 31, 2020 Weighted-average remaining lease term (years) Operating leases 37.1 Weighted-average discount rate Operating leases 7.8 % 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 5 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 March 31, 2020 , are as follows: Three Months Ended (In thousands) March 31, 2020 Total minimum rent payments $ 59,099 Total future minimum rents associated with operating leases are as follows: Total Minimum Year Ending December 31, Rent (In thousands) 2020 (excluding the three months ended March 31, 2020) $ 165,577 2021 233,538 2022 247,698 2023 237,217 2024 227,821 Thereafter 1,439,849 Total $ 2,551,700 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. A sales-type lease is defined as a lease that meets one or more of the following: transfers ownership at the end of the lease term, grants the lessee an option to purchase that is reasonably expected to be exercised, covers the major part of the asset’s economic life, the net present value of the lease payments equals or exceeds the fair value of the asset, or the asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease. As of March 31, 2020 , the Company sold 100 Fellowship Drive, one of its sales-type leases. The Net investment in lease receivable

SEGMENTS

SEGMENTS	3 Months Ended
	Mar. 31, 2020
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 453,000 square feet of restaurant, retail and entertainment properties situated in three primary locations in New York, New York: Pier 17, Seaport District Historic Area/Uplands and Tin Building. While the latter is still under development and will comprise about 53,000 square feet when completed, the two operating locations consist of third-party tenants, tenants either directly or jointly owned and operated by the Company, and businesses owned and operated by the Company under licensing agreements. • Strategic Developments – consists of residential condominium and commercial property projects currently under development and all other properties held for development which have no substantial operations. Segment operating results are as follows: Three Months Ended March 31, (In thousands) 2020 2019 Operating Assets Segment EBT Total revenues (a) $ 114,257 $ 91,953 Total operating expenses (b) (52,240 ) (42,912 ) Segment operating income 62,017 49,041 Depreciation and amortization (37,089 ) (27,108 ) Interest expense, net (26,193 ) (18,991 ) Other (loss) income, net (59 ) 35 Equity in earnings from real estate and other affiliates 4,394 2,709 Gain on sale or disposal of real estate 38,124 — Provision for impairment (48,738 ) — Segment EBT (7,544 ) 5,686 MPC Segment EBT Total revenues 50,446 50,896 Total operating expenses (23,722 ) (28,514 ) Segment operating income 26,724 22,382 Depreciation and amortization (91 ) (160 ) Interest income, net 8,554 7,543 Other loss, net — (5 ) Equity in earnings from real estate and other affiliates 8,934 7,837 Segment EBT 44,121 37,597 Seaport District Segment EBT Total revenues 9,694 7,030 Total operating expenses (14,311 ) (14,433 ) Segment operating loss (4,617 ) (7,403 ) Depreciation and amortization (20,875 ) (6,193 ) Interest expense, net (5,053 ) (1,532 ) Other loss, net (3,368 ) (86 ) Equity in losses from real estate and other affiliates (2,043 ) (632 ) Loss on sale or disposal of real estate — (6 ) Segment EBT (35,956 ) (15,852 ) Three Months Ended March 31, (In thousands) 2020 2019 Strategic Developments Segment EBT Total revenues 760 204,011 Total operating expenses (104,299 ) (146,303 ) Segment operating (loss) income (103,539 ) 57,708 Depreciation and amortization (1,761 ) (1,056 ) Interest income, net 1,931 3,262 Other (loss) income, net (375 ) 693 Equity in earnings from real estate and other affiliates 64 37 Segment EBT (103,680 ) 60,644 Consolidated Segment EBT Total revenues 175,157 353,890 Total operating expenses (194,572 ) (232,162 ) Segment operating income (19,415 ) 121,728 Depreciation and amortization (59,816 ) (34,517 ) Interest expense, net (20,761 ) (9,718 ) Other (loss) income, net (3,802 ) 637 Equity in earnings from real estate and other affiliates 11,349 9,951 Gain (loss) on sale or disposal of real estate, net 38,124 (6 ) Provision for impairment (48,738 ) — Consolidated segment EBT (103,059 ) 88,075 Corporate income, expenses and other items (22,023 ) (56,150 ) Net (loss) income (125,082 ) 31,925 Net income attributable to noncontrolling interests (52 ) (104 ) Net (loss) income attributable to common stockholders $ (125,134 ) $ 31,821 (a) Includes hospitality revenues for the three months ended March 31, 2020 , and 2019 , of $17.2 million and $22.9 million , respectively. (b) Includes hospitality operating costs for the three months ended March 31, 2020 , and 2019 , of $12.9 million and $15.6 million , respectively. The assets by segment and the reconciliation of total segment assets to the Total assets in the Condensed Consolidated Balance Sheets are summarized as follows: March 31, December 31, (In thousands) 2020 2019 Operating Assets $ 3,527,387 $ 3,476,718 Master Planned Communities 2,228,230 2,166,472 Seaport District 919,523 930,067 Strategic Developments 1,612,002 1,540,161 Total segment assets 8,287,142 8,113,418 Corporate 832,582 300,348 Total assets $ 9,119,724 $ 8,413,766

ACCOUNTING POLICIES AND PRONO_2

ACCOUNTING POLICIES AND PRONOUNCEMENTS ACCOUNTING POLICIES AND PRONOUNCEMENTS (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
New 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform . The amendments in this Update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform when certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transaction that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has applied certain optional expedients, that are retained through the end of the hedging relationship. The amendments in this Update are effective as of March 12, 2020, through December 31, 2022. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During Q1 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedge transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this Update simplify the accounting for income taxes by removing certain exceptions from ASC 740. Additionally, the amendments in this Update also simplify the accounting for income taxes by requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax, requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination, and other targeted changes. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2020. The Company is currently evaluating the impact that the adoption of ASU 2019-12 may have on its consolidated financial statements. In November 2019, the FASB issued ASU 2019-08, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606 ). The amendments in this Update require that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. The amount recorded as a reduction of the transaction price is required to be measured on the basis of the grant-date fair value of the share-based payment award in accordance with Topic 718. The grant date is the date at which a grantor (supplier) and a grantee (customer) reach a mutual understanding of the key terms and conditions of the share-based payment award. The classification and subsequent measurement of the award are subject to the guidance in Topic 718 unless the share-based payment award is subsequently modified, and the grantee is no longer a customer. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted ASU 2019-08 as of January 1, 2020, and it did not have a material effect on its consolidated financial statements. 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 years, beginning after December 15, 2019. The Company adopted ASU 2019-04 as of January 1, 2020. See further discussion regarding adoption of ASU 2016-13 for the impact of amendments to Financial Instruments-Credit Losses. The amendments to Derivatives and Hedging, and Financial Instruments-Overall did not have a material effect on the Company’s 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 adopted ASU 2018-17 as of January 1, 2020, and it did not have a material effect 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 adopted ASU 2018-15 prospectively as of January 1, 2020. There was no material impact to the Company’s consolidated financial statements upon adoption. 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 adopted ASU 2018-13 as of January 1, 2020. The amended disclosure requirements did not have a material impact to the Company’s consolidated financial statements upon adoption. 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 adopted ASU 2017-04 as of January 1, 2020, and will eliminate step two from its goodwill impairment tests. There was no material impact to the consolidated financial statements upon adoption.
Financial Instruments - Credit Losses and Related Policy Updates	Financial Instruments - Credit losses and related policy updates The Company is exposed to credit losses through the sale of goods and services to the Company’s customers. Receivables held by the Company primarily relate to short-term trade receivables and financing receivables, which include Municipal Utility District (“MUD”) receivables, Special Improvement District (“SID”) bonds, tax increment financing (“TIF”) receivables, net investments in lease receivables, and notes receivable. The Company assesses its exposure to credit loss based on historical collection experience and future expectations by portfolio segment. Historical collection experience is evaluated on a quarterly basis by the Company.

BASIS OF PRESENTATION AND ORG_2

BASIS OF PRESENTATION AND ORGANIZATION (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restructuring and Related Costs	The following table summarizes the changes to the restructuring liability included in Accounts payable and accrued expenses on the Condensed Consolidated Balance Sheets: (In thousands) Restructuring costs Balance at December 31, 2019 $ 9,685 Charges (a) 2,478 Charges paid/settled (4,293 ) Balance at March 31, 2020 $ 7,870 (a) Charges relate to relocation, retention and severance expenses and are included in General and administrative

REAL ESTATE AND OTHER AFFILIA_2

REAL ESTATE AND OTHER AFFILIATES (Tables)	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Summary of investments in real estate and other affiliates	Equity investments in real estate and other affiliates are reported as follows: Economic/Legal Ownership Carrying Value Share of Earnings/Dividends March 31, December 31, March 31, December 31, Three Months Ended March 31, ($ in thousands) 2020 2019 2020 2019 2020 2019 Equity Method Investments Operating Assets: The Metropolitan Downtown Columbia (a) 50 % 50 % $ — $ — $ 227 $ 183 Stewart Title of Montgomery County, TX 50 % 50 % 3,767 4,175 343 102 Woodlands Sarofim #1 20 % 20 % 3,019 2,985 35 20 m.flats/TEN.M 50 % 50 % 1,784 2,431 65 (1,221 ) Master Planned Communities: The Summit (b) — % — % 92,216 84,455 8,934 7,837 Seaport District: Mr. C Seaport 35 % 35 % 7,000 7,650 (651 ) (632 ) Bar Wayō (Momofuku) (b) — % — % 6,745 7,469 (1,392 ) — Strategic Developments: Circle T Ranch and Power Center 50 % 50 % 8,405 8,207 86 35 HHMK Development 50 % 50 % 10 10 — — KR Holdings 50 % 50 % 394 422 (22 ) 2 123,340 117,804 7,625 6,326 Other equity investments (c) 3,953 3,953 3,724 3,625 Investments in real estate and other affiliates $ 127,293 $ 121,757 $ 11,349 $ 9,951 (a) The Metropolitan Downtown Columbia was in a deficit position of $4.9 million and $4.7 million at March 31, 2020 , and December 31, 2019 , respectively, due to distributions from operating cash flows in excess of basis. These deficit balances are presented in Accounts payable and accrued expenses at March 31, 2020 , and December 31, 2019 . (b) Please refer to the discussion below for a description of the joint venture ownership structure. (c) Other equity investments represent equity investments not accounted for under the equity method. The Company elected the measurement alternative as these investments do not have readily determinable fair values. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year 2020 or cumulatively. Relevant financial statement information for The Summit is summarized as follows: March 31, December 31, (In thousands) 2020 2019 Total Assets $ 222,447 $ 221,277 Total Liabilities 128,098 136,314 Total Equity 94,349 84,963 Three Months Ended March 31, (In thousands) 2020 2019 Revenues (a) $ 39,836 $ 30,483 Net income 10,559 7,423 Gross Margin 11,704 8,332 (a) The Summit adopted ASU 2014-09, Revenues from Contracts with Customers (Topic 606) effective in the fourth quarter of 2019 using the modified retrospective transition method. Therefore, for 2020, revenues allocated to each of The Summit’s performance obligations is recognized over time based on an input measure of progress. The first quarter of 2019 amounts have not been adjusted and are recognized on a percentage of completion basis. The Summit’s adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial statements.

ACCOUNTING POLICIES AND PRONO_3

ACCOUNTING POLICIES AND PRONOUNCEMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Amortized Cost Basis on Financing Receivables	The following table summarizes the amortized cost basis of financing receivables by portfolio segment as of March 31, 2020 : ($ in thousands) MUD receivables SID receivables TIF receivables Net investments in lease receivable Notes receivable Total Collection experience $ 286,157 $ 42,103 $ 3,853 $ 2,950 $ 36,247 $ 371,310
Allowance for Credit Losses on Financing Receivables	The following table presents the activity in the allowance for credit losses for financing receivables by portfolio segment for the three months ended March 31, 2020 : ($ in thousands) MUD receivables SID receivables TIF receivables Net investments in lease receivable Notes receivable Trade accounts receivable (a) Beginning balance as of January 1, 2020 $ — $ — $ — $ 17 $ 209 $ — Current-period provision for expected credit losses — — — — 39 60 Write-offs — — — — (1 ) — Recoveries — — — — — — Ending balance as of March 31, 2020 $ — $ — $ — $ 17 $ 247 $ 60 (a) Trade accounts receivable are presented within accounts receivable, net on the consolidated balance sheet. Accounts receivable, net also includes receivables related to operating leases. Collectability and related allowance for amounts due under operating leases is assessed under the guidance of ASC 842. Reserves related to operating lease receivables are not included in the above table.

OTHER ASSETS AND LIABILITIES (T

OTHER ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2020
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: March 31, December 31, (In thousands) 2020 2019 Straight-line rent $ 59,082 $ 56,223 Condominium inventory 55,577 56,421 In-place leases 53,059 54,471 Security, escrow, and other deposits 51,197 17,464 Special Improvement District receivable 42,103 42,996 Intangibles 33,105 33,275 Prepaid expenses 14,132 13,263 Other 8,127 9,252 Tenant incentives and other receivables 7,527 7,556 TIF receivable 3,854 3,931 Federal income tax receivable 2,389 655 Food and beverage and lifestyle inventory 1,914 4,310 Above-market tenant leases 491 556 Prepaid expenses and other assets, net $ 332,557 $ 300,373
Summary of the significant components of accounts payable and accrued expenses	The following table summarizes the significant components of Accounts payable and accrued expenses: March 31, December 31, (In thousands) 2020 2019 Construction payables $ 327,557 $ 261,523 Condominium deposit liabilities 240,980 194,794 Interest rate swap liabilities 77,363 40,135 Deferred income 63,817 63,483 Accounts payable and accrued expenses 31,651 37,480 Tenant and other deposits 27,632 24,080 Accrued payroll and other employee liabilities 21,697 44,082 Accrued real estate taxes 15,577 27,559 Other 14,101 16,173 Accrued interest 11,418 23,838 Accounts payable and accrued expenses $ 831,793 $ 733,147

MORTGAGES, NOTES AND LOANS PA_2

MORTGAGES, NOTES AND LOANS PAYABLE, NET (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of mortgages, notes and loans payable	Mortgages, notes and loans payable, net are summarized as follows: March 31, December 31, (In thousands) 2020 2019 Fixed-rate debt: Unsecured 5.375% Senior Notes $ 1,000,000 $ 1,000,000 Secured mortgages, notes and loans payable 882,727 884,935 Special Improvement District bonds 23,460 23,725 Variable-rate debt: Mortgages, notes and loans payable (a) 2,438,879 2,229,958 Unamortized bond issuance costs (5,030 ) (5,249 ) Unamortized deferred financing costs (b) (35,446 ) (36,899 ) Total mortgages, notes and loans payable, net $ 4,304,590 $ 4,096,470 (a) As more fully described in Note 9 - Derivative Instruments and Hedging Activities , $706.2 million and $630.1 million of variable‑rate debt has been swapped to a fixed rate for the term of the related debt, $229.9 million and $184.3 million of variable-rate debt was subject to interest rate collars and $75.0 million of variable-rate debt was capped at a maximum interest rate as of March 31, 2020 , and December 31, 2019 . (b) Deferred financing costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method).

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2020
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 the Company’s liabilities that are measured at fair value on a recurring basis: March 31, 2020 December 31, 2019 Fair Value Measurements Using Fair Value Measurements Using (In thousands) Total Quoted Prices Significant Significant Total Quoted Prices Significant Significant Interest rate derivative liabilities $ 77,363 $ — $ 77,363 $ — $ 40,135 $ — $ 40,135 $ —
Summary of assets and liabilities that were measured at fair value on a 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: March 31, 2020 December 31, 2019 (In thousands) Fair Value Carrying Estimated Carrying Estimated Assets: Cash and Restricted cash Level 1 $ 1,238,713 $ 1,238,713 $ 620,135 $ 620,135 Accounts receivable, net (a) Level 3 9,944 9,944 12,279 12,279 Notes receivable, net (b) Level 3 36,000 36,000 36,379 36,379 Liabilities: Fixed-rate debt (c) Level 2 1,906,187 1,864,876 1,908,660 1,949,773 Variable-rate debt (c) Level 2 2,438,879 2,438,879 2,229,958 2,229,958 (a) Accounts receivable, net is shown net of an allowance of $9.8 million and $15.6 million at March 31, 2020 , and December 31, 2019 , respectively. (b) Notes receivable, net is shown net of an allowance of $0.2 million at March 31, 2020 , and December 31, 2019 .. (c) Excludes related unamortized financing costs.
Summary of non-financial asset measure at fair value on a non-recurring basis	The following table includes a non-financial asset that was measured at fair value on a non-recurring basis as a result of the property being impaired: March 31, 2020 Fair Value Measurements Using (In thousands) Total Fair Value Measurement Quoted Prices in Significant Significant Total (Loss) Operating Assets: Outlet Collection at Riverwalk (a) $ 46,794 $ — $ — $ 46,794 $ (48,738 ) (a) The fair value was determined based on a discounted cash flow analysis using a capitalization rate of 10.0% and is shown net of transaction costs.

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, December 31, (In thousands) Balance Sheet Location Amount Rate (a) Date Date 2020 2019 Derivative instruments not designated as hedging instruments: Interest rate cap (b) Prepaid expenses and other assets, net $ 230,000 2.50 % 12/22/2016 12/23/2019 $ — $ — Interest rate cap (c) Prepaid expenses and other assets, net 75,000 5.00 % 8/31/2019 8/31/2020 — — Derivative instruments designated as hedging instruments: Interest rate collar (d) Accounts payable and accrued expenses 193,967 2.00% - 3.00% 5/1/2019 5/1/2020 (164 ) (182 ) Interest rate collar (d) Accounts payable and accrued expenses 354,217 2.25% - 3.25% 5/1/2020 5/1/2021 (5,791 ) (2,074 ) Interest rate collar (d) Accounts payable and accrued expenses 381,404 2.75% - 3.50% 5/1/2021 4/30/2022 (9,182 ) (4,578 ) Interest rate swap (e) Accounts payable and accrued expenses 615,000 2.96 % 9/21/2018 9/18/2023 (55,955 ) (31,187 ) Interest rate swap (f) Accounts payable and accrued expenses 1,810 4.89 % 11/1/2019 1/1/2032 (6,271 ) (2,114 ) Total fair value derivative liabilities $ (77,363 ) $ (40,135 ) (a) These rates represent the strike rate on HHC’s interest swaps, caps and collars. (b) The Company settled this Interest rate cap on February 1, 2019 . Interest income of $0.2 million is included in the Condensed Consolidated Statements of Operations for the year ended December 31, 2019 , related to this contract. (c) On August 30, 2019 , the Company executed an agreement to extend the maturing position of this cap. Interest income included in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2020 , and the year ended December 31, 2019 , related to this contract was not meaningful. (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) 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. (f) 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 months ended March 31, 2020 , and 2019 (in thousands): Amount of Loss Recognized in AOCI on Derivative Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2020 2019 Interest rate derivatives $ (31,340 ) $ (5,816 ) Amount of (Loss) Gain Reclassified from AOCI into Operations Three Months Ended March 31, Location of (Loss) Gain Reclassified from AOCI into Operations 2020 2019 Interest expense $ (1,093 ) $ 128 Total Interest Expense Presented in the Results of Operations in which the Effects of Cash Flow Hedges are Recorded Three Months Ended March 31, Interest Expense Presented in Results of Operations 2020 2019 Interest expense $ 34,448 $ 23,326

STOCK-BASED PLANS (Tables)

STOCK-BASED PLANS (Tables)	3 Months Ended
	Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of stock option plan activity	The following table summarizes the Company’s stock option activity for the three months ended March 31, 2020 : Stock Weighted-average Stock Options outstanding at December 31, 2019 721,496 $ 104.55 Granted 2,000 83.11 Exercised (54,558 ) 67.88 Forfeited (107,000 ) 126.24 Expired (1,000 ) 125.09 Stock Options outstanding at March 31, 2020 560,938 $ 103.87
Summary of restricted stock activity	The following table summarizes restricted stock activity for the three months ended March 31, 2020 : Restricted Weighted-average Grant Restricted stock outstanding at December 31, 2019 406,802 $ 76.27 Granted 70,210 84.55 Forfeited (12,796 ) 90.94 Restricted stock outstanding at March 31, 2020 464,216 $ 77.01

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2020
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 December 31, 2018 $ (8,126 ) Other comprehensive loss before reclassifications (5,867 ) Gain reclassified from accumulated other comprehensive loss to net income (128 ) Terminated swap amortization (638 ) Net current-period other comprehensive loss (6,633 ) Balance as of March 31, 2019 $ (14,759 ) Balance as of December 31, 2019 $ (29,372 ) Other comprehensive loss before reclassifications (31,340 ) Loss reclassified from accumulated other comprehensive loss to net income 1,093 Terminated swap amortization (654 ) Net current-period other comprehensive loss (30,901 ) Balance as of March 31, 2020 $ (60,273 )
Summary of the amounts reclassified out of AOCI	The following table summarizes the amounts reclassified out of AOCI: Amounts reclassified from (In thousands) Three Months Ended March 31, Affected line items in the Accumulated Other Comprehensive Income (Loss) Components 2020 2019 Statements of Operations Losses (gains) on cash flow hedges $ 1,383 $ (162 ) Interest expense Interest rate swap contracts (290 ) 34 Provision for income taxes Total reclassifications of loss (income) for the period $ 1,093 $ (128 ) Net of tax

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Summary of EPS calculations	Information related to the Company’s EPS calculations is summarized as follows: Three Months Ended March 31, (In thousands, except per share amounts) 2020 2019 Basic EPS: Numerator: Net (loss) income $ (125,082 ) $ 31,925 Net income attributable to noncontrolling interests (52 ) (104 ) Net (loss) income attributable to common stockholders $ (125,134 ) $ 31,821 Denominator: Weighted-average basic common shares outstanding 43,380 43,106 Diluted EPS: Numerator: Net (loss) income attributable to common stockholders $ (125,134 ) $ 31,821 Denominator: Weighted-average basic common shares outstanding 43,380 43,106 Restricted stock and stock options — 151 Weighted-average diluted common shares outstanding (a) 43,380 43,257 Basic (loss) income per share: $ (2.88 ) $ 0.74 Diluted (loss) income per share: $ (2.88 ) $ 0.74 (a) The diluted EPS computation for the three months ended March 31, 2020 , excludes outstanding stock awards because their effect is anti-dilutive. The diluted EPS computation for the three months ended March 31, 2019 , excludes 563,808 shares of stock options because their inclusion would have been anti-dilutive. The diluted EPS computation for the three months ended March 31, 2020 , and 2019 excludes 265,699 and 288,010 shares of restricted stock, respectively, because performance conditions provided for in the restricted stock awards have not been satisfied. On March 27, 2020, the Company offered 2,000,000 shares of common stock to the public at $50.00 per share and granted the underwriters an option to purchase up to an additional 300,000 shares of common stock at the same price. The underwriters partially exercised their option and purchased an additional 270,900 shares. Concurrently, the Company entered into a share purchase agreement with Pershing Square Capital Management, L.P., acting as investment advisor to funds that it manages, to issue and sell 10,000,000 shares of common stock in a private placement at $50.00 per share. The total issuance of 12,270,900 shares closed on March 31, 2020 , and the Company received $593.7 million in net proceeds. The Company intends to use the net proceeds for general corporate purposes including strengthening the Company’s balance sheet and enhancing liquidity.

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, (In thousands) 2020 2019 Revenues From contracts with customers Recognized at a point in time: Condominium rights and unit sales $ 43 $ 198,310 Master Planned Communities land sales 39,732 41,312 Builder price participation 7,759 5,195 Total revenue from contracts with customers 47,534 244,817 Recognized at a point in time and/or over time: Other land, rental and property revenues 34,897 41,479 Total other income 34,897 41,479 Rental and other income (lease-related revenues) Minimum rents 70,987 54,086 Tenant recoveries 20,875 13,508 Interest income from sales-type leases 882 — Total rental income 92,744 67,594 Total revenues $ 175,175 $ 353,890 Revenues by segment Operating Assets revenues $ 114,257 $ 91,953 Master Planned Communities revenues 50,446 50,896 Seaport District revenues 9,694 7,030 Strategic Developments revenues 760 204,011 Corporate revenues 18 — Total revenues $ 175,175 $ 353,890
Contract with customer, assets and liabilities	The beginning and ending balances of contract assets and liabilities and significant activity during the period is as follows: Contract (In thousands) Liabilities Balance as of December 31, 2019 $ 246,010 Consideration earned during the period (17,885 ) Consideration received during the period 64,432 Balance as of March 31, 2020 $ 292,557
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 $ 224,740 $ 432,467 $ 1,026,141

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Assets and liabilities, lessee	The Company’s leased assets and liabilities are as follows: (In thousands) March 31, 2020 Assets Operating lease right-of-use assets $ 68,582 Riverwalk impairment (10,235 ) Total leased assets $ 58,347 Liabilities Operating lease liabilities $ 69,980 Total leased liabilities $ 69,980
Lease cost	Other information related to the Company’s lessee agreements is as follows: (In thousands) Three Months Ended Supplemental Condensed Consolidated Statements of Cash Flows Information March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows on operating leases $ 1,796 Other Information March 31, 2020 Weighted-average remaining lease term (years) Operating leases 37.1 Weighted-average discount rate Operating leases 7.8 % The components of lease expense are as follows: (In thousands) Three Months Ended Lease cost March 31, 2020 Operating lease cost $ 2,179 Variable lease costs 158 Sublease income — Net lease cost $ 2,337
Operating lease liability maturity	Future minimum lease payments as of March 31, 2020 , are as follows: (In thousands) Operating Year Ended December 31, Leases 2020 (excluding the three months ended March 31, 2020) $ 5,131 2021 7,066 2022 6,328 2023 6,374 2024 6,432 Thereafter 266,852 Total lease payments 298,183 Less: imputed interest (228,203 ) Present value of lease liabilities $ 69,980
Schedule of minimum rent payments	The minimum rentals based on operating leases of the consolidated properties held as of March 31, 2020 , are as follows: Three Months Ended (In thousands) March 31, 2020 Total minimum rent payments $ 59,099 Total future minimum rents associated with operating leases are as follows: Total Minimum Year Ending December 31, Rent (In thousands) 2020 (excluding the three months ended March 31, 2020) $ 165,577 2021 233,538 2022 247,698 2023 237,217 2024 227,821 Thereafter 1,439,849 Total $ 2,551,700

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Summary of segment operating results	Segment operating results are as follows: Three Months Ended March 31, (In thousands) 2020 2019 Operating Assets Segment EBT Total revenues (a) $ 114,257 $ 91,953 Total operating expenses (b) (52,240 ) (42,912 ) Segment operating income 62,017 49,041 Depreciation and amortization (37,089 ) (27,108 ) Interest expense, net (26,193 ) (18,991 ) Other (loss) income, net (59 ) 35 Equity in earnings from real estate and other affiliates 4,394 2,709 Gain on sale or disposal of real estate 38,124 — Provision for impairment (48,738 ) — Segment EBT (7,544 ) 5,686 MPC Segment EBT Total revenues 50,446 50,896 Total operating expenses (23,722 ) (28,514 ) Segment operating income 26,724 22,382 Depreciation and amortization (91 ) (160 ) Interest income, net 8,554 7,543 Other loss, net — (5 ) Equity in earnings from real estate and other affiliates 8,934 7,837 Segment EBT 44,121 37,597 Seaport District Segment EBT Total revenues 9,694 7,030 Total operating expenses (14,311 ) (14,433 ) Segment operating loss (4,617 ) (7,403 ) Depreciation and amortization (20,875 ) (6,193 ) Interest expense, net (5,053 ) (1,532 ) Other loss, net (3,368 ) (86 ) Equity in losses from real estate and other affiliates (2,043 ) (632 ) Loss on sale or disposal of real estate — (6 ) Segment EBT (35,956 ) (15,852 ) Three Months Ended March 31, (In thousands) 2020 2019 Strategic Developments Segment EBT Total revenues 760 204,011 Total operating expenses (104,299 ) (146,303 ) Segment operating (loss) income (103,539 ) 57,708 Depreciation and amortization (1,761 ) (1,056 ) Interest income, net 1,931 3,262 Other (loss) income, net (375 ) 693 Equity in earnings from real estate and other affiliates 64 37 Segment EBT (103,680 ) 60,644 Consolidated Segment EBT Total revenues 175,157 353,890 Total operating expenses (194,572 ) (232,162 ) Segment operating income (19,415 ) 121,728 Depreciation and amortization (59,816 ) (34,517 ) Interest expense, net (20,761 ) (9,718 ) Other (loss) income, net (3,802 ) 637 Equity in earnings from real estate and other affiliates 11,349 9,951 Gain (loss) on sale or disposal of real estate, net 38,124 (6 ) Provision for impairment (48,738 ) — Consolidated segment EBT (103,059 ) 88,075 Corporate income, expenses and other items (22,023 ) (56,150 ) Net (loss) income (125,082 ) 31,925 Net income attributable to noncontrolling interests (52 ) (104 ) Net (loss) income attributable to common stockholders $ (125,134 ) $ 31,821 (a) Includes hospitality revenues for the three months ended March 31, 2020 , and 2019 , of $17.2 million and $22.9 million , respectively. (b) Includes hospitality operating costs for the three months ended March 31, 2020 , and 2019 , of $12.9 million and $15.6 million , respectively.
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: March 31, December 31, (In thousands) 2020 2019 Operating Assets $ 3,527,387 $ 3,476,718 Master Planned Communities 2,228,230 2,166,472 Seaport District 919,523 930,067 Strategic Developments 1,612,002 1,540,161 Total segment assets 8,287,142 8,113,418 Corporate 832,582 300,348 Total assets $ 9,119,724 $ 8,413,766

BASIS OF PRESENTATION AND ORG_3

BASIS OF PRESENTATION AND ORGANIZATION Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Jan. 01, 2020
Restructuring Cost and Reserve [Line Items]
Provision for doubtful accounts	$ 1,701		$ (2)
Impairment of real estate	48,738		0
Adoption of ASU 2016-13				$ (18)
Outlet Collection, Riverwalk
Restructuring Cost and Reserve [Line Items]
Impairment of real estate	48,738		$ 0
Corporate Restructuring
Restructuring Cost and Reserve [Line Items]
Assets held for sale		$ 2,000,000
Restructuring charges	2,478
Corporate Restructuring | Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	2,300
Corporate Restructuring | Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining	4,300
Accumulated Deficit
Restructuring Cost and Reserve [Line Items]
Adoption of ASU 2016-13				$ (18)
One-time Termination Benefits | Corporate Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,500	$ 34,300
COVID-19
Restructuring Cost and Reserve [Line Items]
Provision for doubtful accounts	1,600
COVID-19 | Outlet Collection, Riverwalk
Restructuring Cost and Reserve [Line Items]
Impairment of real estate	$ 48,700

BASIS OF PRESENTATION AND ORG_4

BASIS OF PRESENTATION AND ORGANIZATION BASIS OF PRESENTATION AND ORGANIZATION (Restructuring Plan Activities) (Details) - Corporate Restructuring $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 9,685
Charges	2,478
Charges paid/settled	(4,293)
Balance at end of period	$ 7,870

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
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Investment in Real Estate and Other Affiliates
Carrying Value	$ 127,293		$ 121,757
Share of Earnings/Dividends	11,349	$ 9,951
Other equity investments (c)
Investment in Real Estate and Other Affiliates
Carrying Value	3,953		3,953
Share of Earnings/Dividends	3,724	3,625
Accounts payable and accrued expenses | The Metropolitan Downtown Columbia
Investment in Real Estate and Other Affiliates
Investment deficit position	$ 4,900		$ 4,700
Operating Assets | The Metropolitan Downtown Columbia | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%		50.00%
Carrying Value	$ 0		$ 0
Share of Earnings/Dividends	$ 227	183
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%
Carrying Value	$ 3,767		$ 4,175
Share of Earnings/Dividends	$ 343	102
Operating Assets | Woodlands Sarofim 1 | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	20.00%		20.00%
Carrying Value	$ 3,019		$ 2,985
Share of Earnings/Dividends	$ 35	20
Operating Assets | m.flats/TEN.M | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%		50.00%
Carrying Value	$ 1,784		$ 2,431
Share of Earnings/Dividends	$ 65	(1,221)
Master Planned Communities | The Summit | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	0.00%		0.00%
Carrying Value	$ 92,216		$ 84,455
Share of Earnings/Dividends	$ 8,934	7,837
Seaport District revenues | Mr. C Seaport | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	35.00%		35.00%
Carrying Value	$ 7,000		$ 7,650
Share of Earnings/Dividends	$ (651)	(632)
Seaport District revenues | Bar Wayo (Momofuku) | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	0.00%		0.00%
Carrying Value	$ 6,745		$ 7,469
Share of Earnings/Dividends	(1,392)	0
Strategic Developments | Equity Method Investments
Investment in Real Estate and Other Affiliates
Carrying Value	123,340		$ 117,804
Share of Earnings/Dividends	$ 7,625	6,326
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%
Carrying Value	$ 8,405		$ 8,207
Share of Earnings/Dividends	$ 86	35
Strategic Developments | HHMK Development | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%		50.00%
Carrying Value	$ 10		$ 10
Share of Earnings/Dividends	$ 0	0
Strategic Developments | KR Holdings | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%		50.00%
Carrying Value	$ 394		$ 422
Share of Earnings/Dividends	$ (22)	$ 2

ACCOUNTING POLICIES AND PRONO_4

ACCOUNTING POLICIES AND PRONOUNCEMENTS (Summary of Amortized Costs Basis) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Collection experience	$ 371,310
MUD receivables
Financing Receivable, Allowance for Credit Losses [Line Items]
Collection experience	286,157
SID receivables
Financing Receivable, Allowance for Credit Losses [Line Items]
Collection experience	42,103
TIF receivables
Financing Receivable, Allowance for Credit Losses [Line Items]
Collection experience	3,853
Net investments in lease receivable
Financing Receivable, Allowance for Credit Losses [Line Items]
Collection experience	2,950
Notes receivable
Financing Receivable, Allowance for Credit Losses [Line Items]
Collection experience	$ 36,247

REAL ESTATE AND OTHER AFFILIA_4

REAL ESTATE AND OTHER AFFILIATES (Narrative) (Details)	May 23, 2019USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2016	Mar. 31, 2015USD ($)item	Dec. 31, 2019USD ($)
Real Estate and Other Affiliates
Investment in real estate and other affiliates		$ 127,293,000				$ 121,757,000
Carrying values of the assets associated with the operations of the consolidated VIEs		9,119,724,000				8,413,766,000
Carrying values of the liabilities associated with the operations of the consolidated VIEs		$ 5,347,126,000				5,080,778,000
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%
Bar Wavo | Momofuku
Real Estate and Other Affiliates
Preferred return on capital of cash distribution				25.00%
Joint venture real estate, percentage funded				10.25%
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
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%
Preferred return on capital of cash distribution			11.11%
Ownership interest		10.00%
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		$ 209,100,000
Share of entity in secured debt		100,200,000
Seaport District revenues | Equity Method Investments | Mr. C Seaport
Real Estate and Other Affiliates
Investment in real estate and other affiliates		7,000,000				7,650,000
Seaport District revenues | Equity Method Investments | Bar Wavo
Real Estate and Other Affiliates
Investment in real estate and other affiliates		$ 6,745,000				7,469,000
Wacker110 N | Operating Assets
Real Estate and Other Affiliates
Recourse percentage		18.00%
Facility amount		$ 41,400,000
Variable Interest Entity, Primary Beneficiary
Real Estate and Other Affiliates
Carrying values of the assets associated with the operations of the consolidated VIEs		433,900,000				393,300,000
Carrying values of the liabilities associated with the operations of the consolidated VIEs		$ 235,700,000				$ 186,500,000

ACCOUNTING POLICIES AND PRONO_5

ACCOUNTING POLICIES AND PRONOUNCEMENTS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Losses [Line Items]
Financing receivable threshold period past due	30 days
MUD receivables
Financing Receivable, Allowance for Credit Losses [Line Items]
Financing receivable, accrued interest, after allowance for credit loss	$ 15.7	$ 17.3

REAL ESTATE AND OTHER AFFILIA_5

REAL ESTATE AND OTHER AFFILIATES (Relevant Financial Information) (Details) - The Summit - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Real Estate and Other Affiliates
Total Assets	$ 222,447		$ 221,277
Total Liabilities	128,098		136,314
Total Equity	94,349		$ 84,963
Revenues	39,836	$ 30,483
Net income	10,559	7,423
Gross Margin	$ 11,704	$ 8,332

ACCOUNTING POLICIES AND PRONO_6

ACCOUNTING POLICIES AND PRONOUNCEMENTS (Allowance for Credit Losses Activity) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 200
MUD receivables
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	0
Current-period provision for expected credit losses	0
Write-offs	0
Recoveries	0
Balance at end of period	0
SID receivables
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	0
Current-period provision for expected credit losses	0
Write-offs	0
Recoveries	0
Balance at end of period	0
TIF receivables
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	0
Current-period provision for expected credit losses	0
Write-offs	0
Recoveries	0
Balance at end of period	0
Net investments in lease receivable
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	17
Current-period provision for expected credit losses	0
Write-offs	0
Recoveries	0
Balance at end of period	17
Notes receivable
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	209
Current-period provision for expected credit losses	39
Write-offs	(1)
Recoveries	0
Balance at end of period	247
Trade accounts receivable
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	0
Current-period provision for expected credit losses	60
Write-offs	0
Recoveries	0
Balance at end of period	$ 60

RECENT TRANSACTIONS (Details)

RECENT TRANSACTIONS (Details) $ in Thousands	Mar. 13, 2020USD ($)	Nov. 30, 2019USD ($)ft²aparking_spaces	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Real Estate [Line Items]
Net investment in lease receivable			$ 2,933		$ 79,166
Sales-type lease, selling profit (loss)			(64,155)	$ 0
Gains on sales of properties			38,124	$ (6)
Asset carrying value			6,872,711		$ 6,760,355
100 Fellowship Drive
Real Estate [Line Items]
Area of land (in acre) | a		13.5
Square footage of building (in square feet) | ft²		203,257
Number of parking spaces | parking_spaces		550
Sales-type lease, derecognized developments		$ 63,700
Net investment in lease receivable		75,900
Sales-type lease, selling profit (loss)		$ 13,500
Proceeds from sales of properties	$ 115,000		$ 64,200
Gains on sales of properties	38,300
Asset carrying value	76,100
Transactions costs	200
Payments to acquire real estate	$ 600

IMPAIRMENT (Details)

IMPAIRMENT (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)ft²	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of real estate	$ 48,738,000	$ 0
Impairment on real estate	0		$ 0
Outlet Collection, Riverwalk
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of real estate	$ 48,738,000	$ 0
Area of real estate property (in sqft) | ft²	268,556
Assets, fair value disclosure	$ 46,800,000
Fair Value, Measurements, Nonrecurring | Valuation Technique, Discounted Cash Flow | Measurement Input, Cap Rate
Impaired Long-Lived Assets Held and Used [Line Items]
Fair value capitalization rate	0.100

OTHER ASSETS AND LIABILITIES (D

OTHER ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2019
Prepaid Expenses and Other Assets
Straight-line rent	$ 59,082			$ 56,223
Condominium inventory	55,577			56,421
Security, escrow, and other deposits	51,197			17,464
Special Improvement District receivable	42,103			42,996
Intangibles	33,105			33,275
Prepaid expenses	14,132			13,263
Other	8,127			9,252
Tenant incentives and other receivables	7,527			7,556
TIF receivable	3,854			3,931
Federal income tax receivable	2,389			655
Food and beverage and lifestyle inventory	1,914			4,310
Prepaid expenses and other assets, net	332,557			300,373
Increase in prepaid expenses and other assets	32,200
Increase in tenant and other deposits related to increases in land sales deposits	33,700
Increase in condominium inventory	2,900
Increase (decrease) income taxes receivable	1,700
Increase (decrease) food and beverage and lifestyle inventory	(2,400)
Increase (decrease) other assets	(1,100)
Accounts Payable and Accrued Liabilities [Abstract]
Construction payables	240,980			194,794
Condominium deposit liabilities	327,557			261,523
Interest rate swap liabilities	77,363			40,135
Deferred income	63,817			63,483
Accounts payable and accrued expenses	31,651			37,480
Tenant and other deposits	27,632			24,080
Accrued payroll and other employee liabilities	21,697			44,082
Accrued real estate taxes	15,577			27,559
Other	14,101			16,173
Accrued interest	11,418			23,838
Accounts payable and accrued expenses	831,793			733,147
Decrease in accounts payable and accrued expenses	98,600
Decrease in construction payables	66,000
Loss contingency, loss in period	97,900		$ 13,400
Decrease in accrued payroll and other employee liabilities	(22,400)
Decrease in accrued interest	(12,400)
Decrease in accrued real estate taxes	(12,000)
Decrease in accounts payable and accrued expenses	(5,800)
Increase in condominium deposits	46,186	$ (115,774)
Increase in interest rate swap derivative liabilities	37,200
Federal income tax receivable
Prepaid Expenses and Other Assets
Leases	53,059			54,471
Increase (decrease) finite-lived intangible assets, net	(1,400)
Above-market tenant leases
Prepaid Expenses and Other Assets
Leases	491			556
Unsecured Debt
Accounts Payable and Accrued Liabilities [Abstract]
Fixed-rate debt	$ 1,000,000			$ 1,000,000
Interest rate (as a percent)	5.375%
Senior Notes, 5.375% | Senior Notes
Accounts Payable and Accrued Liabilities [Abstract]
Interest rate (as a percent)	5.375%

MORTGAGES, NOTES AND LOANS PA_3

MORTGAGES, NOTES AND LOANS PAYABLE, NET (Summary of Mortgages, Notes and Loans Payable) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Mortgages, notes and loans payable	$ 2,438,879	$ 2,229,958
Unamortized bond issuance costs	(5,030)	(5,249)
Unamortized deferred financing costs	(35,446)	(36,899)
Total mortgages, notes and loans payable, net	4,304,590	4,096,470
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	$ 882,727	884,935
Amount of variable-rate debt swapped to fixed rate	706,200	630,100
Special Improvement District bonds
Debt Instrument [Line Items]
Fixed-rate debt	23,460	23,725
Secured mortgages, notes and loans payable | Interest Rate Collar
Debt Instrument [Line Items]
Mortgages, notes and loans payable	$ 229,900	184,300
Secured mortgages, notes and loans payable | Interest Rate Cap
Debt Instrument [Line Items]
Mortgages, notes and loans payable		$ 75,000

MORTGAGES, NOTES AND LOANS PA_4

MORTGAGES, NOTES AND LOANS PAYABLE, NET (Narrative) (Details) - USD ($)	Mar. 27, 2020	Mar. 26, 2020	Mar. 13, 2020	Mar. 05, 2020	Jan. 07, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Mortgages, notes and loans payable
Land, buildings and equipment and developments in progress pledged as collateral						$ 6,600,000,000
Repayments of long-term debt						5,115,000	$ 4,587,000
Koula | Construction Loans
Mortgages, notes and loans payable
Term of extension option	1 year
Loan amount	$ 356,800,000
Interest rate margin (as a percent)	3.00%
Summerlin | Special Improvement District Bonds
Mortgages, notes and loans payable
New SIDs issued						$ 0
100 Fellowship Drive
Mortgages, notes and loans payable
Repayments of long-term debt			$ 50,000,000
Three Hughes Landing | Mortgages
Mortgages, notes and loans payable
Loan amount				$ 61,000,000					$ 61,200,000
Three Hughes Landing | Mortgages | London Interbank Offered Rate (LIBOR)
Mortgages, notes and loans payable
Interest rate margin (as a percent)				2.60%
Creekside Park West | Construction Loans
Mortgages, notes and loans payable
Term of extension option					1 year
Loan amount					$ 43,400,000
Interest rate (as a percent)					1.75%
Bridge Loan | 9950 Woodloch Forest Drive
Mortgages, notes and loans payable
Loan amount		$ 137,000,000
Interest rate (as a percent)		1.95%
Repayments of debt		$ 63,500,000
Scenario, Forecast | Summerlin | Secured mortgages, notes and loans payable
Mortgages, notes and loans payable
Term of extension option								3 years
Loan amount								$ 221,500,000
Repayments of debt								$ 35,700,000
Scenario, Forecast | Summerlin | Secured mortgages, notes and loans payable | London Interbank Offered Rate (LIBOR)
Mortgages, notes and loans payable
Interest rate margin (as a percent)								2.50%
Scenario, Forecast | Bridge Loan | The Woodlands Towers at the Waterway and The Woodlands Warehouse
Mortgages, notes and loans payable
Term of extension option								6 months
Loan amount								$ 280,300,000
Scenario, Forecast | Bridge Loan | The Woodlands Towers at the Waterway and The Woodlands Warehouse | London Interbank Offered Rate (LIBOR)
Mortgages, notes and loans payable
Debt instrument, basis spread on variable rate, extension option								2.90%
Interest rate margin (as a percent)								2.35%

FAIR VALUE (Assets and Liabilit

FAIR VALUE (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative liabilities	$ 77,363	$ 40,135
Interest rate derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative liabilities	77,363	40,135
Interest rate derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative liabilities	0	0
Interest rate derivatives | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative liabilities	77,363	40,135
Interest rate derivatives | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Assets:
Cash and Restricted cash	$ 1,238,713	$ 620,135	$ 587,306	$ 724,215
Liabilities:
Variable-rate debt	2,438,879	2,229,958
Allowance for doubtful accounts	9,800	15,600
Allowance for notes receivable		200
Level 1 | Carrying Amount
Assets:
Cash and Restricted cash	1,238,713	620,135
Level 1 | Estimated Fair Value
Assets:
Cash and Restricted cash	1,238,713	620,135
Level 3 | Carrying Amount
Assets:
Accounts receivable, net	9,944	12,279
Notes receivable, net	36,000	36,379
Level 3 | Estimated Fair Value
Assets:
Accounts receivable, net	9,944	12,279
Notes receivable, net	36,000	36,379
Level 2 | Carrying Amount
Liabilities:
Fixed-rate debt	1,906,187	1,908,660
Variable-rate debt	2,438,879	2,229,958
Level 2 | Estimated Fair Value
Liabilities:
Fixed-rate debt	1,864,876	1,949,773
Variable-rate debt	$ 2,438,879	$ 2,229,958

FAIR VALUE (Assets Measure on a

FAIR VALUE (Assets Measure on a Non-recurring Basis) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total (Loss)	$ (48,738)	$ 0
Outlet Collection, Riverwalk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total (Loss)	(48,738)	$ 0
Outlet Collection, Riverwalk | Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement	46,794
Outlet Collection, Riverwalk | Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement	0
Outlet Collection, Riverwalk | Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement	0
Outlet Collection, Riverwalk | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement	$ 46,794
Valuation Technique, Discounted Cash Flow | Measurement Input, Cap Rate | Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value capitalization rate	0.100

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)settled_derivativederivative_instrument	Dec. 31, 2019USD ($)settled_derivative
Derivative [Line Items]
Derivative liability fair value gross	$ 77,363	$ 40,135
Interest Rate Cap
Derivative [Line Items]
Interest rate swap agreements settled | settled_derivative	0	1
Interest rate derivatives
Derivative [Line Items]
Reduction in interest expense	$ 900
Credit Risk Contract
Derivative [Line Items]
Derivative liability fair value gross	$ 79,900	$ 41,600
Designated as Hedging Instrument | Interest Rate Cap
Derivative [Line Items]
Notional amount		230,000
Payment received from derivative settlement		$ 200
Designated as Hedging Instrument | Interest rate derivatives
Derivative [Line Items]
Derivatives deferred effective portion of fair value change | derivative_instrument	3
Loss on derivative expected amount to be reclassified	$ 19,600
Settled Interest Rate Swap, One | Designated as Hedging Instrument | Interest rate derivatives
Derivative [Line Items]
Derivative change in fair value recognition period	7 years 9 months 18 days
Settled Interest Rate Swap, Two | Designated as Hedging Instrument | Interest rate derivatives
Derivative [Line Items]
Derivative change in fair value recognition period	1 year 6 months
Settled Interest Rate Swap, Three | Designated as Hedging Instrument | Interest rate derivatives
Derivative [Line Items]
Derivative change in fair value recognition period	1 month 6 days

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Summary of the Notional Amount and Fair Value of Derivatives) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Jun. 27, 2019	Sep. 21, 2018
Fair value of derivative instruments
Total fair value derivative liabilities	$ (77,363,000)	$ (40,135,000)
Construction Loans | 8770 New Trails
Fair value of derivative instruments
Loan amount			$ 35,500,000
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
Fixed interest rate	2.50%
Total fair value derivative assets	$ 0	0
Interest rate cap | Derivative instruments designated as hedging instruments
Fair value of derivative instruments
Notional amount		230,000,000
Interest rate cap | Derivative instruments 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
Fixed interest rate	5.00%
Total fair value derivative assets	$ 0	0
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
Total fair value derivative liabilities	(164,000)	(182,000)
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
Total fair value derivative liabilities	(5,791,000)	(2,074,000)
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
Total fair value derivative liabilities	(9,182,000)	(4,578,000)
Interest rate swap contracts | 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
Fixed interest rate	2.96%
Total fair value derivative liabilities	$ (55,955,000)	(31,187,000)
Interest rate swap contracts | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 4.89% Maturing January 2032
Fair value of derivative instruments
Notional amount, liability	$ 1,810,000
Fixed interest rate	4.89%
Total fair value derivative liabilities	$ (6,271,000)	$ (2,114,000)
Minimum | Interest rate collar | Derivative instruments designated as hedging instruments | Fixed Interest Rate 2.00% To 3.00%, Maturing May 2020
Fair value of derivative instruments
Fixed interest rate	2.00%
Minimum | Interest rate collar | Derivative instruments designated as hedging instruments | Fixed Interest Rate 2.25% To 3.25%, Maturing May 2021
Fair value of derivative instruments
Fixed interest rate	2.25%
Minimum | Interest rate collar | Derivative instruments designated as hedging instruments | Fixed Interest Rate 2.75% To 3.50%, Maturing April 2022
Fair value of derivative instruments
Fixed interest rate	2.75%
Maximum | Interest rate collar | Derivative instruments designated as hedging instruments | Fixed Interest Rate 2.00% To 3.00%, Maturing May 2020
Fair value of derivative instruments
Fixed interest rate	3.00%
Maximum | Interest rate collar | Derivative instruments designated as hedging instruments | Fixed Interest Rate 2.25% To 3.25%, Maturing May 2021
Fair value of derivative instruments
Fixed interest rate	3.25%
Maximum | Interest rate collar | Derivative instruments designated as hedging instruments | Fixed Interest Rate 2.75% To 3.50%, Maturing April 2022
Fair value of derivative instruments
Fixed interest rate	3.50%
$700 Million Loan Maturity September 2023 | Term Loan
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
	Mar. 31, 2020	Mar. 31, 2019
Effect of the Company's derivative financial instruments on the income statement
Interest expense	$ 34,448	$ 23,326
Interest expense
Effect of the Company's derivative financial instruments on the income statement
Interest expense	(1,093)	128
Interest rate derivatives
Effect of the Company's derivative financial instruments on the income statement
Interest expense	900
Cash Flow Hedging | Interest rate derivatives
Effect of the Company's derivative financial instruments on the income statement
Interest rate derivatives	$ (31,340)	$ (5,816)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)condominium_towerhousing_unit	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)	Jun. 14, 2018individual_or_entity
Lessor, Lease, Description [Line Items]
Number of individuals or entities on petition | individual_or_entity					500
Loss contingency, loss in period	$ 97,900,000		$ 13,400,000
Outstanding letters of credit	15,400,000			$ 15,400,000
Amount of outstanding surety bonds	227,400,000			$ 200,100,000
Rent expense	$ 1,800,000	$ 2,100,000
Product liability contingency, third party recovery, percentage	20.00%
Number of open condominium towers | condominium_tower	4
Number of reserved housing units | housing_unit	375
Guarantee Obligations | Downtown Columbia
Lessor, Lease, Description [Line Items]
Loss contingency guaranteed amount limit	$ 1,000,000

STOCK-BASED PLANS (Summary of S

STOCK-BASED PLANS (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock Options
Stock options outstanding at the beginning of the period (in shares)	721,496
Granted (in shares)	2,000
Exercised (in shares)	(54,558)
Forfeited (in shares)	(107,000)
Expired (in shares)	(1,000)
Stock options outstanding at the end of the period (in shares)	560,938
Weighted-average Exercise Price
Stock options outstanding at the beginning of the period (in dollars per share)	$ 104.55
Granted (in dollars per share)	83.11
Exercised (in dollars per share)	67.88
Forfeited (in dollars per share)	126.24
Expired (in dollars per share)	125.09
Stock options outstanding at the end of the period (in dollars per share)	$ 103.87
Stock based compensation expense	$ 1,152	$ 3,069
Stock Option
Weighted-average Exercise Price
Stock based compensation expense	$ 700
Share based compensation costs capitalized		$ 200

STOCK-BASED PLANS (Summary of R

STOCK-BASED PLANS (Summary of Restricted Stock Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Weighted-average Grant Date Fair Value
Stock based compensation expense	$ 1,152	$ 3,069
Restricted Stock
Restricted Stock
Restricted stock outstanding at the beginning of the period (in shares)	406,802
Granted (in shares)	70,210
Forfeited (in shares)	(12,796)
Restricted stock outstanding at the end of the period (in shares)	464,216
Weighted-average Grant Date Fair Value
Restricted stock outstanding at the beginning of the period (in dollars per share)	$ 76.27
Granted (in dollars per share)	84.55
Forfeited (in dollars per share)	90.94
Restricted stock outstanding at the end of the period (in dollars per share)	$ 77.01
Stock based compensation expense	$ 1,900	2,300
Share based compensation costs capitalized	$ 0	$ 300

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	21.40%	25.70%

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
	Mar. 31, 2020	Mar. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	$ 3,332,988	$ 3,238,126
Other comprehensive income before reclassifications	(31,340)	(5,867)
Net current-period other comprehensive loss	(30,901)	(6,633)
Balance at the end of the period	3,772,598	3,307,473
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	(29,372)	(8,126)
Balance at the end of the period	(60,273)	(14,759)
Gain reclassified from accumulated other comprehensive loss to net income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassifications	1,093	(128)
Terminated swap amortization
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassifications	$ (654)	$ (638)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS (Summary of Amounts Reclassified Out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reclassifications out of accumulated other comprehensive income (loss)
Interest expense	$ (34,448)	$ (23,326)
Provision for income taxes	(34,100)	11,016
Net of tax	125,082	(31,925)
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
Net of tax	1,093	(128)
Losses (gains) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
Interest expense	1,383	(162)
Losses (gains) 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 income taxes	$ (290)	$ 34

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
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net (loss) income	$ (125,082)	$ 31,925
Net income attributable to noncontrolling interests	(52)	(104)
Net (loss) income attributable to common stockholders	$ (125,134)	$ 31,821
Denominator:
Weighted-average basic common shares outstanding (in shares)	43,380	43,106
Numerator:
Net (loss) income attributable to common stockholders	$ (125,134)	$ 31,821
Denominator:
Weighted-average basic common shares outstanding (in shares)	43,380	43,106
Restricted stock and stock options (in shares)	0	151
Weighted-average diluted common shares outstanding (in shares)	43,380	43,257
Basic (loss) income per share (in dollars per share)	$ (2.88)	$ 0.74
Diluted (loss) income per share (in dollars per share)	$ (2.88)	$ 0.74

EARNINGS PER SHARE (Narrative)

EARNINGS PER SHARE (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2020	Mar. 27, 2020	Mar. 31, 2020	Mar. 31, 2019
Antidilutive securities excluded from computation of diluted earnings per share
Sale of stock, number of shares issued in transaction (in shares)	12,270,900	2,000,000
Common stock, par value (in dollars per share)		$ 50
Sale of stock, consideration received on transaction	$ 593.7
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)				563,808
Restricted Stock
Antidilutive securities excluded from computation of diluted earnings per share
Antidilutive securities excluded from computation of diluted earnings per share (in shares)			265,699	288,010
Over-Allotment Option
Antidilutive securities excluded from computation of diluted earnings per share
Sale of stock, number of shares issued in transaction (in shares)		300,000
Additional Over-Allotment Option
Antidilutive securities excluded from computation of diluted earnings per share
Sale of stock, number of shares issued in transaction (in shares)		270,900
Private Placement
Antidilutive securities excluded from computation of diluted earnings per share
Sale of stock, number of shares issued in transaction (in shares)		10,000,000
Common stock, par value (in dollars per share)		$ 50

REVENUES (Schedule of Disaggreg

REVENUES (Schedule of Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Minimum rents	$ 70,987	$ 54,086
Tenant recoveries	20,875	13,508
Interest income from sales-type leases	882	0
Total rental income	92,744	67,594
Total revenues	175,175	353,890
Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	47,534	244,817
Total revenues	175,175	353,890
Recognized at a point in time and/or over time
Disaggregation of Revenue [Line Items]
Revenues	34,897	41,479
Operating Assets revenues
Disaggregation of Revenue [Line Items]
Total revenues	114,257	91,953
Master Planned Communities revenues
Disaggregation of Revenue [Line Items]
Total revenues	50,446	50,896
Seaport District revenues
Disaggregation of Revenue [Line Items]
Total revenues	9,694	7,030
Strategic Developments revenues
Disaggregation of Revenue [Line Items]
Total revenues	760	204,011
Corporate revenues
Disaggregation of Revenue [Line Items]
Total revenues	18	0
Condominium rights and unit sales
Disaggregation of Revenue [Line Items]
Revenues	43	198,310
Condominium rights and unit sales | Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	43	198,310
Master Planned Communities land sales
Disaggregation of Revenue [Line Items]
Revenues	39,732	41,312
Master Planned Communities land sales | Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	39,732	41,312
Builder price participation
Disaggregation of Revenue [Line Items]
Revenues	7,759	5,195
Builder price participation | Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	7,759	5,195
Other rental and property revenues | Recognized at a point in time and/or over time
Disaggregation of Revenue [Line Items]
Revenues	$ 34,897	$ 41,479

REVENUES (Schedule of Contract

REVENUES (Schedule of Contract with Customer, Assets and Liabilities) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Contract Liabilities
Beginning balance	$ 246,010
Consideration earned during the period	(17,885)
Consideration received during the period	64,432
Ending balance	$ 292,557

REVENUES (Schedule of Remaining

REVENUES (Schedule of Remaining Unsatisfied Performance Obligations) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 1,700,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 224,740
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 432,467
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 1,026,141
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets, net	$ 58,347	$ 69,398
Operating lease obligations	$ 69,980	$ 70,413
Lease termination period	1 year
Average remaining term of lease	5 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	53 years
Lease renewal term	40 years

LEASES (Assets and Liabilities)

LEASES (Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Operating lease right-of-use assets	$ 68,582
Riverwalk impairment	(10,235)
Operating lease right-of-use assets	58,347	$ 69,398
Liabilities
Operating lease liabilities	$ 69,980	$ 70,413

LEASES (Lease Costs) (Details)

LEASES (Lease Costs) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Leases [Abstract]
Operating lease cost	$ 2,179
Variable lease costs	158
Sublease income	0
Net lease cost	$ 2,337

LEASES (Lease Liability Maturit

LEASES (Lease Liability Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Operating Lease
2020 (excluding the three months ended March 31, 2020)	$ 5,131
2021	7,066
2022	6,328
2023	6,374
2024	6,432
Thereafter	266,852
Total lease payments	298,183
Less: imputed interest	(228,203)
Present value of lease liabilities	$ 69,980	$ 70,413

LEASES (Other Information) (Det

LEASES (Other Information) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Leases [Abstract]
Operating cash flows on operating leases	$ 1,796
Weighted-average remaining lease term (years)
Operating leases	37 years 1 month 6 days
Weighted-average discount rate
Operating leases	7.80%

LEASES (Minimum Rent Payments R

LEASES (Minimum Rent Payments Received) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Leases [Abstract]
Total minimum rent payments	$ 59,099
2020 (excluding the three months ended March 31, 2020)	165,577
2021	233,538
2022	247,698
2023	237,217
2024	227,821
Thereafter	1,439,849
Total	$ 2,551,700

SEGMENTS (Summary of Segment Op

SEGMENTS (Summary of Segment Operating Results) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)ft²segmentlocation	Mar. 31, 2019USD ($)
Segments reporting
Number of reportable segments | segment	4
Total revenues	$ 175,175	$ 353,890
Depreciation and amortization	(61,637)	(36,131)
Other (loss) income, net	(3,684)	173
Equity in earnings from real estate and other affiliates	11,349	9,951
Gain on sale or disposal of real estate	38,124	(6)
Provision for impairment	(48,738)	0
Segment EBT	(159,182)	42,941
Net (loss) income	(125,082)	31,925
Net income attributable to noncontrolling interests	(52)	(104)
Net (loss) income attributable to common stockholders	(125,134)	31,821
Operating Assets
Segments reporting
Total revenues	114,257	91,953
Master Planned Communities
Segments reporting
Total revenues	$ 50,446	50,896
Seaport District
Segments reporting
Area of real estate property (in sqft) | ft²	453,000
Number of primary locations | location	3
Operating locations | location	2
Strategic Developments
Segments reporting
Total revenues	$ 760	204,011
Operating Segments
Segments reporting
Total revenues	175,157	353,890
Total operating expenses	(194,572)	(232,162)
Segment operating income	(19,415)	121,728
Depreciation and amortization	(59,816)	(34,517)
Interest (expense) income, net	(20,761)	(9,718)
Other (loss) income, net	(3,802)	637
Equity in earnings from real estate and other affiliates	11,349	9,951
Gain on sale or disposal of real estate	38,124	(6)
Segment EBT	(103,059)	88,075
Operating Segments | Operating Assets
Segments reporting
Total revenues	114,257	91,953
Total operating expenses	(52,240)	(42,912)
Segment operating income	62,017	49,041
Depreciation and amortization	(37,089)	(27,108)
Interest (expense) income, net	(26,193)	(18,991)
Other (loss) income, net	(59)	35
Equity in earnings from real estate and other affiliates	4,394	2,709
Gain on sale or disposal of real estate	38,124	0
Provision for impairment	(48,738)	0
Segment EBT	(7,544)	5,686
Operating Segments | Master Planned Communities
Segments reporting
Total revenues	50,446	50,896
Total operating expenses	(23,722)	(28,514)
Segment operating income	26,724	22,382
Depreciation and amortization	(91)	(160)
Interest (expense) income, net	8,554	7,543
Other (loss) income, net	0	(5)
Equity in earnings from real estate and other affiliates	8,934	7,837
Segment EBT	44,121	37,597
Operating Segments | Seaport District
Segments reporting
Total revenues	9,694	7,030
Total operating expenses	(14,311)	(14,433)
Segment operating income	(4,617)	(7,403)
Depreciation and amortization	(20,875)	(6,193)
Interest (expense) income, net	(5,053)	(1,532)
Other (loss) income, net	(3,368)	(86)
Equity in earnings from real estate and other affiliates	(2,043)	(632)
Gain on sale or disposal of real estate	0	(6)
Segment EBT	(35,956)	(15,852)
Operating Segments | Strategic Developments
Segments reporting
Total revenues	760	204,011
Total operating expenses	(104,299)	(146,303)
Segment operating income	(103,539)	57,708
Depreciation and amortization	(1,761)	(1,056)
Interest (expense) income, net	1,931	3,262
Other (loss) income, net	(375)	693
Equity in earnings from real estate and other affiliates	64	37
Segment EBT	(103,680)	60,644
Corporate expenses and other items
Segments reporting
Corporate income, expenses and other items	$ (22,023)	(56,150)
Tin Building | Seaport District
Segments reporting
Area of real estate property (in sqft) | ft²	53,000
Hospitality Revenue | Operating Segments | Operating Assets
Segments reporting
Total revenues	$ 17,200	22,900
Total operating expenses	$ (12,900)	$ (15,600)

SEGMENTS (Summary of Assets by

SEGMENTS (Summary of Assets by Segment and Reconciliation of Segment Assets to Total Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Reconciliation of total segment assets to total assets
Assets	$ 9,119,724	$ 8,413,766
Operating Segments
Reconciliation of total segment assets to total assets
Assets	8,287,142	8,113,418
Operating Segments | Operating Assets
Reconciliation of total segment assets to total assets
Assets	3,527,387	3,476,718
Operating Segments | Master Planned Communities
Reconciliation of total segment assets to total assets
Assets	2,228,230	2,166,472
Operating Segments | Seaport District
Reconciliation of total segment assets to total assets
Assets	919,523	930,067
Operating Segments | Strategic Developments
Reconciliation of total segment assets to total assets
Assets	1,612,002	1,540,161
Corporate
Reconciliation of total segment assets to total assets
Assets	$ 832,582	$ 300,348

Uncategorized Items - hhc10-qq1

Label	Element	Value
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (18,000)